The Frankfurt Stock Exchange, with its electronic trading platform Xetra, is the location of the largest stock exchange in Germany. In addition to Xetra and Frankfurt floor trading, there are smaller stock exchanges in Stuttgart, Munich, Hamburg, Berlin and Düsseldorf, some of which specialise in individual security classes or regional companies. It is the responsibility of the federal states to instruct and supervise the operation of the exchanges.

Mixed structure of public and private law

Deutsche Börse AG has been commissioned by the State of Hesse to operate the Frankfurt Stock Exchange. This means that it provides all the necessary technical and personnel services for the functioning of the marketplaces. For this it receives fees, the trading fees, from the users.

Deutsche Börse AG is thus the operator of the public "Frankfurt Stock Exchange" with its two trading centres "Xetra" and "Frankfurt Stock Exchange". Deutsche Börse is a company organised under private law whose shares are listed and tradable on the stock exchange.

Executive bodies of the Frankfurt Stock Exchange

Four Exchange bodies ensure orderly trading: the Exchange Council, the Management Board, the Sanctions Committee, the Trading Surveillance Office HÜSt.

Stock exchanges regulate their structures, their market models and the use of their trading platforms through statutes and administrative acts. All organs of the public law institution act sovereignly and have the possibility to apply administrative coercive measures.

The scope and limits of these powers result from legal requirements, in particular from the Stock Exchange Act. The aim of the Stock Exchange Act is to ensure that the stock exchanges guarantee fair and efficient trading and orderly settlement of the transactions concluded on them.

The Federal Financial Supervisory Authority (BaFin), based in Frankfurt, is responsible for supervising all areas of finance in Germany.

Listing of securities

Shares, fixed-income securities, fund units, warrants and certificates are traded on the Frankfurt Stock Exchange. These have either been admitted to the Regulated Market or included in the Open Market.

Admission to the Regulated Market is carried out by the Exchange Management at the request of the issuer of the respective security. Except in exceptional cases, the issuer must submit an issue prospectus approved by the Federal Financial Supervisory Authority. A further examination of the issuer and its creditworthiness does not take place due to the statutory provisions for admission. As a result of the admission of its securities to stock exchange trading, the issuer is subject to subsequent obligations, e.g. the obligation to issue ad hoc announcements, the preparation of interim and, if necessary, quarterly reports.

In a sub-segment of the Open Market, the growth segment Scale, more extensive admission requirements and follow-up obligations apply, which are, however, tailored to smaller and medium-sized companies in order to make it easier for them to raise capital and to open the way to national and international investors.

Admission of participants

Companies that commercially trade in or broker transactions in exchange-traded items may participate in exchange trading. These companies require an admission by the stock exchange management. Exchange traders who also require admission trade on the stock exchange for these companies.

Private investors do not have direct access to the stock exchange, but must make use of an admitted trading participant, a credit institution or a financial services institution.

May 2019, © Deutsche Börse AG

With its two marketplaces, Xetra and Frankfurt, Deutsche Börse is the largest stock exchange in Germany. In addition to Xetra and Frankfurt, there are smaller stock exchanges in Stuttgart, Munich, Hamburg, Berlin, and Düsseldorf, some of which specialize in individual classes of securities or regional companies. The operation and supervision of the stock exchanges is a matter for the federal states.

Mixed structure of public and private law

Deutsche Börse AG has been commissioned by the State of Hesse to operate the Frankfurt Stock Exchange. This means that it provides all the technical and personnel services necessary for the functioning of the marketplaces. In return, it receives fees, known as trading fees, from users.

Deutsche Börse AG is thus the operator of the public-law “Frankfurt Stock Exchange” with the two trading venues ‘Xetra’ and “Frankfurt.” Deutsche Börse is a privately organized company whose shares are themselves listed and tradable on the stock exchange.

Organs of the Frankfurt Stock Exchange

Four exchange bodies ensure proper trading: the Exchange Council, the Management Board, the Sanctions Committee, and the Trading Surveillance Office (HÜSt).

Exchanges regulate their structures, market models, and the use of their trading platforms through statutes and administrative acts. All bodies of the public institution act in a sovereign capacity and have the option of applying administrative coercive measures.

The scope and limits of these powers are determined by legal requirements, in particular the Stock Exchange Act. The aim of the Stock Exchange Act is to ensure that stock exchanges guarantee fair and efficient trading and the proper settlement of transactions concluded on them.

Supervision of all areas of finance in Germany is the responsibility of the Federal Financial Supervisory Authority (BaFin), based in Frankfurt.

Listing of securities

Shares, fixed-income securities, fund units, warrants, and certificates are traded on the Frankfurt Stock Exchange. These are either admitted to the regulated market or included in the open market, formerly known as the over-the-counter market.

Admission to the regulated market is granted by the stock exchange management at the request of the issuer of the respective security. Except in exceptional cases, the issuer must submit a prospectus approved by the Federal Financial Supervisory Authority. Due to the legal requirements for admission, no further examination of the issuer and its creditworthiness takes place. As a result of the admission of its securities to trading on the stock exchange, the issuer has subsequent obligations, e.g., the obligation to issue ad hoc announcements and prepare interim and, if applicable, quarterly reports.

Inclusion in the open market takes place at the request of a trading participant without the need for an issue prospectus. This does not result in any subsequent admission obligations for the issuer.

In one sub-segment of the open market, the Scale growth segment, more extensive admission requirements and subsequent obligations apply, but these are tailored to small and medium-sized companies in order to make it easier for them to raise capital and open up access to national and international investors.

Admission of participants

Companies that trade or broker transactions in exchange-traded instruments on a commercial basis are permitted to participate in exchange trading. They require admission by the exchange management. Exchange traders, who also require admission, trade on the exchange on behalf of these companies.

Private investors do not have direct access to the stock exchange, but must use an approved trading participant, a credit or financial services institution.

November 2025, © Deutsche Börse AG