Find the right stock market segment for your company
In Europe, there are two paths open to companies wishing to tap the capital markets. On the one hand, there are markets regulated by the EU and, on the other, markets that are regulated by the exchanges themselves.
Regulated Market: Prime Standard, General Standard
The Regulated Market is an organized market as defined by the German Securities Trading Act (Section 2 (11) WpHG) and is therefore an EU-regulated market. The admission requirements and follow-up obligations applicable to the Regulated Market are regulated by law, are based on European law, and therefore comply with uniform EU requirements. These requirements are primarily standardized in the Stock Exchange Act, the Stock Exchange Admission Ordinance, the Securities Prospectus Act, the Securities Trading Act, and the Exchange Rules for the Frankfurt Stock Exchange (FWB®). In contrast to the Open Market (Regulated Unofficial Market), which is regulated under private law, the Regulated Market is a market organized under public law. Come from numerous countries, which underlines the international orientation of this market.
Segments in the Regulated Market
Prime Standard
The Premium Segment For Raising Equity Capital - For shares and securities represented by shares
The Prime Standard is the segment with the highest requirements on the Frankfurt Stock Exchange (FWB®) and throughout Europe. The applicable follow-up obligations go beyond those of the General Standard and must be fulfilled in addition. The extended admission obligations of the Prime Standard are characterized by a higher degree of transparency requirements, including, for example, the requirement that these must also be fulfilled in English. The Prime Standard is therefore the right choice for issuers who wish to present themselves to an international investor audience.
The admission requirements for the Prime Standard and the individual follow-up obligations are set out in the Exchange Rules for the FWB. Upon application, the Management Board of the Frankfurt Stock Exchange decides on admission to the Prime Standard. The application can be submitted together with the application for admission to the Regulated Market (General Standard).
General Standard
In the General Standard the legal requirements for the Regulated Market are applicable. Admission to the General Standard is permitted for the following types of securities: shares, securities represented by shares, bonds, ETPs, and funds. The individual admission requirements and subsequent obligations are outlined in the Stock Exchange Act, the Stock Exchange Admission Ordinance, and the Exchange Rules for the Frankfurt Stock Exchange (FWB®). The Management Board of the Frankfurt Stock Exchange is responsible for deciding on admission to the Regulated Market (General Standard). Issuers in the General Standard fulfill the high transparency requirements of the Regulated Market.
Open Market: Scale / Quotation Board
The Open Market is an exchange-regulated market organized under private law. The General Terms and Conditions of Deutsche Börse AG for the Open Market on the Frankfurt Stock Exchange (FWB) apply to the inclusion and trading of securities in the Open Market. These regulate the requirements and obligations that issuers and participants must fulfill.
There are two specific segments within the Open Market: Scale to growth-oriented companies seeking an initial listing, and the Quotation Board as a secondary market, which covers a broader range of securities. With its lower requirements and greater flexibility, the Open Market offers an attractive proposition for your company.
On the FWB Open Market a large number of German and international shares, bonds, funds, profit participation certificates and warrants are traded. Overall, these traded securities come from numerous different countries, underlining the international orientation of this market.
Segments in the Open Market
Scale is a segment of Deutsche Börse AG specifically designed for growth companies and small and medium-sized enterprises (SMEs). It enables these companies to position themselves on the Frankfurt Stock Exchange (FWB®) via a legally registered SME growth market in accordance with EU standards, thus providing an efficient opportunity of equity financing. The Scale segment’s streamlined inclusion criteria and follow-up obligations make it straightforward for companies to access capital market resources.
Additionally, Scale provides companies with exposure to a diverse group of national and international investors specializing in SMEs. By offering specialized services, Scale helps companies expand their reach and establish a structured framework as a publicly listed entity. A network of Deutsche Börse Capital Partners helps companies in preparation for an IPO, providing ongoing and professional support.
The Basic Board is another segment in the Regulated Unofficial Market of the Frankfurt Stock Exchange. It offers issuers in the Scale segment that do not fulfill the inclusion follow-up obligations the opportunity to maintain a primary listing on the FWB with even fewer follow-up obligations. However, an IPO or technical listing on the Basic Board is not possible.
The Quotation Board is a segment for securities of the Frankfurt Stock Exchange. Securities that are not admitted to the Regulated Market of the (FWB®) or included for trading in the Regulated Market of the FWB, can be included in the Quotation Board. In addition to bonds, funds, profit participation certificates, and warrants, the Quotation Board includes shares of companies that are already listed on another domestic or foreign stock exchange recognized by Deutsche Börse AG.
The range of companies included spans from smaller entities to the largest international corporations.
List of recognized stock exchange trading venues
Sub-Segments
With the REITs segment, Deutsche Börse AG provides a listing segment for shares of real estate stock corporations with special tax status (REIT).
The REITs Segment serves the purpose of positioning of the asset category REIT on the capital market and strengthening liquidity. The segment is supposed to increase transparency and to promotionally highlight the REITs whose shares have been listed for trading on the regulated market (General Standard or Prime Standard) of the “Frankfurter Wertpapierbörse” (the Frankfurt stock exchange) or whose shares are included in the Open Market, Quotation Board, of DBAG at FWB.
REITs are defined as German stock corporations that meet the criteria outlined in the Act on German Real Estate Stock Corporations with Listed Shares. Additionally, the REITs segment encompasses all foreign stock corporations that possess a comparable legal status.
Application for Participation in the Deutsche Börse REITs Segment
D-Shares refer to shares of China-based companies listed on the CEINEX D-Share market on the Frankfurt Stock Exchange in Germany. The China Europe International Exchange AG (CEINEX), a joint venture established by Shanghai Stock Exchange, Deutsche Börse AG, and China Financial Futures Exchange, using Deutsche Börse Group’s infrastructure as a platform for listing and trading D-Shares. The issuance of D-Shares is subject to the prior approval of the China Securities Regulatory Commission (CSRC), and the prospectus must be approved by the German Federal Financial Supervisory Authority (BaFin). Companies listed as D-Shares must fulfill all obligations of the market segment chosen for the public offering, the Prime Standard of Deutsche Börse.