Open Market (Regulated Unofficial Market)
The Regulated Unofficial Market, which is organized by Deutsche Börse at Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock 
Exchange), was renamed “Open Market” with effect from 10 October 2005. The Open Market (Regulated Unofficial Market), structured in First Quotation Board and Second Quotation Board, represents the second German market segment regulated by law next to the Regulated Market.
However, in contrast to the Regulated Market, the Open Market is not an official market segment, but governed by private law. A stock exchange may choose to provide this type of segment in accordance with article 48 of the Stock Exchange Act (BörsG), if the securities included herein are neither listed nor included in the Regulated Market and as long as orderly trading and business conduct can be guaranteed. Besides German shares, mainly international shares, bonds of German and international issuers, certificates and warrants are traded on the Open Market.
Shares from more than 60 countries are listed on the Open Market. According to article 2, para. 5 of the Securities Trading Act (WpHG), the Open Market does not represent an organized or regulated market. The inclusion of securities to the Open Market is governed by the Directives for the Regulated Unofficial Market of Deutsche Börse AG. The inclusion of securities in exchange trading on the Open Market represents one of the easiest and fastest ways to the stock exchange. A registered trading member of the Frankfurt Stock Exchange files the application for inclusion in exchange trading. As organizing body of the Open Market, Deutsche Börse AG makes the decision about inclusion.
Issuers must fulfill only few formal inclusion requirements and no follow-up obligations.
Main inclusion criteria:
1)Application for inclusion:
– It must include an accurate designation of the security to be included and information as to the domestic or foreign organized market where prices are already fixed for this security.
– If the securities are not already traded on an organized market, the applicant must provide more detailed information about the issuer in the form of a prospectus approved by the German national financial authority or that of other EEA country or by the Issuer Data Form, which allows proper assessment.
2)A company already admitted to the Frankfurt Stock Exchange must make the application for inclusion of an issuer in writing.
The applicant must inform Deutsche Börse AG immediately and in writing about essential circumstances concerning the included securities and/or the issuer.
3)The decision-making body for the inclusion is Deutsche Börse AG as the operating body of the Open Market.
4)Publication language: German or English
The Open Market provides an alternative to the EU-regulated segment, the Regulated Market, as a point of access to the capital market. Small and medium-sized companies, in particular, benefit from easy, fast and cost-effective admission to exchange trading.
Trading surveillance:
Shares on the Open Market are monitored by the Federal Financial Supervisory Authority (BaFin) with view to the rules on insider trading and market abuse. Price calculation is monitored by the Market Surveillance Office (HüSt).
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