Top 5 venue reporting regarding MIFID II;retail clients;financial year 2019;Marcard, Stein & CO AG;
Class of Instrument;AA99 (Equity instruments- Shares and share certificates);Tick Size -- (not used);
Information on whether an average of < 1 trade per business day was executed in the previous year;Y;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XLON  London (EUL);100,00%;100,00%;100,00%;0,00%;100,00%;
Class of Instrument;AA99 (Equity instruments- Shares and share certificates);Tick Size AB (liquidity band A and liquidity band B);
Information on whether an average of < 1 trade per business day was executed in the previous year;Y;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XNYS  New York (NYSE) (NAY);40,67%;26,48%;100,00%;0,00%;100,00%;
XNGS  New York - NASDAQ (NAD);28,75%;23,81%;100,00%;0,00%;100,00%;
XAMS  Amsterdam (ENA);11,13%;16,95%;100,00%;0,00%;94,38%;
XETR  XETRA (EDE);9,30%;16,00%;100,00%;0,00%;7,14%;
XSWX  Zürich (ESE);4,31%;13,71%;100,00%;0,00%;100,00%;
Class of Instrument;AA99 (Equity instruments- Shares and share certificates);Tick Size CD (liquidity band C and liquidity band D);
Information on whether an average of < 1 trade per business day was executed in the previous year;N;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XETR  XETRA (EDE);35,91%;41,89%;100,00%;0,00%;46,00%;
XSWX  Zürich (ESE);20,58%;20,28%;100,00%;0,00%;100,00%;
XPAR  Paris (EFP);11,87%;8,01%;100,00%;0,00%;100,00%;
XDUB  Dublin (EYD);9,35%;11,76%;100,00%;0,00%;98,28%;
XVTX  Zurich - Swiss Blue (ESZ);3,53%;7,30%;100,00%;0,00%;100,00%;
Class of Instrument;AA99 (Equity instruments- Shares and share certificates);Tick Size EF (liquidity band E and liquidity band F);
Information on whether an average of < 1 trade per business day was executed in the previous year;N;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XETR  XETRA (EDE);29,56%;24,54%;100,00%;0,00%;55,85%;
XNYS  New York (NYSE) (NAY);15,45%;18,43%;100,00%;0,00%;100,00%;
XPAR  Paris (EFP);12,86%;10,73%;100,00%;0,00%;96,76%;
XNGS  New York - NASDAQ (NAD);9,49%;12,14%;100,00%;0,00%;100,00%;
XLON  London (EUL);7,34%;7,93%;100,00%;0,00%;100,00%;
Class of Instrument;AB99 (Equity instruments- Shares and share certificates);Tick Size AB (liquidity band A and liquidity band B);
Information on whether an average of < 1 trade per business day was executed in the previous year;Y;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XNGS  New York - NASDAQ (NAD);100,00%;100,00%;100,00%;0,00%;100,00%;
Class of Instrument;AB99 (Equity instruments- Shares and share certificates);Tick Size CD (liquidity band C and liquidity band D);
Information on whether an average of < 1 trade per business day was executed in the previous year;Y;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XNYS  New York (NYSE) (NAY);37,08%;33,33%;100,00%;0,00%;100,00%;
XFRA  Frankfurt (EDF);34,07%;33,33%;100,00%;0,00%;50,00%;
XETR  XETRA (EDE);28,85%;33,33%;100,00%;0,00%;0,00%;
Class of Instrument;AB99 (Equity instruments- Shares and share certificates);Tick Size EF (liquidity band E and liquidity band F);
Information on whether an average of < 1 trade per business day was executed in the previous year;Y;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XETR  XETRA (EDE);50,54%;66,67%;100,00%;0,00%;0,00%;
XSTO  Stockholm (SSS);49,46%;33,33%;100,00%;0,00%;100,00%;
Class of Instrument;AC99 (Exchange traded products (ETPs)Exc);Tick Size -- (not used);
Information on whether an average of < 1 trade per business day was executed in the previous year;N;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XETR  XETRA (EDE);64,45%;86,75%;100,00%;0,00%;75,33%;
BRFQ  BlOCKMATCH MTF RFQ (BRFQ);18,81%;8,24%;100,00%;0,00%;100,00%;
XLON  London (EUL);14,77%;3,77%;100,00%;0,00%;100,00%;
CHIX  London - Chi-X Europ (EUI);1,22%;0,40%;100,00%;0,00%;100,00%;
XSWX  Zürich (ESE);0,59%;0,58%;100,00%;0,00%;100,00%;
Class of Instrument;AD99 (other instruments);Tick Size -- (not used);
Information on whether an average of < 1 trade per business day was executed in the previous year;Y;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XVTX  Zurich - Swiss Blue (ESZ);85,33%;80,00%;100,00%;0,00%;100,00%;
XSWX  Zürich (ESE);14,67%;20,00%;100,00%;0,00%;100,00%;
Class of Instrument;AE99 (other instruments);Tick Size -- (not used);
Information on whether an average of < 1 trade per business day was executed in the previous year;Y;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XSWX  Zürich (ESE);51,50%;22,73%;100,00%;0,00%;100,00%;
XSTU  Stuttgart (EDS);48,49%;63,64%;100,00%;0,00%;100,00%;
XMAD  Madrid (EEM);0,01%;9,09%;100,00%;0,00%;50,00%;
XMCE  Madrid-Soc.d.Bolsas (EES);0,00%;4,55%;100,00%;0,00%;100,00%;
Class of Instrument;BA10 (Debt instruments);Tick Size -- (not used);
Information on whether an average of < 1 trade per business day was executed in the previous year;N;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XOFF  Bloomberg (BLOM);95,79%;78,21%;100,00%;0,00%;100,00%;
XSTU  Stuttgart (EDS);2,35%;10,78%;100,00%;0,00%;93,94%;
XFRA  Frankfurt (EDF);1,72%;10,89%;100,00%;0,00%;48,00%;
DUSA  Düsseldorf (EDD);0,14%;0,11%;100,00%;0,00%;100,00%;
Class of Instrument;BA11 (Debt instruments);Tick Size -- (not used);
Information on whether an average of < 1 trade per business day was executed in the previous year;Y;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XOFF  Bloomberg (BLOM);100,00%;100,00%;100,00%;0,00%;100,00%;
Class of Instrument;BA12 (Debt instruments);Tick Size -- (not used);
Information on whether an average of < 1 trade per business day was executed in the previous year;Y;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XSTU  Stuttgart (EDS);100,00%;100,00%;100,00%;0,00%;100,00%;
Class of Instrument;BA13 (Debt instruments);Tick Size -- (not used);
Information on whether an average of < 1 trade per business day was executed in the previous year;Y;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XOFF  Bloomberg (BLOM);100,00%;100,00%;100,00%;0,00%;100,00%;
Class of Instrument;BA14 (Debt instruments);Tick Size -- (not used);
Information on whether an average of < 1 trade per business day was executed in the previous year;N;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XOFF  Bloomberg (BLOM);70,11%;45,59%;100,00%;0,00%;99,59%;
XSTU  Stuttgart (EDS);22,35%;41,53%;100,00%;0,00%;99,11%;
XFRA  Frankfurt (EDF);7,54%;12,88%;100,00%;0,00%;26,79%;
Class of Instrument;BA15 (Debt instruments);Tick Size -- (not used);
Information on whether an average of < 1 trade per business day was executed in the previous year;Y;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XOFF  Bloomberg (BLOM);61,76%;25,77%;100,00%;0,00%;100,00%;
XSTU  Stuttgart (EDS);28,71%;59,79%;100,00%;0,00%;100,00%;
XFRA  Frankfurt (EDF);9,20%;14,09%;100,00%;0,00%;0,00%;
XMUN  München (EDM);0,33%;0,34%;100,00%;0,00%;100,00%;
Class of Instrument;BE21 (securitized derivatives);Tick Size -- (not used);
Information on whether an average of < 1 trade per business day was executed in the previous year;N;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XSTU  Stuttgart (EDS);98,56%;93,25%;100,00%;0,00%;98,64%;
XFRA  Frankfurt (EDF);1,44%;6,75%;100,00%;0,00%;18,75%;
Class of Instrument;BE23 (securitized derivatives);Tick Size -- (not used);
Information on whether an average of < 1 trade per business day was executed in the previous year;Y;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XFRA  Frankfurt (EDF);100,00%;100,00%;100,00%;0,00%;100,00%;
Class of Instrument;BE99 (securitized derivatives);Tick Size -- (not used);
Information on whether an average of < 1 trade per business day was executed in the previous year;Y;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
DUSA  Düsseldorf (EDD);98,19%;95,12%;100,00%;0,00%;94,87%;
XSTU  Stuttgart (EDS);1,81%;4,88%;100,00%;0,00%;100,00%;
Class of Instrument;BF99 (Exchange traded products (ETPs));Tick Size -- (not used);
Information on whether an average of < 1 trade per business day was executed in the previous year;Y;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XETR  XETRA (EDE);100,00%;100,00%;100,00%;0,00%;53,54%;
Class of Instrument;C999 (no specific classification);Tick Size -- (not used);
Information on whether an average of < 1 trade per business day was executed in the previous year;Y;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XSTU  Stuttgart (EDS);92,74%;66,67%;100,00%;0,00%;100,00%;
XHAM  Hamburg (EDH);7,26%;33,33%;100,00%;0,00%;100,00%;
Class of Instrument;CA99 (Debt instruments);Tick Size -- (not used);
Information on whether an average of < 1 trade per business day was executed in the previous year;Y;
Top five execution venues ranked in terms of trading volumes (descending order) ;Proportion of volume traded as a percentage of total in that class;Proportion of orders executed as percentage of total in that class;Percentage of passive orders;Percentage of aggressive orders;Percentage of directed orders; 
XOFF  Bloomberg (BLOM);100,00%;100,00%;100,00%;0,00%;100,00%;