Xetra Top Liquids
The Xetra® Top Liquids are determined by means of the Xetra Liquidity Measure (XLM). The XLM is stated in basis points (100 basis points = 1 percent). It corresponds to the relative market impact costs for the so-called roundtrip (simultaneous buying and selling of a position) at a given order size.
An XLM of 10 basis points at an order size of €25,000 means that the market impact costs for buying and selling this share amount to €25. Deutsche Börse AG publishes the Xetra Top Liquids, which are based on the previous trading day respectively, on a daily basis.