Based on the aggregate statistics, a total volume of € 268.5 billion was traded on the German stock exchanges in November, up seven percent month-on-month (October 2004: € 251 billion). This total includes €216.7 billion in equities, warrants, and exchange traded funds, as well as €51.8 billion in fixed-income securities.
Order book statistics, which are based on a 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 €84.4 billion in November – an increase of some 2 percent on the previous month (October 2004: € 83.2 billion). German equities accounted for €79.7 billion of this total, with foreign equities comprising €4.7 billion.
About 97 percent of the volume traded in German equities in November was posted on Xetra and the floor of the Frankfurt Stock Exchange. In foreign equities, 80 percent of the volume was traded on the Frankfurt Stock Exchange. 6.2 million transactions were executed on Xetra in October – a 8 percent rise m-o-m (October 2004: 5.7 million).
According to the Xetra liquidity measure (XLM), Siemens AG was the most liquid DAX blue chip in November with 5 bp for an order volume of €100,000. Celesio was the most liquid MDAX stock with 20 bp. The most liquid equity-based exchange traded fund was the DAX EX with 4 bp. The most liquid foreign stock was Royal Dutch with 8 bp. XLM measures the 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 the roundtrip in the Xetra order book.
The highest-turnover DAX equity on Xetra in November was Deutsche Telekom with €7.9 billion. Puma was the top-traded stock in the MDAX with €441.4 million. The SDAX was led by Jungheinrich with €18.6 million, and T-Online topped the TecDAX with €477.3 million. At € 1.1 billion, DAXEX was once again the exchange traded fund with the largest turnover.