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In Europe, there are two paths open to companies wishing to tap the capital markets. On the one hand, there are markets regulated by the EU and, on the other, markets that are regulated by the exchanges themselves. 

Legal markets

 

Segments in the Regulated Market

Prime Standard – The premium segment for raising equity 

The Prime Standard sets the very highest transparency requirements of all segments at FWB® the Frankfurt Stock Exchange and, indeed, in all of Europe. The additional admission follow-up duties for the Prime Standard stand out not only for the higher transparency yardstick but above all by the fact that the requirements have always to be met in English, too. The Prime Standard is therefore the right choice for issuers who in particular want to appeal to international investors. 
 

The admission conditions and the individual follow-up duties are set out in the Exchange Rules for FWB® the Frankfurt Stock Exchange. On receipt of an application, the management of FWB® the Frankfurt Stock Exchange decides on approval for admission to the Prime Standard. The application can be submitted together with the application for admission to the Regulated Market (General Standard). 

General Standard 

In the General Standard segment, the mandatory stipulations for the Regulated Market apply. The individual admission criteria and follow-up duties are to be found in the Exchange Act, in the Decree on Exchange Admissions and in the Exchange Rules and Regulations for FWB® the Frankfurt Stock Exchange. On receipt of an application, the management of the Frankfurt Stock Exchange decides on admission to the Regulated Market (General Standard).  

Issuers in the General Standard meet the Regulated Market’s high transparency requirements. The General Standard is therefore primarily intended for medium-sized and large corporations who seek to address national investors and want to use a cost-effective listing for that purpose.  

Further documents Regulated Market


Segments in the Open Market (Freiverkehr) 

Scale – Equity financing via an SME Growth Market

Scale is a segment of the Open Market admitted by Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange). Detailed inclusion criteria and follow-up duties are to be found in the General Terms and Conditions of Deutsche Börse AG for the Regulated Unofficial Market on Frankfurter Wertpapierbörse.  

Scale for shares, the segment for small and medium-sized enterprises (SMEs), offers an efficient way of equity financing via a formally registered SME Growth Market according to EU-standards.  

The inclusion requirements and follow-up obligations of Scale are tailored to SMEs, thus facilitate raising capital and open the door to national and international investors.  

Deutsche Börse services support the IPO, increase the placement range and offer advantages for successful trading on the stock exchange: Deutsche Börse Capital Market Partner help you to prepare the step of going public and offer competent ongoing support while being public. For more transparency and visibility in Scale, Deutsche Börse Capital Market Partner prepare research reports, which the issuer must publish on its website. The DirectPlace subscription functionality gives you the opportunity to reach additional investor groups such as family offices, asset managers and retail investors during the issuance.

An IPO creates financial scope for growth and innovation and increases the public awareness of your company.

Scale for corporate bonds – Debt financing via Deutsche Börse's SME Growth Market 

Scale for corporate bonds, Deutsche Börse’s segment for small and medium-sized enterprises (SMEs), offers an efficient opportunity to raise debt capital on an SME Growth Market. 
 
Deutsche Börse's services support you in debt capital finance via the stock exchange: Deutsche Börse Capital Market Partner help you to prepare the step of going public and offer competent ongoing support while being public. The DirectPlace subscription functionality gives you the opportunity to reach additional investor groups such as family offices, asset managers and retail investors during the issuance.

Quotation Board 

The Quotation Board is a segment of the Open Market. The regulations for inclusion of securities on the Quotation Board are set out in the General Terms and Conditions of Deutsche Börse AG for the Open market on FWB® the Frankfurt Stock Exchange. 

Access to the Quotation Board is possible for securities that are neither admitted to the Regulated Market of FWB® the Frankfurt Stock Exchange nor included in trading in the same Regulated Market. In addition to bonds and funds, only shares are included in the Quotation Board as are already admitted to another exchange trading venue recognised by Deutsche Börse AG inside or outside Germany. 

In the case of the Quotation Board, the applicant is the member filing the application who shall also be a Specialist in the “Continuous Auction” trading model. As of inclusion, the member filing the application undertakes to provide information on capitalisation measures and other relevant information to Deutsche Börse AG without delay. 

Further segments of Deutsche Börse

 

The step-by-step route to an exchange listing

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Our IPO-line gives you a clear impression of all the important steps when going public through to first price determination. They include the selection of the issue partners, structuring the IPO content, compiling all the necessary documents, placement, and admission to / commencement of trading.

 
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Start your capital market readiness journey today!

Contact the Capital Markets team

E-mail: preIPOservices@deutsche-boerse.com

 

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