Börse Berlin AG
Börse Berlin AG is the private law operator of Börse Berlin (a public law institution). Bord members is Friederike von Hofe. The supervisory board consists of three members. Chairman of the supervisory board is Holger Timm. All shares of Berlin Börse AG are held by the Tradegate Exchange GmbH.
Börse Berlin (a Public Law Institution)
Bodies of Börse Berlin are the Exchange Council, the Management Board, the Penalty Committee and the Market Surveillance (HÜST).
The Exchange Council
The Exchange Council is responsible for the law making within BSX. Among other things its responsibilities are the promulgation of the exchange rules, the participation fees, the terms and conditions for transactions, the admission regulations for exchange traders and the trade system for the Open Market.
In agreement with the Securities and Exchange Commission the Exchange Council appoints the members of the Management Board and the Head of Market Surveillance and dismiss them if necessary. Management Board`s decisions of fundamental significance require the consent of the Exchange Council. The Exchange Council has up to 18 members whose tenure of office is 3 years. Chairman of the Exchange Council is Prof. Dr. Jörg Franke.
The Management Board
The Management Board is responsible for all sectors of organization as well as for all sectors of exchange`s course of business. It decides a.o. on the admission of instruments to listing in the Regulated Market, on the admission of trading participants, upon trading suspensions and about the cessation of price determination. The decision about the inclusion of securities in the Open Market is delegated to the Management Board as well. Managing director is Friederike von Hofe.
The Penalty Committee can be appealed when market participants or issuers infringe stock exchange rules and regulations or if the Exchange Supervisory Authority demands a meeting. The Penalty Committee is allowed to impose a fine up to € 250.000 or to ban the trading participants from reading up to 30 trading days. It has 6 members of which 3 have to come to decide about sanctions in a specific case.
The Market Surveillance (HÜST)
The Market Surveillance monitors the trading on the stock exchange and the settlement of trades. It gathers and analyses all data produced during exchange tradings and carries out investigations if necessary. Furthermore it supervises the market participants`compliance with the exchange rules and regulations. For this purpose the Market Surveillance observes the price fixing in particular. It immediately reports any irregular practices to the Management Board of the stock exchange and to the Exchange Supervisory Authority.
The Management Board is not authorized to give instructions to the HÜST; only the Exchange Supervisoy Authority can do so.
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