Certificates & Warrants

Certificates and Warrants

Listing: Open Market

The listing of certificates and warrants – also known as structured products – is conducted on the Open Market of the Frankfurt Stock Exchange.

Issuers can choose between the Standard and the Premium segment. Over 90% of the products are listed in the Premium segment, as this offers investors particularly high standards regarding price certainty and transparency.

In the Standard segment, issuers must meet the following requirements for the inclusion of certificates and warrants:

  • Specification of product type, trading and settlement currency.
  • Prior admission to another domestic or foreign exchange or submission of an offering prospectus approved by a recognized domestic or foreign authority.
  • Designation of an entity to fulfill the quoting obligation.
  • Depending on the chosen market model, provision of at least one or continuous indicative or binding market-driven bid and ask prices (quotes) for tradable volumes.

Decisive for this are:

For the inclusion of certificates and warrants in the Premium segment, the following requirements apply to issuers in addition to the General Terms and Conditions and the Exchange Regulations:

  • Provision of continuous bid and ask prices throughout the entire trading period.
  • Specification of the quoting period from 8:00 a.m. or 9:00 a.m. to 8:00 p.m. or 10:00 p.m. (for most products, a trading period from 8:00 a.m. to 10:00 p.m. applies).
  • Transmission of quotes via two redundant leased lines to the technical infrastructure of the exchange (XQS connection).
  • The quotes must be valid for fixed minimum volumes. For investment products, this minimum order size is 10,000 euros or 10,000 units, for leveraged products 3,000 euros or 10,000 units.

The conditions for participation and the cooperation agreement for the Premium segment, as well as all further information for issuers and on the listing processes, can be found here.

Of course, this does not replace direct contact with our employees, who will be happy to guide you through the process.

Contact

Team Certificates

Mail:

zertifikate@deutsche-boerse.com

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Emergency procedures

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