Order-to-transaction ratio

Trading participants are obliged to ensure an appropriate ratio between their order entries, modifications and cancellations and the transactions actually executed (order-to-transaction ratio), in order to avoid risks to orderly exchange trading. The order-to-transaction ratio is to be determined for each financial instrument and by reference to the numerical volume of the respective orders and transactions within a day. An appropriate order-to-transaction ratio exists in particular where it is economically comprehensible having regard to the liquidity of the financial instrument concerned, the specific market situation, or the function of the trading undertaking. The Exchange Rules must lay down detailed provisions on the appropriate order-to-transaction ratio for particular classes of financial instruments.