1.    Introduction

The planned production start for the announced Self-Match Prevention (“SMP”) Enhancements is 1 December 2025. The introduction is subject to the approval of the Exchange Council of Frankfurter Wertpapierbörse (“FWB^®”) to the Exchange Rules for the Frankfurter Wertpapierbörse.

2.    Participation requirements

Trading Participants are encouraged to test different SMP Cross Match Instructions in the simulation environment to ensure readiness.

3.    Details of the initiative

As outlined in Xetra Circular 018/25​ for the T7 Release 14.0, the SMP Enhancements will be activated in the Production environment on 1 December 2025. The introduction is subject to the approval of the Exchange Council of Frankfurter Wertpapierbörse (“FWB”) to the Exchange Rules for the Frankfurter Wertpapierbörse.
 
Starting 1 December 2025, FWB will enhance the SMP processing to support different Cross Match Instructions in case an SMP event was detected and needs to be resolved. A trader will be enabled to define an SMP Cross Match instruction when entering an order or quote and the incoming aggressive order or quote will set the SMP deletion context in case of an SMP event. The following SMP Cross Match Instructions will be supported:

• “Cancel Aggressive”
  This Instruction will result in the cancellation of the incoming order or quote in case of an SMP event.
• “Cancel Passive”
  In case of an SMP event, this Instruction will result in the cancellation of the entire book order(s) or quote(s) on the matchable price levels, regardless of the size of the incoming (aggressive) order with the same SMP ID.
• “Cancel Aggressive and Passive (netting of orders/quotes)”
  In case of an SMP event, the quantity of both, aggressive and passive, orders will be reduced until at least one order is completely cancelled. Currently, this is the only way how SMP events are processed.

The new default SMP Cross Match instruction will be “Cancel Passive” as of 1 December 2025, if no specific instruction is provided with the order by the entering trader.
 

Further information