Designated Sponsor requirements

Designated Sponsor requirementMandatory precondition for Continuous Trading

Designated Sponsors for shares

For companies seeking admission to the Regulated Market with the associated high level of transparency, trading on Xetra® is very important. It grants them access to a wide circle of international investors and consequently higher visibility on the capital market. Continuous share trading on Xetra is moreover a condition precedent for admission to a Deutsche Börse selection index and at the same time is linked to sufficient liquidity. Thus the involvement of a Designated Sponsor as a guarantor for liquidity can pay off.

Measuring liquidity

Liquidity is measured on the basis of order book turnover and the Xetra Liquidity Measure (XLM). The XLM measures liquidity in the dimensions of width, depth and immediacy.

An equity is declared to be sufficiently liquid if on a daily average over the previous three months the following criteria are met:

  1. Xetra Liquidity Measure (XLM) <= 100 bp (1 basis point = 0.01%)
  2. Order book turnover >= €2.5 million

If one of the two criteria is not met, the share requires the involvement of at least one Designated Sponsor for admission to Xetra trading.

Issuers can consult the list “Liquidity category A” below to see whether a share is classified as having sufficient liquidity. Please note that the list is updated quarterly.

Designated Sponsors for ETFs and ETPs

In accordance with the conditions for participation in the segment, issuers of Exchange Traded Funds (ETFs) or Exchange Traded Products (ETPs) must engage the services of at least one Designated Sponsor for each of their products.

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