Basics: Frankfurt Stock ExchangeGeneral Managers, Exchange Council and the Trading Surveillance Office (HüST)
As the executive body of FWB® Frankfurter Wertpapierbörse (the Frankfurt Stock Exchange), an entity under public law, the General Managers are responsible for all tasks not assigned to other exchange bodies.
The legal foundations for the activities of the General Management are anchored in the Stock Exchange Act. In accordance with its provisions, the General Managers are responsible for managing the Frankfurt Stock Exchange. Individual executive tasks, assigned to the General Managers, include:
- admission of persons and companies to exchange trading,
- decisions on the inclusion,
- suspension and discontinuance of an official listing of securities,
- decisions on the price-fixing of securities,
- definition of the organization and business procedures of the Frankfurt Stock Exchange,
- maintaining order on the trading floors.
The General Managers of the Frankfurt Stock Exchange are full-time employees and – in line with the organizational model of a stock corporation – are controlled by the Exchange Council. They ensure that exchange-relevant laws, ordinances, standard terms and conditions and other regulations are implemented and complied with accordingly. In this context it may assign responsibility for the carrying out of these tasks to other persons.
As the executive body of the Frankfurt Stock Exchange, an institution under public law with partial legal capacity, the General Managers thus represent a public administration authority. It may issue administrative acts addressed to third parties and is thus a public authority under administrative law.
The Exchange Council is a key forum for discussing fundamental issues and developments at FWB® Frankfurter Wertpapierbörse (Frankfurt Stock Exchange). The General Managers of the Frankfurt Stock Exchange require the approval of the Exchange Council on all questions of fundamental significance. Among other things, the Exchange Council is responsible for the appointment, withdrawal and supervision of the General Managers. Furthermore, it issues the Exchange Rules, the Fee Regulations and the Conditions for Transactions on the Exchange.
The Exchange Council of the Frankfurt Stock Exchange has 24 members, who are elected for a term of three years. It comprises representatives from banks, investment companies, lead brokers and listed companies.
The Trading Surveillance Office (HÜSt) establishes direct contact to the market. It is an independent exchange body. HÜSt supervises price fixing and trading both on the floor and in the fully electronic systems, Xetra® and Eurex®. HÜSt examines all irregularities and informs the Supervisory Authority and the executive managements of the exchanges of its results.