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Markets and Segments 

Market Structure of Börse Frankfurt
Marktstruktur des Primärmarkts
Investors demand transparency, liquidity, legal certainty and integrity. Clearly defined rules and stipulations ensure a well-functioning capital market, which in turn is a key prerequisite for investors who wish to invest in companies listed on the stock exchange.

The rules, which provide investors with legal certainty and transparency, are either set by the public legislator or the stock exchange itself. In Europe, there are two ways of accessing the capital market: EU-regulated markets and markets that are regulated by the stock exchanges themselves (regulated unofficial markets). At the Frankfurt Stock Exchange companies may list in the EU-regulated Regulated Market or they may choose to include their shares in trading on the Open Market (Regulated Unoffical Market),which is regulated by the Frankfurt Stock Exchange itself. Companies in the Open Markt can choose to be part of the segment Scale or they are included into the basic board with no further transparency levels.
Illustration der Marktsegmente
Transparency levels ensure good information flow

The Regulated Market provides the legal frameworks for two different transparency levels: Prime Standard and General Standard.

The Official and Regulated Markets are segments based upon public law, namely the German Securities Trading Act (WpHG). The admission criteria and ongoing transparency requirements are prescribed by the European legislator. Companies in the Regulated Market fulfill the highest European-wide transparency requirements and enjoy all advantages of a full exchange listing.

The Regulated Unofficial Market, which was repositioned as Open Market in October 2005, with its sub-segment Scale, is a segment based on private law. Companies are included in trading at fewer formal requirements.

Scale offers young small and medium-sized companies cost-efficient access to the capital market. For this reason, it is particularly aimed at qualified and experienced investors.

© March 2017 – Deutsche Börse AG


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