Exchange Trader Examination FWB Frankfurt Stock Exchange. Catalogue of questions

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1 Exchange Trader Examination FW Frankfurt Stock Exchange atalogue of questions July 2015

2 Page 2 All proprietary rights and interest in this publication shall be vested in Deutsche oerse AG Administration and Management and all other rights including, put without limitation, patent, registered design, copyright, trade mark, service mark, connected with this publication shall also be vested in Deutsche örse AG Whilst all reasonable care has been taken to ensure that the details contained in this publication are accurate and not misleading at the time of publication, no liability is accepted by Deutsche örse AG for the use of information contained herein in any circumstances connected with actual trading or otherwise. Neither Deutsche örse AG, nor its servants nor agents, is responsible for any errors or omissions contained in this publication which is published for information only and shall not constitute investment advice. This brochure is not intended for solicitation purposes but only for the use of general information. All descriptions, examples and calculations contained in this publication are for guidance purposes only and should not be treated as definitive. Deutsche örse AG reserves the right to alter any of its rules or product specifications, and such an event may affect the validity of information in this publication. The following names and designations are registered trademarks of Deutsche örse AG: Deutsche örse ; Eurex ; FW ; Xetra ; DAX ; MDAX ; TecDAX ; SDAX ; DivDAX ; DAXplus ; DAXglobal ; ShortDAX ; GEX ; DAX ; HDAX ; VDAX ; VDAX-NEW ; lassic All Share ; Technology All Share ; RX REIT Index ; ÖkoDAX ; X ; RDAX ; REX ; eb.rexx ; eb.rexx Jumbo Pfandbriefe ; PEX ; L- DAX ; L-MDAX ; L-TecDAX ; L-SDAX ; inav ; FDAX ; ODAX ; SHATZ-FUTURE ; uxl ; EXTF ; Euro- G Pooling ; XTF Exchange Traded Funds ; Eurex Repo ; Eurex onds ; Xetra-Gold ; Xetra EST ; Xetra Stars ; Xetra XXL ; AVOX ; Newex ; örse Frankfurt Smart Trading ; Deutsche örse Listing Partner ; ExServes ; EF ; EF alpha ; TRIE ; xlaunch ; Xpider ; StatistiX ; SENSIS ; Xpect ; ERS ; PROPRIS ; Vision&Money ; Xentric and Xcreen are registered trademarks of Deutsche örse Systems AG. FF, Vestima and Xemac are registered trademarks of learstream International. These names and trademarks, as well as all other trademarks and protected rights mentioned in this publication are subject unreservedly to the applicable trademark law in each case and are not permitted to be used without the express permission of the registered owner. The simple fact that the publication mentions them does not imply that trademarks are not protected by the rights of third parties. The STOXX indices, the data included therein and the trademarks used in the index names are the intellectual property of STOXX Limited, Zurich, Switzerland and/or its licensors which is used by Eurex Frankfurt AG under license. Eurex' derivatives based on the STOXX indices are in no way sponsored, endorsed, sold or promoted by STOXX and its licensors and neither STOXX nor its licensors shall have any liability with respect thereto.

3 Information material Page 3 Additional information material concerning exam questions in this catalogue can be found on Questions in chapter 1 are based on the rules and regulations for the Frankfurter Wertpapierbörse (FW, the Frankfurt Stock Exchange), a link to it can be found in the header of Exam questions refer to the Exchange Rules, the onditions for Transactions and the Trading Regulation for the Regulated Unofficial Market on the Frankfurter Wertpapierbörse. Information on chapter 2 can be found under the menu item Trading > Trading Models. The Market Model Equities for continuous trading and the Mini Auction as well as the Market Model ontinuous Auction are available in the box Further information at the bottom of the page. Details on trading risk limits covered in chapter 3 can be found in Xetra ircular 030/14 (Newsroom > Xetra circulars).

4 Page 4 Table of contents 1 Rules and Regulation of the FW Functionality of FW electronic trading Xetra - ontinuous Trading/Mini Auction örse Frankfurt (Frankfurt Stock Exchange) - ontinuous Auction Additional Functionalities... 32

5 1 Rules and Regulation of the FW Page 5 D D For which of the following functions is the Exchange ouncil not responsible? A: Adoption of the Exchange Rules : Supervision of the oard of Management : Appointment of the head of the Trading Surveillance Office D: Admission of securities Which Exchange body decides on the commencement, suspension, interruption and discontinuation of the price fixing for securities? A: Market Supervision Xetra : Trading Surveillance Office : oard of Management of the Exchange D: Exchange ouncil For which of the following functions is the oard of Management of the Exchange responsible? A: Monitoring of exchange trading as the implementing body of the Supervisory Authority : Definition of start and end of price determination : rokerage of exchange transactions D: Prosecution of insider trading violations Which German law requires every exchange to establish and operate a Trading Surveillance Office? A: German Securities Trading Act : German anking Act : German Exchange Act D: German Exchange Supervisory Act Under the Exchange Rules trading participants must provide sufficient collateral to settle their transactions. Which body is responsible for monitoring compliance with the security limit to be provided by the individual trading participants? A: oard of Management of the Exchange : Trading Surveillance Office : German Federal Financial Supervisory Authority (afin) D: Exchange Supervisory Authority Which of the following measures are not available to the Disciplinary ommittee when taking action against a trading participant? A: Reprimand : Fine of up to 250,000 : Suspension from the Exchange for up to 30 trading days D: Irrevocable withdrawal of the trading license

6 Page 6 D A Which statement is not correct in case of technical problems? A: In the event of blocking the access to the exchange EDP for all companies, no more entries can be effected. : In the event that the trading system of a company is non-functional, the Management oard may, upon request, enter data into the exchange EDP on behalf of such trading participant. : A breakdown of the telephone system or another failure which prevents a communication via telephone shall immediately be made known to the Management oard by the company or the concerned exchange trader. D: Trading Surveillance Office can block the access to the exchange EDP for one, several or all companies When can the oard of Management of the Exchange lock the access to the Exchange EDP? A: If there will be technical problems : If there will technical problems at a participant with a high trading turnover. : As a rule, the access to the trading system cannot be locked. D: None of the above How is the identity of participants verified for "trading on behalf" in emergencies? A: The identity is verified using a personal identification number. : The identity is verified by callback from Market Supervision Xetra or Floor/Scoach staff members. : The identity of the calling trader is verified using the active trader ID. D: The identity is verified by giving the system password According to section 57 of the Exchange Rules for the Frankfurt Stock Exchange, on which occasion is trading on FW suspended in the Regulated Market? A: If orderly settlement is temporarily at risk : On the day before the annual financial statement of a stock corporation is released : If it is deemed necessary in order to protect investors D: On the day of the stock corporation s annual general meeting Who must be immediately informed by the Exchange s oard of Management, if trading in Regulated Market is suspended? A: The Trading Surveillance Office and the Exchange Supervisory Authority : The German Federal Financial Supervisory Authority (afin) and the Exchange Supervisory Authority : The Exchange ouncil and the Trading Surveillance Office D: The Exchange Supervisory Authority and the Exchange ouncil

7 Page 7 A A D Which statement is wrong? A: If trading in the Regulated Market is suspended by the Management oard existing orders are deleted. : Suspension of trading can be restricted to parts of trading. : Suspension of trading is only possible for trading as a whole. D: If trading in the Regulated Market is interrupted by the Management oard existing orders are not deleted Who specifies whether trading of the structured products shall be included in the Market Maker model or in the Specialist model? A: Issuer : Trading Surveillance Office : Issuer together with the Specialist D: Market Supervision Which of the following statements is not applicable for Quote Providers in structured products? A: They must have access to electronic trading at the Frankfurt Stock Exchange. : They shall guarantee the staff, technical and financial resources necessary for fulfilment of the quotation duty. : They have to be the issuer. D: They need an expert contact person being admitted at the Frankfurt Stock Exchange as exchange trader Which requirements must quotes for structured products fulfil in the Market Maker model? A: They must be provided with three decimal places. : They shall be valid up to a customary volume. : They must be updated within 10 seconds. D: They must have a minimum volume on bid and ask side When are Quote Providers in the Market Maker model not obligated to indicate a volume for the ask side of a binding quote? A: If a security is sold out completely by the issuer (sold-out status). : If a security has been terminated by the issuer. : If the market is sufficient liquid. D: If a security is affected by a legal amendment in such way that a purchase of the security is no longer possible.

8 Page 8 D A D D Which of the following obligations must be fulfilled by Quote Providers for structured products? A: In the Market Maker model they shall permanently enter indicative quotes during the trading hours. : In the Specialist model they shall provide at least one indicative quote to the respective Specialist on each trading day. : In the Market Maker model they shall permanently enter binding quotes during the trading hours. D: They shall name a binding quote to the Specialist upon its request Which special provisions for trading of structured products in ontinuous Auction are applicable? A: Short selling is prohibited. : The issuer shall name a quote provider for the respective security in its application for introduction. : The issuer shall name a Specialist for the respective security in its application for introduction. D: Trading Surveillance Office determines if trading of the security will be included in the market-maker model or Specialist model What is prohibited according to the market integrity clause (section 117 Exchange Rules for the FW)? A: oncluding OT trades. : Placing orders in accordance with the common market practice. : Effect a price not in line with the market or an artificial price level in the Exchange EDP. D: None of the above Which of the following circumstances does not violate the market integrity clause (section 117 Exchange Rules for the FW)? A: ausing an artificial price level. : Misleading influence of supply und demand in a security by one trading participant. : Influencing the price of a security due to orders of one trading participant. D: None of the above Which area is not covered by the market integrity clause (section 117 Exchange Rules for the FW)? A: Exchange trade settlement : Order entry in the Exchange EDP : Quote entry in the Exchange EDP D: Entry and settlement of OT trades The clearing of receivables and liabilities for certain trades concluded on the FW is done via Eurex learing AG. T True False Deutsche oerse AG act as the central counterparty to clear P capable securities on the Frankfurt Stock Exchange s cash market. F True False

9 Page The settlement for trades concluded on FW is done via learstream anking AG or via another central securities depository recognised in the Exchange Rules. T True False A D A What kind of order entries are not permitted in trading under section 3 of the onditions of Transactions on the Frankfurt Stock Exchange? A: The entry of opposite orders concerning the same security and executable immediately by one trader acting knowingly. : The entry of opposite orders concerning the same security in a call phase of an auction by a trader acting knowingly. : The entry of opposite orders concerning the same security and executable immediately by two traders of different companies after prior arrangement. D: The entry of opposite orders concerning the same security in a call phase of an auction by two traders of different companies after prior arrangement Which of the following circumstances violate section 3 of the onditions of Transactions on the Frankfurt Stock Exchange? A: The entry of opposite orders concerning the same security and executable immediately by several traders of one company. : A knowing cross trade without cross request before. : A pre-arranged trade without cross request before. D: Orders entered with the intention of influencing the price of the relevant security in midpoint order matching When is a cross trade or a pre-arranged trade permitted according to section 3 of the onditions of Transactions on the Frankfurt Stock Exchange? A: If one of the involved traders had entered a cross request in continuous trading before. : If the order leading to the cross trade or pre-arranged trade had been entered earliest 5 seconds and latest 35 seconds after the cross request. : If one of the involved traders had announced the cross trade or pre-arranged trade to trading surveillance office. D: If the phase crossing is active in the trading system Who is responsible for the cross request entry? A: ompliance officer : Trader entering the buy order : Trader entering the sell order D: None of the above

10 Page 10 D A D Which details must a cross request contain? A: Trader ID : Quantity : Limit D: Security ross trades and pre-arranged trades... A: are permitted in continuous trading, if they have been announced by a cross request and the deadline of order entry has been met. : are possible in auctions and volatility interruptions. : are prohibited in general. D: can be entered into the system anytime What happens if one of the counterparties in a direct transaction between two trading participants (without entral ounterparty) does not perform in a timely manner? A: ompulsory enforcement : ompulsory auction : ompulsory settlement D: ompulsory cancellation an compulsory settlement under section 6 of the onditions for Transactions on the Frankfurt Stock Exchange be enforced in the case of a P trade? A: Yes, section 6 of the onditions for Transactions on the Frankfurt Stock Exchange also applies to these transactions. : No, the measures for enforcing the clearing member to meet its obligations are governed by the clearing conditions of the Frankfurt Stock Exchange. : No, the measures for enforcing the clearing member to meet its obligations are governed by the Eurex clearing conditions. D: None of the above What conditions must be observed so that compulsory settlement of an Exchange transaction within a non P security which has not been performed in a timely manner is effective against the defaulting counterparty? A: The oard of Management of the Exchange must be notified of the compulsory settlement. : The Trading Surveillance Office must be notified of the compulsory settlement. : The German Federal Financial Supervisory Authority (afin) must be notified of the compulsory settlement. D: The defaulting party must be notified of the compulsory settlement.

11 Page For Exchange transactions due for settlement the seller is obligated to pay the corresponding cash amount for the securities. F True False For Exchange transactions due for settlement the buyer is obligated to pay the corresponding cash amount for the securities earliest on the third day after trade conclusion. F True False Exchange transactions must be settled on the second day after the trade day. T True False D A A Which deadline must be considered in connection with a mistrade application? A: In case of securities traded in ontinuous Trading with intra-day auctions or in auctions, the Mistrade application shall be submitted within three trading hours upon receipt of the execution confirmation. : In case of securities traded in ontinuous Auction, the Mistrade application shall be submitted within one trading hour upon receipt of the execution confirmation. : In case of trades in securities traded in ontinuous Auction, the Mistrade application shall be submitted within two trading hours upon receipt of the execution confirmation. D: In case of securities traded in ontinuous Trading with intra-day auctions or in auctions, the Mistrade application shall be submitted within ten minutes upon receipt of the execution confirmation Under which circumstances can the oard of Management cancel a transaction? A: The price of the transaction in question is not in line with market conditions. : The price of the transaction in question is in line with market conditions. : An admissible application was submitted D: The involved parties reach an agreement without involving the Exchange and notify the Exchange within 24 hours Which details must a mistrade application contain? A: ompany and contact person of the applicant : Time, volume and price of transaction : Details regarding the price in line with the market D: ompany and contact person of the counterparty

12 Page 12 A D D A D A A Which duties does Specialists have in trading funds (w/o ETFs)? A: During trading hours they shall permanently provide indicative quotes. : During trading hours they shall permanently provide binding quotes. : They have to ensure that at least one price determination per trading day is carried out by the electronic trading system. D: Their indicative quotes have to fulfil the minimum requirements to the quotation volume and to the spread Which special provisions do exist for trading funds (w/o ETFs)? A: Funds are traded in ontinuous Auction with Market Maker. : Funds are exclusively traded in ontinuous Auction with Specialist. : Indicative quotes must have a minimum volume. D: Indicative quotes must stay in line with a maximum spread When do exceptions apply to the quotation duty of the Specialist in trading funds (w/o ETFs)? A: In case of special circumstances in the area of the Specialist (e.g. system breakdown). : In case of a suspension of the issue of funds by their issuer. : In case of a suspension of the repurchase of funds by their issuer. D: In case of a special market situation Which of the following statements is not applicable for trading funds (w/o ETFs) in ontinuous Auction? A: The quotation of the Specialist shall be made on the basis of the current order book situation and the price of the funds calculated by the Specialists. : During trading hours Specialists shall continuously provide indicative quotes. : The quotation of the Specialist shall be made exclusively on the basis of the current order book situation. D: The Specialist shall avoid partial executions by the electronic trading system Where are the tasks for the Specialists in trading funds (w/o ETFs) in addition to the Exchange rules regulated? A: In the trading regulation for the Regulated Unofficial Market on Frankfurter Wertpapierbörse (FW). : In the general terms and conditions for Xetra. : In the conditions for transactions on the Frankfurter Wertpapierbörse (FW). D: None of the above Which statement regarding the quotation duty of Specialists in trading funds (w/o ETFs) is correct? A: During trading hours indicative quotes must be provided continuously, : The minimum volume for the indicative quotes is equal for all funds. : A maximum spread is not defined for indicative quotes. D: Minimum volumes are required for binding quotes only.

13 Page 13 2 Functionality of FW electronic trading 2.1 Xetra - ontinuous Trading/Mini Auction A A D Orders are valid in Xetra for a maximum of: A: Three months : One year : 360 days (T+359) D: Until the month-end To what extent is Xetra trading anonymous? A: Market participants never know who is the counterparty to a trade, if the respective security is included in the clearing service of the central counterparty (P). : The order book does not indicate which market participant has entered any given order. : ounterparty information is available in the system after order execution, if the respective security is not included in the clearing service of the central counterparty (P). D: The identity of the originator of an order is available from market supervision by telephone Which of the following statements are correct regarding to the continuous trading with auctions A: oth round lots and odd lots are tradable in all auctions. : The opening auction is purely a round lot auction. : Auctions are only called when required. D: During the call phase the order book is partially closed Why are securities classified into different trading segments? A: In order to ensure conformity with the market segments at the Frankfurt Stock Exchange. : In order to ensure an efficient sequence of trading phases in a variety of equities. : ecause the safeguards are determined segment wise. D: None of the above Which of the following criteria is not used for segmenting securities? A A: Market segments at the Frankfurt Stock Exchange : ountry of origin : Liquidity D: Index membership

14 Page 14 A In the trading model continuous trading with auctions a trader can act as A: issuer. : Designated Sponsor. : Specialist. D: quote provider Which statement is correct? A: Market Participants can see the order book situation without restrictions during both, the pre- as well as the post- trading phase. : Market participants can enter, modify and delete orders and quotes during the pre-trading phase. : Order entry is not possible during the post-trading phase. D: The indicative auction price of the opening call is displayed during the pre-trading phase Which trading form does not exist for Xetra on-exchange trading? A: Mini Auction : ontinuous trading : Midpoint Auction D: IPO Auction Whicht statement regarding the trading models offered on Xetra is wrong? A: The call phase of a Mini Auction is triggered by a crossed order book. : Each trading day starts with an IPO Auction. : Auction price determination is effected according to the principle of most executable volume. D: The order book in continuous trading is open, all limits are displayed with accumulated order volume and the number of orders per limit, whereby hidden orders are not considered The duration of the random end for an auction call phase in the trading model continuous trading with auctions is: A: 0-30 seconds : 15 seconds : Only a few seconds D: Minimum of 15, maximum of 30 seconds Which statement regarding the Mini Auction is correct? A: The order book is closed during the pre-auction phase. : The order book is partially closed during the call phase. : It ends in a freeze phase after the maximum duration of its call phase at the latest.. D: Market surpluses are not displayed.

15 Page 15 A D Which statement is wrong? A: During a call phase, market participants are informed about the indicative price and the executable volume at that price as well as a possible market surplus of the respective order book side. : The order book is open during continuous trading; each limit is displayed with the associated member ID. : In the trading model Mini Auction with auctions the trading day starts with an opening auction. D: ontinuous trading is interrupted by the start of the intraday auction What are the consequences of modifying the text field of a stop order, which has not been triggered? A: The stop order receives a new order number. : The stop order does not receive a new order number. : The stop order is sorted in the stop order book by its new time priority. D: A stop order cannot be subsequently amended In which of the following cases does a modification of a limit order not result in a new time priority? A: If the limit is changed. : If the text field is changed. : If the volume of the order is reduced. D: If the order modification has an adverse effect on the execution priority of other orders in the order book Which statements about tick sizes are correct? A: The price thresholds which have impact on the number of decimal places are equal for all securities. : The number of decimal places depends on the price level of the security. : There are different price thresholds for equities, exchange traded funds and bonds. D: All securities are traded with three decimal places from prices greater than When is a top-of-book (TOP) or TOP+ order accepted by the system? A: During the whole main trading period. : Only during auctions. : Only if there are no hidden orders in the order book. D: If the volume of equal or better priced orders on the same order book side is below a predefined threshold An immediate-or-cancel order is executed in which of the following ways: A: Identical execution to that of ordinary limit or market orders : Immediate execution to the extent possible, immediate deletion of the unexecuted part of the order : Immediate execution in full, or if this is not possible, immediate deletion of the order. D: None of the above

16 Page 16 D A D Which statement regarding orders generated by algorithmic trading is correct? A: Entry is permitted only during continuous trading. : In line with the German High Frequency Trading Act they have to be marked. : Entry is permitted only during auctions. D: Orders are only accepted if they narrow the spread What is the benefit of intelligent orders? A: They remain in the order book during trading suspensions : Automatic monitoring of the reference which is used for triggering the order. : Longer maximum validity (more than 360 calendar days). D: Higher matching probability as market orders A market-to-limit order can be entered if... A: there are only market orders on the opposite side of the order book. : there are only limit orders on the opposite side of the order book. : there are limit orders and market orders on the opposite side of the order book. D: the opposite side of the order book is empty Which of the following execution conditions will always lead to an order entry into the order book? A: ook-or-cancel (O) order : Top-of-the-book (TOP) order : Fill-or-kill (FOK) order D: None In which of the following cases is the overall volume of an iceberg order visible during an auction? A: Always : Whenever the overall volume of the iceberg order forms part of the best bid/ask limit displayed in the market imbalance indicator. : Whenever the overall volume of the iceberg order forms part of the indicative auction surplus. D: Never Which statements concerning midpoint orders are correct? A: Execution is carried out according to volume/time priority. : They are executed during continuous trading. : They must have a predefined miminum volume. D: Execution is only possible against other midpoint orders at the midpoint of the current Xetra bid/ask spread.

17 Page 17 A D A Which statements are correct for hidden orders? A: All execution conditions are supported. : A minimum order volume is required. : In continuous trading visible orders with the same limit are always given priority before hidden orders. D: Hidden orders are not considered for auctions Which statement concerning the treatment of unexecuted orders at a suspension or an interruption of trading is correct? A: Unexecuted orders are deleted in both cases. : Existing orders are deleted at a suspension of trading. : Existing orders are deleted at an interruption of trading. D: Neither event has an influence on unexecuted orders According to the Exchange Rules for the FW which specification for entering orders is not necessary to be ovserved? A: Orders generated through algorithmic trading have to be marked. : All orders have to have a member internal order number : There has to be an adequate ratio between order and bindings quotes entries, modifications and deletions and trades (Order to Trade Ratio) D: All orders have to be specified as proprietary or agent orders Which of the following events does not lead to a deletion of orders? A: The granting of subscription rights : Dividend payments : Significant price deviations from the last price D: Suspension of trading How is a market-to-limit order treated during a market order interruption? A: Like a limit order, if it was partially executed before the auction : Like a market order, if it was partially executed before the auction : Like a limit order, if it was not partially executed before the auction D: Like a market order, if the order was entered during the call phase A market order interruption occurs if... A: a market order can only be partially executed during an auction. : a large market order is entered during the call phase of an auction. : a market order cannot be executed during an auction. D: a market order is entered during the call phase of an auction.

18 Page 18 D D D A A D A The duration of a market order interruption... A: is always the same. : can be determined by incoming orders. : depends on the trading model. D: takes a maximum of two minutes A volatility interruption can occur during the following trading phases: A: Pre-trading phase : Opening auction : ontinuous trading D: losing auction Which statements are applicable for "Fast Market" in Xetra? A: Fast Market will be enabled for single instruments. : In extreme market situations Fast Market will be enabled by the system automatically. : Fast Market is a system status with extended price ranges which are also applicable for the mistrade rule. D: Fast Market is always effective for all instruments of a given instrument type (e.g. equities) The static price range is re-set by the following prices: A: Auction price of the opening auction : Auction price of an intraday auction : Reference price in continuous trading D: Indicative auction price How often can volatility interruptions and market order interruptions occur during an auction? A: A maximum of one market order interruption can occur per auction. : Several market order interruptions can occur per auction. : A maximum of one volatility interruption can occur per auction. D: Up to two volatility interruptions can occur per auction In which ways can a volatility interruption be initiated? A: The indicative price lies outside the dynamic price range and within the static price range. : The indicative price lies within the dynamic price range and outside the static price range. : The indicative price lies outside the dynamic and the static price range. D: The indicative price corresponds to the reference price.

19 Page 19 A D D A volatility interruption can occur during which of the following auctions: A: Opening auction : Volatility interruptions can only occur in continuous trading : losing auction D: None of the above Which trading forms consider liquidity interruptions? A: Mini Auction and auction within the trading model continuous trading with auctions. : ontinuous trading and IPO Auction : Mini Auction and IPO Auction D: ontinuous trading and Mini Auction When is a liquidity interruption triggered? A: If the potential execution price is outside of a predefined price range. : If existing market orders are not or only partially executable at the end of a call phase of a scheduled auction. : If the order book is crossed and no Designated Sponsor quote is available. D: If a predefined minimum volume is not reached at the end of the auction call phase Which event terminates a liquidity interruption ahead of time? A: A crossed order book situation. : Entry of a designated sponsor quote. : Entry of a market order. D: Achievement of a predefined minimum volume Which of the following phases is not part of an auction for a first price determination (Xetra Start/IPO Auction)? A: Price determination : Freeze : IPO call D: Random end an the lead manager balance a surplus before price determination in an IPO auction? A: No, the lead manager cannot balance a surplus before price determination in an IPO auction. : Yes, from a particular time on only the lead manager can balance a surplus. : All trading participants can balance a surplus before price determination in an IPO auction. D: None of the above

20 Page 20 A D D A D Which of the following statements regarding trading of subscription rights is correct? A: They can be traded continuously during a limited period. : A minimum order size does not exist. : They are traded in IPO auctions only. D: As a rule, subscription rights are traded in IPO Auctions only Which of the following statements about quotes entered by Designated Sponsors during auctions are correct? A: During the call phase, Designated Sponsors may not change their quotes. : The quote has to remain at least 5 seconds in the order book. : During the call phase, Designated Sponsors may change the limit and volume. D: Partially executed quotes remain in the orderbook after price determination A quote by a Designated Sponsor is... A: the non-binding indication of a price level. : the simultaneous entry of a buy and sell limit order. : the sequential entry of a buy and sell order. D: good for day What are the duties of Designated Sponsors? A: Provision of additional liquidity : Responding to quote requests by entering quotes : Setting reference prices D: Involvement in auctions by entering quotes Xetra EST guarantees customers of the EST Service Provider a better price than a price resulting from an execution based on the current Xetra order book situation. T True False Partial executions of orders against EST's quote are possible. F True False The EST Service Provider enters quotes/quote parameters after a Xetra EST order has arrived. F True False

21 Page 21 D A In which of the following cases is the reference price considered when determining the price in an auction? A: If there is only a surplus of offerings. : If there is only a surplus of demand. : If there is more than one possible limit and there is a surplus of offerings as well as demand. D: If there is more than one possible limit and there is neither a surplus of offerings nor a surplus of demand In addition to the maximum executable order volume, which of the following criteria are also used to determine the auction price: A: Reference price : Volume-weighted average of limits contained in the order book : Surplus D: Theoretical price derived from a benchmark (e.g. Euro STOXX Future) If no price can be determined in an auction, what information is shown? A: The lowest bid limit with volume : The highest bid limit with volume : The lowest ask limit with volume D: The highest ask limit with volume What is the auction price based on the following auction order book situation? The reference price is 340. A: 339 : 342 : 343 D: None of the above

22 Page What is the auction price based on the following auction order book situation? The reference price is 340. A: 341 : 340 : 342 D: What is the auction price based on the following auction order book situation? The reference price is 181. A: 180 : 182 : Auction price = reference price D: None of the above D During continuous trading, an incoming buy order encounters an order book which only contains limit orders on the opposite side. What determines the price of the first order execution? A: Highest bid limit in the order book : Limit of the incoming buy order : Highest ask limit in the order book D: Lowest ask limit in the order book

23 Page Which execution(s) result(s) from the incoming market order (reference price 182) -sell 5,000 - in this order book in continuous trading? D A: 5,000 at 178 : 5,000 at 180 : 1,500 at 180, 3,500 at 178 D: 3,500 at 180, 1,500 at Which execution(s) result(s) from the incoming market order (reference price 179) - sell 5,000 - in this order book in continuous trading? A: No execution - volatility interruption. : No execution - market order interruption. : Full execution of both market orders at the reference price. D: None of the above

24 2.2 örse Frankfurt (Frankfurt Stock Exchange) - ontinuous Auction Page 24 A A A Which statements regarding ontinuous Auction are correct? A: Depending on the trading model there is exactly one Specialist/Market Maker per instrument. : The Specialist can enter own orders and orders on behalf of other trading participants. : During the main trading phase for market participants the order book is open (order book depth 10). D: The Quote Provider is able to identify the originator of an order Which statements regarding ontinuous Auction are correct? A: In both trading models execution constraints (FOK and IO) are not supported. : Stop orders are triggered by a quote of the Specialist/Market Maker. : All order sizes can be traded in both trading models. D: In both trading models orders are valid good for day only Which of the following statements are applicable for stop orders in the trading model ontinuous Auction with Specialist? A: A stop loss order will be triggered if the bid limit of the Specialist quote equals or falls below the stop limit. : A stop loss order will be triggered if the last price equals or falls below the stop limit. : Triggering a stop order leads to a new time stamp for this order. D: Stop orders are visible in the order book for all market participants In ontinuous Auctions the order book is... D A: completely open during the main trading phase (order book depth 10). : closed during the pre-trading phase. : closed partially during the pre-trading phase.. D: closed during the post-trading phase. A D A Which statements regarding quotes are correct? A: They can have a volume equal to or higher than zero. : In general, quotes have to be entered double sided and must bear a limit on the bid side of higher than zero. : The ask limit can be equal or higher than the bid limit. D: Standard quotes can be modified or deleted Which trading models contain the market model ontinuous Auction? A: ontinuous auction with Market Maker : ontinuous auction with Specialist : ontinuous auction with Liquidity Manager D: ontinuous auction with Designated Sponsor

25 Page 25 A D A D D Which securities are traded in the trading model ontinuous Auction? A: Mutual funds : Exchange traded funds : onds D: Equities Which statements regarding ontinuous Auction are not correct? A: Each security can have more than one Specialist/Market Maker. : Volatility interruptions ensure price continuity. : Orders are executed according to price/time priority. D: The Specialist and the Market Maker can see the identity of the order owner Which of the following statements are correct? A: Mutual funds are traded exclusively in the trading model continuous trading with intraday auctions. : Mutual funds are traded exclusively in the trading model ontinuous Auction with Specialist. : Structured products are traded in the trading model ontinuous Auction with Specialist or Market Maker. D: Structured products are traded exclusively in the trading model ontinuous Auction with Market Maker How are prices determined during a ontinuous Auction? A: Only at the Specialist/Market Maker quote according to the modified principle of highest executable volume. : Only within or at the Specialist/Market Maker quote according to the modified principle of highest executable volume. : Only within the Specialist/Market Maker quote according to the modified principle of highest executable volume. D: Only within the spread of the order book according to the modified principle of highest executable volume How are stop loss orders triggered during the ontinuous Auction? A: If the ask limit of the Specialist/Market Maker quote is equal to or below the stop limit. : If the ask limit of the Specialist/Market Maker quote equals or exceeds the stop limit. : If the bid limit of the Specialist/Market Maker quote equals or exceeds the stop limit. D: If the bid limit of the Specialist/Market Maker quote equals or falls below the stop limit How are stop buy orders triggered during a ontinuous Auction? A: If the bid limit of the Specialist/Market Maker quote equals or falls below the stop limit. : If the bid limit of the Specialist/Market Maker quote equals or exceeds the stop limit. : If the ask limit of the Specialist/Market Maker quote equals or exceeds the stop limit. D: If the ask limit of the Specialist/Market Maker quote equals or falls below the stop limit.

26 Page 26 A D A D A D Which minimum quotation requirements have to be observed by the quote provider in the trading model ontinuous Auction with Market Maker? A: The minimum quotation quantity for investment products and leverage products must be 10,000 units. : In cases with less than 10,000 units, the minimum quotation requirement must be 10,000 units of the respective trading currency for investment products. : In cases with less than 10,000 units, the minimum quotation requirement must be 3,000 units of the respective trading currency for leverage products. D: A minimum quotation requirement of 10,000 units of the respective trading currency applies to all structured products Which statements are applicable for the pre-call phase of a ontinuous Auction with Market Maker? A: The pre-call phase has a maximum duration. : During this pre-call phase the order book is open with a depth of 1, i.e. all orders as well as the quote with the accumulated volumes of the best bid and best ask limit and the number of orders at these limits will be displayed (via EF). : A Quote Provider quote is required for a phase change from pre-call to price determination. D: After the pre-call phase a price determination or a phase change to the call phase is possible When does a call phase start in the trading model ontinuous Auction with Market Maker? A: If there are market orders or orders executable against each other in the order book without an available quote of the Market Maker. : If there are orders in the order book which are executable against the quote of the Market Maker, but cannot be executed completely. : If the maximum duration of the pre-call phase is exceeded. D: If the stop limit of a stop order is reached by the quote of the Quote Provider Which statements are applicable for the call phase of a ontinuous Auction with Market Maker? A: The duration of the call phase does not have a predetermined minimum period. : The duration of the call phase has a predetermined minimum period. : A Market Maker quote is required for a phase change from call to price determination. D: A Market Maker quote is not required for a phase change from call to price determination Which of the following statements are applicable for a ontinuous Auction with Market Maker? A: The number of auctions as well as the time between auctions or the duration of the pre-call phase respectively is determined by the auction plan. : The number of auctions as well as the time between auctions or the duration of the pre-call phase respectively is substantially determined by the Market Maker. : An auction consists of a pre-call phase, a freeze phase and the price determination. D: An auction consists of a pre-call phase, an optional call phase and the price determination.

27 Page 27 A D A D A D A D Which statements regarding he transparency of the order book are applicable for a ontinuous Auction with Market Maker? A: During the call phase only the Market Maker quote is displayed (via EF distributed). : During the pre-call phase the order book is open with a depth of 1, i. e. all orders as well as the quote with the accumulated volumes of the best bid and best ask limit and the number of orders at these limits are displayed (via EF). : During the auction s call phase the indicative auction price is displayed. D: During the auction s call phase the order book is fully open for the Market Maker Which statements are applicable for a pre-call phase of a ontinuous Auction with Specialist? A: Trading participants can not enter orders. : The order book is completely open. : The Specialist can enter own orders or orders on behalf of other trading participants and can modify or delete these orders. D: The Specialist may enter or delete quotes Which statements are applicable for a freeze phase of a ontinuous Auction with Specialist? A: Only the Specialist quote is displayed. : It has a random end. : The Specialist is able to enter orders on own behalf or on behalf of other trading participants and can modify or delete these orders. D: There is no predetermined minimum period Which statements regarding the transparency of the order book are applicable for a ontinuous Auction with Specialist? A: During the freeze phase the order book is fully open for the Specialist. : During the pre-call phase the order book is partially closed for the Specialist, i. e. only the indicative auction price is displayed to the Specialist. : During the freeze phase the order book is completely closed. D: During the pre-call phase the order book is partially closed or open for the trading participants (depending on the instrument type) How are prices determined in a ontinuous Auction with Specialist? A: The price is determined by the trading system. : The price determination takes place after a matching quote entry of the respective Specialist. : If there are several possible limits and the consideration of the surplus does not lead to a clear auction price, the midpoint of the possible prices is included as an additional criterion. D: The auction price is determined on the basis of the binding Specialist quote and the order book situation stipulated at the end of the freeze phase.

28 Page 28 A A A A D A D A Which tasks and duties must Specialists fulfil for structured products? A: They shall avoid partial executions to the greatest possible extent. : They are obliged to offer additional liquidity to ensure a high trading quality. : In case of a knock-out/stop loss event they are obliged to inform the exchange about the knockout/stop loss immediately. D: They are responsible for the compliance with the auction plan Which of the following statements are applicable for ontinuous Auctions with Specialist? A: After the freeze phase a price determination or a phase change to the pre-call phase is possible. : During this pre-call phase the order book is fully open for Specialist only, i.e. the Specialist is able to see each order and its originator. : Orders that are entered during the freeze phase are stored and will enter the order book immediately after it gets unlocked. D: After price determination any remaining parts of the Specialist quote are not deleted For which of the following security types a Special Auction can be executed by the Specialists? A: Subscription rights : Mutal funds : German Government onds D: overed warrants What kind of order types are available in the ontinuous auction with Market Markers or Specialists? A: Stop Order : Market-to-Limit Order : Iceberg Order D: Order-on-Event What kind of quotes exist in ontinuous auction with Market Makers or Specialists? A: Standard Quotes : Matching Quotes : Non-Standard Quotes D: Price-without-turnover Quotes What does a Specialist have to do, if the expected price of a share with a price level of 5 Euro will differ more than 10 percent? A: Enter an adjusted indicative quote and start the freeze phase only after a period of 10 minutes. : Enter an adjusted binding quote and start the freeze phase only after a period of 10 minutes. : Enter an adjusted indicative quote and start the freeze phase only after a period of 15 minutes. D: Enter an adjusted indicative quote and start the pre-call phase only after a period of 10 minutes.

29 Page What does a Specialist have to consider when entering a PWT quote (price without turnover) for the determination of a valuation price without turnover? A: Entry is only allowed after having consulted the Trading Surveillance Office. : Entry is only allowed if an indicative quote without volume was entered before. : Entry is only allowed if an indicative quote with volume was entered before. D: None of the above Which of the following tasks do not belong the Specialists' range of duties? A: They have to enter an exchange rate if the settlement currency differs from the trading currency. : The have to trigger a volatility interruption if the expected price of a share differs more than 10 percent. : They have to avoid partial executions by the system. D: They have to contact the owner of an order if the order would lead to a mistrade There is a Special Auction the Specialist carries out several times a day for certain German Government bonds. F True False Provided that a Special Auction is scheduled, it is performed once a day. T True False Specialists initiate a separate auction for orders with the trading restriction Special Auction. T True False A single auction is executed once a day for certain securities in the ontinuous Auction Specialist model. T True False A single auction is executed once a day for all securities in the ontinuous Auction Specialist model. F True False There are no Single auctions in the ontinuous Auction Specialist model. F True False

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