Admission and listing procedures for the regulated markets 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 one of the two admission segments regulated by law (Official Market and Second Regulated Market). Bonds are included in trading in the MTF (Third Market) upon the request of one exchange member, one credit institution or one investment firm.

  • The Official Market and the Second Regulated Market are regulated markets in the meaning of the MiFID.
  • The admission to listing or the inclusion in trading of issuance programs may be granted for one or several segments.

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

Official MarketSecond Regulated
Market
MTF
(Third Market)
ApplicantIssuer plus
stock exchange member
Issuer plus
stock exchange member
Stock exchange member
or credit institution
or investment firm
Minimum
issue size
EUR 725,000EUR 725,000No requirement
Prospectusrequired
(exemptions possible,
see later)
required
(exemptions possible,
see later)
No requirement
Minimum
number
of units
Not quantifiedNo requirement No requirement
Free floatNot quantifiedNo requirementNo requirement

Opens internal link in current windowFees 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 procedures and inclusion procedures
  • 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 a 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 credit institutions from Austria or from EEA member states regularly or as tap issues provided the following requirements are met:

    • Issuing volume of the bond < EUR 75 million
    • Bonds are not subordinated bonds or convertible bonds
    • The interest payments and principal payments are not permitted to be contingent on a derivative

  • Bonds issued by the Republic of Austria, the Austrian federal states or EEA member states provided the following requirements are met

    • Official Market: “Automatic” admission by law (§ 66 para. 5 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.
    • Second Regulated Market: Admission to listing is possible without a prospectus.

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

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

Admission to the Official Market or the Second Regulated Market may be granted without requiring a listing prospectus in the above mentioned cases.

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

Florian Vanek

Market- & Product Development, Listing

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

Florian Vanek

Maria Auer

Market- & Product Development, Listing

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

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

Applications

Fact Sheets