Yearly Archives: 2010

Holding period Period of time during which capital gains from securities transactions are taxable (or subjected to the highest tax rate) The holding period in Germany is twelve months –…

Going Public Process in which a company raises external equity capital by offering its shares to public investors Going Public is usually considered to be a synonym for initial public…

Global depositary receipt (GDR) Security representing a foreign share Global depository receipts (GDRs), which were developed on the basis of American depositary receipts (ADRs), securitize the ownership in shares. A…

German Stock Corporation Act In law in Germany pertaining to stock corporations (AG) and commercial partnerships limited by shares (KGaA). The German Stock Corporation Act (Aktiengesetz), enacted on 6 September…

General Standard Deutsche Börse listing segment for companies fulfilling the transparency requirements prescribed by German law Admission to General Standard does not require any action on the issuers' part; it…

Exchange trader Exchange traders are employees of firms admitted to exchange trading (see market participant). Exchange traders conclude transactions on the exchange in the name of and for the account…

Entry Standard Capital market access provided by Deutsche Börse for small and medium-sized companies as an alternative to EU-regulated segments Entry Standard is a transparency standard within the Open Market…

Electronic exchange A largely automatic, computer-based system for securities trading An electronic exchange is a trading platform in which order entry and forwarding, matching of buy and sell orders, and…

Clearing The netting and settlement of claims and liabilities arising from securities and derivatives transactions Clearing is typically performed by a central institution, the so-called clearinghouse. The clearinghouse determines the…

Dual Listing (DL) A second listing on an exchange that isn’t the company’s domestic bourse With a dual listing, also called a secondary listing, a company’s shares are placed on…