Börsenlexikon: Xetra

Xetra (Exchange Electronic Trading, abbreviation ETR) is an electronic trading system of Deutsche Börse AG for the cash market, whose central computers are located in Frankfurt am Main. Client computers worldwide can connect to these central computers via the Internet or dedicated lines.

Xetra replaced IBIS on 28 November 1997. The introduction of the system was met with criticism, particularly from other stock exchanges and advocates of floor trading. Proponents cited market-driven execution prices, low transaction costs, equality, independence of location and anonymity of trading partners. Challenges for an electronic trading system such as Xetra relate primarily to stability, availability, scalability and latency, as well as a long-term increase in market activity.