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Following close collaboration between Deutsche Börse, the stock exchange regulator of the state of Hesse and the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht) and consultation with market participants, the First Quotation Board in its current form was closed on 15 December 2012. Since 1July 2012, Open Market has consisted of two alternative segments: Quotation Board and Entry Standard. In order to ensure high transparency together with quality and efficiency in trading, requirements have been tightened for shares and certificates representing shares newly included in Quotation Board as of 1 October 2012. Shares or certificates representing shares in the Quotation Board need to be admitted to trading on a domestic or foreign exchange-like market recognized by Deutsche Börse AG during the period of their inclusion. Trading in securities which do not fulfil these requirements was discontinued effective with the end of 14 December 2012. Since 1 July 2012, stricter inclusion and follow-up requirements were applied to the Entry Standard, the Open Market's transparency segment for SMEs.
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