Submarket in securities trading, determines the extent of a listed company's publication obligations.

When shares are listed on the Frankfurt Stock Exchange, they can choose between the two statutory market segments Regulated Market and Open Market.

By selecting a market segment, a company decides which admission obligations it wishes to fulfill when going public and which post-admission obligations it wishes to fulfill after its listing. The choice essentially depends on which investors the company is targeting, its size, age and internal structures.

The Regulated Market is anchored in public law (Securities Trading Act - WpHG). Admission conditions and transparency requirements are set by the European legislator and guarantee all the advantages of a full stock exchange listing. The Regulated Unofficial Market in Frankfurt (Open Market) is a private law segment regulated by Deutsche Börse. This is where companies' shares are included in trading.

These two admission segments provide the legal underpinning for the Prime Standard, General Standard and Scale transparency standards, as required and regulated by the legislator in the German Securities Trading Act (WpHG).

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