Börsenrat (Exchange Council)

The Exchange Council (Börsenrat) comprises a maximum of 24 honorary members. These include bank representatives, market participants, issuers and investors. The Exchange Council is responsible for the following tasks:

1. Drafting and issuing the Stock Exchange Rules and Regulations as well as the fee schedule of the exchange

2. Specifying the terms and conditions for exchange transactions

3. designing the examinations to test the professional aptitude of exchange dealers

4. Issuing internal regulations for the Exchange Operating Board

5. Appointing and dismissing members of the Exchange Operating Board in agreement with the Exchange Supervisory Office

6. Monitoring the Exchange Operating Board

7. Appointing, re-appointing and dismissing the head and deputy of Market Surveillance as suggested by the Exchange Operating Board and in agreement with the Exchange Supervisory Office

8. Appointing members to the Admissions Office and the Admissions Committee.

Decisions taken by the Exchange Operating Board regarding the introduction of technical systems that support trading or the settlement of exchange transactions also require the approval of the Exchange Council; the same applies to the use of exchange facilities pursuant to section 1 paragraph 2 of the Stock Exchange Act.

Moreover, the Exchange Operating Board is required to submit decisions on fundamental issues to the Exchange Council for approval, a procedure that is regulated in greater detail in the internal regulations for the Exchange Operating Board.