Since the amendment to the Stock Exchange Act, Federal Law Gazette I No. 60 of 31 July 2007, which entered into force on 1 November 2007, a differentiation has been made between the operation of regulated markets and the operation of Multilateral Trading Systems (MTF).
The markets operated by Wiener Börse AG, Official Market and Second Regulated Market, are regulated markets in the meaning of Article 1 par. 2 Stock Exchange Act. The Third Market is a Multilateral Trading System (MTF). Trading in financial instruments on the Third Market does not require any formal admission procedures to the exchange. The requirements of the Stock Exchange Act regarding a formal admission of financial instruments to trading on a regulated market and the obligations imposed on issuers on a regulated market shall not apply to the financial instruments traded on the Third Market. However, the provisions of the Market Abuse Regulation (VO (EU) Nr. 596/2014) and the obligations imposed on issuers according to Articles 48d Abs 1 Z 2 to 4 and 82 Abs 5 Stock Exchange Act as well as the Articles §§ 48c, 48m and 48n Stock Exchange Act shall also apply to MTFs and thus to the Third Market.
Furthermore the commodities exchange is operated by Wiener Börse AG.
A regulated market is multilateral system operated or managed in a member state by a domestic exchange operating company or a market provider, which brings together or facilitates the matching of multiple third-party buy and sell interests in financial instruments within the system in accordance with non-discretionary rules in such a way that results in a contract in those financial instruments admitted to trading under the rules and systems of the market.
Regulated markets in Austria are specifically the Official Market and the Second Regulated Market in the meaning of the Stock Exchange Act. The operation of regulated markets in Austria shall require a license issued by the FMA in accordance with the Stock Exchange Act.
Multilateral Trading Facility (MTF)
The operation of an MTF is an investment service that requires a license issued by the Financial Market Authority and is subject to the regulations of the Securities Supervision Act. In contrast, the operator of a regulated market is authorized to operate an MTF under a separate permit issued by the Financial Market Authority to this effect (cf. Art. 2 par. 2a Stock Exchange Act).