Based on the preliminary year-end figures for 2003 – which include an estimate for the last five trading days of the year – a total volume of Euros 3.4 trillion was traded on the German stock exchanges in 2003 (2002: Euros 3.5 trillion). The total comprises about Euros 2.4 trillion in equities, warrants and exchange-traded funds (2002: Euros 2.6 trillion) and about Euros 1 trillion in fixed-income securities (2002: Euros 871 billion). December was the highest-turnover month in 2003, with some Euros 330 billion in volume traded.
According to the order-book statistics, which are based on single-counting of all transactions in the Xetra order-book and broker-supported trading on the floor, the total equities turnover posted on the German stock exchanges in 2003, with some Euros 911 billion in volume, was about even with the previous year’s level (2002: Euros 957 billion). About Euros 860 billion of this total was traded in German equities (2002: Euros 894 billion), and some Euros 51 billion in foreign equities (2002: Euros 63 billion).
The funds listed in the XTF segment showed a substantial increase in volume in 2003, in what was a weak market environment overall: this year’s annual volume comes to about Euros 39 billion euros – corresponding to 18 per cent growth compared with the previous year (2002: Euros 33 billion) and a 62 per cent increase compared with 2001 (Euros 24 billion). In 2003, 13 ETFs and one actively managed fund were newly admitted in XTF, including the first fixed-income ETFs in Europe. The segment launched in April 2000 for trading in ETFs and actively managed funds has thus completed its most successful year to date.
The Xetra share of the trading in equities rose further again this year. Some 72 million transactions were executed on Xetra in 2003, about 20 per cent more than the year before (2002: 60 million transactions). In the DAX blue chips, the Xetra share this year came to roughly 97 per cent (2002: 96 percent; 2001: 94 percent). Xetra also further expanded its market share of the MDAX volume, to roughly 90 per cent (2002: 84 percent; 2001: 74 percent).