Exchange Rules

boerse.stuttgart.de

Exchange Rules

Baden-Württembergische Wertpapierbörse

(Stuttgart Stock Exchange) 1 January 2014

Exchange Rules Page - 2 -

PART 4: ACCESS TO THE EXCHANGE AND TO PARTICIPATION IN EXCHANGE TRADING ......11

SUB-PART 1: ADMISSION FOR PARTICIPATION IN EXCHANGE TRADING AND ACCESS TO THE

EXCHANGE ......................................................................................................................................12

SECTION 12 APPLICATION FOR ADMISSION ...................................................................................................... 12

SECTION 13 ADMISSION TO EXCHANGE TRADING AS AN ENTERPRISE .............................................................. 12

SECTION 14 ADMISSION TO EXCHANGE TRADING AS AN EXCHANGE TRADER .................................................. 14

SECTION 15 ACCESS TO THE EXCHANGE; VISITORS ......................................................................................... 14

SECTION 16 EVIDENCE OF THE CONDITIONS FOR ADMISSION AND PARTICIPATION ........................................... 14

SUB-PART 2: COLLATERAL ...............................................................................................................15

SECTION 17 COLLATERAL ................................................................................................................................ 15

SUB-PART 3: WAIVER, WITHDRAWAL, REVOCATION AND SUSPENSION OF ADMISSION .......16

SECTION 18 WAIVER, WITHDRAWAL, REVOCATION AND SUSPENSION OF ADMISSION ...................................... 16

PART 5: ADMISSION, LISTING AND INCLUSION OF SECURITIES .................................................17

SUB-PART 1: ADMISSION OF SECURITIES TO TRADING IN THE REGULATED MARKET AND

THEIR LISTING.................................................................................................................................17

SECTION 19 APPLICATION FOR ADMISSION ...................................................................................................... 17

SECTION 20 DATA COLLECTION BY THE BOARD OF MANAGEMENT ................................................................... 17

SECTION 21 FOLLOW-UP OBLIGATIONS ............................................................................................................ 17

SECTION 22 REVOCATION OF ADMISSION UPON APPLICATION ......................................................................... 18

SECTION 23 EX OFFICIO WITHDRAWAL OR REVOCATION OF ADMISSION .......................................................... 18

SECTION 24 LISTING OF SECURITIES ................................................................................................................ 19

SUB-PART 2: INCLUSION OF SECURITIES INTO THE REGULATED MARKET .............................19

SECTION 25 INCLUSION OF SECURITIES INTO THE REGULATED MARKET .......................................................... 19

SECTION 26 APPLICATION FOR INCLUSION ....................................................................................................... 20

SECTION 27 APPLICANT'S DUTIES; LAPSE OF THE APPLICANT'S ADMISSION TO EXCHANGE TRADING .............. 20

SECTION 28 REVOCATION OF INCLUSION UPON APPLICATION .......................................................................... 21

SECTION 29 EX OFFICIO WITHDRAWAL OR REVOCATION OF INCLUSION .......................................................... 21

PART 6: DISCONTINUATION, SUSPENSION AND INTERRUPTION OF TRADING.........................21

SECTION 30 DISCONTINUATION, SUSPENSION AND INTERRUPTION OF TRADING .............................................. 21

CHAPTER II: EXCHANGE TRADING AND EXCHANGE PRICE DETERMINATION .........................22

SECTION 31 ELECTRONIC TRADING .................................................................................................................. 22

SECTION 32 TRADING HOURS FOR SECURITIES ............................................................................................... 22

SECTION 33 QUALITY LIQUIDITY PROVIDER (QLP) ........................................................................................... 22

SECTION 34 REFERENCE MARKETS ................................................................................................................. 23

SECTION 35 DETERMINATION OF EXCHANGE PRICES AND TYPE OF QUOTATION .............................................. 24

SECTION 36 LIMIT CONTROL ............................................................................................................................ 25

SECTION 37 AUCTION SEQUENCE .................................................................................................................... 25

SECTION 38 PUBLICATION OF PRICE ESTIMATES .............................................................................................. 25

SECTION 39 ADDENDA AND SYMBOLS IN CONNECTION WITH PRICE DETERMINATION ...................................... 25

SECTION 40 PUBLICATION OF EXCHANGE PRICES AND THEIR TRADING VOLUMES ........................................... 27

SECTION 41 DOCUMENTATION OF PRICES AND USE OF DATA .......................................................................... 27

SECTION 42 SANCTIONS .................................................................................................................................. 28

SECTION 43 MEASURES TO ENSURE ORDERLY TRADING ................................................................................. 28

SECTION 43A ORDER-TO-TRADE RATIO ............................................................................................................ 28

SECTION 43B EXCESSIVE USAGE FEE .............................................................................................................. 29

SECTION 43C IDENTIFICATION OF ALGORITHMIC ORDERS AND TRADING ALGORITHMS ....................................... 29

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