Listing

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Listing (also official note, quoted price, quoted price ; Switzerland : reading , English finance quotation ) is trading the determination and publication of market prices on a regulated market like the stock market . Colloquially, it is understood to mean the setting of each course.

General

The Stock Exchange Act (BörsG) does not have a uniform method of price determination , because it leaves this operational task to the regional stock exchange regulations , which are to be issued in accordance with Section 16 of the Stock Exchange Act. The BörsG speaks of exchange prices that are determined during trading hours on a stock exchange or in the open market ( Section 24 (1) of the BörsG). It requires that stock exchange prices come about properly and correspond to the real market situation of stock exchange trading (Section 24 (2) BörsG). According to Section 24 (3) of the BörsG, exchange prices and the underlying transactions must be made known to the trading participants in an easily accessible manner without delay and under reasonable commercial conditions.

species

There are different types of price determination in Germany, namely those on the single market ( floor exchange) and on the variable market, both together form the cash market . On the single market, small transactions take place per security , for which a single price is determined. On the variable market with higher sales per trading object , there are continuous price quotations. When the acceptance of orders on the single market has ended, that stock exchange price is determined as the single price quotation at which most sales can be made and the lowest overhangs remain. On the variable market, on the other hand, there are several stock exchange prices within one trading day for a specific trading object, depending on the turnover situation. They end with a closing price that is determined at the end of the official trading hours for securities with continuous listing.

Official course

There has been no official rate since the Fourth Financial Market Promotion Act of July 2002. Official means that stock exchanges in Germany are public-law institutions (an institution under public law ) and that the former stockbrokers had a public-law relationship with the stock exchange. The standard rate is now determined by lead brokers . You are no longer a trading broker according to § 93 HGB and mediate between buy and sell orders. The lead brokers determine the price quotation for the securities they manage on the basis of the securities orders placed on the stock exchange via the banks as a uniform price. The official quotation for foreign exchange was discontinued in December 1998 , so that there are no longer any official rates today.

Trading is a stock exchange segment on German stock exchanges that has consisted of the General Standard and Prime Standard segments since November 2007 . For the purpose of determining the course lead broker performs an order book ( Skontro ) in which all buy and sell orders, regardless of whether these orders a limit comprise or is not detected. The lead brokers require admission in accordance with Section 27 Paragraph 1 of the Stock Exchange Act. According to Section 27 Paragraph 1 of the Exchange Rules of the Frankfurt Stock Exchange (BörsO; Annex I), exchange prices in floor trading are determined by the lead brokers as a percentage of the nominal amount or in euros per unit. According to § 39 BörsO, the management of the exchange publishes the prices determined. The quotation of the spot rate is the standard rate. If buyers and sellers have specified unlimited orders or precisely this single rate (or a higher rate for buy orders / a lower rate for sell orders) in their orders, they have a legal right to execution at this rate. In the case of variable quotation, on the other hand, the price is determined several times during trading hours as soon as certain minimum orders allow a turnover. The clients have no legal claim to a certain variable rate .

publication

There are price quotes every trading day. They are only omitted in two exceptional situations:

The price quotations determined every trading day are published together with price additions in the media , in particular in the regional and national stock exchange gazettes . Stock exchange gazettes have the task of reaching the public as broadly as possible. For this reason, every stock exchange must appoint at least three domestic newspapers with supraregional circulation as announcement sheets.

See also

  • Listing , also known as listing status of the stock exchange registration
  • IPO , including listing of known
  • Delisting , also called deletion of listing
  • Listing

Individual evidence

  1. ↑ Wolfgang Gerke, Gerke Börsen Lexikon , 2002, p. 44
  2. ↑ Björn Lorenz / Petr Knobloch / Detlef Heinzel, Modernes Risk Management , 2002, p. 46