Börse Frankfurt Zertifikate AG: Tax exemption for transaction and connectivity

Release date: 16 Jun 2021

001/2021 Börse Frankfurt Zertifikate AG: Tax exemption for transaction and connectivityOpen Market Circular 001/21

1.  Introduction

The German Federal Ministry of Finance (BMF) has issued a circular on 3 May 2021 on the VAT treatment of services provided by exchanges and other trading platforms for financial products.

According to the BMF, services for which the exchange operates as a Central Counterparty (CCP) and IT services (technical connectivity to exchange software/programs or provision of data center capacity), in general, form VAT-exempt services concerning securities. The same applies for services of the exchange for the settlement of exchange transactions (matching, clearing, settlement) and IT services.

The BMF expressly holds that it is possible to waive the exemption pursuant to sec. 9 German VAT Act (option to tax) and that IT services to recipients who do not participate in transaction are VATable.

2.  Required action

There is no action required for the Participants.

3. Details

Subject to further discussions with the tax authorities, Börse Frankfurt Zertifikate AG intends to treat essential services in connection with the utilisation of the Exchange EDP of the Frankfurter Wertpapierbörse (FWB, the Frankfurt Stock Exchange) in general as VAT-exempt as of 1 July 2021. This includes primarily fees dependent on transaction volume and fees for connection components required to provide this service.

In the next weeks, we will publish an additional Open Market circular with a detailed list of fee components and their VAT treatment, in time before the July billing run.  

Further information


All companies participating in the Regulated Unofficial Market (Open Market) of Börse Frankfurt Zertifikate AG at the Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange)

Target groups:

Traders, Nominated Persons, General


Börse Frankfurt Zertifikate AG, tel. +49-69-211-1 88 00, zertifikate@deutsche-boerse.com



Authorised by:

Simone Kahnt-Eckner, Florian Claus

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