Only those persons may be admitted to participation in exchange trading who, in the case of items that can be traded on the exchange, commercially

• acquires and sells them for his own account, or
• carries out the acquisition and sale in his own name for the account of a third party, or
• undertakes the brokerage of contracts for the acquisition and sale of such items

and the nature and scope of its business operations require a commercially structured business operation.

The admission of a company to participate in stock exchange trading shall be granted if

• the proprietor of the business or the persons entrusted by law, the articles of association or the partnership agreement with the management of the business of the company and authorized to represent it
  • are reliable, and
  • at least one of these persons has the professional qualification required for securities or commodities trading on the Exchange;
• the orderly settlement of the transactions concluded on the stock exchange is ensured;
• the company provides evidence of equity capital of at least EUR 50,000 (except in the case of credit institutions, financial services institutions or companies operating pursuant to Section 53 (1) sentence 1 or Section 53b (1) sentence 1 of the German Banking Act, which are authorized to operate the financial commission business within the meaning of Section 1 (1) sentence 2 no. 4 or to provide a financial service within the meaning of Section 1 (1a) sentence 2 nos. 1 to 4 of the German Banking Act);
• in the case of the company required to provide evidence of equity capital, no facts justify the assumption that it does not have the economic capacity required for proper participation in stock exchange trading, taking into account the evidence of equity capital.

Any person who wishes to trade on the exchanges and must be authorized to trade on the exchange on behalf of a trading participant requires an exchange trader license.