4x is a special trading segment of Boerse Stuttgart for international equities. The exchange rules set out quality standards ensuring that securities are tradable at fair and transparent prices on an ongoing basis. This makes trading more attractive for retail investors.
The domestic market of the relevant financial instrument plays an important role in the calculation of the prices of international equities, as it generally provides the highest liquidity. For this reason the relevant domestic exchange, in addition to any available liquidity on the German market, is the most important reference market for the calculation of international securities prices. If these markets are available to the quality liquidity provider (QLP) they are taken into account in the price calculation.
International equities can be listed in the 4x segment in accordance with the exchange rules. It is irrespective whether these securities are admitted to the regulated market or included in open market trading (also referred to as regulated unofficial market).