Why choosing Frankfurt for listing?

The Frankfurt Stock Exchange (FSE) is the leading European stock exchanges by revenue, profitability and market capitalization, offering perfect services and systems for listed companies and investors. It is owned and operated by Deutsche Börse AG.

The advantages of the FSE for international companies are:

• Direct and cost-efficient access to the European capital markets and additional liquidity in order to finance further growth.


• Unique market segments based on transparency and corporate governance standards.


• Simple and cost-efficient listing.


• Reduced exposure to inherent deficiencies in the legal systems of emerging markets.

The following information applies to international companies, especially from Emerging Markets (e.g. China, India or Russia/CIS) aiming to access the FSE either through a listing of shares or through a Depositary Receipt Program. As well as the Frankfurt Depositary Receipt Program (Frankfurt GDR), the ADR and GDR programs may also be admitted to trading on the FSE.

How is the Market Organized?

The FSE comprises 2 basic market segments. The choice of the specific market segment and the transparency standard at the FSE depends on the goals of the issuer.

Regulated Market (Prime and General Standard) is subject to the regulatory provisions of the European Union (EU) and Open Market. Regulated Market (and in particular the Prime Standard) is more suitable for well-established large-scale and mid-sized enterprises.

Open Market is being regulated by Deutsche Börse AG. Open Market can be advisable for smaller companies or companies planning to „test water” at first and enter the Regulated Market as a second step.

Each listed company is automatically included in the FSE indices. Some of these indices (such as DAX®, MDAX®, SDAX® and TecDAX®) include only those issuers, which are listed in the Prime Standard. The Open Market is divided into the First Quotation Board for companies which are not yet listed on any other stock exchange recognized by the FSE and the Second Quotation Board for companies already listed, as well as the Entry Standard.

What are the main listing and post listing Requirements?

The listing and post-listing requirements depend upon the market segment chosen by the issuer, as well as the applicable transparency standard. The Entry Standard provides for a minimal set of requirements, whereas the Prime Standard sets forth the strictest transparency and ongoing compliance rules for issuers.

There are no restrictions as to the jurisdictions of incorporation an issuer may derive from. One of the key documents, which are to be prepared in the course of the listing is the prospectus. A prospectus contains information material to potential investors, in particular on the business of the issuer and its financial standing. A prospectus must be approved by the German Financial Supervisory Authority (BaFin) or by another competent EU authority.

If international companies are obliged to draft a prospectus for listing on a Regulated Market on the FSE or a public offering of their securities, the historical financial information which it is.

Mandatory to incorporate into the prospectus has to be prepared in accordance with IFRS or an equivalent accounting standard.

• EU-Regulated Market


• Regulated Market


• Transparency Standards


• General Standard


• Prime Standard(optional)


• Entry Standard


• First Quotation Board


• Second Quotation Board


• EU Non-Regulated Market Open Market

What are the main steps for the listing?

The procedure for listing on the FSE generally comprises the following main steps:

• Completion of a Due Diligence investigation (legal, financial, business).


• Drafting of the Prospectus/issuer data form.


• Set-up of a DR (Depositary Receipts) program.


• Underwriting and offering (if any).


• Admission to listing/inclusion to trading from FSE.


• Start Trading

What is the timing for an FSE-IPO?

The average time to obtain a listing from the beginning of the Due Diligence to the admission of the securities for trading at the FSE takes from 4 to 6 months for the Regulated Market and from 4 to 5 months for a listing with a prospectus and from 1to 2 months for a listing with an issuer data form for the Open Market.

Please, find out our publication about Listing on Frankfurt Stock Exchange.

For more information, please do not hesitate to contact us or use our online form. We will be happy to assist you.