FAQ

FAQ for private investors

• What is QUOTRIX?
• Who is backing QUOTRIX?
• How does QUOTRIX work?
• What is traded via QUOTRIX?
• What are the trading hours?
• What are the benefits of QUOTRIX?
  
• Who are the market participants?
  
• How is the pricing quality assured?
  
• When will QUOTRIX trading begin?
  
• Can institutional clients trade on QUOTRIX?
  
• Where can I obtain more information about QUOTRIX?
  
• Through which banks can I obtain access to QUOTRIX?

What is QUOTRIX?

QUOTRIX introduces a new level in securities trading: For the first time, the market maker system is employed by a German stock exchange.
In contrast to the familiar, indirect order routing process via a stock exchange system, market makers communicate directly with investors and provide, on request, quotes which the investor can trade upon. This creates a new dimension in transparency, fairness and speed.
As an integral part of the Dusseldorf Stock Exchange, Quotrix offers all the benefits of an official stock market. QUOTRIX is an impartial, regulated, and monitored marketplace that is freely accessible.
The platform for the new service is TradeLink, which was initially developed to support the off-exchange market. TradeLink has been successfully in operation since January 1999, and will continue to support the OTC market. TradeLink was established and developed by vwd Information Services GmbH (”vwd is”).


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Who is backing QUOTRIX?

QUOTRIX will be operated by vwd TransactionSolutions AG.
vwd TransactionSolutions AG is a joint venture of vwd Vereinigte Wirtschaftsdienste AG, Eschborn and Dusseldorf Stock Exchange and was established in 1998 as vwd Information Services GmbH.
vwd TransactionSolutions AG operates the stock exchange trading system QUOTRIX, as well as the OTC platform TradeLink.


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How does QUOTRIX work?

Customers need an Internet connection to their online bank or online broker. In the convenience of their own home, they can select QUOTRIX in the order screen on their PC and then enter a quote request for the market maker.
This request is automatically forwarded, and the market maker responds with a two-way quote.
The customer sees the quote on the screen and can immediately accept the quote, to buy or sell. The transaction is executed when the quote is accepted, and is reported to the market maker. The market maker may cancel a trade only in pre-defined and monitored exceptional cases.
The transaction proceeds through the normal stock exchange channels, and is settled via the customer's bank. You wil find a simulation of the trading process under How it works.


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What is traded via QUOTRIX?

QUOTRIX will trade a wide range of securities. All German stocks contained in the DAX and MDAX, as well as those in the Neuer Markt growth segment. Warrants trading will be added in the future.

Trading includes

stocks contained in the following segments

• DAX 30
  
• MDAX
  
• SDAX
  
• TecDax
• EUROSTOXX 50
  
• other securities

Securities

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What are the trading hours?

Trading hours are:

Monday to Friday from 8 a.m. to 11 p.m. CET
subject to the holiday calender published by the exchange.


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What are the benefits of QUOTRIX?

• Trade faster, simply by clicking the mouse.
  
• Pricing quality guaranteed by linking to reference markets.
  
• Comprehensive investor protection based on Rules and Regulations, and enforced by Market Surveillance.
  
• Flexibility of longer trading hours: 8 am to 11 pm CET on exchange trading days.
  
• Avoidance of partial order executions.
  
• Trade in seconds, based on firm, two-way quotes.
  
• Immediate trade confirmation.
  

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Who are the market participants?

At the beginning of QUOTRIX trading, the following companies will participate (other market participants will join after finalising agreements).