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The European exchange for structured products in Frankfurt

WarrantsExchange
Skyline

Börse Frankfurt Zertifiakte AG is a subsidiary of the Deutsche Börse Group. The WarrantsExchange marketplace offers trading in certificates, warrants and reverse convertibles. It operates trading facilities in Frankfurt with over 1,000,000 products for Germany and other EU countries. At the trading venue Frankfurt, the quality segment Börse Frankfurt Zertifikate Premium ensures maximum liquidity, the quickest-possible order execution and high transparency of trading fees in structured products trading. In order to guarantee the high standards, the WarrantsExchange places high demands on issuers aiming to trade products in the Börse Frankfurt Zertifikate Premium segment. Since April 2008, trading has been migrated to the ultra-high-performance Xetra platform, one of the world’s most powerful and fastest trading systems for securities transactions, which is used by more than 4,600 Xetra® traders from 18 countries. Xetra sets its priorities on liquidity, transparency and speed, this to lowest prices.

The quality segment Börse Frankfurt Zertifikate Premium in Frankfurt ensures the highest standards of quality when trading in structured products such as certificates, warrants and reverse convertibles. Each order in an investment or leveraged product that you enter at the Frankfurt Stock Exchange automatically ends up at the WarrantsExchange- as well as in the Börse Frankfurt Zertifikate Premium quality segment provided the product is listed there. In order to maintain the high standards of quality, the Warrants Exchange makes high demands of issuers who wish to trade in the Börse Frankfurt Zertifikate Premium segment:

  • In principle, the issuer must provide buy and sell prices for its own products from 9.00 a.m. through 8.00 p.m. This ensures that the products can be traded at all times, even if there is no turnover in a given product for an extended period of time.

    “Bid prices” and “asked prices” are the technical terms for buy and sell prices. An investor can buy a product at the current asked price and sell it back to the issuer at the bid price. The difference between the two prices is called the “spread”. The narrower the spread and the higher the provided volume, the better for the investor.
  • The issuer must transmit the bid and asked prices to the technical infrastructure of the exchange via two redundant dedicated lines.
  • The prices must apply for fixed minimum volumes. In the case of investment products, this minimum quoted volume is EUR 10,000 or 10,000 units. In the case of leveraged products, it is EUR 3,000 or 10,000 units. Usually, significantly larger orders are executed at the current bid and asked prices.
An overview of the issuers who meet the high demands of Börse Frankfurt Zertifikate Premium is available here.

Automated trading

From April 2008, trading has been migrated to the ultra-high-performance Xetra platform, one of the world’s most powerful and fastest trading systems for securities transactions, which is used by more than 4.600 Xetra® traders from 18 countries. Xetra sets its priorities on liquidity, transparency and speed, this to lowest prices.

Even before the migration to Xetra®, most orders pertaining to investment and leveraged products were executed in ten seconds or less in Frankfurt. In addition, the WarrantsExchange in Frankfurt is the only exchange that guarantees execution within a maximum of thirty seconds for trades in products within the Börse Frankfurt Zertifikate Premium segment under certain conditions..

Monitoring of stop orders

Many investors use stop-loss orders in order to automatically limit their losses. Within Börse Frankfurt Zertifikate Premium, the stop limit specified by the investors is compared to the issuers’ bid price on an ongoing basis.

If the bid price reaches or falls below the stop limit, the stop order can be triggered. The 30 seconds guarantee* is applicable to triggering of stop orders as well. Once being triggered, the stop order is executed at the next possible price. This applies analogously to stop buy orders. In this case, the issuer’s ask price is monitored. In other words, investors do not have to worry that a stop order will not be executed if no turnover takes place in a given product for an extended period.

Trickery and deception prohibited

At the WarrantsExchange, orderly trading is guaranteed by the Trading Surveillance Office (Handelsüberwachungsstelle, HÜSt), which investigates all irregularities and communicates the results of its investigations to the Exchange Supervisory Authority and the management of the respective exchange. If an investor fears that an order was not processed correctly, he or she can contact the Trading Surveillance Office within two hours free of charge.
Telefon: 0800 / 23 020 23, warrants@deutsche-boerse.com

Market information and product search

Our site provides real-time push prices for all Börse Frankfurt Zertifikate Premium products, tools for product searches and scenario calculations, detailed information on all important product types for beginners and much more. Stop by and have a look around.


WarrantsExchange in Frankfurt – your benefits at a glance

  • WarrantsExchange specialises in trading of warrants and certificates – more than 1.000.000 products can be traded.
  • WarrantsExchange offers through the Xetra- Technology the fastest order execution – the execution speed is measured on an ongoing basis.
  • WarrantsExchange ensures maximum liquidity – even if there is no turnover for an extended period, all are generally tradable at all times.
  • Within Börse Frankfurt Zertifikate Premium, stop orders are monitored automatically.
  • Strict neutrality on the part of the Exchange – the Trading Surveillance Office ensures fair and orderly trading.
  • Wide range of information available on our website: the prices of all at the WarrantsExchange listed products in real time via the push method, user-friendly tools for product searches, scenario calculators, comprehensive information for beginners and much more.

*Guarantee applies:
- in the quality segment “Börse Frankfurt Zertifikate Premium” for orders of retail investors, which have been executable for at least 30 seconds during normal market conditions, for an orderbook volume per price determination of up to 10.000 pieces and a maximum value of EUR 10.000,-
- on every trading day after the opening price in the respective instrument has been determined, at the latest from 15 minutes after start of trading until 5 minutes before end of trading.