Admission to the exchange

(1) Admission by the Management is required to visit the exchange, to participate in exchange trading, and for persons who are to be entitled to trade at the exchange on behalf of an undertaking admitted to participate in exchange trading (exchange traders).
(2) Only a person who, on a commercial basis and in respect of objects tradeable in exchange form,
1. carries on the acquisition and disposal for their own account, or
2. carries on the acquisition and disposal in their own name for the account of others, or
3. undertakes the brokering of contracts for acquisition and disposal, and whose commercial enterprise requires, by its nature and scope, a business run in a commercially organised manner, may be admitted to participate in exchange trading.
(3) The Exchange Rules govern the admission of persons without the right to participate in trading.
(3a) Direct electronic access may be granted only where the Exchange Rules lay down appropriate standards for risk controls and thresholds for trading through that access. The Exchange Rules must contain provisions on the identification of orders and transactions concluded by a person through direct electronic access. The Exchange Rules must also provide for the possibility that direct electronic access can be suspended or terminated at any time in the event of infringements of the corresponding provisions of the Exchange Rules.
(4) Admission of an undertaking to participate in exchange trading under subsection (2), first sentence must be granted where
1. in the case of undertakings run in the legal form of a sole trader, the proprietor, and in the case of other undertakings, the persons entrusted by law, articles of association or partnership agreement with conducting the business of the undertaking and authorised to represent it, are reliable, and at least one of those persons has the professional suitability required for exchange-based securities or commodity business;
2. the orderly settlement of the transactions concluded at the exchange is ensured;
3. the undertaking demonstrates own funds of at least EUR 50,000, unless it is a credit institution, a financial services institution, a securities institution, or an undertaking active under section 53(1), first sentence or section 53b(1), first sentence of the Banking Act, authorised to conduct the financial commission business within the meaning of section 1(1), second sentence, no. 4, or to provide a financial service within the meaning of section 1(1a), second sentence, nos. 1 to 4 of the Banking Act; own funds are deemed to be the paid-in capital and the reserves after deduction of withdrawals by the proprietor or the personally liable partners and of the credits granted to them, as well as any debt overhang in the free assets of the proprietor;
4. in the case of the undertaking obliged under no. 3 to demonstrate own funds, no facts exist justifying the assumption that, having regard to the own funds demonstrated, it does not have the economic capacity required for orderly participation in exchange trading. The Exchange Rules may provide that, for undertakings admitted to trading at a domestic exchange or at a regulated market within the meaning of section 2(5) of the Securities Trading Act having its seat abroad, admission takes place without demonstration of the conditions under the first sentence, nos. 1, 3 and 4, provided the admission requirements of the respective market are comparable to those. The Exchange Rules may provide that trading participants must satisfy further requirements for access to the exchange's trading systems.
(5) A person is to be admitted as an exchange trader who is reliable and has the required professional suitability.
(6) Professional suitability within the meaning of subsection (4), first sentence, no. 1 is regularly assumed where a vocational training is demonstrated that qualifies for exchange-based securities or commodity business. Professional suitability within the meaning of subsection (5) is assumed where the required professional knowledge and experience qualifying for trading at the exchange are demonstrated. Evidence of the required professional knowledge may in particular be provided by passing an examination before an exchange's examination board. The details of the requirements for the professional suitability of persons qualified for exchange trading, and the examination procedure, are governed by Admission Rules for exchange traders to be issued by the Exchange Council, which require the approval of the exchange supervisory authority.
(7) The Exchange Rules determine the details of how the conditions named in subsections (4) to (6) are to be demonstrated.
(8) Where a well-founded suspicion exists that one of the conditions named in subsections (2), (4) or (5) did not exist, or has subsequently ceased to exist, the Management may order the suspension of admission for a period of at most six months. Suspension of admission may also be ordered for the duration of default in payment of the fees fixed under section 17(1), nos. 1 and 2 or of the administrative fines imposed under section 22(2). The Management may further order the suspension of admission for a period of at most six months where a trading participant fails to comply with the order-to-transaction ratio within the meaning of section 26a; where a trading participant repeatedly fails to comply with the order-to-transaction ratio within the meaning of section 26a, the Management may revoke admission. The right of a person admitted under subsection (5) to conclude exchange transactions is suspended for the duration of the lapse of admission of the undertaking for which they conclude transactions at the exchange.
(9) The Management may, as against trading participants having their seat outside the Member States of the European Union or the other contracting states to the Agreement on the European Economic Area, order the suspension of admission for a period of at most six months, or revoke admission, where compliance with the reporting obligations under Article 26 of Regulation (EU) No 600/2014 in conjunction with section 22 of the Securities Trading Act, or the exchange of information for the purposes of monitoring the prohibitions of insider dealing or the prohibition of market manipulation, does not appear to be ensured with the bodies competent in that state. BaFin notifies the Management and the exchange supervisory authority of the facts material to an order or revocation under the first sentence.
(10) Where the Management of the exchange intends to grant trading participants in other states direct access to its trading system, it must notify this to the exchange supervisory authority and BaFin, insofar as it is the first grant of access to a trading participant in the state concerned.
(11) The Management of the exchange regularly transmits to the exchange supervisory authority a current list of the trading participants admitted to the exchange.