Xetra: Update to the listing process and requirements

On 10 February 2026, the Location Promotion Act (Standortfördergesetz) came into force in Germany amending the Stock Exchange Act (Börsengesetz) and the Stock Exchange Admission Ordinance (Börsenzulassungs-Verordnung). Following this, Deutsche Börse implemented updates to its eListing platform.

A summary of the key changes affecting issuers is set out below:

• Approvals will no longer be published in the Federal Gazette
• Introductions no longer require a formal application, but will follow a notification-based process
• For new introductions, the introductory notice and introductory fee are waived.

• Issuers must have at least 10,000 units of the securities issued at the time of admission.
• The possibility of approving smaller quantities in exceptional cases has been eliminated.

• Updated free‑float requirements now apply to both initial and subsequent admissions (follow‑on listings, additional tranches, relistings).
• For capital increases, the minimum free float will form part of the approval review.
• A new eListing template will be provided for submitting the mandatory free‑float declaration.

Specific rules apply to applications submitted by or before 9 February.

Any unsubmitted drafts or templates have been deleted.  

The Location Promotion Act can be access here (in German).

The Stock Exchange Act can be accessed here and the Stock Exchange Admission Ordinance here (in German).

If your team requires help with the ETF listings or wants to stay ahead of the curve with the latest updates, please feel free to contact us.

We would be happy to discuss how KPMG Luxembourg can support you and tailor a solution for your setup.