The Bondbox trading initiative is designed for highly liquid bonds with a high turnover and encompasses low-coupon bonds, bearer bonds, German Pfandbriefe (covered bonds) and capital protection products with coupon.
All the bonds traded in Bondbox are supported by a dedicated liquidity provider whose role is to supply a continuous flow of binding price information between 9.00 and 18.00 hours CET on trading days for nominal order volumes of up to EUR 100,000. The bonds are subject to variable price quotation and can therefore be traded continuously. Not least in the interests of retail investors, the smallest tradable unit must not exceed EUR 5,000. In the case of capital protection products with coupon, the terms and conditions of the debt instrument (or at least a summary) must be made available.
The quality liquidity provider (QLP) for the bonds is EUWAX AG. If a debt instrument becomes illiquid, the market maker must advise the QLP. As a general rule, decisions on the inclusion or exclusion of bonds from the trading initiative Bondbox are taken by the QLP. If a bond is removed from Bondbox, it will retain a continuous or spot market quotation for trading purposes at Boerse Stuttgart.