Listing process Open Market

Going Public Open Market

Decision on Inclusion

Upon submittal of a complete application accompanied by corresponding evidence, the inclusion in the Open Market will be granted within only a few days after the application was submitted and, therefore, this procedure means an uncomplicated and speedy access to stock exchange trading.

Briefly, you have to do the following

  • Assign a Capital Market Partner (as a rule, this will be a credit institution)
  • Compile of the documents necessary for the inclusion
  • Application of the inclusion of your shares/certificates representing shares
    - jointly with a co-applicant
    - through the electronic application tool “E-Listing Open Market“

Legal Basis

The Deutsche Börse AG decides on the inclusion of securities in the Open Market, Scale pursuant to sect. 9 para. 1 GTC Open Market.


The company whose shares are to be included in trading on the Open Market, Scale and the Applicant Capital Market Partner work hand in hand in the course of the inclusion proceedings up to the actual inclusion. The inclusion application initiated by the Applicant Capital Market Partner in the “E-Listing Open Market“ is processed by the “Listing Services Open Market“ department of Deutsche Börse AG. Besides checking the application’s completeness and consistency, the review determines if the application meets the general prerequisites for inclusion set forth in section 7 et seq. of the AGB-Freiverkehr as well as the additional prerequisites for inclusion for shares as set forth in Sect. 17 AGB-Freiverkehr. DBAG reviews the documents and certificates submitted for their correctness and consistency. If all prerequisites for inclusion have been met, the inclusion application may be accepted. However, the issuer has no right to the inclusion of their shares, even in case all prerequisites for inclusion as set forth in the AGB-Freiverkehr have been met. Specifically, Deutsche Börse AG may deny the inclusion of securities in trading on the Open Market if Deutsche Börse AG believes that the prerequisites for orderly trading or orderly settlement of business transactions are not met or if there are fears that the inclusion might result in a overreaching of the public or in damage to significant general interests, see sect. 9 para. 2 AGB FV.

If the application is accepted, the decision on inclusion will be published pursuant to sect. 35 AGB-Freiverkehr on the same day on the website of Deutsche Börse AG under for no less than three stock exchange trading days. For the Applicant Capital Market Partner the inclusion is visible through their access to the “E-Listing Open Market“.

Inclusion in Trading

Once the shares have been included in the Open Market, Scale, trading may begin already on the stock exchange trading day following the date of the inclusion decision without any further steps to be performed by the company or the applicant. If a specific date for the beginning of trading was requested in the application, trading will begin after the decision on inclusion with consideration to the time schedule forwarded.

Inclusion and Listing Fee

Pursuant to sect. 42 para. 2 GTC Open Market a fee will be charged both for including and listing of shares in the Open Market, Scale. In the Open Market, Scale the inclusion fee has to be paid by issuer and Applicant Capital Market Partner as joint and several debtors. The listing fee has to be paid by the issuer. The fee’s amount is determined in the list of fees forming an integral part of the GTC Open Market.

According to the current list of charges, the amounts for shares in the Open Market, Scale is
EUR 20,000,- plus a variable inclusion fee. For the determination of the variable inclusion fee according to the list of charges I. Point 2 lit. A) If the market capitalization is calculated on the basis of the number of shares or shares represented, multiplied by the first price (opening price) on the first trading day. The obligation to pay the listing fee in accordance with II. Of the list of charges arises for the first time in the calendar nine in which the listing is first recorded.

Information for download

Contact Person

Listing Services Open Market Hotline
Telephone: +49-(0) 69-2 11-1 39 90
Fax: +49-(0) 69-2 11-1 39 91

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