Exchange Rules

(1) The Exchange Rules must ensure that the exchange is able to perform the tasks incumbent on it while doing justice to the interests of the public and of trading. They must contain provisions on 1. the exchange's line of business; 2. the organisation of the exchange; 3. the types of trading; 4. the publication of prices and quotations and the turnover underlying them; 5. a remuneration schedule for the activity of specialists.
(2) For securities exchanges, the Exchange Rules must additionally contain provisions on 1. the meaning of price supplements and indications, 2. ensuring the settlement of exchange transactions and the settlement systems available under section 21, 3. the identification, by trading participants, of orders generated through algorithmic trading within the meaning of section 80(2), first sentence of the Securities Trading Act, the marking of the trading algorithms used for that purpose in each case, and the identification of the persons who initiated those orders, and 4. ensuring the requirement that the exchange have at least three active trading participants, each of which must be able to interact with all other trading participants for the purposes of price formation.
(3) The Exchange Rules require the approval of the exchange supervisory authority. The exchange supervisory authority may require the inclusion of particular provisions in the Exchange Rules, where and insofar as necessary to fulfil the statutory tasks incumbent on the exchange or the exchange supervisory authority.