Equity Markets in Transition by Reto Francioni & Robert A. Schwartz

Author:Reto Francioni & Robert A. Schwartz
Language: eng
Format: epub
Publisher: Springer International Publishing, Cham

10.6 Deutsche Börse: The Emergence of a Modern, Electronic Market

We turn in this section to the designing of an actual marketplace. Our focus is on Deutsche Börse: it is the dominant stock exchange in Germany, the last of the major European bourses to go electronic, and its technology is state of the art.

Important insights were gained from the microstructure literature during Xetra’s planning period and the system’s implementation has marked a huge step forward for Germany’s equity markets. But our roadmap, which is undoubtedly incomplete today, was even more limited in the 1994–1997 years when Xetra was being designed. And, there is always the danger that the cartographer whose map is being used has some misconceptions (e.g., believes in the existence of the Northwest Passage).

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