The market segmentation allocates the financial instruments traded on the markets of Wiener Börse AG according to certain criteria to market segments.

The allocation criteria to the different market segments is determined by:

  • Markets (Official Market, Second Regulated Market, Third Market)
  • Type of financial instrument (shares, participation certificates, bonds, certificates etc.)
  • More stringent reporting, quality and disclosure requirements
  • Type of liquidity provider (Specialist, Market Maker etc.)
  • Trading system and type of  trading

The obligations of issuers stipulated by the Stock Exchange Act are not affected by the new market segmentation.

The requirements of the Stock Exchange Act regarding the formal admission of financial instruments to trading on a regulated market and the obligations of issuers on a regulated market do not apply to financial instruments traded on the Third Market. However, the obligations defined in Article 17 (Public Disclosure of Inside Information), Article 18 (Insider Lists) and Article 19 (Managers’ Transactions) of the Market Abuse Regulation (Regulation (EU) No. 596/2014) do apply in conjunction with § 48d para. 1 nos. 2 to 4 and § 82 para. 5 of the Austrian Stock Exchange Act, as well as the bans imposed by Article 14 (Prohibition of Insider Dealing and of Unlawful Disclosure of Inside Information) and Article 15 (Prohibition of Market Manipulation) of the Market Abuse Regulation (Regulation (EU) No. 596/2014) in conjunction with § 48c, § 48m and § 48n of the Austrian Stock Exchange Act. However, the above mentioned obligations for financial instruments traded on the Third Market are only applicable if the issuer has submitted an application for inclusion in trading of the financial instrument or has approved it.

It is hereby pointed out that there may be differences with respect to financial instruments of foreign issuers trading on the Third Market as compared to financial instruments of Austrian issuers included in the Third Market.  These differences may concern the following (this is not an exhaustive list): property law aspects (the rights of the buyer regarding financial instruments held in safe custody abroad, for example), the delivery or settlement of financial instruments, differences with respect to company law (e.g. voting rights and dividend rights) and also other aspects such as taxation.

Market segments

The financial instruments traded on the markets of Wiener Börse AG are grouped into the following segments:

Market segmentation of Wiener Börse AG
The volume of Austrian shares traded on the Vienna Stock Exchange is about five times larger than on Bats Trading