Deutsche Börse Group
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Xetra BEST allows addressing orders to the contractual BEST Executor in two ways:
a) by means of a pre-selected Default BEST Executor
b) by means of entering the BEST Executor ID as order parameter
The order is checked for potential execution against the BEST Quote of the BEST Executor (defined by
a) or b)) through verification if a valid relationship exists between the BEST Executor and the Order
Flow Provider. If the result is negative, the order is entered in the Xetra order book.
with respect to a) Default BEST Executor
In Xetra, Order Flow Providers can define on ISIN level those BEST Executors (Default BEST
Executors) who should receive their agent orders in preset ISINs for execution. One BEST Executor
may be defined per member and ISIN. This presetting may be changed intra-day. Usage of Default
BEST Executor for addressing orders can be activated/deactivated on subgroup level. If the Default
BEST Executor is activated and only if the order parameter BEST Executor ID is filled with “ “ (blank),
all agent orders of the corresponding subgroup are checked at order entry for executability against the
Default BEST Executor. If an invalid BEST Executor ID as parameter was entered, the order is not
checked for executability against the Default BEST Executor but entered directly in the Xetra order
If the order parameter BEST Executor ID is filled, it is this value which always determines the
potential execution alternative, regardless of the defined Default BEST Executor.
with respect to b) entry of order parameter BEST Executor ID
In order to determine through the BEST Executor ID whether an order should be executed in Xetra
BEST or entered in the Xetra order book, this execution parameter has to be set on order level. A
parameter value with the ID of the BEST Executor defines that the order is checked for executability
against the BEST Quote of BEST Executor. Specification of an Executor ID is only possible for agent
Only in the event of a (pre-set) BEST Executor ID parameter “ “ (blank) can a potential Default BEST
Executor setting take effect.
Priorities under specific alternatives combinations:
The subsequent table summarizes the way Xetra behaves concerning the usage of addressing orders
to BEST Executors, respectively which characteristic is used to address agent orders.