Fees and charges

(1) The Fee Regulations may provide for the levying of fees and the reimbursement of expenses for 1. admission to participate in exchange trading and for participation in exchange trading, 2. admission to visit the exchange without the right to participate in trading, 3. the admission of financial instruments, other economic assets and rights to exchange trading, the inclusion of securities in exchange trading in the regulated market, and the revocation of admission and inclusion, 4. the listing of securities, 5. the examination of the printing arrangements of securities, and 6. the taking of the exchange trader examination.
(1a) The fee structures, including execution fees, ancillary fees and possible rebates, must be transparent and non-discriminatory. Fees must not create incentives to place, modify or cancel orders, or to execute transactions, in a way that contributes to disorderly trading conditions or to market abuse. In particular, rebates in respect of individual shares or share portfolios may be granted only in consideration for the assumption of market-making obligations.
(2) The Fee Regulations require the approval of the exchange supervisory authority. Approval is deemed granted where the Fee Regulations are not objected to by the exchange supervisory authority as against the exchange within six weeks of receipt by the exchange supervisory authority.
(3) Without prejudice to the fees levied under subsection (1), the exchange operator may charge separate remuneration. This also applies to services it provides for trading participants or third parties within the framework of exchange operations, as well as for the disclosure of pre-trade and post-trade data.
(4) Without prejudice to section 26a, the exchange must levy separate fees for excessive use of the exchange systems, in particular through a disproportionately high number of order entries, modifications and cancellations, unless the exchange operator already charges separate remuneration for this. The level of these fees or charges must be set so as effectively to counter excessive use within the meaning of the first sentence and the negative effects on system stability or market integrity connected with it.