The Open Market is a market segment of German exchanges organised under private law. Regulations enacted by the Management and the Exchange Council form its legal basis, and may differ from exchange to exchange. Securities listed on the Open Market are usually traded as a secondary listing; trade is monitored by the market surveillance (HÜST) pursuant to the same strict regulations that apply to trading of securities listed on the Regulated Market.
Shares that are traded on Börse Berlin as a secondary listing have already been admitted to trading on another recognized market. Thus a corresponding application submitted by a lead broker admitted for trading at Börse Berlin is sufficient for a secondary listing. The application needs to contain information about the name and location of the company, the security class, its ISIN or security code number, a small description of the corporate purpose as well as to name its home exchange.
Recognized markets are all
- Regulated Markets admitted to Europe
- Members of the Federation of European Stock Exchanges (FESE)
- Members of the World Federation of Stock Exchanges (WFE)
Companies have no ongoing duties towards Börse Berlin. The admission requirements and ongoing duties of the respective home exchange apply. The company is subject to the applicable Exchange Law of the country in which the home exchange is located. From a corporate law perspective the laws of the country apply where the company is located.
Before deciding about an investment investors should inform themselves about the admission requirements and ongoing obligations of the respective home exchange. The information, which market is home market can be found on the detail page of the respective instrument in the “master data” section. Information about these companies may possibly only be available in a foreign language.