Tax authority
Apply for permission to set up a stock exchangeIf you want to establish or operate a stock exchange, you need a permit.
A stock exchange is a marketplace where securities, commodities, and other financial products are traded.
If you wish to establish a stock exchange, you can apply for a permit from the relevant authority.
You must meet and prove various requirements.
Furthermore, you must comply with the regulations of the Stock Exchange Act (BörsG).
The permit to establish the stock exchange is only valid for the federal state in which you intend to operate the exchange.
If you want to establish a stock exchange, you must meet the following requirements:
The stock exchange must generally be organized as a legal entity, either as a public limited company (AG) or a limited liability company (GmbH).
They demonstrate that the stock exchange has sufficient financial resources to ensure its operation and to cover potential risks.
They have a reliable and professionally qualified management team. This team oversees the operation of the stock exchange. The individuals in management have not been convicted of any specific criminal offenses.
They have created a set of rules for the stock exchange that defines the conditions for trading, the admission of securities, and the rules of conduct for market participants.
These regulations were approved by the stock market regulator.
The stock exchange has a powerful technical infrastructure that enables secure and efficient trading and ensures the monitoring of transactions.
Safeguarding systems are in place to ensure the compensation of losses and the maintenance of market integrity, for example through deposit guarantee schemes or risk management systems.
All legal requirements, in particular those of the Stock Exchange Act (BörsG), are complied with. This includes, among other things, the protection of investors and market transparency.
- Fully completed application form for permission to establish a stock exchange
- Detailed business plan describing the planned structure and operation of the stock exchange, including the intended market segments, the products traded (for example, securities or commodities), the target group, and the long-term corporate goals.
- a comprehensive set of rules that defines the framework for trading on the stock exchange; this includes:
- Admission rules for securities,
- Rules of conduct for market participants,
- Monitoring and sanction mechanisms for rule violations.
- Documents that prove the legal form of the stock exchange, such as the articles of association, the statutes or the extract from the commercial register.
- Evidence of the stock exchange's financial resources to demonstrate that sufficient funds are available for operation and risk coverage; this can include balance sheets, financing plans, or proof of capital.
- Documents relating to the management of the stock exchange, including:
CVs and proof of the management's qualifications, certificates of good standing, for example, police clearance certificates or proof of reliability
- detailed description of the technical infrastructure used for stock exchange operations, including information on trading systems, security technologies and monitoring systems
- Documentation on the planned safeguarding systems, such as deposit insurance, clearing and settlement systems, to protect against potential losses of market participants.
Procedure:
A description of the procedures involved in the approval and monitoring of securities and market participants.
Operational processes and compliance:
Evidence of internal operating procedures and compliance measures that ensure the exchange meets legal requirements.
- If the stock exchange does not commence operations within one year, the permit expires.
- The stock exchange supervisory authority may subsequently impose conditions on the permit or also
lift.
Once the permit has been granted, you have one year to set up the exchange, otherwise the permit expires.
- You submit the application with the required documents to the responsible authority.
The responsible authority will review your application and documents. If necessary, they will request further documents or information from you.
- The responsible authority will decide on your application.
- You will receive a notification and a fee notice.
- You pay the fees.
The processing time of the stock exchange supervisory authority depends on the type and scope of the application made.
Fees apply. The amount of the fees depends in particular on the complexity of the procedure and the individual requirements.
- Contradiction
- administrative court action
§§ 4 to 6 of the Stock Exchange Act (BörsG)
( www.gesetze-im-internet.de/b_rsg_2007/index.html )
Keywords: Application operation permission stock exchange erection
Last updated: 10.10.2026