The segment direct market was founded on 21 January 2019 and contains all stocks and other equities (e.g. participation certificates, profit-sharing rights, UCITS shares etc.) admitted to trading in the Vienna MTF that cannot be allocated to any other segment.
The trading platform for the direct market plus is the Xetra® T7 trading system with the trading procedure "Continuous Trading" or "Auction" (opening auction, intraday auction, closing auction) and is therefore divided into the direct market continuous and the direct market auction.
direct market continuous
For stocks in the direct market continuous the trading platform is the Xetra® T7 trading system with the trading procedure "Continuous Trading" in conjunction with several auctions (opening auction, intraday auction, closing auction).
At least one trading participant is also required who assumes the function of a market maker and agrees to enter firm quotes on a permanent basis. In the interest of raising liquidity, it is desirable to have further commitments of market makers.
direct market auction
For equities in the direct market auction the trading platform is the Xetra® T7 trading system with the trading procedure "Auction" (single intraday auction), within which the trading participants having the possibility of assuming the obligation of entering binding buy and sell prices (quotes) during the trading phase and to concluded trades in such orders for the purpose market making (Auction with Liquidity Providers).
