The trading system not only uses the Frankfurt Stock Exchange but also the stock exchanges in Vienna, Prague, Budapest, Zagreb, Ljubljana, Sofia and Malta, so that the disruption had a Europe-wide impact. Currently, an average of 5.5 billion euros in shares are traded per day in the leading German DAX index alone.
Floor trading was not affected by the disruption, since the so-called specialists use a different system. However, in normal times, significantly more than 90 percent of trading on the German stock exchange is carried out via the Xetra trading platform, which relies on the T7 system.
The Vienna Stock Exchange has been using the Deutsche Börse trading system since 1999. Several other European stock exchanges are also connected via it. Despite the system failure in mid-April, the Austrian exchange operator had extended the partnership with Deutsche Börse two weeks earlier by five years. The renewed breakdown is a flaw for the DAX Group, which advertises its technology as one of the “most powerful and safest stock exchange systems worldwide”.
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