Xetra is a trading venue operated by Frankfurter Wertpapierbörse (FWB, the Frankfurt Stock Exchange) based in Frankfurt, Germany.
The trading technology of Xetra replaced the IBIS trading platform on 28 November 1997. Advocates cited execution prices in line with the market, low transaction costs, equality, geographical location, and the anonymity of trading partners in its favor. The main challenges discerned were to ensure system stability and availability, scalability, latency, and long-term growth in market activity.
The Xetra trading technology was positioned as a brand product while it was still being developed. The intention was to be able to better position Xetra among trading participants and in the public eye and to license it to other exchange operators. The trading technology of Xetra was designed and implemented on the basis of Eurex trading technology; this was undertaken on behalf of Deutsche Börse AG by Andersen Consulting (nowadays Accenture) and Deutsche Börse Systems.