Top 5 venue reporting regarding MIFID II;professional clients;financial year 2025;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; 
XNYS  New York (NYSE) (NAY);49,60%;39,85%;100,00%;0,00%;100,00%;
XNGS  New York - NASDAQ (NAD);17,03%;7,75%;100,00%;0,00%;100,00%;
XLON  London (EUL);12,41%;15,50%;100,00%;0,00%;100,00%;
XCSE  Kopenhagen (SDC);9,38%;11,44%;100,00%;0,00%;100,00%;
XETR  XETRA (EDE);8,54%;2,95%;100,00%;0,00%;12,50%;
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;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; 
XSWX  Zürich (ESE);56,32%;39,50%;100,00%;0,00%;100,00%;
XNYS  New York (NYSE) (NAY);17,59%;25,65%;100,00%;0,00%;100,00%;
XLON  London (EUL);15,35%;17,66%;100,00%;0,00%;100,00%;
XNGS  New York - NASDAQ (NAD);8,65%;14,08%;100,00%;0,00%;100,00%;
XVTX  Zurich - Swiss Blue (ESZ);1,29%;1,07%;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);41,85%;12,66%;100,00%;0,00%;20,94%;
XLON  London (EUL);18,80%;17,47%;100,00%;0,00%;100,00%;
XNYS  New York (NYSE) (NAY);10,15%;22,67%;100,00%;0,00%;100,00%;
XPAR  Paris (EFP);7,44%;9,71%;100,00%;0,00%;99,66%;
XNGS  New York - NASDAQ (NAD);7,26%;1,96%;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; 
XNYS  New York (NYSE) (NAY);25,27%;41,46%;100,00%;0,00%;100,00%;
XNGS  New York - NASDAQ (NAD);21,75%;15,50%;100,00%;0,00%;100,00%;
XETR  XETRA (EDE);16,95%;5,65%;100,00%;0,00%;26,44%;
XPAR  Paris (EFP);11,03%;8,90%;100,00%;0,00%;59,57%;
XAMS  Amsterdam (ENA);5,13%;6,25%;100,00%;0,00%;64,07%;
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; 
XLON  London (EUL);67,34%;76,00%;100,00%;0,00%;100,00%;
XNGS  New York - NASDAQ (NAD);32,66%;24,00%;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; 
XNGS  New York - NASDAQ (NAD);39,94%;31,25%;100,00%;0,00%;100,00%;
XNYS  New York (NYSE) (NAY);32,35%;46,88%;100,00%;0,00%;100,00%;
XETR  XETRA (EDE);27,70%;21,88%;100,00%;0,00%;0,00%;
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; 
BRFQ  BlOCKMATCH MTF RFQ (BRFQ);78,49%;35,75%;100,00%;0,00%;100,00%;
XLON  London (EUL);13,26%;35,94%;100,00%;0,00%;100,00%;
XETR  XETRA (EDE);6,17%;21,40%;100,00%;0,00%;25,54%;
XSWX  Zürich (ESE);0,95%;1,38%;100,00%;0,00%;100,00%;
XMAD  Madrid-Soc.d.Bolsas (EES);0,35%;1,58%;100,00%;0,00%;45,83%;
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; 
XSWX  Zürich (ESE);100,00%;100,00%;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);66,32%;6,25%;100,00%;0,00%;100,00%;
XMAD  Madrid-Soc.d.Bolsas (EES);23,58%;56,25%;100,00%;0,00%;66,67%;
XCSE  Kopenhagen (SDC);8,94%;6,25%;100,00%;0,00%;0,00%;
XETR  XETRA (EDE);1,15%;12,50%;100,00%;0,00%;0,00%;
XMAD  Madrid (EEM);0,01%;18,75%;100,00%;0,00%;0,00%;
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);96,96%;43,44%;100,00%;0,00%;99,61%;
XFRA  Frankfurt (EDF);2,46%;44,63%;100,00%;0,00%;34,35%;
XSTU  Stuttgart (EDS);0,57%;11,93%;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;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);83,70%;61,11%;100,00%;0,00%;100,00%;
XFRA  Frankfurt (EDF);8,54%;33,33%;100,00%;0,00%;0,00%;
XSTU  Stuttgart (EDS);7,75%;5,56%;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;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);91,61%;63,37%;100,00%;0,00%;100,00%;
XFRA  Frankfurt (EDF);6,19%;22,28%;100,00%;0,00%;11,11%;
XSTU  Stuttgart (EDS);2,20%;14,36%;100,00%;0,00%;100,00%;
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);98,64%;88,89%;100,00%;0,00%;100,00%;
XFRA  Frankfurt (EDF);1,36%;11,11%;100,00%;0,00%;0,00%;
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;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);72,74%;64,18%;100,00%;0,00%;97,79%;
XFRA  Frankfurt (EDF);27,26%;35,11%;100,00%;0,00%;68,69%;
XNYS  New York (NYSE) (NAY);0,00%;0,71%;100,00%;0,00%;100,00%;
Class of Instrument;BE22 (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; 
XSTU  Stuttgart (EDS);100,00%;100,00%;100,00%;0,00%;36,36%;
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; 
XETR  XETRA (EDE);60,93%;93,75%;100,00%;0,00%;0,00%;
XSTU  Stuttgart (EDS);39,07%;6,25%;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%;45,59%;
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);99,84%;75,00%;100,00%;0,00%;100,00%;
XFRA  Frankfurt (EDF);0,16%;25,00%;100,00%;0,00%;60,00%;