Market segment

Market segment

Partial market in securities trading

When admitting shares to trading on FWB® Frankfurter Wertpapierbörse (the Frankfurt Stock Exchange), companies may choose between two market segments regulated by law: the Regulated Market and the Open Market (Regulated Unofficial Market).

The Regulated Market is an EU-regulated market, i.e. it is governed by public law (e.g. by the German Securities Trading Act). The admission criteria and transparency requirements are prescribed by the European legislator. Companies in the Regulated Market fulfill the highest Europe-wide transparency standards and enjoy all advantages of a full exchange listing.

The Open Market (Regulated Unofficial Market) is a segment under private law; it is regulated by Deutsche Börse. This is where companies fulfill lower admission requirements and less follow-on obligations in order to include their shares in trading. Besides German shares, primarily foreign shares as well as bonds of German and foreign issuers, certificates and warrants are traded here.

These admission segments provide the legal framework - as stipulated by the legislator in the Securities Trading Act - for the transparency levels Prime Standard, General Standard and Scale.