Market Surveillance in Germany

Market Surveillance in GermanyMarket Surveillance ensures the proper conduct of trading

Functioning market surveillance is essential for exchange trading to be conducted properly and prices to be determined in a manner consistent with regulations. In Germany, several institutes cooperate closely in this sector.

Federal Financial Supervisory Authority (BaFin) Exchange Supervisory Authority (BAB)
Trading activities and market participants
Trading Surveillance Office (TSO)
Their aim is to ensure national and international standards are upheld.

Overview of content

Investigations and operations of the TSO

The primary acquisition of data occurs systematically and without exception on the basis of the trading and order data from the cash and futures markets’ trading systems. Furthermore, advice and information from various sources are integrated in the analysis. This can include ad-hoc disclosures, news, and advice received by telephone.

On the basis of this broad spectrum of data, possible infringements of exchange regulations and decrees, as well as irregularities can be investigated and uncovered. The results of investigations are reported to the Management Board of the relevant exchange, the supervisory authorities, or, if necessary, the criminal prosecution authorities.

Board/supervisory authorities Sanction Committee Public prosecutor Other supervisory authorities
Data analysis System-generated signals Investigation Forwarded to Documentation of TSO activities.
Trading data Order data Market information Data mining System-generated signals Complaints Request for information “On-site” checks.

Suspected cases of market manipulation and insider trading are reported to the Federal Financial Supervisory Authority (BaFin).

The TSO cooperates closely with the Management Board and other exchange bodies and is involved in the development of new products, market models, and regulations.

It also cooperates with supervisory authorities and other authorities in and outside Germany responsible for the supervision of exchanges, and offers mutual assistance.