Regulated Unofficial Market
The Open Market is a certain term in the stock exchange system , which all securities comprising the not for trading in the regulated market are approved.
General
This means that the Regulated Unofficial Market is a sub-market on which, according to the legal definition of § 48 Stock Exchange Act, securities are traded that are not admitted to the regulated market. On the trading venues operated by Deutsche Börse AG , the Frankfurt Stock Exchange and the Xetra system, the open market is called the Open Market . A sub-segment of the open market is scale . The corresponding open market segment on the Munich Stock Exchange is called m: access , the analogue open market segment of the Düsseldorf Stock Exchange is called the primary market .
Commercial objects
In addition to German shares , foreign shares, bonds from German and foreign issuers as well as certificates and warrants are primarily traded on the open market. The open market is characterized by the following special features:
- the prices are determined by independent brokers ,
- The legal basis is the Regulated Unofficial Market Guidelines applicable on the individual exchanges ,
- the open market is not an organized market within the meaning of the Securities Trading Act ,
- the securities may not be admitted to the regulated market at the same time ,
- Companies listed on the open market are not listed companies within the meaning of stock corporation law .
The separate approvals mean that the Regulated Unofficial Market is a complementary market to the regulated market.
Credit institutions and shareholders' associations advise inexperienced private investors against over-the-counter securities, as these offer far less transparency and are less controlled than companies listed on the regulated market .
