When-Issued Trading (AIW) 

Currently there is no trading in "when-issued" stocks.

- PREPOX -(Pre-Public-Offering-Index)-

Tradegate Exchange enables trading in German and selected foreign new issues during the so called pre-IPO phase of a public offering. The trades completed during trading on a when-issued-basis each relate to the first day of listing announced on the intended market. The implementation regulations „When-Issued Trading“ apply.

Through PREPOX® Tradegate Exchange is also able to offer traders a tool for assessing the mood on the private investors’ market for new issues.

In the run up to the first listing, the percentage change in price of a new issue is measured against the average rate of the respective book-building spread and shown separately. Subsequently, all current German new issues flow into PREPOX volume weighted, based on the number of shares actually traded on TRADEGATE®.

Since well over 1 million private investors have access to TRADEGATE® this gives a reliable picture of the current estimation of new issues.

If the book-building spread is changed in the course of a new issue, the original average rate is still kept as the reference point because such a change made by the consortium banks already represents a reaction to the strength or weakness of the public's interest in a new issue.

By introducing PREPOX TRADEGATE® is providing a unique instrument for observing the attractive market segment of new issues. The range of services includes:

  • Overview of all current new issues
  • Display of the book-building spread
  • Provision of currently tradable bid and ask prices
  • Publication of the number of transactions
  • Indication of current trends
  • Illustration of the new issues market in a separate index
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Please note terms & conditions

DAX®, MDAX®, TecDAX® and SDAX® are registered trademarks of the Deutsche Börse AG
EURO STOXX®-stocks indicate financial instruments of the trademark “EURO STOXX”, STOXX Limited and/or its licenser.
TRADEGATE® is a registered trademark of Tradegate AG Wertpapierhandelsbank

Prices in Euro; foreign currency bonds in the respective currency
Time stated is CET (UTC+1)