German exchange group Deutsche Börse is planning to migrate the remainder of the trading done on the floor of the Frankfurt Stock Exchange to its Xetra electronic trading system from the existing XONTRO system.
It is also planning to phase out ‘lead brokers’ – market makers that operate on the exchange trading floor – and replace them with ‘specialists’. The specialists are market makers whose trading activities are governed by a private agreement with Deustche Börse rather than public law.
The exchange has already shifted mutual funds and structured products onto a specialist system on Xetra, but is now planning to transfer bond and illiquid stock trading.
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