top of page
kronsteyn header 6

 Legal Advice on German Stock Exchange Law 

Legal Excellence

Stock exchange law is probably the most traditional area of law within capital market law. In Germany, or rather in what was then Prussia, the first stock exchange law provisions were already in place at the beginning of the 19th century for the Berlin Stock Exchange, which regulated the organisation, trading and access to stock exchange assemblies. Since then, stock exchange law has developed continuously and no longer only covers exchange trading, but also trading at the stock exchange (Freiverkehr) and trading on multilateral trading facilities (MTFs) and organised trading facilities (OTFs).

Furthermore, the stock exchange law no longer only extends to the German Stock Exchange Act (BörsG), but also to a number of other laws such as the German Securities Trading Act (WpHG), the German Securities Acquisition and Takeover Act (WpÜG), the EU Market Abuse Regulation (MAR), the EU Prospectus Regulation and the German Securities Prospectus Act (WpPG). Stock exchange law is also shaped by a large number of legal ordinances and regulatory guidelines.

Germany is characterised by different trading structures and trading models, each of which addresses specific target groups and thus enriches the German trading landscape in its own way. There are markets for balancing both large and small trading interests and markets with specific product focuses (equities, derivatives, certificates, currencies, emission allowances, energy, etc.).

​Kronsteyn has proven expertise in German and international stock exchange law. The firm provides legal advice on projects in the trading and post-trading segments.

Publications Relating to German Stock Exchange Law

Müller-Lankow, Disruptions in securities transactions and their regulation under CSDR, SSR, stock exchange law, ICMA and BGB (German: Leistungsstörungen bei Wertpapiergeschäften und deren Regulierung nach CSDR, SSR, Börsenrecht, ICMA und BGB), in: Wertpapier-Mitteilungen (WM) 2024, pp. 1641-1649. Müller-Lankow, Market-making in the scope of collective asset management – a paradox? – At the same time comment on the judgement of the VGH Kassel of 21.11.2023 - 6 A 1658/18 (German: Market-Making im Rahmen der kollektiven Vermögensverwaltung – Ein Widerspruch? – Zugleich Anmerkung zum Urteil des VGH Kassel v. 21.11.2023 – 6 A 1658/18), in: Zeitschrift für Bank- und Kapitalmarktrecht (BKR) 2024, pp. 601-607. Müller-Lankow, How the regulation of settlement delays is putting securities trading to the test (German: Wie die Regulierung von Lieferverzögerungen den Wertpapierhandel auf die Probe stellt), in: Zeitschrift für Bank- und Kapitalmarktrecht (BKR) 2024, pp. 567-568. Müller-Lankow/Liebscher, Legal differences between e-money and asset-backed tokens (German: Rechtliche Unterschiede zwischen E-Geld- und vermögenswertereferenzierten Token), in: Wertpapier-Mitteilungen (WM) 2024, pp. 1152-1160. Kumpan/Müller-Lankow, Commentary on § 26b (Tick size) and 26c (Market making systems) of the German Stock Exchange Act (BörsG), in: Eberhard Schwark / Daniel Zimmer (eds.), Kapitalmarktrechts-Kommentar, 5th ed., München (C.H. Beck) 2020. Kumpan/Müller-Lankow, The Multilateral Single-dealer System – An Oxymoron under MiFID II?, in: Journal of International Banking Law and Regulation 34 (2019), issue 9, pp. 301-310. Müller-Lankow, Market-making: A regulatory analysis of market-making in multilateral and bilateral systems (German: Market-Making: Eine aufsichtsrechtliche Analyse des Market-Makings im Rahmen multilateraler und bilateraler Systeme), Baden-Baden (Nomos) 2018. Müller-Lankow, Differentiation between proprietary trading by market makers and proprietary trading by other liquidity providers (German: Abgrenzung des Eigenhandels durch Market-Maker vom Eigengeschäft durch sonstige Liquiditätsgeber), in: Wertpapier-Mitteilungen (WM) 2017, pp. 2335-2345. Kumpan/Müller-Lankow, Single-market maker systems in the new capital market regulation – differentiation between multilateral and bilateral systems (German: Ein-Market-Maker-Systeme in der neuen Kapitalmarktregulierung – Abgrenzung zwischen multilateralen und bilateralen Systemen) (together with Prof Dr Christoph Kumpan), in: Wertpapier-Mitteilungen (WM) 2017, pp. 1777-1786.

Legal Services

The law firm Kronsteyn advises providers of market infrastructure on German stock exchange law. The range of services includes

​

  • Preparation of statements and legal opinions on complex legal issues in the trading and post-trading area

  • Drafting of regulations and general terms and conditions for trading

  • Drafting contracts for the organisation of trading and post-trading structures (e.g. outsourcing and cooperation agreements)

bottom of page