List Your Company

Why choose the German Stock Exchange for listing?

The Frankfurt Stock Exchange (“FSE”) is one of the world’s leading international stock exchanges by revenue, profitability and market capitalization, offering excellent services and systems for listed companies and investors. It is owned and operated by Deutsche Börse AG. The main advantages of the FSE for international companies are:

  • Direct and cost-efficient access to the European capital markets and additional liquidity in order to finance further growth
  • Unique market segments based on international transparency and corporate governance standards.
  • Simple and cost-efficient listing.
  • Reduced exposure to inherent deficiencies in the legal systems of emerging markets.

The following information applies to international companies, especially from Emerging Markets (e.g. China, India or Russia/CIS) aiming to access the FSE either through a listing of shares or through a Depositary Receipt Program. As well as the Frankfurt Depositary Receipt Program (Frankfurt GDR), the ADR and GDR programs may also be admitted to trading on the FSE.

Frankfurt Stock Exchange Listing Rules and Requirements – all 4 segments

Introduction

In Europe, there are two types of capital stock markets:

  1. EU-regulated markets and;
  2. Markets regulated by the stock exchanges themselves.

The Frankfurt Stock Exchange (Deutsche Börse) offers access to both the Regulated Market and the Regulated Unofficial Market (Open Market). The Regulated Unofficial Market is also referred to as the exchange regulated market because, as the name implies, it is regulated only by the Frankfurt Stock Exchange itself. Within the regulated market and the regulated unofficial market, there are three listing segments which serve the different needs of issuers and investors. The three segments beginning with the segment with the simplest requirements are as follows:

Regulated Unofficial Markets (exchange regulated and governed by private law):

  1. Quotation Board (note that admission to the First Quotation Board for primary (first and only) listings has been closed permanently. Now, the “Quotation Board” remains and is only for dual listings for companies already listed on a “like exchange”.
  2. Entry Standard (note that admission to the First Quotation Board for primary listings has been closed permanently)

EU Regulated Markets (based on the European Union transparency standards): 

  1. General Standard
  2. Prime Standard

Listing and Ongoing Requirements Summary

Please note that the rest of this document includes only the general issuer qualification requirements, not the technical requirements, which are considered proprietary property of our firm. This document is only a guideline and listing requirements are subject to change without notice.

I. Quotation Board

The Quotation Board is only for dual listings, where companies are already listed on a ‘like exchange’, which is a stock exchange that is recognized by the Frankfurt Stock Exchange as comparable to the Frankfurt.

II.  Entry Standard Segment 

The Entry Standard is the entry level for primary (first) listings. The following are the general requirements for listing the Issuer on the Entry Standard segment of the Frankfurt Stock Exchange Regulated Unofficial Market (Exchange Regulated Market), hereinafter “Frankfurt Stock Exchange” plus XETRA:

    • Minimum age of company—1 year, exception possible;
    • Minimum 30 shareholders;
    • Company must provide evidence of a minimum nominal capital of €750.000 (EUR or its equivalent in another currency at the exchange rate on the date of confirmation) paid-in-capital and the nominal value of the shares must not be less than €1.00 (one euro);
    • 10% minimum free float shares
    • Audited financials (National GAAP or IAS/IFRS US-GAAP, et. al.) for the year prior three years, or less if the company is not three years old;
    • Approved Prospectus
    • And other listing documents, forms and requirements.
III.  General Standard Segment
The following are the general requirements for listing the Issuer on the General Standard segment of the Frankfurt Stock Exchange EU Regulated Market (hereinafter “Frankfurt Stock Exchange”) plus XETRA.
  • Minimum age of company—3 years (exemptions possible);
  • Minimum issuing volume—minimum market capitalization of €1.25 million;
  • Minimum 30 shareholders;
  • Equity capital minimum of €1.25 million (cash at some time in past or present);
  • Free float minimum of 25%;
  • Nominal issuing volume minimum of 10,000 shares;
  • EU Prospectus (underwritten by company + bank/FWB-member);
  • 3 years audited financials—IAS/IFRS (or adequate for Non-EU issuers);
  • And other listing documents, forms and requirements.
IV.  Prime Standard Segment
The following are the general requirements for listing the Issuer on the Prime Standard segment of the Frankfurt Stock Exchange EU Regulated Market (hereinafter “Frankfurt Stock Exchange”) plus XETRA.
  • Minimum age of company—3 years (exemptions possible);
  • Minimum issuing volume—minimum market capitalization of €1.25 million;
  • Minimum 30 shareholders;
  • Equity capital minimum of €1.25 million (cash at some time in past or present);
  • Free float minimum of 25%;
  • Nominal issuing volume minimum of 10,000 shares;
  • EU Prospectus (underwritten by company + bank/FWB-member);
  • 3 years audited financials—IAS/IFRS (or adequate for Non-EU issuers);
  • And other listing documents, forms and requirements.