1.  Introduction

With this circular, we would like to inform you that effective 28 November 2021, amendments to the General Terms and Conditions of Börse Frankfurt Zertifikate AG for the Trading with Structured Products in the Regulated Unofficial Market on the Frankfurter Wertpapierbörse (FWB) (hereafter: “GTC”) will be made. 

In addition, we hereby inform you that Börse Frankfurt Zertifikate AG rescinds the amendment of the GTC with effect from 22 November 2021 which had been announced with Open Market circular 003/21.

2.  Required action

There is no mandatory action.

3. Details

Due to the amendment of Article 57 (1) MiFID II, securitised commodity derivatives are explicitly excluded from position limits. This provision has been implemented in German law in Art. 56 Para. 3 Sentence 1 No. 4 of the German Securities Trading Act (“Wertpapierhandelsgesetz”, WpHG) and will enter into force on 28 November 2021.

Therefore, the provisional solution via the limitation of the number of securities issued becomes redundant (see Open Market Circular 003/17). Consequently, § 11(1)g of the GTC will be deleted with effect from 28 November 2021 and the flagging requirement for commodity certificates will cease to apply.

Moreover, Börse Frankfurt Zertifikate AG has decided to refrain from adjusting the GTC with effect from 22 November 2021, as announced in Open Market circular 003/21, and hence not to exercise its right to amend the GTC effective the aforementioned date.

Please refer to the attachment for the exact wording of the amendments to the GTC.

The amendments to the General Terms and Conditions of Börse Frankfurt Zertifikate AG will be deemed to be approved, unless the Trading Member admitted at the Frankfurt Stock Exchange files objections to the amendments with Börse Frankfurt Zertifikate AG, Mergenthalerallee 61, 65760 Eschborn, Germany, in writing within three weeks after the amendments’ announcement.

Attachment: 

• General Terms and Conditions of Börse Frankfurt Zertifikate AG for the Trading with Structured Products in the Regulated Unofficial Market on the Frankfurter Wertpapierbörse (FWB), valid as of 28 November 2021 (change version)

Further information