Certificates and Warrants
Admission and Listing Procedures for Regulated Markets or Inclusion in the MTF (Third Market)
On Wiener Börse, the admission to listing or inclusion (in the MTF) of certificates and warrants or issuance programs is characterized by fast procedures and low fees. In case an issuance program is admitted on Wiener Börse single certificates or warrants issued under the program will be listed / included without admission / inclusion procedure. Trading in certificates or warrants may start two days after Wiener Börse has received the final terms.
The admission of certificates or warrants to listing must be applied for by the issuer for one
of the two admission segments regulated by law (Official Market and Second Regulated Market).
Certificates or warrants are included in trading in the MTF (Third Market) upon the request of one
exchange member / a credit institution / an investment firm.
The Official Market and the Second Regulated Market are regulated markets in the meaning of the MiFID.
Below is a brief overview of the two regulated markets and of the multilateral trading facility (Third Market):
| Official Market | Second Regulated Market | MTF (Third Market) | |
|---|---|---|---|
| Applicant | Issuer plus a stock exchange member | Issuer plus a stock exchange member | A stock exchange member or credit institution or investment firm |
| Minimum issue size | EUR 725,000 | EUR 725,000 | No requirement |
| Prospectus | required (one exemption possible, see later) | required (one exemption possible, see later) | Not required |
| Minimum number of units | Not quantified | No requirement | No requirement |
| Free float | Not quantified | No requirement | No requirement |
Steps to listing/inclusion in trading
- Informal contact with Wiener Börse
- Submission of the required documents at Wiener Börse
- Admission procedures and inclusion procedures
- Start of trading
The admission for listing of certificates and warrants takes just a few days at Vienna Stock Exchange. Listing is possible two days after admission for listing.
A listing prospectus shall generally be required for admission to listing on a regulated market. The Stock Exchange Act (Art. 75 par. 2 Stock Exchange Act) contains exceptions to the requirement of a listing prospectus in conjunction with a reference to the Capital Market Act for guarantee certificates under the following conditions:
- Issues by credit institutions from Austria or from an EEA member state issued in a continuous or repeated manner.
- Issuing volumes of certificates < EUR 50m
- Certificates are not subordinate or convertible certificates
- The terms of the certificates must contain at least the pledge to repay the principal at the par value (= “not linked to a derivative”) and a general pledge on the interest rate.
If these criteria are fulfilled guarantee certificates can be admitted for listing to the Official Market and to the Second Regulated Market without prospectus.
For detailed information concerning “Admission and Listing / Inclusion in Trading of certificates and warrants“ please contact:
Tel. +43.1.531.65-260
Fax +43.1.531.65-272
Tel. +43.1.531.65-251
Fax +43.1.531.65-272