Xetra® T7 offers, in addition to the safeguard mechanisms like volatility interruption, the following pre-trade controls for each instrument:
- Price collar check
The price-collar check prevents orders with a too large price difference compared to the reference price of the respective instrument from entering the order book. The requirement is already implemented in Xetra® T7 (Price Reasonability Check).
- Maximum order volume
A validation of the maximum order volume prevents the entry of orders with a to high volume in the order book. The maximum order volume is determined by Wiener Börse for each instrument, reviewed on an ongoing basis and adjusted if necessary. The entered order volume (new/modified order) is compared with the maximum order volume. If exceeded, the order will be rejected by Xetra® T7.
- Maximum order value
A validation of the maximum order value prevents the entry of orders with a too high value into the order book. The maximum order value is determined by Wiener Börse for each instrument, reviewed on an ongoing basis and adjusted if necessary. The entered order value (new/modified order) is compared with the maximum order value. If exceeded, the order will be rejected by Xetra® T7.
For further information please refer to Xetra® T7 – detailed specifications to the market models
The current values for the maximum order quantity and maximum order value per instrument can be found here:
Current values of the MiFID II Pre-Trade Controls (csv-file)
