Glossary

Specialised fund

Price that is calculated only once per trading day, usually half-way through the exchange session, for shares in the Official Market

The single cash price is determined primarily for stocks which, owing to their small trading volume, are not admitted to continuous trading.

Single cash prices are also determined for stocks admitted to continuous trading if there are orders that cannot be executed for lack of a suitable counterparty. However, the single cash price has become far less relevant for orders in continuous trading since a minimum trading unit of one share was introduced to floor trading at FWB Frankfurter Wertpapierbörse (the Frankfurt Stock Exchange) in June 1999.

A single cash price is determined according to the following regulations:

  • The single cash price must enable the greatest number of shares to change hands (principle of highest volume transacted).

The procedure for determining the single cash price and the allocation of orders in cash trading are supported by the Xontro computer system.

Synonym: Cash settlement price

Also see:  Principle of highest volume transacted
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