Cooperative stock exchanges

German stock exchanges that signed a cooperation agreement at the end of 1995 to improve the efficiency of securities trading in Germany

The goal of the agreement between the stock exchanges in Berlin, Dusseldorf, Frankfurt and Munich was to enhance price quality and reduce operating costs. To this end, the IBIS electronic trading system was replaced with Xetra, and umbrella order books were introduced so that a single price can be calculated for the same security at the various exchanges.

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