Main securities markets/exchanges
Equity. The German security markets are divided into:
- Regulated markets, largely regulated by EU law.
- Regulated unofficial markets, governed by the stock exchanges’ regulations.
In total there are eight stock exchanges in Germany. The Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) is by far the largest and most frequented stock exchange, with a turnover share of approximately 90%, while the regional stock exchanges (Stuttgart, Hamburg, Hannover, Düsseldorf, Munich, and Berlin (Tradegate Exchange)) play a minor role. The Frankfurt Stock Exchange, as the main stock exchange, comprises a regulated market and a regulated unofficial market (Freiverkehr). The regulated market of the Frankfurt Stock Exchange is divided into the following segments:
- Prime Standard. The Prime Standard imposes the highest demands on potential issuers. In return, it offers access to a broad international audience of investors.
- General Standard. In principle, the General Standard offers a more cost-effective listing, as only the legal requirements are reflected in the admission requirements. Mainly national investors (medium-sized and larger companies) invest in the General Standard.
The regulated unofficial market is divided into the following segments:
- Scale. Although the inclusion requirements for Scale are less stringent than for the regulated market, the Scale segment is a segment with additional inclusion and post-listing requirements within the regulated unofficial market. Scale is particularly attractive for small and medium-sized companies (SMEs) and is a registered EU SME growth market.
- Basic Board. While an IPO or technical listing on the Basic Board is not possible, this segment offers issuers in the scale segment that do not fulfil the inclusion follow-up obligations the opportunity to maintain their primary listing on the Frankfurt Stock Exchange with even fewer follow-up obligations. This makes it uniquely positioned for smaller companies to maintain cost-effective access to the capital market.
- Quotation Board. The Quotation Board can include securities that are not admitted or included for trading to the regulated market of the Frankfurt Stock Exchange, such as shares of companies that are already listed on another domestic or foreign stock exchange recognised by Deutsche Börse AG (a private company that handles the applications for admission to trading on the regulated unofficial market of the Frankfurt Stock Exchange), bonds, funds, profit participation certificates, and warrants. The Quotation Board gives companies the opportunity to broaden their securities offering. The range of companies included spans from smaller entities to the largest international corporations.
- D-Shares. China-based companies can list their shares on the CEINEX market on the Frankfurt Stock Exchange as D-Shares (shares issued by Chinese companies listed in Frankfurt). The issuance of D-Shares is subject to prior approval of the China Securities Regulatory Commission (CSRC), and the prospectus must be approved by the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) (BaFin).
- REITs. All shares of Real Estate Investment Trusts (REITs) that are admitted to trading on the regulated market or that are included in the Quotation Board are eligible to participate in the REITs segment. REITs are:
Only a small proportion of Prime Standard listings consists of foreign companies (27 out of 281). On the General Standard and Scale, the proportion of foreign companies is also rather low (seven out of 102 and three out of 40, respectively, as at 27 March 2026).
Debt. A listing on a stock exchange is typical for larger offerings, to ensure a liquid secondary market. There are two options for the listing:
- An admission to a regulated market.
- A listing in a regulated unofficial market (Freiverkehr) regulated by the relevant stock exchange.
For admissions to the regulated market, the Luxembourg Euro Multilateral Trading Facility (Euro MTF) market is highly dominant. Admission to the Euronext Dublin is also widespread, especially for high-yield bonds.
In Germany, the most prominent regulated unofficial markets for the listing of bonds are:
The Frankfurt Stock Exchange has also created a special Green Bonds segment, which can include (but is not limited to) European Green Bonds (EuGB). This segment bundles all bonds admitted to trading on the Frankfurt Stock Exchange that meet the rules for green bonds set out by the International Capital Market Association (ICMA). This segment is intended to simplify the search for investors interested in environmentally conscious investments.
For further information on capital markets deals in Germany, see Practice Note, Top Tips for Doing Capital Markets Deals (Germany). For further information on the MiFID II Directive (2014/65/EU), see Practice Note, A Guide to Practical Law Financial Services’ MiFID II Materials.
Market activity and deals
Equity. While only four IPOs were recorded on the Frankfurt Stock Exchange in 2024 and only three IPOs were recorded in 2025, 2026 offers a promising outlook already with three IPOs at the present time. The restraint in IPO and market activity during 2024 and 2025 was characterised by low market activity due to still above-target inflation and the lagged effects of the preceding interest cycle. Persistent economic and geopolitical uncertainties (including the ongoing conflict between Russia and Ukraine, the US tariff policy from April 2025, and domestic political instability following the collapse of the federal government in November 2024) continued to create difficult market conditions and deterred companies from pursuing IPOs. More cautious and selective investors, and a growing preference among issuers for dual-track processes, further suppressed IPO activity, despite a well-filled pipeline of companies seeking to raise equity capital. While companies listed on the German stock index Deutsche Aktienindex (DAX) benefited from an escape of capital into highly liquid titles and the DAX surpassed its all-time high in 2024 and again in 2025 (surpassing 25,000 points for the first time), the small-cap segment was particularly affected by the difficult conditions and underperformed.
Debt. Overall, 2025 was a stabilising but still challenging year for corporate bonds in terms of issuance volume, which experienced a decline. While the European Central Bank (ECB) continued its easing cycle and cut interest rates from 3.0% to 2.0% in the first half of 2025, its decision to halt interest rates in the second half of the year continued to weigh on market sentiment. The debt market was also influenced by the near stagnation of the German economy (GDP growth of only +0.2%), a spike in volatility across both investment grade and high-yield markets following the announcement of US tariffs, and persistent geopolitical uncertainties.
Although energy prices declined in 2025, Germany’s industrial sector continued to face significant headwinds. The impact of US tariffs on key export markets, a strengthened Euro that eroded export competitiveness, and intensifying competition from China, led to weak economic sentiment and elevated uncertainty resulting in reservations towards debt financing projects for both investors and companies alike. Particularly for mid-market and leveraged borrowers, loans offered by direct lenders with a comparably lower cost burden remained a significant alternative in the German corporate financing landscape.
While the distressed German real estate sector materially affected demand on the debt market in 2024, it showed signs of relief and a stabilising demand for debt financing products in 2025, following lower interest rates and a gradual increase in building permits.