051/2026: Amendment of of the Exchange Rules and the Trading Regulation for the Regulated Unofficial Market of the Frankfurter Wertpapierbörse

1. Introduction

This circular informs you about amendments to the Exchange Rules for the Frankfurter Wertpapierbörse (hereafter: “Exchange Rules”) and the Trading Regulation for the Regulated Unofficial Market on Frankfurter Wertpapierbörse (hereafter: “Trading Regulation”) by means of the 29. Amendment Ordinance to the Exchange Rules and the 10. Amendment Ordinance to the Trading Regulation.

The amendments to the rulebooks will take effect on different dates which can be retrieved from the attached Amendment Ordinances.

Please find the aforementioned Amendment Ordinances attached to this circular and on the Deutsche Börse Cash Market website under the following link: Exchange Rules for the Frankfurter Wertpapierbörse.

Effective dates: 16 November 2026, 1 January 2027 and 1 February 2027

2. Required action

At Frankfurter Wertpapierbörse (FWB, the Frankfurt Stock Exchange), Sponsored Access will be introduced. Companies admitted to the FWB that wish to grant direct electronic access in the form of Sponsored Access to another company that is not admitted to FWB ("Sponsored Access User", "SpA User"), as well as companies that wish to participate in trading on the FWB as a SpA User, can register as SpA Providers/SpA Users in the Member Section of Deutsche Börse Group from 9 November 2026. The updated user guides for Sponsored Access Providers and Users will be available in the Member Section from 9 November 2026 under the following path: Support > Guides > User Guides. 

As part of the registration, SpA Providers and SpA Users must conclude a corresponding connection agreement and data dissemination agreement with Deutsche Börse AG. After registration, the SpA Provider must apply for approval of Sponsored Access by the FWB.  

Dates for the registration for Sponsored Access:

• Registration open in the Member Section:               9 November 2026
• Start of Sponsored Access in the T7 Simulation:   2 December 2026
• Start of Sponsored Access in Production:               1 February 2027

3. Details of the initiative

I.    Amendments to the Exchange Rules

a) Introduction of orders with markings „counterparty resting time” and „Midpoint-Book-Only” in Xetra Midpoint

For Market Midpoint Orders and Limit Midpoint Orders (hereinafter referred to collectively as "Midpoint Orders"), Trading Participants have the new order markings "Midpoint-Book-Only" and "counterparty resting time" available. Trading Participants can enter the markings either individually or in combination.

If a Midpoint Order is marked with the introduced marking "Midpoint-Book-Only" within the meaning of § 76 (4) Exchange Rules, it is first placed in the Xetra Midpoint Order Book without its immediate execution. Thereby, the Midpoint Order is only considered in the next execution within the meaning of § 91a (5) Exchange Rules. This enables Trading Participants to ensure passive execution of their Midpoint Order and thus optimally implement their desired trading strategy.

In addition, the "counterparty resting time" marking will be introduced for Midpoint Orders in accordance with § 69a (3a) Exchange Rules. Midpoint Orders entered with the new "counterparty resting time" marking can only be executed against those Midpoint Orders that have already been executable continuously in the Xetra Midpoint Order Book for at least the minimum retention period to be determined by the Management Board at the time of execution. In this context, "executable" means that execution qua order limit was in principle possible at any midpoint price valid during the specified minimum retention period.

Thus, the execution of Midpoint Orders with a minimum retention period marking against sweep orders as well as against aggressive Midpoint Orders is generally excluded. Furthermore, a sufficiently stable order book situation must have existed prior to execution against a passive order sitting in the Xetra Midpoint Order Book: After a change in the valid midpoint price, Trading Participants have a short time window in the form of the minimum retention period to adjust or delete their own Midpoint Orders with minimum retention period marking, where necessary. If desired, this prevents execution against Midpoint Orders that have previously not been executed. 

If an execution at the new midpoint price is to take place, the opposing order must "signal" that it does not react opportunistically to a possibly short-term, temporary change in the execution price by remaining in the Xetra Midpoint Order Book for at least the specified minimum retention period after the reference price change.

For the execution of two (or more) Midpoint Orders with minimum retention period marking against each other, the minimum retention period determined by the Management Board must be mutually fulfilled.

In accordance with § 69a (3a) Sentence 2 Exchange Rules, the length of the minimum retention period is determined and announced by the Management Board. The Management Board determines that the minimum retention is 100 milliseconds. 

The determined minimum retention of 100 milliseconds is similar to the typical duration of a call phase in a periodic auction or frequent batch auction as offered by other trading venues. With the introduction of the minimum retention period, Trading Participants are thus offered a functionality that has essential execution characteristics of periodic auctions, without the need to split up the existing liquidity in the Xetra Midpoint Order Book through the introduction of a new, separate trading model. 

Midpoint Orders without minimum retention period marking can still be executed immediately against sweep orders and aggressive Midpoint Orders, as well as immediately after a change in the midpoint price.

b) Introduction of Sponsored Access

With the inclusion of § 38a Exchange Rules, FWB offers its Trading Participants sponsored access within the meaning of Section 2 (9) Sentence 2, second alternative of the German Stock Exchange Act (“Börsengesetz”).

These changes enable the SpA Provider to allow another person, the so-called SpA User, upon application, to use their trading code, so that the SpA User can transmit their orders directly to the trading system of FWB. In contrast to direct market access according to § 38 Exchange Rules, the SpA User sends their orders via their own infrastructure and does not use the infrastructure of the SpA Provider. Accordingly, the SpA User must conclude their own connection agreement with Deutsche Börse AG for a connection to the trading system of the FWB. On the basis of the connection agreement, they are then provided with their own connection to the trading system. The corresponding connection agreement including annexes is attached (see Attachments 3-5).

In order to be able to provide Sponsored Access to a SpA User, the SpA Provider must first go through an application procedure with FWB. A separate application procedure must be carried out for each SpA User. In compliance with the requirements set out in § 38a (9) Exchange Rules, the SpA Provider may allow their SpA User to grant third parties ("third party via sub-delegation") sub-delegated access within the meaning of Art. 17 (5) Directive 2014/65/EU in conjunction with Art. 21 (4) Delegated Regulation (EU) 2017/589. This means that the SpA User can make their trading code available to a third party for use with the consent of the SpA Provider.

The orders of a SpA User and the sub-delegated third party are considered client orders of the SpA Provider. They are subject to all controls and security mechanisms that are provided in the Exchange EDP of FWB. In addition, the SpA Provider is responsible for compliance of the SpA User and the sub-delegated third party with the provisions of the FWB rulebooks. 

Please note: Until the Sponsored Access regulations in the Exchange Rules come into force on 1 February 2027, no fees will be charged for Sponsored Access connection components.

c) Verification of orders entered in the Specialist Model

Pursuant to § 86 (3) Exchange Rules, in the case of orders which, if executed immediately, would lead to trades that would have to be cancelled by the Management Board upon application, the Exchange Traders working for the Specialist must contact the Exchange Traders from whom the orders were placed before entering a binding quote in accordance with § 71 (4) No. 2 Sentence 1 Exchange Rules and ask for confirmation, modification or deletion of the orders placed. This obligation also applies if large-volume unlimited buy orders are entered in a security with a very low price level. Background to the introduction of the obligation are orderly executions which result in an unexpectedly high value for the investor's order.

The cause of this is a very low price level of a security and a very wide relative spread, which can lead to considerable financial obligations or high losses for the investor from the transaction. In order to reduce these risks, the above-mentioned obligation is introduced.

d) Adjusted extension of Off-Book trading hours

Pursuant to § 123 (2a) Sentence 1 Exchange Rules, Off-Book trading may in future take place from 07:00 a.m. until 22:00 p.m. The Management Board determines the trading hours for Off-Book trading within that time frame.

Pursuant to § 123 (2a) Sentence 2 Exchange Rules, the Management Board determines that Off-Book trading will in future be offered from 07:00 a.m. until 22:00 p.m.

e) Withdrawal of issuer’s obligation to publish the financial calendar on their internet website

Pursuant to § 54 (1) and (3) Exchange Rules, issuers whose shares or certificates representing shares are admitted to the Prime Standard must submit their respective financial calendar to the Management Board in either the German or English language version before the Management Board makes it available to the public electronically.

This means that the issuer is no longer obliged to prepare the financial calendar in two languages and to publish it on their website. The financial calendar will continue to be made available to the public by the Management Board in the future.

f) Amendment of term “reference market“

The term "reference market" in Annex I to the Exchange Rules and § 111 (6) Sentence 3 Exchange Rules will be adjusted to remedy an inconsistency in the rulebook. 

In this respect, the reference market is defined as an organized market, MTF with sufficient liquidity or a respective market in a third country where the most liquid trading in the respective security takes place. The adjusted definition is to be taken into account for the tasks of Specialists within the meaning of § 111 (1) and (6) Exchange Rules.

g) Introduction of Issuer Agreement as prerequisite for the trading of shares and certificates representing shares in trading model Continuous Trading with Intra-Day Auctions (“Xetra”)

For the trading of securities in the Regulated Market of FWB, the trading models of Auction, Continuous Trading with Intra-Day Auctions, Continuous Auction, Mini Auction and the Xetra Midpoint trading are available. The Management Board determines the trading models in which securities are traded.

In future, determination of the trading model of Continuous Trading with Intra-Day Auctions for shares and certificates representing shares of the issuer will be subject to the condition that the agreement governing services in relation to exchange operations in its current version ("Issuer Agreement") exists without termination for the duration of the admission of these securities between the issuer and the exchange operator, § 66 (1) Sentence 3 Exchange Rules.

Section 17 (3) of the German Stock Exchange Act authorizes the stock exchange operator to charge fees for services in the context of stock exchange operations, such as the creation of the technical requirements for the trading of shares and certificates representing shares in the trading model of Continuous Trading with Intra-Day Auctions. Since the issuer benefits from these services as a user of the stock exchange, Deutsche Börse AG can claim fees from the issuer via the Issuer Agreement.

h) Editorial changes

In § 38 Exchange Rules, editorial changes have been made without material impact on the Trading Participants.

II.    Amendment of the Trading Regulation

Extension of Off-Book trading hours

Pursuant to § 4 (2a) Sentence 1 Exchange Rules, Off-Book trading in the Regulated Unofficial Market may in future take place from 07:00 a.m. until 22:00 p.m. The Management Board determines the trading hours for Off-Book trading in the Regulated Unofficial Market within that time frame.

Pursuant to § 4 (2a) Sentence 2 Exchange Rules, the Management Board determines that Off-Book trading in the Regulated Unofficial Market will in future be offered from 07:00 a.m. until 22:00 p.m.

Attachments:

• 1 – 29. Amendment Ordinance to the Exchange Rules for the Frankfurter Wertpapierbörse
• 2 – 10. Amendment Ordinance to the Trading Regulation for the Regulated Unofficial Market on Frankfurter Wertpapierbörse
• 3 – Connection Agreement for Sponsored Access Users
• 4 – General Terms and Conditions to the Connection Agreement for Sponsored Access Users
• 5 – Price List to the Connection Agreement for Sponsored Access Users

Further information