The Regulated Unofficial Market managed by Deutsche Börse at the FWB ® Frankfurter Wertpapierbörse (the Frankfurt Stock Exchange) is renamed the "Open Market" since October 2005. This new name reflects the international character of this market segment. The Open Market is the exchange regulated market at the Frankfurt Stock Exchange. In addition to the Regulated Market which is regulated by the EU, the Open Market represents the second German market segment regulated by law. Alongside German shares, the securities traded on the Open Market include foreign shares, fixed-income securities from German and foreign issuers, certificates and warrants. Unlike the Official Market and the Regulated Market, the Open Market is not an official market segment but a segment established under private law in accordance with section 57 of the Börsengesetz (BörsG – German Stock Exchange Act). The Open Market does not constitute an organized market within the meaning of section 2(5) of the Wertpapierhandelsgesetz (WpHG – German Securities Trading Act). As such the Open Market is not an EU regulated market.
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