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Glossary

Specialists

Traders active on the Frankfurt trading floor monitoring and facilitating order execution.

On the Frankfurt Stock Exchange, securities trading is supported by specialists monitoring the execution of buy and sell orders. For each security only one specialist is responsible, overseeing its order book. The order books in floor trading are closed, unlike in continuous Xetra® trading. For the executions, the continuous auction market model is used, i.e. if executable orders appear in the book, the specialists initiate an auction in the trading system, in which prices are determined and orders are executed.

The specialists cater for liquidity in little traded small caps, and they make trading in securities with a reference price, such as foreign stocks, funds or certificates, possible at all.

Until 2002, official brokers sat in the pits - that is what the traders' round workstations on the trading floor are called -, sworn in by the Exchange Supervisory Authority, and brought the often present buyers and sellers together by call. With the Fourth Financial Market Promotion Act coming into force in July 2002, lead brokers quoted bid and ask prices and executed the orders. Since May 2011, there have only been specialists for this task. The price determination takes place now in the system, while the specialists monitor trade.

Specialists are employees of investment banks and investment consulting firms.

Information which specialist is responsible for a specific security is revealed on its datasheet on boerse-frankfurt.de.

Synonym
Floor trading, Continuous auction Order book

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