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High demands on issuers in the premium segment

In order to maintain the quality standards of Börse Frankfurt Zertifikate Premium, the WarrantsExchnage makes very high demands of issuers who wish to trade in the Börse Frankfurt Zertifikate Premium segment. In particular, this includes the continuous transmission of bid and asked prices to the stock-exchange infrastructure via two redundant dedicated lines. Should either of them fail at some point, prices will continue to be transmitted via the other. There is no need for a temporary restriction or suspension of trading. In principle, products subject to the Börse Frankfurt Zertifikate Premium standards should be tradable from 9 a.m. through 8 p.m. The buy and sell prices for Börse Frankfurt Zertifikate Premium products must be applicable for certain minimum volumes. In the case of investment products, the minimum volume is EUR 10,000 (or 10,000 units). Prices for leveraged products must be applicable for order sizes of at least EUR 3,000 (or 10,000 units). In most cases, multiples of these minimum sizes can be traded at current prices. The quality and the execution speed of the individual issuers are monitored and analysed on an ongoing basis so that any problems can be addressed promptly.

The issuers of structured products such as certificates, warrants and reverse convertibles are usually internationally active banks and securities houses. These issuers assume the duties associated with issuing a structured product. In particular, this includes the duty to perform redemptions and/or interest payments which are subject to precise rules depending on the type of product. After issuing a product, the issuer’s main responsibility is to provide binding buy and sell prices (“quotes”) for their securities during trading hours on an ongoing basis or at the request of their lead brokers and thereby ensure liquidity for their securities. These quotes form the basis for price determination during trading. From the point of view of the investor, the narrower the spread (i.e. the difference between the buy price and the sell price), the better the issuer’s quote and the higher the security’s tradable volume. Apart from ensuring liquidity, the focus of issuers lies on the development, placement and marketing of new securities and product types.

Before a new security is offered to investors and tradable on the stock market, the issuer draws up a listing prospectus. The listing prospectus is reviewed by the Federal Financial Supervisory Authority (BaFin). It is the only document associated with the introduction of a new product that is legally binding. Today, issuer banks and the growing interest of private investors in certificates are the main motors for the growth of the market for investment and leveraged products. Issuers are in constant competition for the best price and the most innovative product. Unfortunately, in recent years this tough competition has resulted in a fairly complex market. In many cases, one and the same product goes by several different names, because each issuer tries to differentiate its own products from those of its competitors with creative names and skilful marketing.

The following Disclaimer and Information has been prepared by Voltabox AG (the “Issuer”) for the purpose of publishing THE securities prospectus by the issuer. Deutsche Boerse AG does not assume any responsibility for the content of the issuer`s Disclaimer and information.

 

Important Information


 

The information contained on the following web pages is directed only at persons who are resident of or domiciled in the Federal Republic of Germany (“Germany”) or the Grand Duchy of Luxembourg (“Luxembourg”). The following information does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for any securities. No offer of securities of the Issuer is being, or will be, made to the public outside Germany and Luxembourg. The offer in Germany and Luxembourg is being made solely on the basis of the securities prospectus (including any amendments thereto) which has been approved by the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and which has been published on the Issuer’s website. Any investment decision regarding the publicly offered securities of the Issuer should only be made on the basis of the securities prospectus. The securities prospectus is available free of charge from the Issuer (Artegastraße 1, 33129 Delbrück, Germany; Tel.: +49 (0)5250 9930-900; Fax: +49 (0)5250 9762-102) and on the Issuer’s website (www.voltabox.ag).



The information contained on the following web pages is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States of America (“United States”), Canada, Australia or Japan. The Issuer’s shares, and the securities offered in the course of the offer, have not been and will not be registered under the US Securities Act of 1933, as amended (“Securities Act”), or with any other securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Issuer does not intend to register the offer or parts thereof in the United States or make an offer to the public in the United States, Canada, Australia or Japan.



The information contained on the following web pages is not for distribution to persons who are located in the United States, Canada, Australia or Japan or any other jurisdiction where the offer of the securities to the public is not taking place. Any violation of these restrictions may constitute a breach of the securities laws of these countries. The copying, forwarding or other transmission of the content of the following web pages is prohibited.

By clicking the "I AGREE" button below, you warrant that (i) you have read and accepted the foregoing information and restrictions in full and (ii) you are a resident of or domiciled in Germany or Luxembourg, and (iii) you agree not to distribute or forward the information contained on the following web pages to any person who is not a resident of or domiciled in Germany or Luxembourg.

 


We regret that, due to regulatory restrictions, we are unable to provide you with access to the following web pages.