Open market

(1) For securities that are neither admitted to trading in the regulated market nor included in trading in the regulated market, the exchange may permit the exchange operator to operate an open market, where an orderly conduct of trading and transaction settlement appears ensured through trading rules and conditions of business of the exchange operator approved by the Management. The trading rules govern the conduct of trading. The conditions of business govern participation in trading and the inclusion of securities in trading. Issuers whose securities have been included in the open market without their consent may not be required, through the conditions of business, to publish information relating to those securities.
(2) The exchange supervisory authority may prohibit trading in the open market where orderly trading for the securities no longer appears ensured.
(3) The operation of an open market requires the written licence of the exchange supervisory authority. The open market is deemed a multilateral trading facility. The exchange operator submits to the exchange supervisory authority a detailed description of the functioning of the trading system, including any connections to another multilateral or organised trading facility or a systematic internaliser in its ownership, together with a list of trading participants. The exchange supervisory authority makes this information available to BaFin and, on its request, to the European Securities and Markets Authority, and notifies them of every grant of a licence for an open market. The provisions of this Act, with the exception of sections 27 to 43, apply accordingly to the operation of the open market, without prejudice to subsections (4) and (5).
(4) The exchange operator must ensure that the open market has at least three active trading participants, each of which is able to interact with all other trading participants for the purposes of price formation.
(5) The exchange operator may require from an issuer the transmission of reference data relating to its financial instruments, insofar as necessary to satisfy the requirements arising from Article 4 of Regulation (EU) No 596/2014.