Based on the aggregate turnover statistics, a total volume of 257.2 billion euros was traded on the German stock exchanges in November, more or less even with the previous month’s level (October 2002: 266.4 billion euros). The November total comprises 176 billion euros in equities, warrants and exchange-traded funds as well as 81 billion euros in fixed-income securities.
According to the order-book statistics, which are based on single counting of all transactions in the orderbook of Xetra and broker-supported trading on the floor, the total turnover in equities on the German stock exchanges in November came to 65.8 billion euros (October 2002: 77.9 billion euros). Of this total, volume of 61.5 billion euros was traded in German equities, and some 4.3 billion euros in foreign equities. About 93.6 percent of the volume traded in domestic shares was posted on Xetra, and another 4.9 percent in trading on the floor of the Frankfurt Stock Exchange (FWB Frankfurter Wertpapierbrse). In foreign shares, some 86 percent of the volume was posted on Xetra and the Frankfurt trading floor.
Deutsche Brse showed a total of 5.4 million trades on Xetra in November, making it the third-strongest month in relation to the record month of October 2002 (6.6 million trades). The number of trades was also approximately six percent higher than in the same month of the previous year (November 2001: 5.1 million trades). The Xetra share of trading in the DAX blue chips was about 96.3 percent. In the MDAX stocks, some 88.5 percent of the volume was traded on Xetra, some 63.9 percent of the SDAX volume and some 74.8 percent of the volume in Neuer Markt stocks.
For the second time, Deutsche Brse is publishing its monthly ranking of the most liquid equities for the DAX and MDAX equities, based on the Xetra Liquidity Measure (XLM). XLM analyzes the liquidity in electronic securities trading on a continuous basis, as a precise and comparable indicator, based on the implicit transaction costs. XLM has been calculated for all securities in continuous trading since July 2002, in basis points (1 bp = 0.01 percent), for the roundtrip in the Xetra orderbook. In November, Siemens was the most liquid equity in the DAX, with 16 bp for an order size of 100,000 euros. In the MDAX, Deutsche Brse was highest with 26 bp.
Siemens was the most active DAX blue chip on Xetra in November with a volume of 6.4 billion euros traded in its shares. Deutsche Brse was the leading MDAX stock with some 397 million euros in volume traded. Medion topped the list of Neuer Markt stocks with 164.6 million euros in shares traded. In the SMAX segment, Edscha ranked first with some 6.5 million euros in share turnover. The highest-volume exchange-traded fund in November was again the DAX EX with about 935.2 billion euros in turnover. Microsoft was the leading stock in the Xetra US Stars segment, with volume of 27.4 million euros traded in its shares; Nokia ranked highest among the Xetra European Stars, with 751 million euros in volume traded.