Based on the total turnover statistics, a total volume of Euro269.8 billion was traded on all German stock exchanges in the last month of 2004 – a rise of 13% year-over-year.
This total included Euro185.2 billion in equities, warrants and exchange traded funds, as well as Euro84.6 billion in fixed-income securities. Thus, Euro3.3 trillion were traded on all German stock exchanges during 2004 (2003: Euro3.2 trillion) – around Euro2.6 trillion of which in equities, warrants and exchange traded funds, along with Euro710 billion in fixed-income securities.
Order book statistics, which are based on single counting of all transactions in the order book of Xetra and broker-supported trading on the floor, show that the German stock exchanges generated an equities turnover of Euro71 billion in December (December 2003: Euro 70 billion). German equities accounted for Euro66.5 billion of this total, with foreign equities comprising Euro4.5 billion.
In December, around 97% of transactions with German equities were executed on Xetra and on the floor of the Frankfurt Stock Exchange (FWB). In foreign equities, 80% were traded on Xetra and the floor of the Frankfurt Stock Exchange. 5.2 million transactions were executed on Xetra in December – roughly 8% more y-o-y (December 2003: 4.8 million).
According to the Xetra liquidity measure (XLM), Siemens was the most liquid DAX blue chip in December with 5 bp for an order volume of Euro100,000. Puma was the most liquid MDAX stock with 18 bp. The most liquid equity-based ETF was the DAXEX with 4 bp. The most liquid foreign stock was Royal Dutch with 8 bp. XLM is a measure of liquidity in electronic securities trading based on the implicit transaction costs and is calculated for securities in continuous trading in basis points (1 bp = 0.01 percent) for a roundtrip in the Xetra order book.
Deutsche Telekom was the strongest DAX stock on Xetra in December at Euro6.6 billion. Karstadt was the top MDAX stock at Euro559 million, while Balda led the SDAX stock at Euro15.3 million and T-Online headed the TecDAX at Euro 558.3 million. At one billion euros, the DAXEX, was once again the exchange traded fund with the largest turnover.