Exchange Rules

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Exchange Rules

Baden-Württembergische Wertpapierbörse

(Stuttgart Stock Exchange) 1 January 2014

Exchange Rules Page - 7 -

instruments and derivatives within the meaning of section 2 paragraphs (1), (1a) and (2) of the

German Securities Trading Act (Wertpapierhandelsgesetz, "WpHG"), as well as in all types of

means of payment, units of account and precious metals. Such trades and the determination of

exchange prices are effected via the electronic trading system operated by the Exchange.

(17) Unless prohibited by law, the Board of Management (Geschäftsführung) may permit the use of

Exchange facilities for business activities other than that specified in paragraph (1) above. Such

permissible use shall be communicated to the trading participants in a suitable manner.

Section 3 Administration Institution of the Exchange

Baden-Württembergische Wertpapierbörse GmbH is the administrating and operating institution of the

Exchange ("Administration Institution"). At the request of the Board of Management, the Administration

Institution shall make available to the Exchange all human, material and financial resources, as well as

the premises required for the appropriate continued development of Exchange trading.

Section 4 Exchange Supervisory Authority

The competent highest state authority of the State of Baden-Württemberg shall be responsible for

supervising the operations of the Exchange ("Exchange Supervisory Authority",

Börsenaufsichtsbehörde).

Part 3: Organisation

Sub-Part 1: Exchange Council

Section 5 Responsibilities of the Exchange Council

(1) The Exchange Council (Börsenrat) has the following responsibilities:

1. adoption of the Exchange Rules;

2. adoption of Conditions for Trading on the Exchange;

3. adoption of Fee Regulations for the Exchange;

4. adoption of a Regulation for the Admission of Exchange Traders to the Exchange;

5. adoption of the Trading Rules and Regulations for the Regulated Unofficial Market at the

Exchange;

6. adoption of Arbitration Rules;

(in each case adopted in the form of articles of association)

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