Top 5 venue reporting regarding MIFID II;retail 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;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);96,43%;82,27%;100,00%;0,00%;100,00%;
XAMS  Amsterdam (ENA);2,03%;15,49%;100,00%;0,00%;100,00%;
XETR  XETRA (EDE);1,02%;0,14%;100,00%;0,00%;0,00%;
XLON  London (EUL);0,52%;1,89%;100,00%;0,00%;100,00%;
XTSX  Toronto TSX (NCC);0,00%;0,20%;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;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);62,54%;53,00%;100,00%;0,00%;100,00%;
XNYS  New York (NYSE) (NAY);15,57%;21,44%;100,00%;0,00%;100,00%;
XNGS  New York - NASDAQ (NAD);10,34%;7,57%;100,00%;0,00%;100,00%;
XLON  London (EUL);6,10%;11,51%;100,00%;0,00%;100,00%;
XETR  XETRA (EDE);4,24%;3,33%;100,00%;0,00%;7,27%;
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);39,45%;22,17%;100,00%;0,00%;45,36%;
XLON  London (EUL);16,11%;22,39%;100,00%;0,00%;100,00%;
XPAR  Paris (EFP);14,38%;6,51%;100,00%;0,00%;82,89%;
XNGS  New York - NASDAQ (NAD);9,64%;4,88%;100,00%;0,00%;100,00%;
XNYS  New York (NYSE) (NAY);7,53%;32,50%;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; 
XNGS  New York - NASDAQ (NAD);26,23%;14,39%;100,00%;0,00%;100,00%;
XNYS  New York (NYSE) (NAY);24,80%;50,33%;100,00%;0,00%;100,00%;
XETR  XETRA (EDE);16,55%;7,16%;100,00%;0,00%;58,02%;
XPAR  Paris (EFP);12,22%;9,66%;100,00%;0,00%;69,92%;
XAMS  Amsterdam (ENA);5,98%;4,24%;100,00%;0,00%;72,56%;
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);60,39%;1,82%;100,00%;0,00%;100,00%;
XNYS  New York (NYSE) (NAY);39,61%;98,18%;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; 
XPAR  Paris (EFP);66,56%;91,11%;100,00%;0,00%;100,00%;
XETR  XETRA (EDE);33,44%;8,89%;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; 
XAMS  Amsterdam (ENA);100,00%;100,00%;100,00%;0,00%;52,63%;
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);70,48%;57,60%;100,00%;0,00%;100,00%;
XETR  XETRA (EDE);22,95%;29,01%;100,00%;0,00%;41,50%;
XLON  London (EUL);5,29%;10,22%;100,00%;0,00%;100,00%;
XMAD  Madrid-Soc.d.Bolsas (EES);0,32%;1,57%;100,00%;0,00%;51,09%;
XAMS  Amsterdam (ENA);0,30%;0,15%;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; 
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);100,00%;85,71%;100,00%;0,00%;100,00%;
XMAD  Madrid (EEM);0,00%;14,29%;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);84,26%;35,83%;100,00%;0,00%;100,00%;
XFRA  Frankfurt (EDF);12,64%;50,84%;100,00%;0,00%;26,86%;
XSTU  Stuttgart (EDS);3,10%;13,33%;100,00%;0,00%;99,72%;
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);54,07%;81,82%;100,00%;0,00%;100,00%;
XSTU  Stuttgart (EDS);43,32%;9,09%;100,00%;0,00%;100,00%;
XFRA  Frankfurt (EDF);2,60%;9,09%;100,00%;0,00%;0,00%;
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);61,82%;46,43%;100,00%;0,00%;100,00%;
XFRA  Frankfurt (EDF);25,86%;21,43%;100,00%;0,00%;33,33%;
XSTU  Stuttgart (EDS);12,31%;32,14%;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);76,49%;49,56%;100,00%;0,00%;100,00%;
XSTU  Stuttgart (EDS);14,83%;25,38%;100,00%;0,00%;100,00%;
XFRA  Frankfurt (EDF);8,68%;25,06%;100,00%;0,00%;14,79%;
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);86,56%;66,27%;100,00%;0,00%;100,00%;
XFRA  Frankfurt (EDF);7,84%;32,53%;100,00%;0,00%;18,52%;
XSTU  Stuttgart (EDS);5,60%;1,20%;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);63,88%;44,40%;100,00%;0,00%;99,82%;
XFRA  Frankfurt (EDF);36,12%;55,60%;100,00%;0,00%;89,51%;
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%;85,71%;
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);60,14%;80,00%;100,00%;0,00%;50,00%;
XSTU  Stuttgart (EDS);39,86%;20,00%;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;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);97,51%;97,61%;100,00%;0,00%;64,13%;
XLON  London (EUL);2,49%;2,39%;100,00%;0,00%;100,00%;
Class of Instrument;BG99 (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);94,12%;96,55%;100,00%;0,00%;0,00%;
XSTU  Stuttgart (EDS);5,88%;3,45%;100,00%;0,00%;100,00%;
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);94,24%;80,00%;100,00%;0,00%;100,00%;
XFRA  Frankfurt (EDF);5,76%;20,00%;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);99,03%;36,73%;100,00%;0,00%;100,00%;
XFRA  Frankfurt (EDF);0,97%;63,27%;100,00%;0,00%;29,03%;