Advantages of a Listing on Stock Market
Advantages of a Listing on Stock Market document sample
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General Standard and Deutsche Börse Listing: Welcome to Your Future Prime Standard Access to European Capital Markets Companies listed in the General Standard and Prime Standard fulfill the transparency requirements of the harmonized European capital market and beneﬁt from advantages of a full listing. The General Standard is subject to minimum statutory requirements for the EU- regulated market. Companies in the Prime Standard meet further international transparency requirements and especially attract international investors. General Standard and Prime Standard 3 You are considering going public. Apart from raising capital and realizing innovations, you are no doubt expecting more from this move: an enhanced public proﬁle, faster internationalization, a better competitive position, increased pulling power as an employer. Before you are actually listed on the stock exchange, you will be faced with a range of decisions on or- ganizational, tax and legal issues with far-reaching consequences. Precise strategic planning will provide you with an ideal opportunity to reap the beneﬁts that an IPO can offer you. 4 General Standard and Prime Standard A partner that understands you: Deutsche Börse Group. Our diverse range of markets and standards offers you customized access to the capital market. Find out more in a one-on-one meeting with us. General Standard and Prime Standard 5 Companies Have the Choice In Europe, companies have two ways of accessing Companies in the General Standard and the Prime the capital market: Standard fulﬁll the highest European transparency requirements and gain all the advantages of a full EU-regulated markets listing. With the Entry Standard, Deutsche Börse Markets that are regulated by the stock exchanges has created a simple, fast and cost-efﬁcient way of themselves (regulated unofﬁcial markets) including shares in exchange trading. It is particularly suited for small and medium-sized companies. Entry On the EU-regulated markets, the increasing har- Standard is a market segment to start with and gives monization on the European capital market means the opportunity of a subsequent listing by a trans- uniform regulations on the respective national mar- fer to the General Standard or the Prime Standard. kets. The objectives of the various EU directives and Further details you will ﬁnd in our brochure “Entry regulations are clear: they are designed to improve Standard”, which is available free of charge. market efﬁciency, enhance investor protection and ensure fair competition. All domestic and international companies whose shares are included in exchange trading in the Open The transparency standards that deﬁne the different Market for the ﬁrst time can beneﬁt from their inclu- segments play a key role on the capital market. They sion in the First Quotation Board. Here they are show investors the scope of on-going information subject to less stringent requirements. available, making investment decisions easier. In Europe, Deutsche Börse offers the most transparent capital market. At Deutsche Börse, entrepreneurs can choose from four clearly structured transparency standards. An IPO in the EU-regulated Regulated Market leads to the General Standard or the Prime Standard, where- as in the Regulated Unofﬁcial Market (Open Market) into the Entry Standard or the First Quotation Board. Four Transparency Levels at FWB® Frankfurter Wertpapierbörse (the Frankfurt Stock Exchange) Companies have the choice between: Two ways to access the EU-Regulated Market Regulated Unofﬁ cial Market capital market (Regulated Market) (Exchange Regulated Market) Deutsche Börse Primary Prime Standard Entry Standard Market Segments General Standard First Quotation Board (Open Market) 6 General Standard and Prime Standard General Standard: Cost-effective Listing in an EU-Regulated Market The General Standard is subject to the minimum notiﬁcations must be submitted for the 1st and 3rd statutory requirements for EU-regulated markets. quarter outlining the overall ﬁnancial situation and The General Standard regulations are binding for key events of the period under review. The issuer all companies seeking a cost-effective listing in an also has to publish company news items that could EU-regulated market. Companies in the General inﬂuence the stock market price in ad hoc disclo- Standard must publish an annual financial report sures. Reaching, exceeding or falling short of report- within four months after the end of the ﬁnancial year, ing thresholds must also be disclosed. Companies in whereby the international accounting standards in this segment can position themselves vis-à-vis both accordance with IFRS / IAS or US GAAP, Canadian national and international investors. GAAP, Japanese GAAP must be applied. An interim report must be published within two months after the end of the reporting period. Since 2007 interim Transparency requirements in the General Standard Key statutory requirements apply to the EU-regulated markets, e.g.: Annual ﬁnancial statement and interim report in accordance with Announcement of reporting thresholds (WpHG) IFRS. For non-EU issuers according to IFRS, US GAAP, Canadian Compulsory offer with change of control (German Securities GAAP or Japanese GAAP Acquisition and Takeover Act / Wertpapiererwerbs- und Über- Publication of directors’ dealings (German Securities Trading Act / nahmegesetz, WpÜG) Wertpapierhandelsgesetz, WpHG) Publications can be made in German or English Ad hoc disclosures (WpHG) Interim reports for Q1 and Q3 General Standard and Prime Standard 7 Prime Standard: Europe’s Highest Transparency Standards Above and beyond the requirements for the General and to maintain a corporate action timetable on the Standard, the Prime Standard requires companies to Internet. Furthermore, Prime Standard companies meet international transparency requirements. This is must report in both German and English and must because the Prime Standard is tailored to the needs hold at least one analyst conference per year. of companies wishing to position themselves to at- tract especially international investors. It offers inves- tors the highest transparency standards in Europe. Companies in the Prime Standard have to fulﬁll ad- ditional transparency obligations as compared to the companies in the General Standard. For example, they are also required to prepare quarterly reports Transparency requirements in the Prime Standard In addition to the General Standard transparency regulations (acc. Exchange Rules for the Frankfurter Wertpapierbörse, FWB®): Quarterly reports in German and English (non-German companies Publication of a current corporate action timetable on the Internet can apply to publish quarterly reports in English only) At least one analyst conference per year Reporting also in English 8 General Standard and Prime Standard Simple and Fast Listing The company files the application for admission to the exchange together with a bank or financial services institution that is approved for trading on a German exchange. The company may ﬁle the appli- cation alone, in the same way as an application for admission to the Prime Standard, provided that the shares have already been admitted to the General Standard. Application documents to be submitted: Listing application (signed by the company and lead manager) Report on the company’s formation (if it has existed less than A prospectus approved or attested by the Federal Financial three years) Supervisory Authority (BaFin), which must be published before Evidence of the resolutions relating to the IPO, e.g. minutes of the admission resolution (in the ﬁrst instance a preliminary the Annual General Meeting, resolution of the Executive and prospectus is sufﬁ cient for an application) Supervisory Board Current articles of association (certiﬁ ed) In case of individual securitization: specimens; for global securiti- Current certiﬁ ed extract from the commercial register zation: copy of the global certiﬁ cate The admission procedure can be initiated at the same time as the prospectus approval procedure by BaFin, so that the admission resolution can be made on the same day on which the prospectus is approved and published (on the Internet). An application form for ad- mission to the General Standard and Prime Standard can be found here: www.deutsche-boerse.com > Listing > Going Public > Application Forms General Standard and Prime Standard 9 EADS “EADS is listed in Paris, Frankfurt and Madrid. We appreciate the decision of the Deutsche Börse to open the DAX membership for international com- panies with a strong footprint in Germany. Our goal now, is to become a DAX member as a truly European company.” Hans Peter Ring, Chief Financial Officer, EADS EADS is a global leader in aerospace, defence and Company name EADS related services. In 2006, EADS generated revenues Sector Aerospace & Defence of € 39.4 billion and employed a workforce of about Country Netherlands 116,000. The EADS Group includes the aircraft Index member of DAX International 100, manufacturer Airbus, the world‘s largest helicopter DAXsector Industrial, supplier Eurocopter and the joint venture MBDA, the DAXplus Export Strategy, international leader in missile systems. EADS is the HDAX, MDAX, major partner in the Euroﬁghter consortium, is the Midcap Market Index, prime contractor for the Ariane launcher, develops Classic All Share, the A400M military transport aircraft and is one of Prime All Share the largest industrial partners for the European satel- Admission Date July 1, 2000 lite navigation system Galileo. 10 General Standard and Prime Standard SAP “ A listing in Frankfurt gives SAP access to one of the world’s most liquid, transparent, and efﬁcient capital markets. Via its modern trading and clearing systems, SAP gains access to a growing number of investors globally.” Dr. Werner Brandt, Chief Financial Officer, SAP AG SAP is the world’s leading provider of business Company name SAP AG software. Today, more than 34,600 customers Sector Software / IT Solutions in more than 120 countries run SAP applications Country Germany – from distinct solutions addressing the needs of Index member of DAX, CDAX, HDAX, small and midsize enterprises to suite offerings for DAXsector Software, global organizations. With subsidiaries in more than Prime All Share 50 countries, the company is listed on several ex- Admission Date November 4, 1988 changes, including the Frankfurt Stock Exchange and NYSE under the symbol “SAP”. Powered by the SAP NetWeaver platform to drive innovation and enable business change, SAP software helps enterprises of all sizes around the world improve customer rela- tionships, enhance partner collaboration and create efficiencies across their supply chains and busi- ness operations. SAP solution portfolios support the unique business processes of more than 25 indus- tries, including high tech, retail, ﬁnancial services, healthcare and the public sector. (Additional informa- tion at www.sap.com) General Standard and Prime Standard 11 Attractive for Companies and Investors An IPO in the EU-regulated statutory segment Regu- Due to Deutsche Börse’s high transparency require- lated Market leads to the General Standard or to the ments, investors are provided with comprehensive, Prime Standard. Irrespective of the segment that you up-to-date information, reducing the transmission choose for your company, Deutsche Börse offers you costs between companies and the capital market. the fastest admission process in the world. Main advantages of a General Standard listing Fulﬁllment of the minimum requirements for EU-regulated markets Efﬁ cient trading with access to national and international investors Fastest listing process in the world High liquidity for equities trading Deutsche Börse’s going and being public services General Standard Index Main advantages of a Prime Standard listing Highest transparency standards in Europa Increased visibility on the capital market via sector and selection Fastest listing process in the world indices (e.g. DAX®, MDAX®, SDAX® or TecDAX®) Efﬁ cient trading focusing on national and international investors Deutsche Börse’s going and being public services High liquidity for equities trading SPAC Applicants must provide evidence for the presence Special Purpose Acquisition Corporations (SPACs) can of prerequisites, whereby the detailed reference to the be listed in all Deutsche Börse segments as well as corresponding statements in the prospect can also traded by investors from all over the world via Xetra® be accepted as a proof. like any other shares. While ﬁling an application for admission, the following points of the typical structure Indirect listing via SPAC of a SPAC must be deﬁned with it: Already listed SPAC offers companies an alternative to the classical IPO route. Since SPAC’s main objec- Capital structure and capital spending tive is to take over and subsequently merge with an – Payment of IPO-revenues into an interest-bearing already operating company or its parts within a ﬁ xed trust account period of time with the proceeds of an IPO. Estab- – Detailed description of an intended purpose in lished companies with great growth potential looking the prospect for secure transactions and time- and cost-efﬁ cient – Time limitation of the SPAC with obligation of alternatives to classical going public route are mostly repayment of trust assets in case of liquidation in the focus of this capital market instrument. Investor friendly governance – Shareholder meeting takes a decision on spending of trust assets for company takeovers – Majority prerequisite > 50 percent for decision about spending 12 General Standard and Prime Standard Admission to trading marks an important milestone in the history of your company: gaining access to the capital market. You can now benefit from the core functions of the stock market as a trading platform and a mechanism for price determination. From now on you have an additional product, which you should manage just as carefully as your other products – your own shares. General Standard and Prime Standard 13 Advice and Expertise: Deutsche Börse Listing Partners Companies planning an IPO or ﬂotation need the IPO and corporate ﬁnance advice expertise of a competent advisor to help them tackle Investment banking a whole range of new tasks and to implement their Designated sponsoring and research corporate objectives in a professional manner. At Investor relations and public relations advice the end of the day, the success of the IPO will have Legal advice a signiﬁcant impact on the future of the company. Tax advice and accounting External expertise ensures that you pursue an issue strategy that is tailored precisely to your individual The Deutsche Börse Listing Partner status is awarded needs. Deutsche Börse Listing Partners provide sup- to independent services providers who have demon- port for companies before, during and after ﬂotation. strated the appropriate qualiﬁcation by proving their expertise and providing references. In the General Standard and Prime Standard, companies may decide whether or not to employ Companies can ﬁnd proﬁles of current Deutsche a Deutsche Börse Listing Partner ®. In the Entry Börse Listing Partners on the Internet at Standard it is compulsory to mandate at least one www.deutsche-boerse.com > Listing > Listing Partner Deutsche Börse Listing Partner. Listed companies who have already made the leap on to the stock exchange can also rely on the exper- tise of specialist service providers when it comes to the multitude of requirements related to their public status. Professional communication enhances the proﬁle of listed companies among investors and in the media in the long term. Moreover, a number of subsequent statutory requirements must be met once a company is listed, and the expertise of specialist services providers can help ensure you achieve this. Deutsche Börse Listing Partners give aspiring IPO candidates and listed companies simple and clear access to selected capital market specialists from all areas of going and being public: 14 General Standard and Prime Standard Maximum Liquidity Deutsche Börse ensures high liquidity and a highly Designated Sponsors in Xetra efﬁcient market organization Shares in one of the selection indices of Deutsche With Xetra®, Deutsche Börse operates one of the Börse must be continuously tradable. The underlying world’s most powerful, fully integrated stock ex- criterion is the liquidity of the security. Designated change trading systems. Buy and sell orders are Sponsors secure higher liquidity by quoting binding matched in the central, electronic Xetra order book. prices for buying and selling the shares. The prob- National and international investors have access to ability that placed orders are executed increases con- the securities listed on Deutsche Börse via trading siderably. Based on the principle “liquidity attracts screens of more than 4,700 registered traders at liquidity”, actively supported shares are more popular around 248 participants in 18 countries, including with investors. all of the major banks and brokerage ﬁrms. All in all, over 9,000 equities, including numerous European, For more information please visit: eastern European, Asian and US blue chips, are trad- www.deutsche-boerse.com > Listing > Being Public able at any time. > Products and Services > Designated Sponsors High liquidity, i.e. the permanent opportunity to make a cost-effective equity purchase or sale, is not Xetra platform – pan-European network of 248 members in 18 only an advantage for investors taking investment countries decisions. It is also important for the fair valuation Sweden (3) of companies with respect to subsequent capital increases to ﬁnance their growth. Ireland (3) Companies have a number of opportunities to boost United Kingdom (41) the liquidity of their shares even when they go public Netherlands (18) or when their shares are admitted to trading. In Belgium (3) Germany (121) Luxembourg (2) principle, the higher the number of shares that are Czech Republic (2) France (12) freely tradable on the stock exchange, the higher the Austria (15) liquidity. This free ﬂoat can be managed in a targeted Switzerland (10) manner, i.e. by placing as many shares as possible Hungary (4) with the public as part of the initial issue or further Spain (4) Italy (5) capital measures. Greece (1) Gibraltar (2) Cyprus (1) Dubai (1) General Standard and Prime Standard 15 One-Stop Trading and Settlement for Your Shares Access to investors worldwide Your shares are in good hands with us Deutsche Börse organizes one of the most inter- Powerful stock exchanges need powerful settlement national equity markets – at optimum conditions organizations. Shares, bonds and funds with a value for companies, investors and trading participants. of over €10.8 trillion are held in the accounts at Securities are traded on two platforms: on the Clearstream International, a Deutsche Börse subsid- fully electronic Xetra® trading platform and in ﬂoor iary. Nowadays, most securities are no longer physi- trading. Both platforms offer efﬁcient trading and cally transported and held for safekeeping, but are maximum liquidity. Xetra gives companies access recorded as information in electronic storage media. to a global investor network. Over 70 percent of the Xetra trading volume originates from international Experience the IPO live: “Xetra start” investors outside of Germany; around 23 percent For many companies their IPO on the Frankfurt Stock of Xetra’s investor base comes from the US. Exchange is a high point in their history. Now you can also experience the stock market atmosphere at Speed, transparency and cost efﬁciency – the the initial price determination in broker-based ﬂoor decisive beneﬁts of Xetra trading during an IPO on Xetra. Using the new Xetra The system processes over 1.5 million orders per IPO visualization tool “Xetra start”, you can reach a day. In October 2008 it achieved the highest value broad global public on the stock market launch date. of 1.8 million trades. Due to automation the transac- The initial pricing for your shares will be broadcasted tion costs linked to orders are reduced significantly. worldwide on your website and that of Deutsche Börse. Xetra also allows users to access the order book, where bids and offers are displayed in real time for each tradable security. The “open order book” International investor base on Xetra (2008) makes the market completely transparent provid- ing all participants with the same fair conditions Switzerland 1% of trading. Other countries 3% Netherlands 5% France 15% 28% Germany The prices for over 300,000 securities are calculated in intermediary-based trading on the trading floor. Each security is supervised by a lead manager who USA 23% compares supply and demand in order to determine 25% United Kingdom the stock exchange price. The trading floor is also supported by computers: orders are sent electroni- cally directly from the bank to the stock exchange and thus straight into the lead managers’ order book via electronic order routing system Xontro. 16 General Standard and Prime Standard High Visibility on the Capital Market and Investor Attention – Deutsche Börse Indices Deutsche Börse calculates and disseminates more To provide a platform for visibility for all national and than 2,000 indices making it one of the world’s larg- international companies listed in Frankfurt, Deutsche est index providers. Our share prices, indices and cap- Börse calculates international indices with portfolios ital market data make trading activity transparent and of 100 national and international companies each. increase your company’s visibility among investors. DAX® International 100 contains the 100 most liquid national and international shares from the Prime An IPO means that companies gain a new client Standard, General Standard and Entry Standard. group: investors. In general, these clients have a Index inclusion depends on the shares’ liquidity. virtually indiscernible number of global investments DAX® International Mid 100 contains the 100 next at their ﬁngertips. This is why it is all the more im- most liquid national and international stocks from portant that companies make a name for themselves, the Prime Standard, General Standard and Entry achieve a visible positioning on the capital market Standard immediately following those included in and, as a result, attract investor attention. Indices the DAX International 100. Companies are admitted rank among the main instruments used to give com- to the index independent of their country of origin. panies visibility on the capital market. As a result, the indices offered by Deutsche Börse are tailored All Share indices to the needs of investors. In addition to the selection indices, Deutsche Börse – Market Data & Analytics offers a range of all share Selection indices indices. Unlike the selection indices, these indices DAX®, MDAX®, TecDAX® and SDAX® are Deutsche are more comprehensively designed and are tailored Börse’s selection indices and are based exclusively in particular to the needs of investment companies on companies in the Prime Standard. Companies can that want to use them to measure the investment only be admitted to these indices if they meet the performance of their portfolios against the perfor- additional transparency requirements of the Prime mance of the market as a whole or its individual Standard and are traded on a continuous basis. sectors. Thus, all share indices provide benchmarks for portfolio valuation. These indices include, for GEX®, the German Entrepreneurial Index, comprises example, Prime All Share, Technology All Share®, all German small to medium-sized enterprises (SME) General All Share, Entry All Share and CDAX®, which listed in the Prime Standard segment of FWB® Frank- contains all German stocks of the Prime Standard furter Wertpapierbörse, the Frankfurt Stock Exchange. and General Standard. GEX is thus the new indicator for the stock-market performance of small and medium-sized enterprises Sector indices and adds to the existing indices of the DAX family. Deutsche Börse calculates sector indices for the Prime Standard segment as well as for a larger rep- The RX REIT Index® comprises all REITs from the resentative portfolio comprising all companies listed REIT segment of Deutsche Börse which are listed in in the Prime Standard, General Standard and Entry the Prime Standard. The high transparency standards Standard. that need to be met in order to be listed in the Prime Standard provide a necessary prerequisite for the Sector indices differentiate the listed companies and inclusion in the RX REIT Index. Moreover, Deutsche track the development of the individual sectors. The Börse calculates the General Standard Index for the advantages: investors can make investment decisions General Standard and the Entry Standard Index for in a more selective manner; companies beneﬁt from the Entry Standard. the depiction of their respective peer group. General Standard and Prime Standard 17 Selection and sector indices by transparency level Prime Standard DAX® SDAX® DAXsupersector DAX International 100 MDAX® GEX® DAXsector DAX International Mid 100 TecDAX® RX REIT Index® DAXsubsector DAXsector All DAXsubsector All General Standard General Standard Index Entry Standard Entry Standard Index For the Prime Standard, as well as for a larger port- Deutsche Börse calculates the sector indices DAX- folio, 18 sector indices and 63 subsector indices are subsector, DAXsector und DAXsupersector based on provided. In addition, nine supersector indices are the companies in the Prime Standard. The all share calculated for the Prime Standard segment. indices DAXsubsector All and DAXsector All take into account all securities in the Prime Standard, General Sector assignment is dependent upon a company’s Standard and Entry Standard. primary sales focus. Where, in individual cases, a shift in the sales focus has occurred, the respective company can be removed from its present sector and included in another one on the next chaining day. Sector indices by transparency level 9 Supersectors DAXsupersector 18 Sectors DAXsector DAXsector All 63 Subsectors DAXsubsector DAXsubsector All Prime Standard Prime Standard General Standard Entry Standard 18 General Standard and Prime Standard Mapping Your Way to an IPO Deutsche Börse can help you make your IPO one of the key milestones in your company’s history. An IPO covers the following steps: Phase 1: Planning and preparation Phase 3: Realization and marketing Initial consultation with Deutsche Börse Prepare IR activities (establish an IR department; draft a Form an IPO team within the company catalogue of IR procedures) Recruit advisors (e.g. Deutsche Börse Listing Partner ®) Publish EU prospectus Choose the right syndicate bank Allocate research coverage Create legal prerequisites within the company File application for admission Brief analysts Contact investors Phase 2: Structuring Phase 4: Price determination - secondary market Set up of a time plan Price determination and delivery process Create business plan and IPO strategy First price determination (fully electronic price determination on Due diligence for key business areas Xetra® or price determination with the help of market makers) Prepare EU prospectus Structure of the ﬁrst trading day by Deutsche Börse with media presence on the ﬂ oor of the Frankfurt Stock Exchange Continuous trading on Xetra electronic trading system General Standard and Prime Standard 19 AIXTRON “ Aixtron has been listed on the Frankfurt Stock Exchange since 1997. Good liquidity in Frankfurt makes sure that Aixtron is attractive for investors worldwide. The IPO made possible fast growth to become what we are today: the worldwide leading provider of deposition equipment for the semiconductor industry e. g. the production of LEDs solar cells or data storage chips.” Wolfgang Breme, Executive Vice President and CFO AIXTRON AG is a leading provider of deposition Company name AIXTRON equipment to the semiconductor industry. The Com- Sector Technology, pany’s technology solutions are used by a diverse Semiconductor range of customers worldwide to build advanced Country Germany components for electronic and opto-electronic ap- Index member of CDAX, HDAX, TecDAX, plications based on compound, silicon, or organic Prime All Share, semiconductor materials. Such components are used Technology All Share in ﬁber optic communication systems, wireless and Admission Date November 6, 1997 mobile telephony applications, optical and electronic storage devices, computing, signalling and lighting, as well as a range of other leading-edge technolo- gies. Founded in 1983, the Company is headquar- tered in Aachen, Germany. AIXTRON AG’s securities are listed on the Prime Standard market segment of the Frankfurt Stock Exchange and on Nasdaq, and are included in the TecDAX index and the MSCI World Small Cap Index. Further information about AIXTRON on the internet at www.aixtron.com. 20 General Standard and Prime Standard Deutsche Börse Capital Market Services: Added Value for Companies Deutsche Börse offers a comprehensive range of Investor Guide services to aspiring IPO candidates and listed com- This gives you access to a compendium of around panies. These include, for example: 2,200 addresses and contact data of institutional investors and asset managers from 31 countries. IPO Test The investor data can be sorted to meet customized To ﬁnd out if you are ready to go public, try the IPO requirements and is updated on an ongoing basis. test on our website: www.deutsche-boerse.com > www.deutsche-boerse.com > Listing > Being Public Listing > Going Public > I-POint > IPO Test > Products and Services > Investor Guide Xetra start live Investor Guide Online The visualization tool “Xetra start” allows you to ex- Deutsche Börse’s investor search engine helps you perience live the ﬁrst price ﬁxing on the trading ﬂoor to analyze your shareholder structure at the national when going public. With Xetra start you will reach a and international level and to identify new investors broad audience worldwide on the day of your IPO. worldwide. As a result, it is a key analysis instrument for your daily investor relations work. Companies stocks & standards Workshops in the Entry Standard, General Standard and Prime This series of Deutsche Börse workshops gives par- Standard can access the Investor Guide Online free ticipants an opportunity to gain information on topi- of charge via our website at: cal issues, to discuss these issues with competent www.deutsche-boerse.com > Listing > Being Public and experienced speakers and to exchange views > Products and Services > Investor Guide Online with other market participants. Listing Center German Equity Forum The Internet portal provides you with an overview Investors from Germany and abroad use Europe’s of current stock exchange issues, dates and statistics largest information and networking platform on at www.deutsche-boerse.com > Listing equity financing to meet companies that want to increase their capital basis. The companies present Deutsche Börse publications their business models, products and perspectives. Obtain regular information and subscribe free of Market participants can also discuss current capital charge to the publication of your choice: market issues in workshops. Information on the most current event can be found at: Issuers Guide: comprehensive manual on going www.eigenkapitalforum.com and being public vision+money 1585: client magazine for current Deutsche Börse Spotlights capital market issues This sector-speciﬁc series of events for listed com- facts & ﬁgures: monthly statistics on market panies, IPO candidates and institutional investors segments focuses on high-tech engineering, software & IT Circulars: ofﬁcial notiﬁcations from Deutsche and life sciences sectors. Börse containing information on listing changes or amendments to the Rules and Regulations General Standard and Prime Standard 21 Being Public Checklist Investor Relations Online Organizer A stock exchange listing places high demands on Small and medium-sized listed companies are pro- your corporate communications: depending on the vided with the online tool to support the planning market access chosen, General Standard or Prime of legal obligations and investor relations activities. Standard, you must, for example, fulﬁll disclosure The tool is available only in German. obligations which vary in intensity. You need to www.deutsche-boerse.com > Listing > Being Public know what must be communicated when and how > Produkte und Services > Investor Relations On- to whom. Our Being Public Checklist supports you line Jahresplanung in these efforts. See our website: www.deutsche-boerse.com > Listing > Being Public Your contact at Deutsche Börse > Products and Services > Being Public Checklist Issuer & Investor Markets Telephone +49-(0) 69-2 11-1 88 88 Price Chart Integration E-mail email@example.com A special Investor Relations tool is available to com- panies listed on the Frankfurt Stock Exchange: A link enables companies to integrate a price chart of their share on their own website, free of charge. www.deutsche-boerse.com > Listing > Being Public > Products and Services > Price Chart Integration Exchange Reporting System (ERS) The Exchange Reporting System (ERS) supports issuers of Prime Standard in view of the fulﬁllment of their reporting duties, e.g., the transmission of Annual Financial Reports, Quarterly Financial Reports and ﬁnancial calendars to Deutsche Börse. In parallel, the data is disclosed through the website of Deutsche Börse and made available at very short notice to international investors. www.deutsche-boerse.com > Listing > Being Public > Products and Services > ERS My X-Mobile Follow the market trend of companies and peer groups easily and comfortably with your mobile phone or PDA. This way you are always up to date: about your own company, your customers as well as the market environment. More information about this service you will ﬁnd on our website: www.deutsche-boerse.com > Listing > Being Public > Products and Services > My X-Mobile 22 General Standard and Prime Standard Deutsche Börse Group Deutsche Börse is one of the most innovative, and Clearstream at the same time one of the most established stock This Deutsche Börse subsidiary is Europe’s leading exchange organizations. It was formed back in the organization for custody, clearing and settlement 16th century as a regional marketplace with ﬁxed services. exchange rates; today, it is a transaction services provider that uses state-of-the-art technology to Deutsche Börse Systems and Clearstream Services give companies and investors access to the global These Deutsche Börse’s subsidiaries develop, set up markets. and operate the company’s technical infrastructure – and the infrastructure of 15 other stock exchanges Deutsche Börse Group is the only fully integrated worldwide. stock exchange organization in the world. It offers its clients one-stop access to all relevant services and systems: Cash market Deutsche Börse’s cash market comprises two plat- forms: ﬂoor trading and Xetra®. Equities and bonds, for example, are traded on these platforms. The Xetra electronic trading system is a synonym for the automation of securities trading and stands for speed, transparency and cost efﬁciency. Derivatives market With over 2,1 billion traded derivatives contracts in 2008 and a market share of over 90 percent for individual products, Eurex, a subsidiary of Deutsche Börse and SWX Swiss Exchange is the world’s larg- est market for the trading and clearing of futures and options on equities and equity indices. Indices DAX®, MDAX®, SDAX®, TecDAX®, GEX® and other indices make listed companies more visible for investors. 2 General Standard and Prime Standard Published by Registered trademarks Deutsche Börse AG CDAX®, Classic All Share®, DAX®, 60485 Frankfurt /Main DAX® International 100 , DAX® In- Germany ternational Mid100, Deutsche Börse www.deutsche-boerse.com Listing Partner ®, FWB® Frankfurter Wertpapierbörse, GEX®, MDAX®, February 2009 RX REIT Index®, SDAX®, TecDAX®, Order number 1110-2780 Technology All Share® and Xetra® are registered trademarks of Deutsche Börse AG. Disclaimer This brochure is published for informa- tion purposes only. The publisher as- sumes no liability for its accuracy and completeness. No liability is assumed by the publisher for the use of informa- tion contained in this brochure relating to stock exchange listing, admission to trading and subsequent ongoing requirements. Information contained in this brochure is of no legal signiﬁcance whatsoever. Only the relevant legal and exchange regulations are legally binding.