According to the Xetra liquidity measure (XLM), Deutsche Börse AG was the most liquid DAX® blue chip in May with 4.7 basis points (bp) for an order volume of €100,000. Beiersdorf AG was the most liquid MDAX® stock with 24.4 bp. The most liquid ETF was the Lyxor ETF Euro Cash with 1 bp. The most liquid foreign stock was Royal Dutch Shell with 11.3 bp. XLM measures liquidity in electronic securities trading on the basis of the implicit transaction costs. It is expressed in basis points (1 bp = 0.01 percent); a low XLM denotes high liquidity in a security.
Deutsche Bank AG was the strongest DAX® stock on Xetra in May at €8.6 billion.
K+S AG was the top MDAX® stock at €3.2 billion while Bauer AG led the K+SDAX® stock at €111 million and Q-Cells AG headed the TecDAX® at €1.5 billion. At €1.5 billion, the iShares DAX EX was once again the exchange-traded fund with the largest turnover.
On all stock exchanges in Germany €168 billion were traded in May according to order book turnover statistics - a decline by 12 percent compared year-on-year (May 2007: €233.8 billion). This total included €158.1 billion in equities,warrants and exchange-traded funds, as well as €9.9 billion in fixed-income securities. The number of trades at all exchanges added up to 22.1 million (May 2007: 27.4 million).
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