Subscription rights trading

Subscription rights trading

Deutsche Börse Cash Market makes available its subscription rights trading service for securities on the Xetra® platform and for the Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange):

  • In the context of a capital increase, shareholders can sell subscription rights they have received both efficiently and at fair prices, or acquire additional subscription rights.
  • A subscription right is accorded to existing shareholders in a company in the event of a capital increase.
  • The shareholders can – within a subscription period defined by the Management Board (at least two weeks) – either exercise the subscription right or sell it through the exchange, should the company have envisaged this option.

 

Trading venue: Xetra®, Frankfurt Stock Exchange (FWB®)

On receipt of the issuer’s application, the management of the Frankfurt Stock Exchange decides whether to include the subscription rights in trading.

Trading times: Xetra: 9.00 a.m.–5.30 p.m., Frankfurt Stock Exchange: 8.00 a.m.–8.00 p.m.

Tradable instruments: Subscription rights on shares that are admitted to the Regulated Market at the Frankfurt Stock Exchange or are included in trading there.

 

How the service works

Trading venue: Xetra

The Subscription Rights Trading service combines the Continuous Trading model with special features. Subscription rights trading differs from trading in shares specifically on the first and last trading day.

The first trading day in a subscription right on Xetra starts with an IPO auction. The end of the IPO auction triggers the first intraday auction. Trading follows the same course after the end of the first intraday trading as that for the underlying security. The course of trading in the subscription right is identical with that of the underlying share in the trading phase of Continuous Trading in combination with auctions. All orders that have not been executed or only partially executed and are still in the order book on the evening of the penultimate trading day in the subscription right are automatically deleted and have to be re-entered the next (last) trading day to the extent that this is requested.

Subscription rights trading starts at the earliest on the first day of the subscription period, but not before the first working day after publication of the securities prospectus and can extend across the entire subscription period with the exception of the two last exchange trading days of that period.

The type of trading changes on the last trading day in the subscription right. There is one single IPO auction.

Trading venue: Frankfurt Stock Exchange

Trading in subscription rights is conducted in the “Continuous Auction with Specialist” trading service. Trading in a subscription right can take the form of one auction a day within a fixed timeframe or continuous auctions across the trading day with one special auction a day. All orders that have not been executed or only partially executed and are still in the order book on the evening of the penultimate trading day are automatically deleted and have to be re-entered the next (last) trading day to the extent that this is requested.


For subscription rights traded in continuous auctions with one special auction a day, the first price determination takes place on the first day of trading in the subscription right by means of a special auction. A special auction does not take place at a fixed point in time, but is conducted by the Specialist within a timeframe defined by the exchange during the main trading phase. The price determined in a special auction is identified as such.

 

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