Stock-exchange glossary

(abbreviation for: exchange electronic trading) Computerized exchange. Xetra is the electronic trading system of the Frankfurt securities exchange. It enables market access. Unlike the floor, Xetra share trading takes place in a central open order book. When Xetra was introduced in November 1997, electronic IBIS trading was discontinued. Every member of a German stock exchange (credit institution, broker) can become an Xetra participant. And every participant can access the bids recorded in the system or himself place purchase or selling orders.