Basically, there are two stock exchange segments in Germany: the Regulated Market (EU-regulated) and the Open Market (exchange-regulated).
The Regulated Market is a legally regulated segment that is subject to higher regulatory requirements regarding transparency and disclosure rules.
The Open Market, on the other hand, is regulated by the stock exchanges and is subject to far lower requirements while offering full trading functionality. The Open Market can therefore be seen as an entry-level and medium-sized enterprise platform and enables smaller and medium-sized companies in particular to list on the stock exchange more quickly and easily.
In addition to the two market segments of Regulated Market and Open Market, the stock exchanges maintain their own quality segments at the Open Market level, which are structured differently in terms of entry thresholds, requirements, and advantages.
At the Open Market level in Germany, the Frankfurt Stock Exchange only recognizes the Primary Market of the Düsseldorf Stock Exchange and m:access of the Munich Stock Exchange as trading venues. For this reason, further details focus on these stock exchanges.