The following focus day scenario will be provided in T7 Deutsche Börse Xetra simulation today:

•  Auction Volume Discovery Focus Day - all day

Auction Volume Discovery are supported via scripts to enable members to test the new functionality.

• ISIN1DE000ZEAL241 (AVD orders on the buy side): It will be ensured that there is a price determination during each scheduled auction. During the Opening Auction, the Intraday Auction and the Closing Auction AVD orders on the Buy side will be available that can be matched during the AVD uncrossing of the respective auction. Members shall enter Sell AVD orders for the respective auction. The AVD sell orders will match against an auction surplus on the buy side (if available). After the AVD uncrossing trade confirmations will be sent.
• ISIN2 DE0005550602 (AVD orders on the sell side): It will ensure that there is a price determination during each scheduled auction. During the Opening Auction, the Intraday Auction and the Closing Auction AVD orders on the Sell side will be available that can be matched during the AVD uncrossing of the respective auction. Members shall enter Buy AVD orders for the respective auction. After the AVD uncrossing trade confirmations will be sent.

Optionally, Participants will be able to add an Internalization ID to their AVD orders. AVD Orders from the same Business Unit (participant ID) and with identical Internalization ID will be matched with the highest priority during the AVD uncrossing. This should be tested in a different ISIN than the ISINs mentioned below. The prerequisite for an AVD uncrossing is that there is a price determination in the respective auction. This can be ensured from Participants by entering a regular buy and a sell order that match before the auction starts.

If a member would like to test a permanent opt out in Simulation, Clearing Data Control (Phone: +49-69-211-1 24 53) needs to be contacted to enable the opt out setting (disabling the allowance flag). With the opt out setting any surplus order of the business unit will not be part of the AVD uncrossing