Procedures for the regulated market (Official Market) and 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 attractive fees. When an issuance program is admitted to the Vienna Stock Exchange, no separate admission procedures are required for each of the individual bonds. Trading in the bonds may start as quickly as 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 itself.

  • The Official Market is a regulated market under 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 regulated market and the multilateral trading facility (Third Market):

Official MarketMTF
ApplicantIssuer plus
stock exchange member

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

Min. issue sizeEUR 250,000No requirement
Prospectusrequired (exemptions possible,
see later)
No requirement
Min. no. of units No requirementNo requirement
Free floatNo requirementNo requirement

Fees for bonds

Steps to Listing

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 and listing procedure
  • Start of trading

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 of bonds", please contact:

Maria Auer

Market- & Product Development, Listing

bonds(a)wienerborse.at
T +43 1 531 65-262

Portrait Maria Auer

Silvia Stenitzer

Market- & Product Development, Listing

bonds(a)wienerborse.at
T +43 1 531 65-269

Portrait Silvia Stenitzer

Matthias Szabo

Market- & Product Development, Listing

bonds(a)wienerborse.at
T +43 1 531 65-234

Portrait Matthias Szabo

Dimitrios Tsaousis

Market- & Product Development, Listing

bonds(a)wienerborse.at
T +43 1 531 65-135

Portrait Dimitrios Tsaousis

Florian Vanek

Market- & Product Development, Listing

bonds(a)wienerborse.at
T +43 1 531 65-260

Florian Vanek
The Vienna Stock Exchange: The emerging debt listing alternative in Europe.

Listing Applications

Fact Sheets