Term · Regulation & Capital-Market Communication
Freiverkehr (Open Market)
In briefThe Freiverkehr (Open Market) is a non-regulated market segment of German exchanges with lower admission requirements than the regulated market. Most small, often foreign, small caps such as Canadian mining companies list here in Germany.
Definition
A non-regulated market segment of a German exchange with lower admission requirements than the regulated market.
How it is calculated
Formula. No metric — a market segment governed under private law.
Why it matters for small caps
Most smaller, particularly foreign, small caps (e.g., Canadian mining companies) list in the Freiverkehr in Germany.
Common misreadings
- The Freiverkehr is wrongly equated with lower reputability — in fact it is primarily a different regulatory framework, not a quality judgment.
In the process
Frequently asked
What is the Freiverkehr (Open Market)?
It is an exchange segment organized under private law with lower admission hurdles. It is subject to different rules than the regulated market.
Why do many small caps list in the Freiverkehr?
The lower requirements ease access especially for small and foreign companies. Canadian mining stocks typically trade in this segment in Germany.
Does the Freiverkehr mean lower reputability?
No, it is above all a different regulatory framework, not a quality judgment. However, lower transparency and ongoing obligations apply, which makes one's own research more important.
Related terms
Sources
Primary
Bundesministerium der Justiz – Börsengesetz (BörsG)
https://www.gesetze-im-internet.de/b\_rsg\_2007/
https://www.gesetze-im-internet.de/b\_rsg\_2007/
Methodology
Deutsche Börse – Marktstruktur
https://www.deutsche-boerse.com/dbg-de/maerkte-services/ps-preipo-listing/ps-marktstruktur
https://www.deutsche-boerse.com/dbg-de/maerkte-services/ps-preipo-listing/ps-marktstruktur
Education only, not investment advice. Ranges and thresholds are didactic orientation values, not an official standard.