Bond market is the third largest in the world
Germany operates a flourishing money market and stock exchange. Her bond
market is the third largest in the world, after New York and London, and her
stock market is the fourth, after New York, London and Tokyo. There are nine
German stock exchanges, although they are all linked to the Frankfurt
exchange, the centre of the German money market and the seat of the various
organs that ensure the smooth control and completion of transactions.
Companies seeking a quote on the German stock market do so through a so-
called listing partner. All the major banks and most of the larger accountancy
and legal practices have been granted recognition as listing partners. Basically,
a quote is available to any company with shares open to public trading. Trading
is on the regulated and unregulated (or open) markets.
Issuers on the regulated
market are required to meet either the general or the prime standard of
transparency and governance. The two standards are not dissimilar, though the
prime standard sets additional reporting requirements. The minimum equity
capital for both is €1.25m.