Boerse_Berlin_Equiduct

23 MarketModel Pre- and Post Trade Transparency With regard to the order book (including PartnerEx orders): • All quotes posted by the market makers are published • The unexecuted orders on the order book are published (including resting orders and the visible portion of iceberg orders) • In the call phase of an intra-day auction and preceding the opening and closing all such orders and quotes are published In respect of PartnerEx orders • The VBBO is published in two volumes – retail market size and standard market size (prices at more volume levels could be published) • Facility for customers to access VBBO at different market sizes • The VBBO gives transparency in relation to price formation The data is available • Directly through technical interfaces (FIX, ITCH) • Indirectly through market data vendors (Bloomberg, INR, Six, Thomson Reuters) The information is available in real time and is monitored constantly for errors. It is available directly to anyone who enters into the relevant agreement and through data vendors who subscribe to the feed. ClearingMonitoringMarketModel

Boerse_Berlin_Equiduct

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