Market Segments of Wiener Börse

After allocation pursuant to the Stock Exchange Act by listing segment, the security is assigned to a market according to the market segmentation of Wiener Börse. The criteria for the allocation include transparency and disclosure requirements as well as type of market making (liquidity provided by specialists and/or market makers and Capital Market Coaches).

 

Transparency and Disclosure Obligations by Market Segment

prime market

The companies listed on the prime market are under a contractually agreed-on obligation to comply with higher transparency, quality and disclosure criteria that go beyond the applicable provisions of the Stock Exchange Act; this helps them to achieve greater recognition among investors.

 

requirements for prime market

Admission according to the Stock Exchange Act

Official Market or Second Regulated Market

Stock category

Ordinary stocks

Period of existence

Three years, financial statements for the three full financial years preceding the admission

Free float of stocks

Free float higher than 25% and at least EUR 20m market cap or free float below 25% and market cap over  EUR 40m

Publication of annual financial reports (audited)

( Art. 82 par 4 Austrian Stock Exchange Act) At the latest, 4 months after the end of the reporting period pursuant to the prime market rules

Publication of half-year financial reports and quarterly reports and  interim reports for 1Q and 3Q according to IFRS (IAS 34)

( Art. 87 par 1 to 6 Austrian Stock Exchange Act) At the latest, 2 months after the end of the reporting period pursuant to the prime market rules

Ad hoc disclosure

Link to an electronic system (ad hoc disclosure)

Corporate events calendar

Mandatory publication two months before the start of the next financial year

Language

German and English

Austrian Code of Corporate Governance

Yearly CG statement (Art. 243b Commercial Code) incl. declaration of commitment

EU- or EEA Country: CG code acknowledged economic area

Non-EU- or EEA Country : austrian CG code obligatory

Listing Prospectus (Art. 74 Austrian Stock Exchange Act)

Disclosure on website for one year after the end of the offer period.

Document pursuant to Article 75a Austrian Stock Exchange Act

At the latest, 20 days after publication of  financial statements

Changes to major holdings

Reporting thresholds  5, 10, 15, 20, 25, 30, 35, 40, 45, 50, 75 and 90% (pursuant to Art. 91 and 93  Austrian Stock Exchange Act)

Directors’ Dealings

Declaration within 5 days after the threshold of EUR 5,000 is reached

Compliance

Servicing of the Compliance-Directive, Insider-Register  as well as the annual activity report

Equity options

Grant of share options, stock buybacks (pursuant  to Article 93 Austrian Stock Exchange Act)

 

 

 

mid market

The mid market offers companies with low capital requirements the option of raising capital through the capital market. Companies have the choice of a listing on the regulated or inclusion in the Third Market (MTF). An essential feature is the function of Capital Market Coach who supports the company before and during exchange listing.

 

requirements for mid market

Admission according to the Stock Exchange Act

Official Market, Second Regulated Market

Third Market (MTF)

Stock category

Ordinary stocks

Ordinary stocks

Period of existence

Official Market: 3 years

Second Regulated Market: 1 years

1 year

Accounting standards

Accounting according to IFRS

National accounting standards or IFRS

Publication of annual  financial reports (audited) / financial statements including  status report

Annual financial reports at the latest, 4 months after the end of the reporting period pursuant to Article 82 par. 4 Austrian Stock Exchange Act

Financial statements including  status report publication within 5 months after the end of the reporting period

Publication of half-year financial reports/ interim reports for the first half-year

Half-year financial report at the latest, 2 months after the end of the reporting period pursuant to Article 87 par. 1 Austrian Stock Exchange Act

Interim report for the first half year publication within 3 months after the end of the first half-year

Publication of interim reports / quarterly reports for 1Q and 3Q

Interim reports: at the latest 6 weeks after the end of the reporting period pursuant to Art. 87 par. 6  Austrian Stock Exchange Act or optionally quarterly reports: at the latest 2 months after the end of the reporting period  according to IFRS(IAS 34)

No

Obligation to disclose price-sensitive information

Ad hoc disclosure

Publication of price-sensitive company information

Corporate events calendar

Yes

Yes

Language

Pursuant to Art. 85  Austrian Stock Exchange Act

German or English

Annual information talk with CMC

Yes

Yes

Document pursuant to Article 75a Austrian Stock Exchange Act

At the latest, 20 days after publication of  financial statements

No

Changes to major holdings

Reporting thresholds  5, 10, 15, 20, 25, 30, 35, 40, 45, 50, 75 and 90% pursuant to Art.91 and 93 Austrian Stock Exchange Act

No

Directors’ Dealings

Declaration within 5 days after the threshold of EUR 5,000 is reached

No

Compliance

Servicing of the Compliance-Directive, Insider-Register  as well as the annual activity report

No

Equity options

Grant of share options, stock buybacks (pursuant  to Article 93 Austrian Stock Exchange Act)

No

 

 

Core tasks of the Capital Market Coach (CMC)

  • Ascertain the basic readiness of a company to go public and fitness for a listing on the SME segment
  • Provide consulting to the company in the pre-IPO process
  • Support during the admission procedures
  • Provide consulting and support for implementing compliance with ongoing disclosure requirements
  • Coaching the IR Officer within the scope of his or her capital market activities
  • Annual feedback discussion with respect to the development of the stock on the market (mandatory talk once a year by CMC and issuer)
  • Liquidity provider for auction trading

 

 

standard market

The segment standard market lists all stocks admitted to the Official Market or the Second Regulated Market that do not meet the criteria of the prime market. A listing does not require any additional transparency or disclosure obligations beyond those set out in the Stock Exchange Act.

 

Requirements

Admission according to the Stock Exchange Act Official Market, Second Regulated Market

 

 

Market making by market segment

Admission / Inclusion

Trading

Liquidity provider

prime market

Official Market, Second Regulated Market

Continuous trading (with opening auction, intra-day and closing auction)

Single intra-day auction (market making is possible)

mid market

Official Market, Second Regulated Market OR
Third Market (MTF)

Continuous trading or single intra-day auction (market making is obligatory)

Mandatory Capital Market Coach

standard market continuous

Official Market, Second Regulated Market

Continuous trading (with opening auction, intra-day and closing auction)

Mandatory Specialist, further market makers possible

standard market auction

Official Market, Second Regulated Market

Single intra-day auction (market making is possible)

Liquidity provider possible for the auction

other securities

Third Market (MTF)

Single intra-day auction (market making is possible

Liquidity provider possible for the auction

Third Market (MTF)

Continuous trading with an opening auction and a closing auction

Mandatory market maker