Admission and listing procedures for the regulated market (Official Market) and for inclusion in trading in the Third Market (MTF)

On the Vienna Stock Exchange, the admission to listing or inclusion in trading (MTF) of bonds and issuance programs is characterized by fast procedures and low fees. When an issuance program is admitted to the Vienna Stock Exchange or included, no separate admission procedures or inclusion procedures are required for each of the individual bonds. Trading in the bonds may start two days after the Vienna Stock Exchange has received the bond terms.

The admission of bonds to listing must be applied for by the issuer for the admission segment regulated by law (Official Market). Bonds are included in trading in the MTF (Third Market) upon the request of a credit institution, an investment firm, a law firm or the issuer himself.

  • The Official Market is a regulated market in the meaning of the MiFID.
  • The admission to listing or the inclusion in trading of issuance programs may be granted for the Official Market and/or the Third Market (MTF).

Below is a brief overview of the two regulated markets and of the multilateral trading facility (Third Market):

Official MarketMTF
(Third Market)
ApplicantIssuer plus
stock exchange member

Law firm
or EEA credit institution
or EEA investment firm
or issuer

Minimum
issue size
EUR 250,000No requirement
Prospectusrequired
(exemptions possible,
see later)
No requirement
Minimum
number
of units
No requirementNo requirement
Free floatNo requirementNo requirement

Fees for bonds

Steps to listing/inclusion in trading

The following steps are necessary for a listing or inclusion in trading:

  • Informal contact with the Vienna Stock Exchange
  • Submission of the required documents to Vienna Stock Exchange
  • Admission procedure and listing procedure
  • Start of trading

The Vienna Stock Exchange processes applications for admission to listing or inclusion in trading of bank bonds within a few days. Trading in the bonds may start two days after admission or inclusion in trading has been granted.

Listing on the regulated market is normally subject to the preparation of a prospectus. However, the Austrian Stock Exchange Act (§ 75 para. 2) and the Capital Market Act grant the following exemptions from the obligation to publish a prospectus:

  • Bonds issued by the Republic of Austria, the Austrian federal states or EEA member states provided the following requirements are met: “Automatic” admission by law (§ 41 Abs. 2 Stock Exchange Act) to the Official Market; after submission of the terms and conditions of the bond and of request for admission to listing, the bond may start trading two days later.

  • Bonds issued by a public body of an EEA member state:

    • Admission for listing to the Official Market without a prospectus.

  • Bonds guaranteed by the Republic of Austria, by an Austrian federal state, by an EEA member state or by a public body of an EEA member state:

    • Admission for listing to the Official Market without a prospectus.

For more detailed information on the topic of “Admission and listing/inclusion in trading of bonds”, please contact:

Maria Auer

Market- & Product Development, Listing

bonds@wienerborse.at
T +43 1 531 65-262

Portrait Maria Auer

Silvia Stenitzer

Market- & Product Development, Listing

bonds@wienerborse.at
T +43 1 531 65-269

Portrait Silvia Stenitzer

Matthias Szabo

Market- & Product Development, Listing

bonds@wienerborse.at
T +43 1 531 65-234

Portrait Matthias Szabo

Florian Vanek

Market- & Product Development, Listing

bonds@wienerborse.at
T +43 1 531 65-260

Florian Vanek
On average, an international bond listing on the Vienna Stock Exchange only costs EUR 2,000

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