Deutsche Börse AG

Regulatory Filings • Aug 26, 2008

News Details

Ad-hoc | 26 August 2008 10:52

Deutsche Börse AG: Adjustment to the pricing model for algorithmic trading and the service offering for equity clearing

Deutsche Börse AG / Miscellaneous

Release of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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Deutsche Börse AG has announced its decision to reduce transaction fees as
part of the Automated Trading Program (ATP) on Xetra. Furthermore, Eurex
Clearing AG will introduce a simplified service for clearing Xetra
transactions.
As of September 2008, a new pricing and discount model will apply for
algorithmic trading under the ATP on Xetra, in which computers evaluate
trading signals and place orders independently in the system. Under the new
model, there will no longer be a minimum fee of €0.60 for executed orders;
instead transaction fees even for small orders will be based on the value
of the executed order. Further, instead of the current seven there will be
eight discount levels in the future and discount rates per discount level
will increase from 7 to 7.5 percent. As a result, the maximum discount rate
on Xetra transaction fees will increase from 49 to 60 percent.
Starting November 2008, Eurex Clearing AG, an indirect subsidiary of
Deutsche Börse AG through its Eurex joint venture, will provide two
additional service offerings for clearing Xetra transactions. It will offer
a 'Basic Net Service' and an 'Extended Net Service' in addition to the
current comprehensive service. New prices also apply along with the
differentiated service offering, which means a maximum fee reduction of up
to 40 percent, depending on the service selected.
On the basis of the first half of 2008, the ATP adjustment assuming
unchanged trading volumes would result in a fee reduction of €10 million
per year. The 'Net Service' clearing offering would mean a fee reduction of
a projected €25 million per year – depending on the migration of
participants to these service offerings. Due to the price sensitivity of
trading and clearing participants, positive impacts on transaction volumes
and correspondingly a large compensation of the price effects on sales
revenues are expected.

Contact:
Dr. Frank Herkenhoff
Tel.: +49-69-21 11 15 00

26.08.2008 Financial News transmitted by DGAP

Language: English
Issuer: Deutsche Börse AG
Neue Börsenstraße 1
60487 Frankfurt am Main
Deutschland
Phone: +49 (0)69 211 - 0
Fax: +49 (0)69 211 - 12005
E-mail: ir@deutsche-boerse.com
Internet: www.deutsche-boerse.com
ISIN: DE0005810055
WKN: 581005
Indices: DAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, Hannover, München, Hamburg, Düsseldorf, Stuttgart;
Terminbörse EUREX

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