Access & Application

Access & Application

Regulated Market

Admission procedure

The admissions procedure is set in motion with a written admission application, filed by the company together with the syndicate bank. The syndicate bank as co-applicant must be a credit institution, financial services institution or a company that performs its business activities pursuant to sect. 53 para. 1 clause 1 or sect. 53 b para. 1 clause 1 of the German Banking Act (KWG) and must be admitted for trading on a German securities exchange and be able to verify having liable equity capital equivalent to at least €730,000, cf. sect. 32 of the Stock Exchange Act (BörsG) in conjunction with sect. 45 of the Exchange Rules for FWB® the Frankfurt Stock Exchange (BörsO FWB®).

The admission application must be signed by all applicants, although authorization is permissible, and submitted with the relevant (supporting) documents. Sect. 48 para. 1 of the Stock Exchange Admissions Regulation (BörsZulV) sets out the requirements of the admission application. The documents to be submitted are listed in sect. 48 para. 2 BörsZulV.

Deutsche Börse has designed an application form to serve as an aid for applicants. The form contains categories of information generally required plus a checklist in the appendix listing documents to be submitted and as such offers the company and the co-applicant valuable help in the application process.

Companies submitting an application for admission to the Regulated Market (General Standard) can simultaneously apply for admission to Prime Standard, the sub-segment of the regulated market with additional post-admission obligations.

Issuer obligations

The following information have been set up to ensure compliance of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse, “FWB”) with Art. 7 of the COMMISSION DELEGATED REGULATION (EU) 2017/568 (“RTS 17”) of 24 May 2016 supplementing Directive 2014/65/EU (“MiFID II”) of the European Parliament and of the Council with regard to regulatory technical standards for the admission of financial instruments to trading on regulated markets.

As per Art. 7 RTS 17 the FWB shall adopt and publish on its website procedures for verifying compliance by an issuer of a transferable security with its obligations under Union law. The FWB shall further ensure that an issuer is made aware of the Union law obligations upon admission to trading of that issuer's transferable security and at the issuer's request.


  1. Upon each issuer’s application for admission to trading the FWB points out the existence of obligations under Union law which will arise in the context of being public.

    At the same time issuers will be provided with a reference to this website and the “Overview of Prospectus, Post-Admission and Transparency Obligations” which can be obtained here. The purpose of the document is to give a brief overview of the relevant obligations under Union law.

    In the standard application form for admission to trading issuers and/or co-applicants shall confirm the below:

    “Confirmation according to article 7 paragraph 1 and 4 delegated regulation (EU) 2017/568 (RTS 17) supplementing the directive 2014/65/EU (MiFID II)

    [ ] The issuer of the securities to be admitted was informed about his obligations under union law. The issuer took notice from this overview.”

  2. Issuers should study the information carefully and are generally obliged to comply with the rules and regulations outlined in this overview. Issuers should also be aware that this document does only contain basic information on the legal obligations and may not cover all obligations applicable dependent on the issuers individual situation such as seat or further admissions of financial instruments at other regulated markets. Therefore, FWB recommends that issuers shall seek legal advice to ensure that their individual situation will be taken into account and is reflected accordingly.

  3. To ensure that issuers take the necessary steps, the FWB, in accordance with sec. 41 of the German Stock Exchange Act, will from time to time request explanations from the issuers regarding the status of their compliance with the obligations under Union law.

  4. In case, such request for information is made by the FWB the issuer shall provide a confirmation regarding the compliance with its Union law obligations. In case of any breach of such obligations the issuer shall explain the reasons for such breach.

Open Market, Freiverkehr

Pursuant to sect. 17 et seq. of the General Terms and Conditions of Deutsche Börse AG for the regulated unofficial market at the Frankfurter Wertpapierbörse (AGB FV), the inclusion of securities in Scale requires the application of the issuer together with an Applying Deutsche Börse Capital Market Partner.

Applying Deutsche Börse Capital Market Partners are bank institutions, financial services institutions or companies which operate according to sect. 53 para. 1 clause 1 of the Banking Act (KWG) or sect. 53 b para. 1 clause 1 KWG, that have been recognised as Applying Deutsche Börse Capital Market Partners by Deutsche Börse AG.

Applications for the inclusion of shares in the regulated unofficial market of FWB® the Frankfurt Stock Exchange are filed in electronic form since the introduction of the E-Listing Open Market. In the light of digital communication, both application filing and application handling can be processed faster. The filing of the application for the inclusion of securities in Scale is performed in the E-Listing Open Market by the Applying Deutsche Börse Capital Market Partner, who is authorised to do so by the issuer. The issuer itself has no access to the E-Listing tool.

Shares or certificates representing shares that are already admitted on another German or international exchange-like trading venue recognised by Deutsche Börse AG can be included on the Quotation Board. The application for inclusion can be filed by a trading participant admitted to the FWB who is also a specialist in the trading model “Continuous auction with specialist”.

Central Counterparty / Clearing Membership

Eurex Clearing AG is the clearing house for the entire suite of products traded at Eurex Exchange. A Eurex Derivatives Clearing License authorizes Members to clear their own and customer business executed on the Eurex Exchanges. 


Deutsche Börse Venture Network

Every company has its own growth path. The Deutsche Börse Venture Network offers individual support and a range of flexible service modules. The offer is aimed at start-ups in all sectors, from early to later stage and various exit perspectives. 

Your IPO roadmap – The Going Public IPO line

We support you in optimally preparing your IPO – step by step through to first price determination. This includes choosing your Listing Partner, developing your issue concept, compiling all the necessary documentation, placement and admission and first trading in your company’s securities.

You are already familiar with the IPO process?

Challenge your Company - Exclusive workshops for start-ups and stock exchange candidates

With the workshop series "Challenge your Company" we have created a platform for knowledge transfer and personal exchange with experts and CEOs or CFOs who have already listed companies on the stock exchange successfully. During the nationwide workshops, you will receive first-hand, high-quality know-how, best practice tips and unique practical knowledge on the subject of raising capital via the stock exchange.

DirectPlace – subscriptions through Börse Frankfurt

Avail yourself of the opportunity to lock into semi-professional investors and private investors when placing your securities. Benefit from a balanced mix of investors and increase your placement reach – making your security flotation a real success even before the first trading day. We support your placement with an information campaign that targets the right groups and the technical underwriting options that FWB®, the Frankfurt Stock Exchange provides.

Celebrate your stock flotation: The first price determination on the floor and online in the phases of real-time trading

Turn your IPO into a real event: On the first day of trading you can present your company in the trading hall at FWB® the Frankfurt Stock Exchange and world-wide – reaching a very large audience. Watch first price determination for the shares live. Using the Xetra® Start visualisation tool your investors, clients and business partners can follow the initial trading phrases online in real time, from the very first price determined for the shares.

Additional Information


Secure the future and competitiveness of your company. We would be pleased to inform you about the advantages of raising equity and debt capital through the stock exchange.

Please contact us:

Capital Markets Team