With the quality guarantee of the Frankfurt specialists, investors can be sure when buying and selling that they will receive a fair price in line with the market - as good as on the home market.
The Frankfurt Stock Exchange offers investors a quality guarantee for trading in equities and ETFs/ETPs. The specialists ensure that buy and sell orders are executed at a price that is at least as good as the offer price on the share's home market.
- For German blue chips, i.e. for all shares in the DAX, TecDAX and MDAX.
- International companies in the Euro Stoxx 50 and S&P 100.
- All ETFs and ETPs.
- Up to 7,500 euros, i.e. for almost all private investor orders.
- Comprehensible, as investors can call up the historical best bid and ask limits.
- With compensation, because the specialists will refund the difference between the guaranteed price and the executed price if the latter is worse.
The specialists on the Frankfurt floor ensure that orders are executed at the same prices as on the respective reference market, namely for all stocks of the German selection indices DAX, MDAX and TecDAX, the international indices Euro Stoxx 50 and S&P 100 as well as for all ETFs and ETPs listed in Frankfurt.
For these order sizes
The guarantee applies in principle to all orders up to a volume of EUR 7,500, the limit defined by the EU MIFID Directive for orders from private investors.
At this point in time
The specialists' offer takes effect during trading hours on the reference market, specifically from 5 minutes after opening until close of trading. However, if the continuous trading in the security on the reference market is temporarily suspended or interrupted due to high volatility, the guarantee is of course also suspended for as long as during the regular auctions, e.g. at noon.
The benchmark for the quality guarantee is the best bid and ask limits on the reference market. For German shares, the Xetra is used, for other European shares in the Euro Stoxx 50 the offer prices quoted on stock exchanges such as Paris, London, Madrid, Milan or Amsterdam apply and for US shares NYSE or NASDAQ counts.
The offer prices of the US Shares will be converted at the current Euro/US Dollar exchange rate. In addition, a premium of 0.25 percent is included to cover the exchange rate risks of the specialists.
Check your execution
On the securities data sheets, you can call up the best bid/ask limits at the time you place your order. To do this, go to the Price History tab and the submenu Price History Bid/Ask.
If the price of an execution does not meet the requirements of the quality guarantee, the specialists are obliged to compensate the investors. The amount of compensation corresponds to the difference between the actual execution price and the guaranteed execution price.
In the event of a complaint, the trading surveillance unit of the Frankfurt Stock Exchange is available to investors.
You can reach the HÜSt hotline from 8 a.m. to 8 p.m. by calling 0800-2 30 20 23 (free of charge within Germany) or +49-(0) 69-2 11-1 13 10 (from abroad). Or send an e-mail to email@example.com.
Exceptions in extreme market situations
In the event of line or system failures and special situations such as a fast market - particularly high price jumps - the guarantee is suspended. There are also restrictions with regard to the guaranteed order size: On the one hand, if the available volume on the reference market does not reach the volume of the order, on the other hand, if several orders with a total volume exceeding EUR 7,500 are accumulated for the price determination. Stop orders are also excluded from the quality guarantee.
Please also note that the guarantee in the trading system is based on the volume weighted average price, which in individual cases may deviate from the queryable offer prices on the reference markets.
October 2020, © Deutsche Börse AG