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Frankfurt Scale vs General Standard vs Prime Standard: Listing Requirements (2026)

By Editorial team, frankfurtstockexchange.de · Published 11 October 2026

Short answer: the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse, FWB) offers two very different routes for shares. The Regulated Market is an EU-regulated market with two segments, the General Standard (EU legal minimum) and the Prime Standard (additional international transparency duties). The Open Market (Freiverkehr) is exchange-regulated; its SME segment is Scale. Which one fits depends on size, reporting capacity, the investors you want and whether index inclusion matters.

How we compiled this comparison

We used only primary sources: Deutsche Börse's segment pages and factsheets, its overview of post-admission obligations, the EU Prospectus Regulation and Market Abuse Regulation, and German statutes (Exchange Act, Exchange Admission Regulation, Securities Trading Act). Where a figure is cited, the source is linked inline. We deliberately do not quote exchange fee amounts, timelines or success rates, because they depend on the issuer and change over time. Content reflects sources reviewed on 11 October 2026.

Regulated Market vs Open Market: the legal difference

The Regulated Market is a regulated market within the meaning of EU law. Admission is governed by statute, mainly the German Stock Exchange Act (BörsG) and the Exchange Admission Regulation (BörsZulV), and issuers become subject to the full set of EU issuer obligations summarised in Deutsche Börse's overview of prospectus, post-admission and transparency obligations: prospectus, annual and half-yearly financial reports, voting rights notifications, ad hoc disclosure and managers' transactions.

The Open Market is not an EU regulated market. Deutsche Börse describes Scale as part of the Open Market and as an exchange-regulated market within the meaning of the German Securities Trading Act. Inclusion is based on Deutsche Börse's private-law terms for the Open Market rather than a statutory admission procedure. Deutsche Börse's Scale factsheet describes Scale as a legally registered SME growth market.

One rule applies in both worlds: the EU Market Abuse Regulation (MAR). Deutsche Börse confirms that shares in Scale are subject to MAR and supervised by BaFin regarding insider trading and market abuse.

Decision matrix: Scale vs General Standard vs Prime Standard

Sources for the matrix: Scale factsheet, Scale segment page, Prime Standard page, Regulated Market follow-up obligations, BörsZulV (sections 2, 3 and 9) and WpHG (sections 114 and 115).

Scale: the SME segment of the Open Market

Scale replaced the Entry Standard for shares in March 2017, according to Deutsche Börse. It targets small and medium-sized growth companies that want exchange visibility without the full Regulated Market regime.

Admission (inclusion) requirements

• Application together with a Deutsche Börse Capital Market Partner (a bank or financial services institution).
• An inclusion document, or an approved and published prospectus where there is a public offer.
• National accounting standards (EU/EEA issuers) or IFRS.
• Company history of at least two years.
• Estimated market capitalisation of at least EUR 30 million at inclusion.
• Minimum free float and further key figures as defined in the current Open Market terms.

All points above are taken from the official Scale factsheet.

Ongoing obligations

Deutsche Börse states that Scale companies must publish audited annual financial statements and a management report on their website within six months of the period end, publish an interim report, and disclose price-sensitive information immediately. Issuers must also have research reports prepared by a Capital Market Partner, publish them on their website and keep them available for at least 24 months (source). Deutsche Börse itself warns that Scale transparency requirements are only slightly higher than in the general Open Market, so investors get less information than in the Regulated Market.

General Standard: the EU legal minimum

The General Standard is the Regulated Market segment with the statutory minimum obligations. Key admission rules come from statute:

• Application jointly with a credit institution or financial services institution (BörsG section 32).
• A prospectus approved under the EU Prospectus Regulation, usually by BaFin for German issuers, unless an exemption applies.
• Expected market value of at least EUR 1.25 million, at least three years of existence and sufficient free float, generally 25% (BörsZulV sections 2, 3 and 9). Exceptions exist and are decided by the exchange.

After admission, issuers publish an annual financial report within four months and a half-yearly financial report within three months (WpHG sections 114 and 115), handle ad hoc disclosure, insider lists and managers' transactions under MAR articles 17 to 19, and process voting rights notifications.

Prime Standard: highest transparency, index access

The Prime Standard sits on top of the General Standard; its additional duties are set out in the Exchange Rules of the Frankfurt Stock Exchange. Deutsche Börse lists them as reporting in German and English, international accounting standards, a company calendar, at least one analyst conference per year and ad hoc announcements also in English. Quarterly statements for Q1 and Q3 must be transmitted in German and English no later than two months after the quarter end (section 53 of the Exchange Rules).

The deciding factor for many issuers: inclusion in the DAX, MDAX, TecDAX and SDAX selection indices is reserved for Prime Standard issuers.

Fees and ongoing cost drivers

We do not publish fee figures, because they change and depend on the issue. Official exchange fees for admission, inclusion and annual listing are published by Deutsche Börse in the fee regulations of the Frankfurt Stock Exchange and in the Open Market terms; prospectus approval fees are charged by BaFin. In practice the larger budget items usually are:

• Bank or Capital Market Partner mandate, and underwriting if capital is raised.
• Legal counsel and prospectus or inclusion document drafting.
• Audited historical financials and, for Prime, IFRS reporting and translation.
• Recurring costs: auditors, investor relations, research reports (Scale), analyst conferences and quarterly statements (Prime), and disclosure tooling.

Ask any adviser, including us, for a written itemised quote and compare it with the official fee documents.

Market selection scenarios

Growth company, EUR 30-150m valuation, first capital market step

Scale is often the natural fit if the company has a two-year history and can sustain research coverage. It avoids quarterly reporting but still brings MAR duties.

Established mid-size company, German investor base, limited IR budget

The General Standard offers Regulated Market status, which some institutional mandates require, with the statutory minimum reporting load.

Company targeting international institutions or index inclusion

The Prime Standard is the only route to DAX family selection indices and signals the highest transparency, at the cost of bilingual quarterly reporting and analyst conferences.

Small company below EUR 30m with no near-term capital raise

Scale's size threshold may not be met. Consider whether a listing is the right step yet, or discuss other Open Market options with a Capital Market Partner. See our dual listing page if you are already listed elsewhere.

Buyer and compliance checklist

1. Confirm which market type your investors need: Regulated Market or Open Market.
2. Check the size, history and free float thresholds above against your cap table.
3. Verify you have audited financial statements for the required years and the right accounting standard (IFRS for Prime).
4. Identify the prospectus route (BaFin approval or exemption) or Scale inclusion document.
5. Appoint a bank or Deutsche Börse Capital Market Partner and get an itemised fee quote.
6. Set up MAR processes before day one: insider lists, ad hoc procedure, managers' transactions.
7. Budget the recurring reporting calendar, including translation for Prime.
8. Ask any adviser to disclose their affiliations, fees and the regulatory status they actually hold.
9. Read the current official documents yourself; never rely on a summary alone, including this one.

Ready to go further? See our application process overview, the Frankfurt Stock Exchange listing service page, or our earlier guide on how to list a company on the Frankfurt Stock Exchange.

Frequently asked questions

Is Scale part of the Regulated Market?

No. Scale is a segment of the Open Market (Freiverkehr), which is exchange-regulated rather than an EU regulated market. General Standard and Prime Standard are the two segments of the Regulated Market at the Frankfurt Stock Exchange.

What is the minimum market capitalisation for Scale?

Deutsche Börse's Scale factsheet states an estimated minimum market capitalisation of EUR 30 million at the time of inclusion, together with a company history of at least two years and an application made with a Deutsche Börse Capital Market Partner. Always check the current Open Market terms before planning.

What does the Prime Standard require beyond the General Standard?

According to Deutsche Börse, Prime Standard issuers must additionally report in German and English, publish quarterly statements for Q1 and Q3, keep a financial calendar, hold at least one analyst conference per year and publish inside information in English, under the Exchange Rules of the Frankfurt Stock Exchange.

Do I need a BaFin-approved prospectus?

For admission to the Regulated Market (General or Prime Standard) a prospectus approved under the EU Prospectus Regulation is generally required unless an exemption applies. For Scale, an inclusion document is used unless there is a public offer, in which case an approved prospectus is required.

Which segment is required for DAX, MDAX, SDAX or TecDAX inclusion?

Deutsche Börse states that inclusion in the DAX, MDAX, TecDAX and SDAX selection indices is reserved for issuers admitted to the Prime Standard.

Does market abuse law apply in Scale?

Yes. Deutsche Börse states that shares in Scale are subject to the EU Market Abuse Regulation (MAR) and that BaFin supervises them with regard to insider trading and market abuse rules, including ad hoc disclosure of inside information.

How much does a Frankfurt listing cost?

There is no single price. Exchange admission and listing fees are set out in Deutsche Börse's official fee regulations and Open Market terms, and usually the larger costs are advisers, auditors, the Capital Market Partner or issuing bank, prospectus work and ongoing reporting. Request current quotes and read the official fee documents.

Is this website the Frankfurt Stock Exchange?

No. This website is independently operated and is not the Frankfurt Stock Exchange, Deutsche Börse AG or BaFin. Admission decisions are made only by the competent exchange bodies and authorities.