Exchange price

(1) Prices determined during exchange hours at an exchange are exchange prices. The first sentence also applies to prices determined during exchange hours in the open market at a securities exchange.
(2) Exchange prices must be arrived at in an orderly manner and correspond to the true market situation of exchange trading. Unless otherwise provided in Title II of Regulation (EU) No 600/2014, offers must in particular be accessible to trading participants and it must be possible to accept the offers. In determining the exchange price, prices of another exchange, of a regulated market having its seat abroad, or of a multilateral trading facility within the meaning of section 2(8), first sentence, no. 8 of the Securities Trading Act may also be taken into account. The exchange lays down more detailed provisions, through the Management, on the setting aside, amendment and correction of transactions, in particular also for the case that exchange prices have not come about in an orderly manner on account of material price fluctuations.
(2a) (repealed)
(2b) The exchange must take suitable precautions to ensure orderly price determination even in the event of material price fluctuations. Suitable precautions are in particular short-term changes to the market model, short-term volatility interruptions having regard to static or dynamic price corridors, and limit systems of the trading participants entrusted with price determination, whereby the exchange must in exceptional cases be able to set aside, amend or correct any transaction. The parameters for such volatility interruptions must have regard to the liquidity of the individual categories and subcategories of the financial instruments concerned, the nature of the market model, and the nature of the trading participants, and must make it possible to prevent material disruptions of orderly exchange trading. The exchange must notify these parameters to the exchange supervisory authority and publish on its website particulars of the circumstances leading to the interruption or restriction of trading, and the principles for determining the key technical parameters used for that purpose.
(3) Unless otherwise provided in Title II of Regulation (EU) No 600/2014, exchange prices and the turnover underlying them must be made known to trading participants without delay and on reasonable commercial terms in a readily accessible manner, unless delayed publication appears necessary in the interest of avoiding an undue disadvantage to those involved in the transaction. The details are governed by the Exchange Rules. The Exchange Rules may also determine that, before an exchange price is determined, trading participants must additionally be informed of the price of the most highly limited purchase order and the most lowly limited sale order.
(4) Transactions that have resulted in exchange prices must be specially marked on entry into the exchange's transaction settlement system.