Market Structure

Strategic listing: The ideal segment for your company

European companies can choose between two clearly defined paths to access the capital market – each with its own opportunities and requirements. On one hand, there are EU-regulated markets; on the other, more flexible markets regulated by the exchanges themselves.

A listing on the Frankfurt Stock Exchange (FWB^®) offers companies two clearly defined routes to the capital market: On the EU-regulated market, securities are listed either in the General Standard or – with higher transparency requirements and additional post-listing obligations – in the Prime Standard.

Alternatively, the Open Market, which is regulated by the exchange itself, provides a more flexible entry. Here, companies can list their securities in the Scale^® segment or on the Quotation Board.

Segments in the Regulated Market

Prime Standard

The Prime Standard is the top choice for issuers with international ambitions. Companies looking to target a global investor audience rely on this segment of the Frankfurt Stock Exchange (FWB). It offers the best conditions for strong capital market positioning — not just in Germany, but across Europe.

General Standard

The General Standard is ideal for growth-oriented medium-sized and large companies aiming to reach national investors. They benefit from a cost-effective listing on the regulated market — while fully complying with legally mandated transparency standards.

Segments in the Open Market

Scale

As a legally regulated growth market for small and medium-sized enterprises (SMEs), the Scale segment offers favorable conditions for SMEs to raise capital efficiently. With listing requirements tailored specifically to SMEs, it facilitates access to the capital markets and enables targeted outreach to both domestic and international investors.

Basic Board

Positioned below the Scale segment, this business segment provides companies—such as former issuers from the Entry Standard or Scale issuers that no longer meet inclusion requirements or fall below the minimum market capitalization—with the opportunity to maintain their primary listing on the Frankfurt Stock Exchange (FWB). This allows them to stay active in the exchange environment, build investor confidence, and strategically prepare for a potential return to higher market segments.

Quotation Board

Securities that are neither admitted to nor traded on the regulated market of the Frankfurt Stock Exchange (FWB) can be included in the Quotation Board. Eligible securities include investments, funds, or shares that are already admitted to trading on another exchange—domestic or international—recognized by Deutsche Börse AG.

Sub-Segments

REITs

The REIT segment, designed specifically for shares of real estate investment trusts (REITs) with special tax status, increases visibility and attracts greater attention from investors.

D-Shares

D-Shares are stocks of Chinese companies based in China that are listed on the Frankfurt Stock Exchange in the CEINEX D-Share Market. The China Europe International Exchange (CEINEX) uses the infrastructure of Deutsche Börse Group as the platform for listing and trading these shares.