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Why is my limit order to buy shares on Börse Frankfurt (XFRA) not executed, even though the order price is equal to or higher than the sell order price?
At the heart of the trading model of Börse Frankfurt (XFRA), unlike Xetra, are the so-called marketmakers. Not all financial instruments listed on XFRA (like some small cap stocks, small corporate bond issues, and some emerging market stocks) are sufficiently liquid, despite the presence of marketmakers. Not every marketmaker for a given financial instrument executes client orders, even when the order price appears to match the active quote of the marketmaker. Marketmaker quotes are indicative in nature and are not binding.