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Glossary

Single cash price

Price that is calculated only once per trading day, usually half-way through the exchange session, for shares in the Official Market

The single cash price is determined primarily for stocks which, owing to their small trading volume, are not admitted to continuous trading. The lead brokers pool all buy and sell orders received prior to the close of acceptance and determine the single cash price using the principle of highest volume transacted.Single cash prices are also determined for stocks admitted to continuous trading if there are orders that cannot be executed for lack of a suitable counterparty. However, the single cash price has become far less relevant for orders in continuous trading since a minimum trading unit of one share was introduced to floor trading at FWB Frankfurter Wertpapierbörse (the Frankfurt Stock Exchange) in June 1999.A single cash price is determined according to the following regulations:The single cash price must enable the greatest number of shares to change hands (principle of highest volume transacted).The lead broker must be able to execute all market orders. The lead broker must be able to execute all buy orders with a limit that is higher than the single cash price. The lead broker must be able to execute all sell orders with a limit that is lower than the single cash price.The lead broker must be able to execute at least some of the buy and sell orders with a limit at the single cash price. In this case, the orders can be rationed, or executed in a particular order according to certain priorities. The lead broker supplements single cash prices with price addenda to indicate the type of transaction and the volume transacted. The procedure for determining the single cash price and the allocation of orders in cash trading are supported by the Xontro computer system.Synonym: Cash settlement price

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