Freiverkehr (Open Market)

The Open Market, formerly Freiverkehr, is the least regulated segment with the lowest transparency obligations. Most companies in the Open Market have a different home market. In addition, many funds, certificates etc. are included.

In the past, over-the-counter trading took place on the sidewalk in front of the stock exchange. Here, everything was traded that was not included in the official stock exchange trading. Today, unofficial trading - unlike the Regulated Market - is a segment under private law, but also an exchange-organised market.

The Open Market is not an organised market in the sense of the Securities Trading Act (WpHG). For the issuing companies, however, the inclusion requirements are simpler than for the regulated market segment regulated by the EU. In addition, there are no follow-up obligations.

The Regulated Unofficial Market was renamed Open Market in October 2005.

Investors who are active in this market segment must be aware that the available information on issuers may be lower. Issuers do not have to publish a listing prospectus as in the Regulated Market with important information about the company. However, with the introduction of the Market Abuse Regulation (MAR), companies in the Open Market have also been subject to ad hoc publicity obligations since 2017.

German and foreign shares, fixed-income securities of German and foreign issuers, as well as funds, certificates and warrants are traded on the Open Market at the Frankfurt Stock Exchange. Shares from over 60 countries are included in this trading.

Securities in the Open Market can be redeemed in the Scale segment or in the Basic Board. Scale is open to companies seeking an initial listing on the Open Market and who are prepared to adhere to a certain transparency standard.

• Extensive information on the requirements for issuers in the Open Market can be found on BaFin's website at bafin.de.

© November 2022, Deutsche Börse AG