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Eastern Europe’s issuers are beginning to see the potential of the Frankfurt Stock Exchange (FSE) as a listing platform due to the successful efforts of Deutsche Boerse and its listing partners to promote the stock exchange in the CIS countries during the last year.

Previously, the FSE was simply not on the radar of Russian and Ukrainian companies – unlike London, which has heavily promoted its exchange for years. Today, Russian and Ukrainian issuers have more information to compare listing costs and opportunities. The listings of CIS companies on the FSE are treated as priority, both by Deutsche Boerse and the listing partners. Russian and Ukrainian issuers sense the opportunities in being ‘first in Frankfurt’ rather than ‘last in London’.

Listing standards at FSE

Currently, there are three different market segments in Germany – official market (Amtlicher Markt), regulated market (Geregelter Markt) and open market (Freiverkehr). The FSE offers two options for access to the capital markets, either through the European Union (EU) regulated markets Amtlicher Markt or Geregelter Markt (with two transparency levels: general standard and prime standard), or through the Freiverkehr (with additional transparency requirements for the entry standard). While the requirements for listings in the EU-regulated markets are mainly harmonised by European directives and regulations, the European stock exchanges are more flexible in structuring special sub-segments within their unregulated market segment (e.g. entry standard and the Alternative Investment Market [AIM]).

The general standard is subject to EU minimum disclosure requirements; it provides companies with a cost-efficient listing option within the strict EU regulatory regime.

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