EXHIBIT A GENERAL INFORMATION AND DOCUMENTATION

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Exhibit A-1: Location, history, size, ownership and corporate structure, governance and committee 

structure, current or anticipated presence of offices or staff in the United States, and anticipated 

volume of business emanating from members and other participants that will be provided direct 

access to the foreign board of trade’s trading system.

1. Location, History, Size

The European Energy Exchange (EEX) is located in the city of Leipzig, Germany, and has been 

operating as an energy exchange since the year 2002. As of July 2016, the total number of full-time 

employees at EEX amounted to around 150 (not including employees in partial retirement, trainees, 

student interns, the members of the Management Board, or employees on parental leave).

EEX operates a regulated trading platform (i.e. a trading platform which is subject to state 

supervision) for a broad range of energy, energy related products and other commodities such as

power, coal, environmental products (emission rights and guarantees of origin) and agricultural 

products (potatoes, dairy products, livestock and meat). Emission rights are traded both on a shortterm basis on the Spot Market and on a long-term basis on the Derivatives Market with a time 

horizon of the next six full years. Power, coal, guarantees of origin and agricultural products are 

traded as futures with financial settlement. Fertilisers, freight (dry bulk freight, container), fuel oil

and metals (iron ore, steel) are only available for Trade Registration. However, these products are 

treated as exchange traded products from a European regulatory perspective. All products except 

emission rights are financially settled.

With more than 240 trading participants from over 25 countries (as of July 2016) EEX is the energy 

exchange in continental Europe with the highest number of participants. EEX’s clearing house, the 

European Commodity Clearing AG (ECC AG hereinafter), operates throughout Europe and guarantees 

the secure and efficient settlement of all transactions. ECC AG is a subsidiary of EEX and also 

incorporated under German law with registered offices in Leipzig. In 2006, EEX outsourced its former 

clearing department into ECC AG. ECC AG provides clearing and settlement services for all 

transactions at EEX as well as for transactions on ten other exchanges, including APX in the 

Netherlands and the UK, Belpex in Belgium, Gaspoint Nordic in Denmark, Powernext and Epex Spot 

in France, CEGH in Austria, HUPX in Hungary, PXE in the Czech Republic, Norexeco in Norway and 

SEEPEX in Serbia. ECC AG is licensed as a Central Counterparty under the German Banking Act and as 

such supervised by the Federal Financial Supervisory Authority (BaFin). At the same time ECC AG has 

been granted a license as a Central Counterparty under Regulation 648/2012 (EMIR), which allows 

ECC AG to operate within Europe without the need for additional licensing. The supervisory authority 

for ECC AG as an EMIR-licensed CCP is also BaFin as the local financial supervisory authority. 

EEX, together with ECC AG, offers comprehensive services in all areas of energy and many areas of 

commodity trading to all participants. These services include trading and clearing services, as well as 

the transmission of information regarding the relevant markets on its website. The futures markets 

are either financially or physically settled. For an overview of the Market and Products offered by EEX 

please refer to the Markets & Products Brochure 2016.

2. Explanation of the relationship between the public exchange (EEX) and the private 

operator (EEX AG).

Similar to other exchanges in the Federal Republic of Germany, the exchange EEX is an entity under 

public law pursuant to the German Exchange Act (Boersengesetz) and supervised by the Exchange 
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Supervisory Authority.1The operator of EEX, EEX AG, is a company incorporated under German law 

and its offices are located in Leipzig (headquarters), Berlin, Milan, London, Oslo and Brussels. EEX AG 

is obliged by law to provide financial, personnel and material resources for EEX. 

EEX is both a private and a public entity – an individual particularity based on the German Exchange 

Act. It is codified in the German Exchange Act that the operator of an exchange is not only entitled 

but also obliged to establish and commercially operate the exchange after having received 

permission to operate an exchange from the Exchange Supervisory Authority (Section 5 par. 1 of the 

German Exchange Act). In doing so, the operator of an exchange cannot legally exercise its influence 

on the operation and development of the exchange itself. All major authority over decisions 

concerning the organization and execution of the exchange lies with the bodies of the exchange. On 

the other hand, the bodies of the exchange may not take any actions to influence the business policy 

of the operator, so long as the operator does not take any measures that infringe its obligation to 

operate the exchange.

Despite the distinction made between the public EEX and the private EEX AG in this section, we refer 

to both as a single entity by using the term “EEX”, unless specifically stated otherwise.

3. Current or anticipated presence of offices or staff in the United States

EEX represents that it does not have a subsidiary or affiliate in the United States, nor does it intend to 

should it become a registered foreign board of trade. EEX has not participated in any market fair as 

an exhibitor nor carried out any mailing or merchandizing campaigns in the United States. However, 

addressees located in the United States may read information distributed by EEX via email. 

Information in English published on EEX’s website is accessible to, but is not designed specifically for, 

potential market participants in the United States. EEX further represents that it does not perform 

any trade processing or clearing functions in the United States. However, as notified to the CFTC 

already EEX has engaged with DRX E3 - a company which provides sales support and consultancy 

services to EEX from the U.S. DRX E3’s task is to acquire new trading participants for EEX within the 

US. However, DRX E3 will not make firm commitments or legally binding declarations on behalf or in 

the name of EEX. 

4. Anticipated Volume of Business

The European Energy Exchange was granted a No Action Relief Letter by the CFTC in 2004 and has 

maintained this license ever since. Based on the past twelve years during which EEX has operated

under the provisions laid forth in the No-Action Relief Letter along with an increasing interest in 

European commodity markets, EEX expects an increase in trade volume following the FBOT 

registration for its already existing product suite.

 

1

Exchanges such as the EEX are organized under the German Exchange Act (Boersengesetz), which enables 

exchanges to be formed and provides for comprehensive exchange rules, serving a purpose similar to 

a private cooperation’s charter and articles of association. The German Exchange Act contemplates that the 

exchange will be managed by an operator (in this case, EEX AG, which is a private corporation), in 

accordance with the German Exchange Act. Under German law, public entities such as exchanges are 

limited in their ability to pursue or comply with private law rights and obligations, which are therefore 

assumed by the operator of the exchange. Thus, it is through the combination of both the exchange and the 

operator that EEX and EEX AG can carry out all necessary activities and fulfill their duties under public and 

private civil law.
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With the acquisition of Cleartrade Exchange end of 2013, EEX on took over three US based fertilizer 

futures (NOLA Urea, NOLA DAP, Tampa DAP). These products are now listed for trade registration 

only at EEX as well and marketed to the existing EEX client base as well as new clients based in the US 

and thus being obviously the major prospects.

Furthermore, EEX follows the strategic direction of its management to become one of the global 

commodity exchanges. For this, an enlargement of the range of commodities offered for trading is 

vital. Therefore, EEX currently analyses a new product initiative for the following US commodity

markets:

 Power

 Carbon Emissions

 Coal

 Fuel Oil

 Gasoil

For all of these products and the underlying corporate growth strategy a FBOT registration is 

inevitable.

5. Ownership, Corporate, Governance and committee structure

EEX has stipulated general objectives in fundamental governance arrangements that ensure a high 

priority on functional capability, safety and efficiency of the exchange by establishing a two-tiered 

board structure with an explicit control function and clearly defined, direct lines of responsibility and 

accountability. The governance level handling the control function has the necessary independent 

powers and an adequate balance of stakeholders to avoid conflicts of interest. 

EEX is a company lawfully incorporated under the relevant German law. It is entitled to do business 

based on the corresponding specifications described in the company’s articles of association and 

statutes. In accordance with internationally acknowledged standards, these documented governance 

arrangements of the exchange are made available to all owners, regulatory or other relevant 

authorities, participants and, at a more general level, to the public on request.

In Germany, companies are governed by two separate bodies: a Supervisory Board and a 

Management Board. In accordance with the German Stock Corporation Act, EEX is characterized by a 

 -

 200000,000

 400000,000

 600000,000

 800000,000

 1000000,000

2015 2016 2017 2018

EUR Actual and forecasted revenues for existing products

Acutal as of 30.06. Forecast
EXHIBIT A GENERAL INFORMATION AND DOCUMENTATION

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clear separation between Supervisory Board and Management Board. The EEX Supervisory Board 

predominantly performs control functions and is accountable for the election and appointment of 

the Management Board members as well as the adoption and amendment of rules of procedure for 

the company’s executive bodies. The executive directors of the EEX Management Board are in charge 

of managing the day-to-day operations of the company. This fundamental division of executive 

bodies can be found in the articles of association. 

In accordance with international governance requirements all boards within the EEX Group exercise 

multiple roles and responsibilities. Against the background of the above depicted two-tier board 

system, EEX has expressly specified the distinction of those roles, functions and areas of 

responsibilities between the companies’ executive bodies. 

This separation of roles and duties which serves to promote accountability is strictly prescribed in the 

company’s articles of incorporation, the rules of procedure and the bylaws for the Management and 

Supervisory Board of EEX AG. Next to this, also direct reporting lines between the Supervisory Board

and the Management Board are clearly defined in the basic governance arrangements of the EEX AG. 

In particular, matters and decisions proposed by the Management Board whose resolutions require 

the involvement of the Supervisory Board are precisely determined. 

The Supervisory Board independently performs its consulting and monitoring functions and is not 

bound by any instructions of the executive directors of EEX AG. The members of the Supervisory 

Board are actively included in significant business development processes at EEX Group which 

require the Supervisory Board’s consent and/or approval. This proves particularly true for the 

Supervisory Board’s role in passing resolutions on major business, strategic and legal transactions 

which are proposed by the Management Board. 

Furthermore, the members of the Supervisory Board may exercise their right to information by 

requesting reports on the current situation of EEX, its assets and its affiliate companies. This also 

includes reports on the external development, on the company’s relations with affiliates and other 

business circumstances substantially impacting EEX AG. 

Moreover, the Supervisory Board has a material right to inspect, review and audit the companies’ 

books and records. As regards the Supervisory Boards’ monitoring and control functions, the board 

members also hold a right to veto and may not give their support to proposals of the Management 

Board concerning e.g. the reallocation of areas of responsibilities. In addition to that, the Supervisory 

Board may delegate functions and responsibilities to newly established committees or individual 

board members.

The members of the Management Board are responsible for all executive functions and take the 

overall responsibility for the company. The Management Board ensures that the design, rules, overall 

strategy, and major decisions reflect appropriately the legitimate interests of all direct, indirect and 

other relevant stakeholders. Major decisions are clearly disclosed to relevant stakeholders and, 

where there is a broad market impact, the public. 

The chairman of the Management Board is of major importance concerning the proper functioning of 

the company and the daily operations, the adequate representation of the company towards the 

public and the trustworthy cooperation with the Supervisory Board based on clear and continuous 

communication. The chairman of the Management Board pays heed to a uniform orientation of all 

board members as regards the compliance with agreed objectives and their achievement as well as 

the implementation of consent-based resolutions. The Management Board is obliged to provide 

comprehensive information and submit certain matters to the Supervisory Board allowing for a 

sufficient participation in decision-making processes. In particular, this obligation applies to major 

business-related, material, legal and financial transactions as e.g. the acquisition, sale or 

encumbrance of interests or real property and the transfer of shares. In addition to this, also 

significant transactions applicable to affiliates and external invested-in companies of EEX-Group are 
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included. Moreover, the Management Board is responsible for informing the Supervisory Board on 

issues concerning the taking up of financial loans, securities and guarantees. 

I. Ownership structure of EEX

EEX AG is organized as a stock corporation (Aktiengesellschaft). EEX AG operates the exchange 

European Energy Exchange (EEX). The majority of 62.82% of EEX AG is held indirectly by Deutsche 

Boerse AG. The legal predecessors of EEX are LPX Leipzig Power Exchange in Leipzig and European 

Energy Exchange in Frankfurt (Main), Germany. The operators of these two exchanges merged in 

2002 to form EEX AG. Currently, EEX AG’s largest shareholders are Eurex Zurich AG, located in Zurich, 

Switzerland (62.82 %), 50Hertz Transmission GmbH (8.66 %), LVV Leipziger Versorgungs- und 

Verkehrsgesellschaft GmbH (7.38 %), Uniper Global Commodities SE (5.67 %) and the Federal State of 

Saxony (4.51 %). The remaining shares are distributed among 13 other entities (including EEX AG’s 

own shares of 0.15%) from different stakeholder groups, none of which holds more than 4.5 percent.

Graph: Ownership structure

* the companies highlighted in red are specifically listed on the EEX website. 

EEX AG is the sole shareholder of ECC AG, the Central Counterparty licensed by Bafin and under 

EMIR. Short-term power trading is operated by EPEX Spot SE in Paris, of which EEX directly and 

indirectly holds a majority stake of 51%. The natural gas markets of EEX group are operated by 

Powernext S.A. (Powernext) in Paris under the “PEGAS” brand. EEX AG holds a majority share of 

87,73% in Powernext. With a stake of 66,67% EEX is also the majority shareholder of Power Exchange 

Central Europe (PXE). This company is based in Prague and offers trading in Czech, Slovak, Hungarian, 

Polish and Romanian electricity and operates the CEGH Czech Gas Futures Market in cooperation 

with the Austrian Central European Gas Hub AG (CEGH). In addition, EEX is the sole shareholder of 

Cleartrade Pte Ltd. (CLTX), a derivatives market operator regulated by the Singaporean financial 

supervisory authority (MAS) and also a holder of an FBOT license and offering a global electronic 

market platform for commodity derivatives for freight, iron ore, fuel oil, fertilisers, coal, steel and 

container contracts. EEX AG also holds a 100% share in EEX Link GmbH, an intermarket-liquidityprovider.

Economically, the power derivatives business is concentrated within EEX Power Derivatives GmbH in 

Leipzig which is fully owned by EEX AG. The spot and derivatives markets for CO2 emission 
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allowances are pooled within the wholly owned EEX subsidiary Global Environmental Exchange 

GmbH (GEEX). The agricultural business is concentrated in the wholly owned EEX subsidiary 

Agricultural Commodity Exchange GmbH (ACEX). 

As demonstrated below, EEX AG also holds a minor interest in Store-x GmbH (Storage Capacity 

Exchange), an online platform for secondary trading in storage capacities for natural gas, and in 

EMCC GmbH (European Market Coupling Company), a company which carried out capacity

management on the German-Danish border but is going to be dissolved in the course of 2016. 

II. Governance and committee structure of EEX AG

The committee structure at EEX AG is divided into the Executive Board, a Supervisory Board, and the 

shareholders’ meeting. 

The Executive Board (or Management Board) of the company may consist of one or several 

members. The Supervisory Board determines the number of members on the Management Board. If 

the Management Board consists of only one member, this member shall represent the company 

alone. If the Management Board is comprised by two or more members, the company shall be legally 

represented by two members of the Management Board, or by one member of the Management 

Board and an executive holding statutory power of attorney (Prokurist). The Management Board 

manages the business of the company in accordance with the law, the articles of association, and the 

rules of procedure for the Management Board.

The current Management Board is composed of the following members:

Reitz, Peter

Chief Executive Officer

Peter Reitz has been chairman of the EEX Management Board since 1 August 2011. 

After attaining a degree in mathematics, he started his career as a product manager at Deutsche 

Boerse AG in Frankfurt. From 2000 to 2001, he worked at Dow Jones Indexes in New York before he 

became a member of the Eurex Management Board. Since 2007, he has accompanied the 

development of the EEX as a member of the EEX Supervisory Board.

Köhler, Steffen

Chief Market Officer

Steffen Köhler has been a member of the EEX Management Board since 1 March 2012. 

After having worked for several companies in the financial sector, Steffen Köhler started working as a 

Senior Expert in the Product Development Clearing Business and OTC division of Eurex Clearing in 

2003. From 2006, he made a decisive contribution to the cooperation between EEX and Eurex in his 

capacity as the Executive Director of the Eurex Market Development.

Paulun, Tobias

Chief Strategy Officer

Dr Dr Tobias Paulun has been a member of the EEX Management Board since 1 January 2015. 

Starting in August 2009, he worked for EEX and ECC AG in the areas of product development and 

strategy. Moreover, he was Managing Director Exchange and member of the Board of EPEX SPOT. In 

these functions, he contributed to the strategic development of EEX Group with special focus on the 

regulatory market environment and European energy market design. As Chief Strategy Officer of EEX, 

Tobias Paulun coordinates the strategic direction of EEX Group.
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Siegl, Thomas

Chief Risk Officer

Dr Thomas Siegl has been a member of the Management Board of the EEX since 1 September 2012. 

After graduating in technical mathematics and attaining a doctorate in technical science he worked 

at Graz University of Technology. Afterwards, he joined Arthur Andersen in Frankfurt in the field of 

Financial and Commodity Risk Consulting, where he worked until 1999, and later he headed the 

central Risk Management Division of BHF-BANK AG in Frankfurt. Since 2010 he has been a member of 

the Management Board of the ECC AG.

Weidinger, Iris

Chief Financial Officer

Ms. Weidinger was appointed a member of the management board of EEX on 15 August 2008. Prior 

to her current appointment, she was EEX AG’s chief representative for the finance and human 

resource functions and authorized signatory of ECC AG. Following her training as an expert in 

business management and as a tax consultant she worked in the commercial trainee program of E. 

Breuninger GmbH & Co., Stuttgart and PwC Deutsche Revision AG, Leipzig.

Conil-Lacoste, Jean-François 

Executive Director Power Spot Markets

Jean-François Conil-Lacoste has been a member of the EEX Management Board since 1 January 2015. 

As Chief Executive Officer of EPEX SPOT SE and Executive Director Power Spot Markets at EEX Group, 

he is in charge of the Power Spot Markets of the group which are operated by EPEX SPOT SE. 

Graduated from ESSEC Business School in 1976, he spent ten years as a commodity trader at LouisDreyfus in Paris and Buenos-Aires until 1986 before managing stockbroker Ferri’s fixed income 

department. He joined Euronext in 1997 to create and manage the London office as well as the 

French derivatives activities.

Laege, Egbert

Executive Director Gas Market

Dr Egbert Laege has been a member of the EEX Management Board since 1 January 2015. As well as 

being a member of the EEX Management Board in his capacity as Executive Director - Gas Markets, 

Egbert is also Chief Executive Officer of Powernext SA, which controls the gas market business within 

EEX Group. Egbert started his career as Research Fellow and Program Director at the Institute for 

Energy Economics of the University of Stuttgart. In 1999, he moved over to E.ON where he passed 

through different stages of the trading, portfolio management and asset optimization divisions. Prior 

to this new position at EEX Group, he worked as Chief Commercial Officer Asset Optimization at E.ON 

Global Commodities until 30 November 2013.

The Supervisory Board of EEX AG consists of 18 members. As a shareholder of the company, 

Eurex Zürich AG, Zurich (Switzerland) has the right to appoint four members to the Supervisory 

Board. Further, as shareholders of the company, the Free State of Saxony and the City of Leipzig each 

have the right to appoint one member to the Supervisory Board. The term of office of these

appointed six members of the Supervisory Board corresponds to the term of office of the members 

of the Supervisory Board to be elected by the shareholders’ meeting. The members of the 

Supervisory Board who are not appointed by the aforementioned parties shall be elected by the 

shareholders’ meeting by a qualified majority of 80 % of the votes cast for a period that ends upon 

the conclusion of the shareholders’ meeting which decides on the discharge of the board members 

for the second financial year after commencement of the term of office, unless stipulated otherwise 

by law or resolution of the shareholders’ meeting, which must take into account the maximum legal 

duration. The financial year in which the term of office commences shall be disregarded.
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Current members of the Supervisory Board include:

Dr Hans-Joachim Arnold Katja Mayer

Dr Dirk Biermann Prof Harald R. Pfab

Heike Eckert Andreas Preuß

Dr Nigel Hawkins Dr Michael Redanz

Ulf Heitmüller Klaus Rohatsch

Burkhard Jung Hans E. Schweickardt, Deputy Chairman

Dr Jürgen Kroneberg, Chairman Uwe Schweickert

Mike Lockett Jürg Spillmann, Deputy Chairman

Dr Hartmut Mangold, Deputy Chairman Marco Steeg

The Supervisory Board is responsible for the supervision of the Management Board as well as for the 

appointment and removal of members of the Management Board. The Supervisory Board may 

determine the types of transactions for which the Management Board – notwithstanding its 

authority of representation in the normal course of business – requires the prior approval of the 

Supervisory Board. 

The Supervisory Board may delegate the preparation and implementation of its resolutions or the 

performance of individual monitoring tasks to committees, which shall be composed of at least three 

members. Currently, the supervisory board of EEX AG has formed three committees:

1) Personnel Committee (4 members): The Personnel Committee prepares the decisions of 

the Supervisory Board on appointing and removing members of the Management Board 

and on determining the remuneration of members of the Management Board (salary,

profit-sharing bonuses, expense allowances, insurance payments, commissions, 

commitments regarding incentive-based compensation, target agreements and fringe 

benefits of all kinds). The Personnel Committee submits the prepared proposals for 

remuneration-related decisions on the conclusion of or amendments to contracts of 

Management Board members to the Supervisory Board. In its proposals, the Personnel 

Committee shall set forth reasons determining the Management Board member’s overall 

compensation in accordance with Section 87 par. 1 of the German Stock Corporation Act. 

In addition, the Personnel Committee may decide, to the extent that such decision does 

not constitute a remuneration-related decision, on 

 nominations submitted to the Supervisory Board for the election of members of 

EEX’s Management Board,

 proposals submitted to the Supervisory Board for the conclusion, amendment, or 

termination of service agreements with Management Board members,

 in the stead of the Supervisory Board, the Personnel Committee may

- determine other legal transactions with Management Board members 

pursuant to Section 112 of the German Stock Corporation Act,

- consent to other activities of a Management Board member pursuant to 

Section 88 of the German Stock Corporation Act,
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- grant loans to the groups of persons specified in Sections 89 and 115 of the 

German Stock Corporation Act,

- consent to agreements with Supervisory Board members pursuant to Section 

114 of the German Stock Corporation Act as well as

- consent to side activities of Management Board members, in particular holding 

an office as a supervisory board member in companies other than EEX’s 

affiliates. 

2) Executive Committee (4 members): The Executive Committee is responsible for 

preparing the meetings of the Supervisory Board and the meetings of any committees 

other than the Personnel Committee. The preparation of such meetings includes the 

preparation of the decision-making processes. The Executive Committee issues

recommendations in that respect.

Shareholders’ meetings take the form of a general assembly which convenes at least on a yearly 

basis usually at the EEX main office in Leipzig, Germany. The responsibilities of the Shareholders’ 

meeting are defined in Section 119 of German Stock Corporation Act. These include the preparation 

of the annual financial statements of EEX, decisions on the appropriation of the balance sheet profits, 

approval of the activities of the members of the Management Board and the Supervisory Board, 

appointment of the annual auditor, decisions regarding adoption and changes of the articles of 

association, among others. For a complete list of EEX shareholders, please reference Exhibit A-2.

III. Corporate, governance, and committee structure of the Exchange

In Germany, an exchange is established as a public institution with a partial legal capacity upon the 

granting of the corresponding exchange license by the Exchange Supervisory Authority. The Exchange 

Supervisory Authority, which is in charge of supervising the activities of EEX, is the Saxon Ministry for 

Economic Affairs and Labor (SMWA), located in Dresden. The corporate structure at EEX is 

determined by the German Exchange Act and composed of the Exchange Council, the Management 

Board of the Exchange, the Market Surveillance Department and the Sanctions Committee. 

According to Section 12 of the German Exchange Act, each exchange in Germany must establish an 

Exchange Council which is responsible for, among other things, the adoption of Exchange Rules, the 

supervision of the Exchange Management Board, and the appointment and removal of members of 

the Exchange Management Board, the Head of the Market Surveillance Department – both in 

consultation with the Exchange Supervisory Authority – and the members of the Sanctions

Committee. However, the Exchange Council does neither possess access of any kind to member or 

trade information nor the ability to influence trading activities. In detail:

The Exchange Council is one of the four executive bodies of the Exchange. As such, it is in charge of 

three fields of tasks: legislative competence, supervision of the Exchange Management Board, and 

human resources competence. The legislative competence comprises in particular the right to adopt 

the rules and regulations of the exchange, mainly consisting of the Exchange Rules, the Trading 

Conditions, the Contract Specifications, Trade Registration Rules and the Admission Rules. The right 

to adopt the Exchange Rules, which may only be exercised with the approval by or under supervision 

of the Exchange Supervisory Authority, is a sign of the autonomy of exchanges as laid down in the 

German Exchange Act and according to which an exchange can regulate the matters concerning the 

exchange on its own. 

The supervisory function of the Exchange Council comprises continuous monitoring of the 

Management Board of the Exchange as well as involvement of the Exchange Council with regard to 

certain essential measures for the management of business operations. The requirement to obtain 

an approval for the introduction or change of the trading and settlement systems as well as the right 

to a prior hearing in the case of merger or co-operation agreements and in the case of outsourcing of 

activities related to the exchange is provided for in the German Exchange Act. 
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The Exchange Council exercises the human resources competence with regard to certain positions 

within the exchange together with the Exchange Supervisory Authority which has been granted a 

right of veto. The human resources competence comprises the appointment, re-appointment, and 

dismissal of the Management Board of the Exchange, the members of the Sanctions Committee as 

well as of the head of the Market Surveillance Department. The Management Board of the Exchange

is entitled to the right of nomination of the Head of the Market Surveillance Department.

In the case of EEX, the members of the Exchange Council who are elected represent the energy 

companies licensed to trade on the exchange with the following subgroups: 

a) Multi-utilities and trading companies – ten seats 

b) Public utilities and regional suppliers – three seats, 

c) Financial Institutions licensed to trade on the exchange with the following subgroups:

 Credit institutions and Financial Service Providers - four seats,

 Energy Brokers – one seat,

d) Commercial Consumers – one seat

e) other business groups concerned i.e. associations – four seats (not elected! The 

associations have a nomination right).

f) Independent Representative from the energy science – unless such is not elected – one 

seat.

The exact composition of the Exchange Council is provided for in the Saxon Exchange Act Execution 

Ordinance (SaechsBoersDVO). Members of the Exchange Council must have extensive experience in 

and profound knowledge of the business. 

The current members of the Exchange Council are:

Ballarin, Matteo Bonde, Michael

Dawson, Paul Fleischer, Werner

Göbel, Jens (deputy chairman) Grey, John

Guesry, Pierre Haizmann, Dr Jan

Hauck, Heribert Henze, Ralf

LaBrooy, Jason Le Bouhellec, Bastien

Ludwig, Kerstin Poppinga, Dr Carsten

Redanz, Dr Michael (chairman) Sentker, Dr Peter

Siri, Andrea Vittorio (deputy chairman) Testard, Hugo

Tuschek, Dr Anke van Lith, Vincent

von Bernuth, Dr Wolf Walter, Dr Bernhard (deputy chairman)

Weber, Prof. Dr Christoph Zannella, Leonardo

Under Section 15 of the German Exchange Act, the Management Board of the Exchange manages

the day-to-day business operations of the Exchange through its own responsibility. 

Generally, the Management Board of the Exchange fulfills duties and exercises powers assigned to it 

by the German Exchange Act in order to further public interest and is responsible for all duties that 

are not expressively allocated to the other governing bodies of the exchange. The Exchange 
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Management Board may take all actions necessary for proper trading on EEX and the handling of 

exchange transactions. Companies and persons permitted to execute transactions on the exchange 

must comply with the instructions issued by the Exchange Board. Companies and individuals who 

breach existing regulations or do not observe such instructions can be temporarily suspended from 

trading if and for as long as they disrupt orderly trading procedures. The Exchange Board has the 

authority to withdraw, revoke, or suspend admission and to exclude from trading. 

The current Management Board of the Exchange is comprised by Dr Dr Tobias Paulun, Steffen Köhler 

and Timothy Greenwood.

Pursuant to Section 7 German Exchange Act, EEX is under the obligation to operate an independent

Market Surveillance Department which is responsible for continuous and comprehensive monitoring 

of the market behaviour and the compliance with applicable laws and the rules and regulations of 

the exchange. Subjects to this supervision are the exchange itself, the clearing house and the direct 

and indirect (i.e. customers/economic beneficiaries of a transaction) market participants. Objects are 

trading on the exchange and the settlement of exchange transactions in accordance with the 

requirements of the German Exchange Act and the derived rules and regulations of the exchange. 

The Market Surveillance Department systematically and thoroughly records and evaluates data 

regarding exchange trading and the settlement of transactions and also conducts any necessary 

investigations. The Exchange Supervisory Authority may issue instructions to the Market Surveillance 

Department and take over such investigations. The Management Board of the Exchange may also

instruct the Market Surveillance Department to conduct investigations but has no other instruction 

rights towards the independent Market Surveillance Department. The head of Market Surveillance 

reports regularly to the Exchange Supervisory Authority and several other authorities in Germany 

and abroad (including several national and supranational financial supervisory authorities or energy 

regulators in and outside the EU). 

The Market Surveillance Department may exercise the authority of the Exchange Supervisory 

Authority in many areas. It may request information and documentation from the exchange, the 

clearing house, the exchange members and its exchange traders admitted to the exchange for 

trading, and may also conduct inspections. If there is any evidence supporting the conclusion that 

exchange law provisions or orders have been violated or that any irregularities exist that would 

impair exchange trading or the settlement of exchange transactions, the Market Surveillance 

Department has far reaching disclosure rights towards the trading participants (Section 7 in 

connection with Section 3 German Exchange Act) and anybody else who may be economic 

beneficiary of an exchange transaction.

To the extent necessary to perform the duties of the Exchange Supervisory Authority and/or the 

Market Surveillance Department, the exchange and the trading participants must permit personnel 

from those entities to enter their property and business premises during normal working hours 

(Section 3 par. 4 and Section 7 par. 3 German Exchange Act). According to Section 7 par. 4 of the

German Exchange Act, the Market Surveillance Department may transmit data with respect to the 

execution of transactions to the Management Board of the Exchange and the Market Surveillance 

Department of another exchange to the extent necessary for the fulfilment of the duties of the 

recipient. It may also transmit data with respect to the execution of transactions to those authorities 

responsible for monitoring trading on foreign exchanges, and receive data from them, to the extent 

that this is necessary to ensure orderly trading and settlement of exchange transactions. Such data 

may only be transmitted to the authorities if they and the individuals commissioned by them are 

bound by an obligation of confidentiality and are aware that they may only use the information for 

its intended purpose. The Market Surveillance Department must inform the Exchange Supervisory 

Authority, the Management Board of the Exchange, and the BaFin of what data it intends to 

exchange with authorities in other countries. 
EXHIBIT A GENERAL INFORMATION AND DOCUMENTATION

12

The Sanctions Committee is the youngest exchange body of EEX. The ordinance by the Saxon 

Ministry for Economic Affairs and Labor of 19 January 2009 paved the way for its establishment. The 

tasks of the Sanctions Committee are laid down in Section 22 of the German Exchange Act and the 

Saxon Exchange Act Execution Ordinance (SaechsBoersDVO). According to the German Exchange Act, 

the Sanctions Committee can penalize a trading participant with a reprimand, a fine of up to EUR 

250,000, or the exclusion from the exchange for up to 30 trading days in case the trading participant 

or its auxiliary person intentionally or negligently violate regulatory provisions under exchange 

legislation. The punishment of a given behavior by the Sanctions Committee does not preclude its 

further prosecution under criminal, regulatory or civil law. The Sanctions Committee exercises its 

tasks and competences exclusively in the public interest.

At the moment, the Sanctions Committee of EEX has seven committee members who carry out their 

tasks on a voluntary basis and who are neither employees of the exchange nor employees of the 

Exchange Supervisory Authority. The Sanctions Committee takes action at the request of the 

Management Board of the Exchange or of the Exchange Supervisory Authority and establishes the 

facts and circumstances of the respective case ex officio. 

The Sanctions Committee’s independence is also safeguarded by a far-reaching provision regarding 

conflicts of interest, which establishes that members of the Sanctions Committee are not allowed to 

participate in decisions in the event that they are affected by such or that they are involved in the 

matter on which such decision is based, among others. Article 23 par. 3 of the Saxon Ordinance 

clearly states that members of the Sanctions Committee may not be members of other bodies of the 

exchange or employees of the Exchange Supervisory Authority. The current composition of the 

Sanctions Committee is as follows:

Chairperson:

Klingspor, Jutta, former Chief Judge at Administrative Court of Wiesbaden 

Committee Members:

Chevalier, Pierre, DB Energie GmbH

Fleischer, Werner, Verbund Trading AG

von Bernuth, Dr Wolf, Energy & More Energiebroker GmbH und Co. KG

Henze, Ralf, Stadtwerke Hannover AG

Solere, Christophe, Susquehanna Ireland Ltd.

Walter, Dr Bernhard, EnBW Trading GmbH
EXHIBIT A GENERAL INFORMATION AND DOCUMENTATION

Attachments for I. Membership Agreements

Key Words Subject matter Date Document Attach

ment

EEX Admission

Rules

Rules of European Energy Exchange

AG for admission as exchange

trader

2015‐02‐15

20150224_EEX_Admi

ssion_Rules_006a_e_

1

Form A01 Application for Admission as

Exchange Participant to the

markets of EEX

2016‐01‐26

A01.pdf

2

Form E01 Declaration of personal reliability

for Members of the Management

Board of the Applicant

2016‐03‐16

E01.pdf

3

Form E03 Application for Setup/Deletion of

EEX User IDs

15.08.2016 

E03.pdf

4 

Form E03a Declaration of Professional

Qualification (Exchange Trader)

(not obligatory)

2016‐03‐18

E03a.pdf

5

Form E04 Declaration of personal reliability

for Exchange Traders/ Trader

Assistants

2016‐03‐18

E04.pdf

6

Form E07 For Applicants with a registered

office outside of Germany

2016‐03‐18

E07.pdf

7

Form T01 T01: Order of technical access to

the trading platforms of the EEX

Spot‐ and Derivatives Markets

2016‐07‐15

T01.pdf

8

Attachments for II. Clearing Agreements

Key Words Subject matter Date Document Attach

ment

Clearing

Conditions

Clearing Conditions of European

Commodity Clearing AG

2016‐08‐01

ECC CLearing 

Conditions v34b.pdf

1

NCM

Agreement

Trilateral Agreement between

Clearing Member, Non‐Clearing

Member and ECC.

2015‐09‐03

NCM Agreement.pdf

2

NCM

Application

Form

Application for admission as Non‐

Clearing‐Member 2016‐05‐20

NCM Application 

Form.pdf

3
Date 24.02.2015 

Place Leipzig 

Document Release 006a 

EEX-Admission Rules 

The English version is for informal use only. The German version is legally binding. 
European Energy Exchange AG Copyright 2015 – All rights reserved 

Zulassungsordnung, Release 006a Page 2 

1. Content 

1. Content .................................................................................................................................... 2

2. General Rules ......................................................................................................................... 3

§ 1 Scope ................................................................................................................................. 3

3. Admission ............................................................................................................................... 4

§ 2 Admission of Exchange traders .......................................................................................... 4

§ 3 Proof of Reliability ............................................................................................................... 4

§ 4 Proof of professional qualification ....................................................................................... 4

§ 5 Admission procedure .......................................................................................................... 4

4. Board of Examiners ................................................................................................................ 5

§ 6 Appointment ....................................................................................................................... 5

§ 7 Confidentiality ..................................................................................................................... 5

§ 8 Partiality .............................................................................................................................. 5

5. Examination Process ............................................................................................................. 6

§ 9 Application .......................................................................................................................... 6

§ 10 Admission to Examination ................................................................................................. 6

§ 11 EEX Systems Training Course.......................................................................................... 6

§ 12 Examination Date, Place of Examination .......................................................................... 6

§ 13 Objective of the Examination ............................................................................................ 7

§ 14 Examination Topics .......................................................................................................... 7

§ 15 Examination Tasks ........................................................................................................... 7

§ 16 Examination Requirements Committee ............................................................................. 7

§ 17 Conducting the Traders’ Examination ............................................................................... 7

§ 18 Deception and Breach of Rules ........................................................................................ 8

§ 19 Withdrawal ........................................................................................................................ 8

§ 20 Passing of the Traders Examination, Announcement of Results ....................................... 8

§ 21 Failing and Retaking the Traders Examination .................................................................. 9

§ 22 Legal Remedy .................................................................................................................. 9

§ 23 Costs ................................................................................................................................ 9

6. Final Provisions .................................................................................................................... 10

§ 24 Date of Effectiveness ...................................................................................................... 10
European Energy Exchange AG Copyright 2015 – All rights reserved 

Zulassungsordnung, Release 006a Page 3 

2. General Rules 

§ 1 Scope 

(1) The following Admission Rules govern the prerequisites for the admission as an exchange 

trader, the procedure and the prerequisites for admission to and the content of the traders’ 

examination furnishing proof of professional qualification according to Sect. 19 paragraph 6 

BörsG1 (Traders Examination). The proof of professional qualification constitutes the precondition for admission to the European Energy Exchange (EEX) as an exchange trader. 

 

1

 Exchange Act of 16th July 2007 (Federal Law Gazette, vol. I, p. 1330) 
European Energy Exchange AG Copyright 2015 – All rights reserved 

Zulassungsordnung, Release 006a Page 4 

3. Admission 

§ 2 Admission of Exchange traders 

(1) Persons entitled to trade on the EEX Spot and/or Derivatives Market (Exchange trader) shall 

be admitted by EEX if they are reliable and have the necessary professional qualifications in 

accordance with the detailed provision in the rules for admission. 

(2) The admission entitles the Exchange trader to trade only the products or group of products 

he is admitted to and only on the trading platform for which such Exchange trader has the 

required technical knowledge. 

§ 3 Proof of Reliability

The applicant proves his personal reliability thought the sending of the duly completed and 

signed document „Declaration of personal reliability“. The Board of Management may request from the applicant additional documents or information. 

§ 4 Proof of professional qualification

(1) Professional qualification shall be assumed if the required practical experience and specialised knowledge necessary for trading on the EEX are satisfactorily shown. 

(2) Practical experience is considered proven if the applicant 

(a) has successfully taken part in a systems training course according to Sect. 11 or 

(b) can furnish proof of existing experience regarding the trading systems of EEX over 

a period of at least six months over the past two years before the application is 

submitted. 

(3) Evidence of the required specialised knowledge is particularly supplied by passing an examination leading to the qualification of an Exchange trader on the EEX. Details of the examination procedure are stipulated in Subsections 4 and 5. 

(4) The management of the exchange may in its own discretion refrain from the proof of passing the exams mentioned in sections 4 and 5 and may generally accept specific trainings 

and exams of other exchanges and institutions (foreign certificates) as a proof of professional qualification, this acceptance of foreign certificates has to be published. 

§ 5 Admission procedure

(1) Decisions regarding the admission of persons as Exchange traders are made by the 

Board of Management of EEX upon written application pursuant to Sect. 19 BörsG. The 

decision is made by the Board of Management of the Exchange in written form. It is permitted to refuse an incomplete application. The existing Exchange participants may be informed of the admission of a new Exchange participant conveniently. 

(2) Evidence of fulfilment of the conditions for admission of Exchange traders must be furnished by the respective participant. The Board of Management may request from the applicant additional documents or information at any time and within a certain time limit. 
European Energy Exchange AG Copyright 2015 – All rights reserved 

Zulassungsordnung, Release 006a Page 5 

4. Board of Examiners 

§ 6 Appointment 

(1) The Board of Management appoints a Board of Examiners to administer the examination for 

the purpose of evidencing the professional qualifications of exchange traders. This Board of 

Examiners consists of three members; such members elect a chairperson and a deputy 

chairperson. The Board of Examiners shall determine, by a majority of the votes cast, the results of such examination. Should the vote end in a tie, the respective chairperson shall have 

the casting vote. 

(2) The composition of the Board of Examiners is published on the website of EEX. 

(3) The Board of Management may appoint one or several deputy members for the Board of Examiners. 

(4) The Board of Management shall appoint and dismiss the members of the Board of Examiners and, where required, the deputies. The appointment may be limited in time. A reappointment is permissible. 

§ 7 Confidentiality 

(1) The members of the Board of Examiners shall keep confidential from third parties all examination proceedings, including the documents transmitted by participants in the examination. 

(2) Members of the Board of Management and the Exchange Council are not considered as third 

parties in terms of the above mentioned paragraph. 

§ 8 Partiality 

(1) Members of the Board of Examiners who are or were related by blood or marriage to an examination candidate, or who are very close to such candidate in another way, should not be 

involved neither in the examination process nor in the admission to an examination. 

(2) If any concerns regarding partiality of a member of the Board of Examiners are raised by an 

examination candidate, the remaining members of the Board of Examiners shall determine 

whether or not to exclude the member concerned from administration of the examination. 

(3) If an examination candidate is concerned that a member of the Board of Examiners is partial, 

this shall be raised vis-à-vis the Board of Examiners in writing no later than two weeks after 

the application for the examination and the announcement of the members of the Board of 

Examiners. 
European Energy Exchange AG Copyright 2015 – All rights reserved 

Zulassungsordnung, Release 006a Page 6 

5. Examination Process 

§ 9 Application 

(1) The application for admission to the examination as exchange trader on EEX shall be filed in 

text form. 

(2) The application may be filed by enterprises which intend to participate in EEX as exchange 

participants or by the individuals to be examined. 

§ 10 Admission to Examination 

(1) Individuals shall be admitted to the traders examination who 

§ have filed an application for participation in the traders’ examination, 

§ attend a suitable preparation course (EEX Systems Training) which is recognised by the 

Board of Management for such purposes or who can demonstrate by any other means 

in writing that they have acquired the necessary knowledge imparted in the EEX Systems Training within the scope of another vocational training course or by admission to 

another exchange, and 

§ have paid the fees charged to their account. 

(2) The Board of Examiners shall determine admission to the examination on the basis of the 

certificates provided. 

(3) If the number of applicants admitted for the examination exceeds the number of available 

places on a particular examination date, the receipt of the applications shall decide on the 

order of the applicants to be admitted to the examination date in question. 

§ 11 EEX Systems Training Course 

(1) Evidence of the required practical experience of the applicant is furnished through the successful participation in an EEX Systems Training course. 

(2) The EEX Systems Training course shall take sufficient account of the actual trading process 

of the EEX systems. The type, content, process and duration of the systems training course 

shall be specified by the Board of Management. 

§ 12 Examination Date, Place of Examination 

(1) The traders’ exam shall be held sufficiently frequently, however, at least, once a quarter. 

(2) The Board of Management of the exchange shall decide on the examination dates and the 

respective place of examination in accordance with the Board of Examiners and announce 

these on the EEX website. 
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Zulassungsordnung, Release 006a Page 7 

§ 13 Objective of the Examination 

(1) Objective of the examination shall be the determination of the specialised knowledge of the 

candidate for participation in the EEX exchange trading. 

(2) Evidence within the meaning of subparagraph (1) shall be furnished by the passing of the respective traders' examination according to these Exchange Rules. 

(3) Passing the traders examination does not - as a rule - constitute proof of specialised 

knowledge if the examination was taken more than three years prior to the first admittance as 

an exchange trader on EEX or the trader has not been active as a trader on EEX or a comparable market during the last three years. 

§ 14 Examination Topics 

(1) The traders examination comprises the following examination topics: 

§ Examination topic 1: 

General legal foundations of exchange and electricity trading; legal foundations of exchange and electricity trading on EEX, organizational structure of EEX 

§ Examination topic 2: 

Practice of general trading, EEX products, trading procedure as well as collateral and 

settlement (clearing) of transactions concluded on EEX, 

(2) Generally, the examination candidate’s knowledge in all concerning examination topics can 

be tested. 

§ 15 Examination Tasks 

The scope of the examination in terms of Sect. 13 in combination with Sect. 14 shall be the 

basis for the preparation of the examination tasks. 

§ 16 Examination Requirements Committee 

The Board of Examiners may form a committee which shall determine the content of the 

exchange traders’ examinations (Examination Requirements Committee). The decision 

shall be based on the examination requirements pursuant to Sect. 13 in combination with 

Sect. 14. 

§ 17 Conducting the Traders’ Examination 

(1) The traders’ examination shall be conducted electronically or in writing and in German or another language. 

(2) The examination time shall be determined by the Board of Examiners and the examination 

candidates shall be informed of the examination time in advance. 

(3) The traders’ examinations are not of a public nature. Members or representatives of the 

Board of Management of EEX are permitted to be present at the examination. 
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Zulassungsordnung, Release 006a Page 8 

(4) The Board of Management regulates the monitoring of the traders examination, in agreement 

with the Board of Examiners, which shall guarantee that the candidates work independently 

and only with permitted aids. 

(5) Candidates for examination shall bring a valid identification card or passport and provide it at 

request of the examination supervisor. 

(6) Candidates for examination shall be instructed by the examination supervisor prior to the 

commencement of the traders examination regarding the examination procedure, the time 

available and of tools and examination aids which may be used as well as of the consequences of deception. 

§ 18 Deception and Breach of Rules 

(1) Participants engaging in deceptive practices, such as the use of working aids which are not 

permitted, the impermissible aid of third parties or other deceptive practices, maybe permitted from further participation in the traders’ examination under reservation of exclusion by the 

examination supervisor. The same applies to disruptions of the examination procedure. 

(2) The Board of Examiners shall determine the final exclusion and consequences after having 

afforded the examination candidate an opportunity to be heard. In serious cases, particularly 

in the case of premeditated deception, the traders’ examination may be declared to have 

been failed. The same shall apply to deceptions subsequently discovered within one year. 

§ 19 Withdrawal 

(1) The examination candidate may withdraw by written declaration prior to the commencement 

of the traders’ examination. In such case, the traders’ examination shall be considered not to 

have been taken. 

(2) If the examination candidate withdraws after the commencement of the traders’ examination 

without cause, he/she shall be considered to have failed the examination. The same shall 

apply if the candidate does not appear for the examination despite of his/her admission. 

(3) Upon good cause for the withdrawal, the traders’ examination shall be considered not to 

have been taken. The Board of Examiners shall determine the existence of such cause. 

§ 20 Passing of the Traders Examination, Announcement of Results 

(1) Only the members of the Board of Examiners shall take part in the discussion of the examination results. The Board of Examiners determines, by a majority of the votes cast, the results of the respective traders’ examination. 

(2) The traders’ examination shall be deemed to have been passed if a percentage of the points 

to be attained in the individual examination topics determined by the Board of Management 

for the examination in question was attained. The percentage to be determined shall not fall 

below 50 of 100. No special grading is granted for performance between the required percentage for the passing of the examination and 100 % of the attainable points. 
European Energy Exchange AG Copyright 2015 – All rights reserved 

Zulassungsordnung, Release 006a Page 9 

(3) The Board of Examiners/Board of Management shall promptly distribute a certificate reflecting satisfactory completion of the examination after evaluation of the results of the traders’ 

examination. 

§ 21 Failing and Retaking the Traders Examination 

(1) After the evaluation of the examination results, the Board of Examiners shall promptly inform 

the examination candidate of the decision regarding the failure to pass a traders‘ examination 

in a notification. 

(2) Traders’ examinations can be re-taken. 

§ 22 Legal Remedy 

An appeal against a decision based on these Examination Rules may be submitted to the 

Board of Management of EEX within one month after the announcement. Opposition proceedings shall be carried out according to the Administrative Court Rules. 

§ 23 Costs 

Fees may be charged to the examination candidate’s account for participating in traders’ 

exams and EEX systems training courses as well as repeat examinations. 
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Zulassungsordnung, Release 006a Page 10 

6. Final Provisions 

§ 24 Date of Effectiveness 

The Examination Rules as well as changes to the Examination Rules shall take effect on 

the day after their publication or -if it is decreed- at a later date. 
A01

Application for Admission as Exchange participant

to the Markets of the European Energy Exchange

Date 26.01.2016

Place Leipzig

Document Number A01_E

Document Release 020
 1. Table of Contents

1. Table of Contents.....................................................................................................................2

2. Preliminary note.......................................................................................................................3

3. Application................................................................................................................................4

3.1. Membership application.........................................................................................................4

3.2. The legal basis......................................................................................................................5

4. General data of the applicant..................................................................................................6

4.1. Applicant................................................................................................................................6

4.2. Persons entitled to sign vis-à-vis EEX...................................................................................7

4.3. Central Coordinator...............................................................................................................8

4.4. Contact person(s) for technical requirements and invoicing..................................................8

4.5. Technical connection to the trading systems..........................................................................8

4.6. Exchange trader....................................................................................................................9

4.7. Assurances / Statements.......................................................................................................9

4.8. Admission documents ECC AG.............................................................................................9

4.9. Authorisation for the Exchange of information within the EEX Group..................................10

4.10. Signature(s) for the application for admission as Exchange participant to the Spot and/or 

 Derivatives Markets of the European Energy Exchange......................................................10

European Energy Exchange Copyright 2016 – All rights reserved

A01 Release 020 Page 2
2. Preliminary note 

This application form is used to apply for admission as an Exchange participant to the markets of

EEX. The admission procedure consists of the following steps:

1. Please return legally signed application for admission as an Exchange participant

including relevant documentation to:

Member Readiness

European Commodity Clearing AG

Augustusplatz 9

04109 Leipzig

Deutschland

Phone: +49 341 2156-261

Fax: +49 341 2156-559

E-mail: MemberReadiness@ecc.de

2. In order to receive admission to the Exchange, the clearing house of EEX, European

Commodity Clearing AG (“ECC AG”) must provide recognition that the applicant is a

recognized trading participant. Required forms can be downloaded on ECC AG website

www.ecc.de.

3. The trading of power on the Spot Market takes place at EPEX Spot. Therefore separate

admission to EPEX Spot is necessary for trading power on the Spot Market. For

information on the admission procedure, please contact EPEX Spot SE directoply. For

further information and the relevant contact details please see www.epexspot.com.

4. The management board of the Exchange shall inform the applicant in writing of its decision

in respect of this application to the Exchange.

European Energy Exchange Copyright 2016 – All rights reserved

A01 Release 020 Page 3
3. Application

 3.1. Membership application 

We hereby apply for the membership as an Exchange participant to the following markets and

products:

Spot Market Derivatives Market

Emission rights

 (Primary Auctions and

Secondary Market)

all products

Emission rights

Guarantees of Origin

Power1

Coal2

Freight3

Crude Oil and Refined Products3

Fertilizer3

Iron Ore3

Agricultural Products

as soon as possible

as of requested date (dd.mm.yyyy): 

The admission for trading also includes the authorisation to register transactions for clearing within

the trading system, for which Trade Registration functionality is offered.

1 Trade Registration and Exchange Trading 

2

 Trade Registration (EUR, US$) and Exchange Trading (US$)

3

 only Trade Registration

European Energy Exchange Copyright 2016 – All rights reserved

A01 Release 020 Page 4
 3.2. The legal basis

The legal basis for admission and participation on the Exchange is based upon:

1. The Exchange Act of the Federal Republic of Germany.

2. The rules and regulations of EEX in its current form, in particular:

• Exchange Rules,

• Trading Conditions,

• Contract Specifications,

• Code of Conduct,

• EEX Trade Registration Rules (incl. TR Contract Specification),

• EEX-Implementation Regulations as well as

• Admission Rules.

The above mentioned legal basis is completed by the relationship between the applicant, the Exchange operating companies of the respective markets and the clearing house of the EEX, European Commodity Clearing AG, as well as a legal relationship between the applicant and its clearing member. This affects in particular:

• ECC Clearing Conditions,

• NCM CM Clearing Agreement

• Price lists of the EEX group and, if applicable, the operating company of the

respective markets and ECC AG and

• Contracts for technical accesses.

By signing this application we assure that we are familiar and abide with the above mentioned

rules and regulations. Especially we agree with the validity of the price lists of the EEX Group. All

current documentation can be downloaded from the websites www.eex.com and www.ecc.de

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A01 Release 020 Page 5
 4.General data of the applicant

 4.1. Applicant

Name of the Company and Company Register

Name of the Company according to Company Register Legal Status

Sector

Company Registration No. Place of Registration

Address of the Trading Participant

Country Address

Post Code City

Correspondence Address (only if different to the above address)

Country Address

Post Code City

Address of the Front office (only if different to the above address)

Country Address

Post Code City

Persons who are entrusted with the management and the representation of the company's business by law, articles of association or shareholders' agreement (for example proprietor, management director, board member, but not proxy holder or other authorised representatives):

Name First Name

1

2

3

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A01 Release 020 Page 6
We hereby declare, that the below mentioned person(s) as business owner(s) or in another position entrusted with the management of our business according to law, regulations or firm’s contract

is/are entitled to represent it and has/have the necessary professional qualification for the Exchange trading in forms of § 18 (3) of the Exchange Rules.

We provide proof of the personal reliability of all persons referred to in Section 4.1, who are entrusted with the management and the representation of the company’s business by law, articles of

association or shareholder’s agreement by submitting certificates of good conduct or by signing

form E01 ”Declaration of Personal Reliability (Member of Management Board)”.

We enclose the copies of the ID cards.

Correspondence and invoices will be sent in English.

 4.2. Persons entitled to sign vis-à-vis EEX

The following persons are authorised to represent and to sign for all Exchange or Exchange membership related matters. This does not include the authorisation to participate in trading, since the

admission to the EEX as an Exchange Trader is necessary.

Persons entitled to sign EEX zeichnungsberechtigte Personen

Name First Name Specimen

signature

Entitled to

sign on

his/her own

Only allowed to

sign together

with No.

1 

2 

3 

4 

Please see the attached signature list for authorised representatives.

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A01 Release 020 Page 7
 4.3. Central Coordinator

The Central Coordinator is the main contact person and authorised to receive all Exchange related

matters. This person is responsible for the internal distribution of all EEX information.

Central Coordinator

Name First Name Phone Fax Email

Ms.

Mr.

Ms.

Mr.

 4.4. Contact person(s) for technical requirements and invoicing

Contact person(s) IT

Contact Persons - IT

Name First Name Phone Fax Email

Ms.

Mr.

Ms.

Mr.

Contact person(s) invoicing

Contact Persons - Invoicing (Invoice Recipient)

Name First Name Phone Fax Email

Ms.

Mr.

Ms.

Mr.

 4.5. Technical connection to the trading systems

For technical access several alternatives are provided depending on the technical infrastructure of

the applicant. Regarding questions which connection type is the best solution for the Exchange

participant, please do not hesitate to contact the Service Desk Connectivity (+49 341 2156-466).

To order this connection the form T01 has to be filled in completely and signed by a legal representative of the company. By signing T01 a contract of technical access is arranged between EEX

AG and the Exchange participant. The connection is established once the participant has sent the

respective document. The fees will be charged according to the price list of EEX AG.

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A01 Release 020 Page 8
 4.6. Exchange trader

The Exchange traders mentioned in form E03 “Application for Setup/Deletion of EEX User IDs”

shall be entitled to act for us on the EEX markets.

We enclose the respective proofs of personal reliability according to para 19 (5) Exchange Act

(Form E04 “Declaration of personal reliability (Exchange Trader/Trader Assistants)”) and copies of

the ID cards.

 4.7. Assurances / Statements

1. We assure that we are familiar with the rules and regulations of EEX and the ECC AG

listed in section 3.2 and that we shall acknowledge and observe them.

2. We assure that all necessary national, supranational and/or international

authorisations, licenses and permissions have been collected in order to take part on the

markets of the EEX. We also assure that trading on the markets of the EEX does not

contravene our bylaws or obli- gations which are known to us.

3. In the event that screens necessary for trading are not installed in the applicant’s

premises, by signing this application we assure that agreements were made, entitling EEX

to check the ob- servance of the requirements for installation and operation of a participant

front end installation in the third party’s office.

4. We herewith consent to allow representatives of EEX or persons acting on their behalf, to

monitor (on the premises of the applicant) at any time compliance with the Rules and

Regulations of the EEX as amended from time to time and with the obligations and

assurances of the applicant vis-à-vis EEX and their governing bodies.

5. We assure to promptly inform the EEX about changes to the entries, confirmations and

decla- rations, which have been given in context with this application, and to prove such

entries, con- firmations and declarations.

6. In case we have provided a fax number in the USA to the EEX, we agree to the

conveyance of faxes to this number.

7. We agree to the publication of our company as an Exchange Participant.

8. We hereby give permission and authorise EEX to record our calls with the market

supervision of EEX in order to ensure the orderly operation of the exchange. We assure,

that we will inform the employees concerned about this practice.

9. We give our consent, that extensions of our admission for markets and products of EEX

may, in addition to the authorised signatories listed in section 4.2., also be applied for by the

central coordinator(s) listed in section 4.3., by sending the request for extension of our

admission for market and products of EEX from one of the e-mail addresses listed in section

4.3. We will inform EEX about any modification of this consent immediately. We are aware of

the fact that an extension of the admission is subject to a respective approval by ECC.

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A01 Release 020 Page 9
 4.8. Admission documents ECC AG

We are aware that admission for trading on one of the EEX markets can only occur after ECC AG

has confirmed recognition of the applicant as a as a trading participant. Documentation required by

the ECC AG can be submitted together with the required EEX documentation.

 4.9. Authorisation for the Exchange of information within the

EEX Group

We authorise the Management Board of the Exchange and the operating company of the

Exchange to exchange information and data regarding the Exchange membership within the

EEX group, with EPEX Spot SE as well as within the Deutsche Börse group. The authorisation for

the exchange of information and data also includes the exchange of personal data and information

of the persons named in section 4.1. We confirm that these persons have granted their approval

for exchanging information and data within the EEX group, with EPEX Spot SE and within

Deutsche Börse group. We will inform EEX about any modification of this authorisation

immediately. 

 4.10.Signature(s) for the application for admission as Exchange

participant to the Spot and/or Derivatives Markets of the

European Energy Exchange

Legally binding signature(s) for the whole application and the general data given in Section 4:

Place Date 

dd.mm.yyyy

Company stamp and legally binding signature(s) of

applicant

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A01 Release 020 Page 10
E01

Declaration of Personal Reliability

(Member of the Management Board)

– Please send the scanned version to MemberReadiness@ecc.de –

Date 16.03.2016

Place Leipzig

Document Number E01_E

Document Release 004
Declaration of the Personal Reliability (Member of the

Management Board)

Company submitting the application:

Name of authorised representative:

1. I assure that there are no preliminary or main proceedings pending against me for

punishable acts related to assets, taxes or other in connection with my previous occupation

or my participation in exchange dealings as well as no such proceedings have been

pending against me within the last five years. Statements about proceedings resulting in an

acquittal or a discontinuation in accordance with para 170 StPO (German Code of Criminal

Procedure) are not necessary.

2. Furthermore, I confirm that I will inform the Management Board of the Exchange as soon as

possible if there are any changes in the confirmations given under item 1.

3. The Management Board of the Exchange may request further documents that are relevant

for the evaluation of my reliability.

4. If the statement under point 1. cannot be agreed to in its entirety, then the relevant wording

should be marked up and further details provided on a supplementary sheet.

Place Date 

dd.mm.yyyy

Signature (person entitled to represent the applicant)

European Energy Exchange Copyright 2016 – All rights reserved

E01_E Declaration of the Personal Reliability (Member of the Management Board), Release 004 Page 2
Please send to:

Member Readiness

European Commodity Clearing AG

Augustusplatz 9

04109 Leipzig

GERMANY

E03

Application for Setup/Deletion of EEX User IDs

Date 15.08.2016

Place Leipzig 

Document Number E03_E

Document Release 027
 Please send to:

 Member Readiness Telefon: +49 341 2156-261

 European Commodity Clearing AG Fax: +49 341 2156-559

 Augustusplatz 9 E-Mail: MemberReadiness@ecc.de

 04109 Leipzig

Deutschland

Application for Setup / Deletion of User IDs

Necessary fields

Company submitting the application:

Member ID (if known): E X

 Setup 

 Deletion 

 Modification

 Exchange Trader1

 Exchange Trader1

 (Trade Registration Only)

 Trader Assistant1

 (max. 6 months)

 Back Office User

2

 Security Administrator

3

 Info User (view only)

1

 Please enclose declaration 

 of personal reliability (E04)

 and a copy of ID-Card!

2

 Technical access via Eurex 

 Clearing GUI

3

 Technical access via T7

 GUI / Eurex Clearing GUI

 asap

 on

(dd.mm.yyyy)

---------------------

 Ms.

 Mr.

First name: Last name:

E-Mail:

Phone: Date of Birth: 

User ID (if known):

IM / EikonTM ID (optional):

Following information about the responsible trader is only required in the case of setup of trader assistants.

Name of the responsible trader: Signature of the responsible trader: User ID of the responsible trader:

Remarks:

Please see EEX Rules and Regulations for descriptions of user types and EEX price list for emerging coasts.

The exchange participant hereby acknowledges that in the case of the application of a trader assistant, the above individual will be promoted to full trader status upon the successful 

completion of the relevant EEX / Eurex exam.

Please send this form for the admission of Exchange Traders and Trader Assistants as original to the above mentioned address. For the setup of Back Office Users, Security 

Administrators and Info Users a scan of the form to MemberReadiness@ecc.de is sufficient. For deletions a scan of the form is always sufficient.

European Energy Exchange Copyright 2016 – all rights reserved

E03 Release 027 Seite 2
Member ID: E X Name of person:

PRODUCT Exchange Trading Trade 

Registration TECHNICAL ACCESS

Exchange Trader, Trader Assistant, Info User – Derivatives market:4

Phelix and other Financial Power Futures / Options 

 

TT Screen

 German Intraday Cap Future

 

Trayport Trading Gateway (Exchange Trading only)

 Physical Power Futures

 

T7 GUI / EUREX Clearing GUI 

Agricultural Products

 

STP (Trade Registration only, with STP Always setup)

 Coal Futures (USD)

 

Futures on Emission Rights

 

Guarantees of Origin Futures

 

 Freight

 

 Crude Oil and Refined Products

 

 Fertilizer

 

Exchange Trader, Trader Assistant, Info User – Spot market:

EUA Spot Primary Auctions

 

 Comtrader

EUA Spot Secondary Market

 

 

T7 GUI

 TT Screen

 Trayport Trading Gateway

Place and Date Legally binding signature(s) of exchange participant5

4

 After formal admission the initial product assignments may be amended via email to MemberReadiness@ecc.de, in accordance with the products listed in the admission notification.

5

These are the nominated authorised signatories, not typically the trader or trader assistant being set up.

European Energy Exchange Copyright 2016 – all rights reserved

E03 Release 027 Seite 3
E03a

Declaration of Professional Qualification

– Please send the scanned version to MemberReadiness@ecc.de –

 Date 18.03.2016

 Place Leipzig

 Document Number E03a_E

 Document Release 004
Declaration of Professional Qualification

Name of Exchange Trader:

Date of Birth of Exchange Trader:

I have passed the following Trader Exam:

EEX Trader Exam

Eurex Trader Exam (a copy of the Eurex Trader certificate is attached hereto)

EEX Trade Registration Exam

Herewith I declare that I have been admitted as authorised trader at the following markets during

the last three years. (Please name exchanges and brokers with the respective time period):

Spot Market:

Commodity / Financial Exchanges:

Screen-based Brokers:

Derivatives Market:

Commodity / Financial Exchanges:

Screen-based Brokers:

Place Date

dd.mm.yyyy

Signature (Exchange Trader)

European Energy Exchange Copyright 2016 – All rights reserved

E03a Declaration of Professional Qualification, Release 004 Page 2
E04

Declaration of Personal Reliability

(Exchange Trader/Trader Assistants)

– Please send the scanned version to MemberReadiness@ecc.de –

 Date 18.03.2016

 Place Leipzig

 Document Number E04_E

 Document Release 008
Declaration of Personal Reliability 

(Exchange Trader/Trader Assistant)

Name of 

Exchange Trader/Trader Assistant:

Date of birth of 

Exchange Trader/Trader Assistant:

1. I assure that there are no preliminary or main proceedings pending against me for punishable

acts related to assets, taxes or otherwise in connection with my previous occupation or

my participation in exchange dealings.

2. I assure that no such proceedings have been pending against me within the last five years.

Statements about proceedings resulting in an acquittal or a discontinuation in accordance with

para 170 StPO (German Code of Criminal Procedure) are not necessary.

3. I assure that within the last three years I have not violated the trading and consulting regulations, the guidelines for own securities business of staff members of credit institutions or comparable internal regulations, regulations of the Securities Trading Act, in particular the insider

regulations and the rules of good behavior, the German Exchange Act and the Exchange rules

and regulations and that no corresponding proceedings are pending against me.

4. I hereby authorise the last enterprise I was employed by to inform the exchange management

of facts in accordance with item 1. - 3. that are relevant for the evaluation of my reliability.

5. Furthermore, I confirm that I will inform the exchange management as soon as possible if

there are any changes in the confirmations given under item 1.

6. The exchange management may request further documents that are relevant for the

evaluation of my reliability.

7. If a statement to be made under 1. - 4. cannot be made or can only be made with reservations,

this has to be marked and requires a comment to the item in question on a separate sheet.

8. I hereby give my permission and authorise EEX to record my calls with the Market Supervision

of EEX in order to ensure the orderly operation of the Exchange.

9. I hereby agree to the collection, processing, and use of my personal information and data as

far as it is carried out to create, execute or terminate the admission to EEX and for the

respective fulfillment of tasks by EEX. I authorise EEX to exchange my personal data within

EEX group and Deutsche Boerse group. I hereby authorize EEX to transfer my personal

information and data to other third parties as far as it is necessary for the purpose of the

fulfillment of tasks performed by third parties for EEX and if the respective third party has

committed itself to strict confidentiality.

10. In case my exam for Derivatives Markets is to serve as proof for the professional qualification

for the admission as an Exchange Trader at the EEX Spot Markets, I herewith ensure that I

acquired the product specific knowledge of the EEX Spot Markets.

11. I am aware of and will obey the rules and regulations of EEX and the clearing house of EEX,

ECC AG (available under www.eex.com and www.ecc.de).

Place Date Signature (Exchange Trader/Trader Assistant)

European Energy Exchange AG Copyright 2016 – All rights reserved

E04_E Personal Reliability Trader/TA, Release 008 Page 2
- Only required for applicants with a registered office outside the Federal Republic of Germany - 

E07

Mail Authority

– Please send the scanned version to MemberReadiness@ecc.de –

Date 18.03.2016

Place Leipzig

Document Number E07_E

Document Release 005
Mail Authority 

Name of Exchange Participant: Member-ID (if known):

Appointment as Authorised Recipient

In accordance with para 17(3) of the Exchange Rules, Exchange participants that are not domiciled

Federal Republic of Germany have to appoint an Authorised Recipient who is a resident of the

Federal Republic of Germany prior to their admission as an Exchange participant of at least one of

the markets of the EEX-Group. For this reason, the aforementioned Exchange participant authorises the person/company named below to receive all mail addressed to the Exchange participant

and to the Exchange traders admitted on behalf of the applicant in connection with participation as

Exchange participant on at least one of the markets of the EEX group (including mail from the Exchange Supervisory Authority and mail to be delivered to the addressee only).

This authorisation shall also be valid for deliveries on the basis of legal proceedings at German

courts. The Exchange traders acting on behalf of our company have duly agreed to this power of

attorney.

A legally binding termination of the function as Authorised Recipient can only be executed if another Authorised Recipient residing in the Federal Republic of Germany is appointed at the same

time. The appointment is to be issued with the approval of the Exchange Participant.

Name of the Authorised Recipient (when indicated contact person / resonsible department)

Street

Post Code, City

Place Date 

dd.mm.yyyy

Company stamp and legally binding signature Exchange

participant 

European Energy Exchange Copyright 2016 – All rights reserved

E07_E Mail Authority, Release 005 Page 2

E X
Confirmation of receipt of authority from the above mentioned person/company

I/We have been informed of the conferring of authority mentioned above and agree to this appointment. I/we hereby assure that I/we have been assigned by the Exchange Participant, legally

binding and without restrictions, to function as their Authorised Recipient. I/we have accepted

this assignment.

I/we will inform you instantly if my/our aforementioned address has changed.

I/we enclose a copy of my/our ID as well as a copy of the certificate of registration in order to prove

the legitimacy.

Place Date 

dd.mm.yyyy

Company stamp and legally binding signature Authorised

Recipient 

European Energy Exchange Copyright 2016 – All rights reserved

E07_E Mail Authority, Release 005 Page 3
T01

Order of technical access to the trading platforms

of the EEX 

Spot- and Derivatives Markets

– Please send the scanned version to MemberReadiness@ecc.de –

Date 15.07.2016

Place Leipzig

Document Number T01

Document Release 018
Order of technical access to the trading platforms of 

the EEX Spot- and Derivatives Market

European Commodity Clearing AG

Member Readiness

Telefon: +49 341 2156-261

Fax: +49 341 2156-559

E-Mail: MemberReadiness@ecc.de

Description:

The specified data is for technical

connections and the technical contact for

support used. The delivery point of leased 

lines may be given separately under point 

connectivity. The e-mail addresses

are used to contact and for provision of 

certificates and login data if applicable.

Sender

Company name

Department

Name of technical contact

Street or P.O.B.

Postal code, City, Country

Building, Floor, Room

Phone Fax

Email address of a technical responsible person

Email address for certificate delivery / login data

Member-ID (if known) 

Type of request

 Setup as soon as possible

 Requested Date (DD/MM/YYYY)

______________________________________________________________________________________________

 Cancellation as soon as possible

 Requested Date (DD/MM/YYYY)

European Energy Exchange Copyright 2016 – All rights reserved

T01 Release 017 Page 2

Phone Contact

for technical questions

EEX Service Desk Connectivity:

+49-(0)341-2156-466

technology@eex.com
Trading Screens

Trading Screens Description Order Cancellation

ComTrader ComTrader provides easy access to Auction System (CAS). *

EEX

TT Screen

The EEX TT screen provides the ability to view and execute futures market 

(Eurex) trades, including trade registration for clearing. *

Eurex T7

Trading GUI

The Eurex T7 GUI provides easy access to trading the EEX products on the 

Derivatives Market, including trade registration for clearing.

Recommendation: simultaneous use of 3 GUIs requires 1Mbit bandwidth

*

EEX Trading

Gateway

This interface enables the user of a Trayport Trading Gateway to connect the 

EEX trading systems. *

Eurex

Clearing GUI

The Eurex Clearing GUI offers a complete access to clearing functionalities, 

such as Position management. *

Service Provider

(Third Party

Front Ends )

Use of a third party front-end to trade the EEX markets. These front-ends 

may already be installed and in use at your company. These front-end 

solutions are based on standardized EEX interfaces:

_____________________________________________________________

Name of technical contact

_____________________________________________________________

Email address of a technical responsible person

_____________________________________________________________

Telephone of a technical responsible person

_____________________________________________________________

ISV Name 

_____________________________________________________________

ISV – Name of a technical responsible person for ISV solution

_____________________________________________________________

ISV – Email and contact telephone number of a technical responsible person

_____________________________________________________________

Vendor Name 

Vendor Member ID: 

*

Location 1

Location 2

(ISV=Independent Software Vendor)

* Please add the form E03, E04 and passport copy for every new user and a formless written notice including the names and the contact

details for existing user!

European Energy Exchange Copyright 2016 – All rights reserved

T01 Release 017 Page 3
Connectivity 

Connectivity Description Order Cancellation

Option 1

Internet

Easy to configure, with a short delivery period. This is ideal for customers who 

require a cheap an effective solution without the need of high-availability and 

additional IP security.

Option 2

VPN

A VPN (Virtual Private Network) provides customers with an increased need for 

security, the possibility of network connectivity via an encrypted internet 

connection. There is an additional cost for this form of connection. Note that 

administration of this connection is managed by himself. (Please see special 

hardware requirements) 

_____________________________________________________________

Name of Service Provider

_____________________________________________________________

Public IP address ( delivered from your Service Provider)

_____________________________________________________________

Router Hardware

_____________________________________________________________

Cisco Router Type / IOS Version

_____________________________________________________________

mail: technical contact person

_____________________________________________________________

phone: technical contact person

_____________________________________________________________

contact responsible line

_____________________________________________________________

Room descr. / Part of building / Floor / Room no. / Rack no.

_____________________________________________________________

Media (10-100 Mbit Copper, TX / RJ45 or 1 Gigabit Fibre, SingleMode / SC)

_____________________________________________________________

Installation within/out of business hours

_____________________________________________________________

Address for separate cable entry

_____________________________________________________________

Router and end facility are located in different rooms 

_____________________________________________________________

Desktop-device / Rack-mountable

European Energy Exchange Copyright 2016 – All rights reserved

T01 Release 017 Page 4
Connectivity

Connectivity Description Order Cancellation

Option 3

Leased Line 1

Location 1

Leased lines are recommended for customers with a need for maximum 

security and availability. No network traffic will be routed through the public 

internet and also offers the highest possible availability

Number of leased lines: 

(Physical address of the handover point of the leased line no. 1)

Bandwidth in Mbit/s: 

(The Bandwidth depends on the requirements of the services/ GUI ́s on the line)

_____________________________________________________________

Street

_____________________________________________________________

Postal code and City

_____________________________________________________________

Service Provider Name

_____________________________________________________________

Router Hardware

_____________________________________________________________

Cisco Router Type / IOS Version 

_____________________________________________________________

mail: technical contact person

_____________________________________________________________

phone: technical contact person

_____________________________________________________________

Contact responsible line

_____________________________________________________________

Room description. / Part of building / Floor / Room no. / Rack no.

_____________________________________________________________

Media (10-100 Mbit Copper, TX / RJ45 or 1 Gigabit Fibre, SingleMode / SC)

_____________________________________________________________

Installation within/out of business hours 

_____________________________________________________________

Address for separate cable entry 

_____________________________________________________________

Router and end facility are located in different rooms 

_____________________________________________________________

 Desktop-device / Rack-mountable

European Energy Exchange Copyright 2016 – All rights reserved

T01 Release 017 Page 5
Connectivity

Connectivity Description Order Cancellation

Leased Line 2

Location 2

Please provide the details of the second handover point in different from the 

first.

Please note that the establishment of a dedicated leased line from ensuring 

operational safety aspects only in two different hand-over points of the highest 

possible redundancy of line availability.

You can also combine the combination of a dedicated leased line and an 

internet based VPN solution.

Number of leased lines: 

(Physical address of the handover point of the leased line no. 2)

Bandwidth in Mbit/s: 

(The Bandwidth depends on the requirements of the services/ GUI ́s on the line)

_____________________________________________________________

Street

_____________________________________________________________

Postal code and City

_____________________________________________________________

Service Provider Name

_____________________________________________________________

Router Hardware

_____________________________________________________________

Cisco Router Type / IOS Version 

_____________________________________________________________

mail: technical contact person

_____________________________________________________________

phone: technical contact person

_____________________________________________________________

Contact responsible line

_____________________________________________________________

Room description. / Part of building / Floor / Room no. / Rack no.

_____________________________________________________________

Media (10-100 Mbit Copper, TX / RJ45 or 1 Gigabit Fibre, SingleMode / SC)

_____________________________________________________________

Installation within/out of business hours 

_____________________________________________________________

Address for separate cable entry 

_____________________________________________________________

 Router and end facility are located in different rooms 

_____________________________________________________________

Desktop-device / Rack-mountable

European Energy Exchange Copyright 2016 – All rights reserved

T01 Release 017 Page 6
 Interfaces

Interfaces Description Order Cancellation

T7 EUREX

ETI Session

Eurex ETI Low Frequency Light Session

(max. 50 Transactions/Second)* *

Eurex ETI High Frequency Light Session

(max. 150 Transactions/Second)* *

Eurex ETI High Frequency Full Session

(max. 150 Transactions/Second)*

* Depicts the representation of the appropriate session/capacity

*

T7 Eurex

FIX Session

 Eurex FIX Trading Session 

(max. 50 Transactions/Second) *

Special

Configuration

For a cancellation of your current access please describe exactly what you 

wish to cancel and what you wish to remain active:

*

* Please add the form E03, E04 and passport copy for every new user and a formless written notice including the names and the contact details for 

existing users!

Note: Please note that the granting of the technical connections to the EEX Markets system leads to fees for technical access according to the price

list of the European Energy Exchanges AG. These fees are payable at the time when EEX has received the order for the technical access and is

independent of admission to trading at the EEX Markets. By signing this document you accept these charges. The cancellation period of the technical

connection is also outlined in the price list of the European Energy Exchange AG. The cancellation process commences upon receipt or this form. We

authorize the management board of the exchange and the operating companies of the exchange to exchange information and data regarding the

exchange membership within the EEX Group, EPEX Spot SE, Powernext SA and ECC AG.

City Date Company stamp and legally binding signature(s) of applicant

______________________ __________ / __________ / 20 ___ ______________________________________________

European Energy Exchange Copyright 2016 – All rights reserved

T01 Release 017 Page 7
 Notes document: End User License Agreement

 (is required for EEX TT Screen)

End User License Agreement

(“Agreement“)

between

the respective User (hereafter referred to as “User“)

and

European Energy Exchange AG, Augustusplatz 9, 04109 Leipzig 

(EEX)

The Parties agree in respect to the service (“Service“), which is

defined as the front end trading screen, software, related services

and documentation that is provided by Trading Technologies

International, Inc. (“TT“) via EEX. The Service provides access to

Trading Data from EEX group ́s and partner ́s exchanges and the

ability to enter orders to buy and sell tradable instruments on such

platform.

The parties agree to the following:

1. This Agreement forms a binding legal contract between User

and EEX. By accepting this Agreement User will be bound by

the terms of this Agreement. By making a Service available to

User, EEX is not recommemding, promoting or endorsing any

particular investment, market data, or trading strategies.

2. User shall have a limited right to use the Services in

Accordance with this Agreement. EEX grants User a

revocable, nontransferable, personal, nonexclusive license to

use and install the Service and any accompanying

documentation for User ́s internal use only. TT and its

licensors retain all right, title and interest in the Service, all

copies thereof, and all intellectual property and proprietary

rights in the Software, including copyrights, patents,

trademarks and trade secret rights.

3. User may not copy, rebroadcast, redistribute or redisseminate

the Service or the information and data contained therein,

including trading Data, without prvisously obtaining EEX and

TT ́s exspress written consent.

Except to the extent expressly permitted by applicable law or

as otherwise permitted hereunder User may not reverse

engineer, decompile, disassemble, modify or create works

derivative of the Service. User may not assign, sublicense,

rent, timeshare, loan, lease or otherwise transfer any of the

Services, or directly or indirectly permit any third party to use

or copy the Services. User may not remove any proprietary

notices (e.g., copyright and trademark notices) from the

Services.

4. EEX and TT shall not be liable for any Users misuse of the

Service.

5. User systems and networks must meet the minimum technical

requirements and specifications required in accordance with

the Documentation.

6. EEX or TT may terminate, modify, limit or suspend Users

access to EEX if requested by regulatory entity or according

to the regulations of EEX or requested by Market

Surveillance of EEX.

Endbenutzer-Lizenzvereinbarung

(“Vereinbarung“)

zwischen

dem jeweiligen Nutzer (im Folgenden als “Nutzer“ bezeichnet)

und

European Energy Exchange AG, Augustusplatz 9, 04109 Leipzig

(EEX)

Die Parteien schließen diese Vereinbarung im Hinblick auf den

Service (“Service“), der als Front-End Handelsbildschirm, als

Software, als damit verbundene Dienstleistungen und

Dokumentation definiert wird und über EEX von Trading

Technologies International, Inc. (“TT“) zur Verfügung gestellt wird.

Der Service gewährt Zugang zu den Handelsdaten der Börsen der

EEX Gruppe bzw. der Partnerbörsen und ermöglicht die Eingabe

von Aufträgen für den Kauf bzw. Verkauf handelbarer Instrumente

auf einer solchen Plattform.

Die Parteien vereinbaren das Folgende:

1. Die vorliegende Vereinbarung bildet einen verbindlichen

Vertrag zwischen Nutzer und EEX. Durch die Annahme

dieser Vereinbarung ist der Nutzer an die Bestimmungen der

Vereinbarung gebunden. Die Bereitstellung des Services für

den Nutzer stellt keine Empfehlung oder Förderung oder

Unterstützung einer bestimmten Investition, von Marktdaten

oder von Handelsstrategien für den Nutzer dar.

2. Nutzer verfügt über das beschränkte Recht, die Services in

Übereinstimmung mit dieser Vereinbarung zu nutzen. EEX

gewährt dem Nutzer eine widerrufliche, nicht übertragbare,

persönliche, nicht exklusive Lizenz, den Service sowie

sämliche zugehörige Dokumentationen ausschließlich zur

internen Verwendung zu nutzen und zu installieren. TT und

deren Lizenzgeber behalten sämtliche Rechte,

Rechtsansprüche und Ansprüche an dem Service, an

sämtlichen Kopien, an sämtlichen geistigen Eigentum und an

sämtlichen Eigentumsrechten an der Software, einschließlich

Urheberrechten, Patenten, Marken und Rechten an

Geschäftsgeheimnissen.

3. Nutzer darf den Service sowie die darin enthaltenen

Informationen und Daten, einschließlich Handelsdaten nicht

ohne die vorherige Einholung der ausdrücklichen schriftlichen

Zustimmung von EEX und TT kopieren, weiterleiten,

weiterverteilen oder weiterverbreiten.

Außer in dem Umfang, in dem es nach dem anwendbaren

Recht ausdrüklich zulässig oder anderweitig hiernach

zulässig ist, darf der Nutzer den Service nicht rückentwickeln,

dekompilieren, zerlegen oder modifizieren bzw. aus dem

Service abgeleitete Leistungen schaffen. Der Nutzer darf

keine der Leistungen abtreten, unterlizensieren, vermieten,

als Teilnutzungsrechte vergeben, ausleihen, verpachten oder

anderweitig übertragen bzw. einem Dritten direkt oder indirekt

die Verwendung oder das Kopieren der Services gestatten.

Der Nutzer darf keine Eigentumsvermerke (z.B.

Urheberrechts- und Warenzeichenhinweise) von den

Services entfernen.

4. EEX und TT haften nicht für missbräuchliche Verwendung des

Services durch den Nutzer.

5. Die Systeme und Netze des Nutzers müssen die rechnischen

Mindestnforderungen und Spezifikationen so, wie sie in der

Dokumentation gefordert werden, erfüllen.

6. EEX und TT ist es erlaubt, auf eine Forderung durch eine

regulatorische Körperschaft oder gemäß dem Regelwerk der

EEX bzw. einer Forderung durch die

Handelsüberwachungsstelle der EEX hin den Zugriff des

Nutzers auf EEX beenden, abändern, begrenzen oder

aussetzen zu dürfen.

European Energy Exchange Copyright 2016 – All rights reserved

T01 Release 017 Page 8

Page 1 of 2
Services are provided on an “as is available“, “as is“ basis to

the maximum extent permitted by law, EEX and its suppliers

and vendors disclaim all other warranties with respect to the

Services, including, but not limited to, the implied warranties

of non-infringement, title, merchantability, quit enjoyment,

infringement, title, merchantability, quit enjoyment, quality of

information and fitness for a particular purpose.

7. User may provide Feedback to EEX and/or TT. Feedback is

voluntary and EEX and/or TT is not required to hold it in

confidence.

8. EEX and TT may transfer, store and process User data in the

United States of America or any other country in which EEX

or TT or its agents or vendors maintain facilities.

9. EEX and TT will collect “Usage Data“. Usage Data means

statistical and other aggregated data derived from Users use

of the Service. Usage Data does not include any information

identifying User, any identifiable individual or any other Userconcerning confidential information. For avoidance of doubt

Usage Data does not include individually identified trades.

User grants EEX und TT a non-exclusive, perpetual,

irrevocable, fully-paid-up, royalty free license to use, copy,

distribute, and otherwise exploit the Usage Date for EEX and

TT ́s internal business purposes, including the provision of

products and services to EEX and TT ́s customers. Except as

necessary or otherwise required for EEX ́s performance of its

obligations under this Agreement and subject to obligations of

confidentiality, EEX and TT will not make any Usage Data

available to any third parties.

10. During the term and for up to three years after the expiration

or termination hereof, EEX may, on reasonable written notice,

audit User ́s compliance with the terms and conditions of this

Agreement. User shall reasonably cooperate in the audits,

including making relevant personnel and records available fpr

EEX ́s review.

11. User may not export, directly or indirectly, the Services to any

country for which the United States requires any export

license or other governmental approval without first obtaining

such license or approval.

12. This Agreement is governed by and construed in and shall be

interpreted in accordance with the laws of the Federal

Republic of Germany without conflict rules. The UN

Convention on Contracts for the International Sale of Goods

shall not apply. Legal terms used in this Agreement shall be

construed with respect to Germany law. The courts of

Frankfurt/Main, Germany, shall have exclusive jurisdiction.

The English version is binding, the German version is just for

information purposes.

Die Services werden “wie verfügbar“, zum maximal

zulässigen Maß im “Istzustand“ erbracht; EEX sowie deren

Lieferanten und Verkäufer lehnen jede weitere Garantie im

Hinblick auf den Service, einschließlich implizierter Garantien

der Nicht-Verletzung, solcher Garantien im Hinblick auf

Rechtsmängel, die Gewährleistung der Marktfähigkeit, den

ungestörten Besitz, oder die Verletzungen von Rechten, vom

Rechtsstil, die Gewährleistung der Marktfähigkeit, den

ungestörten Besitz, die Qualität von Informationen sowie die

Eignung für einen bestimmten Zweck, allerdings ohne

Beschränkung auf diese Aufzählung von Garantien, ab.

7. Der Nutzer kann EEX und/oder TT ein Feedback geben. Ein

solches Feedback ist freiwillig, wobei EEX bzw. TT dieses

nicht vertraulich behandeln müssen.

8. EEX und TT können Nutzerdaten in die Vereinigten Staaten

von Amerika oder jedes andere Land, in dem EEX oder TT

bzw. deren Beauftragte oder Zulieferer Einrichtungen

unterhalten, übertragen sowie speichern und bearbeiten.

9. EEX und TT erfassen “Nutzungsdaten“. Nutzungsdaten

bezeichnen statistische und andere aggregierte Daten, die

aus der Nutzung des Service durch den Nutzer hergeleitet

werden. Nutzungsdaten umfassen keine Informationen, die

den Nutzer identifizieren, sowie keine identifizierbaren

individuellen Informationen oder andere, den Nutzer

betreffenden vertraulichen Informationen. Klarstellend gilt,

dass die Nutzungsdaten keine einzeln identifizierten Trades

umfassen.

Der Nutzer gewährt EEX und TT eine nicht exklusive,

dauerhafte, unwiderrufliche, vollständig bezahlte,

gebührenfreie Lizenz für die Nutzung, das Kopieren, die

Verteilung sowie anderweitige Verwendung der

Nutzungsdaten für interne Geschäftszwecke von EEX und

TT, einschließlich der Bereitstellung von Produkten und

Dienstleistungen für Kunden von EEX und TT. Nur wenn es

notwendig oder für die Pflichterfüllung von EEX nach dieser

Vereinbarung anderweitig erforderlich ist, sowie vorbehaltlich

der Vertraulichleitspflichten, stellen EEX und TT die

Benutzungsdaten Dritten zur Verfügung.

10. Während der Laufzeit sowie im Zeitraum von drei Jahren

nach Ablauf oder Kündigung dieser Vereinbarung kann EEX

mit einer hinreichenden schriftlichen Ankündigung die

Einhaltung der Bedingungen und Konditionen dieser

Vereinbarung durch den Nutzer überprüfen. Der Nutzer wirkt

angemessen an den Prüfungen mit, wobei dies die

Bereitstellung des entsprechenden Personals sowie der

relevanten Unterlagen für die Prüfung durch EEX umfasst.

11. Der Nutzer darf den Service nicht direkt oder indirekt in ein

Land exportieren, für das die Vereinigten Staaten von

Amerika eine Ausfuhrgenehmigung oder sonstige staatliche

Genehmigung fordern, ohne zunächst eine Lizenz oder

Genehmigung dafür einzuholen.

12. Für die vorliegende Vereinbarung sind die Gesetze der

Bundesrepublik Deutschland unter Ausschluss der

Kollisionsrechts maßgeblich, die Vereinbarung ist im Einklang

mit diesen auszulegen und zu interpretieren. Das UNKaufrechtsabkommen ist nicht anwendbar. In dieser

Vereinbarung verwendete Rechtsbegriffe sind in Bezug auf

deutsches Recht auszulegen. Gerichtsstand ist

ausschließlich Frankfurt/Main, Deutschland.

Die englische Fassung ist bindend, die deutsche Fassung

dient nur zu Informationszwecken.

City Date Company stamp and legally binding signature(s) of applicant

______________________ __________ / __________ / 20___ ________________________________________________

European Energy Exchange Copyright 2016 – All rights reserved

T01 Release 017 Page 9

Page 2 of 2


















































































Stock Corporation Act 

Translation as at 1 December 2011

FINANCIAL INSTITUTIONS ⋅ ENERGY ⋅ INFRASTRUCTURE, MINING AND COMMODITIES ⋅ TRANSPORT ⋅ TECHNOLOGY AND INNOVATION ⋅ PHARMACEUTICALS AND LIFE SCIENCES
02 Norton Rose LLP

Stock Corporation Act

The purpose of this publication is to provide information as to developments in the law. It does not contain a full 

analysis of the law nor does it constitute an opinion of Norton Rose LLP on the points of law discussed.

No individual who is a member, partner, shareholder, director, employee or consultant of, in or to any constituent 

part of Norton Rose Group (whether or not such individual is described as a “partner”) accepts or assumes 

responsibility, or has any liability, to any person in respect of this publication. Any reference to a partner or director 

is to a member, employee or consultant with equivalent standing and qualifications of, as the case may be, Norton 

Rose LLP or Norton Rose Australia or Norton Rose OR LLP or Norton Rose South Africa (incorporated as Deneys Reitz 

Inc) or of one of their respective affiliates.

© Norton Rose LLP NR11432 11/11 (DEU)

Extracts may be copied provided their source is acknowledged.

Norton Rose Group

Norton Rose Group is a leading international legal practice. We offer a full 

business law service to many of the world’s pre-eminent financial institutions 

and corporations from offices in Europe, Asia Pacific, Canada, Africa and 

the Middle East – and, from 1 January 2012, Latin America and Central 

Asia. Knowing how our clients’ businesses work and understanding what 

drives their industries is fundamental to us. Our lawyers share industry 

knowledge and sector expertise across borders, enabling us to support 

our clients anywhere in the world. We are strong in financial institutions; 

energy; infrastructure, mining and commodities; transport; technology and 

innovation; and pharmaceuticals and life sciences.

We have more than 2600 lawyers operating from offices in Abu Dhabi, 

Amsterdam, Athens, Bahrain, Bangkok, Beijing, Brisbane, Brussels, Calgary, 

Canberra, Cape Town, Casablanca, Dubai, Durban, Frankfurt, Hamburg, Hong 

Kong, Johannesburg, London, Melbourne, Milan, Montréal, Moscow, Munich, 

Ottawa, Paris, Perth, Piraeus, Prague, Québec, Rome, Shanghai, Singapore, 

Sydney, Tokyo, Toronto and Warsaw; and from associate offices in Dar es 

Salaam, Ho Chi Minh City and Jakarta.

Norton Rose Group comprises Norton Rose LLP, Norton Rose Australia, Norton 

Rose OR LLP, Norton Rose South Africa (incorporated as Deneys Reitz Inc), 

and their respective affiliates.
Norton Rose LLP 03

Stock Corporation Act

Stock Corporation Act as of 6 September 1965

(BGBl. I p. 1089) FNA 4121-1

Last amended by article six of the German Restructuring Act 

(Restrukturierungsgesetz) dated 9 December 2010 

(BGBl. I p. 1900)

Book One. Stock Corporation 

Division One. General Provisions

§ 1 Nature of the Stock Corporation

(1) 1The company is a stock corporation that constitutes a separate legal 

entity. 2

Liability to creditors with respect to obligations of the company 

shall be limited to the company’s assets. 

(2) The company shall have a capital divided into shares. 

§ 2 Number of Founders

One or more persons who subscribe to shares against contributions shall 

establish the company’s articles of association (the articles). 

§ 3 Commercial Enterprise; Listing

(1) The company shall constitute a commercial enterprise even if the purpose 

of the enterprise does not comprise commercial activity. 

(2) Stock exchange listed within the meaning of this law are those 

corporations whose shares have been admitted to a market that is 

regulated and supervised by state recognized authorities and that is 

directly or indirectly accessible to the public. 

§ 4 Business Name

The business name of the company shall contain, even if it is continued 

according to § 22 of the Commercial Code or similar legal provisions, the 

designation “Aktiengesellschaft” or a generally understood abbreviation of 

this designation. 

§ 5 Domicile

The company’s domicile shall be the location designated in the articles. 
04 Norton Rose LLP

Stock Corporation Act

§ 6 Share Capital

The share capital shall be denominated in Euro.

§ 7 Minimum Par Value of the Share Capital

The minimum par value of the share capital shall be fifty thousand euros. 

§ 8 Form and Minimum Par Value of Shares

(1) Shares may be established either as par or as non-par. 

(2) 1

Par shares shall have a par value of at least one euro. 2Shares set at 

lower par value shall be null and void. 3

The issuers shall be jointly and 

severally liable to the holders thereof for any damage resulting from such 

issue. 4Higher share par values shall be stated in multiples of one euro. 

(3) 1

Non-par shares have no par value. 2Non-par shares of a company 

participate equally in its share capital. 3

The portion of the share capital 

corresponding to one non-par share may not fall below one euro. 4(2) 

sentence 2 and 3 shall apply analogously. 

(4) The proportion of the share capital is determined in the case of par 

shares according to the relationship of the par value to the share capital. 

(5) Shares shall not be divisible. 

(6) The foregoing provisions shall also apply to certificates (interim 

certificates) issued to shareholders prior to the issue of share certificates. 

§ 9 Issue Price of Shares

(1) Shares may not be issued at a price lower than par value or the 

proportionate amount of the share capital relating to the non par share 

(minimum issue price). 

(2) Shares may be issued at a price higher than par value. 

§ 10 Share Certificates and Interim Certificates

(1) Share certificates may be in bearer or registered form. 

(2) 1

Share certificates shall be in registered form if they are issued prior to 

full payment of the issue price. 2

The amount of partial payments shall be 

indicated on the share certificate. 
Norton Rose LLP 05

Stock Corporation Act

(3) Interim certificates shall be in registered form. 

(4) 1

Interim certificates in bearer form shall be null and void. 2The issuers 

shall be jointly and severally liable to the holders thereof for any damage 

resulting from such issue. 

(5) The articles may limit or exclude the right to demand individual 

certificates for the shares. 

§ 11 Classes of Shares

1

Shares may confer different rights, in particular with regard to the 

distribution of profits and assets. 2

Shares conferring identical rights shall 

constitute one class. 

§ 12 Voting Rights. No Multiple Voting Rights

(1) Each share shall confer voting rights. Preferred shares that confer no 

voting rights may be issued in accordance with the provisions of this Act. 

(2) Multiple voting rights shall be prohibited. 

§ 13 Signatures on Share Certificates

1

For share certificates and interim certificates, a facsimile signature shall 

be sufficient. 2

The validity of the signature may be made contingent upon 

compliance with prescribed form requirements. 3

Any such form requirements 

shall be set out in the certificate. 

§ 14 Jurisdiction

Unless otherwise specified, references in this Act to the court shall be 

references to the court of the company’s domicile. 

§ 15 Affiliated Enterprises

Legally separate enterprises that with respect to each other are subsidiary 

and parent enterprise (§ 16), controlled or controlling enterprises (§ 17), 

members of a group (§ 18), enterprises with cross-shareholdings (§ 19), or 

parties to an enterprise agreement (§§ 291,292) shall constitute affiliated 

enterprises. 
06 Norton Rose LLP

Stock Corporation Act

§ 16 Subsidiaries and Parent Enterprises

(1) If the majority of shares in a legally separate enterprise are held by 

another enterprise or if another enterprise is entitled to the majority of 

the voting rights (majority holding), such enterprise shall constitute a 

subsidiary and the other enterprise shall constitute its parent enterprise. 

(2) 1

The portion of shares that is held by an enterprise shall be determined, 

in the case of corporations, by the ratio of the aggregate par value of 

shares held to the nominal capital, and, in the case of companies with 

non-par shares, by the number of shares. 2

In the case of corporations, 

own shares held by it shall be deducted from the nominal capital; in the 

case of companies with non-par shares, own shares held by it shall be 

deducted from the number of shares. 3

Shares held by another person on 

behalf of the enterprise shall be deemed equivalent to own shares. 

(3) 1

The portion of the voting rights to which an enterprise is entitled shall 

be determined by the ratio of the number of voting rights exercisable in 

respect to the shares held by such enterprise to the aggregate number 

of all voting rights. 2

Voting rights arising from own shares held by the 

enterprise and shares deemed equivalent to such company shares 

pursuant to (2) sentence3

, shall be deducted from the aggregate number 

of all voting rights. 

(4) Shares held by a controlled enterprise or held by another person on behalf 

of the enterprise or an enterprise controlled by it and, if the owner of the 

enterprise is a sole proprietor, shares that constitute private property of 

the owner, shall be deemed to constitute shares held by the enterprise. 

§ 17 Controlled and Controlling Enterprise

(1) Legally separate enterprises over which another enterprise (controlling 

enterprise) is able to exert, directly or indirectly, a controlling influence, 

shall constitute controlled enterprises. 

(2) A majority owned enterprise shall be presumed to be controlled by the 

enterprise with a majority shareholding in it. 

§ 18 Groups and Members of Groups

(1) 1If a controlling and one or more controlled enterprises are subject to 

the common direction of the controlling enterprise, such enterprises 

shall constitute a group and the individual enterprises shall constitute 

members of such group. 2

If enterprises are parties to a control agreement 

(§ 291) or if one enterprise has been integrated into the other (§ 319), 

such enterprises shall be deemed to be subject to common management. 

3

A controlled enterprise and its controlling enterprise shall be presumed 

to constitute a group. 
Norton Rose LLP 07

Stock Corporation Act

(2) If legally separate enterprises are subject to common direction, although 

none of such enterprises controls the other, such enterprises shall 

constitute a group and the individual enterprises shall constitute 

members of such group. 

§ 19 Enterprises with Cross-Shareholdings

(1) 1Enterprises which have a domestic domicile that are organized as 

corporations and which are affiliated in such manner that each enterprise 

holds more than one fourth of the shares of the other, shall constitute 

enterprises with cross-shareholdings. 2

§ 16 (2) sentence 1 and (4) shall 

apply in determining whether an enterprise holds more than one fourth of 

the shares of the other enterprise. 

(2) If one of the enterprises with cross-shareholdings has a majority holding 

in the other enterprise or if one of such enterprises is able to exert, 

directly or indirectly, a controlling influence over the other, one such 

enterprise shall constitute the controlling and the other the controlled 

enterprise. 

(3) If each of the enterprises with cross-shareholdings has a majority holding 

in the other enterprise, or if each is able to exert, directly or indirectly, 

a controlling influence over the other, each enterprise shall constitute a 

controlling and a controlled enterprise. 

(4) § 328 shall not apply to enterprises that constitute controlling or 

controlled enterprises pursuant to (2) or (3). 

§ 20 Disclosure Obligations

(1) 1As soon as an enterprise holds more than one fourth of the shares of a 

company with domestic domicile, it shall promptly inform such company 

thereof in writing. 2

§ 16 (2) sentence 1 and (4) shall apply in determining 

whether the enterprise holds more than one fourth of the shares. 

(2) For purposes of the disclosure requirement pursuant to (1), shares held 

by an enterprise shall be deemed to include: 

• 1. shares whose transfer may be required by such enterprise, or an 

enterprise controlled by it, or any other person on behalf of such 

enterprise or an enterprise controlled by it;

• 2. Shares that such enterprise, or an enterprise controlled by it, or any 

other person on behalf of such enterprise or an enterprise controlled 

by it, is obligated to acquire.
08 Norton Rose LLP

Stock Corporation Act

(3) If such enterprise is organized as a corporation, it shall, as soon as it 

holds more than one fourth of the shares of a company, not including any 

shares attributable to it pursuant to (2), promptly inform such company 

thereof in writing. 

(4) As soon as any enterprise acquires a majority holding (§ 16 (1)), it shall 

promptly inform such company thereof in writing. 

(5) If the holding falls below the level requiring disclosure pursuant to (1), (3) 

or (4), the company shall be promptly informed thereof in writing. 

(6) 1

The company shall promptly announce in the company’s journals the 

existence of a shareholding of which it has been informed pursuant to (1) 

to (4) disclosing the enterprise holding such shares. 2

If the company has 

been informed that such shareholding has fallen below the level requiring 

disclosure pursuant to (1) or (4), such fact shall also be announced 

promptly in the company’s journals. 

(7) 1

Rights arising from shares that are held by an enterprise that is 

required to make disclosure pursuant to (1) or (4) may not, for as long 

as such enterprise has not made such disclosure, be exercised by such 

enterprise, by an enterprise controlled by it or by any other person on 

behalf of such enterprise or an enterprise controlled by it. 2

This shall not 

apply to claims according to § 58 (4) and § 271 if the notification was not 

intentionally omitted and has subsequently been made. 

(8) (1) to (7) shall not apply to shares of an issuer within the meaning of 

§ 21 (2) of the Securities Trade Act. 

§ 21 Disclosure Obligations of the Company

(1) 1As soon as the company holds more than one fourth of the shares of 

another corporation with domestic domicile, it shall promptly inform such 

enterprise thereof in writing. 2

§ 16 (2) sentence 1 and (4) shall apply 

analogously in determining whether the company holds more than one 

fourth of the shares. 

(2) As soon as the company acquires a majority holding (§ 16 (1)) in another 

enterprise, it shall promptly inform such enterprise thereof in writing. 

(3) If the holding falls below the level requiring disclosure pursuant to (1) 

or (2), the company shall promptly inform the other enterprise thereof in 

writing. 

(4) 1

Rights arising from shares that are held by a company required to make 

disclosure pursuant to (1) or (2) may not be exercised for as long as the 

company has not made such disclosure. 2

§ 20 (7) sentence 2 shall apply 

analogously. 
Norton Rose LLP 09

Stock Corporation Act

(5) (1) to (4) shall not apply to shares of an issuer within the meaning of 

§ 21 (2) of the Securities Trade Act. 

§ 22 Proof of Disclosed Holdings

An enterprise to which disclosure has been made pursuant to § 20 (1), (3) 

or (4), or § 21 (1) or (2) may at any time require proof of the existence of the 

shareholding. 

Division Two. Formation of the Company 

§ 23 Establishment of the Articles

(1) 1The articles shall be established in the form of a notarial deed. 

2

Attorneys-in-fact shall require a power of attorney certified by a notary. 

(2) The deed shall specify: 

• 1. the founders;

• 2. the par value of par-value shares, the issue price of non-par shares 

and, if more than one class of shares exists, the class of shares 

subscribed by each founder;

• 3. the paid-in amount of the share capital.

(3) The articles shall determine: 

• 1. the company’s business name and domicile;

• 2. the purpose of the enterprise; in particular in the case of 

enterprises engaged in industry and trade, the articles shall specify 

the kind of products and goods to be produced and traded;

• 3. the amount of the share capital;

• 4. the segmentation of the share capital either in par-value shares or 

in non-par shares; the par value of par-value shares and the number 

of shares of each par value; the number of non-par shares and, if 

more than one class of shares exists, the classes of shares and the 

number of shares in each class;

• 5. whether shares are to be issued in bearer or registered form;

• 6. the number of members of the management board or the rules for 

determining such number.
10 Norton Rose LLP

Stock Corporation Act

(4) In addition, the articles shall contain provisions regarding the form of 

announcements by the company. 

(5) 1

The articles may contain different provisions from the provisions of 

this Act only if this Act explicitly so permits. 2

The articles may contain 

additional provisions, except as to matters that are conclusively dealt 

with in this Act. 

§ 24 Change of Form of Share Certificate

The articles may provide that, upon request of a shareholder, his bearer 

share shall be exchanged for a registered share or his registered share shall 

be exchanged for a bearer share. 

§ 25 Announcements by the Company

1

Whenever provisions of law or the articles determine that announcements by 

the company shall be made in the company’s journals, such announcements 

shall be published in the Electronic Federal Gazette. 2

In addition, the articles 

may stipulate other journals as the company’s journals. 

§ 26 Special Benefits. Formation Expenses

(1) Any special benefit granted to a particular shareholder or a third party 

shall be stipulated in the articles and the beneficiary shall be identified. 

(2) The aggregate amount of expenditures to be paid at the expense of 

the company to shareholders or other persons as compensation or 

remuneration for the formation or preparation thereof shall be separately 

stipulated in the articles. 

(3) 1

Absent such stipulation, any relevant agreements and any transaction 

in execution thereof shall be unenforceable with respect to the company. 

2

Such unenforceability shall be incapable of being cured by amendment 

of the articles once the company has been registered in the commercial 

register. 

(4) Such stipulations may only be amended after the company has been 

registered in the commercial register for five years. 

(5) The provisions in the articles regarding such stipulations may only be 

deleted by means of amendment of the articles after the company has 

been registered in the commercial register for thirty years and all legal 

relationships that constituted the basis for such stipulations have been 

settled for not less than five years. 
Norton Rose LLP 11

Stock Corporation Act

§ 27 Contributions in kind. Acquisition of Assets. 

Repayment of Contributions

(1) 1If shareholders are required to make contributions other than by cash 

payments of the issue price of the shares (Contributions in kind), or if the 

company is required to acquire existing or future facilities or other assets 

(acquisitions of assets), the articles shall stipulate the purpose of the 

contribution in kind or acquisition of assets, the person from whom the 

company is to acquire such object, and the par value or, in case of nonpar shares, the number of shares to be issued for the contribution in kind 

or the consideration to be granted for the acquisition of assets. 2

If the 

company is required to acquire an asset for which a consideration is to 

be granted which is to be applied towards the contribution payable by a 

shareholder, such acquisition shall be deemed a contribution in kind. 

(2) Contributions in kind or acquisitions of assets may only comprise 

assets that have an ascertainable economic value; obligations to 

provide services may not be made the object of Contributions in kind or 

acquisitions of assets. 

(3) 1

If a shareholder’s cash contribution is to be evaluated as a contribution 

in kind in full or in part (disguised contribution in kind) from an 

economic point of view and due to an arrangement made in connection 

with the acquisition of the cash contribution, this does not release the 

shareholder from his obligation to make a contribution. 2

However, any 

agreement regarding the contribution in kind and any transaction in 

execution thereof shall not be unenforceable. 3

The value of the asset 

at the point in time of the filing of the company for registration with the 

commercial register or at the point in time of the surrender of the asset to 

the company, if this is done at a later point in time, shall be offset against 

the shareholder’s continuing obligation to make a capital contribution. 

4

The set-off shall not be effected prior to the registration of the company 

in the commercial register. 5

The burden of proof for the value of the asset 

lies with the shareholder.

(4) 1

If before the contribution a payment to the shareholder was agreed 

which, from an economic point of view, corresponds to the repayment 

of the contribution and which is not to be evaluated as a disguised 

contribution in kind within the meaning of (3), this only releases the 

shareholder from his obligation to make a capital contribution if the 

payment is covered by entitlement to full restitution which may fall due 

at any time or may become due by termination without notice by the 

company. 2

Such payment or the agreement on such payment shall be 

stated in the filing pursuant to § 37.

(5) § 26 (4) shall apply to the amendment of lawfully made stipulations, § 26 

(5) shall apply to the deletion of the relevant provisions in the articles. 
12 Norton Rose LLP

Stock Corporation Act

§ 28 Founders

The shareholders who have established the articles shall be the founders of 

the company. 

§ 29 Establishment of the Company

The company shall be established upon subscription of all shares by the 

founders. 

§ 30 Appointment of the Supervisory Board, 

the Management and the External Auditors

(1) 1The founders shall appoint the first supervisory board of the company 

and the external auditors for the first full or partial fiscal year. 2

Such 

appointments shall be made in the form of a notarial deed. 

(2) The provisions governing the appointment of employee representatives 

to the supervisory board shall not apply to the composition and the 

appointment of the first supervisory board. 

(3) 1

The members of the first supervisory board may not be appointed 

beyond the adjournment of the shareholders’ meeting that is to resolve 

approval of the acts of management in respect of the first full or partial 

fiscal year. 2

The management board shall, within a reasonable time 

prior to the expiration of the term of office of the first supervisory 

board, announce which statutory provisions in its opinion govern the 

composition of the successor supervisory board; §§ 96 to 99 shall apply. 

(4) The supervisory board shall appoint the first management board. 

§ 31 Appointment of the Supervisory Board in Case of 

Formation on the Basis of Contributions in kind or Acquisition 

of Assets 

(1) 1If the articles provide for a contribution in kind or an acquisition of 

assets to be made by contribution or acquisition of an enterprise in 

whole or in part, the founders shall appoint only as many members of the 

supervisory board as the shareholders’ meeting is to elect, without being 

bound by nominations pursuant to the statutory provisions that, in the 

opinion of the founders, govern the composition of the supervisory board 

following such contribution or acquisition. 2

If, however, such procedure 

would result in only two members of the supervisory board being appointed, 

the founders shall appoint three members to the supervisory board. 
Norton Rose LLP 13

Stock Corporation Act

(2) A quorum for the supervisory board appointed pursuant to (1) sentence 

1 shall exist if one half, but in no event less than three, of its members 

participate in the passing of resolutions, unless the articles provide 

otherwise. 

(3) 1

The management board shall promptly, upon such contribution or 

acquisition of an enterprise in whole or in part, announce which statutory 

provisions in its opinion govern the composition of the supervisory board. 

2

§§ 97 to 99 shall apply analogously. 3The term of office of the previous 

members of the supervisory board shall expire only if the supervisory 

board is required to be composed in accordance with statutory provisions 

other than those which the founders considered to be governing, or 

if the founders appointed three members of the supervisory board 

despite the fact that the supervisory board also is to include employee 

representatives. 

(4) (3) shall not apply if the enterprise or part thereof is contributed or 

acquired after the announcement by the management board pursuant to 

§ 30 (3) sentence 2. 

(5) § 30 (3) sentence 1 shall not apply with respect to members of the 

supervisory board appointed by the employees pursuant to (3). 

§ 32 Formation Report

(1) The founders shall render a written report on the transactions in 

connection with the formation of the company (formation report). 

(2) 1

The formation report shall set forth the material facts in connection with 

the adequacy of Contributions in kind or acquisitions of assets. 2

The 

following shall be stated 

• 1. any preceding transactions entered into with a view to such 

contribution or acquisition;

• 2. the costs of acquisition and production during the preceding two 

years;

• 3. in case of the transfer of an enterprise to the company, the earnings 

for the last two fiscal years.

(3) In addition, the formation report shall specify whether and to what extent 

shares have been subscribed at formation on behalf of a member of the 

management board or the supervisory board and whether and in which 

manner a member of the management board or the supervisory board 

has obtained a promise of any special benefit or any compensation or 

remuneration for the formation or preparation thereof. 
14 Norton Rose LLP

Stock Corporation Act

§ 33 Formation Audit. General

(1) The members of the management board and the supervisory board shall 

audit the transactions in connection with the formation of the company. 

(2) In addition, an audit by one or more auditors (formation auditors) shall be 

made if: 

• 1. a member of the management board or the supervisory board is 

one of the founders; or

• 2. shares have been subscribed at formation on behalf of a member 

of the management board or the supervisory board; or

• 3. a member of the management board or the supervisory board 

has obtained a promise of any special benefits or compensation or 

remuneration for the formation or preparation thereof; or

• 4. the formation involves Contributions in kind or acquisitions of 

assets.

(3) 1

In the cases of (2) numbers 1 and 2, the certifying notary (§ 23(1) 

sentence 1) may conduct the audit instead of a foundation auditor on 

behalf of the founders; the provisions on the formation audit shall apply 

analogously. 2

If the notary does not conduct the audit, the court shall 

appoint the formation auditors. 3

An appeal may be made against such 

decision. 

(4) Unless the audit requires additional expertise, formation auditors shall 

be: 

• 1. persons who are sufficiently trained and experienced in accounting;

• 2. auditing firms at least one of whose legal representatives is 

sufficiently trained and experienced in accounting.

(5) 1

No formation auditor may be appointed who does not qualify to serve 

as special auditor pursuant to § 143 (2). 2

The foregoing shall apply with 

respect to persons and auditing firms over whose management the 

founders, or persons on whose behalf the founders have subscribed to 

shares, exert a substantial influence. 
Norton Rose LLP 15

Stock Corporation Act

§ 33a Formation on the Basis of Contributions in kind or 

Acquisition of Assets without External Formation Audit

(1) An audit by a formation auditor is not necessary in case of formation on 

the basis of Contributions in kind or acquisition of assets (§ 33 (2) No. 4) 

as far as the contribution consists of:

• 1. transferable securities or financial market instruments within the 

meaning of § 2 (1) sentence 1 and (1a) of the Securities Trade Act if 

they are evaluated with the weighted average price at which they were 

traded within the three months prior to their actual contribution on 

one or more organised markets within the meaning of § 2 (5) of the 

Securities Trade Act,

• 2. assets other than those listed in No. 1 if an evaluation is applied 

that was established by an independent, sufficiently skilled and 

experienced authorised expert taking into account the generally 

accepted valuation principles and the fair value and if the valuation 

date was not more than six months before the date of the actual 

contribution.

(2) (1) does not apply if the weighted average price of the securities or the 

financial market instruments ((1) No. 1) was materially influenced by 

extraordinary circumstances or if it has to be assumed that the fair value 

of the other assets ((1) No. 2) on the date of their actual contribution is 

considerably lower than the value assumed by the authorised expert due 

to circumstances that are new or that have newly emerged.

§ 34 Scope of the Formation Audit

(1) The audit by the members of the management board and the supervisory 

board and the audit by the formation auditors shall extend in particular 

to: 

• 1. whether the statements of the founders concerning the 

subscription of shares, the contributions to the share capital and the 

stipulations pursuant to §§ 26 and 27 are accurate and complete;

• 2. whether the value of the assets contributed or acquired equals or 

exceeds the minimum issue price of the shares to be issued or the 

value of the consideration to be given for these.
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(2) 1A written report concerning such matters shall be rendered in respect 

of each audit. 2

Such report shall describe each asset which has been 

contributed or acquired and shall set out the valuation methods applied 

in ascertaining the value thereof. This and the statement pursuant to 

(1) No. 2 is not required for the audit report by the members of the 

management board and the supervisory board as far as an external 

formation audit is not required pursuant to § 33a.

(3) 1

One copy each of the report of the formation auditors shall be submitted 

to the court and the management board. 2

The report shall be available for 

public inspection at the court. 

§ 35 Differences of 0pinion between Founders and Formation 

Auditors. Remuneration and Expenses of Formation Auditors

(1) The formation auditors may require the founders to furnish them with all 

information and documentation necessary for a conscientious audit. 

(2) 1

The court shall decide any differences of opinion between the founders 

and the formation auditors regarding the scope of information and 

documentation to be furnished by the founders. 2

Such decision is not 

subject to a contesting action. 3

The audit report shall not be rendered for 

so long as the founders refuse to comply with such decision. 

(3) 1

The formation auditors shall be entitled to reimbursement of reasonable 

cash expenses and remuneration for their services. 2

The court shall set 

such expenses and remuneration. 3

An appeal may be made against such 

decision; appeals on points of law are not permitted. 4

A decision that has 

become final and may not be appealed may be enforced in accordance 

with the provisions of the Code of Civil Procedure. 

§ 36 Registration of the Company

(1) All founders and all members of the management board and the 

supervisory board shall file the company to the court for registration in 

the commercial register. 

(2) Except in the case of Contributions in kind, such filing may be made only 

after the amount called on each share has been duly paid in (§ 54 (3)), 

and, to the extent not already utilised for the payment of taxes and fees 

arising in connection with the formation, is at the free disposal of the 

management board. 
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§ 36a Shareholders’ Contributions

(1) In case of contributions in cash, the amount called (§ 36 (2)) must 

amount to at least one fourth of the minimum issue price and, in case 

shares were issued for a higher price, also include the surplus amount. 

(2) 1

Contributions in kind shall be made in full. 2If the contribution in kind 

consists of an obligation to transfer an asset to the company, such 

obligation shall be fulfilled within five years after the registration of the 

company in the commercial register. 3

The value of the contribution in kind 

shall amount to the minimum issue price and, in case shares were issued 

for a higher price, also include the surplus amount. 

§ 37 Contents of the Filing for Registration

(1) 1The filing shall state that the requirements of § 36 (2) and § 36a have 

been met and shall specify the price at which shares have been issued 

and the amount paid in. 2

Proof shall be furnished that the amount paid in 

is definitely at the free disposal of the management board. 3

If the amount 

has been paid in by crediting an account pursuant to § 54 (3), such proof 

shall consist of a written confirmation issued by the bank the account is 

kept with. 4

Such bank shall be liable to the company for the accuracy of 

such confirmation. 5

If taxes and fees have been defrayed from the amount 

paid in, evidence as to the nature and amount of such payments shall be 

furnished. 

(2) 1

The members of the management board shall certify in the filing that no 

circumstances prevail which preclude their appointment pursuant to § 

76 (3) sentence 2 No. 2 and 3 as well as sentence 3 and that they have 

been advised of their obligation to make full disclosure to the court. 2

The 

instruction pursuant to § 53 (2) of the Federal Central Registry Act may 

be given in writing; it may also be given by a notary or a notary appointed 

abroad, by a representative of a similar profession in the field of giving 

legal advice or a consular officer. 

(3) The filing shall furthermore specify: 

• 1. a business address in Germany,

• 2. the manner and extent of the management board members’ 

authority to represent.
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(4) The following shall be appended to the filing: 

• 1. the articles and the deeds establishing the articles and concerning 

the subscription to the shares by the founders;

• 2. in case of §§ 26 and 27, the agreements on which the stipulations 

are based or which were entered into in execution thereof, and 

an account of the formation expenses which are to be borne by 

the company; such account shall list the kind and amount of 

remuneration and the recipients thereof;

• 3. the documents relating to the appointment of the management 

board and the supervisory board;

• 3a. a list of members of the supervisory board stating each member’s 

last name, first name, occupation, and place of residence;

• 4. the formation report and the audit reports of the members of the 

management board and the supervisory board and of the formation 

auditors, together with underlying documentation.

(5) For the submission of documents pursuant to this Act, 12(2) of the 

Commercial Code shall apply accordingly. 

§ 37a Filing for Registration in Case of Formation on the Basis 

of Contributions in kind or Acquisition of Assets without 

External Formation Audit

(1) 1If an external formation audit is omitted pursuant to § 33a, this fact has 

to be declared upon filing for registration. 2

Each asset which has been 

contributed or acquired shall be described. 3The filing must include a 

declaration stating that the value of the assets contributed or acquired 

equals or exceeds the par value of the shares to be issued or the value 

of the consideration to be given for these. 4

The value, the source of 

valuation and the valuation method applied shall be stated.

(2) The persons making the filing shall additionally confirm in the filing that 

they have not gained knowledge about any extraordinary circumstances 

which might have considerably influenced the weighted average price of 

the securities or financial market instruments to be contributed within the 

sense of § 33a (1) No. 1 during the last three months preceding the day of 

their actual contribution and that they have not gained knowledge of any 

circumstances indicating that the fair value of the assets in the sense of § 

33a (1) No. 2 is considerably lower on the day of their actual contribution 

due to new or newly discovered circumstances than the value determined 

by the expert.
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(3) The following shall be attached to the filing for registration:

• 1. documentation on the determination of the weighted average 

price at which the securities or financial market instruments to be 

contributed have been traded on an organised market during the last 

three months preceding the day of their actual contribution,

• 2. each expert opinion based on the assessment in the cases of § 33a 

(1) No. 2.

§ 38 Examination by the Court

(1) 1The court shall examine whether or not the company has been duly 

established and duly filed for registration. 2

If the company has not been 

duly established and duly filed for registration, the court shall deny 

registration. 

(2) 1

The court may also deny registration if the formation auditors state, or if 

it is manifest, that the formation report or the audit report of the members 

of the management board and the supervisory board is inaccurate or 

incomplete or does not comply with statutory provisions. 2

The foregoing 

shall also apply if the formation auditors state, or if the court is of the 

opinion, that the value of assets contributed or acquired is materially less 

than the minimum issue price of the shares to be issued or the value of 

the consideration to be given for these. 

(3) 1

If the filing contains the declaration pursuant to § 37a (1) sentence 

1, the court shall, with regard to the value of the assets contributed or 

acquired, examine exclusively whether the conditions of § 37a have been 

met. 2

The court may only refuse registration in case of an apparent and 

considerable overvaluation.

(4) On the grounds of a deficient, missing or null provision of the articles, the 

court may only refuse registration according to (1), to the extent that such 

provision, its absence or invalidity: 

• 1. relates to facts or legal relationships that according to § 23 (3) or 

other mandatory legal provisions must be determined in the articles 

or that must registered in the commercial register or that must be 

published by the court;

• 2. violates provisions that predominantly serve the protection of the 

company’s creditors or are otherwise in the public interest, or

• 3. results in the invalidity of the articles.
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§ 39 Contents of the Registration

(1) 1The registration entry of the company shall specify the company’s 

business name and domicile, a business address in Germany, the 

purpose of the enterprise, the amount of the share capital, the date 

of establishment of the articles and the members of the management 

board. 2

If a person, who is an authorised recipient of statements and 

services with legally binding effect on the company, is registered in the 

commercial register with a German address, such information shall also 

be stated; such authorisation to receive shall be deemed to exist for third 

parties until it is deleted from the commercial register and the deletion 

has been announced, unless the lack of authorisation to receive was 

known to the third party. 3

In addition, the authority of the members of the 

management board to represent the company shall be registered. 

(2) If the articles contain any provisions regarding the duration of the 

company or regarding the authorised capital, such provisions shall also 

be registered. 

§ 40 [repealed]

§ 41 Acts on behalf of the Company prior to Registration, 

Prohibition of Share Issues

(1) 1The stock corporation shall not exist as such prior to its registration in 

the commercial register. 2

Any person who acts on behalf of the company 

prior to registration shall be personally liable; if more than one person so 

acts, such persons shall be jointly and severally liable. 

(2) If the company assumes obligations entered into in its name prior to its 

registration by agreement with the debtor by substituting itself for such 

debtor, the validity of such assumption of obligations shall not require 

the consent of the creditor, provided that such assumption has been 

agreed upon, and communicated to the creditor by the company or the 

debtor, within three months from the date of registration of the company. 

(3) In no event may the company assume obligations arising under 

agreements regarding special benefits, formation expenses, or 

Contributions in kind and acquisitions of assets that have not been 

stipulated in the articles. 

(4) 1

Shares may not be transferred and share certificates and interim 

certificates may not be issued prior to registration of the company in the 

commercial register. 2

Share certificates and interim certificates issued 

prior to such registration shall be null and void. 3

The issuers shall be 

jointly and severally liable to the shareholders for any damage resulting 

from such issue. 
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§ 42 One Person Companies

If all the shares belong to one shareholder solely or jointly with the company, 

then this fact together with the sole shareholder’s surname, given name, date 

of birth and place of residence shall be notified to the court without delay. 

§ 43, 44 [repealed] 

• § 43 [repealed]

• § 44 [repealed] 

§ 43 [repealed]

§ 44 [repealed]

§ 45 Transfer of Domicile

(1) A transfer of the company’s domicile within Germany shall be filed for 

registration to the court of the previous domicile. 

(2) 1

If the company’s domicile is transferred from the district of the court 

to the previous domicile, such court shall without further application 

promptly communicate such transfer to the court of the new domicile. 

2

The registration for the previous domicile as well as the deeds kept at 

the court of the previous domicile shall be appended to the notification; 

if the register is kept electronically, the registrations and documents shall 

be transferred electronically. 3

The court of the new domicile shall examine 

whether the transfer has been duly resolved and whether 

§ 30 of the Commercial Code has been complied with. 4

If such transfer 

has been duly resolved and § 30 of the Commercial Code has been 

complied with the court shall register the transfer of domicile and enter 

in its commercial register the matters communicated to it without further 

examination. 5

The transfer of domicile shall become effective upon 

registration. 6

Such registration shall be communicated to the court of the 

previous domicile. 7

Such court shall make the necessary cancellations 

without further application. 

(3) 1

If the company’s domicile is transferred to another location within the 

district of the court of the previous domicile, the court shall examine 

whether the transfer of domicile has been duly resolved and whether 

§ 30 of the Commercial Code has been complied with. 2

If such transfer of 

domicile has been duly resolved and § 30 of the Commercial Code has 

been complied with, such court shall register the transfer of domicile. 

3

The transfer of domicile shall become effective upon registration. 
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§ 46 Liability of Founders

(1) 1The founders shall be jointly and severally liable to the company for 

the accuracy and completeness of the statements made for purposes of 

formation and relating to subscription to shares, payments on the shares, 

appropriation of amounts paid-in, special benefits, formation expenses, 

Contributions in kind and acquisitions of assets. 2

The founders shall 

further be liable for ascertaining that the agency designated to receive 

subscription payments on share capital (§ 54 (3)) is qualified and that 

any amounts paid-in are at the free disposal of the management board. 

3

Without prejudice to their liability for compensation of other damages, 

they shall be required to make up any deficiencies in subscription 

payments and to reimburse any remuneration that was not included in 

the formation expenses. 

(2) If the founders intentionally or by gross negligence cause damage to 

the company through contributions, acquisitions of assets or formation 

expenses, all founders shall be jointly and severally liable to the company 

for damages. 

(3) A founder shall be relieved of such liability if the facts giving rise to 

liability were not known to him and could not have been known to him 

even if he had employed the diligence of a prudent businessman. 

(4) If the company shall suffer a loss as a result of a shareholder being 

insolvent or unable to make a contribution in kind, the founders who 

accepted the participation of such shareholder with knowledge of his 

insolvency or inability to make contributions shall be jointly and severally 

liable to the company for damages. 

(5) 1

Persons on whose behalf the founders have subscribed to shares shall 

have the same liability as the founders. 2

Such persons shall not be 

excused for their own lack of knowledge of facts that a founder acting on 

their behalf knew or should have known. 

§ 47 Liability of Persons other than the Founders

In addition to the founders and the persons on whose behalf the founders 

have subscribed to shares, the following persons shall be jointly and 

severally liable to the company for damages: 

• 1. whoever receives remuneration which was not included in the 

formation expenses despite the fact that such remuneration is 

required to be so included by the applicable provisions and who knew 

or under the circumstances should have known that such receipt of 

remuneration was concealed or intended to be concealed or who 

knowingly participated in such concealment;
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Stock Corporation Act

• 2. whoever knowingly participates in causing damage to the company 

intentionally or by gross negligence by means of contributions or 

acquisitions of assets;

• 3. whoever, prior to registration of the company in the commercial 

register or within two years from the date of the registration publicly 

advertises the shares for distribution and knew or, if he had employed 

the diligence of a prudent businessman, should have known of 

the inaccuracy or incompleteness of the statements rendered for 

purposes of formation (§ 46 (1)) or of damage to the company through 

contributions or acquisitions of assets.

§ 48 Liability of the Management Board and the Supervisory 

Board

1

Members of the management board and of the supervisory board who 

violate their obligations in connection with the formation of the company 

shall be jointly and severally liable to the company for any resulting 

damage; in particular, they shall be liable for ascertaining that the agency 

designated to receive payments on the shares (§ 54 (3)) is qualified and 

that any amounts paid in are at the free disposal of the management 

board. 2

With respect to the duty of care and the liability of the members of 

the management board and the supervisory board in connection with the 

company’s formation, §§ 93 and 116 shall also apply, with the exception of § 

93 (4) sentences 3 and 4 and (6). 

§ 49 Liability of Formation Auditors

§ 323 (1) to (4) of the Commercial Code regarding the liability of external 

auditors shall apply analogously. 

§ 50 Waiver and Settlement

1

The company may not waive or compromise claims for damages against 

the founders, any other persons who are liable, and against members of 

the management board and the supervisory board (§§ 46 to 48) prior to the 

expiration of three years from the date of the registration of the company in 

the commercial register, and may only waive or compromise such claims if 

the shareholders’ meeting consents thereto and no minority whose aggregate 

holding equals or exceeds one-tenth of the share capital records an objection 

in the minutes. 2The foregoing period of time shall not apply if the person 

liable for damages is insolvent and enters into a settlement with his creditors 

to avoid or terminate insolvency proceedings. 
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§ 51 Limitation Period of Damage Claims

1

Damage claims of the company pursuant to §§ 46 to 48 shall be time barred 

after expiration of a period of five years 2

Such period shall commence upon 

the registration of the company in the commercial register or, if the act 

giving rise to the liability for damages has been committed thereafter, upon 

commission of such act. 

§ 52 Post-Formation Acquisition

(1) 1Agreements entered into by the company which require it to acquire 

existing or future facilities or other assets for a consideration exceeding 

one-tenth of the share capital and which are entered into within two years 

from the date of registration of the company in the commercial register, 

shall become effective only upon the consent of the shareholders’ 

meeting and registration of such agreements in the commercial register. 

2Absent such consent and registration, any transaction in execution of 

such agreements shall be unenforceable. 

(2) 1

An agreement pursuant to (1) shall be made in writing and duly signed 

unless any other form is prescribed. 2

Such agreement shall be displayed 

for inspection by shareholders at the offices of the company as from the 

date of notice of the shareholders’ meeting resolving on such consent. 

3

On request, every shareholder is to be given a copy. 4The obligations 

pursuant to sentences 2 and 3 shall not arise if the agreement has been 

made accessible on the company’s Internet page during the same period 

of time. 5

The agreement shall be made accessible at the shareholders’ 

meeting. 6

The management board shall explain it at the beginning of the 

proceedings. 7

The agreement shall be appended to the minutes. 

(3) 1

Prior to the passing of the resolution by the shareholders’ meeting, the 

supervisory board shall examine the agreement and render a written 

report (report on post-formation acquisition). 2

§ 32 (2) and (3) regarding 

the formation report shall apply analogously to the report on postformation acquisition. 

(4) 1

In addition, prior to the passing of such resolution, an audit shall be 

made by one or more formation auditors. 2

§ 33 (3) to (5), §§ 34 and 

35 regarding the formation audit shall apply analogously. 3

Under the 

conditions of § 33a an audit by the formation auditors may be omitted.

(5) 1

The resolution of the shareholders’ meeting shall require a majority of 

not less than three fourths of the share capital represented at the passing 

of the resolution. 2

If the agreement has been entered into within the 

first year from the date of registration of the company in the commercial 

register, the shares of the consenting majority shall amount to not less 

than one fourth of the total share capital. 3

The articles may provide for 

larger capital majorities and additional requirements. 
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(6) 1Upon consent of the shareholder’s meeting, the management board 

shall file the agreement for registration in the commercial register. 2

The 

agreement together with the report on post-formation acquisition and the 

report of the formation auditors shall be appended to the registration and 

all underlying documentation. 3

If an external formation audit is omitted 

pursuant to (4) sentence 3, § 37a shall apply analogously. 

(7) 1

The court may deny registration if registration would be objectionable 

because the formation auditors state or it is manifest that the report on 

post-formation acquisition is inaccurate or incomplete or does not comply 

with statutory provisions, or that the consideration given for the assets 

to be acquired is unreasonably high. 2

If the filing for registration contains 

the declaration pursuant to § 37a (1) sentence 1, § 38 (3) shall apply 

analogously. 

(8) The date when the agreement was concluded, the date of consent of the 

shareholders’ meeting and the party or parties to the agreement entered 

into with the company shall be entered in the register. 

(9) The foregoing provisions shall not apply if it is the purpose of the 

enterprise to acquire such assets or if such assets are acquired in the 

course of judicial execution. 

§ 53 Damage Claims in Case of Post-Formation Acquisition

§§ 46, 47 and 49 to 51 regarding damage claims of the company shall apply 

analogously to post-formation acquisitions. 2

With respect to such provisions 

the members of the management board and the supervisory board shall be 

substituted for the founders. 3

They shall be required to employ the care of 

a diligent and conscientious manager. 4

Whenever such provisions stipulate 

that periods shall commence on the date of registration of the company 

in the commercial register, such periods shall commence on the date of 

registration of the agreement regarding the post-formation acquisition. 

Division Three. Legal Relationships of the Company and the 

Shareholders

§ 53a Equal Treatment of Shareholders

Shareholders shall be treated equally under equivalent circumstances. 

§ 54 Principal Obligation of Shareholders

(1) The obligation of the shareholders to make contributions shall be limited 

to the share issue price. 
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(2) Unless the articles provide for Contributions in kind, the shareholders 

shall pay in the share issue price. 

(3) 1

Any amount called prior to the company having been filed for registration 

in the commercial register may be put at the free disposal of the 

management board only in legal tender credit to an account maintained 

with a credit institution or an enterprise operating under § 53 (1) 

sentence 1 or § 53b (1) sentence 1 or (7) of the Banking Act in the name 

of the company or of the management board. 2

Claims of the management 

board arising from such payments shall be deemed to constitute claims 

of the company. 

(4) 1

The statute of limitation for claims of the company to receive capital 

contributions shall be ten years from the time such claims arose. 

2

Insolvency proceedings have been instituted over the company’s assets, 

the statute of limitation shall not begin running prior to the expiration 

of six months from the date on which the insolvency proceedings were 

instituted. 

§ 55 Ancillary Obligations of Shareholders

(1) 1If the transfer of shares requires the consent of the company, the 

articles may impose upon shareholders, in addition to the obligation to 

make contributions to share capital, recurring obligations other than the 

payment of money. 2

The articles shall specify whether such obligations 

are to be performed for consideration or without consideration. 3

The 

share certificates and interim certificates shall specify the existence and 

scope of such obligations. 

(2) The articles may provide for penalties in the event such obligation has 

not been performed or has been improperly performed. 

§ 56 No Subscription of Own Shares; Acquisition of Shares 

through a Controlled Enterprise or Subsidiary

(1) The company may not subscribe own shares. 

(2) 1

A controlled enterprise may not acquire shares of the controlling 

enterprise, and a subsidiary may not acquire shares of its parent 

company, either as founder or subscriber or by exercising a conversion 

or subscription right granted in connection with a conditional capital 

increase. 2

A violation of this provision shall not make such acquisition 

unenforceable. 
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(3) 1Any person who acquires a share, whether as founder or subscriber or by 

exercising a conversion or subscription right granted in connection with 

a conditional capital increase, on behalf of the company or a controlled 

enterprise or subsidiary, shall not be exempt from liability by virtue of 

the fact that he did not acquire such share on his own behalf. 2

He shall 

be liable for the full contribution irrespective of any agreement with the 

company or the controlled enterprise or subsidiary. 3

Such person shall 

have not rights arising from the share before he acquires the share on his 

own behalf. 

(4) 1

If, in the case of a capital increase, shares are subscribed in violation of 

(1) or (2), each member of the management board shall be liable to the 

company for the full contribution. 2

The foregoing shall not apply if the 

member of the management board proves that he has not been at fault. 

§ 57 No Repayment of Capital, no Payment of Interest on 

Contributions

(1) 1Contributions may not be repaid to shareholders. 2The payment of the 

purchase price in case of a permitted acquisition of own shares shall 

not be deemed to constitute a repayment of contributions. 3

Sentence 

1 shall not apply to contribution payments made in case of existing 

control agreements or profit transfer agreements (§ 291) or covered by 

entitlement to full consideration or restitution towards the shareholder. 

4

Sentence 1 shall also not apply to the restitution of a shareholder loan 

and payments for claims from legal acts corresponding to a shareholder 

loan from an economic point of view. 

(2) Interest may be neither promised nor paid to shareholders. 

(3) Prior to the dissolution of the company, only distributable profits may be 

distributed to the shareholders. 

§ 58 Appropriation of Annual Net Profit

(1) 1The articles may provide, in respect of those cases where the 

shareholders’ meeting is to approve the annual financial statements, 

that amounts of the annual net profit are to be transferred to other profit 

reserves. 2

On the basis of such a provision of the articles, amounts not 

exceeding one half of the annual net profit may be transferred to other 

profit reserves. 3

Amounts which are to be transferred to the legal reserve 

and losses carried forward shall first be deducted from the annual net 

profit. 
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(2) 1If the management board and the supervisory board approve the annual 

financial statements, they may transfer amounts not exceeding one 

half of the annual net profit to other reserves. 2

The articles may provide 

that the management board and the supervisory board are authorised 

to transfer larger or smaller amounts, in the case of companies whose 

shares are traded on a public exchange, only a larger amount. 3

On the 

basis of such authorisation the management board and the supervisory 

board may not transfer amounts to other profit reserves if the other profit 

reserves exceed, or upon such transfer would exceed, one half of the 

share capital. 4

(1) sentence 3 shall apply analogously. 

(2a)1

(1) and (2) notwithstanding, the management board and the supervisory 

board may transfer to other profit reserves the capitalized portion of the 

increase in value of fixed and current assets or liability items created 

in connection with the allocation of taxable income which may not be 

shown in the special items with reserve character. 2

The amount of such 

reserves shall either be shown separately in the balance sheet or stated 

in the notes to the financial statements. 

(3) 1

In its resolution on the appropriation of distributable profit, the 

shareholders’ meeting may transfer additional amounts to profit 

reserves or carry such amounts forward as profit. 2

If the articles contain 

appropriate authorisation, the shareholders’ meeting may also resolve 

on appropriation of distributable profit other than as provided by 

sentence 1 or other than by distribution to shareholders. 

(4) The shareholders shall be entitled to receive distributable profit to the 

extent such profit is not excluded from distribution to shareholders by 

law, the articles, a resolution of the shareholders’ meeting pursuant to 

(3) or because such profit constitutes an additional expense pursuant to 

the resolution on the appropriation of profits. 

(5) To the extent provided by the articles, the shareholders meeting may also 

resolve a distribution in kind. 

§ 59 Advance Payment of Distributable Profit

(1) The articles may authorise the management board to make an advance 

payment on account of the estimated distributable profit to shareholders 

after the close of the fiscal year. 

(2) 1

The management board may make such advance payment only if 

preliminary financial statements for the past fiscal year show an annual 

net profit. 2

The advance payment may not in any event exceed one half of 

the annual net profit after deducting amounts that are to be transferred 

to profit reserves pursuant to law or the articles. 3Moreover, the advance 

payment may not exceed one half of the distributable profit of the 

preceding year. 
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(3) The payment of an advance shall require the consent of the supervisory 

board. 

§ 60 Distribution of Profit

(1) The shareholder shall have a share in the profits of the company in 

proportion to their share in the share capital. 

(2) 1

If contributions to share capital have not been made in the same 

proportion for all shares, shareholders shall first be paid from the 

distributable profit an amount of four per cent of the contributions made. 

2

If the profit is insufficient to make such payment, the amount to be paid 

shall be determined on the basis of an appropriately lower per centage. 

3

Contributions which have been made during the course of the fiscal year, 

shall be taken into account in proportion to the time which has elapsed 

since the date of such contributions. 

(3) The articles may provide for another method of distributing profit. 

§ 61 Compensation of Ancillary Obligations

The company may pay consideration not exceeding the value of services 

performed for recurring obligations which shareholders are obligated to 

perform in addition to contributions to share capital, pursuant to the articles, 

irrespective of whether or not a distributable profit is shown in the balance 

sheet. 

§ 62 Liability of Shareholders for Receipt of Prohibited Benefits 

(1) 1Shareholders shall make restitution to the company for benefits received 

from the company contrary to the provisions of this Act. 2

If they have 

received such benefits in the form of dividends, the obligation to make 

restitution shall exist only if they knew, or as a result of negligence did 

not know, that they were not entitled to such receipt. 

(2) 1

The claim of the company may also be asserted by the company’s 

creditors if they are unable to obtain satisfaction from the company. 2

If 

insolvency proceedings have been instituted over the company’s assets, 

the receiver in insolvency shall exercise the rights of the company’s 

creditors against the shareholders during the course of the insolvency 

proceedings. 

(3) 1

The statute of limitation for any claims pursuant to the foregoing 

provisions shall be ten years and begins running from the receipt of the 

benefit. 2

§ 54 (4) sentence 2 shall apply accordingly. 
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§ 63 Consequences of Delayed Subscription Payments

(1) 1Shareholders shall be required to pay contributions upon call by the 

management board. 2

Such call shall be announced in the company’s 

journals, unless the articles provide otherwise. 

(2) 1

Shareholders who fail to make payment of the amount called within the 

requisite period of time shall be required to pay interest thereon from the 

due date at the rate of five per cent per annum. 2

The right to claim further 

damages shall not be precluded. 

(3) The articles may stipulate penalties for late payment. 

§ 64 Expulsion of Defaulting Shareholders

(1) Shareholders who fail to make payment of amounts called within the 

requisite period of time may be granted a period of grace with the warning 

that upon the expiration of such period their shares and subscription 

payments will be declared forfeited. 

(2) 1

Such grace period shall be announced three times in the company’s 

journals. 2

The first announcement shall be made no later than three 

months, the last no later than one month prior to expiration of 

such period. 3

Not less than three weeks shall elapse between each 

announcement. 4

If the transfer of shares requires the consent of the 

company, it shall suffice if a single notice is made to each defaulting 

shareholder in lieu of such announcements; provided that in such case a 

grace period shall be set which is not less than one month from the date 

of receipt of such notice. 

(3) 1

Shareholders who nevertheless fail to pay amounts called shall be 

declared to have forfeited their shares and subscription payments in 

favour of the company by announcement in the company’s journals. 

2

Such announcement shall specify the shares declared to have been 

forfeited by serial number and any other distinguishing features. 

(4) 1

New certificates shall be issued in replacement of old certificates; such 

new certificates shall state the amount in default and all partial payments 

made. 2

The expelled shareholder shall be liable to the company for any 

loss arising from such amount in default or amounts called subsequently. 
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§ 65 Payment Obligation of Preceding Shareholders

(1) 1Each predecessor of the expelled shareholder entered in the share 

register shall be liable to the company for payment of the amount in 

default to the extent that such amount cannot be obtained from his 

successors. 2

The company shall notify the immediate predecessor of 

any call for payment made to his successor. 3

It shall be presumed that 

payment cannot be obtained if such payment has not been received 

within one month from the date of call for payment and notification of the 

predecessor. 4

A new certificate shall be issued against payment of the 

amount in default. 

(2) 1

Each predecessor shall be liable only for payment of amounts that have 

been called within a period of two years. 2

Such period shall commence on 

the date on which the transfer of the share has been filed for registration 

in the company’s share register. 

(3) 1

If payment of the amount in default cannot be obtained from the 

predecessors, the company shall promptly sell the share at the official 

stock exchange quotation through a stockbroker and, in the absence of 

a stock exchange quotation, by means of public auction. 2

If adequate 

results cannot be expected from an auction at the company’s domicile, 

the share shall be sold at an appropriate location. 3

The time, location 

and object of the auction shall be announced publicly. 4

The expelled 

shareholder and his predecessors shall be notified separately; such 

notification need not be made if impracticable. 5

Such announcement and 

notification shall be made not less than two weeks prior to the auction. 

§ 66 No Release of Shareholders from their Obligations 

(1) 1The shareholders and their predecessors may not be released from their 

payment obligations pursuant to §§ 54 and 65. 2

A set-off against a claim 

of the company pursuant to §§ 54 and 65 shall not be permitted. 

(2) (1) shall apply analogously to the obligation to make restitution for 

benefits received contrary to the provisions of this Act, the liability of 

expelled shareholders for losses and the liability of shareholders for 

damages resulting from not making a contribution in kind duly. 

(3) Shareholders may be released from the obligation to make contributions 

by an ordinary capital reduction or by a capital reduction through 

redemption of shares, provided, however, that in the case of an ordinary 

capital reduction the amount of such release may not exceed the amount 

by which the share capital is reduced. 
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§ 67 Registration in the Share Register

(1) 1Registered shares shall be entered in the company’s share register 

stating the name, date of birth and address of the holder, as well as the 

number of shares or share number and in the case of par-value shares 

the amount. 2

The holder shall be obligated to provide the information 

required pursuant to sentence 1 to the company. 3

The articles may 

provide for further details regarding the conditions under which 

registrations of shares in one’s own name, belonging to another person, 

is admissible. 4

Shares belonging to domestic or foreign investment 

portfolios pursuant to the Investment Company Act, which are not 

exclusively kept by investors who are not natural persons, shall be 

considered shares of the domestic or foreign investment portfolio even 

if they are jointly owned by the investors; if the investment portfolio is 

not a separate legal entity, the shares shall be deemed shares of the 

management company of the investment portfolio. 

(2) 1

In relation to the company, only a person who has been registered as 

such in the share register shall be deemed a shareholder. 2

There are 

however, no voting rights resulting from registrations exceeding a limit 

set out in the articles pursuant to (1) sentence 3 or with regard to the 

duty to disclose that the shares belong to another person set out in the 

articles is not fulfilled. 3

Furthermore, there are no voting rights for shares 

as long as a disclosure request pursuant to (4) sentence 2 or sentence 3 

has not been fulfilled after the expiration of the limitation period. 

(3) If the registered share is transferred to another person, deletion and the 

new entry shall occur upon notification and proof. 

(4) 1

Credit institutions participating in the transfer or custodianship 

of registered shares must provide the company with the necessary 

information to maintain the share register against repayment of the 

necessary costs. 2

The registered person shall notify the company upon 

request within a reasonable time period to what extent he owns the 

shares for which he is registered as holder in the share register; as far 

as this is not applicable, the person shall provide the information set 

out in (1) sentence 1 on the person for whom he holds the shares. 3

This 

shall apply accordingly for the person whose data is provided pursuant 

to sentence 2. (1) sentence 4 shall apply analogously; sentence 1 shall 

apply to the allocation of costs. 5

If the holder of registered shares is not 

registered in the share register, the depository institution shall, upon 

request of the company, take the necessary steps to ensure that it is 

registered separately in the share register in lieu of the company against 

reimbursement by the company of all necessary expenses. 6

§ 125 (5) 

shall apply analogously. 7

If, in connection with the transfer of registered 

shares, a credit institution is temporarily entered separately into the 

share register, the entry shall not give rise to any obligations resulting 

from paragraph (2) or pursuant to § 128 and does not lead to the 

applicability of limits set out in the articles pursuant to (1) sentence 3. 

(5) 1

If, in the opinion of the company, a person has been wrongly registered 

as shareholder in the share register, the company may cancel the 
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registration only if it has previously notified the persons concerned of 

the intended cancellation and has granted them a reasonable period of 

time to make an objection. 2

The cancellation may not be made if a person 

concerned objects thereto within such period. 

(6) 1

Each shareholder may demand from the company information about the 

data relating to him entered in the share register. 2

In the case of unlisted 

companies, the articles may further provide for this. 3

The company may 

utilise the register data as well as the data provided pursuant to (4) 

sentence 2 and 3 for its tasks in relationship to the shareholders. 4

It 

may only use the data to advertise for the company to the extent that the 

shareholder does not object. 5

The shareholders shall be appropriately 

informed of their right to object. 

(7) The foregoing provisions shall apply analogously to interim certificates. 

§ 68 Transfer of Registered Shares. Restriction on 

Transferability

(1) 1Registered shares shall also be transferable by endorsement. 2§§ 12, 

13 and 16 of the Bills of Exchange Act shall apply analogously to the form 

of the endorsement, legitimation of the holder and his obligation 

to surrender. 

(2) 1

The articles may make the transfer subject to the consent of the 

company. 2

Such consent shall be granted by the management board. 3

The articles may, however, provide that the supervisory board or the 

shareholders’ meeting shall resolve on the granting of consent. 4

The 

articles may specify the reasons for which consent may be refused. 

(3) The company shall be obligated to verify the accuracy of the chain of 

endorsements and the declarations of assignment, but shall not be 

required to examine the signatures. 

(4) The foregoing provisions shall apply analogously to interim certificates. 
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§ 69 Common Title to a Share

(1) If more than one person is entitled to a share, they may exercise the 

rights arising from the share only through a common representative. 

(2) Such persons shall be jointly and severally liable for the obligations in 

respect of the share. 

(3) 1

If the company is required to make a statement with legal effect to 

shareholders and the persons sharing common title have failed to 

designate a common representative to the company, it shall suffice if 

such statement is made to any of the persons sharing common title. 2

In 

the case of more than one heir of a shareholder, the foregoing shall only 

apply to such statements that are made no later than one month after 

succession to the inheritance. 

§ 70 Computation of the Period of Shareholding

1

If the exercise of rights arising from a share requires that the shareholder has 

been the holder of such share for a certain period of time, the right to demand 

transfer of title from a credit institution, a financial services institute, or an 

enterprise operating under § 53 (1) sentence 1 or § 53b (1) sentence 1 or 

(7) of the Banking Act shall be deemed equivalent to ownership. 2

The period 

during which the share was owned by a predecessor shall be attributed to the 

shareholder, provided that he has acquired the share without consideration 

from his fiduciary, as a successor in legal interest by operation of law, in 

connection with the liquidation of a community of interest, or as a result of a 

transfer of assets pursuant to § 14 of the Insurance Supervision Act or § 14 of 

the Building Loan Associations Act. 

§ 71 Acquisition of Own Shares

(1) A company may only acquire own shares: 

• 1. if the acquisition is necessary to avert severe and imminent 

damage to the company;

• 2. if the shares are to be offered for purchase to the employees or 

former employees of the company or of an affiliated enterprise;

• 3. if the acquisition is made to compensate shareholders pursuant 

to § 305 (2), or § 320b or to § 29 (1), § 125 sentence 1 in connection 

with § 29 (1), § 207 (1) sentence 1 of the Transformation Law;

• 4. if the acquisition is made without consideration or made by a credit 

institution in execution of a purchase order;
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Stock Corporation Act

• 5. by universal succession;

• 6. on the basis of a resolution of the shareholders’ meeting to redeem 

shares pursuant to the provisions governing a reduction of share 

capital; or

• 7. if it is a credit institution or finance institution on the basis of a 

resolution by the shareholders’ meeting for the purposes of trading in 

securities. The resolution must determine that the trade volume of the 

shares to be acquired for this purpose may not exceed five per cent of 

the share capital; it must determine the highest and lowest price. The 

authorisation may not apply for more than five years; or

• 8. on the basis of an authorisation from the shareholders’ meeting 

lasting no more than five years that sets the lowest and highest 

price and may not exceed 10 per cent of the share capital. Dealing 

in own shares shall be excluded as the purpose. § 53a shall apply 

to acquisition and disposal. Acquisition and disposal via the stock 

exchange shall be sufficient for fulfilment. The shareholders meeting 

may resolve a different disposal; § 186 (3), (4) and 193 (2) No. 4 

shall apply analogously in such case. The shareholders’ meeting may 

authorise the management board to cancel the own shares without a 

further resolution of the shareholders’ meeting.

(2) 1

The shares acquired for the purposes under (1) Nos. 3, 7 and 8 together 

with other company shares that the company has already acquired 

may not represent more than 10 per cent of the share capital. Such 

acquisition is furthermore only permitted if the company can form, at the 

point in time of acquisition, a reserve in the amount of the expenses for 

the acquisition, without reducing the share capital or another reserve 

required by law or the articles that may not be used for payments to 

shareholders. 3

In the cases of (1) Nos. 1, 2, 4, 7 and 8, the acquisition is 

only permitted if the nominal amount of the share has been paid in full. 

(3) 1

In the cases of (1) Nos. 1 and 8, the management board shall inform the 

shareholders’ meeting about the purpose of the acquisition, the number 

of shares acquired, the amount of the share capital that they represent, 

the proportion of the share capital, and the price for the shares. 2

In the 

case of (1) No. 2, the shares must be given to the employees within one 

year of their acquisition.

(4) 1

A violation of (1) or (2) shall not make the acquisition of own shares 

ineffective. 2

However, an obligation to acquire own shares is null and void 

to the extent that it violates (1) or (2). 
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§ 71a Evasive Transactions

(1) 1Any transaction providing for the grant of an advance or loan or the 

provisions of security by the company to another person for the purpose 

of acquiring shares in the company shall be null and void. 2

The foregoing 

shall not apply to transactions in the ordinary course of business of 

credit institutions or financial services institutions nor to the grant 

of an advance or loan or the provision of security for the purpose of 

the purchase of shares by employees of the company or an affiliated 

enterprise; provided, however, that such transactions shall also be 

null and void if the company at the point in time of the acquisition 

of the shares would not be in a position to create the reserve for the 

acquisition without reducing either the share capital or any reserve 

which is required to be created by law or the articles and which may not 

be used for payments to shareholders. 3

Sentence 1 shall also not apply 

to transactions in case of existing control agreements or profit transfer 

agreements (§ 291). 

(2) Any transaction between the company and another person which entitles 

or obligates such other person to acquire shares in the company on 

behalf of the company or a controlled enterprise or a subsidiary shall 

be null and void if the acquisition of the shares by the company would 

violate § 71 (1) or (2). 

§ 71b Rights arising from Own Shares

The company shall have no rights in respect of own shares. 

§ 71c Sale or Redemption of Own Shares

(1) If the company has acquired own shares in violation of § 71 (1) or 

(2), such shares shall be sold within one year from the date of their 

acquisition. 

(2) If the shares that a company has lawfully acquired pursuant to § 71 (1) 

and continues to hold represent more than 10 per cent of the company’ s 

share capital, the shares in excess of such per centage shall be sold not 

later than three years from the date of their acquisition. 

(3) If own shares have not been sold within the periods provided in (1) and 

(2), they shall be redeemed in accordance with § 237. 
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§ 71d Acquisition of Own Shares through Third Parties

1

A third party acting in its own name but on behalf of the company may 

acquire or hold shares in the company only if the company would be 

permitted to make such acquisition pursuant to § 71 (1) sentences 1 to 

5 and 7 and 8(2). 2

The foregoing shall apply to the acquisition or holding 

of shares in the company by a controlled enterprise or a subsidiary of the 

company and to the acquisition or holding by a third part acting in its own 

name but on behalf of a controlled enterprise or subsidiary of the company. 

3

For purposes of computing the share in the share capital pursuant to § 71 

(2) sentence 1 and § 71 c (2), such shares shall be deemed to be shares of 

the company. 4

For the rest, § 71 (3) and (4) and §§ 71a to 71c shall apply 

analogously. 5

Such third party, controlled enterprise or subsidiary shall 

upon demand procure that the company receives title to such shares. 6

The 

company shall reimburse the purchase price of the shares. 

§ 71e Pledge of Own Shares 

(1) If the company takes own shares as a pledge, this shall be considered 

an acquisition of own shares pursuant to § 71 (1) and (2), § 71d. 2

A 

credit institution or financial services institution, however, may take in 

the ordinary course of business a pledge of own shares in an amount not 

exceeding the portion of the share capital specified in § 71 (2) sentence 

1. 3

§ 71a shall apply analogously. 

(2) 1

A violation of (1) shall make unenforceable the pledge of own shares 

if the issue price of the pledged shares has not been paid in full. 2

A 

contract providing for the pledge of own shares shall be null and void if 

the acquisition of such shares would violate (1). 

§ 72 Cancellation of Share Certificates by Invalidation 

Proceedings

(1) 1A share certificate or interim certificate that has been lost or destroyed 

may be cancelled by means of invalidation proceedings in accordance 

with the Act on Court Procedure for Family Matters and Non-litigious 

Matters. 2

§ 799 (2) and § 800 of the Civil Code shall apply analogously. 

(2) The rights arising from dividend coupons issued to the bearer that are 

not yet due shall be cancelled on the date of the cancellation of the share 

certificate or interim certificate. 

(3) The cancellation of a share certificate pursuant to §§ 73 or 226 shall not 

preclude the cancellation of the certificate pursuant to (1). 
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§ 73 Cancellation of Share Certificates by the Company

(1) 1If the wording of share certificates has become inaccurate by reason of 

a change in legal circumstances, the company may, with the permission 

of the court, cancel the share certificates that have not been surrendered 

to it for correction or replacement despite request for surrender. 2

If the 

inaccuracy arises from a change in the par value of the shares, such 

certificates may be cancelled only if the par value has been reduced 

to effect a reduction of share capital. 3

Registered shares may not be 

cancelled solely by reason of the fact that the name of the shareholder 

is no longer correct. 4

An appeal may be made against the decision of the 

court; a contesting action against a decision granting permission shall 

be precluded. 

(2) 1

The request to surrender share certificates shall give warning of 

cancellation and make reference to the permission of the court. 

2

Cancellation may be made only after such request has been announced 

in the manner prescribed for the period of grace pursuant to § 64 (2). 

3

Cancellation shall become effective upon publication in the company’s 

journals. 4

Such announcement shall designate the share certificates which 

have been cancelled in such a manner that it may be ascertained from 

the announcement itself whether a share certificate has been cancelled. 

(3) 1

In lieu of the cancelled share certificates, subject to provision in the 

articles according to § 10 (5), new share certificates shall be issued and 

delivered to the person entitled thereto or deposited with the court if the 

company is entitled to make such deposit. 2

The court of the company’s 

domicile shall be notified of such delivery or deposit. 

(4) § 226 shall apply if shares are consolidated in connection with a 

reduction of share capital. 

§ 74 New Certificates in Lieu of Damaged or Defaced 

Certificates or Interim Certificates

1

If a share certificate or interim certificate has been damaged or defaced 

in such a manner that the certificate is no longer fit for circulation, the 

person entitled thereto may require the company to issue a new certificate 

against surrender of the old certificate, if the material contents and the 

distinguishing features of the certificate are still clearly recognizable. 2

Such 

person shall bear and advance the expenses. 

§ 75 New Dividend Coupons

New dividend coupons may not be issued to the holder of the coupon renewal 

certificate if the holder of the share certificate or of the interim certificate 

objects to such issue; such new dividend coupons shall be delivered to the 

holder of the share certificate or the interim certificate if he presents such 

certificate. 
Norton Rose LLP 39

Stock Corporation Act

Division Four: Constitution of the Company 

Section One. Management Board

§ 76 Leadership of the Stock Corporation

(1) The management board shall have direct responsibility for the 

management of the company. 

(2) 1

The management board may comprise one or more persons. 2In the case 

of companies having a share capital of more than 3 million euros, the 

management board shall comprise not less than two persons, unless 

the articles provide that it shall comprise one person. 3

The provisions 

governing the appointment of a labour director to the management board 

shall remain unaffected. 

(3) 1

Only a natural person with full legal capacity may be a member of the 

management board. 2

A person may not be a member of the management 

board who: 

• 1. is a person under guardianship who in managing his or her property 

is fully or partially subject to approval (§ 1903 of the Civil Code),

• 2. has been prohibited by judicial decision or an enforceable 

administrative order from engaging in any profession, line of 

occupation, trade or branch of industry, as far as the purpose of the 

enterprise encompasses in whole or in part such prohibited activity.

• 3. due to one or several wilfully committed crimes, has been convicted 

– a) of a failure to file for insolvency proceedings (delayed filing of 

insolvency),

– b) of a criminal offence pursuant to §§ 283 to 283d of the Penal 

Code (insolvency offences),

– c) of making false statements pursuant to § 399 of this Act or § 82 

of the German Limited Liability Companies Act,

– d) of any misrepresentation pursuant to § 400 of this Act, § 331 of 

the Commercial Code, § 313 of the Transformation Act or § 17 of 

the Transparency and Disclosure Act, and

– e) and sentenced to a prison sentence of no less than one year 

pursuant to §§ 263 to 264a or §§ 265b to 266a of the Penal Code;

such exclusion shall apply for a period of five years from the date on 

which the judgment has become final, whereby such period shall not 

include any time during which the convicted person has been confined to 

an institution by order of the authorities. 
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3

Sentence 2 No. 3 shall apply accordingly to convictions abroad due to 

offences comparable to the offences set out in sentence 2 No. 3. 

§ 77 Management

(1) 1If the management board comprises more than one person, the members 

of the management board shall manage the company jointly. 2

The 

articles or the bylaws for the management board may provide otherwise; 

however, the articles or by-laws may not provide that one or more 

members of the management board may resolve differences of opinion 

within the management board against the majority of its members. 

(2) 1

The management board may issue by-laws of the management board 

unless the articles confer the authority to issue such by-laws upon 

the supervisory board or the supervisory board issues by-laws for the 

management board. 2

The articles may make binding provisions in 

respect of specific matters relating to the by-laws. 3

Resolutions of the 

management board regarding the by-laws shall require a unanimous vote. 

§ 78 Representation

(1) 1The management board shall represent the company in and out of 

court. 2

If the company does not have a management board (rudderless 

management), the company shall be represented by the supervisory 

board in case declarations of intent are made towards the company or 

documents are sent to the company. 

(2) 1

If the management board comprises more than one person, the members 

of the management board shall represent the company jointly, unless 

the articles provide otherwise. 2

If a statement with legal effect is to be 

given to the company, it shall suffice if such statement is made to one 

member of the management board or, in case of (1) sentence 2, to one 

member of the supervisory board. 3

Declarations of intent towards the 

company may be made and documents for the company may be sent to 

the representatives of the company pursuant to (1) using the business 

address entered in the commercial register. 4

Irrespective of the above, 

such declarations or documents may be made or sent, respectively, using 

the registered address of the person authorised to accept these pursuant 

to § 39 (1) sentence 2. 
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(3) 1The articles may also provide that particular members of the 

management board may represent the company by acting either solely or 

jointly with a registered authorised officer (Prokurist). 2

The supervisory 

board may also so provide if authorised to do so by the articles. 3

(2) 

sentence 2 shall apply analogously in such cases. 

(4) 1

Members of the management board authorised to represent the 

company by acting jointly may authorise individual liquidators to engage 

in certain transactions or kinds of transactions. 2

The foregoing shall 

apply analogously if an individual member of the management board is 

authorised to represent the company by acting jointly with a registered 

authorised officer (Prokurist). 

§ 79 [repealed]

§ 80 Details on Business Letters

(1) 1All business letters which are directed to a specific recipient shall state 

the company’s legal form and domicile, the court of registration of the 

company’s domicile, the number under which the company has been 

registered in the commercial register as well as the surname and at least 

one forename in full of each member of the management board and of 

the chairman of the supervisory board. 2

The chairman of the management 

board shall be designated as such. 3

If information is provided regarding 

the company’s capital, the amount of the share capital shall in any event 

be stated and, if the issue price has not been paid in full, the aggregate 

amount of the contributions outstanding. 

(2) The information pursuant to (1) sentences 1 and 2 need not be given in 

communications or reports which are made in the course of an existing 

business relationship and for which forms are customarily used in which 

only the particulars of the specific transaction need be inserted. 

(3) 1

Order forms shall be deemed to be business letters in the meaning of (1) 

sentence 1. (2) shall not apply thereto. 

(4) All letterheads and order forms used by a branch of a company with its 

seat abroad must indicate the register where the branch is registered 

and the registration number; for the rest, the provisions of 1 to 3 apply 

to information regarding head offices and branch offices, to the extent 

foreign law does not require deviations. 2

If the foreign company is in 

liquidation then this fact and all the liquidators are to be indicated. 
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§ 81 Change in the Management Board and its Members’ 

Authority to Represent the Company

(1) The management board shall file for registration in the commercial 

register any change in the management board or in the authority of a 

member of the management board to represent the company. 

The documents concerning such changes shall be appended to each 

filing in original or officially certified copy. 

(3) The new members of the management board shall assure in the filing that 

no circumstances prevail which preclude their appointment pursuant to 

§ 76 (3) sentence 2 No. 2 and 3 as well as sentence 3 and that they have 

been advised of their obligation to make full disclosure to the court. 2§ 

37 (2) sentence 2 shall apply. 

§ 82 Restrictions on the Authority to Represent and Manage

(1) The authority of the management board to represent the company may 

not be restricted. 

(2) The members of the management board shall be obligated in the 

relationship to comply with the restrictions in respect of the authority to 

manage the company which, in accordance with the provisions, governing 

the stock corporation, are imposed by the articles, the supervisory board, 

the shareholder’s meeting and the bylaws for the management board and 

the supervisory board. 

§ 83 Preparation and Execution of Resolutions of Shareholders’ 

Meeting

(1) 1The management board shall, at the request of the shareholders’ 

meeting, be obligated to prepare any matter that falls within the 

competence of the shareholders’ meeting. 2

The foregoing shall apply 

to the preparation and execution of agreements that become effective 

only with the consent of the shareholders’ meeting. 3

The resolution of 

the shareholders’ meeting regarding such preparation and execution 

shall require the same majority as is required for the resolution on the 

respective matter or, as the case may be, the granting of consent to 

such agreements. 

(2) The management board shall be obligated to execute any resolution 

adopted by the shareholders’ meeting in respect of matters falling within 

the competence of the shareholders’ meeting. 
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Stock Corporation Act

§ 84 Appointment and Removal of the Management Board

(1) 1The supervisory board shall appoint the members of the management 

board for a period not exceeding five years. 2

Such appointment may be 

renewed or the term of office may be extended, provided that the term of 

each such renewal or extension shall not exceed five years. 3

Such renewal 

or extension shall require a new resolution of the supervisory board, 

which may be adopted no more than one year prior to the expiration 

of the current term of office. 4

The term of office may be extended 

without a new resolution of the supervisory board only in the case of an 

appointment for less than five years, provided that the aggregate term 

of office does not, as a result of such extension, exceed five years. 5

The 

foregoing shall apply analogously to the contract of employment; such 

contract may provide, however, that in the event of an extension of the 

term of office, the contract shall continue in effect until the expiry of such 

term. 

(2) If more than one person is appointed as member of the management 

board, the supervisory board may appoint one member as chairman of 

the management board. 

(3) 1

The supervisory board may revoke the appointment of a member of the 

management board or the appointment of a member as chairman of the 

management board for cause. 2

Such cause shall include in particular a 

gross breach of duties, inability to manage the company properly, or a 

vote of no confidence by the shareholders’ meeting, unless such vote of 

no confidence was made for manifestly arbitrary reasons. 3

The foregoing 

shall also apply to the management board appointed by the first 

supervisory board. 4

Such revocation shall be enforceable until rendered 

unenforceable by a judicial decision that has become final and may not 

be appealed. 5

Rights arising under the contract of employment shall be 

governed by general provisions of law. 

(4) The provisions of the Act on the Co-determination of Employees in the 

Supervisory Board and Management Boards in the Mining and Iron 

and Steel Producing Industries of May 21, 1951 (Federal Law Gazette 

I p. 347) – the “Coal and Steel Co-determination Act” – regarding the 

special majority requirements for resolutions of the supervisory board 

on the appointment of a labour director to the management board or the 

revocation of such appointment shall remain unaffected. 

§ 85 Appointment by the Court

(1) 1If the management board does not have the required number of 

members, the court shall make, in urgent cases, the necessary 

appointments upon motion by a party concerned. 2

An appeal may be 

made against such decision. 
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(2) The office of a member of the management board appointed by the court 

shall terminate as soon as the vacancy is filled. 

(3) 1

The member of the management board appointed by the court shall 

be entitled to reimbursement of reasonable cash expenses and 

remuneration for his services. 2

If the member of the management board 

appointed by the court and the company do not reach agreement, the 

court shall fix the amount of expenses and remuneration. 3

An appeal 

may be made against such decision; appeals on points of law are not 

permitted. 4

A decision that has become final and may not be appealed 

may be enforced in accordance with the provisions of the Code of 

Civil Procedure. 

§ 86 [repealed]

§ 87 Principles Governing Remuneration of Members of the 

Management Board

(1) 1The supervisory board shall, in determining the aggregate remuneration 

of any member of the management board (salary, profit participation, 

reimbursement of expenses, insurance premiums, commissions, 

incentive-based compensation promises such as subscription rights and 

additional benefits of any kind), ensure that such aggregate remuneration 

bears a reasonable relationship to the duties and performance of 

such member as well as the condition of the company and that it does 

not exceed standard remuneration without any particular reasons. 

2

The remuneration system of listed companies shall be aimed at the 

company’s sustainable development. 3

The calculation basis of variable 

remuneration components should therefore be several years long; in 

case of extraordinary developments, the supervisory board shall agree 

on a possibility of remuneration limitation. 4

Sentence 1 shall apply 

analogously to pensions, payments to surviving dependents and similar 

payments. 

(2) 1

If the situation of the company deteriorates after the determination 

so that a continued payment of remuneration under (1) would be 

unreasonable for the company, the supervisory board or, in case of 

§ 85 (3), the court upon petition of the supervisory board shall reduce 

remuneration to a reasonable level. 2

Pensions, payments to surviving 

dependents and similar payments may only be reduced pursuant 

to sentence 1 within the first three years after resignation from the 

company. 3

Such reduction shall not affect the other terms of the contract 

of employment. 4

The member of the management board may terminate, 

however, his contract of employment as of the end of the text calendar 

quarter upon giving six weeks’ notice. 
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(3) If insolvency proceedings have been instituted over the company’s 

assets and the receiver in insolvency has given notice of termination 

of the contract of employment of a member of the management board, 

such member may claim compensation of damages arising as a result of 

such termination only for the period of two years following termination of 

such employment. 

§ 88 Prohibition of Competition

(1) 1Absent the consent of the supervisory board, members of the 

management board may neither engage in any trade nor enter into any 

transaction in the company’s line of business on their own behalf or on 

behalf of others. 2

Absent such consent, they may be neither a member 

of the management board, nor a manager or general partner of another 

commercial enterprise. 3

The consent of the supervisory board may be 

granted only for a specific trade or business, a specific commercial 

enterprise, or for specific kinds of transactions. 

(2) 1

If a member of the management board violates such prohibition, the 

company may claim damages. 2

In lieu thereof, the company may require 

that the member treat the transactions made for his own account as 

having been made on behalf of the company and remit any remuneration 

obtained for transactions made on behalf of another person or assign his 

claim to such remuneration. 

(3) 1

The Partnership has three months from the date on which the other 

members of the management board and the members of the supervisory 

board obtained knowledge, or without gross negligence should have 

obtained knowledge of the act giving rise to the damage claim, to make 

any claims. 2

Irrespective of such knowledge or lack of knowledge as a 

result of gross negligence, the statute of limitation for such claims shall 

be five years from the time when they arose. 

§ 89 Grant of Credit to Members of the Management Board

(1) 1The company may grant credit to members of the management board 

only pursuant to a resolution of the supervisory board. 2

Such resolution 

may authorise only the grant of specific credit transactions or kinds of 

credit transactions, and for not more than three months an advance. 

3

Such resolution shall make provision as to the payment of interest on, 

and repayment of, any loan. 4

Permission to make drawings in excess 

of the remuneration due to the member of the management board, in 

particular permission to draw advances of remuneration shall constitute 

a grant of credit. 5

The foregoing shall not apply to credits that do not 

exceed an amount equal to one month’s salary. 
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(2) 1The company may grant credit to its registered authorised officers 

(Prokuristen) and general managers only with the consent of the 

supervisory board. 2

A controlling company may grant credit to legal 

representatives, registered authorised officers (Prokuristen) or 

general managers of a controlled enterprise only with the consent of 

its supervisory board; a controlled company may grant credit to legal 

representatives, registered authorised officers (Prokuristen) or general 

managers of the controlling enterprise only with the consent of the 

supervisory board of the controlling enterprise. 3

(1) sentences 2 to 5 shall 

apply analogously. 

(3) 1

(2) shall also apply to credits to the spouse or a minor child of a member 

of the management board, or other legal representatives, registered 

authorised officers (Prokuristen) or general managers. 2

Moreover, such 

shall apply to credits granted to any third party acting on behalf of any 

such persons or on behalf of a member of the management board, other 

legal representative, registered authorised officers (Prokuristen) or 

general manager. 

(4) 1

If a member of the management board, registered authorised officer 

(Prokurist) or general manager is also a legal representative or member of 

the supervisory board of another legal entity or member of a commercial 

partnership, the company may grant credit to such legal entity or 

commercial partnership only with the consent of the supervisory board; 

(1) sentences 2 and 3 shall apply analogously. 2

The foregoing shall not 

apply if such legal entity or commercial partnership is affiliated with the 

company or if the credit is granted to finance the payment of goods that 

the company supplies to such legal entity or commercial partnership. 

(5) Any credit granted in violation of the provisions of (1) to (4), shall be 

repaid immediately, irrespective of any agreement to the contrary, unless 

the supervisory board subsequently consents. 

(6) If the company is a credit institution or financial services institution to 

which § 15 of the Banking Act apply, the provisions of the Banking Act 

shall apply in lieu of (1) to (5). 

§ 90 Reports to the Supervisory Board

(1) 1The management board shall report to the supervisory board on: 

• 1. intended business policy and other fundamental matters regarding 

the future conduct of the company’s business (in particular plans 

regarding financing, investment and personnel) responding to 

deviations of actual developments from objectives reported in the 

past and stating the reasons thereof;

• 2. the profitability of the company, in particular the return on equity;
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• 3. the state of business, in particular revenues, and the condition of 

the company;

• 4. transactions that may have a material impact upon the profitability 

or liquidity of the company.

2

If the company is a parent enterprise (§ 290 (1), (2) of the Commercial 

Code), then the report shall also deal with the subsidiary enterprise and with 

joint enterprises (§ 319 (1) of the Commercial Code). 3

In addition, reports 

to the chairman of the supervisory board shall be made on the occurrence 

of other significant developments, such significant developments shall also 

include circumstances concerning the business of an affiliated enterprise 

which become known to the management board and which may have a 

material impact upon the condition of the company. 

(2) Reports pursuant to (1) sentence 1, Nos. 1 to 4, shall be made as follows: 

• 1. reports pursuant to No. 1 not less than once a year, unless changes 

in circumstances or new matters necessitate an immediate report;

• 2. reports pursuant to No. 2 at the meeting of the supervisory board 

resolving an approval of the annual financial statements;

• 3. reports pursuant to No. 3 regularly, but not less than quarterly;

• 4. reports pursuant to No. 4 sufficiently early, if possible, to enable 

the supervisory board to express its opinion before such transactions 

entered into.

(3) 1

The supervisory board may require at any time a report from the 

management board on the affairs of the company, on the company’s 

legal and business relationships with affiliated enterprises, and on the 

circumstances concerning the business of such enterprises that may 

have a material impact upon the condition of the company. 2

Any member 

may also request such report, which shall, however, only be given to the 

supervisory board. 

(4) 1

The report shall comply with the principles of conscientious and accurate 

reporting. 2

They shall be made sufficiently early, if possible, and, with the 

exception of the report pursuant to (1) sentence 3, generally in text form. 

(5) 1

Each member of the supervisory board shall have the right to take 

cognisance of the reports. 2

If the reports have been made in writing, 

they shall be submitted to each member of the supervisory board upon 

demand, unless the supervisory board has resolved otherwise. 3

The 

chairman of the supervisory board shall inform the members of the 

supervisory board of reports made pursuant to (1) sentence 2 no later 

than at the next following meeting of the supervisory board. 
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§ 91 Organisation; Accounting

(1) The management board shall ensure that the requisite books of account 

are maintained. 

(2) The management board shall take suitable measures, in particular 

surveillance measures, to ensure that developments threatening the 

continuation of the company are detected early. 

§ 92 Duties of the Management in the Event of Losses, 

Overindebtedness or Insolvency

(1) If upon preparation of the annual balance sheet or an interim balance 

sheet it becomes apparent, or if in the exercise of proper judgment it 

must be assumed that the company has incurred a loss equal to one 

half of the share capital, the management board shall promptly call a 

shareholders’ meeting and advise the meeting thereof. 

(2) 1

If the company becomes insolvent or overindebted, the management 

board may not make any payments. 2

The foregoing shall not apply to 

payments made after this time that are nonetheless compatible with 

the care of a diligent and conscientious manager. 3

The same obligation 

shall apply to the managing board for payments to shareholders as far as 

such payments were bound to lead to the stock corporation’s insolvency, 

unless this was unforeseeable even when employing the care set out 

§ 93 (1) sentence 1. 

§ 93 Duty of Care and Responsibility of Members of the 

Management Board

(1) 1In conducting business, the members of the management board shall 

employ the care of a diligent and conscientious manager. 2

They shall 

not be deemed to have violated the aforementioned duty if, at the time 

of taking the entrepreneurial decision, they had good reason to assume 

that they were acting on the basis of adequate information for the benefit 

of the company. 3

They shall not disclose confidential information and 

secrets of the company, in particular trade and business secrets, which 

have become known to the members of the management board as a 

result of their service on the management board. 4

The duty referred to in 

sentence 3 shall not apply with regard to a recognized auditing agency 

pursuant to § 342b of the Commercial Code within the scope of the audit. 
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(2) 1Members of the management board who violate their duties shall be 

jointly and severally liable to the company for any resulting damage. 

2

They shall bear the burden of proof in the event of a dispute as 

to whether or not they have employed the care of a diligent and 

conscientious manager. 3

If the company takes out an insurance covering 

the risks of a member of the managing board arising from his work for the 

company, such insurance should provide for a deductible of no less than 

10 per cent of the damage up to at least an amount equal to 1.5 times the 

fixed annual compensation of the managing board member. 

(3) The members of the management board shall in particular be liable for 

damages if, contrary to this Act: 

• 1. contributions are repaid to shareholders;

• 2. shareholders are paid interest or dividends;

• 3. own shares or shares of another company are subscribed, acquired, 

taken as a pledge or redeemed;

• 4. share certificates are issued before the issue price has been paid in 

full;

• 5. assets of the company are distributed;

• 6. payments are made contrary to § 92 (2),

• 7. remuneration is paid to members of the supervisory board;

• 8. credit is granted;

• 9. in connection with a conditional capital increase, new shares are 

issued other than for the specified purpose or prior to full payment of 

the consideration.

(4) 1

The members of the management board shall not be liable to the 

company for damages if they acted pursuant to a lawful resolution of 

the shareholders’ meeting. 2

Liability for damages shall not be precluded 

by the fact that the supervisory board has consented to the act. 3

The 

company may waive or compromise a claim for damages not prior to 

the expiry of three years after the claim has arisen, provided that the 

shareholders’ meeting consents thereto and no minority whose aggregate 

holding equals or exceeds one-tenth of the share capital records an 

objection in the minutes. 4

The foregoing period of time shall not apply if 

the person liable for damages is insolvent and enters into a settlement 

with his creditors to avoid or terminate insolvency proceedings. 
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(5) 1The claim for damages of the company may also be asserted by the 

company’s creditors if they are unable to obtain satisfaction from 

the company. 2

However, in cases other than those set out in (3), the 

foregoing shall apply only if the members of the management board 

have manifestly violated the duty of care of a diligent and conscientious 

manager; (2) sentence 2 shall apply analogously. 3

Liability for damages 

with respect to the creditors shall be extinguished neither by a waiver 

nor by a compromise of the company nor by the fact that the act that 

has caused the damage was based on a resolution of the shareholder’s 

meeting. 4

If insolvency proceedings have been instituted over the 

company’s assets, the receiver in insolvency shall exercise the rights of 

the creditors against the members of the management board during the 

course of such proceedings. 

(6) For companies that are listed on a stock exchange at the point in time of 

the violation of duty, claims under the foregoing provisions shall be time 

barred after the expiration of a period of ten years; for other companies, 

claims under the foregoing provisions shall be time barred after the 

expiration of a period of five years. 

§ 94 Deputies of Members of the Management Board

The provisions relating to members of the management board shall also 

apply to their deputies. 

Section Two. Supervisory Board 

§ 95 Number of Members of the Supervisory Board

1

The supervisory board shall comprise three members. 2The articles may 

provide for a specified higher number. 3

Such number shall be divisible 

by three. 4

The maximum number of members of the supervisory board for 

companies with a share capital of: 

up to 1,500,000 euros nine

more than 1,500,000 euros fifteen

more than 10,000,000 euros twenty-one

5

The foregoing shall not affect provision to the contrary which are 

contained in the Employees Co-determination Act of May 4, 1976 (Federal 

Law Gazette I p. 1153), the Coal and Steel Co-determination Act and the 

Supplemental Act on the Co-determination of Employees in the Supervisory 

Boards and Management Boards in the Mining and the Iron and Steel 

Producing Industries of August 7, 1956 (Federal Law Gazette I p. 707) – (the 

Supplemental Co-determination Act). 
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§ 96 Composition of the Supervisory Board

(1) The supervisory board is composed of 

in case of companies subject to the Co-determination Act, of supervisory 

board members of the shareholders and the employees, 

in case of companies subject to the Coal and Steel Co-determination Act, 

of supervisory board members of the shareholders and the employees 

and of further members,

in case of companies subject to §§ 5 to 13 of the Supplemental 

Co-Determination Act, of supervisory board members of the shareholders 

and the employees and of one further member, 

in case of companies subject to § 76 (1) of the One-Third 

Co-determination Act, of supervisory board members of the shareholders 

and the employees,

in case of companies subject to the Act on Employee Co-determination 

within Cross-border Mergers, of supervisory board members of the 

shareholders and the employees,

in case of other companies, only of supervisory board members of the 

shareholders.

(2) The supervisory board shall be composed in accordance with the 

statutory provisions last applied unless, pursuant to § 97 or § 98, 

other statutory provisions govern which have been specified in an 

announcement of the management board or in a judicial decision. 

§ 97 Announcement Concerning the Composition of the 

Supervisory Board

(1) 1If the management board is of the opinion that the composition of the 

supervisory board does not comply with applicable statutory provisions, 

it shall promptly announce such fact in the company’s journals and 

at the same time by notices displayed in all designated offices of the 

company and the members of its group. 2

The statutory provisions that are 

applicable in the opinion of the management board shall be specified 

in such announcement. 3

Such announcement shall state that the 

supervisory board will be composed in accordance with such provisions, 

unless parties with standing pursuant to § 98 (2) make motion to the 

court having jurisdiction pursuant to § 98 (1) within one month from the 

date of the announcement in the electronic Federal Gazette. 
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(2) 1If no motion has been made to the court having jurisdiction pursuant 

to § 98 (1) within one month from the date of the announcement in 

the electronic Federal Gazette, the new supervisory board shall be 

composed in accordance with the statutory provisions specified in 

the announcement of the management board. 2

The provisions of the 

articles regarding the composition of the supervisory board, the number 

of members of the supervisory board and the election, removal and 

delegation of members of the supervisory board shall, in so far as they 

conflict with the applicable statutory provisions, cease to be effective 

as at the adjournment of the first shareholders’ meeting called after the 

expiration of such one month period, but in any event no more than six 

months after the expiration of such period. 3

As at the same date the term 

of office of the previous members of the supervisory board shall expire. 4

A 

shareholder’s meeting held within such six month period may, by simple 

majority, substitute new provisions for those provisions in the articles 

that cease to be effective. 

(3) No announcement concerning the composition of the supervisory board 

may be made while judicial proceedings pursuant to § 98 and 99 are 

pending. 

§ 98 Judicial Decision Concerning the Composition of the 

Supervisory Board

(1) If it is disputed or uncertain which statutory provisions shall apply to the 

composition of the supervisory board, the exclusive jurisdiction to decide 

such issue upon application shall lie with the regional court of the district 

in which the company is domiciled.

(2) 1

The following shall have standing to make such motion 

• 1. the management board,

• 2. each member of the supervisory board,

• 3. each shareholder,

• 4. the central labour council of the company or, if the company has 

only one labour council, such labour council,

• 5. the central managing employees council of the company or, if the 

company has only one managing employees council, such managing 

employees council,

• 6. the central labour council of another enterprise whose employees 

participate directly or through electors in the election of members 

of the supervisory board of the company pursuant to the statutory 

provisions whose application is disputed or uncertain, or, if only one 

labour council exists in such other enterprise, such labour council;
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• 7. the central managing employees council of another enterprise 

whose employees participate directly or through electors in the 

election of members of the supervisory board of the company 

pursuant to the statutory provisions whose application is disputed or 

uncertain, or, if only one managing employees council exists in such 

other enterprise, such managing employees council;

• 8. not less than one-tenth or one hundred of the employees who 

participate directly or through electors in the election of members 

of the supervisory board of the company pursuant to the statutory 

provisions whose application is disputed or uncertain;

• 9. the central organisations of the labour unions which would, 

pursuant to the statutory provisions whose application is disputed or 

uncertain, have a right to nominate members;

• 10. labour unions that would, pursuant to the statutory provisions 

whose application is disputed or uncertain, have a right to nominate 

members.

2

If either the application of the Co-determination Act or the application 

of certain provisions of the Co-determination Act is disputed or 

uncertain, then in addition to those having standing to make motion 

pursuant to sentence 1, one-tenth of the workers who are entitled 

to vote, or one-tenth of the employees designated in § 3 (1) No. 1 of 

the Co-determination Act who are entitled to vote, or one-tenth of the 

managerial employees within the meaning of the Codetermination 

Act who are entitled to vote, shall also have standing to make motion 

hereunder. 

(3) (1) and (2) shall apply analogously in the event of a dispute as to whether 

the external auditor has correctly determined the relevant revenue ratios 

pursuant to § 3 or § 16 of the Supplemental Co-Determination Act. 

(4) 1

If the composition of the supervisory board does not comply with the 

judicial decision, the new supervisory board shall be composed in 

accordance with the statutory provisions specified in such decision. 

2

§ 97 (2) shall apply analogously, except that the six-month period shall 

commence on the date on which such decision becomes final and may 

not be appealed. 
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§ 99 Procedure

(1) The procedure shall be governed by the provisions of the Act on Court 

Procedure in Family Matters and Non-litigious Matters, unless (2) to (5) 

provide otherwise. 

(2) 1

The regional court shall announce the motion in the company’s journals. 

2

The management board, each member of the supervisory board, and the 

labour councils and central organisations that have standing to make 

motion pursuant to § 98 (2) shall be heard. 

(3) 1

The decision of the regional court shall be made by decree setting 

out the grounds on which the decision is based. 2

Such decision of the 

regional court may be appealed. 3

Such appeal may be based only on a 

violation of the law; § 72 (1) sentence 2 and § 74 (2) and (3) of the Act 

on Court Procedure in Family Matters and Non-litigious Matters as 

well as § 547 of the Code of Civil Procedure shall apply analogously. 

4

Such appeal may only be made by filing a notice of appeal signed by 

an attorney at law. 5

The state government may by regulation transfer 

jurisdiction for several higher regional courts to one higher regional court 

if required to ensure uniformity of decisions. 6

The state government may 

transfer such power to the state ministry of justice. 

(4) 1

The court shall serve its decision on the party having made motion and 

on the company. 2

Furthermore, the court shall announce the decision 

in the company’s journals without setting out the grounds on which 

the decision is based. 3

Appeal may be made by each party having 

standing to make motion pursuant to § 98 (2). 4

The period for filing the 

notice of appeal shall commence on the date on which the decision 

was announced in the electronic Federal Gazette, but, in the case of 

the party having made motion and the company, not prior to service of 

the decision. 

(5) 1

The decision shall become binding only when it has become final and 

may not be appealed. 2

Such decision shall be binding for and against 

everyone. 3

The management board shall promptly submit the binding 

decision to the commercial register. 

(6) 1

The costs of the proceedings shall be governed by the Act on Court 

Costs. 2

In proceedings before the court of first instance, four times the 

full fee shall be charged. 3

For appeal proceedings, the same fee shall 

be charged; the foregoing shall also apply if the appeal is successful. 4

If 

the motion or appeal is withdrawn prior to a decision, the fee shall be 

reduced by one half. 5

The court shall determine the value of the subject 

matter of the proceedings. 6

Such value shall be determined in accordance 

with § 30 (2) of the Act on Court Costs, provided that such value shall 

as a rule be 50,000 euros. Debtor for the costs shall be the company. 

8

The party having made motion shall, however, be liable for the costs, in 

whole or in part, if equity so requires. 9

The parties’ own costs shall not be 

reimbursed. 
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§ 100 Personal Qualifications of Members of the Supervisory 

Board 

(1) 1Only a natural person with full legal capacity may be a member of the 

supervisory board. 2

A person under guardianship who in managing his 

or her property is fully or partially subject to approval (§ 1903 of the Civil 

Code) may not be a member of the supervisory board. 

(2) 1

A person may not be a member of the supervisory board who: 

• 1. is already a member of the supervisory board in ten commercial 

enterprises which are required by law to form a supervisory board;

• 2. is the legal representative of a controlled enterprise of the 

company; or

• 3. is the legal representative of another corporation whose 

supervisory board includes a member of the management board of 

the company

• 4. was a member of the management board of the same listed 

company during the past two years, unless he is elected upon 

nomination by shareholders holding more than 25 per cent of the 

voting rights in the company.

2

In determining the maximum number for purpose of sentence 1, No. 1, 

no account shall be taken of up to five seats which a legal representative 

(or, in the case of a sole proprietorship, the owner) of the controlling 

enterprise of a group holds in supervisory boards of commercial 

enterprises which are members of such group and which are required by 

law to form a supervisory board. In determining the maximum number 

for the purpose of sentence 1, No. 1, supervisory board seats within the 

meaning of No. 1 for which the member was elected chairperson shall be 

taken into account twice. 

(3) The other personal qualifications of the supervisory board members of 

the employees and of the additional members shall be determined by 

the Co-determination Act, the Coal and Steel Co-determination Act, the 

Supplemental Co-determination Act, the One-Third Co-determination Act 

and the Act on Employee Co-determination within Cross-border Mergers 

(4) The articles may stipulate personal qualifications only for those members 

of the supervisory board who are elected by the shareholders’ meeting 

without being bound by nominations, or who are appointed to the 

supervisory board pursuant to the articles. 

(5) In the case of companies within the meaning of § 264d of the Commercial 

Code, at least one independent member of the supervisory board has to 

have expertise knowledge in the fields of accounting or annual auditing. 
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§ 101 Appointment of the Members of the Supervisory Board

(1) 1The members of the supervisory board shall be elected by the 

shareholders’ meeting, unless they are to be appointed to the supervisory 

board or elected as representatives of the employees pursuant to the 

Codetermination Act, the Supplemental Codetermination Act, the OneThird Co-determination Act or the Act on Employee Co-determination 

within Cross-border Mergers. 2

The shareholders’ meeting shall be 

bound by nominations only pursuant to § 6 to 8 of the Coal and Steel 

Co-determination Act. 

(2) 1

The right to appoint members to the supervisory board may only be 

granted by the articles and only to specific shareholders or the holders 

of specific shares. 2

The right to appoint may be granted to holders of 

specific shares only if the shares are in registered form and if their 

transfer requires the consent of the company. 3

Shares of holders of the 

right to appoint shall not be deemed to constitute a separate class. 

4

Rights to appoint may be granted only with respect to no more than onethird in aggregate of the shareholder representatives in the supervisory 

board as determined by law or the articles. 

(3) 1

It shall not be permitted to appoint deputies of members of the 

supervisory board. 2

However, for each member of the supervisory board 

a substitute member may be appointed who shall become a member of 

the supervisory board if the regular member ceases to hold office prior 

to the expiration of his term of office, except for the additional member 

to be elected pursuant to the Coal and Steel Co-determination Act or 

the Supplemental Co-determination Act upon nomination by the other 

members of the supervisory board. 3

Such substitute member may only 

be appointed at the same time as the respective regular member of the 

supervisory board. 4

The provisions governing members of the supervisory 

board shall govern his appointment, the invalidity of such appointment 

and actions to set it aside. 

§ 102 Term of Office of Members of the Supervisory Board

(1) 1The members of the supervisory board may not be appointed for a period 

of time extending beyond the adjournment of the shareholders’ meeting 

resolving on ratification of the acts of management for the fourth fiscal 

year following the commencement of their respective term of office. 2

The 

fiscal year in which such term of office commences shall not be taken into 

account. 

(2) The term of office of a substitute member shall expire not later than the 

expiration of the term of office of the regular member of the supervisory 

board who has ceased to hold office. 
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§ 103 Removal of Members of the Supervisory Board

(1) 1Members of the supervisory board who have been elected by the 

shareholders’ meeting without being bound by nominations may be 

removed pursuant to resolution of the shareholders’ meeting prior to the 

expiration of their term of office. 2

Such resolution shall require a majority 

of not less than three-fourths of the votes cast. 3

The articles may provide 

for another majority and additional requirements. 

(2) 1

A member of the supervisory board who has been appointed to the 

supervisory board pursuant to the articles may at any time be removed 

and replaced by another person by the person who has the right to 

appoint. 2

If the requirements specified in the articles in respect of the 

right to appoint are no longer met, the shareholders’ meeting may remove 

the appointed member by a simple majority of votes. 

(3) 1

Upon motion by the supervisory board, the court shall remove a member 

of the supervisory board, for cause relating to the person of such 

member. 2

The supervisory board shall resolve on such motion by simple 

majority. 3

If such member of the supervisory board has been appointed 

to the supervisory board pursuant to the articles, shareholders whose 

aggregate holding amounts to one-tenth of the share capital or represents 

an amount of the share capital corresponding to one million euros may 

also make such motion. 4

An appeal may be made against such decision. 

(4) The Co-determination Act, the Coal and Steel Co-determination Act, the 

Supplemental Co-determination Act, the One-Third Co-determination Act, 

the Act on the Participation of Employees in a European Company and 

the Act on Employee Co-determination within Cross-border Mergers shall 

apply, in addition to (3), to the removal of members of the supervisory 

board who were neither elected by the shareholders’ meeting without 

being bound by nominations, nor appointed to the supervisory board 

pursuant to the articles. 

(5) The provisions governing removal of a member of the supervisory board 

shall also apply to the removal of a substitute member. 

§ 104 Appointment by the Court

(1) 1If the supervisory board does not have the requisite number of members 

to constitute a quorum, the court shall restore it to the requisite number 

upon motion by the management board, a member of the supervisory 

board or a shareholder. 2

The management board shall be obligated to 

make such motion promptly, unless restoration to such number may be 

expected to occur prior to the next meeting of the supervisory board. 

3

If the supervisory board is required to include representatives of the 

employees, such motion may also be made by: 
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• 1. the company’s central labour council or, if only one labour council 

exists in the company, such labour council, and, if the company is the 

controlling enterprise of a group, the group labour council,

• 2. the company’s central managing employees labour council or, if 

only one managing employees council exists in the company, such 

managing employees council, and, if the company is the controlling 

enterprise of a group, the group managing employees council,

• 3. the central labour council of another enterprise whose employees 

participate directly or through electors in the election or, if such other 

enterprises has only one labour council, such labour council;

• 4. the central managing employees council of another enterprise 

whose employees participate directly or through electors in the 

election or, if such other enterprise has only one managing employees 

council, such managing employees council;

• 5. not less than one-tenth or one hundred of the employees who 

participate in the election directly or through electors;

• 6. the central organisations of labour unions which have the right to 

nominate representatives of the employees to the supervisory board;

• 7. labour unions which have the right to nominate the supervisory 

board representatives of the employees;

4

If the supervisory board is required to include representatives of the 

employees pursuant to the Co-determination Act, then in addition to 

those parties having standing to make motion pursuant to sentence 3, 

one-tenth of the workers who are entitled to vote or one-tenth of the 

employees designated in § 3 (1) No. 1 of the Codetermination Act who 

are entitled to vote or one-tenth of the managerial employees within the 

meaning of the Codetermination Act, who are entitled to vote, shall also 

have standing to make such motion. 5

An appeal may be made against 

such decision. 

(2) 1

If for a period of more than three months the number of members of the 

supervisory board has been less than the number required by law or the 

articles, the court shall upon motion restore it to the requisite number. 

2

In urgent cases the court shall, upon motion, restore the supervisory 

board to such number even before such period has expired. 3

Standing to 

make a motion shall be governed by (1). 4

An appeal may be made against 

such decision. 

(3) (2) shall apply to a supervisory board in which the employees are entitled 

to co-determination pursuant to the provision of the Codetermination 

Act, the Coal and Steel Co-determination Act or the Supplemental 

Co-determination Act, provided, however, that: 
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• 1. the court may not restore the supervisory board to the requisite 

number by appointing the additional member who is to be elected 

pursuant to the Coal and Steel Co-determination Act or the 

Supplemental Codetermination Act upon nomination by the other 

members of the supervisory board,

• 2. if the supervisory board does not have the full number of members 

that it is required to comprise pursuant to the law or the articles, 

except for the additional member referred to in No. 1, it shall always 

constitute an urgent case.

(4) 1

If the supervisory board is required to also include representatives of 

the employees, the court shall appoint members in such a manner that 

the numerical ratio required for the composition of the supervisory board 

is maintained or re-established. 2

If appointments are to be made to the 

supervisory board to re-establish a quorum, the foregoing shall apply 

only if the number of members of the supervisory board required for a 

quorum permits such ratio to prevail. 3

If a member of the supervisory 

board is to be replaced who must fulfil special personal qualifications 

pursuant to the law or the articles, the member of the supervisory board 

appointed by the court shall also fulfil such qualifications. 4

If a member 

of the supervisory board is to be replaced whom a central organisation 

of labour unions, a labour union or the labour councils would have the 

right to nominate, the court shall take into account the nominations 

of such parties, unless appointment of the nominated person would 

contravene overriding interests of the company or the general public; in 

case the member of the supervisory board is to be elected by electors, 

the foregoing shall apply to joint nominations by the labour councils of 

the enterprises in which electors are to be elected. 

(5) The term of office of the member of the supervisory board appointed 

by the court shall expire in any event as soon as the deficiency in the 

composition of the supervisory board has been rectified. 

(6) 1

The member of the supervisory board appointed by the court shall 

be entitled to reimbursement of reasonable cash expenses and, if 

remuneration is granted to regular members of the supervisory board of 

the company, to remuneration for his services. 2

Upon motion by such 

member of the supervisory board, the court shall stipulate the expenses 

and remuneration. 3

An appeal may be made against such decision; 

appeals on points of law are not permitted. 4

A decision that has become 

final and may not be appealed may be enforced in accordance with the 

provisions of the Code of Civil Procedure. 
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§ 105 Incompatibility of Management and Supervisory Board 

Membership

(1) A member of the supervisory board may not also be a member of the 

management board, a permanent deputy member of the management 

board, a registered authorised officer (Prokurist) or general manager of 

the company. 

(2) 1

The supervisory board may appoint certain of its members as deputies 

for absent or incapacitated members of the management board for a 

predetermined period of time which may not in any event exceed one 

year. 2

Such appointment may be renewed or the term of office extended, 

provided, however, that the aggregate term of office may not exceed 

one year. 3

The members of the supervisory board may not exercise the 

functions of a member of the supervisory board during their term of 

office as deputy members of the management board. 4

The prohibition of 

competition pursuant to § 88 shall not apply to such deputy members. 

§ 106 Announcement of Changes in the Supervisory Board

In the event of changes in the membership of the supervisory board, the 

management board shall promptly submit to the commercial register a list 

of members of the supervisory board stating each member’s last name, 

first name, occupation and place of residence; in accordance with § 10 of 

the Commercial Code the court shall publish a notice on the submission of 

the list. 

§ 107 Internal Organisation of the Supervisory Board

(1) 1The supervisory board shall elect from among its members a chairman 

and at least one deputy chairman in accordance with the applicable 

provisions of the articles. 2

The management board shall file the details 

of persons elected with the commercial register. 3

The deputy chairman 

shall have the rights and duties of the chairman only if the latter is 

incapacitated. 

(2) 1

Minutes shall be kept of the meetings of the supervisory board, which 

shall be signed by the chairman. 2

The minutes shall state the place and 

date of the meeting, the persons attending, the items on the agenda, 

the essential contents of the proceedings, and the resolutions of the 

supervisory board. 3

A violation of the provisions of sentence 1 or 2 

shall not make unenforceable a resolution. 4

A copy of the minutes of 

the meeting shall be provided upon request to each member of the 

supervisory board. 
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(3) 1The supervisory board may appoint from among its members one or 

more committees, in particular for purposes of preparing its deliberations 

and resolutions or for supervising the execution of its resolutions. 2

It may 

in particular appoint an audit committee to deal with the supervision of 

the accounting process, the efficiency of the internal control system, the 

risk management system and the internal revision system as well as with 

the annual auditing, in particular with the independence of the external 

auditor and the additional services rendered by the external auditor. 3

The 

duties pursuant to (1) sentence 1, § 59 (3), § 77 (2) sentence 1, § 84 (1) 

sentence 1 and 3, (2) and (3) sentence 1, § 87 (1) and (2) sentence 1 and 

2, § 111 (3), §§ 171, 314 (2) and (3) as well as resolutions providing that 

specific types of transactions may be entered into only with the consent 

of the supervisory board, may not be referred to a committee to decide 

in lieu of the supervisory board. 4

The supervisory board shall regularly be 

provided with reports on the activities of the committees. 

(4) If the supervisory bard of a company within the meaning of § 264d of the 

Commercial Code sets up an audit committee within the meaning of (3) 

sentence 2, at least one member has to fulfil the prerequisites pursuant 

to § 100 (5). 

§ 108 Resolutions of the Supervisory Board

(1) The supervisory board shall decide by resolution. 

(2) 1

The quorum required for the supervisory board may, to the extent not 

determined by law, be set by the articles. 2

If the quorum is set neither 

by law nor the articles, a quorum of the supervisory board shall only 

be present if not less than one-half of the number of members which it 

is required to comprise pursuant to law or the articles take part in the 

passing of the resolution. 3

In any event at least three members shall be 

required to take part in the passing of a resolution. 4

The presence of a 

quorum shall not be prejudiced by the fact that the supervisory board 

shall comprise fewer members than the number required by law or 

the articles, even if the numerical ratio required for its composition is 

not maintained. 

(3) 1

Members of the supervisory board who are not present may take part in 

the passing of a resolution of the supervisory board or of any committee 

thereof by causing votes in writing to be submitted to the meeting. 2

Such 

votes may be submitted by other members of the supervisory board. 

3

They may also be submitted by persons who are not members of the 

supervisory board, provided that such persons are entitled to attend the 

meeting pursuant to § 109 (3). 

(4) Subject to more detailed regulation by the articles or the bylaws of 

the supervisory board, resolutions of the supervisory board or of any 

committee thereof may be adopted in writing, by telegraph or telephone if 

no member objects to such procedure. 
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§ 109 Attendance of Meetings of the Supervisory Board and Its 

Committees

(1) 1Persons who are not members of the supervisory board or the 

management board may not attend meetings of the supervisory board 

and its committees. 2

Experts and persons needed to give information may 

be invited for consultation on individual matters. 

(2) Members of the supervisory board who are not members of a committee 

may attend meetings of such committee, unless the chairman of the 

supervisory board determines otherwise. 

(3) The articles may permit persons who are not members of the supervisory 

board to attend meetings of the supervisory board and its committees 

in lieu of members of the supervisory board who are unable to attend, 

provided that such members have authorised such persons to attend in 

writing. 

(4) The foregoing shall not affect statutory provisions that provide otherwise. 

§ 110 Convening Supervisory Board Meetings

(1) 1Each member of the supervisory board or the management board may, 

upon stating the grounds for this, request that the chairman of the 

supervisory board promptly call a meeting of the supervisory board. 2

The 

meeting shall be held within two weeks from the date on which notice 

thereof has been given. 

(2) If any such request made by two or more members of the supervisory 

board or by the management board should not be complied with, such 

members may themselves call a meeting of the supervisory board upon 

stating these facts. 

(3) 1

Meetings of the supervisory board should as a rule be called twice in 

every calendar half year. For unlisted companies, the supervisory board 

may determine that one meeting per calendar half year has to be held. 

§ 111 Duties and Rights of the Supervisory Board

(1) The supervisory board shall supervise the management of the company. 

(2) 1

The supervisory board may inspect and examine the books and records 

of the company as well as the assets of the company, in particular cash, 

securities and merchandise. 2

The supervisory board may also commission 

individual members or, with respect to specific assignments, special 

experts, to carry out such inspection and examination. 3

It shall instruct 

the auditor as to the annual financial statements and consolidated 

financial statements according to § 290 of the Commercial Code. 
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(3) 1The supervisory board shall call a shareholder’s meeting whenever the 

interests of the company so require. 2

A simple majority shall suffice for 

such resolution. 

(4) 1

Management responsibilities may not be conferred on the supervisory 

board. 2

However, the articles or the supervisory board have to determine 

that specific types of transactions may be entered into only with the 

consent of the supervisory board. 3

If the supervisory board refuses to 

grant consent, the management board may request that a shareholders’ 

meeting approve the grant. 4

The shareholders meeting by which the 

shareholders’ approves shall require a majority of not less than threefourths of the votes cast. 5

The articles may neither provide for any other 

majority nor prescribe any additional requirements. 

(5) Members of the supervisory board may not confer their responsibilities 

on other persons. 

§ 112 Representation of the Company as against Members of 

the Management Board

1

The supervisory board shall represent the company both in and out of 

court as against the management board. 2

§ 78(2) sentence 2 shall apply 

accordingly. 

§ 113 Remuneration of the Members of the Supervisory Board

(1) 1The members of the supervisory board may receive remuneration for 

their services. 2

Such remuneration may be determined in the articles 

or set by the shareholders’ meeting. 3

Such remuneration shall bear a 

reasonable relationship to the duties of the members of the supervisory 

board and to the condition of the company. 4

If the remuneration is 

determined in the articles, the shareholders’ meeting may, by simple 

majority, resolve on an amendment of the articles by which such 

remuneration is reduced. 

(2) 1

Remuneration of the members of the first supervisory board for their 

services may be granted only pursuant to resolution of the shareholders’ 

meeting. 2

Such resolution may be adopted only in the shareholders’ 

meeting resolving on ratification of the acts of the members of the first 

supervisory board. 

(3) 1

If the members of the supervisory board are granted a share of the 

annual profit of the company, such share shall be computed on the 

basis of distributable profit, reduced by an amount of not less than four 

per cent of the contributions made minimum issue price of the shares. 

2

Conflicting determinations are void. 
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§ 114 Contracts with Members of the Supervisory Board

(1) If a member of the supervisory board in addition to his services as 

a member of the supervisory board, enters into a contract with the 

company for provision of professional services which does not establish 

an employment relationship, or into a contract with the company to 

undertake a special assignment, any such contract shall require the 

consent of the supervisory board in order to be valid. 

(2) 1

If the company pursuant to any such contract grants remuneration 

to a member of the supervisory board without the consent of the 

supervisory board, such member of the supervisory board shall repay 

such remuneration, unless the supervisory board subsequently approves 

such contract. 2

A claim of the member of the supervisory board against 

the company for restitution of the enrichment obtained by the services 

performed shall remain unaffected; such claim may, however, not be set 

off against the company’s entitlement to restitution. 

§ 115 Grant of Credit to Members of the Supervisory Board

(1) 1The company may grant credit to members of the supervisory board 

only with the consent of the supervisory board. 2

A controlling company 

may grant credits to members of the supervisory board of a controlled 

enterprise only with the consent of its supervisory board; a controlled 

company may grant credits to members of the supervisory board of the 

controlling enterprise only with the consent of the supervisory board 

of the controlling enterprise. 3

Such consent may be granted only for 

specific credit transactions or kinds of credit transactions, and for not 

more than three months in advance. 4

The resolution on such consent 

shall make provision as to the payment of interest on, and repayment of, 

any loan. 5

If the member of the supervisory board carries on a business 

as a sole proprietor, such consent shall not be required if the credit is 

granted to finance the payment of goods which the company supplies to 

his business. 

(2) (1) shall also apply to credits to the spouse or a minor child of a member 

of the supervisory board and to credits to any third party acting on behalf 

of any such person or on behalf of a member of the supervisory board. 

(3) 1

If a member of the supervisory board is also a legal representative of 

another legal entity or member of a commercial partnership, the company 

may grant credit to such legal entity or commercial partnership only 

with the consent of the supervisory board; (1), sentences 3 and 4 shall 

apply analogously. 2

The foregoing shall not apply if such legal entity or 

commercial partnership is affiliated with the company or if the credit is 

grant to finance the payment of goods that the company supplies to such 

legal entity or commercial partnership. 
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(4) Any credit granted in violation of the provisions of (1) to (3), shall be 

repaid immediately, irrespective of any agreement to the contrary, unless 

the supervisory board subsequently consents. 

(5) If the company is a credit institution or financial services institution to 

which § 15 of the Banking Act apply, the provisions of the Banking Act 

shall apply in lieu of (1) to (4). 

§ 116 Duty of Care and Responsibility of Members of the 

Supervisory Board

§ 93 on the duty of care and responsibility of members of the management 

board shall, with the exception of (2) sentence 3, apply analogously to the 

duty of care and responsibility of the members of the supervisory board. 

2

The supervisory board members are particularly bound to maintain 

confidentiality as to confidential reports received or confidential 

consultations. 3

They are in particular liable for damages if they determine 

unreasonable remuneration (§ 87 (1)). 

Section Three. Exertion of Influence on the Company

§ 117 Liability for Damages

(1) 1Any person who, by exerting his influence on the company, induces a 

member of the management board or the supervisory board, a registered 

authorised officer (Prokurist) or an authorised signatory to act to the 

disadvantage of the company or its shareholders shall be liable to the 

company for any resulting damage. 2

Such person shall also be liable to 

the shareholders for any resulting damage insofar as they have suffered 

damage in addition to any loss incurred as a result of the damage to the 

company. 

(2) 1

In addition to such person, the members of the management board 

and the supervisory board shall be jointly and severally liable if they 

have acted in violation of their duties. 2

They shall bear the burden of 

proof in the event of a dispute as to whether or not they have employed 

the care of a diligent and conscientious manager. 3

The members of the 

management board and the supervisory board shall not be liable to 

the company or the shareholders for damage if they acted pursuant to 

a lawful resolution of the shareholders’ meeting. 4

Liability for damages 

shall not be precluded by the fact that the supervisory board has 

consented to the act. 

(3) In addition to such person, any person who has wilfully caused undue 

influence to be exerted shall also be jointly and severally liable to the 

extent that he has obtained an advantage from the detrimental act. 
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(4) § 93 (4) sentences 3 and 4 shall apply analogously to the extinguishment 

of liability for damages to the company. 

(5) 1

The claim for damages of the company may also be asserted by the 

company’s creditors if they are unable to obtain satisfaction from the 

company. 2

Liability for damages with respect to the creditors shall be 

extinguished neither by a waiver nor by a compromise of the company 

nor by the fact that the act that has caused the damage was based on a 

resolution of the shareholder’s meeting. 3

If insolvency proceedings have 

been instituted over the company’s assets, the receiver in insolvency 

shall exercise the rights of the creditors during the course of such 

proceedings. 

(6) Claims under the foregoing provisions shall be time barred after 

expiration of a period of five years. 

(7) The foregoing provisions shall not apply if the member of the 

management board or the supervisory board, the registered authorised 

officer (Prokurist) or the authorised signatory was induced to engage in 

the act causing damage by the exercise of: 

• 1. the right to direct under a control agreement; or

• 2. the right to direct of an acquiring company (§ 319) into which the 

company has been integrated.

Section Four: Shareholders’ Meeting 

Subsection One. Rights of the Shareholders’ Meeting 

§ 118 General Provisions

(1) 1The shareholders shall exercise their rights with respect to the company 

at shareholders’ meetings unless this Act provides otherwise. 2

The 

articles may provide, or may authorise the management board to provide, 

that the shareholders may participate in the shareholders’ meeting 

without being present on site and without having a proxy holder and may 

exercise all or individual rights in whole or in part by way of electronic 

communication.

(2) The articles may provide, or may authorise the management board 

to provide, that shareholders may vote, without participating in the 

shareholders’ meeting, in writing or by way of electronic communication 

(postal vote). 

(3) 1

The members of the management board and the supervisory board shall 

attend the shareholders’ meeting. 2

The articles may provide for certain 

cases where the attendance of supervisory board members may be by 

audio-visual transmission. 
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(4) The articles or the bylaws of the shareholders’ meeting according to 

§ 129 (1) may provide, or may authorise the management board or the 

chairperson of the meeting to provide, that audio-visual transmission of 

the meeting is admitted.

§ 119 Rights of the Shareholders’ Meeting

(1) The shareholders’ meeting shall resolve on all matters expressly stated in 

this Act or the articles, in particular with respect to: 

• 1. The appointment of members of the supervisory board, to the 

extent they are not to be appointed to the supervisory board 

or be elected as representatives of employees pursuant to the 

Codetermination Act, the Supplemental Co-determination act, 

the One-Third Co-determination Act or the Act on Employee 

Co-determination within Cross-border Mergers.

• 2. the appropriation of distributable profits;

• 3. the ratification of the acts of the members of the management 

board and the supervisory board;

• 4. the appointment of the auditor;

• 5. amendments to the articles;

• 6. measures to increase or reduce the share capital;

• 7. the appointment of auditors for the examination of matters in 

connection with the formation or the management of the company;

• 8. the dissolution of the company.

(2) The shareholders’ meeting may decide on matters concerning the 

management of the company only if required by the management board. 

§ 120 Ratification of the Acts of Management; Vote on the Compensation 

Scheme

(1) 1

The shareholders’ meeting shall annually, during the first eight months 

of the fiscal year, resolve on ratification of the acts of the members of the 

management board and the supervisory board. 2

A separate vote shall be 

taken with regard to the ratification of the acts of an individual member if 

so resolved by the shareholders’ meeting or so requested by a minority, 

whose aggregate holding equals or exceeds one-tenth of the share capital 

or represents an amount of the share capital corresponding to 

1 million euros. 
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(2) 1Such ratification shall constitute approval by the shareholders’ meeting 

of the company’s administration by the members of the management 

board and the supervisory board. 2

Such ratification shall not constitute a 

waiver of claims for compensation of damage. 

(3) The deliberations on ratification shall be combined with the deliberations 

on the appropriation of distributable profits.

(4) 1

The shareholders’ meeting of a listed company may resolve on the 

approval of the compensation scheme. 2

The resolution shall not give 

rise to any rights or obligations; in particular, the obligations of the 

supervisory board pursuant to § 87 shall remain unaffected. 3

The 

resolution shall not be voidable pursuant to § 243. 

Subsection Two. Notice of a Shareholders’ Meeting 

§ 121 General Provisions

(1) A shareholders’ meeting shall be called in all cases provided for in this 

Act or the articles or whenever required by the interests of the company. 

(2) 1

The shareholders’ meeting shall be called by the management board, 

which shall resolve thereon by a simple majority of votes. 2Persons who 

are registered in the commercial register as members of the management 

board shall be deemed to have the requisite authority to call such 

meeting. 3The right of any other person based on law or the articles to call 

a shareholders’ meeting shall remain unaffected. 

(3) 1

Notice of the shareholders’ meeting shall contain the company’s 

business name and domicile as well as the time and place of the 

shareholders’ meeting. 2

Moreover the agenda shall be stated therein. 3

In case of public companies, the management board or, in case the 

supervisory board calls the meeting, the supervisory board shall state in 

the notice:

• 1. the preconditions for participating in the meeting and exercising 

voting rights as well as, if applicable, the deadline for proofs pursuant 

to § 123 (3) sentence 3 and its relevance;

• 2. the procedure for casting votes

– a) by a proxy holder, whereby reference is made to the forms 

which have to be used for granting a voting proxy and to the 

manner in which proof of the appointment of a proxy holder may 

be transmitted electronically to the company; as well as

– b) by postal vote or by way of electronic communication pursuant 

to § 118 (1) sentence 2, as far as the articles provide for a 

corresponding form of casting votes;
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• 3. the rights of the shareholders pursuant to § 122 (2), § 126 (1), 

§§ 127, 131 (1); the statements may be limited to the deadlines for 

exercising these rights if the notice refers to further explanations on 

the company’s Internet page.

• 4. the company’s Internet page via which the information pursuant to 

§ 124a can be accessed.

(4) 1

The notice of the shareholders’ meeting shall be published in the 

company’s journals. 2

If the shareholders of the company are known by 

name, then the shareholders’ meeting may be convened by registered 

letter; the day of dispatch shall be considered the day of publication.

3

§§ 125 to 127 shall apply analogously. 

(4a) In case of listed companies which have not exclusively issued registered 

shares and which do not send the notice directly to the shareholders 

pursuant to (4) sentences 2 and 3, the notice shall, at the latest on 

the date of announcement, be published through media capable of 

distributing it in the entire European Union.

(5) 1

Unless the articles provide otherwise, the shareholders’ meeting shall 

be held at the company’s domicile. 2

If the company’s shares are listed 

on a German stock exchange for trading in the regulated market, the 

shareholders’ meeting may also be held at the domicile of such stock 

exchange, unless the articles provide otherwise. 

(6) If all shareholders have appeared or are represented, then the 

shareholders’ meeting may make resolutions without adhering to the 

provisions of this subdivision provided no shareholder objects to the 

making of resolutions. 

(7) 1

In case of deadlines and dates which are calculated back from the date 

of the meeting, the day of the meeting itself shall not be included in the 

calculation. 2

Adjourning the meeting from a Sunday, Saturday or a holiday 

to a preceding or following working day shall not be an option. 3§§ 187 to 

193 of the German Civil Code shall not be applied analogously. 4In case of 

unlisted companies, the articles may provide for a different calculation of 

the deadline.
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§ 122 Calling of a Meeting at the Request of a Minority

(1) 1The shareholders’ meeting shall be called if shareholders, whose holding 

in aggregate equals or exceeds one-twentieth of the share capital, 

demand such meeting in writing, stating the purpose and the reasons 

of such meeting; such demand shall be addressed to the management 

board. 2

The articles may provide that the right to demand a shareholders’ 

meeting shall require another form or the holding of a lower proportion of 

the share capital. 3§ 142(2) sentence 2 shall apply accordingly. 

(2) 1

In the same manner, shareholders whose shares amount in aggregate to 

not less than one-twentieth of the share capital or represent an amount 

of the share capital corresponding to 500,000 euros, may demand that 

items are put on the agenda and published. 2Each new item shall be 

accompanied by an explanation or a draft proposal. 3The demand in the 

sense of sentence 1 shall be provided to the company at least 24 days, in 

case of listed companies at least 30 days, prior to the meeting; the day of 

receipt shall not be included in this calculation.

(3) 1

If any such demand is not complied with, the court may authorise the 

shareholders, who have made the demand, to call a shareholders’ 

meeting or publish such items. 2At the same time, the court may appoint 

the chairman of the meeting. 3The notice of the meeting or the publication 

shall refer to such authorisation. 4An appeal may be made against such 

decision. 

(4) The company shall bear the costs of the shareholders’ meeting and, in 

the case of (3), also the court costs if the court has granted such motion. 

§ 123 Notice Period, Giving Notice of Attendance at the 

Shareholders’ Meeting, Proof 

(1) 1Notice of the shareholders’ meeting shall be given no later than thirty 

days prior to the date of the meeting. 2The day the notice is given shall 

not be included in this calculation.

(2) 1

The articles may provide that attendance at the meeting or the exercise 

of voting rights shall require the shareholders giving notice of their 

attendance prior to the meeting. 2The notice of attendance must be 

delivered to the company at least six days prior to the shareholders’ 

meeting at the address specified for this purpose in the notice calling 

the shareholders’ meeting. 3The articles or the notice if authorised by the 

articles may provide for a shorter time limit which is to be calculated in 

days. 4The day of receipt shall not be included in this calculation. 5The 

minimum deadline under (1) shall be prolonged by the number of days of 

the deadline for giving notice of attendance under sentence 2.
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(3) 1For bearer shares the articles may also provide how proof of the right 

to attend the meeting or of the right to vote is to be given; paragraph (2) 

sentence 5 shall apply analogously in this case. 2In the case of companies 

whose shares are listed on a stock exchange, a certificate issued in 

textual form by the depository institution confirming the shareholder’s 

share ownership shall constitute sufficient evidence. 3In the case of 

companies whose shares are listed on a stock exchange, such certificate 

shall make reference to the 21st day prior to the shareholders’ meeting 

and must be delivered to the company within, at least, six days prior to 

the shareholders’ meeting at the address specified in the notice calling 

the shareholders’ meeting. 4The articles or the notice if authorised by 

the articles may provide for a shorter time limit which is to be calculated 

in days. 5The day of receipt shall not be included in this calculation. 6

The only persons who will be treated as shareholders in relation to the 

company and may therefore attend the meeting or exercise voting rights 

are those shareholders who have presented a certificate in the manner 

described above. 

§ 124 Publication of Requests for Supplements; Proposals for 

Resolutions

(1) 1If the minority has requested pursuant to § 122 (2) that items be added 

to the agenda, these items shall be published either upon calling the 

meeting or immediately following receipt of the request. 3§ 121 (4) shall 

apply analogously; moreover, § 121 (4a) shall apply analogously to listed 

companies. 4Publication and submission shall be made in the same way 

as applicable for calling the meeting.

(2) 1

If the agenda includes the election of members of the supervisory 

board, the publication shall designate the statutory provisions governing 

the composition of the supervisory board and state whether or not the 

shareholders’ meeting is bound by nominations. 2If the shareholders’ 

meeting is required to resolve on an amendment of the articles or on 

an agreement which becomes effective only with the consent of the 

shareholders’ meeting, the text of the proposed amendment of the 

articles or the essential contents of the agreement shall be published. 
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(3) 1With respect to each item on the agenda that is to be decided by the 

shareholders’ meeting, the management board and the supervisory 

board, but in the case of the election of members of the supervisory 

board and auditors, only the supervisory board, shall in the publication 

make a proposal for the respective resolutions. 2In case of companies 

within the sense § 264d of the Commercial Code, the proposal of the 

supervisory board concerning the selection of the external auditor shall 

be based on the recommendation of the audit committee. 3Sentence 1 

shall not apply if the shareholders’ meeting is bound by nominations 

for the election of members of the supervisory board pursuant to § 6 

of the Coal and Steel Co-determination Act, or if the subject matter of 

the resolution has been put on the agenda upon request by a minority.

4

The proposal for the election of members of the supervisory board or 

auditors shall state their name, profession and place of residence. 5If 

the supervisory board is to comprise representatives of employees, any 

resolution of the supervisory board regarding proposals for the election 

of members of the supervisory board shall require only the majority of the 

votes of the representatives of the shareholders in the supervisory board; 

§ 8 of the Coal and Steel Co-determination Act shall remain unaffected. 

(4) 1

No resolution may be adopted in respect of items on the agenda that 

have not been duly published. 2However, no such publication shall be 

required for the adoption of a resolution on a motion made to call a 

shareholders’ meeting that is made in the meeting, for motions made in 

respect of items on the agenda, and for deliberations without resolution. 

§ 124a Publications on the Company’s Internet page

1

In the case of listed companies, the following shall be made available 

on the company’s Internet page immediately after the convocation of the 

shareholders’ meeting:

1. the content of the convocation;

2. an explanation if there is an item on the agenda which shall not be 

resolved upon;

3. the documents to be made available to the meeting;

4. the total amount of shares and of the voting rights at the point in time of 

the convocation, including separate information on the total amount with 

regard to each class of shares;

5. as the case may be, the forms to be used if the voting right is exercised 

by proxy or by postal vote unless such forms are provided to the 

shareholders directly.

2

A demand of the shareholders within the meaning of § 122 (2) received by 

the company after the convocation of the meeting shall be made available in 

the same way immediately after it was received by the company. 
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§ 125 Communications to Shareholders and Members of the 

Supervisory Board

(1) 1The management board shall, at least 21 days before the meeting, 

communicate to those credit institutions and shareholders’ associations 

which have exercised voting rights on behalf of shareholders in the 

preceding shareholders’ meeting or which have requested such 

communication and the notice of the meeting. 2The date of notice shall 

not be taken into account. 3If the agenda is to be amended pursuant to 

§ 122 (2), such amended agenda shall be communicated in the case of 

listed companies. 4Such communication shall point out that voting right 

may be exercised by a proxy holder or a shareholders’ association. 5In 

case of listed companies details on the membership in other supervisory 

boards to be established pursuant to statutory provisions must be added 

to any nomination for the election of supervisory board members; details 

on their membership in comparable domestic and foreign controlling 

bodies of enterprises should be added. 

(2) 1

The management board shall provide the same information to 

shareholders who make such request or are registered as shareholders 

in the company’s share register at the beginning of the 14th day 

before the meeting. 2The articles may limit transmission to electronic 

communication.

(3) Each member of the supervisory board may request that the management 

board send the same communication to him. 

(4) Each shareholder and each member of the supervisory board may request 

that the management board advise him in writing of the resolutions 

adopted at a shareholders’ meeting. 

(5) Financial services institutions and enterprises operating under § 53 (1) 

sentence 1 or § 53b (1) sentence 1 or (7) of the Banking Act are to be 

treated as credit institutions. 

§ 126 Motions by Shareholders

(1) 1Motions by shareholders together with the shareholder’s name, the 

grounds and any position taken by the management shall be made 

available to the persons entitled pursuant to § 125 (1)–(3) under the 

conditions stated therein if at least 14 days before the meeting the 

shareholder sends to the address indicated in the notice convening 

the meeting a motion counter to a proposal of the management board 

and supervisory board as to an item on the agenda. 2The date of receipt 

shall not be taken into account. 3In the case of listed companies, access 

shall be provided via the company’s Internet page. 4§ 125 (3) shall apply 

analogously. 
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(2) 1A counter-motion and the grounds for this need not be made available, if: 

• 1. the management board would by reason of such communication 

become criminally liable;

• 2. the counter-motion would result in a resolution of the shareholders’ 

meeting which would be illegal or would violate the articles;

• 3. the grounds contain statements which are manifestly false or 

misleading in material respects or which are libellous;

• 4. a counter-motion of such shareholder based on the same facts has 

already been communicated with respect to a shareholders’ meeting 

of the company pursuant to § 125;

• 5. the same counter-motion of such shareholder on essentially 

identical grounds has already been communicated pursuant to § 125 

to at least two shareholders’ meetings of the company within the past 

five years and at such shareholders’ meetings less than one-twentieth 

of the share capital represented has voted in favour of such countermotion;

• 6. the shareholder indicates that he will neither attend nor be 

represented at the shareholders’ meeting; or

• 7. within the past two years at two shareholders’ meeting the 

shareholder has failed to make or cause to be made on his behalf a 

counter-motion communicated by him.

2

The statement of the grounds need not be communicated if it exceeds 

one hundred words. 

(3) If several shareholders make counter-motions for resolution in respect 

to the same subject matter, the management board may combine such 

counter-motions and the respective statements of the grounds. 

§ 127 Nominations by Shareholders

1

§ 126 shall apply analogously to a nomination by a shareholder for the 

election of a member of the supervisory board or external auditors. 2Such 

nomination need not be supported by a statement of the grounds for this.

3

The management board also need not communicate such nomination if it 

fails to contain the particulars required by § 124 (3) sentence 3 and § 125 (1) 

sentence 5. 
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§ 127a Shareholders’ Forum

(1) Shareholders or shareholders’ associations may invite other shareholders 

in the shareholders’ forum of the electronic Federal Gazette to act jointly 

or by proxy for the purpose of filing a motion or request in accordance 

with the provisions of this Act or for the purpose of exercising their voting 

rights at a shareholders’ meeting. 

(2) Such invitation shall contain the following information: 

• 1. the shareholder’s name and address, or the name and address of 

the shareholders’ association

• 2. the company name

• 3. the motion, request, or proposal for the exercise of voting rights 

concerning an item on the agenda

• 4. the date of the shareholders’ meeting concerned.

(3) The invitation may refer to a statement of reasons on the internet page 

of the person making the invitation, as well as that person’s electronic 

address. 

(4) In the electronic Federal Gazette the company may refer to its internet 

page where comments on the invitation can be found. 

(5) The Federal Ministry of Justice is authorised to prescribe by regulation 

the presentation of the shareholders’ forum as well as further details 

concerning the invitation, the references mentioned in paragraphs (3) and 

(4), fees, cancellation periods, the right of cancellation, cases of abuse 

and the right of inspection. 

§ 128 Transmission of Communications 

(1) 1A credit institution that has custody of bearer shares on behalf of 

shareholders of the company at the beginning of the 21st day the 

meeting or that is entered in the share register for shares that it does not 

own shall promptly transmit to such shareholders any communications 

received pursuant to § 125 (1). 2The company’s articles may limit 

transmission to electronic communication; in such case the credit 

institution shall not be obliged otherwise for other reasons.

(2) The credit institution’s liability for any damages resulting from a violation 

of (1) may neither be waived nor limited in advance. 
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(3) 1The Federal Ministry of Justice shall be authorised in agreement with the 

Federal Ministry of Economics and Technology and the Federal Ministry of 

Finance to prescribe by regulation that the company shall reimburse the 

credit institutions for: 

• 1. the communication of the information according to § 67 (4); and

• 2. copying communications and transmitting them to shareholders.

2

A lump-sum amount may be set to cover the expenses. 3The regulation 

does not require the approval of the Federal Council. 

(4) § 125 (5) shall apply analogously. 

Subsection Three. Minutes of the Meeting, Right to Information 

§ 129 Bylaws of Shareholders’ Meeting, List of Participants

(1) 1The shareholders’ meeting may resolve by a three quarters majority 

of the share capital represented at the meeting to establish bylaws for 

the shareholders’ meeting with rules for the preparation and conduct 

of the shareholders’ meeting. 2At the shareholders’ meeting a list 

of shareholders present or represented and of the representatives 

of shareholders shall be prepared stating their name and place of 

residence, in the case of par shares, the amount, in the case of non-par 

shares the number, and the class of shares represented by each person. 

(2) 1

If proxies to exercise voting rights have been granted to a credit 

institution or a person designated in § 135 (8) and if the holder of the 

proxy shall exercise voting rights on behalf of an undisclosed principal, 

the amount and class of the shares for which the proxies were granted 

shall be specified separately in the list. 2The names of the shareholders 

who have granted the proxies need not be mentioned. 

(3) 1

A person who has been authorised by a shareholder to exercise voting 

rights in his own name in respect of shares that are not held by him, shall 

specify the amount and class of such shares separately for inclusion in 

the list. 2The foregoing shall apply also in respect of registered shares 

for which such authorised person is registered in the share register as 

shareholder. 

(4) 1

The list shall be made available for inspection by all participants prior to 

the first vote. 2Each shareholder shall, upon request, be granted access to 

the list for review until up to two years after the shareholders’ meeting. 

(5) § 125 (5) shall apply analogously. 
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§ 130 Minutes

(1) 1Each resolution of the shareholders’ meeting shall be recorded in 

minutes of the proceedings, which shall be in the form of a notarial 

deed. 2The same shall apply to any request by a minority pursuant to 

§ 120 (1) sentence 2, § 137. 3If the shares are not admitted to trade on an 

exchange, the minutes signed by the chairman of the supervisory board 

will suffice provided no resolutions are passed where the law requires 

three-quarters are larger majorities. 

(2) 1

The minutes shall state the place and date of the meeting, the name 

of the notary, the form and result of the voting and any determinations 

of the chairman regarding resolutions. 2In case of listed companies, 

the determinations regarding resolutions shall also include for each 

resolution:

• 1. the number of shares for which valid votes have been cast

• 2. the proportion of the nominal capital represented by the valid votes

• 3. the number of votes cast for a resolution, the votes against such 

resolution and any abstentions.

3

Contrary to sentence 2, the chairman of the meeting may limit the 

determinations regarding resolutions for each resolution on stating that 

the necessary majority has been reached if no shareholder requests full 

determination pursuant to sentence 2.

(3) The list of participants and the documents regarding notice of the 

meeting shall be appended to the minutes. The documents regarding 

notice of the meeting need not be appended if their contents are recorded 

in the minutes. 

(4) 1

The minutes shall be signed by a notary. 2The presence of witnesses 

shall not be required. 

(5) The management board shall, promptly upon adjournment of the 

meeting, submit an officially certified copy of the minutes and the 

appendices, and in the case of (1) sentence 3 signed by the chairperson 

of the supervisory board, to the commercial register.

(6) Listed companies shall, within seven days following the meeting, publish 

the determined results of the voting including the details pursuant to (2) 

sentence 2 on their Internet page.
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§ 131 Right of Shareholders to Information

(1) 1Each shareholder shall upon request be provided with information 

at the shareholders’ meeting by the management board regarding the 

company’s affairs, to the extent that such information is necessary to 

permit a proper evaluation of the relevant item on the agenda. 2The duty 

to provide information shall also extend to the company’s legal and 

business relations with any affiliated enterprise. 3If a company makes 

use of the simplified procedure pursuant to § 266 (1) sentence 3, § 276 

or § 288 of the Commercial Code, each shareholder may request that the 

annual financial statements be presented to him at the shareholders’ 

meeting on such annual financial statements in the form which would 

have been used if such provisions on simplified procedure were not 

applied. 4A parent enterprise’s (§ 290 (1) and (2) of the Commercial 

Code) management board’s duty to inform in the shareholders’ meeting 

that considers the consolidated financial statement and consolidated 

management report shall extend to the outlook of the group and the 

enterprises included in the consolidated financial statement. 

(2) 1

The information provided shall comply with the principles of 

conscientious and accurate accounting. 2The articles or the rules 

of procedure pursuant to § 129 may authorise the chairperson of 

the meeting to limit the number of questions and speaking time of 

shareholders as appropriate and to lay dawn general rules thereon. 

(3) 1

The management board may refuse to provide information: 

• 1. to the extent that providing such information is, according to sound 

business judgment, likely to cause material damage to the company 

or an affiliated enterprise

• 2. to the extent that such information relates to tax valuations or the 

amount of certain taxes

• 3. with regard to the difference between the value at which items are 

shown in the annual balance sheet and the higher market value of 

such items, unless the shareholders’ meeting is to approve the annual 

financial statements

• 4. with regard to the methods of classification and valuation, if 

disclosure of such methods in the notes suffices to provide a clear 

view of the actual condition of the company’s assets, financial 

position and profitability within the meaning of § 264 (2) of the 

Commercial Code; the foregoing shall not apply if the shareholders’ 

meeting is to approve the annual financial statements

• 5. if provision thereof would render the management board criminally 

liable
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• 6. if in the case of a credit institution or financial services institution 

information about the applied balance sheet and valuation methods 

or calculations made in the annual financial statements, the 

management report, the consolidated annual financial statement or 

the group’s management report need not be given

• 7. if the information is continuously available on the company’s 

internet page seven or more days prior to the shareholders’ meeting 

as well as during the meeting.

2

The provision of information may not be denied for other reasons. 

(4) 1

If information has been provided outside a shareholders’ meeting to a 

shareholder by reason of his status as a shareholder, such information 

shall upon request be provided to any other shareholder at the 

shareholders’ meeting, even if such information is not necessary to 

permit a proper evaluation of an item on the agenda. 2The management 

board may not refuse to provide such information on the grounds of (3) 

sentence 1 Nos. 1 to 4. 3Sentences 1 and 2 shall not apply if a subsidiary 

(§ 290 (1), (2) of the Commercial Code), a cooperative enterprise (§ 310 

(1) of the Commercial Code) or an affiliate (§ 311 (1) of the Commercial 

Code) provides the information to a parent company (§ 290 (1), (2) of 

the Commercial Code) for the purpose of inclusion in the consolidated 

annual financial statement of the parent company and the information is 

required for this purpose. 

(5) A shareholder who has been denied information may request that 

his question and the reason for which the information was denied be 

recorded in the minutes of the meeting. 

§ 132 Judicial Decision on the Right to Information

(1) The regional court of the district of the company’s domicile shall 

have exclusive jurisdiction to decide upon motion whether or not the 

management board is required to provide information. 

(2) 1

Each shareholder who has been denied information requested and, 

if a resolution has been adopted on an item on the agenda for which 

information was requested, each shareholder who was present at the 

shareholders’ meeting and who has recorded his objection in the minutes 

at the shareholders’ meeting, shall have standing to make such motion.

2

Such motion may be made within two weeks from the date of the 

shareholders’ meeting in which the information was refused. 

(3) 1

§ 99 (1), (3) sentences 1, 2 and 4 to 6 as well as (5) sentences 1 and 3 

shall apply accordingly. 2An appeal may be made against the decision 

only if the district court has granted leave to appeal in its decision.

3

§ 70 (2) of the Act on Court Procedure in Family Matters and Non-litigious 

Matters shall apply accordingly.
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(4) 1If the motion is granted, the information shall be provided even outside 

a shareholders’ meeting. 2Such decision may be enforced in accordance 

with the provisions of the Code of Civil Procedure. 

(5) 1

The costs of the proceedings shall be governed by the Act on Court 

Costs. 2In proceedings before the court of first instance, twice the full 

fee shall be assessed. 3For appeal proceedings, the same fee shall be 

charged; the foregoing shall also apply if the appeal is successful. 4If 

the motion or the appeal is withdrawn before a decision is rendered or 

a settlement through the medium of the court has been made, the fees 

shall be reduced by one half. 5The court shall determine the value of the 

subject matter of the proceedings. 6Such value shall be determined in 

accordance with § 30 (2) of the Act on Court Costs, provided that such 

value shall as a rule be 5,000 euros. 7The court concerned with the 

proceedings shall determine at its reasonable discretion which party is to 

bear the costs of proceedings. 

Subsection Four. Voting Rights 

§ 133 Principle of Simple Majority of Votes

(1) Resolutions of the shareholders’ meeting shall require a majority of the 

votes cast (simple majority) unless the law or the articles provide for a 

larger majority or additional requirements. 

(2) The articles may provide for different rules in respect of elections. 

§ 134 Voting Rights.

(1) 1Voting rights shall be exercised in proportion to the par value of shares.

2

In case of a company not listed at a stock exchange, the articles may 

limit voting rights with respect to shareholders holding more than one 

share by setting a maximum par value or a sliding scale. 3The articles 

may also provide that shares held by any other person on behalf of a 

shareholder shall be deemed to be shares held by such shareholder.

4

If a shareholder constitutes a business enterprise, the articles may 

further provide that those shares which are held by an enterprise which 

is controlled or controlling or affiliated in a group or which are held by 

a third party on behalf of any such enterprises, shall also be deemed 

to be shares of such shareholder. 5It may not be provided that any such 

limitation apply to specific shareholders only. 6Any limitation shall not be 

taken into account in the computation of a capital majority required by 

law or the articles. 
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(2) 1Voting rights shall arise as from the date on which contributions 

have been made in full. 2If the value of a contribution in kind does not 

correspond to the value stated in § 36a (2) sentence 3, this does not 

conflict the arising of the voting right; this does not apply if the difference 

in value is apparent. 2The articles may provide, however, that voting rights 

shall arise as from the date on which the minimum contribution provided 

by law, or a higher minimum contribution provided in the articles, 

has been paid. 5If the articles so provide, payment of the minimum 

contribution shall give rise to one vote, and, if payments exceed 

the minimum contribution, the voting rights shall be determined in 

accordance with the amounts of contributions paid. 5If the articles do not 

provide that voting rights arise prior to contributions having been paid in 

full and if contributions have not been paid in full in respect of any share, 

the voting rights shall be determined in relation to the amounts paid; in 

such event payment of the minimum contribution shall give rise to one 

vote. 6In such cases, fractions of votes shall be taken into account only 

to the extent they result in full votes for the shareholder entitled to vote.

7

The articles may not make provisions pursuant to this that apply only to 

specific shareholders or to specific classes of shares. 

(3) 1

Voting rights may be exercised by a proxy holder. 2If the shareholder 

authorises more than one person, the company may reject on or more of 

such persons. 3The granting of proxy, its revocation and proof towards 

the company shall be made in written form and duly signed, unless the 

articles or the convocation notice based on an authorisation under the 

articles provides otherwise or, in the case of listed companies, facilitation 

is provided. 4The listed company at least has to offer to transmit such 

proof by electronic communication. 5If proxy holders are authorised by the 

company, the authorisations are to be kept by the company for review for 

three years; § 135 (5) shall apply analogously. 

(4) The method of exercising the voting rights shall be determined by the 

articles. 

§ 135 Exercise of Voting Rights by Credit Institutions and 

Professional Agents

(1) 1A credit institution may only exercise or cause to be exercised, voting 

rights arising under bearer shares that it does not hold if it has been 

authorised to exercise such voting rights by proxy. 2A proxy may only be 

issued to a specified credit institution and shall be kept by such credit 

institution for review. 3The form of proxy shall be completed in full at 

the time the proxy is issued and may only contain statements related to 

the exercise of voting rights. 4If the shareholder does not give express 

instructions, a general proxy may only provide for the credit institution’s 

entitlement to exercise the voting right 
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• 1. according to own proposals for voting ((2) and (3)) or

• 2. according to the proposals of the management board or the 

supervisory board or, in case such proposals deviate from each other, 

the proposals of the supervisory board (4). 

5

If the credit institution offers the exercise of the voting right pursuant 

to sentence 4 No. 1 or No. 2, it shall to a reasonable extent and until 

revoked also offer to provide the documents necessary for the exercise of 

the voting right to a shareholders’ association or another representative 

to be chosen by the shareholder. 6Annually, the credit institution must 

clearly stress to the shareholder the possibility of revocation and 

alternative representation. 7The issue of instructions on individual items 

on the agenda, the issuance and revocation of a general proxy pursuant 

to sentence 4 and of an order pursuant to sentence 5 including any 

amendment shall be facilitated for the shareholder by using a form or 

online form.

(2) 1

A credit institution which wishes to exercise the voting right on the basis 

of a proxy pursuant to (1) sentence 4 No. 1 shall provide the shareholder 

in time with its proposals for the execution of the voting right on the 

individual items of the agenda. 2With respect to these proposals, the 

credit institution shall bear in mind the shareholder’s interests and shall 

ensure, at an organisational level, that the interests of its own operations 

do not interfere; it shall appoint a member of the management who shall 

supervise the observance of these duties as well as the due execution 

of the voting right and its documentation. 3Together with its proposals, 

the credit institution shall point out that it will exercise the voting right 

in accordance with its own interests, if the shareholder does not issue 

instructions to the contrary in time. 4If a member of the management 

board or an employee of the credit institution is a member of the 

supervisory board of the company or if a member of the management 

board or an employee of the company is a member of the supervisory 

board of the credit institution, the credit institution shall point out this 

circumstance. 5The same shall apply if the credit institution holds a stake 

in the company which must be notified according to § 21 of the Securities 

Trade Act, or if it belongs to a consortium that has taken up within the 

last five years securities issued by the company.
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(3) 1If the shareholder has not given the bank instructions on the exercise of 

voting rights, the bank shall, in case of (1) sentence 4 No. 1, be required 

to exercise such voting rights in accordance with its own proposals, 

unless the bank may assume in view of the circumstances prevailing 

that the shareholder would, if he had knowledge of the facts, approve 

a different exercise of the voting rights. 2If the bank in exercising voting 

rights has not complied with the shareholders’ instructions or, in case 

the shareholder has not given instructions, the bank has not complied 

with its own proposal, the bank shall inform the shareholder thereof and 

state the reasons for this. 3A bank may exercise voting rights at its own 

shareholders’ meeting by virtue of such proxy only to the extent that a 

shareholder has given express instructions in respect of the various items 

on the agenda. 4The same shall apply in meetings of a company in which 

it holds a direct or indirect stake of more than 20 per cent of the nominal 

capital.

(4) 1

A credit institution that wants to exercise the voting right in the 

shareholders’ meeting based on a proxy pursuant to (1) sentence 4 No. 

2, shall make available the management board’s and the supervisory 

board’s proposals to the shareholders, unless this is not done another 

way. 2(2) sentence 3 as well as (3) sentence 1 to 3 shall apply accordingly.

(5) 1

If the proxy permits it, the credit institution may grant delegated 

authority to persons who are not employees of the credit institution. 2If 

the proxy does not provide otherwise, the credit institution exercises 

the voting rights on behalf of an undisclosed principal. 3If postal votes 

are permitted at the company, the authorised credit institution may 

use postal votes. 4In the case of listed companies, the presentation 

of a certificate pursuant to § 123 (3) shall suffice to prove the credit 

institution’s right to vote to the company; for the rest, the requirements 

stipulated in the articles with regard to the exercise of voting rights shall 

be complied with. 

(6) 1

A credit institution may exercise voting rights arising under registered 

shares which it does not hold, but with respect to which the credit 

institution is registered in the share register as shareholder, only 

pursuant to a written authorisation. 2(1) to (5) shall apply accordingly to 

such authorisation or proxy. 

(7) The validity of votes cast shall not be impaired by a violation of (1) 

sentence 2 to 7 and (2) to (5). 

(8) (1) to (7) shall apply analogously for shareholders’ associations and for 

persons who professionally offer shareholders their services in exercising 

voting rights at shareholders’ meetings; the foregoing shall not apply 

if the person exercising the voting right is the legal representative or 

spouse of the shareholder or related by blood or marriage or in the fourth 

degree of kinship. 
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(9) The liability of a credit institution for damages resulting from a violation 

of (1) to (6) may neither be waived nor limited in advance. 

(10) § 125 (5) shall apply analogously. 

§ 136 Exclusion of Voting Rights

(1) 1No person may exercise voting rights on his own behalf or on behalf of 

any other person in respect of a resolution concerning ratification of his 

acts, his discharge from a liability, or enforcement by the company of 

a claim against him. 2Voting rights arising from shares that may not be 

exercised by the shareholder himself pursuant to sentence 1 may also 

not be exercised by any other person. 

(2) 1

An agreement whereby a shareholder undertakes to exercise voting 

rights in accordance with the instructions of the company, the 

management board or the supervisory board of the company or a 

controlled enterprise shall be null and void. 2

An agreement whereby 

a shareholder undertakes to vote for the respective proposals of the 

management board or supervisory board of the company shall likewise 

be null and void. 

§ 137 Voting on Nomination Made by Shareholders

If a shareholder has made a nomination for the election of members of 

the supervisory board pursuant to § 127 and moves at the shareholders’ 

meeting for the election of the person nominated by him, such motions 

shall be resolved prior to acting on the proposal of the supervisory board, 

provided that a minority of shareholders whose holding in aggregate equals 

or exceeds one-tenth of the share capital represented at the meeting so 

requests. 

Subsection Five. Separate Resolution 

§ 138 Separate Meeting; Separate Voting

1

Where this Act or the articles provide for separate resolutions of certain 

shareholders, such resolutions shall be adopted either at a separate 

meeting of such shareholders or by a separate vote, unless the law provides 

otherwise. 2The provisions governing shareholders’ meetings shall apply 

analogously to the calling of a separate meeting, attendance of such 

meeting, and the right to information; the provisions governing resolutions of 

shareholders’ meetings shall apply analogously to such separate resolutions.

3

If shareholders who are entitled to take part in the voting on a separate 

resolution request a separate meeting or announcement of a proposal to be 

voted on separately, it shall suffice if the shares with which they may take 

part in the voting on the separate resolution in aggregate equal or exceed 

one-tenth of the shares entitled to vote on such separate resolutions. 
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Subsection Six. Non-Voting Preferred Shares 

§ 139 Nature

(1) Shares that carry the benefit of a cumulative preference right with respect 

to the distribution of profits may be issued without voting rights (nonvoting preferred shares). 

(2) Non-voting preferred shares may be issued only up to an amount 

corresponding to half of the share capital. 

§ 140 Rights of Preferred Shareholders

(1) Except for the right to vote, non-voting preferred shares shall convey the 

same rights as those enjoyed by the other shareholders. 

(2) 1

If the preferred dividend is not paid or not paid in full in any given year 

and if the amounts in arrear are not paid in the next following year, 

together with the full preferred dividend for such year, the holders of 

preferred shares shall have voting rights until the amounts in arrear have 

been paid. 2In such case, the preferred shares shall also be taken into 

account in computing any capital majority required by law or the articles. 

(3) The fact that a preferred dividend is not paid or not paid in full in any 

given year shall not give rise to a claim for any preferred dividend in 

arrear which is contingent upon later resolutions on distribution of 

profits, unless the articles provide otherwise. 

§ 141 Cancellation or Restriction of Preference Rights

(1) Any resolution cancelling or restricting a preference right shall require the 

consent of the holders of preferred shares in order to be effective. 

(2) 1

Any resolution to issue preferred shares that are to enjoy priority over 

or the same rights as non-voting preferred shares in respect of the 

distribution of profits or assets, shall also require the consent of the 

holders of preferred shares. 2Such consent shall not be required if such 

issue was expressly reserved when the preference right was granted or, 

if the voting rights were later excluded, when such exclusion was made, 

provided, in any such case, that the subscription rights of the holders of 

preferred shares are not excluded. 
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(3) 1The holders of preferred shares shall, at a separate meeting, resolve 

on whether or not to grant such consent by separate resolution. 2Such 

resolution shall require a majority of not less than three-fourths of the 

votes cast. 3The articles may neither provide for any other majority nor 

prescribe any additional requirements. 4If the resolution to issue preferred 

shares which are to enjoy priority over or the same rights as non-voting 

preferred shares in respect of the distribution of profits or assets 

excludes the subscription rights of the holders of preferred shares to 

subscribe to such shares in whole or in part, § 186 (3) to (5) shall apply 

analogously to such resolution. 

(4) The shares shall carry voting rights if the preference is cancelled. 

Subsection Seven. Special Audit; Damage Claims 

§ 142 Appointment of Special Auditors

(1) 1The shareholders’ meeting may, by simple majority, appoint auditors 

(special auditors) for the examination of matters relating to the formation 

of the company or the management of the company’s business, and also, 

in particular, in connection with capital increases or capital reductions.

2

No member of the management board or the supervisory board may vote 

on any such resolution either on his own behalf or on behalf of another 

person, if the audit concerns matters related to ratification of the acts of 

a member of the management board or the supervisory board or to the 

initiation of litigation proceedings between the company and a member 

of the management board or the supervisory board. 3If a member of the 

management board or the supervisory board shall not be entitled to vote 

pursuant to sentence 2, such person’s voting rights may not be exercised 

by another person on his behalf. 

(2) 1

lf the shareholders’ meeting rejects a motion to appoint special auditors 

to audit any matter relating to the formation of the company or the 

management of the company’s business affairs within the last five years, 

upon petition by shareholders whose aggregate holdings at the time of 

filing the petition equal or exceed one per cent of the share capital or 

amount to at least 100,000 euro, the court shall appoint special auditors, 

provided that facts exist which give reason to suspect that improprieties 

or gross breaches of the law or the articles have occurred in connection 

with such matter; the foregoing shall also apply to matters within the 

last ten years for companies that were listed on a stock exchange at the 

point in time the matter occurred. 2

The petitioners must furnish evidence 

that they have been the holders of the shares for at least three months 

prior to the date of the shareholders’ meeting and will continue to hold 

the shares until a decision on the petition is rendered. 3§ 149 shall apply 

accordingly to agreements that are concluded in order to avoid such 

special audit. 
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(3) (1) and (2) shall not apply to matters which may be the subject of special 

audit pursuant to § 258. 

(4) 1

If the shareholders’ meeting has appointed special auditors, upon 

petition by shareholders whose aggregate holdings at the time of filing 

the petition equal or exceed one per cent of the share capital or amount 

to at least 100,000 euros, the court shall appoint another special auditor 

if this appears necessary for reasons relating to the individual special 

auditor appointed, namely if such auditor lacks the expertise required for 

this subject matter of the special audit or if concerns as to his impartiality 

or doubts as to his reliability exist. 2Such motion shall be made within a 

period of two weeks from the date of the shareholders’ meeting. 

(5) 1

The court shall hear, in addition to the parties concerned, the 

supervisory board and, in the case of (4), the special auditor appointed 

by the shareholders’ meeting. 2An appeal may be made against such 

decision. 3The regional court of the company’s registered seat shall 

decide on any petitions pursuant to paragraphs (2) and (4). 

(6) 1

Special auditors appointed by the court shall be entitled to reimbursement 

of reasonable cash expenses and remuneration for their services. 2The 

court shall set such expenses and remuneration. 3An appeal may be made 

against such decision; appeals on points of law shall be precluded. 4A 

decision that has become final and may not be appealed may be 

enforced in accordance with the provisions of the Code of Civil Procedure. 

(7) If the company has issued securities within the meaning of § 2(1) 

sentence 1 of the Securities Trading Act that are admitted to trading 

on a German stock exchange in the regulated market, then in the case 

of paragraph (1) sentence 1, the management board or, in the case of 

paragraph (2) sentence 1, the court shall inform the Federal Financial 

Supervisory Authority of the appointment of a special auditor and his 

audit report; furthermore, the court shall inform the Federal Financial 

Supervisory Authority of the receipt of a petition for the appointment of 

a special auditor. 

(8) The judicial proceedings pursuant to paragraphs (2) through (6) shall 

be governed by the provisions of the Act on Court Procedure in Family 

Matters and Non-litigious Matters unless this Act provides otherwise. 

§ 143 Selection of Special Auditors

(1) Unless the subject matter of the special audit requires additional 

expertise, special auditors shall be: 

• 1. persons who are sufficiently trained and experienced in accounting;

• 2. auditing firms at least one of whose legal representatives is 

sufficiently trained and experienced in accounting.
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(2) 1No special auditor may be appointed who does not qualify to serve, or 

would not have qualified to serve at the time when the matter subject to 

the audit occurred, as external auditor pursuant to § 319 (2), (3), § 319a 

(1), § 319b of the Commercial Code. 2An auditing firm may not serve as 

special auditor if it does not qualify to serve, or would not have qualified 

to serve at the time when the matter subject to the audit occurred, as 

external auditor pursuant to § 319 (2), (3), § 319a (1), § 319b of the 

Commercial Code. 

§ 144 Responsibility of Special Auditors

§ 323 of the Commercial Code concerning the responsibility of external 

auditors shall apply analogously. 

§ 145 Rights of Special Auditors; Audit Report

(1) The management board shall permit the special auditors to audit the 

company’s books, records, and its assets, in particular cash, securities 

and merchandise. 

(2) The special auditors may require from the members of the management 

board and the supervisory board all information and evidence required 

for a diligent audit of the relevant matters. 

(3) The special auditors shall have the rights pursuant to (2) also with 

respect to any member of the group and any controlled or controlling 

enterprises. 

(4) Upon petition of the management board the court shall permit that 

certain facts be omitted in the report provided that overriding interests of 

the company make their omission necessary and the disclosure of such 

facts is not required in order to prove the occurrence of improprieties or 

gross breaches pursuant to § 142 (2). 

(5) 1

The regional court of the company’s registered seat shall decide on 

petitions pursuant to paragraph (4). 2§ 142 (5) sentence 2 and (8) shall 

apply accordingly. 

(6) 1

The special auditors shall render a written report on the result of the 

audit. 2The audit report shall include facts whose disclosure is apt to 

cause material damage to the company or an affiliated enterprise, 

provided that if knowledge of such facts required for the shareholders’ 

meeting to form an opinion as to the matter subject to audit. 3The special 

auditors shall sign the report and promptly submit such report to the 

management board and the commercial register of the company’s 

domicile. 4The management board upon request shall provide a copy 

of the audit report to each shareholder. 5The management board 

shall present the report to the supervisory board and, when the next 

shareholders’ meeting is called, announce that such report will be an 

item on the agenda. 
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§ 146 Costs

1

If the court appoints special auditors, the company shall bear the court 

costs and the expenses of the audit. 2If the petitioner has achieved the 

appointment of the special auditors by making false statements either 

intentionally or by gross negligence, he shall be required to reimburse the 

company for such costs. 

§ 147 Assertion of Damage Claims

(1) 1Claims of the company for damages against persons liable pursuant to 

§§ 46 to 48 and § 53 that have arisen in connection with the formation of 

the company, against members of the management board or supervisory 

board with respect to the management of the company or pursuant to 

§ 117, shall be asserted if the shareholders’ meeting so resolves by a 

simple majority of votes. 2Any damage claims must be brought within six 

months from the date of the shareholders’ meeting. 

(2) 1

The shareholders’ meeting may appoint special representatives to 

assert a claim for damages. 2The court (§ 14) shall, upon petition by 

shareholders whose aggregate holdings amount to at least one-tenth of 

the share capital or one million Euro, appoint persons other than those 

appointed to represent the company pursuant to § 78, § 112 or sentence 

1 as the company’s representatives to assert the claim for damages if, in 

the opinion of the court, such appointment is appropriate for the proper 

assertion of such claim. 3If the court grants the motion, the company shall 

bear the court costs. 4An appeal may be made against such decision. 5

The court-appointed representatives may request from the company 

reimbursement of reasonable cash expenses and remuneration for their 

services. 6The expenses and the remuneration shall be set by the court. 7

An appeal may be made against such decision; appeals on point of law 

shall be precluded. 8A decision that has become final and may not be 

appealed may be enforced in accordance with the provisions of the Code 

of Civil Procedure. 

§ 148 Court Procedure for Petitions Seeking Leave to File an 

Action for Damages

(1) 1Shareholders whose aggregate holdings at the time of filing the petition 

equal or exceed one per cent of the share capital or amount to at least 

100,000 euros, may file a petition for the right to assert the claims of the 

company for damages mentioned in § 147(1) sentence 1 in their own 

name. 2The court shall give them leave to file such action for damages if 

• 1. the shareholders furnish evidence that they or, in the case of 

universal succession, their predecessors in title have acquired the 

shares before learning about the alleged breaches of duty or alleged 

damage from a publication; 
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• 2. the shareholders demonstrate that they in vain filed a petition to 

the company requesting to institute the necessary legal proceedings 

itself within an appropriate period of time;

• 3. facts exist which give reason to suspect that the company has 

suffered a loss as a result of improprieties or gross breaches of the 

law or articles; and

• 4. no overriding interests of the company exist which would prevent 

the assertion of such damage claim.

(2) 1

The regional court of the company’s registered seat shall decide on the 

petition seeking leave to file such action. 2If the regional court maintains 

a chamber for commercial matters, such chamber shall have jurisdiction 

in lieu of the chamber for civil matters. 3The state government may by 

regulation transfer jurisdiction for several regional courts to one regional 

court if such transfer is required to ensure uniformity of decisions. 4The 

state government may transfer such power to the state ministry of justice.

5

The statute of limitation for the claim at issue is stayed by the filing of 

such petition until the petition has been dismissed by a final and binding 

decision or the period allowed for bringing an action has expired. 6Before 

rendering its decision, the court shall provide the other party with an 

opportunity to comment on the matter. 7Such decision may be appealed 

immediately. 8Appeals on points of law are not permitted. 9The company 

shall be made a party in the judicial proceedings deciding on the petition 

pursuant to paragraph (1) as well as in such action for damages. 

(3) 1

The company may assert its claims for damages itself at any time; as 

soon as the company files such action, all pending proceedings instituted 

by the shareholders concerning that particular damage claim become 

inadmissible. 2The company may decide to take over a pending action in 

which its own damage claims are being asserted by another party in its 

current state at the time when the action is taken over. 3In the event of 

sentences 1 and 2, all former petitioners or claimants shall be joined as 

parties. 

(4) 1

If the petition is granted, the action may only be brought before the court 

with jurisdiction pursuant to paragraph (2) within three months from the 

date on which the decision has become final and binding, provided that 

the shareholders have one more time to no avail requested the company 

to institute the necessary legal proceedings itself within an appropriate 

period of time. 2The action shall be brought against the persons specified 

in § 147(1) sentence 1 with the aim of obtaining compensation for the 

company. 3Interventions by shareholders are not permitted after the 

petition has been granted. 4If more than one such action is brought, they 

shall be consolidated in order to be heard and decided together. 
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(5) 1Such judgement shall be binding on the company and all other 

shareholders even if the action is dismissed in the judgement. 2The same 

shall apply to a settlement to be made pursuant § 149; however, such 

settlement shall only be effective in favour of or against the company 

after the permission to file an action has been granted. 

(6) 1

The person filing the petition shall bear the costs of the judicial 

proceedings if and to the extent that the petition is dismissed. 2If the 

petition is dismissed for reasons of opposing interests of the company, 

of which the company could have informed the petitioner prior to filing 

the petition but failed to do so, then the company shall reimburse the 

petitioner for the costs. 3In all other respects, a decision on the allocation 

on costs will be rendered in the final judgement. 4If the company files 

an action itself or takes over a pending action brought by shareholders, 

it shall bear all costs incurred by the petitioner until such time and 

may, except for the three-year waiting period, withdraw its action on 

the conditions set forth in § 93 (4) sentences 3 and 4 only. 5If the action 

is dismissed in whole or in part, the company shall reimburse the 

claimant for the costs to be borne by them unless the claimant obtained 

the court’s permission to file an action by making false statements 

intentionally or by gross negligence. 6Shareholders acting jointly as 

petitioners or party shall only be reimbursed for the costs of one attorney 

unless the engagement of another attorney was necessary to prosecute 

the action. 

§ 149 Notices on Actions for Damages

(1) As soon as the decision granting judicial leave to file an action for 

damages in accordance with § 148 has become final and binding, the 

company whose shares are listed on a stock exchange shall immediately 

publish notice of the petition as well as the termination of the 

proceedings in the company’s journals. 

(2) 1

The notice of termination of the proceedings must contain the kind of 

settlement reached, the full wording of all agreements and ancillary 

restraints related thereto, as well as the names of the parties involved.

2

Payments made by the company as well as payments by third parties 

which are attributable to the company shall be clearly pointed out and 

described separately. 3All payment obligations become effective only 

upon complete publication. 4The validity of any legal action terminating 

the proceedings is not affected by the publication of the notice.

5

Payments may be reclaimed if they were made although the payment 

obligations were unenforceable. 

(3) The foregoing provisions apply analogously to agreements entered into 

for the purpose of avoiding litigation. 
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Division Five. Statement of Accounts. Appropriation of Profits 

Section One. Annual Accounts and Annual Report Declaration of 

Conformity

§ 150 Legal Reserve; Capital Reserve

(1) A legal reserve shall be created in the balance sheet of the annual 

financial statements to be prepared pursuant to §§ 242 and 264 of the 

Commercial Code. 

(2) The amount to be transferred to such reserve shall be one-twentieth 

of annual net profit, after deducting any loss carried forward from the 

previous year, until the legal reserve and the capital reserves pursuant to 

§ 272 (2) sentences 1 to 3 of the Commercial Code in aggregate amount 

to one-tenth of the share capital or any higher per centage set by the 

articles. 

(3) If the legal reserve and the capital reserves pursuant to § 272 (2) 

sentence 1 to 3 of the Commercial Code in aggregate do not exceed onetenth or the share capital or any higher per centage set by the articles, 

such reserves may be used only: 

• 1. to offset an annual net loss to the extent such loss is not covered 

by profits carried forward from the previous year and cannot be offset 

by a transfer from other profit reserves;

• 2. to offset a loss carried forward from the previous year to the extent 

such loss is not covered by an annual net profit and cannot be offset 

by a transfer from other profit reserves.

(4) 1

If the legal reserve and the capital reserves pursuant to § 272 (2) 

sentence 1 to 3 of the Commercial Code in aggregate exceed one-tenth 

of the share capital or any higher per centage set by the articles, such 

excess may be used: 

• 1. to cover an annual net loss to the extent such loss is not covered by 

profits carried forward from the previous year;

• 2. to cover a loss carried forward from the previous year to the extent 

such loss is not covered by annual net profit;

• 3. for an increase of the share capital from the corporation’s reserves 

under §§ 207 to 220.

2

Such excess may not be used pursuant to Nos. 1 and 2 if at the same 

time transfers are made form profit reserves for the purpose of payment of 

dividends. 
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§§ 150a, 151 [repealed] 

• § 150a [repealed] 

• § 151 [repealed] 

§ 150a [repealed]

§ 151 [repealed]

§ 152 Provisions regarding the Balance Sheet

(1) 1The share capital shall be shown in the balance sheet as subscribed 

capital. 2The portion of the share capital allocated to each class of shares 

shall be stated separately. 3Conditional capital shall be indicated at par 

value. 4If shares with multiple voting rights exist, the item subscribed 

capital shall indicate the aggregate number of votes of shares with 

multiple voting rights and other shares. 

(2) The item “capital reserve” shall specify in the balance sheet or in the 

notes 

• 1. the amount that was transferred to such reserve during the fiscal 

year;

• 2. the amount which was withdrawn during the fiscal year

(3) The individual items for profit reserves shall specify in the balance sheet 

or in the notes: 

• 1. the amounts which the shareholders’ meeting has transferred to 

such reserves from the distributable profits of the previous year;

• 2. the amounts which are transferred to such reserves from the annual 

net profit for the fiscal year;

• 3. the amounts which were withdrawn for the fiscal year.

§ 153 [repealed]

§ 154 [repealed]

§ 155 [repealed]
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§ 156 [repealed]

§ 157 [repealed]

§ 158 Provisions regarding the Profit and Loss Statement

(1) 1The profit and loss statement shall after the item Annual net profit/

annual net loss in consecutive numeration include the following items: 

• 1. profit carried forward/loss carried forward from the previous year;

• 2. withdrawals from the capital reserve;

• 3. withdrawals from profit reserves 

– a) from the legal reserve

– b) from the reserves for participations in a controlling enterprise or 

parent company

– c) from reserves pursuant to the articles

– d)from other profit reserves

• 4. transfer to profit reserves 

– a) to the legal reserve

– b) to the reserves for participations in a controlling enterprise or 

parent company

– c) to reserve pursuant to the articles

– d) to other profit reserves

• 5. distributable profits/accumulated loss.

2

The items in sentence 1 may also be stated in the notes. 

(2) 1

The compensation to be paid under a profit transfer agreement or 

agreement to transfer a portion of profits to outside shareholders shall be 

deducted from the income out of such agreement; if such compensation 

exceeds the income, the amount in excess shall be shown under 

expenses from losses. 2Other amounts may not be deducted. 
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§ 159 [repealed]

§ 160 Provisions regarding the Notes

(1) The notes shall also include: 

• 1. the shares previously held and acquired by a shareholder on 

behalf of the company or a controlled enterprise or subsidiary or by 

a controlled enterprise or subsidiary, as founder or subscriber or by 

exercise of a conversion or subscription right granted in connection 

with a conditional capital increase; if such shares were sold during 

the fiscal year, the sale shall also be reported stating the amount of 

the proceeds and the use thereof;

• 2. the own shares which the company or a controlled enterprise or 

subsidiary or another person on behalf of the company or a controlled 

enterprise or a subsidiary has acquired or taken as a pledge; the 

number of such shares and the portion of the share capital allocated 

to them as well as the portion of share capital represented by such 

shares, and in the case of shares acquired the date of acquisition 

and reasons for the acquisition shall be stated. If such shares were 

acquired or sold during the fiscal year, such acquisition or sale shall 

also be reported stating the number of such shares, the portion 

of share capital allocated to them, the portion of the share capital 

represented by such shares, the acquisition or sales price and the use 

of the proceeds;

• 3. the number and, in case of par-value shares, par value of such 

shares of each class, to the extent such information may not be 

derived from the balance sheet; shares which were subscribed during 

the fiscal year in connection with a conditional capital increase or an 

authorised issue of capital, shall be stated separately;

• 4. the authorised capital;

• 5. the number of warrant bonds according to § 192 (2) No. 3, 

convertible and comparable securities stating the rights which they 

represent;

• 6. participation rights, rights from conditional participation certificates 

and similar rights stating the nature and number of the respective 

rights and the rights newly issued during the fiscal year;

• 7. the existence of a cross-shareholding stating the enterprise concerned;

• 8. the existence of a shareholding in the company which has been 

communicated to it pursuant to § 20 (1) or (4) of this Act or § 21 (1) 

or (1a) of the Securities Trade Act; in doing so, the published content 

according to § 20 (6) of this Act or § 26 (1) of the Securities Trade Act 

shall be stated in the communication.
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(2) Such information shall be omitted to the extent the public interest of the 

Federal Republic of Germany or one of the states thereof so requires. 

§ 161 Corporate Governance Codex Declaration

(1) 1

The management board and supervisory board of the listed company 

shall declare annually that the recommendations of the “Government 

Commission German Corporate Governance Codex” published by the 

Federal Ministry of Justice in the official part of the electronic Federal 

Gazette has been and will be complied with or which recommendations 

have not been or will not be applied and why. 2The same shall apply to 

the management board and the supervisory board of a company which 

has exclusively issued other securities than shares for trading on an 

organised market within the sense of § 2 (5) of the Securities Trading Act 

and the issued shares of which shall, on the company’s own initiative, 

only be traded via a multilateral trading system within the sense § 2 (3) 

sentence 1 No. 8 of the Securities Trading Act. 

(2) The declaration shall be continuously available to the public on the 

company’s Internet page. 

Section Two. Examination of Annual Financial Statements

Subsection One. Audit by External Auditors 

§ 162 [repealed]

§ 163 [repealed]

§ 164 [repealed]

§ 165 [repealed]

§ 166 [repealed]

§ 167 [repealed]

§ 168 [repealed]

§ 169 [repealed]
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Subsection Two. Examination by the Supervisory Board 

§ 170 Submission to the Supervisory Board

(1) 1The management board shall promptly submit the annual financial 

statements and the annual report to the supervisory board upon 

completion. 2Sentence 1 shall apply accordingly to individual accounts 

pursuant to § 325 (2a) of the Commercial Code, as well as to the annual 

financial statements and the group management report of parent 

companies (§ 290 (1) and (2) of the Commercial Code). 

(2) 1

The management board shall at the same time submit to the supervisory 

board the proposal for appropriation of distributable profits that is 

intended to be presented to the shareholders’ meeting. 2The proposal 

shall, unless circumstances require otherwise, be set out as follows: 

1. dividends ............

2. transfer to profit reserves ............

3. profit carried forward ............

4. distributable profits ............

(3) 1

Every member of the supervisory board shall be entitled to take 

cognisance of the documents submitted. 2Such documents shall also 

be delivered to every member of the supervisory board or, to the extent 

the supervisory board has made such decision, to the members of a 

committee. 

§ 171 Examination by the Supervisory Board

(1) 1The supervisory board shall examine the annual financial statements, 

the annual report and the proposal for appropriation of distributable 

profits, in the case of parent companies (section 290 (1), (2) of the 

Commercial Code) also the consolidated financial statement and 

consolidated annual report. 2If the financial statements are required to be 

audited by external auditors, the external auditors shall be present at the 

supervisory board’s or the audit committee’s deliberations regarding such 

statements and shall report on material results of their audit, in particular 

on major weaknesses in the internal control and risk management system 

with regard to the accounting process. 3The external auditor shall inform 

on circumstances which might give rise to concerns as to his impartiality 

and on services he provided in addition to those provided in connection 

with the audit. 
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(2) 1The supervisory board shall report on the results of its examination in 

writing to the shareholders’ meeting. 2The supervisory board shall in 

such report state in which manner and to what extent it has examined 

the management of the company during the fiscal year; in case of listed 

companies it shall state, in particular, which committees have been set 

up and how many meetings the supervisory board or such committees 

have been held. 3If the annual financial statements are required to be 

audited by an external auditor, the supervisory board shall in addition 

state its opinion on the result of the audit of the annual financial 

statements by the external auditor. 4The supervisory board shall at the 

end of its report state whether or not objections are to be raised as a 

result of the definitive findings of its examination and whether it approves 

the annual financial statements as prepared by the management board.

5

In the case of parent companies (section 290 (1), (2) of the Commercial 

Code), sentences 3 and 4 shall apply analogously to the consolidated 

financial statement. 

(3) 1

The supervisory board shall submit its report to the management 

board within one month after receipt of such statements. 2If the report 

has not been submitted to the management board within such period, 

the management board shall promptly set an additional period not 

exceeding one month for the supervisory board. 3If the report has not 

been submitted to the management board within such further period, 

the annual financial statements shall be deemed not approved by the 

supervisory board; in the case of parent companies (section 290 (1), 

(2) of the Commercial Code), the same shall apply to the consolidated 

financial statement. 

(4) 1

Paragraphs (1) through (3) shall also apply to the individual accounts 

pursuant to § 325 (2a) of the Commercial Code. 2The management board 

may disclose the individual accounts referred to in sentence 1 only after 

they have been approved by the supervisory board. 

Section Three: Approval of the Annual Financial Statements 

Appropriation of Profits

Subsection One: Approval of the Annual Financial Statements 

§ 172 Approval by Management Board and Supervisory Board

1

The annual financial statements shall be deemed to have been approved, 

upon approval thereof by the supervisory board, unless the management 

board and the supervisory board resolve that the annual financial statements 

are to be approved by the shareholders’ meeting. 2Such resolution by the 

management board and supervisory board shall be included in the report of 

the supervisory board to the shareholders’ meeting. 
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§ 173 Approval by the Shareholders’ Meeting

(1) 1The annual financial statements shall be approved by the shareholders’ 

meeting if the management board and the supervisory board have 

resolved that the annual financial statements are to be approved by 

the shareholders’ meeting or if the supervisory board has not approved 

the annual financial statements. 2If the supervisory board of a parent 

enterprise (§ 290 (1), (2) of the Commercial Code) does not approve the 

consolidated financial statements, the shareholders’ meeting may decide 

on the approval. 

(2) 1

The provisions governing the preparation of the annual financial 

statements shall apply to their approval. 2In connection with the approval 

of the annual financial statements, the shareholders’ meeting may 

transfer to profit reserves only those amounts that are required to be 

transferred to such reserves pursuant to law or the articles. 

(3) 1

If the shareholders’ meeting amends annual financial statements which 

have been audited by an external auditor in accordance with statutory 

requirements, resolutions on the approval of the annual financial 

statements and the appropriation of profits which have been adopted 

by the shareholders’ meeting prior to the new audit pursuant to § 316 

(3) Commercial Code, shall become effective only if, as a result of such 

new audit, an unqualified auditors’ certificate has been given with 

respect to such amendments. 2Such resolutions shall become null and 

void if an unqualified auditors’ certificate has not been provided with 

respect to such amendments within two weeks after the passing of such 

resolutions. 

Subsection Two: Appropriation of Profits 

§ 174 [Resolution on the Appropriation of Profits]

(1) 1The shareholders’ meeting shall resolve on the appropriation of 

distributable profits. 2In such connection the annual financial statements 

as approved shall be binding on the shareholders’ meeting. 

(2) Such resolution shall specify in detail the appropriation of distributable 

profits, including in particular the following: 

• 1. the amount of distributable profits;

• 2. the amount to be distributed to shareholders;

• 3. the amounts to be transferred to profit reserves;

• 4. any profit carried forward;

• 5. any additional expense resulting from such resolution.
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(3) Such resolution shall not be deemed to constitute an amendment to the 

annual financial statements as approved. 

Subsection Three. Ordinary Shareholders’ Meeting

§ 175 Notice

(1) 1The management board shall, promptly upon receipt of the report of 

the supervisory board, give notice of a shareholders’ meeting to receive 

the approved annual financial statements and the annual report, the 

individual accounts pursuant to § 325(2a) of the Commercial Code 

which have been approved by the supervisory board and to resolve the 

appropriation of distributable profits, in the case of a parent company 

(Section 290 (1), (2) Commercial Code) also to receive the approved 

consolidated annual financial statements and the consolidated annual 

report. 2Such shareholders’ meeting shall be held during the first eight 

months of the fiscal year. 

(2) 1

The annual financial statements, the individual accounts pursuant to 

§ 325(2a) of the Commercial Code which have been approved by the 

supervisory board, the annual report, the report of the supervisory board 

and the proposal of the management board regarding the appropriation 

of distributable profits shall be displayed for inspection by shareholders 

at the company’s offices as from the date of notice of the meeting.

2

Each shareholder shall upon request be provided with a copy of such 

documents. 3In the case of a parent company (Section 290 (1), (2) 

Commercial Code), sentences 1 and 2 shall also apply to consolidated 

annual financial statement and the consolidated annual report, and the 

report of the supervisory board thereon. 4The duties in sentences 1 to 3 

shall not arise if the documents referred to therein are accessible on the 

stock corporation’s Internet page for the same period of time. 

(3) 1

If the shareholders’ meeting is to approve the annual financial statements 

or the consolidated financial statements, (1) and (2) shall apply analogously 

to the notice of the shareholders’ meeting for the approval of the annual 

financial statements or the consolidated financial statements and to making 

available the relevant documents and the provision of copies thereof.

2

The deliberations on the approval of the annual financial statements and 

the appropriation of distributable profits should be combined. 

(4) 1

The management board and the supervisory board shall be bound by 

the statements regarding the annual financial statements contained in 

the report of the supervisory board (§§ 172, 173 (1)) as from the date of 

notice of the shareholders’ meeting for receipt of the approved annual 

financial statements or, if the shareholders’ meeting is to approve the 

annual financial statements, as from the date of the shareholders’ 

meeting for approval of the annual financial statements. 2In the case of 

a parent company (Section 290 (1), (2) Commercial Code), sentence 1 

shall apply to the supervisory board’s declaration on the approval of the 

consolidated financial statement. 
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§ 176 Documents to be Presented, Presence of the External 

Auditor

(1) 1The management board shall make available to the shareholders’ 

meeting the documents specified in § 175 (2) and, in the case of listed 

companies, an explanatory report on the statements pursuant to § 289 

(4), § 315 (4) of the Commercial Code. 2At the beginning of the meeting, 

the management board shall comment on the documents that have been 

presented by it and the chairman of the supervisory board shall comment 

on the report of the supervisory board. 3The management board shall in 

such connection also comment on any annual net loss or any loss that 

has materially adversely affected the annual result. 4Sentence 3 shall not 

apply to credit institution. 

(2) 1

If the annual financial statements are required to be audited by an 

external auditor, the external auditor shall be present at the deliberations 

on the approval of the annual financial statements. 2Sentence 1 shall 

apply accordingly to the deliberations on the approval of the consolidated 

financial statements. 3The external auditor shall not be obligated to 

provide information to any shareholder. 

Section Four: Announcement of Annual Financial Statements

§ 177 [repealed]

§ 178 [repealed]

Division Six. Amendment of Articles, Measures to Increase or Reduce 

the Share Capital

Section One. Amendment of Articles 

§ 179 Resolution of Shareholders’ Meeting

(1) 1Any amendment of the articles shall require a resolution of the 

shareholders’ meeting. 2The shareholders’ meeting may confer upon the 

supervisory board the authority to make amendments that relate solely to 

the wording of the articles. 

(2) 1

The resolution of the shareholders’ meeting shall require a majority of 

not less than three fourths of the share capital represented at the passing 

of the resolution. 2The articles may provide for a different capital majority, 

however, in the case of an amendment of the purpose of the enterprise, 

only for a larger capital majority. 3The articles may provide for additional 

requirements. 
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(3) 1If the existing relationship of more than one class of shares is to 

be amended to the disadvantage of any class, the resolution of the 

shareholders’ meeting shall require the consent of the shareholders 

adversely affected in order to be effective. 2The shareholders adversely 

affected shall decide on such consent by adopting a separate resolution.

3

(2) shall apply to such separate resolution. 

§ 179a Duty to Transfer the Entire Assets of the Company

(1) 1A contract by which a company binds itself to transfer the entirety of its 

assets and whereby the transfer does not fall under the provisions of the 

Transformation Act requires a resolution of the shareholders’ meeting 

according to § 179 even if it does not involve a change in the company 

objects. 2The articles may only provide for a larger majority. 

(2) 1

The contract shall be presented for the review of the shareholders in 

the business premises of the company from the convocation of the 

shareholders’ meeting that is to resolve its approval. 2On request, every 

shareholder is to be given a copy. 3The duties pursuant to sentences 

1 and 2 shall not apply if the agreement is made available on the 

company’s Internet page for the same period of time. 4The agreement 

shall be made available for inspection at the shareholders’ meeting. 5The 

management board shall explain it at the beginning of the proceedings.

6

The agreement shall be appended to the minutes. 

(3) If on the occasion of the transfer of the corporate assets the company is 

dissolved, then a publicly certified copy of the contract shall be attached 

to the notification of the dissolution. 

§ 180 Consent of Shareholders Concerned

(1) Any resolution imposing ancillary obligations on shareholders shall 

require the consent of all shareholders concerned in order to be effective. 

(2) The foregoing shall apply to any resolution that makes the transfer of 

registered or interim share certificates subject to the company’s consent. 

§ 181 Registration of Amendment of Articles

(1) 1The management board shall file the amendment of the articles for 

registration in the commercial register. 2The full text of the articles 

shall be appended to such filing; such text shall be provided with the 

certificate of a notary that the provisions of the articles which have been 

amended conform to the resolution to amend the articles and that the 

provisions which have not been amended conform to the full text of the 

articles last submitted to the commercial register. 
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(2) Unless the amendment relates to the matters set out in § 39, a reference 

to the documents submitted to the court shall suffice for purposes of 

registration. 

(3) An amendment shall become effective only upon registration thereof in 

the commercial register of the company’s domicile. 

Section Two. Measures to Increase the Capital

Subsection One. Capital Increase against Contributions 

§ 182 Requirements

(1) 1A resolution to increase the share capital against contributions shall 

require a majority of not less than three fourths of the share capital 

represented at the passing of the resolution. 2The articles may provide 

for a different capital majority, however, in the case of the issue of nonvoting preferred shares, only for a larger capital majority. 3The articles 

may provide for additional requirements. 4The capital increase may only 

be carried out by issuance of new shares. 5In the case of companies with 

non-par shares, the number of shares must be increased proportionately 

to the share capital. 

(2) 1

If there is more than one class of shares, resolutions of the shareholders’ 

meeting shall require the consent of the shareholders of each class in 

order to be effective. 2Such consent shall require a separate resolution 

by the shareholders of each class. 3(1) shall apply to such separate 

resolution. 

(3) If the new shares are to be issued for an amount exceeding the minimum 

issue price, the minimum price they shall be issued for shall be 

stipulated in the resolution on the share capital increase. 

(4) 1

The share capital shall not be increased for as long as contributions 

to share capital are still outstanding and collectible. 2In the case of 

insurance companies, the articles may provide otherwise. 3A share capital 

increase shall not be precluded if immaterial amounts of contributions 

are outstanding. 

§ 183 Capital Increase against Contributions in kind; 

Repayment of Contributions

(1) 1In the case of a contribution in kind (§ 27 (1) and (2)), the resolution 

on the share capital increase shall stipulate the object, the person from 

whom the company is to acquire such object and the par value or, in case 

of non-par shares the number, of shares to be granted for the contribution 

in kind. 2Such resolution may only be adopted if the contribution in kind 

and the stipulations pursuant to sentence 1 have been explicitly and duly 

announced. 
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(2) § 27 (3) and (4) shall apply accordingly. 

(3) 1

In the case of a capital increase against Contributions in kind, an audit 

shall be made by one or more auditors. 2§ 33 (3) to (5), §§ 34, 35 shall 

apply analogously. 

§ 183a Capital Increase against Contributions in kind without 

Audit

(1) 1If the requirements pursuant to § 33a are met, an audit of the 

contribution in kind (§ 183 (3)) may be refrained from. 2If this is the case, 

the following paragraphs shall apply.

(2) 1

The management board shall announce the date of the resolution on the 

capital increase as well as the statements pursuant to § 37a (1) and (2) in 

the company’s journals. 2The implementation of the capital increase may 

not be registered with the commercial register before the expiration of 

four weeks since the announcement.

(3) 1

If the requirements pursuant to § 33a (2) are met, the local court shall 

appoint one or more auditors upon application of shareholders who held 

a total of five per cent of the share capital on the date of the resolution 

and are still holding a total of five per cent of the share capital on the 

date of application. 2The application may be filed up until the date of the 

registration of the implementation of the share capital increase (§ 189).

3

The court shall hear the management board before deciding on the 

application. 4Such decision may be appealed against.

(4) § 33 (4) and (5), §§ 34, 35 shall apply accordingly to the further 

procedure.

§ 184 Filing for Registration of the Resolution

(1) 1The management board and the chairman of the supervisory board 

shall file the resolution on the share capital increase for registration 

in the commercial register. 2Such filing for registration purposes shall 

state which contributions to existing share capital are still outstanding 

and why they are not collectible. 2If the capital contribution is not to be 

audited and if the date of the resolution on the capital increase has been 

announced in advance (§ 183a (2)), the persons filing for registration 

only need to assert in the filing for registration that they have not become 

aware of any circumstances within the meaning of § 37a (2) since the 

announcement.

(2) The audit report on the Contributions in kind (§ 183 (3)) or the 

attachments specified in § 37a (3) shall be appended to such filing.
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(3) 1The court may reject registration if the value of the contribution in kind 

is not insignificantly lower than the minimum issue price of the shares to 

be granted for the contribution in kind. 2If the contribution in kind is not 

audited pursuant to § 183a (1), § 38 (3) shall apply accordingly.

§ 185 Subscription to New Shares

(1) 1Subscription to new shares shall be effected by means of a written 

note (subscription form) specifying the number, par value and, if more 

than one class is being issued, class of shares to be subscribed. 2The 

subscription notice shall be executed in duplicate. 3It shall specify: 

• 1. the date on which the resolution on the share capital increase was 

adopted;

• 2. the share issue price, the amount of payments to be made and the 

scope of any ancillary obligations;

• 3. the stipulations required in the case of a capital increase against 

Contributions in kind and, if more than one class is being issued, the 

portion of the share capital allocated to each class of shares;

• 4. the date on which the subscription shall cease to be effective, if the 

completion of the share capital increase has not been registered prior 

thereto.

(2) Any subscription notice which does not contain all such particulars or 

which contains limitations in respect of the obligation of the subscriber, 

other than the limitation pursuant to (1) No. 4, shall be null and void. 

(3) A subscriber may not assert the invalidity or non-binding nature of the 

subscription notice once the completion of the share capital increase has 

been registered if he has by virtue of the subscription notice exercised 

rights or performed obligations as a shareholder. 

(4) Any limitation not contained in the subscription notice shall be 

unenforceable with respect to the company. 

§ 186 Subscription Rights

(1) 1Each shareholder shall be entitled, upon demand, to subscribe to 

new shares in proportion to his holdings in the existing share capital.

2

A period of not less than two weeks shall be set for exercising such 

subscription rights. 
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(2) 1The management board shall announce the issue price or the basis for 

setting it and the subscription period set in accordance with (1) in the 

company’s journals. 2If only the basis is announced, then no later than 

three days before the end of the subscription period, the management 

board shall announce the price in the company’s journals and through an 

electronic information service. 

(3) 1

Subscription rights may be excluded in whole or in part, however, only 

in the resolution on the share capital increase. 2In such an event the 

resolution shall require in addition to the requirements provided by 

law or the articles for such capital increase, a majority of not less than 

three fourths of the share capital represented at the passing of the 

resolution. 3The articles may provide for a larger capital majority and for 

additional requirements. 4An exclusion of subscription rights is permitted 

in particular if the capital increase against cash contributions does not 

exceed 10 per cent of the initial share capital and the issue price is not 

significantly below the stock exchange price. 

(4) 1

A resolution by which subscription rights are excluded in whole or in 

part may be adopted only if the proposed exclusion has been explicitly 

and duly announced. 2The management board shall make available to 

the shareholders’ meeting a written report stating the grounds for the 

proposed exclusion, in whole or in part, of subscription rights; such 

report shall provide an explanation of the proposed issue price. 

(5) 1

A resolution providing that the new shares are to be acquired by a credit 

institution or an enterprise operating under § 53 (1) sentence 1 or § 

53b (1) sentence 1 or (7) of the Banking Act with the obligation to offer 

such shares to the shareholders for subscription shall not be deemed to 

constitute an exclusion of subscription rights. 2The management board 

shall announce the subscription offer with the statements according to 

(2) sentence 1 and a final issue value according to (2) sentence 2; the 

foregoing shall apply if the new shares are to be acquired by a person 

other than a credit institution with the obligation to offer such shares to 

the shareholders for subscription. 

§ 187 Offer of Rights to Subscribe to New Shares 

(1) Any offer of rights to subscribe to new shares may only be made subject 

to the subscription rights of the shareholders. 

(2) Any such offer made prior to the resolution on the share capital increase 

shall be unenforceable with respect to the company. 
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§ 188 Filing and Registration of Implementation of Share 

Capital Increase

(1) The management board and the chairman of the supervisory board shall 

file the implementation of the share capital increase for registration in the 

commercial register. 

(2) 1

§ 36 (2), § 36a and § 37 (1) shall apply analogously to such filing.

2

Subscription payments may not be made by credit to an account in the 

name of the management board. 

(3) The following shall be appended to the filing: 

• 1. the duplicates of the subscription forms and a list of the 

subscribers signed by the management board and stating the shares 

issued to each subscriber and the payments made in respect thereof;

• 2. in the case of a capital increase by Contributions in kind, the 

agreements on which the stipulations pursuant to § 183 were based 

or which have been entered into in execution thereof;

• 3. a computation of the expenses which the company will incur 

through the issue of new shares;

(4) The filing and registration of the completion of the share capital increase 

may be made together with the filing and registration of the resolution on 

such increase. 

§ 189 Effectiveness of the Capital Increase

The increase of share capital shall become effective upon registration of the 

implementation of the share capital increase. 

§ 190 [repealed]

§ 191 Prohibited issue of Share Certificates and Interim 

Certificates

1

The new shares may not be transferred and new share certificates and 

interim certificates may not be issued prior to registration of the completion 

of the share capital increase. 2New share certificates and interim certificates 

issued prior to such registration shall be null and void. 3The issuers shall be 

jointly and severally liable to the shareholders for any damage resulting from 

such Issue. 
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Subsection Two. Conditional Capital Increase 

§ 192 Requirements

(1) The shareholders’ meeting may resolve upon an increase of share capital 

which shall be carried out only to the extent that conversion rights or 

stock warrants which obligate the company to issue new shares (new 

shares) are exercised (contingent capital increase). 

(2) A resolution on a conditional capital increase may be adopted only for 

any of the following purposes: 

• 1. to grant conversion rights or stock warrants to holders of 

convertible bonds or warrant bonds;

• 2. to prepare a merger of enterprises;

• 3. to grant rights to employees of the company to subscribe to new 

shares against the contribution of amounts due to such employees 

under a profit sharing plan established by the company.

(3) 1

The par value of conditional capital may not exceed one half and the 

par value of the capital resolved according to (2) sentence 3 may not 

exceed one-tenth of the share capital as at the date of the adoption of the 

resolution on the conditional capital increase. 2§ 182 (1) sentence 5 shall 

apply analogously. 

(4) A resolution of the shareholders’ meeting which contravenes the 

resolution on the conditional capital increase shall be null and void. 

(5) The following provisions regarding share warrants shall apply analogously 

to conversion rights. 

§ 193 Requirements for the Resolution

(1) 1The resolution on the conditional capital increase shall require a majority 

of not less than three fourths of the share capital represented at the 

passing of the resolution. 2The articles may provide for a larger capital 

majority and additional requirements. 3§ 182 (2) and § 187 (2) shall 

apply. 

(2) The resolution shall also stipulate: 

• 1. the purpose of the conditional capital increase;

• 2. the persons entitled to subscribe;

• 3. the issue price or the basis on which such price is to be computed; 

in case of a conditional capital increase for the purposes of § 192 
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(2) No. 1 it shall be sufficient if the resolution or the associated 

resolution pursuant to § 221 determines the minimum issue price 

or the basis for the determination of the issue price or the minimum 

issue price; and

• 4. in the case of resolutions according to § 192 (2) No. 3 also to the 

allocation of subscription rights to members of the management 

board and employees, performance targets, acquisition and exercise 

periods and the waiting period for first exercise (at least four years).

§ 194 Conditional Capital Increase against Contributions in 

kind; Repayment of Contributions

(1) 1In the case of a contribution in kind, the resolution on the conditional 

capital increase shall stipulate the object, the person from whom the 

company shall acquire the object and the par value of the shares to be 

granted for the contribution in kind. 2The delivery of bonds for conversion 

into new shares shall not be deemed to constitute a contribution in kind.

3

The resolution may only be adopted if the proposed Contributions in 

kind have been explicitly and duly announced. 

(2) § 27 (3) and (4) shall apply accordingly; the date of the filing for 

registration pursuant to § 27 (3) sentence 3 and the registration pursuant 

to § 27 (3) sentence 4 shall each be replaced by the date of issue of the 

new shares.

(3) (1) and (2) shall not apply to the contribution of amounts due to employees 

of the company under a profit-sharing plan established by the company. 

(4) 1

In the case of a capital increase against Contributions in kind, an audit 

shall be made by one or more auditors. 2§ 33 (3) to (5), §§ 34, 35 shall 

apply accordingly.

(5) § 183a shall apply accordingly.

§ 195 Registration of the Resolution

(1) 1The management board and the chairman of the supervisory board shall 

file the resolution on the conditional capital increase for registration in 

the commercial register. 2§ 184 (1) sentence 2 shall apply accordingly.

(2) The following shall be appended to the filing: 

• 1. in the case of a conditional capital increase against Contributions 

in kind, the articles on which the stipulations pursuant to § 194 

were based or which have been entered into in execution thereof 

and the report on the audit of Contributions in kind (§ 194 (4)) or the 

attachments specified in § 37a (3);
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• 2. a computation of the expenses which the company will incur 

through the issue of new shares.

(3) 1

The court may reject registration if the value of the contribution in kind 

is not insignificantly lower than the minimum issue price of the shares to 

be granted for the contribution in kind. 2If the contribution in kind is not 

audited pursuant to § 183a (1), § 38 (3) shall apply accordingly.

§ 196 [repealed]

§ 197 Prohibited Issue of Shares

1

The new shares may not be issued prior to registration of the resolution on 

the conditional capital increase. 2A right to subscribe shall not arise prior to 

such date. 3New shares issued prior to such registration shall be null and 

void. 4The issuers shall be jointly and severally liable to the shareholders for 

any damage resulting from such Issue. 

§ 198 Exercise Notice

(1) 1Rights to subscribe shall be exercised by means of a written notice.

2

Such notice (exercise notice) shall be executed in duplicate. 3The 

exercise notice shall state the number, in case of par-value shares the 

par value and, if more than one class is being issued, the class of shares, 

the stipulations required pursuant to § 193 (2), the stipulations required 

pursuant to § 194 in respect of Contributions in kind, and the date on 

which the resolution on the conditional capital increase was adopted. 

(2) 1

The exercise note shall have the same effect as a subscription notice.

2

Any exercise notice whose contents does not comply with (1) or which 

contain limitations in respect of the obligation of the person giving such 

notice shall be null and void. 

(3) If new shares are issued despite the exercise notice being null and void, 

the person who has given such notice may not assert the invalidity of 

the exercise notice if he has by virtue of such notice exercised rights or 

performed obligations as a shareholder. 

(4) Any limitation not contained in the exercise notice shall be unenforceable 

with respect to the company. 

§ 199 Issue of New Shares

(1) The management board may issue new shares only in fulfilment of the 

purpose stipulated in the resolution on the conditional capital increase 

and in no event prior to full performance of the price resulting from such 

resolution. 
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(2) 1The management board may issue new shares in exchange for 

convertible bonds or warrant bonds only if the difference between the 

issue price of the bonds surrendered for conversion and the higher 

minimum issue price of the new shares is offset by profit reserves 

which may be used for such purpose or by an additional payment from 

the person entitled to conversion. 2The foregoing shall not apply if the 

aggregate amount for which the bonds were issued equals or exceeds the 

minimum issue price of the new shares. 

§ 200 Effectiveness of the Conditional Capital Increase

The increase of the share capital shall become effective upon issue of the 

new shares. 

§ 201 Registration of the Issue of New Shares

(1) The management board shall, within one month after the expiration of 

each fiscal year, file for registration in the commercial register the extent 

to which new shares have been issued in the preceding fiscal year. 

(2) 1

Duplicates of the exercise notice and a list, signed by the management 

board, of the persons who have exercised the subscription rights, shall 

be appended to the report for filing. 2Such list shall state the shares 

granted to each shareholder and the contribution made in respect 

thereof. 

(3) The management board shall certify in filing that the new shares were 

issued solely in fulfilment of the purpose stipulated in the resolution on 

the conditional capital increase and in no event prior to full performance 

of the price resulting from such resolution. 

Subsection Three. Authorised Capital 

§ 202 Requirements

(1) The articles may authorise the management board, for a period not 

exceeding five years after registration of the company, to increase the 

share capital up to a specified par value (authorised capital) by issuing 

new shares against contributions. 

(2) 1

Such authorisation may also be granted by amendment of the articles for 

a period not exceeding five years as from the date or registration of such 

amendment of the articles. 2The resolution of the shareholders’ meeting 

shall require a majority of not less than three fourths of the share capital 

represented at the passing of the resolution. 3The articles may provide for 

a larger capital majority and for additional requirements. 4§ 182 (2) shall 

apply. 
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(3) 1The par value of the authorised capital may not exceed one half of the 

share capital as the date of such authorisation. 2The new shares may 

be issued only with the consent of the supervisory board. 3§ 182 (1) 

sentence 5 shall apply analogously. 

(4) The articles may also provide that the new shares are to be issued to 

employees of the company. 

§ 203 Issue of New Shares

(1) 1§§ 185 to 191 relating to a capital increase against contributions shall 

apply analogously to the issue of new shares, unless the following 

provisions provide otherwise. 2In respect of §§ 185 to 191, the 

authorisation in the articles to issue new shares shall be substituted for 

the resolution on the share capital increase. 

(2) 1

The authorisation may provide that the management board shall have 

the authority to exclude subscription rights. 2§ 186 (4) shall apply 

analogously if such authorisation is contained in an amendment of the 

articles. 

(3) 1

The new shares shall not be issued as long as contributions to the 

previously existing share capital are still outstanding and collectible. 2In 

the case of insurance companies, the articles may provide otherwise.

3

The issue of new shares shall not be precluded if immaterial amounts 

of contributions are outstanding. 4The first filing for registration of the 

completion of the share capital increase shall state which contributions 

to the previously existing share capital are still outstanding and why they 

are not collectible. 

(4) (3) sentences 1 and 4 shall not apply if the shares are issued to 

employees of the company. 

§ 204 Conditions of Share Issues

(1) 1The management board shall, to the extent that the authorisation 

does not contain provisions thereon, decide as to the rights arising 

under shares and the conditions of the share issue. 2The decision of the 

management board shall require the consent of the supervisory board; 

the foregoing shall apply to the decision of the management board 

pursuant to § 203 (2) regarding the exclusion of the subscription rights. 

(2) If there are non-voting preferred shares, preferred shares that have 

priority to or equal standing with respect to the distribution of profits or 

assets may be issued only if the authorisation so provides. 

(3) 1

If the annual financial statements, which are provided with an 

unqualified auditors’ certificate, show an annual net profit, shares may 

also be issued to employees of the company in such manner that the 
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contribution to be made thereupon is covered by that portion of the 

annual net profit which the management board and the supervisory board 

may transfer to other profit reserves pursuant to § 58 (2). 2The provisions 

regarding a capital increase against contributions in cash shall, with the 

exception of § 188 (2), apply to the issue of new shares. 3The approved 

annual financial statements that are provided with an auditors’ certificate 

shall be appended to the filing for registration of the completion of the 

share capital increase. 4The persons making such filing shall further 

certify as provided by § 210 (1) sentence 2. 

§ 205 Issue against Contributions in kind; Repayment of 

Contributions

(1) Shares may be issued against Contributions in kind only if the 

authorisation so provides. 

(2) 1

Unless stipulated in the authorisation, the object of the contribution in 

kind, the person from whom the company is to acquire such object and 

the par value of the shares to be granted for contribution in kind shall 

be stipulated by the management board and stated in the subscription 

notice. 2The management board shall make such stipulations only with 

the consent of the supervisory board. 

(3) § 27 (3) and (4) shall apply accordingly. 

(4) (2) and (3) shall not apply to the contribution of amounts due to 

employees of the company under a profit-sharing plan established by the 

company. 

(5) 1

In the case of an issue of shares against Contributions in kind, an audit 

shall be made by one or more auditors; § 33 (3) to (5), §§ 34, 35 shall 

apply accordingly. 2§ 183a shall be applied analogously. 3Instead of the 

date of the resolution of the capital increase, the management board 

shall announce its decision on issuing new shares against Contributions 

in kind as well as the statements pursuant to § 37a (1) and (2) in the 

company’s journals.

(6) As far as the contribution in kind is not audited, § 184 (1) sentence 3 and 

(2) shall also apply accordingly to the filing of the implementation of the 

capital increase for registration with the commercial register (§ 203 (1) 

sentence 1, § 188).

(7) 1

The court may reject registration if the value of the contribution in kind 

is not insignificantly lower than the minimum issue price of the shares to 

be granted for the contribution in kind. 2If the contribution in kind is not 

audited pursuant to § 183a (1), § 38 (3) shall apply accordingly.
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§ 206 Agreements on Contributions in kind before Company’s 

Registration

1

If prior to registration of the company, agreements have been entered 

into which provide for a contribution in kind to be made on the authorised 

capital, the articles must contain the stipulations which are required for an 

issue against Contributions in kind. 2§ 27 (3) and (5), §§ 32 to 35, § 37 (4) 

sentences 2, 4 and 5, §§ 37a, 38 (2) and (3) and § 49 regarding formation 

of the company shall apply analogously. 3In respect of such provisions the 

management board shall be substituted for the founders and the registration 

of the completion of the share capital increase shall be substituted for the 

registration of the company. 

Subsection Four. Capital Increase from the Company’s Reserves 

§ 207 Requirements

(1) The shareholders’ meeting may resolve on an increase of the share 

capital by means of conversion of the capital reserve or profit reserves 

into share capital. 

(2) 1

§ 182 (1) and § 184 (1) shall apply analogously to the respective 

resolution and the registration of such resolution. 2Companies with nonpar shares may increase their share capital without issuing new shares; 

the resolution on the increase must specify the type of increase. 

(3) The resolution shall be based on a balance sheet. 

§ 208 Capital and Profit Reserves Qualifying for Conversion 

(1) 1The capital reserve and the profit reserves which are to be converted into 

share capital must have been shown in the latest annual balance sheet 

and, if the resolution is based on a balance sheet other than the latest 

balance sheet, also in such balance sheet as capital reserve or profit 

reserves or, in the last resolution on the appropriation of the annual net 

profit or distributable profits, as transfer to such reserves. 2Subject to (2) 

other profit reserves and transfers thereto may be converted in full into 

share capital, however, the capital reserve and the legal reserve including 

transfers thereto only to the extent that in aggregate such items exceed 

one-tenth or a higher proportion of the previously existing share capital 

which has been determined by the articles. 

(2) 1

The capital reserve and the profit reserves as well as transfers thereto 

may not be converted to the extent that the relevant balance sheet 

shows a loss, including a loss carried forward. 2Profit reserves and 

transfers thereto which are designated for a specific purpose may only 

be converted to the extent that such conversion is compatible with such 

designated purpose. 
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§ 209 Balance Sheet to be based on

(1) The resolution concerning conversion may be based on the latest balance 

sheet if such annual balance sheet has been audited and the approved 

annual balance sheet is provided with an unqualified auditors’ certificate 

and if the balance sheet closing date is not more than eight months prior 

to the registrations of the resolution in the commercial register. 

(2) 1

If the resolution is not based on the latest annual balance sheet, the 

balance sheet shall comply with §§ 150 and 152 of this Act and §§ 242 

to 256, 264 to 274 of the Commercial Code. 2The balance sheet closing 

date may be not more than eight months prior to the registration of the 

resolution in the commercial register. 

(3) 1

The balance sheet must be audited by an external auditor as to whether 

it complies with §§ 150 and 152 of this Act and §§ 242 to 256, 264 to 

274 of the Commercial Code. 2Such balance sheet must be provided with 

an unqualified auditors’ certificate. 

(4) 1

Unless the shareholders’ meeting elects another auditor, the auditor 

who was elected by the shareholders’ meeting to audit the latest annual 

financial statements or who was appointed by the court for such purpose 

shall be deemed to have been elected. 2Unless the special nature of the 

audit requires otherwise, § 318 (1) sentence 3 and 4, § 319 (1) to (4), 

§319a (1), §320 (1) and (2), §§ 321, 322 (7) and § 323 of the Commercial 

Code shall apply analogously to the audit. 

(5) 1

In the case of insurance companies, the auditor shall be appointed 

by the supervisory board; (4) sentence 1 shall apply analogously.

2

Unless the special nature of the audit requires otherwise, § 341k of the 

Commercial Code shall apply to the audit. 

(6) In the case of (2) to (5), § 175 (2) shall apply analogously to making the 

balance sheet accessible for inspection and the distribution of copies. 

§ 210 Filing and Registration of the Resolution

(1) 1The filing of the resolution for registration in the commercial register 

shall include the relevant balance sheet for the capital increase together 

with the auditors’ certificate and, in the case of § 209 (2) to (6), in 

addition the latest annual balance sheet, if not already submitted 

pursuant to § 325 (1) of the Commercial Code. 2The persons filing shall 

declare to the court that, to their knowledge, no reduction in value of 

assets has occurred between the closing date of the relevant balance 

sheet and the date of filing which would preclude a capital increase if 

such resolution were to be adopted on the date of the filing. 

(
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2) The court may register the resolution only if the record date of the balance 

sheet on which the capital increase was no later than eight months prior 

to the filing and a declaration in accordance with (1) sentence 2 has been 

given. 

(3) The court need not examine whether the balance sheets comply with 

statutory provisions. 

(4) The registration entry of the resolution shall state that the capital increase 

was made from the company’s reserves. 

§ 211 Effectiveness of the Capital Increase

(1) The increase of share capital shall become effective upon registration of 

the resolution on the share capital increase. 

(2) [repealed] 

§ 212 Persons Entitled to New Shares

1

The new shares shall be allocated to the shareholders in proportion to 

their holdings of the previously existing share capital. 2Any resolution of the 

shareholders’ meeting to the contrary shall be null and void. 

§ 213 Fractional Shares

(1) If the capital increase shall result in only a fraction of a new share being 

allocated to a holding of the previously existing share capital, such 

fractional share may be separately disposed of or inherited. 

(2) The rights arising under a new share, including the right to receive a share 

certificate, may be exercised only if fractional shares that in aggregate 

comprise a full share are held by one person or if several persons, whose 

fractional shares comprise a full share, exercise such rights jointly. 

§ 214 Request to Shareholders

(1) 1After registration of the resolution on the share capital increase, the 

management board shall promptly request the shareholders to take 

delivery of the new share certificates. 2Such notice shall be published in 

the company’s journals. 3Such publication shall state: 

• 1. the amount by which the share capital has been increased.

• 2. the proportion in which new shares have been allocated for 

previously existing shares.
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4

Such announcement shall further state that the company may, after 

three warnings, sell any shares on behalf of the persons entitled thereto 

which have not been collected within one year after publication of 

the notice. 

(2) 1

Upon expiration of one year from the date of the notice, the company 

shall warn that any shares not collected may be sold. 2Such warning 

shall be published three times in intervals of not less than one month in 

the company’s journals. 3The last publication must be made prior to the 

expiration of eighteen months from the date of publication of the notice. 

(3) 1

Upon expiration of one year from the date of the last publication of the 

warning, the company shall sell on behalf of the persons entitled thereto 

any shares not collected at the official stock exchange quotation through 

the intermediation of a stock broker and in the absence of a stock 

exchange quotation by public auction. 2§ 226 (3) sentences 2 to 6 shall 

apply analogously. 

(4) 1

(1) to (3) shall apply analogously to companies that have not issued 

share certificates. 2Such companies shall request the shareholders to 

accept the allocation of new shares. 

§ 215 Own Shares. Partially Paid Shares

(1) Own shares shall participate in any increase of share capital. 

(2) 1

Partially paid shares shall participate in any increase of share capital in 

proportion to their share in the share capital. 2In such cases, the capital 

increase may not be carried out by issuing new shares, in case of parvalue shares, the par value shall be increased. 3If shares paid in full exist 

in addition of partially paid shares, the capital increase in respect to 

such shares paid in full may be carried out by increasing the par value of 

the shares and issuing new shares; the resolution on the share capital 

increase shall specify the manner of the increase. 4If the capital increase 

is carried out by increasing the par value of the shares, the amount of 

such capital increase shall be so computed that the amount allocated to 

each share is fully covered by the increase in the par value. 

§ 216 Preservation of the Rights of Shareholders and Third 

Parties

(1) The proportion of rights arising from shares shall not be affected by the 

capital increase. 

(2) 1

To the extent that specific rights arising from partially paid shares, in 

particular the right to participate in the distributions of profit or the right 

to vote, are determined by the contribution made in respect of each 

share, the shareholders shall have such rights, until performance of the 
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contributions still outstanding, only in proportion to the amount of the 

respective contributions made increased by the per centage increase 

in the share capital which was computed for the par value of the share 

capital. 2If further contributions are made, such rights shall increase 

proportionately. 3In the case of § 271 (3), the amounts of the increase 

shall be deemed to be paid in full. 

(3) 1

The financial terms of agreements between the company and third 

parties that are related to the distribution of the company’s profits or the 

par value or market value of its share capital or the previously existing 

capital or profitability, shall not be affected by the capital increase. 2The 

foregoing shall apply to the ancillary obligations of the shareholders. 

§ 217 Commencement of Participation in Profits

(1) Unless otherwise provided, the new shares shall participate in profits of 

the entire fiscal year in which the resolution on the share capital increase 

was adopted. 

(2) 1

The resolution on the share capital increase may provide that the new 

shares also participate in the profits of the latest fiscal year ended 

prior to adoption of the resolution on the capital increase. 2In such case 

the resolution on the share capital increase shall be adopted prior to 

adoption of the resolution on the appropriation of distributable profits 

of the last fiscal year ended prior to adoption of such resolution on the 

capital increase. 3The resolution on the appropriation of the distributable 

profits of the last fiscal year ended prior to adoption of the resolution on 

the capital increase shall become effective only after the share capital 

has been increased. 4The resolution on the share capital increase and 

the resolution on the appropriation of the distributable profits of the 

last fiscal year ended prior to adoption of the resolution on the capital 

increase shall be null and void if the resolution on the capital increase 

has not been registered in the commercial register within three months 

after adoption of the resolution. 5The running of such period shall 

be tolled for as long as a contesting or invalidity action against the 

resolution is pending. 

§ 218 Conditional Capital

1

Conditional capital shall increase in the same proportion as share capital.

2

If the purpose of the conditional capital is to grant conversion rights to 

holders of convertible or warrant bonds, a special reserve shall be created in 

an amount equal to the difference between the issue price of bonds of the 

higher minimum issue price of the new shares to be issued for these to the 

extent that additional payments by the persons entitled to conversion have 

not been agreed upon. 
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§ 219 Prohibited Issue of Share Certificates and Interim 

Certificates

New share certificates and interim certificates may not be issued prior to 

registration of the resolution on the share capital increase in the commercial 

register. 

§ 220 Valuation Rates

1

The costs of acquisition of the shares acquired prior to the share capital 

increase and the new shares issued for these shall be deemed to be the 

amounts attributable to the individual shares after allocation of the costs 

of acquisition of the shares acquired to the share capital increase between 

such shares and the new shares issued for these in proportion to the 

respective share in the share capital. 2The additional shares may not be 

shown as newly acquired shares. 

Subsection Five. Convertible or Warrant Bonds, Dividend Bonds 

§ 221 [Convertible or Warrant Bonds, Dividend Bonds]

(1) 1Bonds which provide holders with a conversion right or share warrant 

(convertible or warrant bonds) and bonds in which the rights of the 

holders are related to dividends paid to shareholders (dividend bonds) 

may only be issued on the basis of a resolution of the shareholders’ 

meeting. 2The resolution shall require a majority of not less than three 

fourths of the share capital represented at the passing of the resolution.

3

The articles may provide for a different capital majority and additional 

requirements. 4§ 182 (2) shall apply. 

(2) 1

The management board may be authorised for a period of not more than 

five years to issue convertible or warrant bonds. 2The management board 

and the chairman of the supervisory board shall submit to the commercial 

register the resolution on the issue of convertible or warrant bonds and 

a confirmation of their issue. 3An announcement as to the resolution and 

the confirmation of issue shall be published in the company’s journals. 

(3) (1) shall apply analogously to the issue of participation rights. 

(4) 1

Shareholders shall have subscription rights with respect to convertible 

or warrant bonds, dividend bonds and participation rights. 2§§ 186 and 

193 (2) number 4 shall apply accordingly. 
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Section Three. Measures to Reduce the Share Capital

Subsection One. Ordinary Capital Reduction 

§ 222 Requirements

(1) 1A reduction of the share capital shall require a resolution that has been 

adopted by a majority or not less than three fourths of the share capital 

represented at the passing of the resolution. 2The articles may provide for 

a larger capital majority and additional requirements. 

(2) 1

If there is more than one class of share, resolutions of the shareholders’ 

meeting shall require the consent of the shareholders of each class in 

order to be effective. 2Such consent shall require a separate resolution by 

the shareholders of each class. 3(1) shall apply to such separate resolution. 

(3) The resolution shall stipulate the purpose of the capital reduction, in 

particular whether part of the share capital is to be repaid. 

(4) 1

The reduction of the share capital of a company with par shares requires 

the reduction of the par value of the shares. 2To the extent that the 

corresponding proportion of the reduced share falls below the minimum 

value according to § 8(2) sentence 1 or (3) sentence 3, the reduction shall 

occur through consolidation of shares. 3The resolution must stipulate in 

which manner the capital reduction is to be made. 

§ 223 Filing for Registration of the Resolution

The management board and the chairman of the supervisory board shall file 

the resolution on the reduction of the share capital for registration in the 

commercial register. 

§ 224 Effectiveness of the Capital Reduction

The reduction of the share capital shall become effective upon registration of 

the resolution on the share capital reduction. 

§ 225 Protection of Creditors

(1) 1Creditors whose claims arose prior to the date of the announcement of 

the registration of the resolution shall, upon request within six months 

of the date of such announcement be granted security to the extent that 

they may not demand satisfaction. 2In the announcement of registration, 

the creditors shall be advised of such right. 3Creditors who in the case of 

insolvency have a right to preferential satisfaction from a fund that has 

been established based on statutory provisions for their protection and is 

subject to governmental supervision shall not have the right to demand 

security. 
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(2) 1Payments to shareholders in connection with the reduction of share 

capital may only be made upon the expiration of six months from the date 

of the announcement of registration and after those creditors who have 

made a timely request have been satisfied or granted security. 2A release 

of shareholders from the obligation to make contributions shall not be 

effective prior to the aforementioned date and before the creditors who 

have made a timely request have been satisfied or granted security. 

(3) The right of creditors to demand security shall not be conditional on 

payments having been made to shareholders in connection with the 

reduction of share capital. 

§ 226 Cancellation of Shares 

(1) 1If share certificates are to be consolidated in connection with the 

reduction of share capital by exchanging or stamping share certificates 

or a similar procedure, the company may declare the share certificates 

that despite notice have been surrendered to have been cancelled.

2

The foregoing shall apply to share certificates surrendered which are 

insufficient in number for replacement by new share certificates and 

which have not been submitted to the company for sale on behalf of the 

persons concerned. 

(2) 1

The notice to surrender share certificates shall give warning of 

cancellation. 2Cancellation may be made only after such request has 

been announced in the manner prescribed for the grace period pursuant 

to § 64 (2). 3Cancellation shall become effective upon publication in 

the company’s journals. 4Such announcement shall designate the share 

certificates which have been cancelled in such a manner that it may be 

ascertained from the announcement itself whether a share certificate has 

been cancelled. 

(3) 1

The new share certificates that are to be issued in place of the cancelled 

share certificates shall be promptly sold by the company on behalf of 

the persons concerned at the official stock exchange quotation in the 

absence of a stock exchange quotation by public auction. 2If adequate 

results cannot be expected from an auction at the company’s domicile, 

the shares shall be sold at an appropriate location. 3The time, location 

and object of the auction shall be announced publicly. 4The persons 

concerned shall be notified separately; such notification may be omitted 

if not feasible. 5Such announcement and notification shall be made not 

less than two weeks prior to the auction. 6The proceeds shall be paid to 

the persons concerned or, if a right to deposit exists, be deposited. 
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§ 227 Filing of the Implementation of Share Capital Reduction

(1) The management board shall file the completion of the share capital 

reduction for registration in the commercial register. 

(2) The filing and registration of the completion of the share capital reduction 

may be made together with the filing and registration of the resolution on 

the reduction. 

§ 228 Reduction to Less than the Minimum Par Value

(1) The share capital may be reduced to less than the minimum par value 

prescribed in § 7 if the minimum par value is restored by means of a 

capital increase which has been resolved upon at the same time as the 

capital reduction and for which Contributions in kind have not been 

stipulated. 

(2) 1

Such resolution shall be null and void if the resolutions and the 

completion of the increase have not been registered in the commercial 

register within six months after the date of adoption of the resolutions.

2

The running of such period shall be tolled for as long as a contesting or 

invalidity action against the resolution is pending. 3The resolutions and 

the completion of the share capital increase may only be registered at the 

same time in the commercial register. 

Subsection Two. Simplified Procedure for Capital Reduction 

§ 229 Requirements

(1) 1A simplified procedure may be employed for a share capital reduction 

for the purpose of compensation for a decline in the value of assets, 

offsetting other losses or transferring amounts to the capital reserve. 2The 

resolution shall stipulate that the reduction is made for such purposes. 

(2) 1

The simplified procedure for capital reduction may only be employed 

after any amount by which the sum of the legal reserve and the capital 

reserve exceeds 10 per cent of the share capital remaining after such 

reduction and any amounts in the profit reserves have been released.

2

Such simplified procedure may not be employed for as long as profit 

carried forward is shown. 

(3) § 222 (1), (2) and (4), §§ 223, 224 and 226 to 228 regarding the ordinary 

capital reduction shall apply analogously. 
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§ 230 Prohibition of Payments to Shareholders

1

The amounts that are obtained from the release of the capital and profit 

reserves and the capital reduction may not be utilised for payments to 

shareholders or to exempt shareholders from their obligation to make 

contributions. 2Such amount may be utilised only to compensate for declines 

in the value of assets, to offset other losses and to transfer amounts to the 

capital reserve or the legal reserve. 3Such amounts may be utilised for such 

purpose only to the extent that the resolution states that such utilization is 

the purpose of the reduction. 

§ 231 Limited Transfer to the Capital Reserve and the Legal 

Reserve

1

The transfer to the legal reserve of amounts obtained from the release of 

other profit reserves and to the capital reserve of amounts obtained from 

the capital reduction may be made only to the extent that the sum of the 

capital reserve and the legal reserve does not exceed 10 per cent of the 

share capital. 2In such case, the share capital shall be deemed to be the 

par value that results from the reduction but not less than the minimum par 

value prescribed in § 7. 3In comparing the amounts that may be transferred, 

amounts that are to be transferred to the capital reserve after the adoption of 

the resolution on the capital reduction shall not be taken into account even if 

such transfer is based on a resolution, which is adopted at the same time as 

the resolution on the capital reduction. 

§ 232 Transfer of Amounts to the Capital Reserve in the case of 

Overestimated Losses

If it becomes apparent in connection with the preparation of the annual 

balance sheet for the fiscal year in which the resolution on the capital 

reduction was adopted or for one of the two following fiscal years that 

declines in the value of assets or other losses have not in fact occurred in the 

amount estimated when the resolution was adopted or have been offset, the 

amount of the differences shall be transferred to the capital reserve. 

§ 233 Payments of Dividends. Creditor Protection

(1) 1Dividends may not be paid for as long as the legal reserve and the 

capital reserve in aggregate do not amount to 10 per cent of the share 

capital. 2In such case, the share capital shall be deemed to be the par 

value that results from the reduction but not less than the minimum par 

value prescribed in § 7. 
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(2) 1A dividend exceeding four per cent may not be paid for a fiscal year 

beginning earlier than two years after the resolution on the capital 

reduction has been adopted. 2The foregoing shall not apply if creditors 

whose claims arose prior to announcement of the registration of such 

resolution have been satisfied or provided with security, if they have 

applied for this purpose within six months after publication of the annual 

financial statements which formed the basis for the resolution on the 

dividend. 3It is not necessary to secure creditors who in the case of 

insolvency have a right to preferential satisfaction from a fund that has 

been established pursuant to statutory provisions for their protection and 

is subject to governmental supervision. 4In the announcement pursuant 

to § 325 (1) sentence 2 of the Commercial Code the creditors shall be 

advised of such satisfaction or provision of security. 

(3) The foregoing provisions do not permit the payment of dividends from 

amounts released from the capital and legal reserves or obtained in 

connection with the capital reduction. 

§ 234 Retroactive Effect of the Capital Reduction

(1) In the annual financial statements for the latest fiscal year ended prior 

to adoption of the resolution on the capital reduction the subscribed 

capital and the capital and legal reserves may be shown in the respective 

amounts that will prevail upon completion of the capital reduction. 

(2) 1

In such case, the shareholders’ meeting shall resolve on approval of the 

annual financial statements. 2Such resolution should be adopted together 

with the resolution on the capital reduction. 

(3) 1

The resolution shall be null and void if the resolution on the capital 

reduction has not been registered in the commercial register within 

three months of adoption of the resolution. 2The running of such period 

shall be tolled for as long as a contesting or invalidity action against the 

resolution is pending. 

§ 235 Retroactive Effect of a Simultaneous Capital Increase

(1) 1If in the case of § 234 a capital reduction and a share capital increase 

have been resolved upon at the same time, the capital increase may also 

be treated in the annual financial statements as having been completed.

2

Such a resolution may only be adopted if the new shares have been 

subscribed, no Contributions in kind have been stipulated and the 

payment that is required to be made pursuant to § 188 (2) at the time 

of the filing for registration of the completion of the capital increase has 

been made with respect to each share. 3Proof of the subscription and 

such payment shall be submitted to the notary who records the resolution 

on the share capital increase. 
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(2) 1All resolutions shall be null and void if the resolutions on the capital 

reduction and the capital increase and the completion of the increase 

have not been registered in the commercial register within three months 

of the adoption of such resolutions. 2The running of such period shall 

be tolled for as long as a contesting or invalidity action against the 

resolution is pending. 3The resolutions and the completion of the 

share capital increase may only be registered at the same time in the 

commercial register. 

§ 236 Disclosure

Disclosure of the annual financial statements pursuant to § 325 of the 

Commercial Code may only be made in the case of § 234 after registration 

of the resolution on the capital reduction, in the case of § 235 after the 

resolutions on the capital reduction and capital increase and the completion 

of the capital increase have been registered. 

Subsection Three. Capital Reduction through Redemption of Shares – 

Exception for non-par shares 

§ 237 Requirements

(1) 1Shares may be cancelled by means of mandatory redemption or 

acquisition by the company. 2A mandatory redemption may only be made 

if prescribed or permitted in the original articles or an amendment of the 

articles prior to acquisition or subscription of the shares. 

(2) 1

The provisions regarding an ordinary capital reduction shall govern such 

cancellation. 2The conditions governing a mandatory redemption and the 

respective procedure shall be stipulated in the articles or the resolution 

of the shareholders’ meeting. 3§ 225 (2) shall apply analogously to the 

payment of the consideration that is to be granted to shareholders in 

the case of a mandatory redemption or an acquisition of shares for the 

purpose of cancellation and to the release of such shareholders from the 

obligation to make contributions. 

(3) The provisions regarding an ordinary capital reduction need not be 

observed if shares with respect to which the issue price has been paid in 

full 

• 1. are surrendered to the company free of charge; or

• 2. are cancelled by a charge to distributable profits or another profit 

reserve, to the extent a charge against such items may be made for 

such purpose; or
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• 3. are non-par shares and the resolution of the shareholders meeting 

provides that through the cancellation the share of the remaining 

shares in the share capital increases according to § 8 (3); if the 

management board is authorised to cancel shares, it may also be 

authorised to adjust the number indicated in the articles.

(4) 1

In the cases of (3) also, a capital reduction by means of cancellation 

of shares shall require a resolution of the shareholders’ meeting. 2A 

simple majority of votes shall suffice for such resolution. 3The articles 

may provide for a larger capital majority and additional requirements.

4

The resolution shall stipulate the purpose of the capital reduction. 5The 

management board and the chairman of the supervisory board shall file 

the resolution for registration in the commercial register. 

(5) In the cases of (3) No. 1 and 2, an amount shall be transferred to the 

capital reserve that is equal to the portion of the share capital allocated 

to the shares cancelled. 

(6) 1

If a mandatory redemption is prescribed by the articles, a resolution 

of the shareholders’ meeting shall not be required. 2In such case, with 

respect to applicability of the provisions regarding an ordinary capital 

reduction, the decision of the management board regarding cancellation 

shall be substituted for the resolution of the shareholders’ meeting. 

§ 238 Effectiveness of the Capital Reduction

1

The reduction of the share capital by the amount allocated to the shares 

cancelled shall become effective upon registration of the resolution or, in 

the case of subsequent cancellation, upon cancellation. 2In the case of a 

mandatory redemption prescribed by the articles, the reduction of the share 

capital shall become effective upon such mandatory redemption, unless the 

shareholders’ meeting resolves on such capital reduction. 3The cancellation 

shall require an act of the company that has the purpose of nullifying the 

rights arising with respect to specific shares. 

§ 239 Filing of the Implementation of Share Capital Reduction

(1) 1The management board shall file the completion of the share capital 

reduction for registration in the commercial register. 2The foregoing shall 

also apply in the case of a mandatory redemption prescribed by the 

articles. 

(2) The filing and registration of the completion of the reduction may 

be combined with the filing and registration of the resolution on the 

reduction. 
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Subsection Four. Presentation of Capital Reduction 

§ 240 [Separate Presentation]

1

The amount obtained in connection with the capital reduction shall be 

shown separately in the profit and loss statement as “Income from capital 

reduction” after the item “Releases from profit reserves.” 2A transfer to the 

capital reserve pursuant to § 229 (1) and § 232 shall be shown separately 

as “Transfer to the capital reserve pursuant to the provisions governing 

simplified procedure for capital reduction”. 3The notes shall explain whether 

and to what extent the amounts received in connection with the capital 

reduction and the release of profit reserves have been utilised: 

• 1. to offset a decline in the value of assets;

• 2. to offset other losses; or

• 3. for transfer to the capital reserve.

Division Seven. Annulment of Resolution of the Shareholders’ 

Meeting and the Approved Annual Financial Statements Special Audit 

due to Inadmissible Undervaluation 

Section One. Annulment of Resolutions of the Shareholders’ Meeting 

Subsection One. General Provisions 

§ 241 Grounds for Invalidity

Except in the case of § 192 (4), §§ 212, 217 (2), § 228(2), § 234 (3) and § 

235 (2) a resolution of the shareholders’ meeting shall be null and void only 

if it: 

• 1. was adopted in a shareholders’ meeting which was not called 

pursuant to § 121 (2) and (3) sentence 1 or (4);

• 2. has not been recorded pursuant to § 130 (1) and (2) sentence 1 

and (4);

• 3. is not compatible with the nature of the company or by its terms 

violates provisions which exist exclusively or primarily for the 

protection of the company’s creditors or otherwise in the public 

interest;

• 4. by its terms is unethical;

• 5. has been declared null and void by a judgment upon a contesting 

action which is final and not subject to appeal;

• 6. has been cancelled as null and void pursuant to § 398 of the Act on 

Court Procedure in Family Matters and Non-litigious Matters by virtue 

of a decision which is final and not subject to appeal.
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§ 242 Curing of Invalidity

(1) The invalidity of a resolution of the shareholders’ meeting which contrary 

to § 130 (1) and (2) sentence 1 and (4) has not been recorded or has not 

been duly recorded, may no longer be asserted if the resolution has been 

registered in the commercial register. 

(2) 1

If a resolution of the shareholders’ meeting is null and void pursuant 

to § 241 numbers 1, 3 or 4, such invalidity may no longer be asserted 

if the resolution has been registered in the commercial register and 

three years have since lapsed. 2If upon expiration of such period an 

invalidity action against the resolution of the shareholders’ meeting is 

pending, such period shall be extended until a decision on the action 

has been issued which is final and not subject to appeal or the action 

has been otherwise finally disposed of. 3A cancellation of the resolution 

as null and void without application pursuant to § 398 of the Act on 

Court Procedure in Family Matters and Non-litigious Matters shall not be 

precluded by the expiration of such period. 4If a shareholders resolution 

is null due to a violation of § 121 (4) sentence 2 according to § 241 No. 

1, then the invalidity can no longer be asserted if the shareholder who 

did not receive notice approves the resolution. 5If a resolution of the 

shareholders’ meeting is void pursuant to § 241 number 5 or § 249, the 

judgement may not be registered pursuant to § 248 (1) sentence 3 if in 

accordance with § 246a (1) it has been established in a final and binding 

manner that the deficiencies of the resolution do not affect the validity 

of the registration; § 398 of the Act on Court Procedure in Family Matters 

and Non-litigious Matters shall not apply. 

(3) (2) shall apply analogously if in the case of § 217 (2), § 228(2), § 234(3) 

and § 235(2) the necessary registration entries have not been made 

within the periods prescribed. 

§ 243 Grounds for Contesting Action

(1) A resolution of the shareholders’ meeting may be set aside upon an 

action based on violation of law or the articles. 

(2) 1

A contesting action aside may also be based on the grounds that a 

shareholder has attempted by exercising voting rights to attain special 

benefits for himself or another person to the detriment of the company 

or other shareholders and that the resolution is apt to serve such 

purpose. 2The foregoing shall not apply if the resolution grants to other 

shareholders adequate compensation for their losses. 

(3) A contesting action cannot be based: 

• 1. on a violation of rights exercised electronically pursuant to § 118 

(1) sentence 2, (2) and § 134 (3) where the violation was caused by a 

technical malfunction, unless the company can be accused of gross 
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negligence or intent; the articles may provide for a stricter standard of 

fault,

• 2. on a violation of § 121 (4a), § 124a or § 128,

• 3. on grounds which would justify proceedings pursuant to § 318(3) of 

the Commercial Code.

(4) 1

A contesting action may only be based on the grounds of incorrect, 

incomplete or refused information if a shareholder of rational and 

sound reasoning would have regarded the provision of the information 

as essential for its ability to exercise its participation and membership 

rights duly. 2A contesting action may not be based on the provision of 

incorrect, incomplete or insufficient information in the shareholders’ 

meeting with respect to the determination, amount or appropriateness 

of compensation payments, additional payments or other payments 

if the law provides for a corporate appraisal procedure for complaints 

concerning such assessment matters. 

§ 244 Ratification of Voidable Resolutions of the Shareholders’ 

Meeting

1

A contesting action may no longer be brought if the shareholders’ meeting 

has ratified a voidable resolution by a new resolution and a contesting 

action against such resolution has not been instituted within the period 

of limitation for such action or such contesting action has been denied in 

a decision which is final and not subject to appeal. 2If the claimant has a 

legal interest in having the voidable resolution declared null and void for 

the period of the resolution on ratification, he may continue to pursue such 

action for the purpose of having such voidable resolution declared null and 

void for such period. 

§ 245 Standing to contest

The following persons shall have standing to institute a contesting action: 

• 1. each shareholder who acquired the shares prior to the publication 

of the agenda and was present at the shareholders’ meeting if he has 

objected to the resolution in the minutes;

• 2. each shareholder who was not present at the shareholders’ 

meeting if he was wrongfully refused admission to the shareholders’ 

meeting or if the meeting was not duly called or the object of the 

resolution was not duly announced;

• 3. in case § 243 (2) each shareholder, provided that he acquired the 

shares prior to publication of the agenda;
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• 4. the management board;

• 5. each member of the management board and supervisory board 

if by executing the resolution members of the management board 

or supervisory board would commit a criminal act or administrative 

offence or would be liable for damages.

§ 246 Contesting Action

(1) Any contesting action must be instituted within one month after adoption 

of the resolution. 

(2) 1

The action shall be brought against the company. 2The company shall 

be represented by the management board and the supervisory board.

3

If the action is brought by the management board or a member of the 

management board, the company shall be represented by the supervisory 

board; if the action is brought by a member of the supervisory board the 

company shall be represented by the management board. 

(3) 1

The regional court in the district of which the dependent company 

has its seat shall have exclusive jurisdiction regarding the action. 2if 

the district court maintains a chamber for commercial matters, such 

chamber shall have jurisdiction in lieu of the chamber for civil matters.

3

§ 148 (2) sentences 3 and 4 shall apply accordingly. 4No hearing shall 

be held prior to expiration of the one-month period in (1). Immediately 

after the expiration of the one-month period in (1), the company may ask 

to receive the statement of case filed even before the action is served 

and ask the court to provide extracts and copies. 5If more than one such 

action is brought such actions shall be consolidated in order to be heard 

and decided together. 

(4) 1

The management board shall promptly announce the institution of 

any such action and the date for hearing in the company’s journals. 2A 

shareholder may only join the action as party within one month of the 

publication of the notice. 

§ 246a Procedure Governing Petitions for Registration of 

Contested Resolutions of the Shareholders’ Meeting

(1) 1If an action is brought against a resolution of the shareholders’ meeting 

for a capital increase, a capital reduction (§§ 182 through 240) or an 

inter-company agreement (§§ 291 through 307), the court may find, upon 

petition by the company, that the bringing of the action does not prohibit 

the registration of the resolution and that its deficiencies do not affect the 

validity of the registration. 2As far not stipulated otherwise, § 247, §§ 82, 

83 (1) and § 84 of the Code of Civil Procedure as well as the provisions of 

the Code of Civil Procedure applying to the proceedings of first instance 

at the regional courts shall apply to the proceedings on such action. 3The 
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senate of the higher regional court of the company’s registered seat shall 

decide on such petition.

(2) A resolution pursuant to (1) is valid if 

• 1. the action is deficient or manifestly unfounded, 

• 2. the claimant has not documented proof within one week after 

serving of the petition that he has been holding shares representing 

an amount of at 1.000 euros since the publication of the convocation, 

or

• 3. the immediate effectiveness of the resolution of the shareholders’ 

meeting should be given priority as, according to the court’s opinion, 

the material disadvantages to the company and its shareholders 

as set forth by the claimant outweigh the disadvantages for the 

respondent, unless the infringement is particularly severe.

(3) 1

A transfer to a single judge shall be excluded; conciliatory hearings shall 

not be required. 2In urgent cases the proceedings may be conducted 

without an oral hearing. 3The facts that are submitted and are the basis 

on which the decision may be made, shall be supported by evidence.

4

Such decision is incontestable. 5It is binding on the registration court; 

the validity of the registration thus established shall be binding on 

everyone. 6The decision of the court should be rendered no later than 

three months following the petition; delays in rendering the decision 

must be explained in a non-appealable judgement. 

(4) 1

If the action proves to be founded, the company that has obtained 

the resolution shall compensate the opponent for any damages it has 

incurred due to the fact that the resolution of the shareholders’ meeting 

has been registered as a result of the court decision. 2Any deficiencies 

concerning the resolution shall not affect its implementation after 

registration; it is not possible to demand as compensation that this effect 

of the registration be eliminated. 

§ 247 Value in Dispute

(1) 1The court shall use equitable discretion in determining the value in 

dispute by taking into consideration all circumstances of the individual 

case, in particular the importance of the matter for the parties. 2Such 

value in dispute shall, however, only exceed one-tenth of the share 

capital or, if such one-tenth exceeds 500,000 euros, exceed 500,000 

euros if the importance of the matter for the claimant requires a higher 

valuation. 
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(2) 1If a party presents evidence that the assessment of court costs on the 

basis of the value in dispute pursuant to (1) would materially impair its 

financial condition, the court may upon motion order that the party’s 

obligation to pay court costs shall be determined on the basis of a 

value which has been adjusted to reflect such financial condition. 2As a 

consequence of such order, the benefiting party shall only be required 

to pay attorney fees that have been determined on the basis of such 

adjusted value. 3If costs of litigation are imposed on or assumed by such 

party, such party shall be required only to reimburse the court costs 

and attorney fees which have been paid by the other party on the basis 

of such adjusted value. 4If costs other than court fees are imposed on 

or assumed by the other party, the attorney of the benefiting party may 

collect his fees from the other party on the basis of the value applicable 

to such other party. 

(3) 1

The motion pursuant to (2) may be made to the record of the court clerk.

2

Such motion shall be made prior to the hearing of the subject matter. 3A 

subsequent motion may only be made if the amount in controversy that 

has been assumed or set is increased by the court. 4The other party shall 

be heard prior to any decision on such motion. 

§ 248 Effect of Judgment

(1) 1If the resolution has been declared null and void by a judgment that 

is final and not subject to appeal, such judgment shall be binding 

on all shareholders and the members of the management board and 

the supervisory board, even if such persons were not parties to the 

action. 2The management board shall promptly submit the judgment 

to the commercial register. 3If the resolution has been registered in the 

commercial register, the judgment shall likewise be registered. 4The 

registration of the judgment shall be announced in the same manner as 

the registration of the resolution. 

(2) If the resolution contained an amendment of the articles, the judgment 

shall be submitted to the commercial register together with the full text of 

the articles resulting from the judgment and all previous amendments to 

the articles together with a certification of a notary on such fact. 

§ 248a Notices on the Contesting Action 

1

If the contesting action is terminated, the listed company shall without 

undue delay publish a notice regarding the termination of the action in the 

company’s journals. 2§ 149 (2) and (3) shall apply accordingly. 
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§ 249 Invalidity Action 

(1) 1If a shareholder, the management board or a member of the 

management board or supervisory board brings an action against the 

company to annul a resolution of the shareholders’ meeting, § 246(2), 

§ 246(3) sentences 1 through 5, § 246(4), §§ 246a, 247, 248 and 

248a shall apply accordingly. 2The invalidity of such resolution may be 

asserted by means other than by bringing an action. 3If a resolution of the 

shareholders’ meeting lays the foundation for a transformation pursuant 

to § 1 of the Transformation Act and the resolution for the transformation 

is registered, § 20(2) of the Transformation Act shall apply accordingly to 

the resolution of the shareholders’ meeting. 

(2) 1

If more than one invalidity action has been instituted, such actions shall 

be consolidated in order to be heard and decided together. 2Actions to set 

aside and actions to annul may be consolidated. 

Subsection Two. Invalidity of Certain Resolutions of the Shareholders’ 

Meeting

§ 250 Invalidity of the Election of Members of the Supervisory 

Board

(1) The election of a member of the supervisory board by the shareholders’ 

meeting shall, except in the case of § 241 numbers 1, 2 and 5, only be 

null and void if: 

• 1. the supervisory board is composed in violation of § 96 (2), § 97 (2) 

sentence 1 or § 98 (4);

• 2. the shareholders’ meeting, although bound by nominations (§§ 

6 and 8 of the Coal and Steel Co-determination Act), has elected a 

person that has not been nominated;

• 3. as a result of the election, the maximum number of members of the 

supervisory board set by law has been exceeded (§ 95);

• 4. the person elected may not serve as a member of the supervisory 

board pursuant to § 100(1) and (2) at the commencement of his term 

of office.

(2) The following shall have standing to bring an action to declare the 

election of a member of the supervisory board to be null and void: 

• 1. the company’s general labour council or, if only one labour council 

exists in the company, such labour council, and, if the company is the 

controlling enterprise of a group, the group labour council,
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• 2. the general or the company’s central managing employees labour 

council or, if only one managing employees council exists in the 

company, such managing employees council, and, if the company is 

the controlling enterprise of a group, the group managing employees 

council,

• 3. the general labour council of another enterprise whose employees 

participate in the election of members of the supervisory board of the 

company directly or through electors or, if only one labour council 

exists in the other enterprise, such labour council,

• 4. the general or the company’s managing employees council of 

another enterprise whose employees participate in the election of 

members of the supervisory board of the company directly or through 

electors or, if only one managing employees council exists in the other 

enterprise, such managing employees council,

• 5. each labour union represented in the company or in an enterprise 

whose employees participate directly or through electors in the 

election of members of the supervisory board of the company and the 

central organisation of the labour union.

(3) 1

If a shareholder, the management board, or a member of the 

management board or the supervisory board or an organisation or 

representatives of the employees designated in (2) bring an action 

against the company to declare that the election of a member of the 

supervisory board is null and void, § 246 (2), (3) sentence 1 to 4, (4), 

§§ 247, 248 (1) sentence 2, §§248a and § 249 (2) shall apply 

analogously. 2The invalidity of such resolution may be asserted by 

means other than by bringing of an action. 

§ 251 Contestation of the Election of Members of the 

Supervisory Board

(1) 1The election of a member of the supervisory board by the shareholders’ 

meeting may be contested by bringing an action on the basis of a 

violation of law or the articles. 2Such contestation may also be based, 

where the shareholders’ meeting is bound by nominations, on the 

nominations being made illegally. 3§ 243(4) and § 244 shall apply. 

(2) 1

§ 245 numbers 1, 2 and 4 shall apply to the standing to bring an action.

2

The election of a member of the supervisory board, who has been 

elected on the basis of a nomination by the labour councils pursuant 

to the Coal and Steel Codetermination Act, may also be contested by 

any labour council of an business of the company, any labour union 

represented in the operations of the company or its central organisation.

3

The election of an additional member, who has been elected on the 

basis of a nomination by the other members of the supervisory board 

pursuant to the Coal and Steel Codetermination Act or the Supplemental 

Codetermination Act may also be contested by any member of the 

supervisory board. 
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(3) §§ 246, 247, 248 (1) sentence 2 and § 248a shall apply to the contesting. 

§ 252 Effect of Judgment

(1) If a shareholder, the management board or a member of the management 

board or of the supervisory board or an organisation or representatives 

of the employees designated in § 250(2) bring an action against the 

company to declare the election of a member of the supervisory board by 

the shareholders’ meeting to be null and void, a judgment which is final 

and not subject to appeal and which declares the election to be null and 

void shall be binding on all shareholders and employees of the company, 

all employees of other enterprises whose employees participate in the 

election of members of the supervisory board of the company directly or 

by electors, the members of the management board and the supervisory 

board and the organisations and the representatives of the employees 

designated in § 250(2), even if they were not parties to the proceedings. 

(2) 1

If the election of a member of the supervisory board by the shareholders’ 

meeting has been declared null and void by a judgment which is final and 

not subject to appeal, such judgment shall be binding on all shareholders 

and members of the management board and the supervisory board, 

even if they were not parties to the proceedings. 2In the case of § 251(2) 

sentence 2 the judgment shall also be binding on the labour councils, 

labour unions and central organisations that pursuant to these provisions 

have standing to bring an action even if they were not parties to the 

proceedings. 

§ 253 Invalidity of a Resolution on the Appropriation of 

Distributable Profits

(1) 1A resolution on the appropriation of distributable profits shall except 

in the case of § 173(3), § 217(2) and § 241 only be null and void if the 

approval of the annual financial statements on which such resolution is 

based is null and void. 2The invalidity of such resolution for this reason 

may no longer be asserted if the invalidity of the approval of the annual 

financial statements may no longer be asserted. 

(2) § 249 shall apply to an action against the company to declare such 

resolution to be null and void. 
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§ 254 Contesting a Resolution on the Appropriation of 

Distributable Profits

(1) A resolution on the appropriation of distributable profits may, in 

addition to § 243, also be contested if the shareholders’ meeting 

transfers amounts from distributable profits to profit reserves or carries 

such amounts forward as profit, and the payment of such amounts as 

dividends to the shareholders is not precluded by law or the articles, 

even though the transfer to reserves or carrying forward of profit is not 

necessary according to reasonable business judgment in order to secure 

the viability of the company for a period which is foreseeable with respect 

to economic and financial circumstances and therefore no dividend may 

be paid to shareholders in excess of four per cent of the share capital less 

any contributions not yet called. 

(2) 1

§§ 244 to 246, 247 to 248a shall apply to the contestation. 2The period 

for such contestation shall commence on the date of adoption of the 

resolution even if the annual financial statements are to be reaudited 

pursuant to § 316(3) of the Commercial Code. 3Shareholders shall have 

standing to contest pursuant to (1) only if their aggregate shareholdings 

amount to one-twentieth of the share capital or represent an amount of 

the share capital corresponding to 500,000 euros. 

§ 255 Contestation of a Capital Increase against Contributions

(1) A resolution on a capital increase against contributions may be contested 

pursuant to § 243. 

(2) 1

A contestation may, if the pre-emptive rights of the shareholders have 

been excluded in whole or in part, also be based on the ground that 

the issue price resulting from the resolution on the increase or the 

minimum price for the issuance of new shares are unreasonably low. 2The 

foregoing shall not apply if the new shares are to be acquired by a third 

party subject to the obligation to offer the shares to the shareholders for 

subscription. 

(3) §§ 244 to 248a shall apply to the contestation. 

Section Two. Invalidity of the Approved Annual Financial Statements

§ 256 Invalidity

(1) Except in the case of § 173 (3), § 234 (3) and § 235 (2), the approved 

annual financial statements shall be null and void if: 
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• 1. by their terms, they violate provisions which exist exclusively or 

primarily for the protection of the company’s creditors;

• 2. in case of a statutory audit requirement, they have not been 

audited in accordance with § 316 (1) and (3) of the Commercial Code;

• 3. in the event of a statutory audit requirement, they have been 

audited by persons who are not auditors pursuant to § 319 (1) of 

the Commercial Code or Article 25 of the Introductory Act to the 

Commercial Code or who were not appointed as auditors on other 

grounds than a violation of § 319 (2), (3) or (4) or § 319a (1) or 

§ 319b (1) of the Commercial Code,

• 4. in connection with their approval, the provisions of law or the 

articles regarding the transfer of amounts to the capital or profit 

reserves or regarding the release of amounts from the capital or profit 

reserves have been violated.

(2) In cases other than (1), annual financial statements which have been 

approved by the management board and supervisory board shall only be 

null and void if the management board or the supervisory board has not 

duly taken part in the approval. 

(3) In cases other than (1), annual financial statements which have been 

approved by the shareholders’ meeting shall only be null and void if the 

approval: 

• 1. was resolved in a shareholders’ meeting which was called in 

violation of § 121 (2) and (3) sentence 1 or (4);

• 2. has not been recorded pursuant to § 130 (1) and (2) sentence 1 

and (4);

• 3. has been declared null and void by a judgment upon a contesting 

action which is final and not subject to appeal;

(4) The annual financial statements shall only be null and void on the ground 

of a violation of the provisions on the structure of the annual financial 

statements or failure to observe forms for the structure of the annual 

financial statements if its clearness and clarity has been materially 

impaired thereby. 

(5) 1

The annual financial statements shall only be null and void for violation 

of the provisions of valuation if: 

• 1. items have been overvalued; or

• 2. items have been undervalued and the financial condition and 

profitability of the company has been intentionally misrepresented or 

distorted thereby.
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2

Asset items shall be deemed to be overvalued if they are shown at a 

higher value and liability items shall be deemed to be overvalued if they 

are shown at a lower value than permitted pursuant to § 253 to 256 of 

the Commercial Code. 3Asset items shall be deemed to be undervalued 

if they are shown at a lower value and liability items shall be deemed 

to be undervalued if they are shown at a higher value than permitted 

pursuant to § 253 to 256 of the Commercial Code. 4In the case of credit 

institution and financial services institutions as well as in the case of 

investment companies in the sense of § 2 (6) of the Investment Act, the 

valuation regulations shall not be violated to the extent that deviations 

are permissible according the provisions applicable to such credit 

institutions and financial services institutions, in particular §§ 340e 

to 340g of the Commercial Code; the same shall apply to insurance 

companies according to the provisions applicable to such insurance 

companies, in particular 341b to 341h of the Commercial Code. 

(6) 1

An invalidity action pursuant to (1) numbers 1, 3 and 4, (2), (3) No. 1 

and 2, (4) and (5) may no longer be brought if, in the case of (1) numbers 

3 and 4, (2) and (3) numbers 1 and 2, six months have lapsed since 

publication pursuant to § 325 (2) of the Commercial Code or, in other 

cases, three years have lapsed. 2If, upon expiration of such period, 

an action to declare the annual financial statements null and void is 

pending, such period shall be extended until a decision on the action had 

been issued which is final and not subject to appeal or until the action 

has been otherwise finally disposed of. 

(7) 1

§ 249 shall apply analogously to an action against the company to 

declare the financial statements null and void. 2If the company has issued 

securities within the meaning of § 2 (1) sentence 1 of the Securities 

Trading Act that are admitted to trading on a German stock exchange 

in the regulated market, the court shall inform the Federal Financial 

Supervisory Authority of the receipt of an invalidity action as well as of all 

final and binding decisions regarding such action. 

§ 257 Contesting the Approval of the Annual Financial 

Statements by the Shareholders’ Meeting

(1) 1The approval of the annual financial statements by the shareholders’ 

meeting may be contested pursuant to § 243. 2Such contestation may, 

however, not be based on the ground that the contents of the annual 

financial statements violate law or the articles. 

(2) 1

§§ 244 to 246, 247 to 248a shall apply to the contestation. 2The 

limitation period for such contestation shall commence on the date of 

adoption of the resolution even if the annual financial statements are to 

be reaudited pursuant to § 316 (3) of the Commercial Code. 
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Section Three. Special Audit due to Inadmissible Undervaluation

§ 258 Appointment of Special Auditors

(1) 1The court shall, upon motion, appoint special auditors if there is reason 

to assume that: 

• 1. certain items in the approved financial statements have been 

materially undervalued (§ 256 (5) sentence 3); or

• 2. the notes do not or do not fully contain the required information 

and the management board has not furnished such missing 

information at the shareholders’ meeting even though such 

information has been requested and the inclusion of the respective 

question in the minutes has been demanded.

2

The special auditors shall examine the contested items as to whether 

they have been materially undervalued. 3Such auditors shall examine 

the notes as to whether the required information has not been or has 

not been fully furnished and whether the management board has not 

furnished the missing information even though such information has 

been requested and the inclusion of the respective question in the 

minutes has been demanded. 

(1a) In the case of credit institution or financial services institutions as well 

as in the case of investment companies in the sense of § 2 (6) of the 

Investment Act, a special auditor cannot be appointed under (1) to the 

extent that the overvaluation or the missing information in the notes is 

due to the application of § 340f of the Commercial Code. 

(2) 1

The motion must be made within one month after the shareholders’ 

meeting on the annual financial statements. 2The foregoing shall also 

apply if the annual financial statements are to be reaudited pursuant to 

§ 316 (3) of the Commercial Code. 3Such motion may only be made by 

shareholders whose aggregate holdings reach the threshold set forth in 

§ 142 (2). 4The parties making motion shall deposit their shares until a 

decision on the motion has been rendered or submit a statement of the 

depositary institution affirming that the shares will not be sold until such 

time, and furnish evidence that they have been holders of such shares for 

not less than three months prior to the date of the shareholders’ meeting.

5

An affidavit made before a notary shall constitute sufficient evidence. 

(3) 1

Prior to such appointment, the court shall hear the management board, 

the supervisory board and the external auditors. 2An appeal may be made 

against such decision. 3The regional court of the company’s registered 

seat shall decide on any motion pursuant to paragraph (1).
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(4) 1Special auditors pursuant to (1) may only be certified public accountants 

and certified public accounting firms. 2§ 319 (2) to (4), § 319a (1) and 

§ 319b (1) of the Commercial Code shall apply analogously to their 

selection. 3The company’s external auditors and persons who have served 

as external auditors of the company during the last three years prior to 

such appointment may not serve as special auditors pursuant to (1). 

(5) 1

§ 142 (6) regarding the reimbursement of reasonable cash expenses 

and remuneration of court-appointed special auditors, § 145 (1) to (3) 

regarding the rights of special auditors, § 146 regarding the expenses 

of the special audit and § 323 of the Commercial Code regarding the 

responsibility of the external auditor shall apply analogously. 2The special 

auditors pursuant to (1) shall have the rights pursuant to § 145 (2) also 

against the company’s external auditor. 

§ 259 Audit Report. Conclusive Findings

(1) 1The special auditors shall render a written report on the result of the 

audit. 2If the special auditors in carrying out their duties determine that 

items have been overvalued (§ 256 (5) sentence 2) or that the provisions 

governing the structure of the annual financial statements have been 

violated or the required forms have not been observed, they shall 

also include such findings in their report. 3§ 145 (4) to (6) shall apply 

analogously to the report. 

(2) 1

If the special auditors determine that the contested items have not been 

materially undervalued (§ 256 (5) sentence 3), they shall declare in the 

findings set out at the end of their report: 

• 1. the minimum value at which the individual asset items should be 

shown and the maximum amount at which the individual liability 

items should be shown;

• 2. the amount by which the annual net profit would have increased or 

the annual net loss would have decreased if such amounts had been 

applied.

2

The special auditors shall base their opinion on the circumstances 

prevailing at the closing date of the annual financial statements. 3In 

determining the values and amounts in number 1, they shall apply the 

same valuation and depreciation methods that the company used in its 

last proper valuation of the items to be valued or similar items. 

(3) If the special auditors determine that the contested items have not been 

or have only been immaterially undervalued (§ 256 (5) sentence 3), the 

special auditors shall declare in the findings set out at the end of their 

report that, in their opinion and in accordance with the audit carried 

out with due professional diligence, the contested items have not been 

improperly undervalued. 
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(4) 1If the special auditors determine that the notes do not or do not fully 

contain the required information and the management board has not 

furnished the missing information at the shareholders’ meeting, even 

though such information has been requested and the inclusion of the 

respective question in the minutes has been demanded, the special 

auditors shall furnish the missing information in their findings set out 

at the end of their report. 2If information regarding inconsistencies in 

valuation or depreciation methods has been omitted, the findings shall 

state the amount by which the annual net profit or annual net loss would 

have been higher or lower without the inconsistencies that were omitted 

to be mentioned. 3If the special auditors determine that no information 

pursuant to sentence 1 has been omitted, the special auditors shall 

declare in their findings that, in their opinion and in accordance with the 

audit carried out with due professional diligence, no information required 

to be given has been omitted in the notes. 

(5) The management board shall promptly publish the findings of the special 

auditors pursuant to (2) to (4) in the company’s journals. 

§ 260 Judicial Decision on the Conclusive Findings of the 

Special Auditors

(1) 1The company or shareholders whose shares in aggregate amount to onetwentieth of the share capital or represent an amount of the share capital 

corresponding to 500,000 euros may make motion to the court with 

jurisdiction pursuant to § 132 (1) for a decision against the conclusive 

findings of the special auditors pursuant to § 259 (2) and (3) within 

one month after publication in the electronic Federal Gazette. 2§ 258 

(2) sentences 4 and 5 shall apply analogously. 3The motion shall seek 

determination of the minimum amount at which the asset items specified 

in the motion should have been be shown or the maximum amount at 

which liability items specified in the motion should be have been shown.

4

The company’s motion may also seek determination that the annual 

financial statements did not contain the undervaluations stated in the 

conclusive findings of the special auditors. 

(2) 1

The court shall at its discretion decide on the motion with due regard 

to all circumstances. 2§ 259 (2) sentence 2 and 3 shall apply. 3To the 

extent that a full investigation of all relevant circumstances would entail 

considerable difficulties, the court shall estimate the values or amounts 

to be shown. 
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(3) 1§ 99 (1), (2) sentence 1, (3) and (5) shall apply analogously. 2The court 

shall serve its decision on the company and, if shareholders have made 

motion pursuant to (1), also on such shareholders. 3Furthermore, the 

court shall announce the decision in the company’s journals without 

setting out the grounds on which the decision is based. 4An appeal may 

be made by the company and shareholders whose shares in aggregate 

amount to one-twentieth of the share capital or represent an amount of 

the share capital corresponding to 500,000 euros. 5§ 258 (2) sentence 4 

and 5 shall apply analogously. 6The period for appeal shall commence on 

the date of publication of the decision in the electronic Federal Gazette 

but, in the case of the company and shareholders who have made motion 

pursuant to (1), not prior to service of the decision. 

(4) 1

The costs of the proceedings shall be governed by the Act on Court 

Costs. 2In proceedings before the court of first instance, twice the full fee 

shall be charged. 3For appeal proceedings, the same fee shall be charged; 

the foregoing shall also apply if the appeal is successful. 4If the motion 

or appeal is withdrawn prior to a decision, the fee shall be reduced to 

one half. 5The court shall determine the value of the subject matter of the 

proceedings. 6The company shall be liable for the costs if the motion is 

granted, otherwise the party making motion shall be liable. 7§ 247 shall 

apply analogously. 

§ 261 Decision on Income Based on Higher Valuation 

(1) 1If the special auditors have determined in their conclusive findings 

that items have been undervalued, and no motion for judicial decision 

against such determination has been made within the period provided in 

§ 260 (1), such items shall, in the first annual financial statements which 

are prepared after such period has lapsed, be shown at the amounts 

determined by the special auditors. 2The foregoing shall not apply to 

the extent that, by reason of changed circumstances, in particular, in 

the case of assets which are subject to wear and tear, by reason of such 

wear and tear in accordance with §§ 253 to 256 of the Commercial Code 

or generally accepted accounting principles, a lower amount should 

be shown for an asset item or a higher amount should be shown for a 

liability item. 3In such case, the grounds for this shall be specified in the 

notes and the means by which the amount pursuant to sentence 2 was 

computed from the amount determined by the special auditors shall be 

shown separately. 4If such assets no longer exist, the notes shall report 

such fact and the appropriation of the income from the disposal of such 

assets. 5Reference shall be made under the respective items in the annual 

balance sheet to the amounts by which asset items have been shown 

at an increased value or liability items have been shown at a decreased 

amount pursuant to sentences 1 and 2. 6The sum of such increases and 

decreases shall be shown separately on the liability side of the balance 

sheet and in the profit and loss statement as “Income Based on Higher 

Valuation in accordance with the Results of the Special Audit.” 
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(2) 1If the court to which motion has been made pursuant to § 260 

determines that items have been undervalued, (1) shall apply 

analogously to the valuation of items shown in the first annual financial 

statements prepared after the judicial decision has become final and not 

subject to appeal. 2The sum of such increases and decreases shall be 

shown separately as “Income Based on Higher Valuation in accordance 

with Judicial Decision.” 

(3) 1

The income based on higher valuation pursuant to (1) and (2) shall not 

be considered part of the annual net profit for the purpose of § 58. 2The 

shareholders’ meeting shall decide on the appropriation of such income 

less the taxes payable thereon, to the extent that the annual financial 

statements do not show a balance sheet loss which is not offset by 

capital or profit reserves. 

§ 261a Notifications to the Federal Financial Supervisory 

Authority

The court shall inform the Federal Financial Supervisory Authority of the 

receipt of a petition for the appointment of a special auditor, all final and 

binding decisions on the appointment of special auditors, the audit report as 

well as a final and binding court decision pursuant to § 260 on the special 

auditors’ conclusive findings if the company has issued securities within the 

meaning of § 2 (1) sentence 1 of the Securities Trading Act that are admitted 

to trading on a German stock exchange in the regulated market. 

Division Eight. Dissolution and Declaration of Annulment of the 

Company 

Section One. Dissolution 

Subsection One. Grounds for Dissolution and Filing 

§ 262 Grounds for Dissolution

(1) The stock corporation is dissolved: 

• 1. upon expiration of the period set in the articles;

• 2. upon resolution of the shareholders’ meeting; such resolution shall 

require a majority of not less than three-fourths of the share capital 

represented at the passing of the resolution; the articles may provide 

for a larger capital majority and additional requirements;

• 3. upon institution of insolvency proceedings over the company’s 

assets;

• 4. upon a decision which is final and not subject to appeal denying 

the institution of insolvency proceedings for lack of assets sufficient 

to cover the costs of the proceedings;
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• 5. upon an order of the court for registration, which is final and not 

subject to appeal, by which a deficiency in the articles pursuant to 

§ 399 of the Act on Court Procedure in Family Matters and NonLitigious Matters is determined;

• 6. through cancellation of the company for lack of assets according 

to § 394 of the Act on Court Procedure in Family Matters and NonLitigious Matters.

(2) The provisions of this section shall also apply if the company is dissolved 

for other grounds. 

§ 263 Filing and Registration of the Dissolution 

1

The management board shall file the dissolution of the company for 

registration in the commercial register. 2The foregoing shall not apply in the 

case of institution or denial of institution of insolvency proceedings (§ 262 

(1) Nos. 3 and 4) or in the case of judicial determination of a deficiency 

in the articles (§ 262 (1) No. 5). 3In such cases, the court shall register the 

dissolution and the grounds therefor ex officio. 4In the case of a cancellation 

of the company (§ 262 (1) No. 6), entry of the dissolution shall be omitted. 

Subsection Two. Liquidation 

§ 264 Requirement of Liquidation

(1) Upon dissolution of the company, liquidation shall take place unless 

insolvency proceedings have been instituted over the company’s assets. 

(2) 1

If the company has been dissolved by cancellation due to lack of 

assets, liquidation shall only take place if it becomes apparent after the 

cancellation that there are assets subject to distribution. 2Liquidators 

shall be appointed by the court upon application by a party involved. 

(3) To the extent that this sub-paragraph or the purpose of the liquidation 

does not otherwise require, the provisions for undissolved companies 

shall apply to the company until completion of the liquidation. 

§ 265 Liquidators

(1) The members of the management board shall carry out the liquidation as 

liquidators. 

(2) 1

The articles or a resolution of the shareholders’ meeting may appoint 

other persons as liquidators. 2§ 76 (3) sentence 2 and 3 shall apply 

analogously to the selection of the liquidators. 3A legal entity may also act 

as liquidator. 
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(3) 1The court shall appoint or remove liquidators for cause upon motion 

by the supervisory board or a minority of shareholders whose shares 

in aggregate amount to one-twentieth of the share capital or represent 

an amount of the share capital corresponding to 500,000 euros. 2The 

shareholders shall provide evidence that they have been holders of the 

shares for not less than three months. 3An affidavit made before a court 

or a notary shall constitute sufficient evidence. 4An appeal may be made 

against such decision. 

(4) 1

The liquidators appointed by the court shall be entitled to 

reimbursement of reasonable cash expenses and remuneration for their 

services. 2If the liquidator appointed by the court and the company do 

not agree, the court shall stipulate the expenses and the remuneration.

3

An appeal may be made against such decision; appeals on points of law 

shall be precluded. 4A decision that has become final and may not be 

appealed may be enforced in accordance with the provisions of the Code 

of Civil Procedure. 

(5) 1

Liquidators who have not been appointed by the court may be removed 

by the shareholders’ meeting at any time. 2Claims arising under the 

contract of employment shall be governed by general provisions of law. 

(6) (2) to (5) shall not apply to the labour director to the extent that his 

appointment and removal are governed by the provisions of the Coal and 

Steel Co-determination Act. 

§ 266 Filing of the Liquidators for Registration

(1) The management board shall file the first liquidators and their 

representative authorities, and the liquidators shall file every change in 

the liquidators and in their representative authorities for registration in 

the commercial register. 

(2) The records regarding the appointment or removal and the representative 

authority shall be appended to the filing in original or officially certified 

copy. 

(3) 1

In such filing, the liquidators shall affirm that no circumstances exist 

which preclude their appointment pursuant to § 265 (2) sentence 2 and 

that they have been informed of their obligation to make full disclosure to 

the court. 2

§ 37 (2) sentence 2 shall apply. 

(4) The appointment or removal of liquidators by the court shall be registered 

by the court ex officio. 
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§ 267 Notice to Creditors

1

The liquidators shall give notice to the company’s creditors to file their 

claims, referring in such notice to the dissolution of the company. 2Such 

notice shall be published in the company’s journals. 

§ 268 Duties of the Liquidators

(1) 1The liquidators shall wind up all current transactions, collect claims, 

convert the remaining assets to cash and provide satisfaction to the 

creditors. 2To the extent required to carry out the liquidation, the 

liquidators may also enter into new transactions. 

(2) 1

The liquidators shall otherwise have the same rights and duties as the 

management board within the scope of their assigned functions. 2The 

liquidators shall, in the same manner as the management board, be 

subject to the supervision of the supervisory board. 

(3) The prohibition on competition of § 88 shall not apply to the liquidators. 

(4) 1

All business letters which are addressed to a specific recipient shall 

state the company’s legal form and domicile, the fact that the company 

is in liquidation, the court of registration of the company’s domicile, the 

number under which the company has been registered in the commercial 

register, and the surname and at least one forename of all liquidators 

and the chairman of the supervisory board. 2If information is provided 

regarding the company’s capital, the amount of the share capital shall 

be stated in any event and, if the issue price has not been paid in full, 

the aggregate amount of the contributions outstanding. 3The information 

pursuant to sentence 1 needs not be given in communications or reports 

which are made in the course of an existing business relationship and for 

which forms are customarily used in which only the details of the specific 

transaction need be added. 4Order forms shall be deemed to be business 

letters in the meaning of sentence 1; sentence 3 shall not apply thereto.

§ 269 Representation by the Liquidators

(1) The liquidators shall represent the company in and out of court. 

(2) 1

If more than one liquidator has been appointed, all liquidators shall only 

be authorised to represent the company jointly, unless the articles or 

the body with authority to make such appointment provide otherwise. 2If 

a statement with legally binding effect is to be made to the company, it 

shall suffice if such statement is made to one liquidator. 
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(3) 1The articles or the body with authority to make such appointment may 

also provide that individual liquidators are authorised to represent the 

company by acting solely or jointly with a registered authorised officer 

(Prokurist). 2The supervisory board may so provide if authorised to do so 

by the articles or a resolution of the shareholders’ meeting. 3

 (2) sentence 

2 shall apply analogously in such cases. 

(4) 1

Liquidators authorised to represent the company by acting jointly may 

authorise individual liquidators to engage in certain transactions or kinds 

of transactions. 2The foregoing shall apply analogously if an individual 

liquidator is authorised to represent the company by acting jointly with a 

registered authorised officer (Prokurist). 

(5) The authority of the liquidators to represent the company may not be 

restricted. 

(6) Liquidators shall sign on behalf of the company by adding to the 

company’s business name a reference to the liquidation and their 

signature. 

§ 270 Opening Balance Sheet, Annual Financial Statement and 

Annual Report

(1) The liquidators shall prepare a balance sheet as at the commencement of 

liquidation (opening balance sheet) and an explanatory report regarding 

the opening balance sheet, and, as at the end of each year, annual 

financial statements and an annual report. 

(2) 1

The shareholders’ meeting shall resolve on the approval of the opening 

balance sheet and the annual financial statements and on the ratification 

of the acts of the liquidators and the members of the supervisory board.

2

The provisions governing the annual financial statements shall apply 

analogously to the opening balance sheet and the explanatory report.

3

Fixed assets shall, however, be shown in accordance with the valuation 

methods applicable to current assets to the extent that their sale is 

intended within a foreseeable period of time or such assets no longer 

serve the operation of the business; the foregoing shall also apply to the 

annual financial statements. 

(3) 1

The court may exempt the company from the requirement of an audit 

of the annual financial statements and the annual report by external 

auditors if the condition of the company is so readily apparent that an 

audit does not appear to be necessary in the interest of the creditors and 

the shareholders. 2An appeal may be made against such decision. 
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§ 271 Distribution of the Assets

(1) The assets of the company remaining after fulfilment of all liabilities shall 

be distributed among the shareholders. 

(2) The assets shall be distributed in proportion to the shares in the share 

capital unless shares exist which grant different rights with respect to the 

distribution of the company’s assets. 

(3) 1

If the contributions to share capital have not been made in the same 

proportion with respect to all shares, the contributions made shall be 

refunded and any surplus remaining distributed in proportion to the 

shares in the share capital. 2If the assets do not suffice to refund the 

contributions, the shareholders shall bear the loss in proportion to the 

shares in the share capital; the contributions still outstanding shall, to 

the extent necessary, be collected. 

§ 272 Protection of Creditors

(1) The assets may only be distributed if one year has elapsed from the date 

on which the notice to creditors has been published. 

(2) If a known creditor does not answer, the amount owed shall be placed on 

deposit for him, if a right to such deposit exists. 

(3) If a liability cannot be fulfilled for the time being or is disputed, the assets 

may only be distributed if security has been provided to the creditor. 

§ 273 Completion of the Liquidation

(1) 1If the liquidation has been completed and the final statement of 

accounts rendered, the liquidators shall file the completion of the 

liquidation for registration in the commercial register. 2The entry of the 

company in the commercial register shall be cancelled. 

(2) The company’s books and records shall be deposited for safekeeping for 

ten years at a safe place to be designated by the court. 

(3) The court may permit shareholders and creditors to inspect the books 

and records. 

(4) 1

If it subsequently becomes apparent that further liquidation measures 

are necessary, the court shall upon motion by a party concerned 

reappoint the previous liquidators or appoint other liquidators. 2§ 265 (4) 

shall apply. 
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(5) An appeal against the decisions pursuant to (2), (3) and (4) sentence 1 

may be made. 

§ 274 Continuation of a Dissolved Company

(1) 1If a stock corporation has been dissolved by lapse of time or a resolution 

of the shareholders’ meeting, the shareholders’ meeting may resolve 

the continuation of the company if the distribution of assets among 

shareholders has not commenced. 2The resolution shall require a majority 

of at least three fourths of the share capital represented at the passing of 

the resolution. 3The articles may provide for a larger capital majority and 

for additional requirements. 

(2) The foregoing shall apply if the company: 

• 1. has been dissolved by the institution of insolvency proceedings, 

but such insolvency proceedings were terminated upon motion by the 

debtor or cancelled following a confirmation of the insolvency plan 

providing for the continuation of the company;

• 2. has been dissolved by a judicial finding of a deficiency in the 

articles pursuant to § 262 (1) No. 5, but an amendment to the articles 

which cures such deficiency has been resolved not later than the 

resolution for continuation of the company.

(3) 1

The liquidators shall file the continuation of the company for registration 

in the commercial register. 2They shall furnish proof in connection with 

such filing that the distribution of the assets of the company among the 

shareholders has not yet commenced. 

(4) 1

The resolution on continuation shall only become effective upon 

registration in the commercial register of the company’s domicile. 2In 

the case of (2) sentence 2, the resolution on continuation shall not be 

effective until it has been registered in the commercial register of the 

company’s domicile together with the resolution on amendment of the 

articles; both resolutions shall only be registered in the commercial 

register together. 
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Section Two. Declaration of Annulment of the Company 

§ 275 Action for Declaration of Annulment

(1) 1If the articles do not contain provisions regarding the amount of the 

share capital or the company’s purpose or if the provisions of the articles 

regarding the company’s purpose are null and void, each shareholder and 

each member of the management board and the supervisory board may 

bring an action for declaration of annulment of the company. 2Such action 

may not be based on any other grounds. 

(2) If the deficiency is capable of being cured pursuant to § 276, the action 

may only be instituted after a party with standing to bring such action has 

demanded that the company cure such deficiency and the company has 

failed to comply with such demand within three months. 

(3) 1

Such action must be brought within three years after registration of the 

company. 2A cancellation of the registration of the company upon the 

court’s own motion pursuant to § 397 (1) of the Act on Court Procedure 

in Family Matters and Non-litigious Matters shall not be precluded by the 

expiration of such period. 

(4) 1

§ 246 (2) to (4), §§ 247, 248 (1) sentence 1, §§ 248a, 249 (2) shall 

apply analogously to a contesting action. 2The management board shall 

submit a certified copy of the complaint and a decision that is final and 

not subject to appeal to the commercial register. 3The annulment of the 

company by virtue of such judgment shall be registered. 

§ 276 Curing of Deficiencies

Any deficiency that relates to the provisions governing the company’s 

purpose may be cured in accordance with the provisions of law and the 

articles regarding amendments of the articles. 

§ 277 Effectiveness of Registration of Annulment

(1) If the annulment of the company by virtue of a judgment which is final 

and not subject to appeal or a decision by the court of registration has 

been registered in the commercial register, liquidation shall be carried 

out in accordance with the provisions regarding liquidation in the case of 

dissolution. 

(2) The validity of transactions entered into in the name of the company shall 

not be affected by the annulment. 

(3) The shareholders shall make contributions to the extent necessary to 

fulfil the liabilities incurred. 
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Book Two. Partnership Limited by Shares 

§ 278 Nature of the Partnership Limited by Shares

(1) The partnership limited by shares is a company which constitutes a 

separate legal entity, in which at least one partner has unlimited liability 

with regard to the creditors of the company (general partner) and the 

other shareholders are not personally liable for the obligations of the 

company (limited shareholders) participate in the share capital. 

(2) The legal relations of the general partners among themselves and with 

respect to the body of limited shareholders and to third parties, in 

particular the authority of the general partners to manage the business 

and represent the company, shall be governed by the provisions of the 

Commercial Code regarding limited partnerships.

(3) For the rest, the provisions of Book One regarding the stock corporation 

shall apply analogously to the partnership limited by shares unless the 

following provisions or the absence of a management board necessitate 

otherwise. 

§ 279 Business Name

(1) The business name of the partnership limited by shares, even if it is 

continued according to § 22 of the Commercial Code or similar legal 

provisions, shall contain the designation “Kommanditgesellschaft auf 

Aktien” or a generally understood abbreviation of this designation. 

(2) If in the partnership no natural person is general partner, the business 

name shall contain a designation indicating the limitation of liability, 

even if it is continued according to § 22 of the Commercial Code or similar 

legal provisions. 

§ 280 Establishment of the Articles. Founders

(1) 1The articles shall be established in the form of a notarial deed. 2The deed 

shall specify the par value in case of par-value shares, the number of 

shares in case of no-par value shares, the issue price and, if there is more 

than one class of shares, the class of shares acquired by each party.

3

Attorneys-in-fact shall require a power of attorney certified by a notary. 

(2) 1

All general partners shall participate in the establishment of the 

articles. 2In addition to the general partners, the persons who as limited 

shareholders subscribe to shares against contributions shall participate 

in the establishment of the articles. 

(3) The general partners and limited shareholders who have established the 

articles are the founders of the company. 
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§ 281 Contents of the Articles

(1) The articles shall contain, in addition to the stipulations pursuant to § 

23 (3) and (4), the surname, forename and place of residence of each 

general partner. 

(2) The articles shall stipulate the amount and kind of any contributions of 

assets by general partners that are not made against the issuance of 

share capital. 

§ 282 Registration of the General Partners

1The registration of the company in the commercial register shall, in lieu of 

the members of the management board, designate the general partners. 2In 

addition, the authority of the general partners to represent the company shall 

be registered. 

§ 283 General Partners

The provisions governing the management board of the stock corporation 

with regard to the following subjects shall apply analogously to the general 

partners: 

• 1. filings, submissions, declarations, and proof to be furnished to the 

commercial register and announcements;

• 2. the formation audit;

• 3. duty of diligence and responsibility;

• 4. duties in relation to the supervisory board;

• 5. permission to grant credit;

• 6. notice of a shareholders’ meeting;

• 7. special audits;

• 8. assertion of claims for damages in connection with the 

management of the business;

• 9. preparation, submission and audit of the annual financial 

statements and the proposals for the appropriation of the net retained 

profits;

• 10. submission and audit of the annual report as well as the 

consolidated financial statements and group annual report;
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• 11. submission, audit and disclosure of the individual accounts 

pursuant to § 325 (2a) of the Commercial Code;

• 12. issuance of shares in the case of a conditional capital increase, 

authorised capital or a capital increase from the company’s reserves;

• 13. annulment and setting aside of a resolution of the shareholders’ 

meeting;

• 14. petition for institution of insolvency proceedings.

§ 284 Prohibition of Competition

(1) 1A general partner may not without the express consent of the other 

general partners and of the supervisory board enter into transactions 

on his own behalf or on behalf of another person in the company’s field 

of business or become member of the management board, manager or 

general partner of a similar commercial enterprise. 2The consent may 

only be granted for specific kinds of business or specific commercial 

enterprises. 

(2) 1

If a general partner violates such prohibition, the company may claim 

damages. 2In lieu thereof, the company may require that the partner 

treat the transactions made for his own account as having been made 

on behalf of the company and remit any remuneration obtained for 

transactions made on behalf of another person or assign his claim to 

such remuneration. 

(3) 1

The Partnership has three months from the date on which the other 

general partners and the members of the supervisory board obtained 

knowledge, or without gross negligence should have obtained knowledge 

of the act giving rise to the damage claim, to make any claims.

2

Irrespective of such knowledge or lack of knowledge as a result of gross 

negligence, the statute of limitation for such claims shall be five years 

from the time when they arose. 

§ 285 Shareholders’ Meeting

(1) 1In the shareholders’ meeting, the general partners shall only have voting 

rights in respect of the shares held by them. 2They may not exercise voting 

rights on behalf of themselves or other persons in the case of resolutions 

regarding: 

• 1. election or removal of the supervisory board;

• 2. ratification of the acts of the general partners and members of the 

supervisory board;

• 3. appointment of special auditors;
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• 4. assertion of claims for damages;

• 5. waiver of claims for damages;

• 6. appointment of external auditors.

3

In the case of resolutions regarding such matters, their voting rights may 

also not be exercised by any other person. 

(2) 1

The resolutions of the shareholders’ meeting shall require the consent of 

the general partners to the extent that they relate to matters which in the 

case of a limited partnership require the consent of the general partners 

and the limited partners. 2Consent of the general partners shall not be 

required for the exercise of the authority of the shareholders’ meeting 

or of a minority of limited shareholders to appoint auditors or assert 

claims of the company arising from the formation or management of the 

company. 

(3) 1

Resolutions of the shareholders’ meeting that require the consent 

of the general partners may be submitted to the commercial register 

only after such consent has been granted. 2Such consent shall, in the 

case of resolutions that are required to be registered in the commercial 

register, be recorded in the minutes of the meeting or in an appendix to 

the minutes. 

§ 286 Annual Accounts, Annual Report

(1) 1The shareholders’ meeting shall resolve upon approval of the annual 

financial statements. 2Such resolution shall require the consent of the 

general partners. 

(2) 1

The capital participations of the general partners shall be shown 

separately in the annual balance sheet following the item Subscribed 

Capital. 2The share of a general partner in any loss for the fiscal year 

shall be deducted from such capital participation. 3If the amount of the 

loss exceeds such capital participation, such excess shall be shown 

separately on the asset side as on accounts receivable, designated 

Payment Obligation of General Partner, to the extent that a payment 

obligation exists; if no payment obligation exists, such excess shall be 

designated as Share of General Partners in Losses which are not Offset 

by Contributions of Assets and shown in accordance with § 268 (3) of 

the Commercial Code. 4Credits falling under § 89 that the company has 

granted to general partners, to their spouses or minor children or to third 

parties that are acting on behalf of such persons, shall be shown on the 

asset side under the appropriate items with the designation, of which 

credits granted to general partners and their relatives. 

(3) The profit or loss attributable to the capital participations of the general 

partners need not be shown separately in the profit and loss statement. 
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(4) § 285 No. 9 lit. a and b of the Commercial Code shall apply to general 

partners, provided, however, that the profit attributable to the capital 

participation of a general partner need not be indicated separately. 

§ 287 Supervisory Board

(1) The supervisory board shall carry out the resolutions of the limited 

shareholders unless the articles provide otherwise. 

(2) 1

The supervisory board shall represent the limited shareholders, unless 

the shareholders’ meeting has elected special representatives, in the 

case of litigation by the limited shareholders as a body against the 

general partners or in the case of litigation by the general partners 

against the limited shareholders as a body. 2The company shall be liable 

for the costs of the litigation that are incurred by the limited shareholders 

irrespective of the company’s right to recourse against the limited 

shareholders. 

(3) General partners may not also be members of the supervisory board. 

§ 288 Withdrawals by General Partners; Granting of Credits

(1) 1A general partner may not withdraw any profit with respect to his capital 

participation if his share of a loss exceeds his capital participation.

2

He also may not withdraw any share of profits or cash for his capital 

participation as long as the sum of any balance sheet loss, any payment 

obligations, the share of general partners in any losses and any amounts 

owed under credits granted to general partners and their relatives 

exceeds the sum of any profit carried forward, the capital and profit 

reserves and the capital participations of the general partners. 

(2) 1

The company may not grant any credit falling under § 286 (2) sentence 

4 as long as the conditions set forth in (1) sentence 2 apply. 2Any such 

credit that has been granted in violation of the foregoing shall be repaid 

immediately irrespective of any agreements to the contrary. 

(3) 1

The foregoing provisions shall not affect the claims of general partners 

for remuneration for services that are not related to profits. 2§ 87 (2) 

sentence 1 and 2 shall apply analogously to any reduction of such 

remuneration. 

§ 289 Dissolution

(1) The grounds for dissolution of a partnership limited by shares and for the 

resignation of one or several general partners from the company shall 

be governed by the provisions of the Commercial Code regarding limited 

partnerships, unless (2) to (6) provide otherwise.
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(2) The partnership limited by shares shall also be dissolved: 

• 1. upon a decision which is final and not subject to appeal denying 

the institution of insolvency proceedings for lack of assets sufficient 

to cover the costs of the proceedings;

• 2. upon an order of the court for registration which is final and not 

subject to appeal determining a deficiency in the articles pursuant 

to § 399 of the Act on Court Procedure in Family Matters and NonLitigious Matters;

• 3. upon cancellation of the company for lack of assets according to 

§ 394 of the Act on Court Procedure in Family Matters and in NonLitigious Matters.

(3) 1

The company shall not be dissolved by reason of the institution of 

insolvency proceedings over the assets of a limited shareholder. 2The 

creditors of a limited shareholder shall not be entitled to terminate the 

company. 

(4) 1

Termination of the company by the limited shareholders or their consent 

to the dissolution of the company shall require a resolution of the 

shareholders’ meeting. 2The foregoing shall also apply to a motion for 

dissolution of the company by judicial decision. 3The resolution shall 

require a majority of not less than three fourths of the share capital 

represented at the passing of the resolution. 4The articles may provide for 

a larger capital majority and for additional requirements. 

(5) General partners may, except in the case of expulsion, resign only when 

the articles so permit. 

(6) 1

All general partners shall file the dissolution of the company or the 

resignation of a general partner for registration in the commercial register.

2

§ 143 (3) of the Commercial Code shall apply analogously. 3In the cases 

of (2) the court shall register the dissolution and the reason for it ex 

officio. 4In the case of (2) No. 3, the registration of the dissolution may be 

omitted. 

§ 290 Liquidation

(1) All general partners and one or more persons elected by the 

shareholders’ meeting shall carry out liquidation of the company as 

liquidators, unless the articles provide otherwise. 

(2) Each general partner may also make motion for the appointment or 

removal of liquidators by the court. 
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(3) 1If the company has been dissolved by cancellation due to lack of 

assets, liquidation shall only take place if it becomes apparent after the 

cancellation that there are assets subject to distribution. 2Liquidators 

shall be appointed by the court upon motion by a party involved. 

Book Three. Affiliated Enterprises 

Division One. Enterprise Agreements 

Section One. Types of Enterprise Agreements 

§ 291 Control Agreement, Profit Transfer Agreement

(1) 1An agreement in which a stock corporation or partnership limited by 

shares submits the direction of the company to another enterprise 

(control agreement) or undertakes to transfer its entire profits to another 

enterprise (profit transfer agreements) shall constitute enterprise 

agreements. 2An agreement in which a stock corporation or partnership 

limited by shares agrees to conduct its business on behalf of another 

enterprise shall also constitute a profit transfer agreement. 

(2) If enterprises that are not controlled by one another submit by agreement 

to common direction, without one of such enterprises becoming 

controlled by another contracting enterprise, such agreement shall not 

constitute a control agreement. 

(3) Payments made by a company in case of an existing control agreement 

or profit transfer agreement shall not constitute a violation of §§ 57, 58 

and 60. 

§ 292 Other Enterprise Agreements

(1) Agreements in which a stock corporation or partnership limited by shares: 

• 1. undertakes to pool its profits or the profits of certain operations 

in whole or in part with the profits of other enterprises or certain 

operations of other enterprises for the purpose of dividing the pool’s 

profits (profit pool);

• 2. undertakes to transfer a share of its profit or the profit of certain 

operations in whole in part to another person (agreement to transfer a 

share of profits);

• 3. leases or otherwise surrenders the operation of its business 

to another person (agreement to lease operations, agreement to 

surrender operations)

shall also constitute enterprise agreements.
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(2) An agreement on profit sharing with members of the management board 

and the supervisory board or with individual employees of the company 

as well as an arrangement as to profit sharing under agreements entered 

into in the ordinary course of business or under licensing agreements 

shall not constitute an agreement to transfer a share of profits. 

(3) 1

The fact that an agreement violates §§ 57, 58 and 60 shall not render 

any agreement to lease or surrender operations, or the resolution by 

which the shareholders’ meeting has consented to such agreement, null 

and void. 2Sentence 1 shall not preclude a contesting action against such 

resolution on the grounds that such agreement violates such provisions. 

Section Two. Conclusion, Amendments and Termination of Enterprise 

Agreements 

§ 293 Consent of the Shareholders’ Meeting

(1) 1An enterprise agreement shall only become effective upon consent of the 

shareholders’ meeting. 2The resolution shall require a majority of not less 

than three fourths of the share capital represented at the passing of the 

resolution. 3The articles may provide for a larger capital majority and for 

additional requirements. 4The provisions of law and the articles governing 

amendments to the articles shall not apply to such resolution. 

(2) 1

A control agreement or profit transfer agreement shall, if the other party 

to the agreement is a stock corporation or partnership limited by shares, 

become effective only if the shareholders’ meeting of such other company 

also consents thereto. 2(1) sentences 2 to 4 shall apply analogously to 

any such resolution. 

(3) Any such agreement must be made in writing and duly signed. 

§ 293a Report on the Enterprise Agreement

(1) 1The management board of any stock corporation or partnership limited 

by shares that is party to an enterprise agreement shall make, to the 

extent that the approval of the shareholders’ meeting is required 

according to § 293, a comprehensive written report that explains and 

justifies legally and economically the conclusion of the enterprise 

agreement, its detailed provisions and especially the nature and the 

level of compensation according § 304 and of the settlement according 

to § 305; the management boards may make the report jointly. 2Special 

difficulties in the valuation of the contracting enterprises and the 

consequences for the shareholders’ holdings must be indicated. 

(2) 1

The report need not include facts whose disclosure would be suited to 

cause considerable disadvantage to one of the contracting enterprises or 

an affiliated enterprise. 2In such case, the report must explain the reasons 

for not disclosing these facts. 
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(3) The report need not be made if all shareholders of all contracting 

enterprises waive this right by a publicly certified declaration. 

§ 293b Examination of the Enterprise Contract

(1) The enterprise contract shall be audited by one or more expert auditors 

(contract auditors) for each contracting stock corporation or partnership 

limited by shares, unless all shares in the dependent company are held 

by the dominant company. 

(2) § 293a (3) shall apply analogously. 

§ 293c Appointment of Contract Auditors

(1) 1The contract auditors are each to be selected and appointed by the 

court upon motion by the management boards of the contracting 

companies. 2Upon joint motion by the management boards, the auditors 

may be appointed jointly for all contracting parties. 3The Regional court 

in the district of which the dependent company has its seat shall have 

jurisdiction. 4If the Regional court has a commercial chamber, then 

this chamber shall decide instead of the civil chamber. 5§ 318 (5) of 

the Commercial Code shall apply for the reimbursement of the court 

appointed auditors and their remuneration. 

(2) § 10 (3) to (5) of the Transformation Act shall apply analogously. 

§ 293d Selection, Position and Accountability of the Contract 

Auditors

(1) 1For the selection and the information right of the contract auditors, § 319 

(1) to (4), § 319a (1), §319b (1), § 320 (1) sentence 2 and (2) sentences 

1 and 2 of the Commercial Code shall apply analogously. 2The information 

right exists with respect to the contracting enterprises and to a group 

enterprise as well as to a dependent and to a dominant enterprise. 

(2) 1

For the accountability of the contract auditors, their assistants and 

the legal representatives of any auditing company collaborating in the 

audit, § 323 of the Commercial Code shall apply analogously. 2They 

shall be accountable with respect to contracting enterprises and their 

shareholders. 
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§ 293e Audit Report

(1) 1The contract auditors shall report in writing on the results of the audit.

2

The audit report shall conclude with a recommendation as to whether 

the proposed compensation or the proposed settlement are adequate.

3

The following must be indicated: 

• 1. the methods by which compensation and settlement were 

determined;

• 2. why the use of these methods is appropriate;

• 3. what compensation or what settlement would have resulted in each 

case from the use of different methods, to the extent that several 

methods were used; at the same time, it must be indicated which 

weight was given to the various methods in determining the proposed 

compensation or settlement and the underlying assets and which 

special difficulties occurred in assessing the contracting enterprises.

(2) § 293a (2) and (3) shall apply analogously. 

§ 293f Preparation for the Shareholders’ Meeting

(1) From the convocation of the shareholders’ meeting that is to resolve on 

the approval of the enterprise contract, the following must be laid out in 

the business premises of each of the participating stock corporations or 

companies limited by shares for review by the shareholders: 

• 1. the enterprise contract;

• 2. annual accounts and annual reports of the contracting enterprises 

for the preceding three years;

• 3. the reports of the management boards made according to § 293a 

and the reports of the contract auditors made according to § 293e.

(2) On request, each shareholder shall be given a copy of the documents 

listed in (1) without delay or charge. 

(3) The duties under (1) and (2) do not apply if the documents listed in (1) for 

the same periods of time are available on the company’s Internet page.
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§ 293g Conduct of the Shareholders’ Meeting

(1) The documents listed in § 293f (1) shall be made available in the 

shareholders’ meeting. 

(2) 1

The management board shall orally explain the enterprise contract at the 

beginning of the meeting. 2It shall be attached to the minutes. 

(3) Each shareholder shall also receive in the shareholders’ meeting, on 

request, information about all matters relating to the other contracting 

party that are relevant to the conclusion of the contract. 

§ 294 Registration, Effectiveness

(1) 1The management board of the company shall file the existence and form 

of the enterprise agreement and the name of the other contracting party 

for registration in the commercial register; if there several agreements to 

transfer a share of profit, the name of the other contracting party may be 

replaced by another designation determining the respective agreement 

to transfer a share of profit. 2The agreement and, if such agreement only 

becomes effective upon the consent of the shareholders’ meeting of 

the other contracting party, the minutes of such resolution including 

attachments shall be appended to the filing in original, duplicate or 

officially certified copy. 

(2) The agreement shall only become effective upon registration in the 

commercial register of the company’s domicile. 

§ 295 Amendment

(1) 1An enterprise agreement may only be amended with the consent of the 

shareholders’ meeting. §§ 293 to 294 shall apply analogously. 

(2) 1

The consent of the shareholders’ meeting of the company to any 

amendment of the terms of the agreement which would obligate 

the company to pay compensation to its outside shareholders or to 

acquire their shares shall require a separate resolution of the outside 

shareholders in order to become effective. 2§ 293 (1) sentences 2 

and 3 shall apply to such separate resolution. 3At the shareholders’ 

meeting resolving upon such consent, each outside shareholder 

shall upon request be provided with information regarding all matters 

relating to the other contracting party that are material in the context of 

such amendment. 
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§ 296 Cancellation

(1) 1An enterprise agreement may only be cancelled by mutual agreement at 

the end of the fiscal year or the accounting period otherwise contractually 

agreed upon. 2A retroactive cancellation is not admissible. 3Cancellation 

shall be made in writing and duly signed. 

(2) 1

An agreement that obligates the company to pay compensation to 

outside shareholders or to acquire their shares may only be cancelled 

if the outside shareholders consent by separate resolution. 2§ 293 (1) 

sentences 2 and 3, § 295 (2) sentence 3 shall apply analogously to such 

separate resolution. 

§ 297 Termination

(1) 1An enterprise agreement may be terminated for cause without observing 

any period of notice. 2Cause shall in particular exist if it is likely that the 

other contracting party will not be able to fulfil its obligations arising from 

the agreement. 

(2) 1

The management board of the company may only terminate without 

cause an agreement which obligates the company to pay compensation 

to the outside shareholders or to acquire their shares if the outside 

shareholders consent thereto by separate resolution. 2§ 293 (1) 

sentences 2 and 3, § 295 (2) sentence 3 shall apply analogously to such 

separate resolution. 

(3) The notice of termination shall be made in written form. 

§ 298 Filing and Registration

The management board of the company shall without undue delay file the 

cancellation or termination of an enterprise agreement, the grounds and the 

date of cancellation or termination for registration in the commercial register. 

§ 299 Prohibition of Instructions

An enterprise agreement may not serve as the basis for an instruction to the 

company to amend, continue, cancel or terminate the agreement. 
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Section Three. Protection of the Company and the Creditors 

§ 300 Legal Reserve

The following amounts are to be transferred to the legal reserve in lieu of the 

amount specified in § 150 (2): 

• 1. if a profit transfer agreement exists, that amount of the annual net 

profit accruing without such profit transfer, after deducting any loss 

carried forward from the previous year, which is required in order to 

fill up, during the first five fiscal years commencing during the term 

of such agreement or upon completion of a capital increase, the legal 

reserve, plus the amount of any capital reserve, in equal instalments 

to one-tenth of the share capital or a higher proportion specified by 

the articles, but in any event not less than the amount specified in 

number 2.

• 2. if an agreement to transfer a share of profits exists, that share 

of the annual net profit accruing without such profit transfer, after 

deducting any loss carried forward from the previous year, which 

would be transferred to the legal reserve pursuant to § 150 (2).

• 3. if a control agreement exists which does not obligate the company 

to transfer its entire profit, that amount which is required to fill up the 

legal reserve in accordance with No. 1, but in any event not less than 

the amount specified in § 150 (2) or, if the company is obligated to 

transfer a share of its profit, the amount specified in No. 2.

§ 301 Maximum Amount of Profit Transfer

1

Irrespective of any agreements made regarding the amount of profit to 

be transferred, a company may in no event transfer as profit an amount 

exceeding the annual net profit accruing without such profit transfer, after 

deducting any loss carried forward from the previous year, the amount to be 

transferred to the legal reserve pursuant to § 300 and the undistributable, 

restricted amount pursuant to § 268 (8) of the Commercial Code. 2If during 

the term of the agreement amounts have been transferred to other profit 

reserves, such amounts may be withdrawn from such other profit reserves 

and transferred as profit. 

§ 302 Assumption of Losses

(1) In the case of a control agreement or profit transfer agreement, the 

other contracting party shall compensate any annual net loss occurring 

during the term of the agreement to the extent that such loss is not 

compensated by withdrawing amounts from the other profit reserves 

which were transferred to such reserves during the term of the agreement. 
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(2) If a controlled company has leased or otherwise surrendered the 

operation of its business to its controlling enterprise, such controlling 

enterprise shall compensate any annual net loss occurring during the 

term of the agreement to the extent that the consideration agreed upon 

for such lease or surrender of operation does not constitute adequate 

compensation. 

(3) 1

The company may only waive or compromise any claim for compensation 

after the expiration of three years from the date on which the registration 

of the cancellation or termination of the agreement in the commercial 

register has been announced pursuant to § 10 of the Commercial Code.

2

The foregoing shall not apply if the party obligated to compensate is 

insolvent and enters into settlement with his creditors to avoid insolvency 

proceedings. 3Such waiver or settlement shall only become effective if 

the outside shareholders consent thereto by separate resolution and no 

minority whose holding in aggregate equals or exceeds one-tenth of the 

share capital represented at the passing of the resolution has recorded 

an objection in minutes. 

(4) The statute of limitation for any claims pursuant to the foregoing 

provisions shall be ten years starting from the day on which notice of the 

registration of termination of the agreement with the commercial register 

has been announced pursuant to § 10 of the Commercial Code. 

§ 303 Protection of Creditors

(1) 1If a control agreement or profit transfer agreement is cancelled or 

terminated, the other contracting part shall provide security to the 

creditors of the company whose claims arose prior to the date on which 

the registration of the cancellation or termination of the agreement in 

the commercial register has been announced pursuant to § 10 of the 

Commercial Code, provided that such creditors have applied to such 

contracting party for such purpose within six months from the date of the 

announcement of the registration. 2In the announcement of registration, 

the creditors shall be advised of such right. 

(2) Creditors who in the case of insolvency proceedings have a right to 

preferential satisfaction from a fund that has been established pursuant 

to statutory provisions for their protection and is subject to governmental 

supervision shall not have the right to demand security. 

(3) 1

The other contracting party may in lieu of security guarantee the claim.

2

§ 349 of the Commercial Code, which excludes the benefit of discussion, 

shall not apply. 
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Section Four. Protection of Outside Shareholders in Case of Control 

Agreements or Profit Transfer Agreements 

§ 304 Adequate Compensation

(1) 1A profit transfer agreement shall provide for adequate compensation for 

outside shareholders by recurring payments in proportion to the shares in 

the share capital (compensation payment). 2A control agreement shall, if 

the company is not obligated to transfer its entire profit, guarantee to the 

outside shareholders as adequate compensation a certain annual share 

of profit in the same amount as the compensation payment. 3Adequate 

compensation only does not have to be determined if the company does 

not have any outside shareholders at the time of the adoption of the 

resolution of the shareholders’ meeting on the agreement. 

(2) 1

The annual amount to be provided as compensation payment shall be 

not less than the amount which could be expected to be distributed as 

the average dividend for each share in view of the past profitability of 

the company and its prospective profits, taking into account adequate 

depreciation and reserves for declines in value but exclusive of other 

profit reserves. 2If the other contracting party is a stock corporation 

or a partnership limited by shares, the amount to be provided as 

compensation payment may be the amount which is paid as dividend on 

shares of the other company achieving an appropriate conversion ratio.

3

Such appropriate conversion ratio shall be determined by the proportion 

in which shares of the company, in the case of a merger, would be 

entitled to shares of the other company. 

(3) 1

An agreement which contrary to (1) does not provide for any 

compensation payment shall be null and void. 2A contesting action 

against the resolution by which the shareholders’ meeting of the 

company has consented to the agreement or to an amendment of the 

agreement falling under § 295 (2), may not be based on § 243 (2) or 

on the grounds that the compensation provided for in the agreement 

is inadequate. 3If the compensation provided for in the agreement is 

inadequate, the court with jurisdiction pursuant to § 2 of the Corporate 

Proceedings Act shall upon motion determine the contractually owed 

compensation and shall, if the agreement provides for a compensation 

payment computed pursuant to (2) sentence 2, determine the 

compensation pursuant to such provision. 

(4) If the court determines the amount of the compensation payment, the 

other contracting party may terminate the agreement without complying 

with any notice period within two months of the date on which the 

decision has become final and may not be appealed. 
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§ 305 Settlement

(1) A control agreement or profit transfer agreement shall, in addition to 

the obligation to provide compensation pursuant to § 304, include the 

obligation of the other contracting party to acquire the shares of any 

outside shareholder upon demand by such shareholder against an 

adequate settlement specified in the agreement. 

(2) The agreement shall provide for the following settlement: 

• 1. if the other contracting party is a stock corporation or partnership 

limited by shares with seat in a member state of the European Union 

or another contracting state to the Agreement on the European 

Economic Area and is not a controlled enterprise or subsidiary, own 

shares of such other company,

• 2. if the other contracting party is a stock corporation or partnership 

limited by shares which is a controlled enterprise or subsidiary 

and the controlling enterprise is a stock corporation or partnership 

limited by shares with seat in a member state of the European Union 

or another contracting company of the Agreement on the European 

Economic Area, either shares of the controlling enterprise or of the 

parent or a cash settlement;

• 3. in all other cases, a cash settlement.

(3) 1

If shares of another company are provided as settlement, such 

settlement shall be considered to be adequate if the shares are provided 

in the same proportion in which shares of the company would, in the case 

of a merger, be entitled to shares of the other company, provided that 

fractional amounts may be compensated by additional cash payments.

2

The adequate cash settlement must take into account the condition of 

the company at the time of its shareholders’ meeting resolving on the 

agreement. 3After expiry of the day on which the control agreement or 

the profit transfer agreement has become effective, interest shall accrue 

on the cash settlement at the annual rate of five per centage points over 

the basic rate according to § 247 of the Civil Code; claims for further 

damages are not excluded. 

(4) 1

The obligation to acquire shares may be limited to a specified period of 

time. 2Such period of time shall expire not earlier than two months after 

the date on which the registration of the agreement in the commercial 

register has been announced pursuant to § 10 of the Commercial 

Code. 3If motion has been made for determination of the amount of 

the compensation payment or settlement by the court with jurisdiction 

pursuant to § 2 Corporate Proceedings Act, such period of time shall 

expire not earlier than two months after the date on which the decision 

on the last motion disposed of has been announced in the electronic 

Federal Gazette. 
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(5) 1A contesting action against the resolution by which the shareholders’ 

meeting of the company has consented to the agreement, or to an 

amendment thereto falling under § 295 (2), may not be based on the 

ground that the agreement does not provide for an adequate settlement.

2

If the agreement does not provide for any settlement at all or for a 

settlement that does not comply with (1) to (3), the court with jurisdiction 

pursuant to § 2 Corporate Proceedings Act shall upon motion determine 

the amount of the settlement due under the agreement. 3In the case of 

(2) sentence 2, if the agreement provides for the granting of shares of 

the controlling enterprise or parent company, the court shall determine 

the ratio in which such shares are to be granted, and if the agreement 

does not provide for the granting of shares of the controlling enterprise 

or parent company, the court shall determine the appropriate cash 

settlement. 4§ 304 (4) shall apply analogously. 

§ 306 [repealed]

§ 307 Termination of Agreement in the Interests of Outside 

Shareholders

If the company does not have any outside shareholder at the date of the 

resolution by its shareholders’ meeting on a control agreement of profit 

transfer agreement, such agreement shall terminate no later than at the end 

of the fiscal year in which an outside shareholder acquires a shareholding in 

the company. 

Division Two. Power to Direct and Liability in case of Interdependency 

on Enterprises

Section One. Power to Direct and Liability in case of a Control 

Agreement

§ 308 Power to Direct

(1) 1In the case of a control agreement, the controlling enterprise shall be 

entitled to issue instructions to the management board of the company 

with respect to management of the company. 2Unless otherwise provide in 

such agreement, instructions may be issued which are disadvantageous 

to the company, if they are advantageous to the controlling enterprise or 

to affiliated enterprises which are members of the same group as such 

controlling enterprise and such company. 

(2) 1

The management board shall be obligated to comply with the 

instructions of the controlling enterprise. 2The management board may 

not refuse compliance with an instruction on the grounds that such 

instruction does not in its opinion serve the interests of the controlling 

enterprise or of affiliated enterprises that are members of the same group 

as such controlling enterprises and such controlled company, unless 

such instructions manifestly do not serve such interests. 
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(3) 1If the management board has been instructed to undertake a transaction 

which requires the consent of the company’s supervisory board, and 

such consent has not been granted within a reasonable period of time, 

the management board of the controlled company shall inform the 

controlling enterprise thereof. 2If after such notification the controlling 

enterprise renews its instruction, the consent of the supervisory board 

shall no longer be required; if the controlling enterprise has a supervisory 

board, such instruction may only be renewed with the consent of such 

supervisory board. 

§ 309 Liability of the Legal Representatives of the Controlling 

Enterprise

(1) In the case of a control agreement, the legal representatives (in the case 

of a sole proprietor the owner) of the controlling enterprise shall, in 

issuing instructions to the company, employ the case of a diligent and 

conscientious manager. 

(2) 1

If such legal representatives violate their duties, they shall be jointly and 

severally liable to the company for any resulting damage. 2They shall bear 

the burden of proof in the event of a dispute as to whether or not they 

have employed the care of a diligent and conscientious manager. 

(3) 1

The company may waive or compromise any claim for damages not prior 

to the expiration of three years from the date on which such claim has 

arisen and only if the outside shareholders consent thereto by separate 

resolution and no minority whose holding in aggregate equals or exceeds 

one-tenth of the share capital represented at the passing of the resolution 

records an objection in the minutes. 2The foregoing limitation period 

shall not apply if the person liable for damages is insolvent and enters 

into a settlement with his creditors to avoid or terminate insolvency 

proceedings or if the liability for damages is regulated in an insolvency 

plan. 

(4) 1

Any claim of the company for damages may also be asserted by any 

shareholder. 2The shareholders may, however, only demand that 

compensation be paid to the company. 3Such claim for damages may 

furthermore be asserted by the creditors of the company as far as such 

creditors cannot obtain satisfaction from the company. 4Liability for 

damages with respect to the creditors shall neither be extinguished by 

a waiver nor by a settlement of the company. 5If insolvency proceedings 

have been instituted over the assets of the company, the receiver in 

insolvency shall exercise the rights of the shareholders and creditors to 

assert any claim of the company for damages during the course of such 

proceedings. 

(5) Claims under the foregoing provisions shall be time barred after 

expiration of a period of five years. 
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§ 310 Liability of the Company’s Board Members

(1) 1The members of the management board and the supervisory board of 

the company shall, in addition to any person liable pursuant to § 309, 

be jointly and severally liable if they have acted in violation of their 

duties. 2They shall bear the burden of proof in the event of a dispute 

as to whether or not they have employed the care of a diligent and 

conscientious manager. 

(2) The consent of the supervisory board to such act shall not preclude 

liability for damages. 

(3) The company’s board members shall not be liable for damages if the act 

causing damage was based on an instruction that was binding pursuant 

to § 308 (2). 

(4) § 309 (3) to (5) shall apply. 

Section Two. Liability in Case of no Control Agreement 

§ 311 Limitation on the Exercise of Influence

(1) In the absence of a control agreement, a controlling enterprise may 

not exercise its influence to cause a controlled stock corporation or 

partnership limited by shares to undertake or refrain from undertaking 

a disadvantageous transaction or act, unless any disadvantage is 

compensated. 

(2) 1

If such compensation is not made during the fiscal year in which the 

controlled company is caused such disadvantage, the time and means 

by which such disadvantage shall be compensated shall be determined 

no later than the end of such fiscal year. 2The controlled company shall 

be granted an entitlement to the measures designated to serve as 

compensation. 
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§ 312 Report of the Management Board on Relations with 

Affiliated Enterprises

(1) 1In the absence of a control agreement, the management board of 

a controlled company shall, within the first three months of each 

fiscal year, render a report on the company’s relations with affiliated 

enterprises. 2Such report shall specify all transactions entered into 

by the company during the previous fiscal year with the controlling 

enterprise or any enterprise affiliated with such controlling enterprise or 

at the instruction or in the interest of any such enterprise and all other 

acts which the controlled company has undertaken or refrained from 

undertaking at the instruction or in the interest of any such enterprise.

3

Such report shall, with regard to transactions, specify any consideration 

given or received and, with regard to acts undertaken, state the reasons 

for such acts and the advantages and disadvantages for the controlled 

company. 4If compensation for disadvantages was given, such report 

shall specify the manner in which such compensation was actually given 

during the fiscal year and for which measures the company has been 

granted an entitlement. 

(2) Such report shall comply with the principles of conscientious and 

accurate accounting. 

(3) 1

The management board shall, at the end of such reports, comment on 

whether the company, under the circumstance known to the board at the 

date on which the company entered into such transaction or undertook 

or refrained from undertaking such act, received adequate consideration 

for each such transaction or suffered any disadvantage by reason of 

undertaking or refraining from undertaking such act. 2If the company 

suffered any disadvantage, the management board shall further comment 

on whether such disadvantage has been compensated. 3Such comments 

shall be included in the annual report. 

§ 313 Audit by External Auditors

(1) 1If the annual financial statements are to be audited by an external 

auditor, the report on relations with affiliated enterprises shall be 

submitted to the external auditor together with the annual financial 

statements and the annual report. 2The auditor shall examine whether: 

• 1. the statements in such report on relation with affiliated enterprises 

are accurate;

• 2. the consideration given by the company for the transaction 

specified in such report was not unreasonably high in view of the 

circumstances known at the time such transactions were entered into; 

and, whether any disadvantages have been compensated;
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• 3. there are no circumstances that would justify a different opinion 

in respect of the acts specified in the report than the opinion of the 

management board.

3

§ 320 (1) sentence 2 and (2) sentences 1 and 2 of the Commercial 

Code shall apply analogously. 4The external auditor shall have the rights 

pursuant to the foregoing provisions also with respect to a member of an 

affiliated group or a controlled or controlling enterprise. 

(2) 1

The external auditor shall report in writing on the findings of the 

audit. 2If the auditor finds in the course of the audit of the annual 

financial statements, the annual report and the report on the relations 

with affiliated enterprises that such report on relations with affiliated 

enterprises is incomplete, he shall also report thereon. 3The external 

auditor shall sign and submit the audit report to the supervisory board; 

prior to such submission the management board shall have the right to 

make a statement thereon. 

(3) 1

If the conclusive findings of the audit do not give rise to any objections, 

the external auditor shall confirm this with the following note to the report 

on relations with affiliated enterprises: 

• “On the basis of my/our diligent examination and judgment I/we 

hereby confirm that: 

– 1. the statements in such report on relation with affiliated 

enterprises are accurate;

– 2. the consideration given by the company for the transactions 

specified in the report was not unreasonably high and any 

disadvantages incurred have been compensated;

– 3. there are no circumstances that would justify a different opinion 

in respect of the acts specified in the report than the opinion of 

the management board.

2

No. 2 may be omitted from such note if the report does not specify any 

transactions and No. 3 may be omitted from such note if the report does 

not specify any acts. 3If the external auditor has not determined that the 

consideration given by the company for any transaction specified in the 

report was unreasonably high, No. 2 of such note shall be limited to 

confirmation of such fact. 

(4) 1

If objections are to be made or the external auditor has determined 

that the report on relations with affiliated enterprises is incomplete, 

the auditors shall either restrict the wording of the confirmation note 

or refuse to provide any confirmation. 2If the management board has 

stated that the company has suffered a disadvantage as a result of 

certain transactions or acts, and that such disadvantages have not been 

compensated, such fact shall be stated in the note and the note shall be 

restricted to any other transactions or acts. 
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(5) 1The external auditor shall sign the confirmation note stating the place 

and date of signature. 2Such note shall also be included in the audit 

report. 

§ 314 Examination by the Supervisory Board

(1) 1The management board shall submit to the supervisory board the report 

on relations with affiliated enterprises immediately after its preparation.

2

This report and, if the annual financial statements are to be audited 

by an external auditor, the audit report of the external auditor shall be 

delivered to each member of the supervisory board and, if the supervisory 

board has so resolved, the members of a committee. 

(2) 1

The supervisory board shall examine the report on relations with 

affiliated enterprises and comment on the findings of such examination in 

its report to the shareholders’ meeting (§ 171 (2)). 2If the annual financial 

statements are to be audited by an external auditor, the supervisory 

board shall in its report further comment on the findings of the audit of 

the report on relations with affiliated enterprises by the external auditor.

3

The confirmation note of the external auditor shall be included in such 

report and the refusal to provide such note shall be explicitly stated. 

(3) The supervisory board shall, at the end of the report, state whether or 

not based on the findings of its examination, objections are to be made 

to the comments of the management board at the end of the report on 

relations with affiliated enterprises. 

(4) If the annual financial statements are to be audited by an external 

auditor, the external auditor shall attend the deliberations of the 

supervisory board or a committee regarding the report on relations with 

affiliated enterprises and provide a report on the material findings of his 

audit. 

§ 315 Special Audit

1

The court shall upon motion by a shareholder appoint special auditors to 

audit the business relations of the company with its controlling enterprise or 

an enterprise affiliated with such controlling enterprise if: 

• 1. the external auditor has restricted or refused to provide a 

confirmation note on the report on relations with affiliated 

enterprises;

• 2. the supervisory board has stated that objections are to be made to 

the comments of the management board at the end of the report on 

relations with affiliated enterprises;
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• 3. the management board has stated that the company has suffered 

a disadvantage as a result of certain transactions or acts, and such 

disadvantages have not been compensated.

2

If other facts support the suspicion that the company has suffered an 

undue disadvantage, the petition may also be made by shareholders 

whose aggregate holdings reach the threshold set forth in § 142(2) if they 

furnish evidence that they have been the holders of the shares for at least 

three months prior to the date of filing the petition. 3The district court of 

the stock corporation’s registered seat shall decide on such petition. 4§ 

142 (8) shall apply accordingly. 4An appeal may be made against such 

decision. 6If the shareholders’ meeting has appointed special auditors to 

audit the same matters, each shareholder may file a motion pursuant to § 

142 (4). 

§ 316 No Report on Relations with Affiliated Enterprises in the 

Case of a Profit Transfer Agreement

§§ 312 to 315 shall not apply if a profit transfer agreement 

between the controlled company and the controlling enterprise 

exists. 

§ 317 Liability of the Controlling Enterprise and its Legal 

Representatives

(1) 1If a controlling enterprise causes a controlled company with which 

a control agreement does not exist to enter into a transaction or to 

undertake or refrain from undertaking any act which is disadvantageous 

for such controlled company, without compensating such disadvantage 

by the end of the fiscal year or granting to the controlled company an 

entitlement to any measures serving as compensation for this, such 

controlling enterprise shall be liable for any resulting damage to such 

controlled company. 2Such controlling enterprise shall also be liable to 

the shareholders of the controlled company for any resulting damage to 

the shareholders insofar as they have suffered damage in addition to any 

loss incurred as a result of the damage to the company. 

(2) The controlling enterprise shall not be liable if a prudent and a conscientious 

manager of an independent company would have entered into such 

transaction or undertaken or refrained from undertaking such act. 

(3) The legal representatives of the controlling enterprise who have caused 

the controlled company to enter into such transaction or undertake or 

refrain from undertaking such act shall, in addition to the controlling 

enterprise, be jointly and severally liable. 

(4) § 309 (3) to (5) shall apply analogously. 
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§ 318 Liability of the Board Members

(1) 1The members of the management board of the company shall be 

jointly and severally liable together with the persons liable pursuant 

to § 317, if, in violation of their duties, they have failed to include any 

disadvantageous transaction or act in their report on relations of the 

company with affiliated enterprises or to state that the company has 

suffered a disadvantage as a result of such transaction or act and that 

such disadvantage has not been compensated. 2They shall bear the 

burden of proof in the event of a dispute as to whether or not they have 

employed the care of a diligent and conscientious manager. 

(2) The members of the supervisory board of the company shall be jointly 

and severally liable together with persons liable pursuant to § 317, 

if, with respect to any disadvantageous transaction or act, they have 

violated their duty to examine the report on relations with affiliated 

enterprises and to report to the shareholders’ meeting on the findings of 

such examination (§ 314); (1) sentence 2 shall apply analogously. 

(3) The board members shall not be liable to the company and the 

shareholders if any such act was based on a lawful resolution of the 

shareholders’ meeting. 

(4) § 309 (3) to (5) shall apply analogously. 

Section Three. Integrated Companies 

§ 319 Integration

(1) 1The shareholders’ meeting of a stock corporation may resolve to 

integrate the company into another stock corporation with domicile in 

Germany (principal company), if all shares of such company are held 

by the prospective principal company. 2The statutory provisions and the 

provisions of the articles governing amendments to the articles shall not 

apply to such resolution. 

(2) 1

The resolution on integration shall become effective only upon consent 

by the shareholders’ meeting of the prospective principal company. 2The 

resolution on the consent shall require a majority of not less than three 

fourths of the share capital represented at the passing of the resolution.

3

The articles may provide for a larger capital majority and for additional 

requirements. 4(1) sentence 2 shall apply. 
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(3) 1From the convocation of the shareholders’ meeting of the prospective 

principal company that is to resolve the approval of the integration, the 

following must be presented in the business premises of this company 

for review by the shareholders: 

• 1. a draft of the integration resolution;

• 2. annual accounts and balance sheets of the participating companies 

for the preceding three years;

• 3. a comprehensive written report by the management board of the 

prospective principal company in which the integration is explained 

and justified legally and economically (integration report).

2

Upon request, each shareholder shall receive without delay and free of 

charge a copy of the documents referred to in sentence 1. 3The duties in 

sentences 1 to 2 shall not arise if the documents referred to in sentence 

1 are accessible on the future principal company’s Internet page for the 

same period of time. 4These documents shall be made accessible in the 

shareholders’ meeting. 5Each shareholder shall upon request also receive 

in the shareholders’ meeting information about all matters relating to 

the company to be integrated that are relevant in the context of the 

integration. 

(4) 1

The management board of the company to be integrated shall file the 

integration and the name of the principal company for registration in the 

commercial register. 2The minutes of the resolutions of the shareholders’ 

meeting and the appendices thereto shall be appended to such filing in 

duplicate or officially certified copy. 

(5) 1

In the registration according to 4, the management board must 

declare that an action against the effectiveness of the resolution of 

the shareholders’ meeting has not be raised or has not been raised 

within the time limits or that such an action has been denied finally and 

without recourse to appeal or that such an action has been withdrawn; 

the management board must also inform the registration court of such 

actions after the registration. 2If the declaration is not made, then the 

integration shall not be registered unless, through declarations certified 

by a notary, those shareholders with standing forfeit the action against 

the effectiveness of the resolution of the shareholders’ meeting. 
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(6) 1The declaration according to 5 sentence 1 is not necessary if, after 

the raising of an action against the effectiveness of the resolution by 

shareholders’ meeting, the court holds, on application of the company 

against whose shareholders’ meeting resolution the action is directed, 

that the raising of the action does not prevent the registration. 2§ 247, 

§§ 82, 83 (1) and § 84 of the Code of Civil Procedure as well as the 

provisions of the Code of Civil Procedure applicable with regard to 

proceedings at first instance before regional courts shall be applied to the 

proceedings unless stated otherwise. 3The order according to sentence 1 

shall be issued if 

• 1. the action is inadmissible or manifestly unfounded,

• 2. the claimant has not provided deeds within one week after 

service of the application which prove that he has been holding a 

proportionate amount of not less than 1,000 euros since notification 

of the meeting; or

• 3. it appears preferable that the resolution of the shareholders’ 

meeting takes effect immediately, because the material 

disadvantages for the company and the shareholders as set 

forth by the stock corporation outweigh, in the court’s opinion, 

the disadvantages for the opponent, unless the infringement is 

particularly severe.

4

In urgent cases, the order can be issued without oral hearing. 5The 

decision should be rendered no later than three months following the 

petition; delays in rendering the decision must be explained in a nonappealable decision. 6The alleged facts according to which the order can 

be issued according to sentence 3 must be made credible. 7The senate of 

the higher regional court of the stock corporation’s registered seat shall 

decide on such petition. 8A transfer of such power to decide to a single 

judge shall be excluded; conciliatory hearings shall not be required.

9

The decision is not subject to a contesting action. 10If the action proves 

to be founded, then the company that caused issue of the order must 

compensate the opponent of the application for the loss incurred due 

to the registration based on the order. 11Any deficiencies concerning the 

resolution shall not affect its implementation after registration; it is not 

possible to demand as compensation that this effect of the registration 

be eliminated. 

(7) The integration of the company into the principal company shall become 

effective upon registration of the integration in the commercial register of 

the integrated company’s domicile. 
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§ 320 Integration by Majority Resolution

(1) 1The shareholders’ meeting of a stock corporation may also resolve to 

integrate the company into another stock corporation with domicile 

in Germany if the prospective principal company holds shares of the 

company representing in aggregate ninety-five per cent of the share 

capital. 2Own shares and shares held by another person on behalf of such 

company shall be deducted from the share capital. 3(2) to (4) shall, in 

addition to § 319 (1) sentence 2, (2) to (7), apply to the integration. 

(2) 1

 The announcement of the integration as an item on the agenda shall 

only be deemed duly made if: 

• 1. such announcement includes the business name and domicile of 

the prospective principal company;

• 2. a statement of the prospective principal company has been 

appended to such announcement in which such prospective principal 

company offers own shares to shareholders of the company to be 

integrated as compensation for their shares, and, in the case of § 

320b (1) sentence 3, an additional cash payment.

2

Sentence 1 No. 2 shall also apply to the announcement of the 

prospective principal company. 

(3) 1

The integration shall be audited by expert auditors (integration auditors).

2

Such auditors shall be selected and appointed by the court upon petition 

of the management board of the prospective principal company. 3§ 293a 

(3), §§ 293c to 293e shall apply analogously. 

(4) 1

The documents referred to in § 319 (3) sentence 1 and the audit report 

according to (3) shall be presented in the business premises of the 

company to be integrated and the prospective principal company for 

review by the shareholders as of the convocation of the shareholders’ 

meeting that is to resolve the approval of the integration. 2The integration 

report shall explain and justify legally and economically the nature 

and level of the settlement according to § 320b; it shall indicate 

special difficulties in assessing the participating companies and the 

consequences for the holdings of the shareholders. 3§ 319 (3) sentences 

2 to 5 applies analogously for shareholders of both companies. 

§ 320a Effects of the Integration

1

Upon registration in the commercial register, all shares that are not held by 

the principal company are transferred to it. 2Any Certificates issued for these 

shares shall only guarantee the entitlement to settlement until their delivery 

to the principal company.
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§ 320b Settlement for the Former Shareholders

(1) 1The former shareholders of the integrated company are entitled to an 

adequate settlement. 2They shall be granted own shares of the principal 

company as settlement. 3If the principal company is a dependent 

company, then the former shareholders shall be granted at their election 

own shares of the principal company or an appropriate cash settlement.

4

If shares in the principal company are granted as settlement, the 

settlement shall be deemed adequate if the shares are issued in the 

proportion in which upon a merger a share of the company would be 

granted shares in the principal company, whereby fractional amounts 

can be compensated by additional cash payments. 5The cash settlement 

must take into account the condition of the company at the time of its 

shareholders’ meeting resolving the integration. 6The cash settlement and 

additional cash payments shall accrue interest at the annual rate of five 

per centage points over the basic rate according to § 247 of the Civil Code 

from the end of the day on which the registration of the integration is 

published; claims for further damages are not excluded. 

(2) 1

The challenge of the resolution by which the shareholders’ meeting 

of the integrated company resolved the integration cannot be based 

on § 243 (2) or that the settlement offered by the principal company 

according to § 320 (2) No. 2 is not adequate. 2If the settlement offered 

is not adequate then the court determined by § 2 Corporate Proceedings 

Act shall on application determine the adequate settlement. 3The same 

applies if the principal company has not or has not duly offered a 

settlement and an action has not been raised within the time limits for 

a challenge, has been withdrawn or denied finally and without recourse 

to appeal. 

§ 321 Protection of Creditors

(1) 1Creditors of the integrated company whose claims arose prior to the 

registration of the integration in the commercial register shall be provided 

with security insofar as they are not able to demand satisfaction, 

provided that they have made application for this purpose within six 

months after the date of such announcement. 2In the announcement of 

registration, the creditors shall be advised of such right. 

(2) Creditors shall not be entitled to demand provision of security if they 

have a right to preferential satisfaction in the case of insolvency from a 

fund which has been created for their protection pursuant to statutory 

provisions and which is subject to governmental supervision. 
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§ 322 Liability of the Principal Company

(1) 1The principal company shall be liable to the creditors of the integrated 

company as joint and several debtor for the obligations of such company 

that have been incurred prior to such date. 2The principal company shall 

also be liable for all obligations of the integrated company that have been 

incurred after the integration. 3Any agreement to the contrary shall be 

ineffective towards third parties. 

(2) If a claim is made against the principal company regarding an obligation 

of the integrated company, such principal company may raise defences 

other than those it has in its own right only if such defences may be 

raised by the integrated company. 

(3) 1

The principal company may refuse to satisfy a creditor for as long as the 

integrated company has the right to rescind the transaction giving rise to 

such obligation. 2The principal company shall have the same right for as 

long as the creditor may obtain satisfaction by setting off against a claim 

of the integrated company that is due. 

(4) A judgment or other judicial decision which is enforceable against the 

integrated company may not be enforced against the principal company. 

§ 323 Principal Company’s Power to Direct and Management 

Board Members’ Liability

(1) 1The principal company shall be entitled to issue instructions to the 

management board of the integrated company regarding the management 

of the company. 2§ 308 (2) sentence 1, (3) §§ 309, 310 shall apply 

analogously. 3§§ 311 to 318 shall not apply. 

(2) Payments and other forms of consideration given by the integrated 

company to the principal company shall not be deemed to constitute a 

violation of §§ 57, 58 and 60. 

§ 324 Legal Reserve, Profit Transfer, Assumption of Losses 

(1) The statutory provisions governing the creation of a legal reserve, the use 

thereof and the transfer of amounts to the legal reserve shall not apply to 

integrated companies. 

(2) 1

§§ 293 to 296, 298 to 303 shall not apply to a profit transfer agreement, 

a profit sharing arrangement or an agreement to transfer a share of 

profits between an integrated company and the principal company. 2The 

agreement, any amendments thereto and the cancellation thereof shall 

be in writing and duly signed. 3The amount to be transferred as profit may 

not exceed the distributable profit accruing prior to the profit transfer.

4

The agreement shall expire not later than at the end of the fiscal year in 

which the integration terminates. 
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(3) The principal company shall be obligated to compensate any 

accumulated loss of the integrated company that may otherwise arise 

insofar as such loss exceeds the amount of the capital reserves and profit 

reserves. 

§ 325 [repealed]

§ 326 Right of the Principal Company’s Shareholders to 

Information

Each shareholder of the principal company shall be entitled to be provided 

with information regarding matters relating to the integrated company to the 

same extent he is entitled to be provided with information regarding matters 

relating to the principal company. 

§ 327 Termination of Integration

(1) Integration shall terminate: 

• 1. upon resolution of the shareholders’ meeting of the integrated 

company.

• 2. if the principal company is no longer a stock corporation with 

domicile in Germany;

• 3. if the principal company no longer holds all shares of the integrated 

company;

• 4. upon dissolution of the principal company.

(2) If the principal company no longer holds all shares of the integrated 

company, the principal company shall promptly advise the integrated 

company thereof in writing. 

(3) The management board of the previously integrated company shall 

promptly file the termination of integration, the reason for this and the 

date thereof for registration in the commercial register of such company’s 

domicile. 

(4) 1

If the integration is terminated, the former principal company shall be 

liable for all liabilities the formerly integrated stock corporation has 

incurred until then, provided that the liabilities become due prior to the 

expiration of five years after the integration has been terminated and the 

claims against the former principal company are established in a manner 

as set forth in § 197(1) numbers 3 to 5 of the Civil Code or the court or 
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an authority enforces such claims or applies for their enforcement; in 

the case of public liabilities an administrative decision shall suffice.

2

The statute of limitation shall begin running from the date on which 

notice of registration of the termination of the integration has been given 

pursuant to § 10 of the Commercial Code. 3For the statute of limitation, 

§§ 204, 206, 210, 211 and § 212 (2) and (3) of the Civil Code shall 

apply accordingly. 4An establishment of the claim in respect of § 197(1) 

numbers 3 to 5 of the Civil Code is not necessary if the former principal 

company acknowledges the claim in writing. 

Division Four. Squeeze-out of Minority Shareholders 

§ 327a Transfer of Shares for Cash Compensation

(1) 1The shareholders meeting of a stock corporation or of partnership limited 

by shares may resolve upon request of a shareholder holding 95 per 

cent of the share capital (principal shareholder) the transfer of the other 

shareholders’ (minority shareholders’) shares to the principal shareholder 

against the payment of adequate cash compensation. 2§ 285 (2) sentence 

1 shall not apply. 

(2) For the determination of whether the principal shareholder holds 95 per 

cent of the share capital, § 16 (2) and (4) shall apply. 

§ 327b Cash Compensation

(1) 1The principal shareholder sets the amount of the cash compensation; 

it must reflect the circumstances of the corporation at the time the 

resolution is adopted. 2The management board shall make available 

to the principal shareholder all necessary documents and supply 

information to this end. 

(2) Interest shall accrue on the cash compensation at the rate of five per 

centage points over the applicable base rate according to § 247 of the 

Civil Code from the publication of the transfer resolution’s registration in 

the commercial register; the assertion of further claims for damage is not 

excluded. 

(3) Before the shareholders meeting is convened, the principal shareholder 

must deliver to the management board the declaration of a credit 

institution authorised to operate within the territorial scope of this law by 

which the credit institution guarantees the performance of the principal 

shareholder’s obligation to pay the minority shareholders the set cash 

compensation for the transferred shares immediately after registration of 

the transfer resolution. 
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§ 327c Preparation of the Shareholders’ Meeting

(1) Notice of the transfer as an item on the agenda must contain the 

following information: 

• 1. business name and domicile of the principal shareholder, in the 

case of natural persons name and address;

• 2. the cash compensation set by the principal shareholder.

(2) 1

The principal shareholder must provide the shareholders’ meeting with a 

written report that sets out the preconditions for the transfer and explains 

and justifies the adequacy of the cash compensation. 2The adequacy of 

the cash compensation shall be reviewed by one or more expert auditors.

3

These shall be selected and appointed by the court on application of the 

principal shareholder. 4§ 293a (2) and (3), § 293c (1) sentence 3 to 5, (2) 

and §§ 293d and 293e shall apply analogously. 

(3) From the convocation of the shareholders’ meeting onward the following 

must be made available in the company’s office for inspection by the 

shareholders: 

• 1. the draft of the transfer resolution;

• 2. the annual financial statements and management reports for the 

last three business years;

• 3. the report made by the principal shareholder according to (2) 

sentence 1;

• 4. the audit report made according to (2) sentence 2 to 4.

(4) On request, each shareholder shall without undue delay and free of 

charge be given a copy of the documents listed in (3). 

(5) The duties in (3) and (4) shall not arise if the documents referred to in 

(3) are accessible on the company’s Internet page for the same period of 

time. 

§ 327d Conduct of the Shareholders’ Meeting

1

In the shareholders’ meeting, the documents described in § 327c (3) 

shall be made accessible. The management board may give the principal 

shareholder opportunity to orally explain the draft of the transfer resolution 

and the setting of the amount of the cash compensation at the beginning of 

the meeting. 
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§ 327e Registration of the Transfer Resolution

(1) 1The management board shall file the transfer resolution for registration 

in the commercial register. 2The filing shall be accompanied by the written 

transfer resolution and its appendices in authentic original or notarized 

copy. 

(2) § 319 (5) and (6) shall apply analogously. 

(3) 1

Upon registration of the transfer resolution in the commercial register, all 

shares of the minority shareholders shall be transferred to the principal 

shareholder. 2Any share certificates issued for these shares only attest 

to the claim for cash compensation until their delivery to the principal 

shareholder. 

§ 327f Judicial Review of the Compensation

1

The challenging of the transfer resolution cannot be based on § 243 (2) or 

on the fact that the cash compensation set by the principal shareholder is 

inadequate. 2If the cash compensation is inadequate, the court determined 

by § 2 of the Corporate Proceedings Act shall set the adequate cash 

compensation. 3The same applies if the principal shareholder has not or 

not duly offered a cash compensation and within the period for challenge 

a challenge was not raised, withdrawn or finally denied without recourse to 

appeal. 

Division Five. Enterprises with Cross-Shareholdings 

§ 328 Limitation of Rights

(1) 1If a stock corporation or partnership limited by shares and another 

enterprise constitute enterprises with cross-shareholdings, rights arising 

from shares which are held by any such enterprise in the other enterprise 

may not be exercised with respect to more than one-fourth of all shares 

of such other enterprise as from the date on which such other enterprise 

has received knowledge of the existence of such cross-shareholding or 

the other enterprise has given notice to such enterprise pursuant to § 20 

(3) or § 21 (1). 2The foregoing shall not apply to the right to new shares 

in the case of a capital increase from the company’s reserves. 3§ 16 (4) 

shall apply. 

(2) The restriction on exercise of rights pursuant to (1) shall not apply if such 

enterprise has given notice to the other enterprise pursuant to § 20 (3) or 

§ 21 (1) prior to receiving such notice from the other enterprise and prior 

to having gained knowledge of the cross-shareholding. 

(3) In the shareholders’ meeting of a listed company, an enterprise that is 

aware of a cross-shareholding according to (1) may not exercise its voting 

rights to elect members of the supervisory board. 
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(4) If a stock corporation or partnership limited by shares and another 

enterprise constitute enterprises with cross shareholdings, such 

enterprises shall promptly give notice in writing to one another of the 

amount of such holding and any change therein. 

 Division Six. Group Statement of Accounts 

§§ 329, -393 [repealed] 

§ 329 [repealed]

§ 330 [repealed]

§ 331 [repealed]

§ 332 [repealed]

§ 333 [repealed]

§ 334 [repealed]

§ 335 [repealed]

§ 336 [repealed]

§ 337 [repealed]

§ 338 [repealed]

§ 339 [repealed]

§ 340 [repealed]

§ 341 [repealed]
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§ 342 [repealed]

§ 343 [repealed]

§ 344 [repealed]

§ 345 [repealed]

§ 346 [repealed]

§ 347 [repealed]

§ 348 [repealed]

§ 349 [repealed]

§ 350 [repealed]

§ 351 [repealed]

§ 352 [repealed]

§ 353 [repealed]

§ 354 [repealed]

§ 355 [repealed]

§ 356 [repealed]

§ 357 [repealed]

§ 358 [repealed]
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§ 359 [repealed]

§ 360 [repealed]

§ 361 [repealed]

§ 362 [repealed]

§ 363 [repealed]

§ 364 [repealed]

§ 365 [repealed]

§ 366 [repealed]

§ 367 [repealed]

§ 368 [repealed]

§ 369 [repealed]

§ 370 [repealed]

§ 371 [repealed]

§ 372 [repealed]

§ 373 [repealed]

§ 374 [repealed]

§ 375 [repealed]
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§ 376 [repealed]

§ 377 [repealed]

§ 378 [repealed]

§ 379 [repealed]

§ 380 [repealed]

§ 381 [repealed]

§ 382 [repealed]

§ 383 [repealed]

§ 384 [repealed]

§ 385 [repealed]

§ 386 [repealed]

§ 387 [repealed]

§ 388 [repealed]

§ 389 [repealed]

§ 390 [repealed]

§ 391 [repealed]

§ 392 [repealed]

§ 393 [repealed]
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Book Four. Special, Penal and Final Provisions 

Division One. Special Provisions in Case of Participations of Local and 

Regional Authorities 

§ 394 Reports of the Members of the Supervisory Board

1

Persons who have been elected or delegated to the supervisory board by 

a local or regional authority shall not be bound by a duty of secrecy with 

respect to reports that they are required to make to the local or regional 

authority. 2The foregoing shall not apply to confidential information 

and secrets of the company, in particular trade and business secrets, if 

knowledge thereof is not material in the context of such reports. 

§ 395 Duty of Secrecy

(1) Persons who are charged with administering the participations of a 

local or regional authority or auditing on behalf of a local or regional 

authority the company, the activities of the municipality in its capacity 

as shareholder or the activities of members in the supervisory board who 

have been elected or delegated by the municipality, shall not disclose 

any confidential information or secrets of the company, in particular trade 

or business secrets which have become known to them in connection 

with reports pursuant to § 394; the foregoing shall not apply to internal 

governmental communications. 

(2) Confidential information and secrets of the company, in particular trade 

and business secrets, may not be disclosed when the findings of audits 

are published. 

Division Two. Judicial Dissolution 

§ 396 Requirements

(1) 1If a stock corporation or a partnership limited by shares endangers the 

common good as a result of unlawful conduct of its board members and 

the supervisory board or the shareholders’ meeting do not arrange for 

the dismissal of such board members, the company may be dissolved by 

judicial decree upon motion by the appropriate highest authority of the 

state in which the company is domiciled. 2The regional court of the district 

in which the company is domiciled shall have exclusive jurisdiction with 

respect to any such action. 

(2) 1

After dissolution, the company shall be liquidated pursuant to §§ 264 

to 273. 2A motion to dismiss or appoint liquidators for cause may also be 

made by the authority designated in (1) sentence 1. 
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§ 397 Court Orders in Connection with Dissolution

If an action for dissolution has been brought, the court may upon motion by 

the authority designated in § 396 (1) sentence 1 issue any necessary orders 

by preliminary injunction. 

§ 398 Registration

1

The decisions of the court shall be communicated to the court maintaining 

the commercial register. 2Such court shall enter such decisions in the 

commercial register to the extent that they concern legal relations 

requiring registration. 

Division Three. Provisions as to Punishments and Fines, Final 

Provisions 

§ 399 False Statements

(1) Whoever makes false statements or fails to disclose material facts: 

• 1. as founder or member of the management board or supervisory 

board for the purpose of registration of the company, with respect to 

the acquisition of shares, payment of contributions, appropriation 

of contributions, the share issue price, special benefits, formation 

expenses, Contributions in kind and acquisitions of assets or in the 

statement to be made pursuant to § 37a (2);

• 2. as founder of member of the management board or supervisory 

board in the formation report, the report on post-formation acquisition 

or the audit report;

• 3. in the official announcement pursuant to § 47 No. 3;

• 4. as a member of the management board of a supervisory board, 

for purposes of registration of a share capital increase (§§ 182 

to 206), with respect to contributions to the previously existing 

capital, subscription or contribution of the new capital, the share 

issue price, the issuance of new shares, Contributions in kind, in 

the announcement pursuant to § 183a (2) sentence 1 in connection 

with § 37a (2) or in the statement to be made pursuant to § 184 (1) 

sentence 3,

• 5. a liquidator, for purposes of registration of the continuation of the 

company, in connection with the proof to be furnished pursuant to § 

274 (3); or
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• 6. as a member of the management board of a stock corporation 

or the managing body of a foreign legal entity, in the statement to 

be made pursuant to § 37 (2) sentence 1 or § 81 (3) sentence 1 

or as liquidator in the statement to be made pursuant to § 266 (3) 

sentence 1 

shall be punished by imprisonment of up to three years or by fine.

(2) Whoever, as member of the management board or the supervisory board, 

makes a false statement for purposes of registration of a share capital 

increase with respect to the statement required pursuant to § 210 (1) 

sentence 2 shall be punished in the same manner. 

§ 400 Misrepresentation

(1) Whoever as a member of the management board or of the supervisory 

board or as liquidator: 

• 1. misrepresents or conceals the condition of the company, including 

its relations with affiliated enterprises, in presentations or summaries 

on the financial condition of the company, statements or information 

provided at the shareholders’ meeting, unless such act constitutes 

a criminal offence pursuant to § 331 No. 1 or 1a of the Commercial 

Code, or

• 2. makes false statements or misrepresents or conceals the condition 

of the company in disclosures or statements which are required to be 

made to an auditor of the company or an affiliated enterprise pursuant 

to the provisions of this Act, unless such act constitutes a criminal 

offence pursuant to § 331 No. 4 of the Commercial Code

shall be punished by imprisonment of up to three years or by fine.

(2) Whoever, as founder or shareholder, makes false statement or conceals 

material facts in disclosures or evidence which are required to be made 

to a formation auditor or other auditor pursuant to the provisions of this 

Act, shall be punished in the same manner. 

§ 401 Violation of Duty in the Event of Loss of Capital, 

Overindebtedness or Insolvency

(1) Whoever, as member of the management board, in violation of § 92 (1) 

fails to call a shareholders’ meeting and to disclose at such meeting a 

loss equal to or exceeding one-half of the share capital shall be punished 

by imprisonment of up to three years or by a fine. 

(2) If the offender acts negligently, the punishment shall be imprisonment up 

to one year or a fine. 
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§ 402 False Issuance of Certificates Confirming the Right to 

Vote

(1) Whoever issues falsely or falsifies certificates which are to serve as proof 

at a shareholders’ meeting or separate meeting, shall be punished by 

imprisonment of up to three years or by fine, unless such act is subject 

to a more severe punishment in other criminal provisions concerning 

documents. 

(2) Whoever makes use of a false or falsified certificate of the kind specified 

in (1) for the purpose of exercising voting rights shall be punished in the 

same manner. 

(3) The attempt shall also be punishable. 

§ 403 Violation of Duty to Report

(1) Whoever as auditor or assistant to an auditor renders a false report on 

findings of an audit or fails to disclose material facts in such report shall 

be punished by imprisonment up to three years or by fine. 

(2) If the offender acted for remuneration or with the intent to enrich himself 

of another person or causing damage to another person, the punishment 

shall be imprisonment up to five years or a fine. 

§ 404 Violation of the Duty of Confidentiality

(1) Whoever without authorisation discloses a secret of the company, in 

particular a trade or business secret, shall be punished by imprisonment 

of up to one year, in case of a listed company up to two years, or by fine if 

such secret became known to him in his capacity as 

• 1. a member of the management board or supervisory board or a 

liquidator;

• 2. auditor or assistant to an auditor

in the case of number 2, however, only if such act does not constitute a 

criminal offence pursuant to § 333 of the Commercial Code. 

(2) 1

If such offender acted for remuneration or with the intent to enrich 

himself or another person or causing damage to another person, the 

punishment shall be imprisonment of up to two years, in case of a listed 

company up to three years, or a fine. 2

Whoever unlawfully uses a secret 

of the kind specified in (1), in particular a trade or business secret, 

which has become known to him under the circumstances of (1) shall be 

punished in the same manner. 
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(3) 1Such act shall be prosecuted only upon complaint by the company. 

2

Such complaint may be made by the supervisory board if a member of 

the management board or liquidator committed such act; such complaint 

may be made by the management board or the liquidators if a member of 

the supervisory board committed such act. 

§ 405 Administrative Offences

(1) Any member of the management board or management board or 

liquidator who 

• 1. issues registered share certificates in which the amount of 

partial contributions is not stated or issues bearer shares prior to 

contribution in full of the issue price;

• 2. issues share certificates or interim certificates prior to registration 

of the company or, in the case of a capital increase, the completion 

of the share capital increase, or, in the case of a conditional capital 

increase or a capital increase from the company’s reserves, the 

resolution on the conditional capital increase or the capital increase 

from the company’s reserves;

• 3. issues share certificates or interim certificates which have a par 

value less than the minimum par value pursuant to § 8 (2) sentence 

1 or which, in case of a company with no-par value shares, represent 

a lower par value than permitted as minimum amount pursuant to § 8 

(3) sentence 3, or

• 4. 

– a) acquires own shares in violation of § 71 (1) No. 1 to 4 or (2) or, 

in connection with § 71e (1), takes a pledge on such shares;

– b) fails to offer own shares which are to be disposed of (§ 71c (1) 

and (2));

– c) fails to take measures necessary for preparation of a resolution 

on the cancellation of own shares (§ 71c (3));

shall be guilty of an administrative offence. 

(2) Whoever as shareholder or proxy fails to provide or provides incorrectly 

the information to be included in the list pursuant to § 129 shall also be 

guilty of an administrative offence. 

(2a) Whoever contrary to § 67 (4) sentence 2, also in connection with 

sentence 3, fails to make a notice or does so incorrectly commits an 

offence. 
Norton Rose LLP 193

Stock Corporation Act

(3) Whoever: 

• 1. uses shares of another person, without authorisation to act as 

proxy and without the approval of such other person, to exercise 

rights at a shareholders’ meeting or a separate meeting;

• 2. uses shares of another person which he has acquired by granting 

or promising special benefits to exercise rights at a shareholders’ 

meeting or a separate meeting;

• 3. permits the use of shares to another person for the purpose 

specified in No. 2 against the grant or promise of special benefits;

• 4. uses another person’s shares for which neither he nor the other 

person represented by him may exercise voting rights pursuant to 

§ 135 to exercise voting rights;

• 5. permits the use of shares or uses such shares to exercise voting 

rights which neither he nor the other person represented by him may 

exercise pursuant to § 20 (7), § 21 (4), §§ 71b, 71d sentence 4, § 134 

(1), §§ 135, 136, 142 (1) sentence 2 and § 285 (1);

• 6. demands special benefits, or demands a promise for or accepts 

such special benefits, as consideration for voting or refraining 

from voting in a prescribed manner at a shareholders’ meeting or a 

separate meeting; or

• 7. offers, promises or grants special benefits as consideration to 

another person for voting or refraining from voting in a prescribed 

manner at a shareholders’ meeting or a separate meeting

shall be guilty of an administrative offence.

(3a) Whoever 

• 1. contrary to § 121 (4a) sentence 1, also in connection with § 124 

(1) sentence 3, intentionally or recklessly fails to serve the notice or 

serves it incorrectly, incompletely or not in time; or

• 2. contrary to § 124a intentionally or recklessly fails to make 

statements accessible or makes them accessible incorrectly or 

incompletely

commits an administrative offence.

(4) The offence may be punished by a fine up to 25,000 euros. 
194 Norton Rose LLP

Stock Corporation Act

§ 406 [repealed]

§ 407 Compliance Fines

(1) 1The court maintaining the commercial register shall threaten to impose 

fines in order to insure compliance by members of the management 

board and liquidators who fail to comply with § 52 (2) sentences 2 to 4, 

§ 71c, § 73 (3) sentence 2, §§ 80, 90,104 (1), § 111 (2), § 145, 

§§ 170, 171 (3) or (4) sentence 1 in connection with (3), §§ 175, 179a (2) 

sentence 1 to 3, § 214 (1), § 246 (4), §§ 248a, 259 (5), § 268 (4), §§ 270 

(1), § 273 (2), § 293f, § 293g (1), § 312 (1), § 313 (1), § 314 (1); § 14 of 

the Commercial Code shall remain unaffected. 2

Each such fine may not 

exceed five thousand euros. 

(2) Filings to the commercial register for registration pursuant to §§ 36,45, 

52, 181 (1), §§ 184, 188, 195, 210, 223, 237 (4), §§ 274, 294 (1), § 319 

(3) may not be compelled by the setting of fines. 

§ 408 Criminal Liability of General Partners of a Partnership 

Limited by Shares

1

§§ 399 to 407 shall apply analogously to partnerships limited by shares. 

2

Insofar as such provisions refer to members of the management board, such 

provisions shall in the case of a partnership limited by shares apply to the 

general partners. 

§ 409 Berlin Clause

[vitiated] 

§ 410 Entry into Force

This Act shall enter into force on January 1, 1966. 
Norton Rose LLP 195

Stock Corporation Act

Disclaimer

The present translation is for convenience purposes only and intended to 

facilitate the understanding of the German law. Any liability with regard 

to the completeness and correctness of the contents shall be explicitly 

excluded. This document is not intended to give legal advice and, 

accordingly, it should not be relied upon. It should not be regarded as a 

comprehensive statement of the law and practice in this area. Readers must 

take specific legal advice on any particular matter which concerns them. If 

you require any advice or information, please speak to your usual contact at 

Norton Rose Group.
nortonrose.com

Norton Rose Group

Norton Rose Group is a leading international legal practice. With more than 

2600 lawyers, we offer a full business law service to many of the world’s 

pre-eminent financial institutions and corporations from offices in Europe, 

Asia Pacific, Canada, Africa and the Middle East – and, from 1 January 2012, 

Latin America and Central Asia. We are strong in financial institutions; 

energy; infrastructure, mining and commodities; transport; technology and 

innovation; and pharmaceuticals and life sciences. Norton Rose Group 

comprises Norton Rose LLP, Norton Rose Australia, Norton Rose OR LLP, 

Norton Rose South Africa (incorporated as Deneys Reitz Inc), and their 

respective affiliates.
EXHIBIT A GENERAL INFORMATION AND DOCUMENTATION

Exhibit A‐6:  current rules, regulations, guidelines and bylaws of EEX

Attached please find the following documents –

1. Exchange Rules

2. Admission Rules  

3. Trading Conditions

4. Contract Specifications  

5. Contract Specifications for Trade Registration

6. Code of Conduct

7. Implementation Regulation for the Order Transaction Ratio  

8. Mistrade  Rules (Implementation Regulation for § 10 of Trading Conditions)

9. Technical Implementation Regulation (Implementation Regulation pertaining to § 19 of the

Exchange Rules)  

Attachments

Key Words Subject matter Date Document Attachment

Exchange Rules The Exchange Rules govern the

organization of the Spot and

Derivatives Exchange  

2016‐07‐04

v.0037a

Exchange Rules.pdf

1

Admission Rules The Admission Rules govern the

prerequisites for the admission as an

exchange trader

2015‐02‐24

v.006a

Admission 

Rules.pdf

2

Trading Conditions The Trading Conditions govern all Spot

and Derivatives transactions, which

are concluded on the EEX.

2016‐07‐04

v.0042a

Trading 

Conditions.pdf

3

Contract Specifications The Contract Specifications contain a

legally binding description of the terms

and conditions of all futures and

option contracts tradable at EEX.

2016‐09‐02

v.0050a

Contract Specs.pdf

4
EXHIBIT A GENERAL INFORMATION AND DOCUMENTATION

Contract Specifications

for Trade Registration

The Contract Specifications for Trad

Registration contain a legally binding

description of the terms and

conditions of all futures and option

available for Trade Registration.

2016‐09‐05

v.0018b

Contract Specs for 

Trade Registration.p

5

Code of Conduct Rules of the EEX itself to make an

active contribution to the

requirements of the further

developing internationalization of

commodities trading and to

strengthen the confidence which the

market and the public have in the

markets of EEX.  

2016‐07‐04

v.002a

Code of 

Conduct.pdf

6

Implementation

Regulation for the Order

Transaction Ratio

Due to the implementation of the High

Frequency Trading into the Exchange

Act EEX has to enact more detailed

provisions regarding an adequate

Order Transaction Ratio.

2016‐07‐02

v.001b

OTR 

Implementation.pdf

7

Mistrade Rules This Implementation Regulation

specifies the details of the cancellation

of transactions on the Spot Markets

and the Derivatives Markets of EEX.

2014‐05‐13

v.0010a

Mistrade Rules for § 

10 Trading Conditio

8

Technical

Implementation

Regulation

Technical Implementation Regulations

pertaining to § 19 of the Exchange

Rules of EEX.

2014‐02‐24

v.006b

Implementation 

Regulation for § 19 E

9
Date 04.07.2016 

Place Leipzig 

Document Version 0037a

EEX Exchange Rules 

The English version is for informal use only. Only the German version is legally binding. 
European Energy Exchange Copyright 2016 – All rights reserved 

EEX Exchange Rules, Release 0037a Page 2 

1. Table of Contents 

2. Organisation and Exchange Bodies ............................................................................... 4

§ 1 Line of Business ........................................................................................................................ 4

§ 2 Operating Companies ................................................................................................................ 4

§ 3 Exchange Supervisory Authority ................................................................................................ 4

§ 4 Exchange Bodies....................................................................................................................... 5

§ 5 Rules and Regulations of the Exchange .................................................................................... 5

§ 6 Duties and Powers of the Exchange Council ............................................................................. 5

§ 7 Election of the Exchange Council .............................................................................................. 6

§ 8 Chairperson of the Exchange Council; Deputy Chairperson ...................................................... 6

§ 9 Quorum and Resolutions of the Exchange Council .................................................................... 6

§ 10 Exchange Council Committees ................................................................................................ 7

§ 11 Management Board of the Exchange; Representation ............................................................. 7

§ 12 Market Surveillance Department .............................................................................................. 8

§ 13 Sanctions Committee............................................................................................................... 8

3. Admission ...................................................................................................................... 10

3.1. Admission of Exchange Participants and Exchange Traders ........................................... 10

§ 14 Exchange Trading ................................................................................................................. 10

§ 15 Application for Admission ...................................................................................................... 10

§ 16 Admission Procedure............................................................................................................. 11

§ 17 General Admission Requirements for Exchange participants................................................ 12

§ 18 Requirements for the Settlement of Exchange Transactions................................................. 13

§ 19 Requirements of Technical Facilities ..................................................................................... 14

§ 20 Admission of Exchange Traders ............................................................................................ 15

§ 21 Admission of Trader Assistant ............................................................................................... 15

3.2. Termination and Suspension of Exchange Admission...................................................... 15

§ 22 Resignation from Exchange Admission, Withdrawal and Revocation 

 of Exchange Admission ......................................................................................................... 15

§ 23 Consequences of Resignation, Withdrawal and Revocation .................................................. 16

§ 24 Suspension of Exchange Admission ...................................................................................... 16

§ 25 Emergency Member Stop ...................................................................................................... 17

§ 26 Exclusion from Trading .......................................................................................................... 18

§ 27 Consequences of Exclusion from Trading.............................................................................. 18

3.3. Liquidity Provision by Market Makers and Liquidity Providers .......................................... 18

§ 28 Prerequisites and Definitions ................................................................................................. 18

§ 29 Obligations of Market Makers and Liquidity Providers............................................................ 19

§ 30 Commitment as Market Maker or Liquidity Provider by EEX .................................................. 19

§ 31 Admission as Market Maker................................................................................................... 20

3.4. Admission of Institutions with public mandate .................................................................. 20

§ 32 Admission as Auctioneer ....................................................................................................... 20

3.5. Recognition of Non-Trading Brokers and Third-Party Trading Venues ............................. 21

§ 33 Recognition as a Non-Trading Broker .................................................................................... 21

§ 34 Recognition as a Third Party Trading Venue ......................................................................... 22

3.6. Admission, Withdrawal and Suspension of Products ....................................................... 24
European Energy Exchange Copyright 2016 – All rights reserved 

EEX Exchange Rules, Release 0037a Page 3 

§ 35 Admission of Products ........................................................................................................... 24

§ 36 Withdrawal and Suspension of a Product Admission ............................................................. 24

4. Exchange Trading .......................................................................................................... 25

4.1. General Terms for Exchange Trading .............................................................................. 25

§ 37 Electronic Exchange .............................................................................................................. 25

§ 38 Exchange Price and Price Determination............................................................................... 25

§ 39 Order-Transaction-Ratio ........................................................................................................ 26

§ 40 Minimum Price Change ......................................................................................................... 27

§ 41 Technical Malfunctions .......................................................................................................... 27

§ 42 Central Counterparty ............................................................................................................. 27

4.2. Exchange Trading on the Spot Markets of EEX ............................................................... 28

§ 43 Exchange Hours and Trading Periods ................................................................................... 28

§ 44 Trading types ......................................................................................................................... 28

4.3. Exchange Trading on the Derivatives Markets of EEX ..................................................... 29

§ 45 Exchange Hours and Trading Periods ................................................................................... 29

§ 46 Type of Trading ..................................................................................................................... 30

4.4. Special Provisions for the Primary Auction of Emission Rights ........................................ 30

§ 47 Primary Auction - Auctioneer ................................................................................................. 30

§ 48 Execution of the Primary Auction ........................................................................................... 30

§ 49 Cooperation with Supervisory Authorities, Forwarding of Information .................................... 30

5. Margin Requirements; Position Limits ......................................................................... 32

§ 50 Margin Requirements ............................................................................................................ 32

§ 51 Determination of the Position Limits for Derivatives Trading ................................................. 32

§ 52 Modifications of Position Limits .............................................................................................. 32

§ 53 Monitoring of Compliance with Position Limits ....................................................................... 32

§ 54 Reporting Obligation .............................................................................................................. 33

6. Final Provisions ............................................................................................................. 34

§ 55 Usage of Data ....................................................................................................................... 34

§ 56 Recording of Telephone Calls................................................................................................ 34

§ 57 Publication of Prices and Transaction Volumes ..................................................................... 34

§ 58 Announcements..................................................................................................................... 35

§ 59 Date of Effectiveness ............................................................................................................. 35

§ 60 Changes of Rules and Regulations........................................................................................ 35
European Energy Exchange Copyright 2016 – All rights reserved 

EEX Exchange Rules, Release 0037a Page 4 

2. Organisation and Exchange Bodies 

§ 1 Line of Business 

(1) These Exchange Rules govern the organisation of the Spot and Commodity Derivatives 

Exchange, the European Energy Exchange (EEX) with the following lines of business: 

(a) Sub-market of EEX Power Derivatives Market for derivatives trading in Power and 

Guarantees of Origin, 

(b) Sub-market of EEX Emission Market for spot and derivatives trading in emission 

rights, 

(c) Sub-market of EEX Coal Market for derivatives trading in Coal, 

(d) Sub-market EEX Oil Market for derivatives trading in Crude Oil and Refined Products, 

(e) Sub-market EEX Freight Market for derivatives trading in Freight, 

(f) Sub-market Metal Market for derivatives trading in Iron Ore, 

(g) Sub-market Agricultural Market for derivatives trading in agricultural products. 

(2) EEX has different electronic trading systems. The conclusion of trades and, in particular, 

of standardised contracts, such as Spot Market contracts, futures and options (Products) 

is ensured using the respective trading systems according to the conditions for trading on 

EEX (Trading Conditions) and the rules for the registration of trades (Trade Registration 

Rules). 

(3) The Management Board of EEX can permit the use of exchange facilities for lines of business other than those stipulated in paragraph 1, as far as this is not prohibited by the rules 

of law. Where such use is permitted, the Exchange participants are to be informed by 

suitable means. 

§ 2 Operating Companies 

(1) European Energy Exchange AG (EEX AG) is operating the exchange. 

(2) EEX AG as operating company is obligated to, at the request of the Management Board of 

the Exchange, make available necessary staff, financial resources, facilities and premises 

for the adequate operation of EEX and further development of the exchange. 

§ 3 Exchange Supervisory Authority 

The supreme state authority of the Free State of Saxony is responsible for the supervision 

of the operations of EEX and of the bodies of the exchange. The Saxon State Ministry for 

Economic Affairs, Labour and Traffic (Sächsisches Staatsministerium für Wirtschaft, Arbeit 

und Verkehr), Wilhelm-Buck-Straße 2 in 01097 Dresden is the Exchange Supervisory Authority. 
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EEX Exchange Rules, Release 0037a Page 5 

§ 4 Exchange Bodies 

(1) The following are the exchange bodies: 

(a) the Exchange Council, 

(b) the Management Board of the Exchange, 

(c) the Market Surveillance Department, and 

(d) the Sanctions Committee. 

(2) With exception of the Management Board of the Exchange and the Head of Market Surveillance, the members of the Exchange Bodies exercise their occupation on an honorary 

basis. 

§ 5 Rules and Regulations of the Exchange 

(1) The Exchange Council establishes the rules and regulations for the exchange. The rules 

and regulations are binding for the bodies of the exchange and for the companies and 

traders licensed to trade on the exchange as well as other persons who are permitted to 

use the exchange’s facilities. The rules and regulations of EEX consist in particular of the 

following parts: 

(a) the Exchange Rules, 

(b) Trading Conditions with the Contract Specifications, 

(c) the Trade Registration Rules, 

(d) the Code of Conduct, and 

(e) the Admission Rules. 

(2) Provided this is laid down in the rules and regulations of the exchange, the Management 

Board of the Exchange can adopt implementation rules. The implementation rules are 

binding for the companies and traders admitted to trading on the exchange and for other 

persons who are permitted to use the exchange’s facilities. 

(3) Exchange participants and other persons who are permitted to use the exchange’s facilities are obliged to use the facilities of EEX in accordance with the provisions under exchange law and the further national and European rules, in order to ensure the proper execution of trading and of the settlement of exchange transactions. The provisions under 

exchange law comprise the Exchange Act1 (BörsG) as amended from time to time and the 

statutory instruments and decrees rendered on the basis of the Exchange Act, as well as 

the rules and regulations of EEX and the orders passed on the basis of these. 

§ 6 Duties and Powers of the Exchange Council 

(1) The Exchange Council has the duties and powers assigned to it by the Exchange Act. It 

shall be responsible in particular for: 

 

1

 Exchange Act of 16th July 2007 (Federal Law Gazette, vol. I, p. 1330) 
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EEX Exchange Rules, Release 0037a Page 6 

(a) the issuance of the Exchange Rules, the Trading Conditions, and the Admission 

Rules, 

(b) the appointment, re-appointment and dismissal of the Managing Directors of the 

Exchange in consultation with the Exchange Supervisory Authority, 

(c) the supervision of the Management Board of the Exchange, 

(d) the issuance of the rules of internal procedures for the Exchange Council and the 

Management Board of the Exchange, 

(e) the appointment, reappointment and dismissal of the head of Market Surveillance 

upon the nomination of the Management Board of the Exchange in consultation 

with the Exchange Supervisory Authority, 

(f) the appointment, reappointment and dismissal of the appointment of the members 

of the Sanctions Committee in agreement with the Exchange Supervisory Council. 

(2) The Management Board of the Exchange must obtain the prior consent of the Exchange 

Council regarding other matters of fundamental importance. 

§ 7 Election of the Exchange Council 

The composition, the election and the term of office of the Exchange Council is regulated 

by the Saxon Exchange Act Execution Ordinance2 (SächsBörsDVO) as amended from 

time to time. 

§ 8 Chairperson of the Exchange Council; Deputy Chairperson 

(1) In its first meeting following an election, the Exchange Council shall elect, by means of a 

secret ballot, a Chairperson and up to three deputies from among its members. 

(2) The Chairperson or if he is unable to do so, one of the deputies shall preside over the 

meetings of the Exchange Council (Chairperson of the Meeting). In case the Chairperson 

and all the deputies are prevented from attending a meeting, the member of the Exchange 

Council eldest in age shall serve as Chairperson of the Meeting. 

§ 9 Quorum and Resolutions of the Exchange Council 

(1) The Exchange Council shall have a quorum when more than one half of its members take 

part either in person, by way of written vote, or represented by another member as the result of the properly issued invitation to the meeting. The invitation to the meeting is considered to have been properly issued if there is a period of, at least, 10 Exchange Days 

between posting the invitation and the documents for the meeting and the day of the 

meeting. The invitation and the documents for the meeting may be sent to the members of 

the Exchange Council via e-mail. 

 

2 Ordinance by the Saxon State Ministry of Economic Affairs, Labour and Transport regarding the Execution 

of Exchange Law of 9th February 2012. 
European Energy Exchange Copyright 2016 – All rights reserved 

EEX Exchange Rules, Release 0037a Page 7 

(2) Resolutions shall be passed by a simple majority of the votes cast. In the case of a tie 

vote, the Chairperson of the Meeting shall cast the deciding vote. If the Chairperson of the 

meeting abstains from voting, the motion shall be deemed rejected. 

(3) If unable to attend, a member of the Exchange Council may take part in voting by submitting a written vote. 

(4) Resolutions can also be passed in writing, by telex, by telephone, or by fax. A motion shall 

be deemed to have been passed if more than one half of the members of the Exchange 

Council have responded within a stipulated period and if the majority of the Exchange 

Council has agreed to the motion. Each member of the Exchange Council shall be able to 

demand that the decision be taken by vote after oral debate. The chairperson shall comply 

with such a request, for which a detailed reason must be given, by calling a meeting without undue delay. 

(5) Votes shall be taken by secret ballot at the request of one quarter of the members. 

(6) The content and outcome of the meetings and of the decision making process shall be 

recorded in writing and signed by the chairperson of the meeting. With regard to votes 

cast in writing, by telex, by fax, or by telephone as stipulated in paragraph 4, the minutes 

and the outcome of the decision making process can also be signed by a managing director of the Exchange. The Regulations of the Exchange Council shall specify details with 

respect to the preparation of minutes and the adoption of resolutions. 

§ 10 Exchange Council Committees 

The Exchange Council is allowed to establish committees in order to prepare its resolutions. 

§ 11 Management Board of the Exchange; Representation 

(1) The Management Board of the Exchange is responsible for all duties that are not allocated to other governing bodies of the Exchange. 

(2) In the case of more than one managing director being appointed, the EEX shall be represented in and out of court by one managing director. The Management Board of the Exchange may also name other persons as representatives. 

(3) The Management Board of the Exchange and the representatives authorized by it may 

take all necessary actions for the proper implementation of trading on the EEX and the 

settlement of the Exchange transactions. 

(4) Companies and persons who contravene existing rules, or do not observe instructions 

within the meaning of paragraph 3, can be temporarily suspended from access to the exchange entirely or in part, if and for as long as, the orderly trading procedure is disturbed 

by the company or person, respectively. The same applies accordingly to persons who 

are not permitted to participate in trading. 
European Energy Exchange Copyright 2016 – All rights reserved 

EEX Exchange Rules, Release 0037a Page 8 

§ 12 Market Surveillance Department 

(1) Subject to directives issued by the Exchange Supervisory Authority, the EEX shall establish and operate a Market Surveillance Department as a governing Exchange Body. 

(2) The Head of the Market Surveillance Department shall be appointed and dismissed by the 

Exchange Council upon the nomination of the Management Board of the Exchange and in 

agreement with the Supervisory Authority. The re-appointment is permissible. 

(3) The Market Surveillance Department monitors trading and the orderly execution of trading 

and settlement of transactions on EEX in accordance with Art. 7 BörsG as well as the applicable national and European provisions. In particular, the Market Surveillance Department assumes the tasks according to Art. 16 Market Abuse Regulation3

. 

(4) In accordance with Art. 7 BörsG, the Market Surveillance Department can forward data 

regarding the conclusion of trades to the management board and the market surveillance 

department of another exchange or to an office in charge of monitoring trading on another 

organised foreign market or of another corresponding market registered outside the European Union or a contracting state of the Agreement on the European Economic Area in as 

far as such data is required for fulfilling the tasks of these offices. The Market Surveillance 

Department can also receive data from these offices provided such is required for the 

proper execution of trading and the settlement of exchange transactions on EEX. 

(5) If the Market Surveillance Department identifies facts justifying the assumption that provisions or orders under exchange law are violated or that there are other grievances which 

might impair the proper execution of trading on EEX or the settlement of exchange transactions, it shall inform the exchange supervisory authority or the Management Board of 

the Exchange thereof. Sentence 1 shall apply accordingly with regard to information on 

Exchange participants and traders which is relevant for the assessments in the framework 

of the admission procedure. If the Market Surveillance Department has the justified suspicion that an order or transaction including any cancelation or modification thereof violates 

the provisions of Articles 3 or 5 REMIT4 or of Articles 14 or 15 Market Abuse Regulation 

(ban on engaging in or attempting to engage in insider dealing or market manipulation), it 

shall inform the Market Surveillance Department or the German Federal Financial Supervisory Authority thereof. 

§ 13 Sanctions Committee 

(1) At the EEX, a Sanctions Committee may be established by statutory decree as organ of 

the exchange. The Sanctions Committee’s duties comprise the tasks defined by Sect. 22 

Exchange Act. 

(2) The details about the establishment, composition, procedure and the costs as well as the 

involvement of the Exchange Supervisory Authority are defined by Sect. 22 Exchange Act 

 

3

 Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market 

abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the 

Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC 

4

 Regulation (EU) No. 1227/2011 of the European Parliament and of the Council of 25th October 2011 on 

wholesale energy market integrity and transparency (Official gazette L 326 of 8th December 2011, p.1) 
European Energy Exchange Copyright 2016 – All rights reserved 

EEX Exchange Rules, Release 0037a Page 9 

and the rules regarding the Sanctions Committee in the Saxon Exchange Act Execution 

Ordinance. 
European Energy Exchange Copyright 2016 – All rights reserved 

EEX Exchange Rules, Release 0037a Page 10 

3. Admission 

3.1. Admission of Exchange Participants and Exchange Traders 

§ 14 Exchange Trading 

Exchange trading comprises the conclusion of Spot and Derivatives Market transactions 

(exchange transactions) in the EEX trading systems either through order book trading or 

the registration of trades. Trading on the EEX shall only be carried out or brokered by an 

approved Exchange participant. 

§ 15 Application for Admission 

(1) Application for admission may be filed 

(a) for spot trading only, 

(b) for derivatives trading only, 

(c) for one or more products as well as 

(d) for spot and derivatives trading altogether. 

The application for admission to exchange trading can be restricted to the use of the 

Trade Registration Functionality of the EEX trading systems. 

(2) An application for admission as an Exchange participant can also be filed for one branch 

office or several branch offices of one company. 

(3) Even if they are not Exchange participants on EEX, companies can be recognised as 

Trading Agent for trading on the Spot Market by the Management Board of the Exchange 

upon a written application by the company concerned. Approved Trading Agents are entitled to effect the conclusion of transactions on EEX on behalf and for the account of other 

Exchange participants licensed on EEX through the Exchange traders admitted to EEX for 

them. Trading Agents are acting with its own user identification. Every entry by the Exchange traders of the Trading Agent into the system has to be made individually allocable. 

The Management Board issues the admission as Trading Agents in writing; it can refuse 

or revoke said admission at any time in writing if there are relevant reasons for such a refusal or such a revocation. Details with regard to this shall be specified by the Management Board of the Exchange. The provisions contained in the rules and regulations of the 

exchange in connection with the participation in trading, including the rules regarding the 

technical facilities shall apply accordingly to the Trading Agents - even if the Trading 

Agents is not mentioned specifically. 

(4) In accordance with Sect. 31 of these rules, companies, which have been admitted, can file 

an application for the admission as a Market Maker. 

(5) Each application for admission has to be directed to EEX, using the required form. 
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EEX Exchange Rules, Release 0037a Page 11 

§ 16 Admission Procedure 

(1) Decisions regarding the admission 

(a) of companies to participate in Exchange trading (Exchange participant) and 

(b) of persons who shall be entitled to trade on the EEX Spot and/or Derivatives Market (Exchange trader) 

are made by the Management Board of the Exchange upon written application pursuant 

to Sect. 19 Exchange Act (Börsengesetz, BörsG). The decision is made by the Management Board of the Exchange in written form. It is permitted to refuse an incomplete 

application. The existing Exchange participants may be informed of the admission of a 

new Exchange participant conveniently. 

(2) Evidence of fulfilment of the conditions for admission of Exchange participants and traders 

must be furnished by the respective participant. The applicant must obtain all state approvals, permissions, licenses and admissions or similar agreements that are required for 

trading on the EEX and the analogous handling of the concluded business. The Management Board may request from the applicant additional documents or information at any 

time and within a certain time limit. In this respect it may, after a due assessment of the 

circumstances, either itself or through an agent, conduct an examination of the applicant 

at the applicant’s expense and require the applicant to submit such statements and documents as it may deem appropriate. In addition, it may request information from third parties- the applicant must be given prior notice of such request. 

(3) Before its admission as an Exchange participant on the sub-markets of the EEX, a foreign 

company shall appoint an authorized agent with a registered office within the Federal Republic of Germany. An effective revocation of such authorization can only be undertaken if 

– at the same time – another authorized agent with registered offices in the Federal Republic of Germany is appointed. 

(4) Foreign participants can only be admitted to trade at EEX if the Exchange is permitted to 

admit these companies based on the law of the respective country. Applications for the 

admission of foreign companies are suspended as long as no evidence of the lawfulness 

of the admission and the trading participation, in accordance with the law of the respective 

country, is furnished by the applicant or should EEX gain knowledge by other means to 

the effect that the admission of the foreign Exchange participant and its trade participation 

is permissible. 

(5) After the granting of admission to trading, the Exchange participant shall still be required 

to notify the Management Board without delay of any changes of a factual or legal nature 

which could lead to the conditions for admission no longer being met; in particular, the 

admitted participant shall be required to inform the Management Board without delay if it 

becomes aware that criminal proceedings are being launched against it on suspicion of 

property or tax violations. Moreover, it shall be obliged to inform the Management Board if 

it becomes aware that such proceedings have been instituted – or are pending – against 

a person either acting on its behalf who, according to statute, the Articles of Association or 

a Shareholders’ Agreement is entrusted with the management of the business of the Exchange participant or admitted as an exchange trader for it. In order to ensure this, the 
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EEX Exchange Rules, Release 0037a Page 12 

Management Board of the Exchange may demand additional information and documents 

under analogous application of paragraph 2 sentences 3 and 4. 

§ 17 General Admission Requirements for 

Exchange participants 

(1) Entitled to file an application for admission to participate in Spot and Derivatives trading 

(Exchange trading) are only those companies that are, with respect to the products that 

may be traded, commercially engaged in the business of 

(a) purchasing and selling for their own account (own transactions), 

(b) purchasing and selling in their own name for the account of a third party (customer 

transactions), or 

(c) acting as intermediaries for contracts to buy and sell (brokerage operations). 

(2) Companies which have their registered office within or outside the Federal Republic of 

Germany are entitled to apply for admission, provided that the superior Exchange Supervisory Authorities in Germany and abroad are able to exchange information in order to supervise the Exchange participants. 

(3) According to the requirements stipulated in Sect. 19 paragraph 4 Exchange Act, Exchange participants shall meet the general admission requirements: 

(a) Companies that are organized in the legal form of a sole proprietorship, the proprietor, or in the case of other Exchange participants, the individuals who are by law, 

articles of association or shareholders’ agreement entrusted with the management 

and the representation of the applicant’s business (managing directors) are reliable 

and if at least one of such persons has the necessary professional qualification for 

engaging in Exchange transactions. These representatives shall be appointed by 

the applicant in the application for admission. 

(b) The orderly settlement of such transactions must be assured. 

(c) The Exchange participant provides evidence of liable equity amounting to at least 

€ 50,000 unless it is 

§ a financial institution, 

§ a financial services institution or 

§ an Exchange participant within the meaning of Sect. 53 paragraph 1, sentence 

1 or Sect. 53 b paragraph 1, sentence 1 of the KWG5 

and is authorized to engage in financial commission business within the meaning of 

Sect. 1 paragraph 1, sentence 2 no. 4, or to provide a financial service within the 

meaning of Sect. 1 paragraph 1a, sentence 2 nos. 1 – 4 of the Banking Act; the 

paid-in capital and reserves after deduction of any withdrawals by the proprietor or 

the personally liable shareholder and any loans extended to such persons and of 

 

5

 German Law on Banking (German Banking Act) of 9th September 1998 (German Federal Gazette I p. 2776) 
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any excess of indebtedness with respect to the free assets of the proprietor shall be 

considered as liable equity. 

(d) With respect to applicants that are obliged to provide evidence of liable equity according to a), there shall be no facts justifying the assumption that the applicant, 

taking into account the liable equity capital, does not have the necessary economic 

capacity to participant in Exchange trading in an orderly manner. 

(e) In case a proof for the liable equity cannot be rendered, the proof can substituted 

by means of a bank guarantee or by a deposit in monetary form. The bank guarantee has to be declared by a domestic credit institute according to Sect. 1 paragraph 1 of the KWG or a comparable foreign institute in favour of the EEX. The 

guarantee has to contain the unconditional and irrevocable obligation to transfer the 

guaranteed amount to an EEX bank account upon first request of EEX. The content, form and type of the bank guarantee shall be determined by the EEX. 

(f) The evidence of liable equity is not necessary if the Exchange participant only applies for participation in primary auctions of emission rights and the performance of 

its liabilities arising out of its trading activities is guaranteed by a Clearing Member 

of the European Commodity Clearing AG (ECC AG). 

(4) The admission of an Exchange participant shall authorize the Exchange participant to participate in Exchange trading, if the Exchange participant is equipped with the necessary 

technical connection and if any other requirements for the connection to the respective 

trading systems of EEX are fulfilled. 

(5) In the case of companies that only want to be admitted for using the Trade Registration 

Functionality of the EEX trading systems, the preconditions contained in paragraph 3 

lit. (a) – (d) as well as paragraph 4 must be fulfilled. In this case, participation in order 

book trading is excluded. 

§ 18 Requirements for the Settlement of 

Exchange Transactions 

(1) The orderly settlement of Exchange transactions as stipulated in Sect. 19 paragraph 4 

no. 2 of the Exchange Act is deemed to be secured when the following requirements are 

fulfilled: 

(a) The Exchange participant has to take part in clearing on ECC AG in accordance 

with the respectively valid Clearing Conditions of ECC AG. 

(b) A participant must have sufficient technical facilities at its disposal which guarantee 

correct trading and settlement via the EEX trading systems or via phone. When using an EDP system, it must be ensured that these technical facilities do not impair 

the Exchange Trading and settlement of transactions. The Management Board can 

recommend hardware and software, which meet the criteria of 1 and 2. When using 

other hardware and software, the applicant is obliged to furnish evidence that the 

requirements of 1 and 2 are met. Details are regulated by the regulations pertaining 

to technical facilities. 
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(c) The technical facilities shall be kept in good condition by the Exchange participant 

and the Exchange participant is to ensure that their continuous readiness for operation is guaranteed. 

(d) The participant shall provide the personnel who are required for trading and settlement, and take satisfactory organizational precautions. 

(2) The participation in the Clearing of the ECC AG pursuant to paragraph 1, lit. a is deemed 

to be secured when the ECC AG confirms to the EEX in a binding form that the Exchange 

participant: 

(a) has concluded a Clearing Agreement with the ECC AG for the market applied for, 

or provided that the Exchange participant intends to become a Non-Clearing Member for transactions for the respective market in terms of the Clearing Conditions of 

ECC AG (Non-Clearing Member), the participant has concluded a respective 

agreement with a Clearing Member and the ECC AG (NCM Agreement) and 

(b) is recognised by the ECC AG as a trading participant for each product to be traded. The admission as a trading participant requires, in particular, the necessary 

declarations and/or verifications for the completion of trades in a product. 

§ 19 Requirements of Technical Facilities 

(1) The technical requirements of the connection to the EEX trading systems are met if the 

Exchange participant is equipped with EDP facilities, which comply with the requirements 

in accordance with the Implementation Regulations of EEX concerning technical equipment. The Management Board of the Exchange is authorised to check on the compliance 

with these regulations on-site. 

(2) Upon application of an Exchange participant or by an applicant for Exchange admission, 

the Management Board of the Exchange may permit the installation of front-end systems 

in the offices of the Exchange participant outside the country in which the Exchange participant for admission to trade has its registered office, provided that the application of and 

compliance with the Exchange rules of the EEX and any supplemental provisions thereto 

are also ensured in the country in which the additional offices is situated. 

(3) If the Management Board of the Exchange permits an Exchange participant to use order 

routing systems, in accordance with the Implementation Regulations of the EEX concerning Technical Equipment, such Exchange participant shall be responsible for ensuring that 

the order routing facility is used properly, for the designated purpose, and in accordance 

with the legal provisions applicable on exchanges. This also applies to any orders, which 

are entered into the EEX trading systems via order routing by third parties who are not 

admitted to the Exchange. Should the Exchange participant fail to comply with these requirements, the Management Board of the Exchange will restrict or revoke the permission 

to use an order routing system. 

(4) The use of systems for trading, in which a computer algorithm determines single order parameters automatically (algorithmic trading), has to be notified to the Management Board 

of the Exchange prior to their launch. The Management Board of the Exchange may permanently or temporarily, completely or partially forbid using a system as described in 
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phrase 1, if a disturbance of the proper exchange trading or the proper execution of exchange trades is impending. Further details are stipulated in the Technical Implementation 

Regulations of EEX. 

§ 20 Admission of Exchange Traders 

Persons entitled to trade on the EEX Spot and/or Derivatives Market (Exchange trader) 

shall be admitted by EEX if they are reliable and have the necessary professional qualifications in accordance with the provisions in the Rules for Admission. They can only be 

admitted for one Exchange participant at any given time. 

§ 21 Admission of Trader Assistant 

(1) Persons who shall be entitled to trade on the EEX Spot and/or Derivatives Market on behalf of an admitted exchange participant without having proofed the personal qualification 

(Trader Assistant) can be admitted by EEX one time for the maximum duration of 6 month 

as trader assistant, if they are reliable, participate in trading at the EEX markets only under control and instruction of one specific exchange trader (Responsible Exchange Trader), and only insofar as the admission of the Responsible Exchange Trader extends to. 

(2) Trader Assistants can on be assigned to one specific Responsible Exchange Trader. A 

maximum of three Trader Assistants can be assigned to each responsible Exchange 

Trader. The Responsible Exchange Trader is responsible for all submissions into the systems of his admitted Trader Assistance; towards the exchange all such submissions into 

the systems are deemed to be entered in the name of the Exchange Trader. 

(3) The rules regarding the termination and suspension in Section 3.2 apply mutatis mutandis 

with respect to Trader Assistants. Furthermore, an admission as Trader Assistant expires 

if the admission of his Responsible Exchange Trader ceases to exist or if the period mentioned in subsection 1 expires. 

3.2. Termination and Suspension of Exchange Admission 

§ 22 Resignation from Exchange Admission, Withdrawal and 

Revocation of Exchange Admission 

(1) An Exchange participant or Exchange trader can resign from admission upon written notice to EEX. The resignation can be limited to individual products. 

(2) The Management Board of the Exchange is entitled to withdraw the admission of an Exchange participant or Exchange trader in full, or partially should one of the admission requirements not exist upon the granting of the admission. 

(3) The Management Board of the Exchange is entitled to revoke the admission of an Exchange participant in full or partially if one of these requirements ceases to be satisfied at 

a later date, or if the Exchange participant fails to lodge the securities determined for such 

Exchange participation or fails to make the daily clearing payments or other deliveries or 

payments and settle other charges in good times as stipulated in the Conditions for Trading on EEX (Trading Conditions) or the respective Clearing Conditions within the pre-
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scribed period. The same applies for serious repeated breaches of the Rules and Regulations of EEX. The Management Board of the Exchange may also revoke the admission if 

the Exchange participant does not comply with the Order-Transaction-Ratio according to 

Sect. 26a of the German Exchange Act in conjunction with Sect. 39.

(4) ECC AG or a Clearing Member of ECC AG may also submit an application for an instruction for the revocation of admission. 

(5) The deletion of the admission of an Exchange participant to EEX results in the deletion of 

the admission of the Exchange trader who is acting on behalf of this Exchange participant. 

§ 23 Consequences of Resignation, Withdrawal and Revocation 

If an Exchange participant resigns its admission to trading in full or partially or such admission is withdrawn or revoked by the Management Board of the Exchange in full or partially, the Exchange participant shall be obliged to close or transfer the positions affected 

by this measure them to other Exchange participants within a period prescribed by the 

Management Board of the Exchange; furthermore, the Exchange participant must cancel 

all orders and quotes in the trading system concerned and may not open any new positions. The Exchange participant shall ensure that its customers can transfer their positions 

to another Exchange participant. If the Exchange participant fails to meet these requirements within the prescribed period, the Management Board of the Exchange has the right 

to cancel the orders and quotes and to close the positions. The admission to trade shall 

terminate only after the fulfilment of the requirements provided for in this paragraph and of 

all obligations owed to ECC AG and/or the relevant Clearing Member. 

§ 24 Suspension of Exchange Admission 

(1) On the strong suspicion that one of the conditions for admission has not been fulfilled, or 

has subsequently ceased to be fulfilled, the Management Board of the Exchange may order the suspension of the Exchange participant or Exchange trader partially or in full for a 

maximum period of six months. The suspension of the admission of an Exchange participant may also be ordered so long as the Exchange participant is in default with the payment of due fees. 

(2) The Management Board of the Exchange may also suspend the admission of an Exchange Participant or of an exchange trader operating for it in case of non-payments for 

the time being in default, in all other cases for a maximum period of six months, should 

the Exchange Participant or an exchange trader operating for it contravene provisions of 

the German Exchange Act or the EEX Rules or fail to lodge the margins or make the daily 

clearing payments or effect other deliveries or payments and settle other charges in good 

time as stipulated according to the Trading Conditions or the current Clearing Conditions. 

The same applies if the Exchange participant does not comply with the Order Transaction 

Ratio according to Sect. 26a of the German Exchange Act in conjunction with Sect. 39. 

(3) ECC AG or a Clearing Member of ECC AG can also submit an application regarding the 

order for a suspension of admission. 
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(4) During the period of the suspension of the admission of an Exchange participant, the right 

to take part in trading on the EEX shall also be suspended for its Exchange traders admitted to trading under § 20. The Exchange trader concerned must cancel all orders and 

quotes and is not permitted to open any new positions and, under the supervision of the 

EEX, shall close or transfer all of his/her existing positions. 

(5) Upon application of the Exchange participant the Management Board of the Exchange 

may order the suspension of the exchange admission at its own discretion. The duration 

of the suspension shall not exceed a period of 1 year. During the suspension period no 

annual fees will be charged; technical fees only, if relevant connections are maintained. 

Sect. 24 paragraph 4 applies accordingly. The Management Board of the Exchange will 

revoke the suspension upon request of the Exchange participant before expiry of the period ordered pursuant to sentence 1 if the Exchange participant continues to comply with 

the admission requirements. 

§ 25 Emergency Member Stop 

(1) A Clearing Member of ECC AG can file an application for the temporary exclusion (generally only for a period of five days) from trading on all Sub-markets of EEX of an Exchange 

participant for which it provides services by means of a corresponding entry into the trading 

system of EEX (Emergency Member Stop), provided such Clearing Member has made an 

agreement regarding the permissibility and toleration of this measure with this Exchange 

participant. At the same time, the Clearing Member states that it is not prepared to clear further transactions by this Exchange participant on the Sub-markets of EEX. 

(2) The Clearing Member which has used the function of the Emergency Member Stop is 

obliged to make all the required declarations to permit trading of the Exchange participant 

concerned on the Sub-markets of EEX, by means of an immediate corresponding entry into 

the trading system of EEX (deactivation of the Emergency Member Stop) once the preconditions for the use of the Emergency Member Stop have ceased to exist. 

(3) In each individual case, the Clearing Member which has activated the Emergency Member 

Stop is obliged to immediately communicate a written explanation for the activation of the 

Emergency Member Stop to the Management Board of the Exchange on the same exchange trading day. This documentation should contain information regarding the facts of 

the matter, the reasons and the probable time of the deactivation of the Emergency Member Stop. 

(4) Upon the activation of the Emergency Member Stop, the Management Board of the Exchange will order the suspension of the admission of the respective Exchange participant to 

trade on the exchange for the period of time until the Clearing Member communicates to 

the Management Board of the Exchange that it is ready to re-commence clearing of transactions of the Exchange participant concerned by deactivating the Emergency Member 

Stop. 

(5) For the duration of the suspension of the admission to trade on the exchange according to 

paragraph 1 the trading system T7 prevents further orders by the Exchange participant 

concerned from being entered into the trading system. Moreover, orders which have already been entered into the system are deleted. Other trading systems do not have this 
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functionality. Regardless of this, the Exchange participant concerned is no longer entitled to 

enter orders or conclude transactions on EEX or to make entries for the purpose of position 

administration according to Sect. 35 of the Trading Conditions as of the order regarding the 

suspension of the admission to trade on the exchange. 

§ 26 Exclusion from Trading 

(1) If an Exchange participant admitted to trading on the EEX as a Clearing Member of ECC 

AG fails to provide the margin or daily settlement amount required or fails to make any 

other payment or delivery when due, on request of ECC AG the Exchange participant, as 

well as all affiliated Non-Clearing Members, may be excluded from trading on the EEX for 

the duration of such failure by decision of the Management Board of the Exchange. 

(2) If an Exchange participant admitted to trading on the EEX as a Non-Clearing Member of 

the ECC AG fails to provide the margin or daily settlement amount required or fails to 

make any other payment or delivery when due, paragraph 1 shall apply accordingly. If 

such a Non-Clearing Member fails to make any deliveries or payments or fails to pay any 

premiums or fees to its Clearing Member when due as set out in the Trading Conditions of 

EEX or in the Clearing Conditions of ECC AG, the Management Board of the Exchange 

may, at the request of ECC AG or its Clearing Member, exclude such a Non-Clearing 

Member from trading on EEX for the duration of such failure. 

(3) If the other requirements for the admission as an Exchange participant are no longer fulfilled, the Management Board of the Exchange can exclude the Exchange participants 

from trading in full or partially for individual products or markets 

§ 27 Consequences of Exclusion from Trading 

(1) If a Non-Clearing Member is excluded from trading, the Clearing Member which provides 

services for such Non-Clearing Member, or ECC AG may request the Management Board 

of the Exchange to close the positions of that Non-Clearing Member. If a Clearing Member 

that is Exchange participant at the same time, is excluded from trading, ECC AG may request the Management Board of the Exchange to close the positions of that Non-Clearing 

Member. If a Clearing Member of ECC is excluded from trading under the provisions of 

this paragraph, Non-Clearing Members affiliated with it may only be excluded from trading 

until they are able to engage in trading on EEX through another Clearing Member. The 

right to revoke their admission remains unaffected. 

(2) If an Exchange participant is excluded from trading in single or all products, the Exchange 

participant must cancel all its bids, orders and quotes within the respective products and 

must not enter new bids, orders or quotes within the trading systems of EEX. 

3.3. Liquidity Provision by Market Makers and Liquidity Providers 

§ 28 Prerequisites and Definitions 

(1) The Management Board of the Exchange may determine for single products or submarkets that and in what manner liquidity shall be provided for trading in the respective 

product(s) by Market Makers or Liquidity Providers. 
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(2) The provision of liquidity for EEX by Market Making means the holding out of an Exchange participant on EEX on a continuous basis as being willing to deal on own account 

by buying and selling of products against that Exchange participant’s proprietary capital at 

quotations defined by that Exchange participant (Market Maker). Market-Makers will be 

admitted or committed as Market Makers, respectively, by the management board of the 

exchange by means of administrative act. 

(3) The provision of liquidity which is not conducted within the framework of an admission or 

commitment as Market Maker, respectively, is the willingness of an undertaking on EEX 

on a continuous basis to deal on own account by buying and/or selling of products against 

that undertaking’s proprietary capital at prices defined by that undertaking (Liquidity Provider). Liquidity Provider will be appointed by means of private-law agreements. 

§ 29 Obligations of Market Makers and Liquidity Providers 

(1) A Market Maker is obligated to simultaneously enter limited bid and ask orders (quotes) 

into the EEX trading system to the extent determined by the Management Board of the 

Exchange and to conclude trades on the basis of such quotes. The Market Maker must be 

contactable at all times during trading times. 

(2) In the interest of ensuing orderly trading conditions, the Management Board of the Exchange may impose additional duties on Market Makers. In particular, the Management 

Board of the Exchange may establish a maximum or minimum spread between the bid 

and the ask prices, minimum contract sizes for both the bid and the ask side, a minimum 

holding period for quotes, and a minimum period for maintaining quotes in the EEX trading 

system. 

(3) Type and scope of the obligations of Liquidity Providers will be determined by the exchange operator by means of general terms and conditions, 

§ 30 Commitment as Market Maker or Liquidity Provider by EEX 

(1) The Management Board of the Exchange may commit suitable Trading participants to 

provide EEX continuously and foreseeable with liquidity in single products or sub-markets 

as Market Maker or Liquidity Provider. Without limitation, a Exchange participant may be 

considered as being suitable if it possesses the necessary organizational and financial 

means to comply with its obligations as Market Maker or Liquidity Provider and it has an 

appropriate number of Exchange traders as well as the necessary technical requirements 

at its disposal. Further, it may be assumed due to the previous trading behavior or other 

comparable criteria, that it entertains a substantial interest to further the development of 

the liquidity in the products or sub-markets of EEX concerned, respectively. 

(2) The commitment as Market Maker or Liquidity Provider, respectively, has to be subject to 

appropriate commercial conditions. The commitment as Market Maker is furthermore dependent on the admission as an Exchange participant. 

(3) The Management Board of the Exchange revokes the commitment as Market Maker or 

Liquidity Provider, respectively, if Market Making or Liquidity Provision is sufficiently conducted by other Exchange participants according to the following provisions. 
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§ 31 Admission as Market Maker 

(1) Notwithstanding Sect. 30, an Exchange participant may also apply for admission as a 

Market Maker for one or several products if the Management Board of the Exchange has 

decided to conduct market making with respect to the trading of such product or products. 

Each product, to which an applicant seeks admission as a Market Maker, must be specified in the application. 

(2) The Management Board of the Exchange will grant a Market Maker admission provided 

the Exchange traders named in the application for such type of trading have the requisite 

trading knowledge to act as Market Makers. The applicant must furnish evidence of the 

requisite professional knowledge. 

(3) The admission as Market Maker is dependent on the admission as an Exchange participant. 

(4) A Market Maker admitted in accordance with paragraphs (1) through (3) may at any time 

resign from its Market Maker Admission upon written notice to EEX for all or for individual 

products. From the fifth trading day after receipt of the notice on, the Market Maker is neither authorized nor obliged to enter quotes for the products concerned. 

(5) In the case of a reapplication for admission as a Market Maker concerning products where 

the admission has been resigned from before, EEX may prescribe a waiting period of at 

least 10 trading days. 

(6) The Management Board of the Exchange may revoke the admission of a Market Maker if 

the Market Maker does not fulfil its obligations specified in Sect. 29 upon prior notice. 

3.4. Admission of Institutions with public mandate 

§ 32 Admission as Auctioneer 

(1) Legal bodies organized under private law or legal bodies organized under public law may 

be admitted as an auctioneer by the exchange without being admitted as an Exchange 

participant. 

(2) Auctioneer in the meaning of this clause is a private law or public law institution mandated 

by one or several EU member states or by the European Commission with the primary 

auction of greenhouse gas emission allowances (Emission Rights) in the sense of Directive 2003/87/EG and any following acts (public mandate) and who acts only as seller of 

Emission Rights using an auction (single sided auction). Under the admission as auctioneer any other participation of the auctioneer in trading at EEX is prohibited. 

(3) An auctioneer may be admitted upon request as auctioneer if: 

(a) the auctioneer is entitled by public mandate in the sense of subsection 2 to sell 

Emission Rights, 

(b) the orderly settlement of the auctions is secured and 

(c) the orderly settlement of transactions is secured; Sect. 18 applies mutatis mutandis. 
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The prerequisites under lit. a–c shall be considered as fulfilled for auctioneers that request 

to be admitted to auctions within the meaning of Art. 26 (2) of Commission Regulation 

(EC) No 1031/2010 („Transitional Common Auction Platform“ or „TCAP“) if the prerequisites for admission stipulated in the “Arrangements on primary auctions of emission allowances on the spot market of the European Energy Exchange (EEX) under Commission 

Regulation (EU) No 1031/2010 and clearing and settlement of such transactions through 

European Commodity Clearing AG (ECC)” (“Arrangements”) are accepted and fulfilled. 

(4) An auctioneer is only entitled to act as a seller within an auction. Auctioneers that have 

been admitted in accordance with Art. 22 of Regulation (EC) No. 1031/2010, shall not be 

entitled to enter sell orders into the trading system, the respective sell order is the Auction 

calendar in its respective valid version. 

(5) Regarding resignation, withdrawal, revocation and suspension of an acceptance as auctioneer the rules in Section 3.2 apply mutatis mutandis. 

3.5. Recognition of Non-Trading Brokers and Third-Party Trading 

Venues 

§ 33 Recognition as a Non-Trading Broker 

(1) Undertakings may also be recognised by the Management Board of the Exchange exclusively for using the Trade Registration Functionality by entering trades on behalf and in 

the name (authorised declaring agent or declaring intermediary) of Exchange participants 

in accordance with the Trade Registration Rules (Non-Trading Broker). Non-Trading Brokers are not Exchange participants within the meaning of Sect. 16 paragraph 1 and they 

do not take the place of the clients upon the registration of the trades at EEX and they 

cannot open any own positions. 

(2) Recognition as Non-Trading Broker within the meaning of this provision shall only be possible for those undertakings: 

(a) which are 

§ a credit institution, 

§ a financial services institution, or 

§ an undertaking operating within the meaning of Sect. 53 paragraph 1 sentence 1 or Sect. 53b paragraph 1 sentence 1 KWG 

that are authorised to conduct principle broking business within the meaning of 

Sect. 1 paragraph 1 sentence 2 no. 4 KWG or to provide a financial service within 

the meaning of Section 1 paragraph 1a sentence 2 no. 1 to 4 KWG. If according to 

the law of the country of origin of the undertaking that conducts the principle broking 

business or provides financial services, respectively, an authorization to do so is not 

necessary, the undertaking has to prove an equity base that is at least comparable 

to that of the undertakings mentioned in sentence 1. EEX may at any time demand 

proof of a higher equity base or the posting of collateral if it is deemed necessary by 

EEX after having conducted a proper risk analysis; 
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(b) in as far as they are organised in the legal form of a sole proprietorship, whose proprietors are personally reliable and professionally qualified for this position and in 

the case of other companies, in which the managing directors are personally reliable 

and professionally qualified for this position; those persons holding power of representation shall be specified by the applicant in the application for recognition; 

(c) which have successfully completed a KYC process at EEX; 

(d) which have the required technical access to the EEX Trade Registration Functionality; 

(e) which must have appointed persons who are to be entitled to use the Trade Registration functionality with these persons having to be personally reliable and professionally qualified; 

(f) which guarantee 

(i) that through their internal organisation they ensure that transactions are 

only registered in the name of such Exchange participants with whom they 

have concluded a respective agreement 

(ii) that by this agreement the liability risk for erroneous registrations caused 

by the Non Trading Broker is allotted thoroughly to the Non Trading Broker 

as well as 

(iii) that they provide EEX with a list amended from time to time and in a format determined by EEX containing EEX Exchange participants with whom 

the Non Trading Broker has concluded a respective agreement; and 

(iv) that the process for matching of orders within their internal trading system 

cannot be manipulated; 

(3) Non-Trading Brokers, who are not also admitted as Exchange participants on EEX at the 

same time are only authorised to enter trades; however, they are not authorised to confirm 

such. Any participation in exchange trading and holding of own positions via the Trade 

Registration functionality are excluded. 

(4) The Management Board of the Exchange can restrict the recognition of Non-Trading Brokers to certain market segments and products. 

(5) The Management Board of the Exchange can revoke the recognition as a Non-Trading 

Broker at any time and with immediate effect in the event that individual preconditions for 

recognition as a Non-Trading Broker cease to apply or in the event that the Management 

Board of the Exchange learns of facts which indicate unreliability on the part of the NonTrading Broker. Such facts include, in particular, entering of transaction which the NonTrading Broker was not entitled to conclude. The revocation of a company’s recognition as 

a Non-Trading Broker has to be communicated to the Exchange participants of EEX. 

§ 34 Recognition as a Third Party Trading Venue 

(1) Enterprises that operate and/or manage the business of a regulated market may be recognised by the Management Board of the Exchange exclusively for using the Trade Reg-
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istration Functionality by entering trades on behalf and in the name (authorised declaring 

agent or declaring intermediary) of Exchange participants or Trade Registration Participants in accordance with the Trade Registration Rules (Third Party Trading Venue). 

A regulated market according to sentence 1 is a multilateral system operated and/or managed by a market operator, which brings together or facilitates the bringing together of 

multiple third-party buying and selling interests in commodities or future or forward transactions in commodities, freight rates, emission allowances, climatic or other physical variables – in the system and in accordance with its non-discretionary rules – in a way that 

results in a contract, in respect of the commodities, freight rates, emission allowances, 

climatic or other physical variables admitted to trading under its rules. 

(2) Recognition as Third Party Trading Venue within the meaning of this provision shall only 

be possible for those undertakings: 

(a) which have obtained a permission by the respective competent national supervisory 

authority to operate a regulated market and which are supervised in doing so by that 

authority; 

(b) which have concluded a cooperation agreement regarding the registration of trades 

with EEX AG or a group company of EEX Group. 

(c) which have the required technical access to the EEX Trade Registration Functionality; 

(d) which guarantee 

(i) that through their internal organisation they ensure that transactions are 

only registered in the name of such Exchange participants with whom they 

have concluded a respective agreement 

(ii) that they provide EEX with a list amended from time to time containing 

their trading participants for whom the Trade Registration Functionality will 

be used; as well as 

(iii) that they are thoroughly liable risk for erroneous registrations caused by 

the them. 

(3) There shall be no right to be recognized as Third Party Trading Venue, particularly, such 

right shall not be the consequence of the recognition of another enterprise. 

(4) The Management Board of the Exchange can revoke the recognition as a Third Trading 

Party Venue at any time and with immediate effect in the event that individual preconditions for recognition as a Third Trading Party Venue cease to apply or in the event that the 

Management Board of the Exchange learns of facts which indicate unreliability on the part 

of the Third Trading Party Venue. Such facts include, in particular, entering of transaction 

which the Third Trading Party Venue was not entitled to conclude. The revocation of 

a company’s recognition as a Third Trading Party Venue has to be communicated to the 

Exchange participants of EEX. 
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3.6. Admission, Withdrawal and Suspension of Products 

§ 35 Admission of Products 

(1) The Management Board of the Exchange shall decide which product shall be admitted to 

Spot and Derivatives Trading on the EEX and determines – subject where necessary to 

the required approval of the Exchange Supervisory Authority – on which trading system a 

product will be launched. Condition for the admission of a product is that the maintenance 

of orderly Spot and Derivatives trading can be expected. Details are regulated in the EEX 

Conditions for Trading. 

(2) Products are, in each case, Spot Market trades, and Options or Derivatives contracts on a 

specific underlying instrument that are authorized to trading on the Exchange. The underlying instrument is the reference object of the product. 

(3) A decision of the Management Board of the Exchange concerning the admission of products for trading on the EEX must be made public. 

(4) The Management Board of the Exchange shall decide on the admission of products for 

use of the Trade Registration Functionality. In the case of products which are exclusively 

launched for the registration of trades, it shall determine the contract specifications. More 

detailed provisions regarding this are made in the Trade Registration Rules. 

§ 36 Withdrawal and Suspension of a Product Admission 

(1) If orderly Exchange trading or the orderly settlement of Exchange transactions is at risk or 

protection of the public requires such actions, the Management Board of the Exchange 

may withdraw the admission of products for Spot Market or Derivatives trading in these 

products on the EEX, or it may suspend trading on the Spot or Derivatives Markets of the 

EEX altogether. This holds in particular for trading on the Derivatives Market of the EEX if 

the quotation of an underlying is suspended or if for other reasons, the EEX is not authorized to reference this underlying anymore. 

(2) Furthermore, the Management Board of the Exchange may interrupt the entire Exchange 

trading or trading in individual products if technical reasons or the prevention of threats to 

the functionality of Exchange trading require such an action. 

(3) In case the orderly trading or settlement of a contract is not secured, the Management 

Board of the Exchange may determine cash settlement instead of physical fulfillment for 

contracts which have to be fulfilled physically. 

(4) The Exchange participants need to be immediately informed about withdrawals of the admission of products or the suspension of trading on the Spot or Derivatives Markets of the 

EEX and the determination of a cash settlement for physical products. 

When trading on the Spot or Derivatives Markets of the EEX is entirely or partly suspended for certain products, it is not possible to enter orders or quotes for the concerned products and for the duration of the suspension. Neither is it possible to close open positions 

resulting from derivatives trading for the concerned products and for the duration of the 

suspension. All the existing orders and quotes will be deleted. Reopening of trading in the 

suspended products begins – if applicable - with a pre trading period or an opening phase. 

In the case of a suspension that constitutes a particular situation, the Management Board 

of the Exchange may give instructions that deviate from the rules specified above. 
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4. Exchange Trading 

4.1. General Terms for Exchange Trading 

§ 37 Electronic Exchange 

(1) The EEX is a fully electronic exchange. It has electronic trading platforms for the conclusion of Spot transactions and for the conclusion of Derivatives transactions. 

(2) Orders are purchase or sale orders made by Exchange participants on the Spot Market of 

the EEX in the trading type of Continuous Trading with auction trading as well as on the 

Derivatives Market. In auctions orders can also be referred to as bids. Quotes are limited 

purchase and sale orders entered simultaneously which are valid for only one day. Further 

details are stipulated in the EEX Conditions for Trading. 

(3) Exchange participants transfer orders and quotes from their respective workstations to the 

EEX trading systems by means of electronic transmission. The Management Board is entitled to permit the usage of other methods of transfer; it will inform the Exchange participants of this method by the most suitable means. 

(4) The Management Board is entitled to temporarily interrupt the access to the EEX trading 

systems for single or all products for one or all of the Exchange participants should this be 

necessary for technical reasons. The Management Board makes the decision as to the 

revocation of the interruption. The Exchange participants concerned must be informed of 

the interruption of the access to the EEX trading systems and the revocation of the same 

by suitable means. 

§ 38 Exchange Price and Price Determination 

(1) Exchange prices are determined by execution of orders at the exchange. Exchange prices 

are determined transparently and non-discriminatorily by the trading systems of EEX according to the more detailed provisions of the following paragraphs. 

(2) Exchange prices must be determined properly and correspond with the actual market situation of the exchange trading. The exchange has to make appropriate arrangements to 

secure the proper determination of the exchange prices in the event of extensive price 

fluctuations. Appropriate arrangements are in particular short-term changes in the market 

model, like the discontinuation of continuous trading with a subsequent restart by an 

opening auction or through the short-term interception of the volatility considering static or 

dynamic price corridors. Details may be stipulated in the Trading Conditions. The Management Board of the Exchange may rapidly determine further appropriate measures, if 

there is a risk that the exchange prices are not determined properly or do not correspond 

with the actual market situation. 

(3) In primary auctions of emission allowances at the spot market in accordance with Regulation (EU) No. 1031/2010 as well as at the derivatives market pricing is carried out as uniform pricing in the auction by means that all successful bidders will pay the same auction 

clearing price after the end of the call phase. 
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The limit price of the order at which the sum of the volumes bid matches or exceeds the 

volume of allowances auctioned shall be the auction clearing price: The orders are sorted 

according to the height of the price limit and the quantities specified are added up. Where 

the price limit of several orders is the same, these orders will be sorted through a random 

selection according to an algorithm determined by EEX before the auction. 

If the amount of bidding orders does not meet the offer of EU emission allowances a price 

determination does not take place during the respective auction. The same applies if the 

estimated auction price does not reflect the orderly market value (reference price procedure as per Art. 7 (6) of Regulation (EU) No. 1031/2010) and the other cases as foreseen 

in Art. 9 of Regulation (EU) No. 1031/2010. Further details are stipulated in Sect. 33 of the 

Trading Conditions of EEX. 

(4) Within the trading system T7 the opening price is determined during the opening auction, 

as of a time to be determined by the Management Board of EEX, on the basis of both limited orders and market orders contained in the trading system and shall be the price at 

which the largest possible number of contracts of such orders and quotes may be executed (Principle of Maximizing Executions – Meistausführungsprinzip). 

During continuous trading the exchange price is determined on the basis of the respective 

highest sell limit or lowest buy limit in the same order book or another order book (synthetic path) at which the orders are executed automatically by the trading system (price-time 

priority). Further details are stipulated in Sect. 25 of the Trading Conditions of EEX. 

(5) The exchange prices and the volume and time at which the trades were closed out shall 

be published within the respective trading system or by means of electronic media, respectively, immediately in real time and not later than three minutes after occurrence, unless a delayed publication seems necessary in order to avoid an inadequate disadvantage 

of the parties of the transaction. Type and extent of the publication shall be determined by 

the Management Board of the Exchange in accordance with the requirements provided by 

law. The Management Board shall accordingly be authorized to publication serving the 

purpose of an adequate notification of the public of the market development. 

§ 39 Order-Transaction-Ratio 

(1) The Exchange Participants shall be obliged to safeguard an adequate ratio between their 

entries of orders, changes and cancellations thereof and the actually executed transactions (Order-Transaction-Ratio), to avoid any risk for proper exchange trading. Thereby, 

the Order-Transaction-Ratio is to be determined for each financial instrument by means of 

the numerical volume of the respective orders and trades within one calendar month. An 

adequate Order-Transaction-Ratio is particularly existent, if it is economically comprehensible due to liquidity of the product concerned, the actual market situation or the function 

of the acting exchange participant. 

(2) The Management Board of the Exchange shall be entitled to define criteria to determine 

the adequate Order-Transaction-Ratio for the respective financial instrument or certain 

classes of financial instruments, whereat the Management Board of the Exchange considers the liquidity and volatility within the respective market including specific order book situations, the way entries to the order book are made (manually or electronically). Enter-
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prises, whose entries to the order book serve to fulfill their quotation obligation, may be 

exempted from the obligation stipulated in paragraph 1. 

§ 40 Minimum Price Change 

(1) The minimum price change for each product is stipulated in the Contract Specifications. 

(2) The Management Board of the Exchange may temporarily determine the minimum price 

change exceeding the provisions in the Contract Specifications, if this determination is 

appropriate to reduce negative impacts to the market integrity and liquidity. 

§ 41 Technical Malfunctions 

(1) Malfunctions which occur on the technical equipment that is required for participation in 

trading have to be reported to EEX without delay during the business hours by the affected Exchange participants. 

(2) In the case of technical malfunctions, EEX shall be authorized to take any suitable and 

appropriate measures which are required to safeguard or resume proper trading or the 

proper settlement of exchange trades. For example, EEX can exclude individual Exchange participants or all Exchange participants from trading temporarily; they can suspend trading or delete orders by individual or all Exchange participants. The measures 

taken by EEX shall be binding for all Exchange participants. Further rules are contained in 

the Technical Implementing Regulations of EEX. 

(3) EEX provides unrestricted technical support only during business hours. Outside business 

hours the support only comprises measures for remedying technical malfunctions and for 

damage control. These measures concern in particular remedying of a technical malfunction, the deletion of orders by individual or all Exchange participants, the cancellation of 

transactions, or the complete or partial suspension of trading. 

(4) EEX shall be authorized to commission third parties not belonging to the EEX group to 

support the Exchange participants outside the business hours or for measures according 

to paragraph 2. However, the third parties commissioned to that end shall not be granted 

access to the trading data of the Exchange participants or a right of inspection of such. 

(5) EEX, its operating company and companies of the EEX group assume no liability for 

damage resulting from a disruption of the operation as a result of force majeure, rebellion, 

acts of war, natural phenomena, or other events for which it is not responsible (e.g. 

strikes, lock-outs). 

(6) EEX, its operating company and companies of the EEX group only accept liability for 

damages resulting from the use of the EEX trading systems if and in as far as this results 

from gross negligence or actions of intent committed by its organs or vicarious agent. 

Over and above this, the EEX shall only be liable for the careful selection of the EDP systems used for trading. 

§ 42 Central Counterparty 

(1) To safeguard the proper execution of trades concluded or registered at EEX, the clearing 

of these trades is carried out through European Commodity Clearing AG as central coun-
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terparty (ECC or clearing house). The collateralization, financial and physical settlement of 

all trades concluded or registered at EEX (Clearing), will be carried out exclusively according to the ECC Clearing Conditions in their respective valid version and the conditions 

they refer to. 

(2) The Management Board of the Exchange may admit ECC AG to trading on EEX as an 

exchange participant in connection with its activity as a central counterparty. ECC AG is 

limited to trading on its own behalf or on behalf of the Clearing Members and NonClearing Members connected to it in the framework of the default management process of 

ECC AG. Proof of the authorisation required to this end constitutes the precondition for 

trading on behalf of the Clearing Members or Non-Clearing Members. Admission has to 

be applied for in writing. 

(3) The Management Board of the Exchange may regardless of the provision of Sect. 27 enter orders either for own behalf and own account of ECC or on behalf of and on account of 

the clearing members or non-clearing members of ECC or register trades to safeguard the 

proper execution of exchange trades. 

4.2. Exchange Trading on the Spot Markets of EEX 

§ 43 Exchange Hours and Trading Periods 

(1) The Exchange hours for the commencement and the end of the individual phases for all 

products shall be determined by the Management Board of the Exchange. The Management Board of the Exchange may extend or reduce the Exchange hours as well as the 

commencement of any of the individual phases on any given Exchange day to the extent 

necessary to maintain orderly trading conditions or for reasons relating to the trading systems of the EEX. 

(2) The Exchange hours for Spot transactions, which can be concluded in the trading type of 

closed or open auctions, comprises the following consecutive phases: 

(a) Call Phase and 

(b) Execution Phase 

The trading period for Spot transactions in the trading type of continuous trading comprises only the Execution Phase. 

(3) Orders can be entered, changed or deleted from the EEX trading systems during the CallPhase; the Order Book remains closed. 

(4) The Call-Phase is followed by the Execution Phase during which transactions in the individual products can be concluded in a closed or open auction in accordance with the 

Trading Conditions. The execution of the auctions for individual products, shall be determined by the Management Board of the Exchange unless more detailed provisions regarding this are established in the Exchange Rules or the Trading Conditions. 

§ 44 Trading types 

(1) Products of the EEX Spot Markets will be traded in continuous trading or in auctions. 
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(2) Unless deviating provisions are made in an individual case, the price at which the highest 

order volume can be executed with the minimum surplus is determined from the limited 

and unlimited orders which are received in the EEX system until a certain time in the 

Open or Closed Auction; in as far as unlimited orders are permissible, these shall be given 

priority. An Open Auction is generally divided into the call phase and the price determination. During the call phase, Exchange participants may enter, change or delete orders. If 

there are orders that could be executed against one another, in auctions with a closed Order Book, a potential execution price is displayed during the Call phase. If this is not the 

case, the best buy and/or sell limit is displayed. In auctions with an open Order Book, the 

cumulated order volumes of each of the buy and/or sell limits are also displayed. Neither a 

potential execution price nor order volumes are displayed in a closed auction. 

(3) Continuous Trading commences without an opening auction, closing auction, or intraday 

auctions. Prices are determined by matching orders at the best possible bid and ask limits 

indicated in the Order Book; in the event that prices are identical, orders and quotes are 

matched in the order in which they were entered into the EEX system (price-time priority); 

unlimited orders are executed first. All available orders shall be displayed cumulatively at 

the respective limits (Open Order book). 

(3) Details are stipulated in the Trading Conditions. 

4.3. Exchange Trading on the Derivatives Markets of EEX 

§ 45 Exchange Hours and Trading Periods 

(1) The Exchange hours for derivatives transactions on the Derivatives Markets of EEX consist in accordance with the more detailed provisions in the Trading Conditions of at least 

the: 

(a) Trading Period; 

Furthermore, it can establish the following phases: 

(a) Pre-Trading Period and 

(b) Post-Trading Period. 

(2) The Exchange hours for the commencement and end of the individual periods for each 

approved product for the Derivatives market shall be determined by the Management 

Board of the Exchange. The Management Board of the Exchange may extend or reduce 

the Exchange hours, as well as the commencement of any of the individual periods on 

any given Exchange day to the extent necessary to maintain orderly trading conditions, or 

for reasons relating to the EEX trading systems. 

(3) In accordance with the Trading Conditions and the Trade Registration Rules, the execution of trades on the Exchange is only possible during the Trading Period. 
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§ 46 Type of Trading 

Products of EEX will be traded on the Derivatives Markets in continuous trading with or 

without open auctions. In accordance with the Trading Conditions the products may also 

be traded in closed or open auctions. 

4.4. Special Provisions for the Primary Auction of Emission 

Rights 

§ 47 Primary Auction - Auctioneer 

(1) Primary auction of emission rights is effected as an element of exchange trading on the 

spot and/or derivatives market of EEX. 

(2) The primary auction of emission allowances comprises both EU emission allowances 

(EUA) and EU aviation allowances (EUAA) according to Commission Regulation (EU) No 

1031/2010 (Auctioning Regulation). 

(3) In addition to the rules and regulations of EEX, the respectively valid statutory bases are 

applicable to the respective auctions. For TCAP-Auctions within the meaning of Art. 26 (2) 

of the Auctioning Regulation the provisions of the Arrangements as defined in Art. 31 (3) 

shall apply additionally for the respective contracting parties. In case of a conflict between 

the Arrangements including the provisions the Arrangements refer to and the Exchange 

rules, the provisions of the Arrangement precede in the relation between the auctioneers 

and EEX. 

(4) EEX is the exchange carrying out the primary auction of emission allowances. 

(5) Contracting entity of EEX is the national or European institution, EEX has concluded an 

agreement about the execution of auctions with. The respectively competent national or 

European institution or a third party commissioned by it (auctioneer) shall provide the 

emission allowances to be auctioned off. Trading participants other than the auctioneer 

are not entitled to conclude sales transactions in the framework of the primary auction. 

§ 48 Execution of the Primary Auction 

(1) Exchange, trading for the primary auction of emission allowances is effected by means of 

a closed auction on the EEX Spot and Derivatives Market. 

(2) The exchange publishes an auction calendar which specifies inter alia the dates for the 

auction (day and time) as well as the respective quantity of emission allowances to be 

auctioned off during a given auction date 

(3) More detailed provisions regarding the execution of the auctions are established in the 

Trading Conditions. 

§ 49 Cooperation with Supervisory Authorities, Forwarding of 

Information 

(1) EEX is entitled and obliged to exchange information with the respective contracting entity, 

the authorities in charge of monitoring of the auctions in accordance with the more de-
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tailed provisions of the provisions which are applicable to the respective primary auction 

and with the implementing rules and agreements which are based on these, to the extent 

that the knowledge of such information is necessary for these bodies to fulfil their tasks. 

(2) Further, EEX is in accordance with the provisions of Commission Regulation (EU) No 

1031/2010 in its respectively valid version, entitled and obliged to forward data and information to third parties that are commissioned to execute the auction as the successors of 

EEX, that apply for such succession or that, as authorities, collect data and information in 

order to forward such to the persons specified in the framework of the valid provisions. 

Details are laid down, in particular, in Art. 35 paragraph 3 lit h of the Commission Regulation (EU) 1031/2010 and the specific rules governing the use of such data and information 

which are based on these. 

(3) EEX is entitled to take measures to ensure proper pricing in the primary auction which is 

also in line with the market with regard to secondary trading in accordance with the more 

detailed statutory provisions which are valid for the respective primary auction and the 

more detailed specifications which are based on these. 
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5. Margin Requirements; Position Limits

§ 50 Margin Requirements 

(1) Each Exchange participants shall deposit the required margin as well as the daily settlement payments on the Derivatives Markets at any given time. The method for the calculation of the margin established by ECC AG and the Clearing Members shall be disclosed to 

the Non-Clearing Members on request. 

(2) Exchange participants that are also Clearing Members at ECC AG shall immediately inform the managing board of the exchange if one of its Non-Clearing Members does not 

provide the margins which have been established. 

(3) The adherence to provision regarding margin requirements (i.e. the respective valid clearing conditions) and making of arrangements of suitable measures to ensure that the obligations of Exchange transactions are met shall be monitored in compliance with Sect. 20 

of the Exchange Act. 

§ 51 Determination of the Position Limits for 

Derivatives Trading 

(1) The Management Board of the Exchange may set position limits for Derivatives trading in 

order to ensure that Derivatives Trading proceeds in an orderly fashion. A position limit is 

a maximum number of Derivatives contracts that may be held by one Exchange participant or one customer for its own account. 

(2) Positions held in arrangements with third parties for a common purpose shall also be included in such position limits. 

(3) In Derivatives trading, the position limits for each product shall be defined as the maximum total number of contracts purchased and sold. 

(4) An Exchange participant may not, for its own account or for the account of any customer, 

engage in any transactions on the EEX if there are any indications that the Exchange participant or customer, as a consequence of such transaction, whether alone or jointly with 

others, would hold or control a total position in excess of the position limits set by the 

Management Board of the Exchange. 

§ 52 Modifications of Position Limits 

The Management Board of the Exchange may modify position limits in order to maintain 

orderly trading. Changes to position limits shall become effective no earlier than on the 

sixth exchange day following the date of their announcement to the Exchange participants. 

§ 53 Monitoring of Compliance with Position Limits 

The Market Surveillance Department monitors all positions of an Exchange participant, including customer positions, to verify compliance with position limits. 
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§ 54 Reporting Obligation 

In the case that trading commences prior to the point of time at which the margin requirements or the daily settlement payment are to be provided, an Exchange participant must 

not start trading if the fulfilment of the margin requirements or daily settlement payments 

applying for this Exchange participant within the agreed time limit is at risk. The Management Board of the Exchange shall be notified by the Exchange participant hereof without 

delay. 
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6. Final Provisions 

§ 55 Usage of Data 

(1) Data and information received from the EEX trading system shall only be used by Exchange participants for their own purposes with respect to trading and settlement. Transmitting such data to third parties or processing the data received, including all types of 

commercial uses of these data shall, to the extent not required for EEX trading or for 

clearing purposes, not be permitted without the prior consent of the Management Board of 

the Exchange. 

(2) Without prejudice to legal and regulatory obligations, the Management Board of the Exchange and the Operating Company are entitled to share information and data related to 

the exchange membership within EEX group, the scope of cooperations, outsourcings and 

the assignment of external service providers. A transfer of information and data outside of 

EEX group may only take place if this is necessary for the fulfilment of the tasks performed by the third party and if the third party has committed itself to strict confidentiality. 

The disclosure of personal data is only permitted in the framework of the respectively valid 

statutory provisions. 

§ 56 Recording of Telephone Calls 

(1) In order to safeguard the correctness of exchange trading and of the settlement of exchange trades, telephone calls with the EEX Market Supervision may be recorded and 

saved electronically by EEX. An indication of the right to refuse the recording will be provided to the caller before the recording. Without prejudice to already granted approvals, 

the caller may refuse the recording of his call. In this case, the call is terminated by EEX 

Market Supervision, so that trading on behalf is not possible. 

(2) These recordings are regularly deleted upon the end of a period of one year after the 

month during which the recording was made provided knowledge of the data recorded is 

no longer necessary for EEX to be able to fulfil its tasks. 

(3) Data recorded in accordance with section 1 shall exclusively be used for the purpose 

specified in section 1 and it shall only be used if the matters concerned cannot be clarified 

or reasonably clarified with the help of other evidence and proof. 

§ 57 Publication of Prices and Transaction Volumes 

The Management Board of the Exchange shall publish Exchange prices, daily settlement 

prices, final settlement prices and underlying transaction volumes in the electronic media. 

The manner and scope of the publication of prices shall be determined by the Management Board of the Exchange. The Management Board of the Exchange is also authorized 

to publish information serving to adequately inform the public of matters related to market 

activities. 
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§ 58 Announcements 

Unless provided otherwise, announcements by any of the Exchange bodies of EEX shall 

appear in the electronic media. The Management Board of the Exchange shall determine 

the electronic medium. 

§ 59 Date of Effectiveness 

The Exchange Rules as well as any amendments hereto shall take effect on the day after 

their publication. 

§ 60 Changes of Rules and Regulations 

The Management Board of the Exchange is authorized, upon approval by the chairman of 

the Exchange Council or his deputy, to bring about changes to the Rules and Regulations 

which do not alter the content. 
Date 24.02.2015 

Place Leipzig 

Document Release 006a 

EEX-Admission Rules 

The English version is for informal use only. The German version is legally binding. 
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Zulassungsordnung, Release 006a Page 2 

1. Content 

1. Content .................................................................................................................................... 2

2. General Rules ......................................................................................................................... 3

§ 1 Scope ................................................................................................................................. 3

3. Admission ............................................................................................................................... 4

§ 2 Admission of Exchange traders .......................................................................................... 4

§ 3 Proof of Reliability ............................................................................................................... 4

§ 4 Proof of professional qualification ....................................................................................... 4

§ 5 Admission procedure .......................................................................................................... 4

4. Board of Examiners ................................................................................................................ 5

§ 6 Appointment ....................................................................................................................... 5

§ 7 Confidentiality ..................................................................................................................... 5

§ 8 Partiality .............................................................................................................................. 5

5. Examination Process ............................................................................................................. 6

§ 9 Application .......................................................................................................................... 6

§ 10 Admission to Examination ................................................................................................. 6

§ 11 EEX Systems Training Course.......................................................................................... 6

§ 12 Examination Date, Place of Examination .......................................................................... 6

§ 13 Objective of the Examination ............................................................................................ 7

§ 14 Examination Topics .......................................................................................................... 7

§ 15 Examination Tasks ........................................................................................................... 7

§ 16 Examination Requirements Committee ............................................................................. 7

§ 17 Conducting the Traders’ Examination ............................................................................... 7

§ 18 Deception and Breach of Rules ........................................................................................ 8

§ 19 Withdrawal ........................................................................................................................ 8

§ 20 Passing of the Traders Examination, Announcement of Results ....................................... 8

§ 21 Failing and Retaking the Traders Examination .................................................................. 9

§ 22 Legal Remedy .................................................................................................................. 9

§ 23 Costs ................................................................................................................................ 9

6. Final Provisions .................................................................................................................... 10

§ 24 Date of Effectiveness ...................................................................................................... 10
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2. General Rules 

§ 1 Scope 

(1) The following Admission Rules govern the prerequisites for the admission as an exchange 

trader, the procedure and the prerequisites for admission to and the content of the traders’ 

examination furnishing proof of professional qualification according to Sect. 19 paragraph 6 

BörsG1 (Traders Examination). The proof of professional qualification constitutes the precondition for admission to the European Energy Exchange (EEX) as an exchange trader. 

 

1

 Exchange Act of 16th July 2007 (Federal Law Gazette, vol. I, p. 1330) 
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Zulassungsordnung, Release 006a Page 4 

3. Admission 

§ 2 Admission of Exchange traders 

(1) Persons entitled to trade on the EEX Spot and/or Derivatives Market (Exchange trader) shall 

be admitted by EEX if they are reliable and have the necessary professional qualifications in 

accordance with the detailed provision in the rules for admission. 

(2) The admission entitles the Exchange trader to trade only the products or group of products 

he is admitted to and only on the trading platform for which such Exchange trader has the 

required technical knowledge. 

§ 3 Proof of Reliability

The applicant proves his personal reliability thought the sending of the duly completed and 

signed document „Declaration of personal reliability“. The Board of Management may request from the applicant additional documents or information. 

§ 4 Proof of professional qualification

(1) Professional qualification shall be assumed if the required practical experience and specialised knowledge necessary for trading on the EEX are satisfactorily shown. 

(2) Practical experience is considered proven if the applicant 

(a) has successfully taken part in a systems training course according to Sect. 11 or 

(b) can furnish proof of existing experience regarding the trading systems of EEX over 

a period of at least six months over the past two years before the application is 

submitted. 

(3) Evidence of the required specialised knowledge is particularly supplied by passing an examination leading to the qualification of an Exchange trader on the EEX. Details of the examination procedure are stipulated in Subsections 4 and 5. 

(4) The management of the exchange may in its own discretion refrain from the proof of passing the exams mentioned in sections 4 and 5 and may generally accept specific trainings 

and exams of other exchanges and institutions (foreign certificates) as a proof of professional qualification, this acceptance of foreign certificates has to be published. 

§ 5 Admission procedure

(1) Decisions regarding the admission of persons as Exchange traders are made by the 

Board of Management of EEX upon written application pursuant to Sect. 19 BörsG. The 

decision is made by the Board of Management of the Exchange in written form. It is permitted to refuse an incomplete application. The existing Exchange participants may be informed of the admission of a new Exchange participant conveniently. 

(2) Evidence of fulfilment of the conditions for admission of Exchange traders must be furnished by the respective participant. The Board of Management may request from the applicant additional documents or information at any time and within a certain time limit. 
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4. Board of Examiners 

§ 6 Appointment 

(1) The Board of Management appoints a Board of Examiners to administer the examination for 

the purpose of evidencing the professional qualifications of exchange traders. This Board of 

Examiners consists of three members; such members elect a chairperson and a deputy 

chairperson. The Board of Examiners shall determine, by a majority of the votes cast, the results of such examination. Should the vote end in a tie, the respective chairperson shall have 

the casting vote. 

(2) The composition of the Board of Examiners is published on the website of EEX. 

(3) The Board of Management may appoint one or several deputy members for the Board of Examiners. 

(4) The Board of Management shall appoint and dismiss the members of the Board of Examiners and, where required, the deputies. The appointment may be limited in time. A reappointment is permissible. 

§ 7 Confidentiality 

(1) The members of the Board of Examiners shall keep confidential from third parties all examination proceedings, including the documents transmitted by participants in the examination. 

(2) Members of the Board of Management and the Exchange Council are not considered as third 

parties in terms of the above mentioned paragraph. 

§ 8 Partiality 

(1) Members of the Board of Examiners who are or were related by blood or marriage to an examination candidate, or who are very close to such candidate in another way, should not be 

involved neither in the examination process nor in the admission to an examination. 

(2) If any concerns regarding partiality of a member of the Board of Examiners are raised by an 

examination candidate, the remaining members of the Board of Examiners shall determine 

whether or not to exclude the member concerned from administration of the examination. 

(3) If an examination candidate is concerned that a member of the Board of Examiners is partial, 

this shall be raised vis-à-vis the Board of Examiners in writing no later than two weeks after 

the application for the examination and the announcement of the members of the Board of 

Examiners. 
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5. Examination Process 

§ 9 Application 

(1) The application for admission to the examination as exchange trader on EEX shall be filed in 

text form. 

(2) The application may be filed by enterprises which intend to participate in EEX as exchange 

participants or by the individuals to be examined. 

§ 10 Admission to Examination 

(1) Individuals shall be admitted to the traders examination who 

§ have filed an application for participation in the traders’ examination, 

§ attend a suitable preparation course (EEX Systems Training) which is recognised by the 

Board of Management for such purposes or who can demonstrate by any other means 

in writing that they have acquired the necessary knowledge imparted in the EEX Systems Training within the scope of another vocational training course or by admission to 

another exchange, and 

§ have paid the fees charged to their account. 

(2) The Board of Examiners shall determine admission to the examination on the basis of the 

certificates provided. 

(3) If the number of applicants admitted for the examination exceeds the number of available 

places on a particular examination date, the receipt of the applications shall decide on the 

order of the applicants to be admitted to the examination date in question. 

§ 11 EEX Systems Training Course 

(1) Evidence of the required practical experience of the applicant is furnished through the successful participation in an EEX Systems Training course. 

(2) The EEX Systems Training course shall take sufficient account of the actual trading process 

of the EEX systems. The type, content, process and duration of the systems training course 

shall be specified by the Board of Management. 

§ 12 Examination Date, Place of Examination 

(1) The traders’ exam shall be held sufficiently frequently, however, at least, once a quarter. 

(2) The Board of Management of the exchange shall decide on the examination dates and the 

respective place of examination in accordance with the Board of Examiners and announce 

these on the EEX website. 
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§ 13 Objective of the Examination 

(1) Objective of the examination shall be the determination of the specialised knowledge of the 

candidate for participation in the EEX exchange trading. 

(2) Evidence within the meaning of subparagraph (1) shall be furnished by the passing of the respective traders' examination according to these Exchange Rules. 

(3) Passing the traders examination does not - as a rule - constitute proof of specialised 

knowledge if the examination was taken more than three years prior to the first admittance as 

an exchange trader on EEX or the trader has not been active as a trader on EEX or a comparable market during the last three years. 

§ 14 Examination Topics 

(1) The traders examination comprises the following examination topics: 

§ Examination topic 1: 

General legal foundations of exchange and electricity trading; legal foundations of exchange and electricity trading on EEX, organizational structure of EEX 

§ Examination topic 2: 

Practice of general trading, EEX products, trading procedure as well as collateral and 

settlement (clearing) of transactions concluded on EEX, 

(2) Generally, the examination candidate’s knowledge in all concerning examination topics can 

be tested. 

§ 15 Examination Tasks 

The scope of the examination in terms of Sect. 13 in combination with Sect. 14 shall be the 

basis for the preparation of the examination tasks. 

§ 16 Examination Requirements Committee 

The Board of Examiners may form a committee which shall determine the content of the 

exchange traders’ examinations (Examination Requirements Committee). The decision 

shall be based on the examination requirements pursuant to Sect. 13 in combination with 

Sect. 14. 

§ 17 Conducting the Traders’ Examination 

(1) The traders’ examination shall be conducted electronically or in writing and in German or another language. 

(2) The examination time shall be determined by the Board of Examiners and the examination 

candidates shall be informed of the examination time in advance. 

(3) The traders’ examinations are not of a public nature. Members or representatives of the 

Board of Management of EEX are permitted to be present at the examination. 
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(4) The Board of Management regulates the monitoring of the traders examination, in agreement 

with the Board of Examiners, which shall guarantee that the candidates work independently 

and only with permitted aids. 

(5) Candidates for examination shall bring a valid identification card or passport and provide it at 

request of the examination supervisor. 

(6) Candidates for examination shall be instructed by the examination supervisor prior to the 

commencement of the traders examination regarding the examination procedure, the time 

available and of tools and examination aids which may be used as well as of the consequences of deception. 

§ 18 Deception and Breach of Rules 

(1) Participants engaging in deceptive practices, such as the use of working aids which are not 

permitted, the impermissible aid of third parties or other deceptive practices, maybe permitted from further participation in the traders’ examination under reservation of exclusion by the 

examination supervisor. The same applies to disruptions of the examination procedure. 

(2) The Board of Examiners shall determine the final exclusion and consequences after having 

afforded the examination candidate an opportunity to be heard. In serious cases, particularly 

in the case of premeditated deception, the traders’ examination may be declared to have 

been failed. The same shall apply to deceptions subsequently discovered within one year. 

§ 19 Withdrawal 

(1) The examination candidate may withdraw by written declaration prior to the commencement 

of the traders’ examination. In such case, the traders’ examination shall be considered not to 

have been taken. 

(2) If the examination candidate withdraws after the commencement of the traders’ examination 

without cause, he/she shall be considered to have failed the examination. The same shall 

apply if the candidate does not appear for the examination despite of his/her admission. 

(3) Upon good cause for the withdrawal, the traders’ examination shall be considered not to 

have been taken. The Board of Examiners shall determine the existence of such cause. 

§ 20 Passing of the Traders Examination, Announcement of Results 

(1) Only the members of the Board of Examiners shall take part in the discussion of the examination results. The Board of Examiners determines, by a majority of the votes cast, the results of the respective traders’ examination. 

(2) The traders’ examination shall be deemed to have been passed if a percentage of the points 

to be attained in the individual examination topics determined by the Board of Management 

for the examination in question was attained. The percentage to be determined shall not fall 

below 50 of 100. No special grading is granted for performance between the required percentage for the passing of the examination and 100 % of the attainable points. 
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(3) The Board of Examiners/Board of Management shall promptly distribute a certificate reflecting satisfactory completion of the examination after evaluation of the results of the traders’ 

examination. 

§ 21 Failing and Retaking the Traders Examination 

(1) After the evaluation of the examination results, the Board of Examiners shall promptly inform 

the examination candidate of the decision regarding the failure to pass a traders‘ examination 

in a notification. 

(2) Traders’ examinations can be re-taken. 

§ 22 Legal Remedy 

An appeal against a decision based on these Examination Rules may be submitted to the 

Board of Management of EEX within one month after the announcement. Opposition proceedings shall be carried out according to the Administrative Court Rules. 

§ 23 Costs 

Fees may be charged to the examination candidate’s account for participating in traders’ 

exams and EEX systems training courses as well as repeat examinations. 
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6. Final Provisions 

§ 24 Date of Effectiveness 

The Examination Rules as well as changes to the Examination Rules shall take effect on 

the day after their publication or -if it is decreed- at a later date. 
Datum / Date 04.07.2016 

Ort / Place Leipzig 

Dokumentversion / Document Release 0042a 

Trading Conditions 

The English version is for informal use only. 

The German version is legally binding.
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Trading Conditions, Release 0042a Page 2 

1 Table of Contents 

2 General Provisions ............................................................................................................... 4

§ 1 Scope of Application; Types of Trades ............................................................................. 4

§ 2 Exchange Days, Trading Hours, Business Hours and Settlement Days ............................ 4

§ 3 Products ........................................................................................................................... 4

§ 4 Binding Nature of Transactions ........................................................................................ 4

§ 5 Delivery and Acceptance Periods ..................................................................................... 5

§ 6 Settlement and Fulfilment of Transactions ........................................................................ 5

§ 7 Contractual Relationships ................................................................................................. 5

§ 8 Pre-arranged Trades and Cross Trades ........................................................................... 5

§ 9 Cancellation of Trades and Orders ................................................................................... 6

§ 10 Objections against Transactions ..................................................................................... 6

§ 11 Provisions regarding Access .......................................................................................... 7

§ 12 Transmission of Orders .................................................................................................. 7

§ 13 Trading on Behalf of the Exchange Participants (Trading on Behalf) .............................. 7

§ 14 Technical Problems within the Trading Systems of EEX ................................................. 8

§ 15 Technical Disruptions concerning a Trading Participant ................................................. 8

3 General Provisions for Trading on the Spot and Derivatives Markets of EEX ................. 9

§ 16 Scope of Application ....................................................................................................... 9

§ 17 Products, Forms of Trading and Trading Systems .......................................................... 9

§ 18 Types of Orders .............................................................................................................. 9

3.1 Special Provisions for Continuous Trading within the T7 Trading System ................... 10

§ 20 Order types................................................................................................................... 10

§ 21 Quotes.......................................................................................................................... 11

§ 22 Combined instruments .................................................................................................. 11

§ 23 Pre-Trade Limits ........................................................................................................... 12

§ 24 Execution and Management of Orders ......................................................................... 12

§ 25 Order Execution ........................................................................................................... 13

§ 26 Execution of Market Orders .......................................................................................... 14

§ 27 Execution of Limit Orders ............................................................................................. 15

§ 28 Execution of Stop Orders.............................................................................................. 15

3.2 Special Provisions for Primary Auctions of Emission Rights in Accordance with the 

Provisions of the Commission Regulation (EU) No. 1031/2010* ........................................... 16

§ 29 General Regulations ..................................................................................................... 16

§ 30 Execution of Auctions ................................................................................................... 16

§ 31 Auction Calendar .......................................................................................................... 16

§ 32 Bidders and Order Types.............................................................................................. 17

§ 33 Pricing and Execution of Orders, Cancellation .............................................................. 18

§ 34 Measures by the Management Board of the Exchange ................................................ 18

3.3 Position Account-Keeping for the Exchange Participants ............................................ 19

§ 35 Position Administration ................................................................................................. 19
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4 Final Provisions.................................................................................................................. 20

§ 36 Place of Performance ................................................................................................... 20

§ 37 Effective Date ............................................................................................................... 20
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2 General Provisions 

§ 1 Scope of Application; Types of Trades 

(1) The following trading conditions shall govern all Spot and Derivatives transactions, which 

are concluded on the European Energy Exchange (EEX). 

(2) The products of EEX are traded in the closed auction, in the open auction or in continuous 

trading with and without open auctions. 

§ 2 Exchange Days, Trading Hours, Business Hours and Settlement 

Days 

(1) Trading on EEX shall generally take place from Monday to Friday. 

(2) Trading hours are those times during which the products can be traded on the EEX. Trading is also permitted on days which are not exchange trading days provided this was announced by the Management Board of the Exchange in due time. The Management Board 

of the Exchange can specify with regard to individual products that these are not tradeable 

on all exchange trading days. 

(3) Exchange trading days may be ascertained differently according to product. The Management Board of the Exchange publishes for all products the list of holidays, respectively, 

which are not exchange trading days, in the annex to the Contract Specifications. Furthermore, it announces the trading times for the single products which can be traded on EEX. 

(4) The business hours are from 7:30 am until 06:00 pm on every Exchange Day of EEX. 

(5) Settlement Days are the days on which financial and/or physical settlement of the transaction on EEX is effected by European Commodity Clearing AG (ECC AG) (ECC business 

days). ECC AG publishes a list of days from Monday to Friday which are not ECC business 

days. 

§ 3 Products 

(1) Products are contracts which have been admitted to spot or derivatives trading on EEX by 

the Management Board of the Exchange. 

(2) The contracts, which are admitted to spot or derivatives trading on EEX, are stipulated in 

the contract specifications attached to these trading conditions. 

(3) The latest version of the contract specifications appended to these trading conditions is an 

integral part of these and, hence, forms the basis for all business carried out on EEX. 

§ 4 Binding Nature of Transactions

With regard to an exchange participant all those transactions shall be binding which are 

brought about by means of his input devices or by means of his allotted technical access 

(Member ID) and accordingly on his behalf and on his account. 
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§ 5 Delivery and Acceptance Periods 

The delivery and acceptance periods resulting from transactions concluded on the EEX are 

fixed periods within the meaning of Art. 376 HGB [German Commercial Code], in particular, 

with the result that a right to resign from the transaction and to demand compensation on 

grounds of non-performance in the event of culpable non-compliance with the deadline arises from a non-compliance with said deadline. 

§ 6 Settlement and Fulfilment of Transactions 

The trades concluded by the EEX exchange participants are fulfilled financially or physically 

in accordance with the respective provisions in the contract specifications. Fulfilment, settlement and securitisation of the transactions concluded on EEX (clearing) are provided by 

ECC AG in its capacity as the clearing house of EEX. Clearing of all transactions concluded 

on EEX shall exclusively be effected according to the Clearing Conditions of ECC AG in the 

version effective at the time of the provision of the service in accordance with the more detailed provisions in § 7. 

§ 7 Contractual Relationships

(1) The transactions on the Spot Market of EEX shall only be concluded between the ECC AG 

and an exchange participant. The integration of the clearing members of ECC AG into the 

settlement of the trades concluded shall depend on the provisions of the current version of 

the Clearing Conditions of the ECC AG. 

(2) The transactions on the Derivatives Markets of EEX shall only be concluded between ECC 

AG and an institution which holds a clearing license (general clearing member or direct 

clearing member). In case an exchange participant is not authorized to carry out clearing itself (non-clearing member) transactions shall only be concluded by means of the clearing 

member, via whom the participant settles his transactions on EEX. If an order entered into 

a trading system of EEX is matched with another order, a transaction is concluded between 

the non-clearing member and the clearing member and, at the same time, a corresponding 

transaction is concluded between the clearing member and ECC AG. If, in accordance with 

the trading conditions, performance by delivery is necessary, from the time a contract has 

to be delivered only the exchange participant is obliged to take or make delivery pursuant to 

section 3.3.5 of the Clearing Conditions. 

(3) The provisions of this article concerning exchange participants shall apply accordingly to 

enterprises or institutions that have been admitted as auctioneers. 

§ 8 Pre-arranged Trades and Cross Trades

(1) Subject to § 1 of the Trade Registration Rules, it is not permitted to enter consecutive orders in continuous trading which could be executed against each other to conclude a transactions according to a prior arrangement between two exchange participants (Pre-arranged 

trades) unless the requirements of Paragraph (4) are fulfilled. 
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(2) Entering of opposite orders by a single exchange participant with respect to the same product which could be matched with each other in the trading system for continuous trading so 

that a transaction is effected (cross trades), is not permitted in case the exchange participant knowingly acts for its own account or for the account of a customer on both the bid 

and ask side unless the requirements of Paragraph (4) are fulfilled. This does not apply to 

the submission of orders as part of a quote. 

(3) An Exchange Participant may submit a written description of his internal and external links 

to the IT system of the Exchange to the Market Surveillance of EEX on the basis of which it 

will decide whether the Exchange Participant acted knowingly within the meaning of Paragraph 2. 

(4) A cross trade or a pre-arranged trade is admissible to be entered into the trading system T7 

if the purchaser, prior to entering his order or quote, enters a cross request into the trading 

system. The purchaser and the seller must enter the cross trade or pre-arranged trade at 

the earliest after five seconds and at the latest after 65 seconds after having entered the 

cross request into the trading system. The order or quote must comply with the announced 

number of contracts. 

(5) Paragraphs (1) and (2) shall apply accordingly to other kinds of conduct which constitute a 

circumvention of the regulation. Such other kinds of conduct within the meaning of this paragraph shall include, in particular, the misuse of quotes. 

§ 9 Cancellation of Trades and Orders

The Management Board of the Exchange shall be entitled to cancel trades or orders ex officio provided this is required in order to ensure proper trading on the exchange or in order to 

safeguard the correctness of the settlement of exchange transactions. 

§ 10 Objections against Transactions

(1) Objections against a transaction which has been concluded in the order book can only be 

asserted with reference to errors in the corresponding trading system of EEX or to bad mistakes which can be recognised objectively during entering of volumes or prices. The detailed provisions shall be specified by the Management Board of the Exchange. Moreover, 

the Management Board of the Exchange can specify that objections are excluded with regard to certain products or determine other rights, such as i.e. withdrawal rights. 

(2) Objections may be raised additionally against transactions that are based on entries which 

have not been conducted by the exchange participant itself with the reason that the entries 

have not been conducted or transmitted according to his allowance or without his mandate. 

Further provisions are stipulated within the Trade Registration Rules. 

(3) Objections shall be raised towards the Management Board of the Exchange in writing or in 

text form forthwith. By means of raising said objection the cancellation of the trade by the 

Management Board of the Exchange shall be requested. The Management Board of the 

Exchange shall decide on requests regarding the cancellation of a trade immediately and at 

the latest within 24 hours. The expenses incurred by EEX on account of the cancellation 

and reversed transaction shall be refunded by the exchange participant requesting the can-
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cellation, unless such cancellation is entirely based on an error within the trading system. 

Claims to damages on the part of EEX AG or of the clearing institutions included towards 

the exchange participant upon whose request the transaction was cancelled shall not be affected by this. 

§ 11 Provisions regarding Access

(1) Every exchange participant shall be responsible for controlling access to his input devices 

and other EDP devices which are connected to the trading systems of EEX. 

(2) The exchange participants are obliged to take effective precautions against any improper 

use of their entire EDP which is connected to EEX and to monitor access to the corresponding devices continuously. 

(3) Every exchange trader receives individual access authorisations to the trading systems. He 

is not permitted to forward these individual access authorisations to any other person and 

he is obliged to take effective precautions against any improper use of his individual access 

authorizations. 

§ 12 Transmission of Orders 

(1) Exchange participants shall transfer entries for order book trading (entering, modifications 

and deletion of orders) to then respective trading systems of EEX from their input units by 

means of electronic data transmission. The use of the Trade registration Functionality of the 

trading systems of EEX shall be carried out according to the provisions stipulated within the 

Trade Registration Rules. 

(2) Only admitted exchange traders are permitted to submit entries to the trading systems. 

(3) The Management Board of the Exchange may permit other ways of transmitting the entry, 

modification and deletion of orders into the systems of EEX. In this case, it shall inform the 

exchange participants in due manner. 

§ 13 Trading on Behalf of the Exchange Participants (Trading on 

Behalf) 

(1) In particular in the event of technical malfunctions or other obstacles to access to the trading systems on the part of a trading participant, the Management Board of the Exchange 

can make entries in the trading systems on his behalf and in accordance with specific instructions and for said party (trading on behalf). Trading-on-behalf orders may only be issued by a licensed exchange trader of the trading participant concerned . For participation 

in primary auctions of emission rights the Management Board of the Exchange may permit 

other registered persons to submit orders. EEX checks the legitimation for submitting orders by the active user login. Orders can be issued via phone, in text form (fax, e-mail) or in 

writing. 

(2) EEX shall only be liable for cases of damage which a trading participant sustains in the 

context of trading on behalf, in particular, on account of incorrect entries in as far as premeditation or gross negligence on the part of its bodies or vicarious bodies can be proven. 
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In this case, however, the liability of EEX shall be limited to the amount of the damage typical of the contract which was foreseeable upon the conclusion of the contract. EEX is entitled to refuse orders for trading on behalf without having to give reasons. 

§ 14 Technical Problems within the Trading Systems of EEX 

(1) Upon the occurrence of technical problems or if it is evident for further technical development, the Management Board of the Exchange may temporarily interrupt access to the 

trading systems of EEX or trading on EEX for individual or all exchange participants in part 

or entirely. As far as the Management Board of the Exchange deems necessary, it can take 

suitable measures in order to ensure that trading is possible. The measures taken by the 

Management Board of the Exchange in accordance with sentences 1 and 2 are binding for 

all exchange participants. 

(2) Exchange participants affected by technical problems of the EEX trading system shall be 

notified of such measures to the extent possible pursuant to paragraph (1) through the system or, in the event of a system failure, per fax or in another suitable manner. 

(3) Should individual exchange participants not be able to participate in trading on EEX because of technical disruptions, the corresponding trading system of EEX shall remain available to the other exchange participants, unless the Management Board of the Exchange of 

the exchange decides that measures in terms of paragraph (1) sentence 2 are necessary to 

ensure that trading is possible. 

§ 15 Technical Disruptions concerning a Trading Participant 

(1) Each exchange participant must be reachable at any time during the business hours. 

(2) During the business hours the exchange participant shall promptly notify the Management 

Board of the Exchange if the entry or the receipt of data is totally or partly impossible as a 

result of disruptions of its operations or governmental action. Upon request, the Management Board of the Exchange may cancel orders entered by such exchange participants; 

otherwise, section 14 paragraph 3 shall apply accordingly. 

(3) The exchange participant must immediately notify the Management Board of the Exchange 

of any failure of his telephone system or of any other problem which makes communication 

by telephone impossible. 
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3 General Provisions for Trading on the Spot and 

Derivatives Markets of EEX 

§ 16 Scope of Application 

The rules below shall apply to all transactions which are concluded on the EEX Spot and 

Derivatives Markets. 

§ 17 Products, Forms of Trading and Trading Systems 

(1) On the EEX Spot and Derivatives Markets products can be traded in closed or open auctions and in continuous trading. 

(2) Primary auctions of emission rights (EU emission allowances and EU Aviation Allowances) 

are carried out on the ComXerv Auction System; continuous trading in all other products is 

effected in the T7 trading system. 

§ 18 Types of Orders 

(1) Orders are buy and/or sell orders of exchange participants on the EEX Spot and Derivatives Markets. 

(2) In auction trading, orders can also be referred to as bids. 

(3) Depending on the form of trading, orders can be entered into the respective trading system 

in the form of: 

§ Unlimited orders (Market Orders) 

§ Limited orders (Limit Orders). 

Market Orders are buy or sell orders which are entered without specifying a price limit and 

which are to be executed at the next price established by the EEX trading system. Limit Orders are buy or sell orders which are entered with a price limit and are to be executed at 

this price or at a better price. 

(4) Orders are only valid for the trading system into which they are entered. Transmission into 

another trading system or the order book of another trading system is not effected. 

(5) In as far as orders cannot be executed or deleted immediately after they are entered into the 

trading systems in accordance with their execution conditions, they are saved in electronic 

order books. 

(6) Executable orders in the order book are carried out through order execution in accordance 

with the rules valid for the respective trading phase. 

(7) Orders in the order book can be modified or deleted at any time. All orders of one trading 

participant in the order book can be deleted by EEX at the trading participant’s request. 

Modifications of an order which concern the price or increase in the number of contracts are 

considered a new order and, as a result, they are given a new position in the chronological 

order in the order book. 
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3.1 Special Provisions for Continuous Trading within the T7 Trading System 

§ 26 Trading time and trading phases 

(1) The trading time for Spot and Derivatives Transactions comprises three consecutive phases: 

§ “Pre-trading period”, 

§ “Trading period” and 

§ “Post-trading period”. 

(2) During the Pre-trading period, orders and quotes can be entered into the trading systems. 

(3) Upon the beginning of the trading phase, an opening auction is carried out and, afterwards, the contracts will be traded continuously. The trading phase ends upon expiry. It can 

be interrupted for the execution of auctions in accordance with the exchange rules and instructions. 

(3) After the end of the trading phase, the trading systems are still available for the trading participants for entering and retrieving data (post-trading phase). 

§ 20 Order types 

(1) The following orders can be entered into the trading system by the trading participants: 

§ market orders 

§ limit orders 

§ stop orders 

§ limit orders with a stop limit (OCO orders). 

Stop orders are bid or ask orders, of a certain number of contracts, which have a certain trigger price and upon reaching of which the stop orders are executed like other incoming market orders. 

OCO (Once-Cancels-Other) orders combine the characteristics of limit orders and stop orders within a single order. If they are executable on the basis of the execution limit, an order 

is executed in its entirety or in part like a limit order. Any residual volume which might still 

remain is still subject to the execution rules of the OCO order. If the order is executable on 

the basis of the price which triggers the stop, the OCO order which is in the order book until 

the stop is triggered, is converted into a market order in its entirety and included in continuous trading as such. 

(2) An order shall comprise, at least, the information as to whether it is a buy or a sell order, the 

product (Spot contract, futures or options) to which they refer, the maturity and the number of 

contracts. In the case of options, the option type (call or put) and the exercise price have to 

be specified, in addition. 

(3) Upon entry the orders must be marked as own orders or customer orders and as opening or 

closing-out transactions for the purpose of recording unless they are to be traded within a 

position account kept in net terms. 
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(4) Orders can have the following conditions regarding their validity: 

§ only valid on that day (good for day), 

§ valid until withdrawn (good till cancelled) or 

§ valid until expiry (good till date). 

Orders which are entered without a validity condition are only valid until the end of the trading 

phase on that trading day. Unless they have been executed until that time, they are automatically deleted from the exchange’s systems. 

(5) Furthermore, orders can carry the following execution conditions upon entry: 

§ One cancels the other or 

§ Immediate-or-cancel. 

In the case of immediate-or-cancel orders, the order is carried out immediately and in as far 

as possible; unexecuted parts are deleted. 

§ 21 Quotes 

(1) A quote is the technical possibility to generate a limited buy and a limited sell order regarding 

one contract in the system at the same time with one entry. Quotes are also possible with 

combined instruments. 

(2) Orders, generated through quotes, reach execution according to the terms of their execution, 

independently of other, simultaneously generated orders. 

(3) Quotes are shown separately in the system and in the order book. Should they fail to be executed in their entirety or in part, the current holding can be individually changed for single orders or collectively charged for a Product, or cancelled, as well as entirely taken out of trading by the exchange participant for a period of time. All of the exchange participant’s quotes 

can be deleted from the order book by EEX upon the exchange participant’s request. 

(4) Any amendment of quotes which changes the price or increases the number of contracts 

constitutes a new entry of all individual orders contained. 

(5) Quotes are only valid for the day on which they are entered; any re-activation constitutes a 

new entry. 

§ 22 Combined instruments 

(1) A combined instrument is a combination of various contracts (“leg instruments”) whose execution is interdependent. A combined instrument can comprise individual leg instruments 

several times. The IT system of EEX supports the following combination types: 

§ A Time Spread is a combined instrument consisting of two contracts of the same futures 

product which only differ with regard to their maturity with one contract being bought and 

the other contract being sold. 

§ An Inter-Product Spread is a combined instrument consisting of, at least, two different 

contracts with, at least, one contract being bought and one contract being sold. 
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The Management Board of the Exchange determines the possible combined instruments and 

announces these. 

(2) Only Limit Orders can be entered into the system of the Eurex exchanges for combined instruments. 

(3) Orders regarding combined instruments are saved in a specific order book; they can be carried out against corresponding executable orders in the order book of the combined instrument or against orders in the respective leg instruments. 

§ 23 Pre-Trade Limits 

(1) A pre-trade limit is the possibility of limiting orders which can be entered into the trading systems by an exchange participant and which is provided technologically within the trading system. Provided a corresponding agreement has been concluded by the clearing member with 

its non-clearing member, the clearing member of ECC, which provides settlement for said 

trading participant, is entitled to enter pre-trade limits. 

(2) Pre-trade limits can contain the individual restrictions specified herein below or a combination 

of these: 

§ Maximum number of contracts with reference to a product per contract. With regard to 

this, the following limit is taken into account in accordance with the respective type of order: 

§ Maximum number of contracts per order (“Maximum Order Quantity“), in as far as 

such do not refer to combined orders or 

§ Maximum number of contracts per combined order (“Order Maximum Calendar 

Spread Quantity“) with reference to certain products. 

§ Maximum amount of available total margins or special margins specified in more detail for 

further trading activities. 

(3) If one of the limits described in paragraph (2) is reached, the system can take measures to 

stop the forwarding of orders by the exchange participant concerned into the trading systems 

and, hence, discontinue the matching of such with other orders. Orders which have already 

been entered into the order books are deleted. 

(4) If certain limits are exceeded, the details shall be determined in an agreement between the 

Exchange participant and his Clearing Member, further entering or execution of orders can 

be limited for the duration of the exceedance and existing orders can be deleted. 

§ 24 Execution and Management of Orders

(1) All orders entered receive a time stamp and an identification number. Orders which do not 

fulfil the prescribed minimum requirements are rejected. The Exchange participants are informed of recording of the orders by the trading system. 

(2) For every tradable product an order book is kept in which all orders are sorted and managed 

according to price and time of receipt. Amendments of an order result in a new chronological 

order if they concern the price or other contents of the order, especially, through an increase 
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in quantity which might have a detrimental effect on the executability of other orders. Combined instruments are kept in separate order books and are executed with the orders in the 

order books of the respective products or with matching opposite combined orders. 

(3) Orders in the order book can be amended or deleted at any time. All orders of one Exchange 

participant can be deleted by the Management Board of the Exchange upon a request to this 

end by the Exchange participant. 

(4) Existing orders are deleted as soon as the validity condition is reached; however, at the latest, if a contract (delivery day or delivery period) is no longer tradable. 

§ 25 Order Execution

(1) During the opening auction of the trading phase, trades are concluded according to the principle of the most executable volume as follows: 

During the balancing process, the biggest possible number of executable orders available 

within the system is matched at the opening price for every option series and every contract. 

If there are no executable matching orders during the opening auction of a contract, the 

opening auction ends without the determination of an opening price. 

(2) During continuous trading in the trading phase transactions are concluded as follows: 

An order is checked for executability with the orders in the order book in line with its validity 

specification. If an order entered cannot be executed right away, it is entered in the order 

book in accordance with its price and time priority unless this is precluded by an order restriction. 

If the order entered can be executed with matching orders in the order book, these are allocated to each other and matched automatically. In this process, an incoming sell order is 

matched with the order on the buy side of the order book with the respective highest ask 

price (best price on the ask side), while an incoming buy order is matched with the respective 

order on the sell side with the respective lowest bid price (best price of the bid side). If there 

are several orders with the same best price in the order book which are opposite orders to 

the incoming and executable order, an allocation procedure as per Paragraph 3 shall be decisive for their sequence in execution. 

If, after matching with all best-price orders in the order book which are opposite orders to the 

side of the incoming order, the order entered is still executable as against the respective next 

best order book price, matching is continued until the order entered is no longer executable. 

An order which after matching at the respective best order book price still has a residual volume which cannot be executed any further is entered into the order book in accordance with 

its price-time priority provided this is not precluded by an order restriction. Further details regarding matching for certain order types are specified in the rules in section 4.2. 

(3) Best-price orders saved in different order books can be combined so that they correspond to 

the side opposite the order (“synthetic path”). If the price formed from such a combination of 

order book sides (“synthetic path”) is identical with the best price on the side of the order 

book which is opposite the incoming order or improves this price, the synthetic path upon the 

execution against the incoming order can be taken into account. In the event of an improve-
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Trading Conditions, Release 0042a Page 14 

ment in price, the synthetic path is the best available price and the synthetic path is executed 

against the incoming order. 

Synthetic paths are formed from, at maximum, combinations of three different order book 

sides. In the event of two different best-price synthetic paths whose number of combined order book sides is identical, the synthetic path whose combination of order book sides contains the instrument with the nearest expiry date has a higher priority. 

If a synthetic path is executed with a certain quantity as against an incoming order (“allocated 

path quantity”), this synthetic path is divided into the order book sides generating it and the 

allocated path quantity is executed against the best-price order contained in the generating 

order book sides. In the event of several orders contained in one generating order book side, 

an allocation procedure as per Paragraph 4 shall be decisive for their sequence during execution. 

(4) If there are several orders with the same price on one side in the order book, an allocation 

procedure shall be decisive for the consideration and allocation of the volume of these orders. The volume to be distributed to the orders with the same price (“volume to be allocated”) is specified through an incoming order in continuous trading or through allocated path 

quantities or through a balancing process in an auction. 

In determining the volume allocated to the respective order, the orders contained in the order 

book are processed at the same price in the chronological sequence of receipt with the order 

entered first being assigned the highest priority. 

(5) Market orders are always executed before limit orders. If there are several market orders in 

the order book, the time of the entry of such shall be decisive for consideration and the allocation of the volume of the market orders. 

(6) EEX shall forthwith inform the exchange participants of the execution of their orders in the 

trading system. This information shall contain all the essential details of the transaction. 

(7) In the case of trades regarding futures or options, the trading system updates the exchange 

participants’ position accounts after matching. 

§ 26 Execution of Market Orders 

(1) Market orders for Spot or Futures contracts that are entered during continuous trading of the 

Trading Period will only be executed with Limit orders, the prices of which are within a certain 

range, as determined by the Management Board of the Exchange either above or below the 

last price at which the last contract was concluded. If incoming Market orders cannot be executed in full, or at all, they will be transferred into the order book. New incoming Limit orders 

will be executed with any remaining Market orders if their prices are within the range either 

above or below the last contract price. If, although the prices of incoming Limit orders are not 

within such range, they could nevertheless be executed with other Limit orders or quotes 

contained in the order book, the price at which such Limit orders or quotes could be executed 

with each other will then be the new last effected Derivatives contract price within the meaning of sentence 2 of this paragraph. Such Limit orders or quotes will be executed with other 

Market or Limit orders in accordance with the general priority rules set forth in § 25. If no last 
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Trading Conditions, Release 0042a Page 15 

contract price within the meaning of sentence 2 of this paragraph can be determined on a 

given trading day, Market orders will not be executed on that day. If a new contract is introduced, Market Orders shall only be executed after two Limit Orders have determined the 

contract price. 

(2) Market Orders for Options contracts that are entered during continuous trading of the Trading 

Period can be executed with Quotes and orders contained in the order book, which are not 

more unfavourable than the most unfavourable Quote of an Options series. The Market Orders entered are executed along with existing Market Orders and Limit Orders in the order 

book in the order of best price. Market Orders which are not, or not fully, executed are thereafter transferred to the order book. Newly entered orders are used for execution with the remaining Market Orders or as a price reference for the execution of the Market Orders with 

other orders in the order book. Each Market Order is exercised before a Limit Order. In deviation to clause (1), as long as no quotes are entered, Market Orders can be executed with 

other Markets Orders or Limit Orders if an entered Limit order can be executed with a Limit 

Order already entered in the order book. The price, at which the Limit Orders are jointly executed, serves as the execution price for the existing Market Orders. These are executed, 

along with other Market Orders and Limit Orders in accordance with the general priority 

rules. 

(3) If a Market Order is still in the Order Book on the following trading day, it will be processed as 

a Market Order during the Opening Auction of such a trading day. 

(4) Market Orders entered during the Pre-Trading Period or the Post-Trading will be processed 

during the next opening auction. 

§ 27 Execution of Limit Orders

(1) Unrestricted Limit Orders may be entered during the Pre-trading period, the Opening period, 

the Trading period or the Post-trading full period. Unrestricted Limit Orders that are not executed immediately are entered in the Order Book. If there already is an unrestricted Limit Order in the order book and if an executable Limit Order which can be executed with it is received, a transaction shall be effected at the price of the order contained in the Order Book. 

(2) Restricted Limit Orders may only be subject to the limitation on execution “immediate or cancel“. Restricted Limit Orders may only be entered during the Trading Period. They are not entered in the Order Book. 

(3) Limit orders entered without a validity specification or limitations on their execution shall be 

valid only until the end of a given trading day. To the extent that they have not been executed, Limit Orders shall be deleted from the trading systems after the trading day. 

§ 28 Execution of Stop Orders

(1) Stop Orders are only possible for Spot and Futures contracts. If the price specified for the 

Stop Order is reached or exceeded is reached during trading or in determining the opening 

price in the respective contract, or the price of the contract falls below the specified price or 

exceeds it, as the case may be, the Stop Orders will, pursuant to an automatic selection process in the chronological order of their entry, be converted into Market orders. These orders 
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Trading Conditions, Release 0042a Page 16 

will then be executed along with any other incoming Market orders in the order of the times of 

their conversion into Market orders, in accordance with the general principles for the matching of Market orders for Futures contracts. 

(2) Stop Orders will be entered into a separate Order Book. 

3.2 Special Provisions for Primary Auctions of Emission Rights in 

Accordance with the Provisions of the Commission Regulation 

(EU) No. 1031/2010* 

* Articles referred to below in this section without further reference are articles of the Commission Regulation (EU) 

No. 1031/2010 (Auction Regulation). 

§ 29 General Regulations 

(1) Primary auction of emission rights is effected as an element of exchange trading of EEX. 

(2) In addition to the rules and regulations of EEX, the respectively valid national or European 

statutory bases are applicable to the respective auctions. 

(3) EEX is the exchange carrying out the primary auction of emission allowances. 

(4) The respectively competent national or European institution or a third party commissioned by 

it (auctioneer) shall provide the emission rights to be auctioned off. Trading participants other 

than the auctioneer are not entitled to conclude sales transactions in the framework of the 

primary auction. 

§ 30 Execution of Auctions 

(1) Exchange trading for the primary auction of emission rights takes place by means of singleround, closed and uniform price auctions. 

(2) The auction will follow the format required in the EU Auctioning Regulation and comply with 

the respective contracts between EEX and those institutions which appointed or selected 

EEX as the respective auction platform. An auctioneer’s participation in a primary auction 

shall be excluded unless the emission rights to be auctioned have been submitted to the corresponding auction delivery account of ECC Lux at the Union registry by, at the latest, 10:00 

CET two days before the auction in accordance with the valid auction table. 

(3) The call phase (bidding window) and the pricing phase are the trading phases for the auction. 

(4) EEX will obtain and take the utmost account of the Commission’s opinion with regard to auctions according to Art. 26 and of the opinion of the competent national authority of the respective Member State with regard to auctions according to Art. 30. 

§ 31 Auction Calendar 

(1) EEX determines and publishes the auction calendars for auctions as per Art. 26 and for auctions as per Art. 30 in compliance with Art. 8 and per product to be auctioned (EUA and EU-
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Trading Conditions, Release 0042a Page 17 

AA) in accordance with the more detailed provisions of Art. 11 and 13 on the basis of the annual auction volumes. 

(2) The timing and frequency of auctions are determined in accordance with the more detailed 

provisions in Art. 8. 

(3) EEX shall adjust the respective auction calendar in the cases as per Art. 14 (1). 

(4) Provided the Emission Allowances have been transferred to the respective ECC Lux Auction 

Delivery Account in accordance with Art. 46, the Auction Calendar in its respectively valid 

version shall determine the volume which will be auctioned off at the next auction. 

(5) The Auction Calendar shall comprise, at least, the following information: 

a. auction dates and times, including the duration of the call phase (bidding window) 

b. volumes to be auctioned (including disclosure of the amounts per auctioneer) and 

c. the auctioned product. 

§ 32 Bidders and Order Types 

(1) Buy orders can only be entered by Exchange Participants who are admitted and entitled to 

bid in a primary auction in accordance with Chapter IV of the Auction Regulation (Eligibility). 

(2) Entering, deletion or modification of orders is only admissible during the call phase. 

(3) Orders have to be entered into the trading system or by using trading on behalf, § 13 applies 

mutatis mutandis. To ensure proper handling of orders submitted through trading on behalf, 

these orders may only be submitted up until 10 minutes before the end of the call phase. 

(4) Bidding Orders can only be entered into the trading system as limit orders. Limit orders are 

buy orders with a price limit which can only be carried out at this price or at a better price. 

Upon entering into the trading system the limited buy orders have to comprise the following 

information: 

§ Buy (bid), 

§ Price limit specified to two decimal points, 

§ Product and 

§ Number of contracts (at a minimum lot size of 500 or a multiple thereof). 

Upon entering into the system orders have to be marked as own orders or customer orders. 

In case the trading participant enters a customer order, the identity of the customer has to be 

named in the customer field provided by the trading system or on the written order. It is the 

sole responsibility of the trading participant to ensure the eligibility of the customer in accordance with the Auction Regulation (Chapter 4). 

(5) All orders which are still valid at the end of the call phase are binding. The Management 

Board of the Exchange may withdraw that order after the end of the bidding window but before the auction clearing price has been determined - upon request of the trading participant - 

in case a genuine mistake has been made in the submission of the order. 
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§ 33 Pricing and Execution of Orders, Cancellation 

(1) A potential execution price is not displayed during the call phase (“black box auction”). 

(2) After the end of the call phase pricing is carried out as uniform pricing in the auction by 

means that all successful bidders will pay the same auction clearing price. 

(3) The limit price of the order at which the sum of the volumes bid matches or exceeds the volume of allowances auctioned shall be the auction clearing price: The orders are sorted according to the height of the price limit and the quantities specified are added up. Where the 

price limit of several orders is the same, these orders will be sorted through a random selection according to an algorithm determined by EEX before the auction. The price which is 

identical with the price limit of the orders at which the added-up buy orders reach or exceed 

the quantities offered on the sell side. 

(4) Orders not carried out are deleted after the auction. 

(5) The trading participants are informed of the prices established in the auctions as well as of 

the execution of their orders by the trading system. Said information contains all essential 

trading and transaction data. 

(6) Not later than 15 minutes after the end of the call phase, EEX will publish the following information about the auction on its website 

a. the volume of the allowances auctioned; 

b. the auction clearing price in euros; 

c. the total value of the auction and 

the distribution of the revenues between the Member States, in the case of auctions of EEX 

pursuant to Article 26(1) or (2). 

(7) If the amount of bidding orders does not meet the offer of EU emission allowances a price 

determination does not take place and the respective auction will be cancelled. The same 

applies if the estimated auction price does not reflect the orderly market value (reference 

price procedure as per Art. 7 (6))) and the other cases as foreseen in Art. 9. 

§ 34 Measures by the Management Board of the Exchange 

(1) In order to maintain an orderly situation on the market, especially in case of incorrect entries 

or other events affecting proper pricing the Management Board of the Exchange can take 

adequate measures in accordance with the Auctioning Regulation for a proper price calculation or cancel an auction. 

(2) In case an auction is not held on an auction date due to technical reasons or an insufficient 

bidding volume or in case an auction carried out is cancelled by the Management Board of 

the Exchange, the volumes to be auctioned will be allocated to the following auctions in accordance with Art 7 (8), 9 or 14. 

(3) Trading participants interfering with the proper course of the auction can be excluded from 

participation therein. 
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3.3 Position Account-Keeping for the Exchange Participants 

§ 35 Position Administration 

(1) Transactions concluded on the Derivatives Markets of EEX by trading participants shall be 

recorded as positions in internal Principal, Agent and Market Maker Position accounts by 

ECC AG as the CCP according to the ECC clearing conditions. 

(2) Two Principal Position Accounts, one Agent Position Account and two Market Maker Position 

Accounts shall be maintained for each exchange participant. Additionally, for options an internal premium account shall be maintained for each position account of each exchange participant. The premium from all exchange traded Options trades shall be booked to the respective Premium account. 

(3) Entries made by the exchange participants in the trading systems of the exchange which occur while entering the order are binding for the exchange participant towards EEX as well as 

towards the clearing houses included and their clearing members. These include information 

about the position account and the information whether it concerns an opening or closing 

trade. 

(4) Entries made by the exchange participants, which occur in connection with the position administration, are only allowed pursuant to the regulations in the respectively applicable clearing conditions and are binding for the exchange participant towards EEX as well as towards 

the clearing houses included and their clearing members. These include, in particular, opening or closing trade adjustments, closing position adjustments, trade adjustments, entries, 

which can change the classification of a trade or a position from Agent to Principal or from 

Principal to Agent position accounts (Trade or Position Transfers including Give up Trades) 

as well as the separation of trades into various position accounts (Trade Separation). 
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4 Final Provisions 

§ 36 Place of Performance 

Leipzig shall be the place of performance for all transactions on EEX governed by these 

provisions. 

§ 37 Effective Date 

These Trading Conditions as well as any amendments thereto shall become effective on 

the day after their publication, unless a later effective date has been specified by the Exchange Council. 
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Trading Conditions, Release 0042a Page 21 

Appendix: Contract specifications 
Datum / Date 02.09.2016 

Ort / Place Leipzig 

Dokumentversion / Document Release 0050a 

Contract Specifications 

The English version is for informal use only. 

The German version is legally binding.
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Contract Specifications, Version 0050a Page 2 

Table of Contents

A. Subject of the Contract and Underlying Commodity ....................................................... 7

1. Energy and Energy Related Products ......................................................................................... 7

1.1. Power (financial and physical) ................................................................................................................... 7

1.1.1. Underlying ................................................................................................................................................ 7

1.1.1.1. Power Futures........................................................................................................................................... 7

1.1.1.2. Cap Futures............................................................................................................................................... 7

1.1.1.3. Wind Power Futures ................................................................................................................................. 7

1.1.2. Market Areas/Reference Contract ............................................................................................................. 7

1.1.2.1. Power Futures with Physical Fulfilment ..................................................................................................... 7

1.1.2.2. Power Futures with Financial Fulfilment .................................................................................................... 7

1.1.2.3. Cap Futures............................................................................................................................................... 8

1.1.2.4. Wind Power Futures ................................................................................................................................. 8

1.1.3. Delivery Time ............................................................................................................................................ 8

1.1.3.1. Base .......................................................................................................................................................... 8

1.1.3.2. Peak.......................................................................................................................................................... 8

1.1.3.3. Off-Peak.................................................................................................................................................... 8

1.1.4. Delivery Period/Time Period ..................................................................................................................... 8

1.1.5. Tradable Delivery Periods.......................................................................................................................... 8

1.1.5.1. Physical Power Futures ............................................................................................................................. 8

1.1.5.2. Financial Power Futures ............................................................................................................................ 9

1.1.6. Tradable Settlement Periods ..................................................................................................................... 9

1.1.6.1. Cap Futures............................................................................................................................................... 9

1.1.6.2. Wind Power Futures ................................................................................................................................. 9

1.1.7. Contract Volume and Minimum Lot Size .................................................................................................... 9

1.1.8. Tradable Maturities................................................................................................................................. 10

1.1.8.1. Power Futures......................................................................................................................................... 10

1.1.8.2. Cap Futures............................................................................................................................................. 10

1.1.8.3. Wind Power Futures ............................................................................................................................... 10

1.2. Coal (financial) ........................................................................................................................................ 11

1.2.1. Underlying .............................................................................................................................................. 11

1.2.2. Contract Volume and Minimum Lot Size .................................................................................................. 11

1.2.3. Tradable Maturities................................................................................................................................. 11

1.2.3.1. Month Futures ........................................................................................................................................ 11

2. Environmental Products........................................................................................................... 11

2.1. Emission Allowances ............................................................................................................................... 11

2.1.1. Underlying .............................................................................................................................................. 11

2.1.2. EU Emission Allowance and EU Aviation Allowance ................................................................................. 12

2.1.3. Green Certified Emission Reductions ....................................................................................................... 12

2.1.4. Contract Volume and Minimum Lot Size .................................................................................................. 12

2.1.4.1. Spot Market ............................................................................................................................................ 12

2.1.4.2. Derivatives Market .................................................................................................................................. 12

2.1.5. Time of Fulfilment and Delivery Day ........................................................................................................ 12
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2.1.6. Maturities of Derivatives Contracts ......................................................................................................... 13

2.1.7. Tradable Maturities for Derivatives Contracts.......................................................................................... 13

2.1.7.1. Month Futures ........................................................................................................................................ 13

2.1.7.2. Quarter Futures ...................................................................................................................................... 13

2.1.7.3. December Futures .................................................................................................................................. 13

2.2. Guarantees of Origin ............................................................................................................................... 13

2.2.1. Underlying .............................................................................................................................................. 13

2.2.2. Contract Volume and Minimum Lot Size .................................................................................................. 14

2.2.3. Maturities ............................................................................................................................................... 14

2.2.4. Tradable Maturities................................................................................................................................. 14

3. Agricultural Products ............................................................................................................... 14

3.1. Potatoes ................................................................................................................................................. 14

3.1.1. Underlying .............................................................................................................................................. 14

3.1.2. Contract Volume and Minimum Lot Size .................................................................................................. 14

3.1.3. Tradable Maturities................................................................................................................................. 15

3.2. Livestock and Meat ................................................................................................................................. 15

3.2.1. Underlying .............................................................................................................................................. 15

3.2.2. Contract Volume and Minimum Lot Size .................................................................................................. 15

3.2.3. Tradable Maturities................................................................................................................................. 15

3.3. Dairy Products ........................................................................................................................................ 15

3.3.1. Underlying .............................................................................................................................................. 15

3.3.2. Contract Volume and Minimum Lot Size .................................................................................................. 16

3.3.3. Tradable Maturities................................................................................................................................. 16

4. Options .................................................................................................................................... 16

4.1. Underlying .............................................................................................................................................. 16

4.1.1. Underlying of Options on Power Futures ................................................................................................. 16

4.1.2. * Currently not available forUnderlying of Options on EUA Dec Futures* ................................................. 17

4.2. Option Premium ..................................................................................................................................... 17

4.3. Type of Option ........................................................................................................................................ 17

4.4. Maturities ............................................................................................................................................... 17

4.4.1. Options on Power Futures ....................................................................................................................... 17

4.4.2. Options on EUA Dec Futures ................................................................................................................... 17

4.5. Tradable Option Series ............................................................................................................................ 17

4.6. Tradable Maturities................................................................................................................................. 17

4.6.1. Options on Power Futures ....................................................................................................................... 17

4.6.2. Options on EUA Dec Futures ................................................................................................................... 18

4.7. Exercise .................................................................................................................................................. 18

B. Pricing and Minimum Price Fluctuation ........................................................................ 19

1. Euro Denominated Products .................................................................................................... 19

2. GBP Denominated Products ..................................................................................................... 19

3. USD Denominated Products..................................................................................................... 19

4. Pricing for the Option Premium ............................................................................................... 20
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C. Last Trading Day for Derivatives Market Contracts ...................................................... 21

1. Energy and Energy Related Products ....................................................................................... 21

1.1. Power ..................................................................................................................................................... 21

1.1.1. Physically Settled Power Futures ............................................................................................................. 21

1.1.2. Financially Settled Power Futures ............................................................................................................ 21

1.1.3. Cap-Futures ............................................................................................................................................ 21

1.1.4. Wind Power Futures ............................................................................................................................... 21

1.2. Coal ........................................................................................................................................................ 22

2. Environmental Products........................................................................................................... 22

2.1. Emission Allowances ............................................................................................................................... 22

2.2. Guarantees of Origin ............................................................................................................................... 22

3. Agricultural Products ............................................................................................................... 22

3.1. Potatoes ................................................................................................................................................. 22

3.2. Livestock and Meat ................................................................................................................................. 23

3.3. Dairy Products ........................................................................................................................................ 23

4. Options .................................................................................................................................... 23

4.1. Last Trading Day...................................................................................................................................... 23

4.1.1. Options on Power Futures ....................................................................................................................... 23

4.1.2. Options on EUA Dec Futures ................................................................................................................... 23

4.2. Expiry Day ............................................................................................................................................... 24

D. Fulfilment ...................................................................................................................... 25

1. Energy and Energy Related Products ....................................................................................... 25

1.1. Cascading................................................................................................................................................ 25

1.2. Power ..................................................................................................................................................... 25

1.2.1. Final Settlement Price ............................................................................................................................. 25

1.2.1.1. Physical Power Futures ........................................................................................................................... 25

1.2.1.2. Financial Power Futures .......................................................................................................................... 25

1.2.1.3. Cap-Futures ............................................................................................................................................ 26

1.2.1.4. Wind Power Futures Germany/Austria .................................................................................................... 26

1.2.2. Fulfilment of Physical Power Futures ....................................................................................................... 27

1.2.2.1. Delivery and Acceptance of Delivery........................................................................................................ 27

1.2.2.2. Purchase Price ........................................................................................................................................ 27

1.2.3. Fulfilment of Financial Power Futures, Cap Futures and Wind Power Futures .......................................... 27

1.2.3.1. Month Futures ........................................................................................................................................ 27

1.2.3.2. Week Futures.......................................................................................................................................... 27

1.2.3.3. Weekend Futures .................................................................................................................................... 27

1.2.3.4. Day Futures............................................................................................................................................. 28

1.3. Coal ........................................................................................................................................................ 28

1.3.1. Final Settlement Price ............................................................................................................................. 28

1.3.2. Fulfilment ............................................................................................................................................... 28

2. Environmental Products........................................................................................................... 28

2.1. Emission Allowances ............................................................................................................................... 28
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2.1.1. Primary Auctions ..................................................................................................................................... 28

2.1.1.1. Escrow Accounts ..................................................................................................................................... 28

2.1.1.2. Fulfilment ............................................................................................................................................... 29

2.1.1.3. Transfer of Allowances ............................................................................................................................ 29

2.1.2. Secondary Trading .................................................................................................................................. 29

2.1.2.1. Escrow Accounts ..................................................................................................................................... 29

2.1.2.2. Fulfilment ............................................................................................................................................... 29

2.1.2.3. Transfer of Allowances ............................................................................................................................ 29

2.2. Guarantees of Origin ............................................................................................................................... 29

2.2.1. Escrow Accounts ..................................................................................................................................... 29

2.2.2. Fulfilment ............................................................................................................................................... 29

2.2.3. Transfer of Guarantees of Origin ............................................................................................................. 30

3. Agricultural Products ............................................................................................................... 30

3.1. Potatoes ................................................................................................................................................. 30

3.1.1. Final Settlement Price ............................................................................................................................. 30

3.1.2. Fulfilment ............................................................................................................................................... 30

3.2. Livestock and Meat ................................................................................................................................. 30

3.2.1. Final Settlement Price ............................................................................................................................. 30

3.2.2. Fulfilment ............................................................................................................................................... 30

3.3. Dairy Products ........................................................................................................................................ 31

3.3.1. Final Settlement Price ............................................................................................................................. 31

3.3.2. Fulfilment ............................................................................................................................................... 31

4. Options .................................................................................................................................... 31

4.1. Fulfilment ............................................................................................................................................... 31

4.2. Assignment ............................................................................................................................................. 31

E. ISIN Codes, WKN, and Exchange Code .......................................................................... 32

1. Power (Physical Fulfilment) ..................................................................................................... 32

2. Power (Financial Fulfilment) .................................................................................................... 32

3. Cap Futures (Financial Fulfilment)............................................................................................ 45

4. Wind Power Futures (Financial Fulfilment) .............................................................................. 45

5. Coal .......................................................................................................................................... 46

6. Emission Allowances ................................................................................................................ 46

7. Guarantees of Origin ................................................................................................................ 46

8. Potatoes ................................................................................................................................... 46

9. Livestock and Meat .................................................................................................................. 46

10. Dairy Products ......................................................................................................................... 47

11. Options .................................................................................................................................... 47

11.1. Options on Power Futures ....................................................................................................................... 47

11.2. Options on EUA Dec Futures ................................................................................................................... 47
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F. Trading Calendar .......................................................................................................... 48
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A. Subject of the Contract and Underlying Commodity 

1. Energy and Energy Related Products 

Financial and physical futures on the following energy and energy related products can be traded 

on EEX: 

1.1. Power (financial and physical) 

1.1.1. Underlying 

1.1.1.1. Power Futures 

Delivery or acceptance of delivery of electricity with a constant output of 1 MW into the maximumvoltage level of the respective market area during the delivery time on every delivery day during 

the delivery period. 

1.1.1.2. Cap Futures 

The average difference of a reference price calculated for the respective market area for particular 

power spot market contracts within a specific delivery period for a particular market area and a 

price threshold (Cap) determined by the Management Board of the Exchange of EEX. For hours 

for which the difference is negative, a zero will be counted for the determination of the average. 

1.1.1.3. Wind Power Futures 

The average load factor of the installed wind power plants calculated for the respective market area in percent (%). The load factor will be determined for each month as the unweighted average 

value of the quotients of the produced amount of wind power (in MWh) and the installed production 

capacity for wind power (in MW) for each hour. For futures having a shorter maturity than a month 

those shorter periods of time will be the basis for the determination. 

1.1.2. Market Areas/Reference Contract 

1.1.2.1. Power Futures with Physical Fulfilment 

Power Futures with physical fulfilment within the respective control area can be traded for the following market areas: 

§ Belgium (Belgian Power Baseload Futures) and 

§ The Netherlands (Dutch Power Baseload and Peakload Futures). 

1.1.2.2. Power Futures with Financial Fulfilment 

Power Futures with financial fulfilment can be traded for the following market areas: 

§ Belgium (Belgian Base Futures), 

§ Germany/Austria (Phelix Base, Peak and Off-Peak Futures), 

§ France (French Base and Peak Futures), 
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Contract Specifications, Version 0050a Page 8 

§ Italy (Italian Base and Peak Futures), 

§ The Netherlands (Dutch Base and Peak Futures) 

§ Nordic (Nordic Base Futures), 

§ Spain (Spanish Base Futures), 

§ Switzerland (Swiss Base Futures), and 

§ United Kingdom (UK Base and Peak Futures) 

1.1.2.3. Cap Futures 

The following financially settled Cap Futures can be traded: 

§ German Market area, Base load, Intraday Market Hourly Product (German Base Intraday 

Hourly Cap Future) 

1.1.2.4. Wind Power Futures 

The following financially settled Wind Power Futures can be traded: 

§ Germany/Austria, Base load (German Austrian Wind Power Future) 

1.1.3. Delivery Time 

Delivery time is the days and their hours that are comprised by the respective delivery period according to the contract concerned: 

1.1.3.1. Base 

00:00 until 24:00 for all days of the week (Base) 

1.1.3.2. Peak 

08:00 until 20:00 for all days Monday through Friday (Peak) and 08:00 until 20:00 for the 

days Saturday and Sunday (Peak Weekend) respectively 

1.1.3.3. Off-Peak 

00:00 until 08:00 and 20:00 until 24:00 Uhr for all days Monday through Friday as well as 

the hours between 00:00 and 24:00 at weekends (Off-Peak) 

1.1.4. Delivery Period/Time Period 

The Delivery periods for the respective market area may be: Day, Weekend, Week, Month, Quarter, Season*, and Year. 

* A Season comprises either October through March (Winter Season) or the respective months April through September (Summer Season). 

1.1.5. Tradable Delivery Periods 

1.1.5.1. Physical Power Futures 

§ Belgian Power Baseload Month/Quarter/Year Futures 

§ Dutch Power Baseload Month/Quarter/Year Futures 

§ Dutch Power Peakload Month/Quarter/Year Futures 
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Contract Specifications, Version 0050a Page 9 

1.1.5.2. Financial Power Futures 

§ Belgian Base Month/Quarter/Year Futures 

§ Dutch Power Base Week/Month/Quarter/Year Futures 

§ Dutch Power Peak Month/Quarter/Year Futures 

§ French Base Day/Weekend/Week/Month/Quarter/Year Futures 

§ French Peak Day/Weekend/Week/Month/Quarter/Year Futures 

§ Italian Base Day/Weekend/Week/Month/Quarter/Year Futures 

§ Italian Peak Day/Weekend/Week/Month/Quarter/Year Futures 

§ Nordic Base Week/Month/Quarter/Year Futures 

§ Phelix Base Day/Weekend/Week/Month/Quarter/Year Futures 

§ Phelix Peak Day/Weekend/Week/Month/Quarter/Year Futures 

§ Phelix Off-Peak Month/Quarter/Year Futures 

§ Spanish Base Day/Weekend/Week/Month/Quarter/Year Futures 

§ Swiss Base Week/Month/Quarter/Year Futures 

§ UK Base Day/Weekend/Week/Month/Quarter/Season/Year Futures 

§ UK Peak Week/Month/Quarter/Season/Year Futures 

1.1.6. Tradable Settlement Periods 

1.1.6.1. Cap Futures 

§ German Base Intraday Hourly Cap Week Future 

1.1.6.2. Wind Power Futures 

§ German Austrian Wind Power Week/Month/Quarter/Year Future* 

* Introduction to trading expected as of October 2016.

1.1.7. Contract Volume and Minimum Lot Size 

§ Contract Volume of Power and Cap Futures: 

The contract volume is calculated by multiplying the number of delivery hours (h) during the 

delivery period with the constant output (MW) specified in the respective reference contract 

(see above 1.1.5.). The maximum amount of power per day is usually 24 MWh, on the day 

of the switch from winter time to summer time it amounts to 23 MWh, whereas on the day of 

the switch from summer time to winter time it amounts to 25 MWh. 

The contract volume of physically fulfilled Futures:

As of the second exchange day before the beginning of the delivery period the contract volume is reduced at the end of trading by the quantity of electricity which is to be delivered. 

The quantity to be delivered is the quantity for the delivery day which follows the next exchange day (t+2) in each case. In case this delivery day is not an exchange day, the quantities for all delivery days following that delivery day up until and including the next exchange 

day are to be delivered additionally. 
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Contract Specifications, Version 0050a Page 10 

§ Contract Volume of Wind Power Futures: 

The contract volume is calculated by the number of single hours (h) during the settlement 

period. The maximum number of hours per day is usually 24, on the day of the switch from 

or to summer time it amounts to 25 or 23, respectively. 

§ Minimum lot size: 1 contract or a multiple thereof 

1.1.8. Tradable Maturities 

At maximum the following maturities can be traded at EEX: 

1.1.8.1. Power Futures 

§ Day Futures: 

· The respective next 34 days (Day Future), 

§ Weekend Futures 

· The respective next 5 weekends (Weekend Future), 

§ Week Futures 

· The current and the next 4 weeks (Week Future), 

§ Month Futures 

· The current and the next 9 months (Phelix/French Month Future), 

· The current and the next 6 months (remaining Month Future), 

§ Quarter Futures 

· The respective next 11 full quarters (Phelix/French Quarter Future), 

· The respective next 7 full quarters (remaining Quarter Future) 

§ Season-Futures 

· The respective next 6 full seasons (Season Future), 

§ Year Futures 

· The respective next 6 full years (Year Future). 

1.1.8.2. Cap Futures 

§ German Base Intraday Hourly Cap Future 

· The current and the next 4 weeks (Week Future), 

1.1.8.3. Wind Power Futures 

§ Week Futures: 

· The current and the next 4 weeks (Week Future), 

§ Month Futures: 

· The current and the next 3 months (Month Future),
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Contract Specifications, Version 0050a Page 11 

§ Quarter Futures 

· The respective next 4 full quarters (Quarter Future), 

§ Year Futures 

· The respective next 2 full years (Year-Future) 

The exact number of tradable maturities is determined by the Management Board of the Exchange 

and announced before implementation. 

1.2. Coal (financial) 

1.2.1. Underlying 

Delivery or acceptance of delivery of steam coal having a calorific value of 6000 kcal/kg net as received (NAR) and 1% Sulphur at maximum within 90 days at the delivery point: 

§ cif Amsterdam–Rotterdam–Antwerp (API 2* CIF ARA (Argus-IHS McCloskey) Coal Futures) 

§ fob Richards Bay, South Africa (API 4* FOB Richards Bay (Argus-IHS McCloskey) Coal Futures). 

* API 2 and API 4 are trade marks and are used under licence from Argus Media Limited and IHS Global Limited. All copyrights and 

database rights in the API 2 and API 4 index belong exclusively to Argus Media Limited and IHS Global Limited and are used 

herein under licence. EEX is solely responsible for the operation of markets in API-2-CIF-ARA-(Argus-IHS McCloskey)-Coal- and 

API-4-FOB-Richards-Bay-(Argus-IHS McCloskey)-Coal-Futures. Argus and IHS take no position on the purchase or sale of such 

Products and exclude all liability in relation thereto.

1.2.2. Contract Volume and Minimum Lot Size 

§ Contract volume: 1,000 metric tons; 

§ Minimum Lot Size: 1 contract or a multiple thereof 

1.2.3. Tradable Maturities 

At maximum the following maturities can be traded at EEX: 

1.2.3.1. Month Futures 

§ The current and the next 83 months 

The exact number of the tradable maturities is determined by the Management Board of the Exchange and announced before implementation. 

2. Environmental Products 

2.1. Emission Allowances 

2.1.1. Underlying 

Delivery or acceptance of delivery of EU Emission Allowances, EU Aviation Allowances, and 

Green Certified Emission Reductions, respectively. 
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Contract Specifications, Version 0050a Page 12 

2.1.2. EU Emission Allowance and EU Aviation Allowance 

EU Emission Allowance (EUA) and EU Aviation Allowance (EUAA), respectively, permit to emit 

one ton of carbon dioxide or one ton of a carbon dioxide equivalent within the meaning of the directive 2003/87/EC of 13 Oct. 2003 in its respective valid version, which are kept by a register within the meaning of this directive and which can be transferred at the respective delivery day within 

the scope of said directive or any respective succeeding rule (Spot market Primary auction and 

secondary trading: EU Allowances, EU Aviation Allowances; Derivatives market secondary trading: 

European Carbon Future, EU Aviation Allowances Future). 

2.1.3. Green Certified Emission Reductions 

Green Certified Emission Reductions (CER)* are certified emission reductions from Bilateral Projects** according to article 12 of the Kyoto Protocol and the Kyoto Protocol decisions of the United 

Nations Framework Convention on Climate Change (UNFCCC) in their respective valid version at 

the time of delivery, corresponding to one tonne of carbon dioxide or equivalent which can be used 

at the respective delivery day for means of compliance according to the valid rules EU ETS and 

which are freely transferred, including all projects except those involving the destruction of trifluoromethane (HFC-23) and nitrous oxide (N2O) from adipic acid production as well as large hydro 

projects exceeding 20MW (Spot market: CER; Derivatives market: CER Dec Future). 

* CERs generated from projects in countries listed by OFAC (www.treasury.gov), are excluded. 

** Bilateral Projects: Projects which hold a letter of approval (LoA) from the project host country as well as a LoA from a designated 

national authority (DNA) of a contractual state according to Annex I of the Kyoto Protocol as part of the project documentation 

submitted and published by the UN. 

2.1.4. Contract Volume and Minimum Lot Size 

2.1.4.1. Spot Market 

§ EU Allowances / EU Aviation Allowances – Primary Auction 

§ Contract volume: 1 EUA and EUAA, respectively, 

§ Minimum lot size: 500 contracts or a multiple thereof 

§ EU Allowances / EU Aviation Allowances / CER Contracts – Secondary Trading: 

§ Contract volume: 1,000 EUA, EUAA, and CER, respectively, 

§ Minimum lot size: 1 contract or a multiple thereof

2.1.4.2. Derivatives Market 

§ European Carbon Futures/EU Aviation Allowances Future/CER Futures 

§ Contract volume:1,000 EUA, EUAA, and CER, respectively, 

§ Minimum lot size: 1 contract or a multiple thereof 

2.1.5. Time of Fulfilment and Delivery Day 

The time of fulfilment and the delivery day, respectively, is for spot market contracts on the first 

ECC Business Day after the conclusion of the contract and for derivatives contracts on the second 

ECC Business Day after the last trading day. 
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Contract Specifications, Version 0050a Page 13 

2.1.6. Maturities of Derivatives Contracts 

Maturities can be: Month, Quarter, December 

2.1.7. Tradable Maturities for Derivatives Contracts 

At maximum the following maturities can be traded at EEX: 

2.1.7.1. Month Futures 

§ The current and the next 2 months, if no EUA Dec Future or EUA Quarter Future expires at 

the respective maturity date (EUA Month Future). 

2.1.7.2. Quarter Futures 

§ The current and the next 11 quarters, if no EUA DEC Future expires at the respective maturity date (EUA Quarter Future) 

2.1.7.3. December Futures 

§ all December maturities up to and including December 2020* 

(EU Aviation Allowance Future, CER Future, EUA Dec Future) 

§ the current and the next 8 Decembers** 

(EUA Dec Future) 

* For EUA Dec Future: until and including September 23rd,.2016. 

** As of September 26th, 2016. 

The exact number of the tradable maturities is determined by the Management Board of the Exchange and announced before implementation. 

2.2. Guarantees of Origin 

2.2.1. Underlying 

Delivery or acceptance of delivery of Guarantees of Origin (GO). 

Valid Guarantee of Origin in the meaning of Article 2 (j) of Directive 2009/28/EC of electricity produced from renewable energy sources in accordance with Article 15 of Directive 2009/28/EC issued by the competent member state or designated competent body and certifying 1 MWh production of a Hydro-electric head installation located 

§ in Denmark, Finland, Norway, or Sweden (GO Nordic Hydro Power Future) 

§ in Germany, Austria or Switzerland (GO Alpine Hydro Power Future) 

that has not benefited from a national support scheme, thus being consistent with Code 0 of 

EECS Rules Fact Sheet 3 - TYPES OF PUBLIC SUPPORT; 

§ Belgium, Denmark, Germany or the Netherlands (GO Northern Continental Europe Wind 

Power Future) 

that might have benefited from a national support scheme, thus being consistent with Code 0, 

1, 2, 3 or 4 of EECS Rules Fact Sheet 3 - TYPES OF PUBLIC SUPPORT. 
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Contract Specifications, Version 0050a Page 14 

The production of electricity certified by the GO must have occurred in the months preceding the 

maturity of the futures contract according to the following scheme: 

Maturity Valid period of certified production 

March April – December of the previous calendar year 

December January – December of the on-going calendar year 

2.2.2. Contract Volume and Minimum Lot Size 

§ Contract Volume: 1,000 GO 

§ Minimum lot size: 1 contract or a multiple thereof 

2.2.3. Maturities 

Maturities are: March and December 

2.2.4. Tradable Maturities 

At maximum the following maturities can be traded at EEX: 

§ Maturities in December and March are tradable within the three years before maturity at the 

exchange 

The exact number of the tradable maturities is determined by the Management Board of the Exchange and announced before implementation. 

3. Agricultural Products 

Financial futures on the following agricultural products can be traded on EEX: 

3.1. Potatoes 

3.1.1. Underlying 

Delivery or acceptance of delivery of processing potatoes used for the production of French fries 

from specific cultivation areas in Germany, the Netherlands, Belgium, and France. Settlement is 

carried out financially against the European Processing Potato Index in its respective valid version/composition for each date of delivery (European Processing Potato Future). 

3.1.2. Contract Volume and Minimum Lot Size 

§ Contract Volume: 25 metric tons 

§ Minimum Lot Size: 

· 1 Contract or a multiple thereof (Order book trading) 

· minimum 10 Contracts (Trade Registration) 
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Contract Specifications, Version 0050a Page 15 

3.1.3. Tradable Maturities 

At maximum the following maturities can be traded at EEX: 

§ The next three expiry months from the cycle April, June and November as well as the following expiry month April.

The exact number of the tradable maturities is determined by the Management Board of the Exchange and announced before implementation. 

3.2. Livestock and Meat 

3.2.1. Underlying 

Delivery or acceptance of delivery of: 

§ One piglet in the four most important piglet trading zones in Germany (Schwäbisch Gmünd, 

Bavaria, North-Rhine Westphalia, Lower Saxony). Settlement is carried out financially 

against the Piglet Index in its respective valid version/composition for each date of delivery 

(Piglet Future) 

§ Hogs for slaughter in Central Europe (Germany, the Netherlands, Belgium, and Austria). 

Settlement is carried out financially against the Hog Index in its respective valid version/composition for each date of delivery (Hog Future). 

3.2.2. Contract Volume and Minimum Lot Size 

§ Contract Volume: 

· 100 piglets (Piglet Future) 

· 8,000 kg slaughter-weight (Hog Future) 

§ Minimum Lot Size: 

· 1 Contract or a multiple thereof (Order book trading) 

· minimum 10 Contracts (Trade Registration) 

3.2.3. Tradable Maturities 

At maximum the following maturities can be traded at EEX: 

§ The maturities of the current and the next twelve consecutive calendar months as well as 

the following two quarter months from the cycle March, June, September and December.

The exact number of the tradable maturities is determined by the Management Board of the Exchange and announced before implementation. 

3.3. Dairy Products 

3.3.1. Underlying 

Delivery or acceptance of delivery of: 

§ Skimmed milk powder for comestible use in the European Economic Area (Quotations in 

Germany, France and the Netherlands). Settlement is carried out financially against the 

Skimmed Milk Powder Index in its respective valid version/composition for each date of delivery (Skimmed Milk Powder Future) 
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§ Whey powder in the European Economic Area (Quotations in Germany, France and the 

Netherlands). Settlement is carried out financially against the European Whey Powder Index in its respective valid version/composition for each date of delivery as it is calculated 

and published by AMI Agrarmarkt Informations-Gesellschaft mbH (European Whey Powder 

Future) 

§ Block butter for comestible production in Germany, France and the Netherlands. Settlement 

is carried out financially against the Butter Index in its respective valid version/composition 

for each date of delivery (Butter Future).

3.3.2. Contract Volume and Minimum Lot Size 

§ Contract Volume: 5 metric tons 

§ Minimum Lot Size: 1 Contract or a multiple thereof 

3.3.3. Tradable Maturities 

At maximum the following maturities can be traded at EEX: 

§ The maturities of the current and the next eighteen consecutive calendar months.

The exact number of the tradable maturities is determined by the Management Board of the Exchange and announced before implementation. 

4. Options 

4.1. Underlying 

The buyer of a call option (call) is entitled to receive a long position in the corresponding future at 

the exercise price of the option on the last trading day. 

The seller of the call option (call) receives a short position in the corresponding future after the call 

option is exercised and assigned at the exercise price on the last trading day. 

They buyer of a put option (put) is entitled to receive a short position in the corresponding future at 

the exercise price of the option on the last trading day. 

The seller of the put option (put) receives a long position in the corresponding future at the exercise price after the put option is exercised and assigned on the last trading day. 

4.1.1. Underlying of Options on Power Futures 

The respective delivery period of the Base Month, Base Quarter or Base Year Future, that is 

named in the respective Option as underlying. 

Options on Power Futures are offered for the following market areas: 

§ Germany/Austria (Phelix Base Option), 

§ France (French Base Option), 

§ Italy (Italian Base Option), 

§ Nordic (Nordic Base Option)* and 

§ Spain (Spanish Base Option). 

* Currently not available for trading.
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4.1.2. Underlying of Options on EUA Dec Futures* 

The respective maturity of the EUA Dec Future, that is named in the Option as underlying. 

* Introduction to trading expected as of the middle of October 2016. 

4.2. Option Premium 

The buyer of an option contract is obliged to pay the price for the purchase of the right of option 

(option premium) on the ECC Business Day after the purchase. The premium is credited to the 

seller of the option on the same day. 

4.3. Type of Option 

European type, i.e. the option can only be exercised on the last trading day. 

4.4. Maturities 

4.4.1. Options on Power Futures 

Maturities can be: Month, Quarter, Year 

4.4.2. Options on EUA Dec Futures 

Maturities can be: Year (December) 

4.5. Tradable Option Series 

An option series is the total number of call and put options (call and put) with the same Underlying, 

the same exercise price and the same maturity which can be traded in the system. 

At least three series with different exercise prices can be traded for each maturity; in this context 

one exercise price is in the money, one exercise price is at the money and one exercise price is 

out of the money upon their introduction into trading. 

The management board of the exchange is entitled to change the number of tradable option series 

at any given time.

4.6. Tradable Maturities 

4.6.1. Options on Power Futures 

At maximum the following maturities can be traded at EEX: 

§ The respective next 5 delivery months (Month Option), 

§ The respective next 6 delivery quarters (Quarter Option), 

§ The respective next 4 delivery years* of the underlying (Year Option) 

* For each delivery year of the underlying up to 4 contracts with different expiry dates at the end of each 

quarter of the preceding year can be available. Underlyings are available: 

Expiry end of March: Base Year Apr Option (Phelix Options only) 

Expiry end of June: Base Year Jul Option (Phelix Options only) 

Expiry end of September: Base Year Oct Option (Phelix Options only) 

Expiry end of December Base Year Jan Option (for all Options) 
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New maturities will be introduced for trading to such an extent that always 16 maturities with 4 maturities per year (Phelix Options) and 4 maturities (for all other Options) referring to the next 4 delivery 

years of the underlying are tradable. 

4.6.2. Options on EUA Dec Futures 

At maximum the following maturities can be traded at EEX: 

§ the current and the next 8 December expiries 

(EUA Dec Option).

The exact number of the tradable maturities of the respective options is determined by the Management Board of the Exchange and announced before implementation. 

4.7. Exercise 

The option can only be exercised on the last trading day. Said exercise is carried out by means of 

an entry into the EEX system between 08:00 a.m. and 03:00 p.m. (Exercise Period) on the last 

trading day. 

On the last trading day starting at 2 p.m. the exchange determines the intraday market value of the 

underlying (Intraday Fixing Price) and publishes it in due time before the end of the Exercise Period. 

In deviation to sentence 1, options which are in the money in relation to the Intraday Fixing Price 

are exercised automatically at the end of the exercise period unless the trading participant has 

made a deviating entry into the system by that time. 

Exercises only become effective at 03:00 p.m., until that time they can be changed or deleted at 

any time. 
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B. Pricing and Minimum Price Fluctuation 

1. Euro Denominated Products 

Pricing in EUR per 

§ EUA, EUAA, CER, and MWh (Power Futures except UK Power Futures) to the second decimal place 

§ MWh (Cap Futures) to the third decimal place 

§ h (Wind Power Futures) to the second decimal place 

§ GO to the third decimal place 

§ 100 kg to the first decimal place (European Processing Potato Future) 

§ Piglet to the first decimal place (Piglet Future) 

§ kg to the third decimal place (Hog Future) 

§ Tonne (Skimmed Milk Powder, European Whey Powder, Butter Future) no decimal places 

Minimum price fluctuation: 

§ EUR 0.01 per EUA, EUAA, CER, and MWh (Power Futures except UK Power Futures) 

§ EUR 0.001 per MWh (Cap Futures) 

§ 0.01 EUR per h (Wind Power Futures) 

§ EUR 1.00 per GO 

§ EUR 0.1 per 100 kg (European Processing Potato Future) 

§ EUR 0.1 per piglet (Piglet Future) 

§ EUR 0.001 per kg (Hog Future) 

§ EUR 1 per Tonne (Skimmed Milk Powder, European Whey Powder, Butter Futures) 

Minimum price fluctuation per contract is determined by multiplying the minimal price fluctuation 

per unit with the contract volume and the amount of delivery hours, respectively. 

2. GBP Denominated Products 

Pricing in GBP per 

§ MWh (UK Power Future) to the second decimal place 

Minimum price fluctuation: 

§ GBP 0.01 per MWh (UK-Power-Future) 

Minimum price fluctuation per contract is determined by multiplying the minimal price fluctuation 

per unit with the contract volume and the amount of delivery hours, respectively. 

3. USD Denominated Products 

Pricing in USD per 

§ Tonne (coal) to the second decimal place 
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Contract Specifications, Version 0050a Page 20 

Minimum price fluctuation: 

§ USD 0.01 per Tonne 

Minimum price fluctuation per contract is determined by multiplying the minimal price fluctuation 

per unit with the contract volume and the amount of delivery hours, respectively. 

4. Pricing for the Option Premium 

Pricing in EUR per 

§ MWh (Power Options) and EUA (EUA Dec Option) to the third decimal place 

Minimum price fluctuation: 

§ EUR 0.001 per MWh or EUA, respectively. 
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C. Last Trading Day for Derivatives Market Contracts 

1. Energy and Energy Related Products 

1.1. Power 

1.1.1. Physically Settled Power Futures 

The Last Trading Day: 

§ of the Month Future 

is two exchange trading days before the last delivery day of the delivery month 

§ of the Quarter/Year Future 

is the third exchange trading day before the beginning of the delivery period. 

1.1.2. Financially Settled Power Futures 

The Last Trading Day: 

§ of the Day Future 

is the day at which the hourly auction for the respective delivery day on the EPEX SPOT 

Market is conducted 

§ of the Weekend Future 

is the Friday before the beginning of the delivery period, 

§ of the Base Week Future 

is the Friday of the current delivery period, 

§ of the Peak Week Future 

is the Thursday of the current delivery week, 

§ of the Month Future 

is the day the hourly auction for the last delivery day of the delivery month on the EPEX 

Spot Spot Market is conducted. Trading ends at the time of the end of the submission of 

bids for the hourly auction on the EPEX Spot Spot Market (usually at 12:00) on that day. 

§ Of the Quarter/Season/Year Future 

is the third exchange trading day before the beginning of the delivery period. 

1.1.3. Cap-Futures 

The Last Trading Day: 

§ of the German Base Intraday Hourly Cap Week Future 

is the Friday of the current settlement period. 

1.1.4. Wind Power Futures 

The Last Trading Day: 

§ of the Week/Month Future

is the last exchange trading day before the end of the respective settlement period, 

§ of the Quarter/Year Future 

is the third exchange trading day before the beginning of the settlement period. 
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If one of the before mentioned Last Trading days is not an exchange trading day, the Last Trading 

Day is the previous exchange trading day. 

1.2. Coal 

The Last Trading Day: 

§ of the Month Future 

is the last Friday of the delivery month 

If this day is not an exchange trading day or if it is a public holiday in Great Britain, the Last Trading 

Day is the previous exchange trading day. If – according to the preceding provision – the Last 

Trading Day of a December contract would fall on a day prior to December 24th, the Last Trading 

Day in this case shall be the first exchange trading day following December 24th. 

2. Environmental Products 

2.1. Emission Allowances 

The Last Trading Day: 

§ is the last Monday of the maturity month. If this day is not an exchange trading day or if it is 

a public holiday in Great Britain or if one of the 4 days following the last Monday is not an 

exchange trading day, the Last Trading Day is the penultimate Monday of the maturity 

month. 

The last trading day for each contract will be published by the Management Board of the Exchange 

prior to introduction of a maturity to trading at the latest. 

2.2. Guarantees of Origin 

The Last Trading Day is an exchange trading day within the calendar month of the respective maturity of the contract. It will be determined by the Management Board of the Exchange prior to the 

introduction of a maturity to trading at the latest. The Last Trading Day will normally be at least two 

weeks before the last calendar day of that specific month. 

3. Agricultural Products 

3.1. Potatoes 

The Last Trading Day: 

§ is the exchange trading day before the last Friday of the month for the expiry months April 

and November. 

§ is the exchange trading day before the first Friday of the month for the expiry month June. 
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Contract Specifications, Version 0050a Page 23 

3.2. Livestock and Meat 

The Last Trading Day: 

§ is the exchange trading day before the Thursday that follows the third Friday of the respective expiry month. For the expiry month December the Last Trading Day is the exchange 

trading day before the Thursday that follows the second Friday of the month. 

3.3. Dairy Products 

The Last Trading Day: 

§ is the last Wednesday of the respective expiry month. If this day is not an exchange trading 

day, the Last Trading Day is the previous exchange trading day. 

§ is the expiry month December the Last Trading Day is the third Wednesday of the month. If 

this day is not an exchange trading day, the Last Trading Day is the following exchange 

trading day. 

4. Options 

4.1. Last Trading Day 

4.1.1. Options on Power Futures 

The Last Trading Day: 

§ Month Option 

§ Delivery month of January: the third Thursday of the preceding December 

§ All other delivery months*: four exchange trading days prior to the beginning of 

 the delivery month 

§ Quarter Option 

§ First quarter of a given year: the third Thursday of the preceding December 

§ All other quarters: four exchange trading days prior the beginning of the 

 delivery quarter 

§ Year Option 

§ Phelix Base Year Jan Option: The second Thursday in December 

§ All other maturities: four exchange days before the end of the quarter 

On the Last Trading Day of a maturity all options of the same maturity type (Month, Quarter or 

Year) are only tradable until 3 p.m. irrespective of whether they expire that same day as well. 

4.1.2. Options on EUA Dec Futures 

The Last Trading Day: 

§ The third exchange trading day prior to the last Monday of the expiry month. If this Monday 

is not an exchange trading day, a public holiday in Great Britain or if one of the four days 

following that last Monday is not an exchange trading day, then the Last Trading Day is the 

penultimate Monday of the expiry month. 
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Contract Specifications, Version 0050a Page 24 

The last trading day for each option contract will be published by the Management Board of the 

Exchange prior to introduction of a maturity to trading at the latest.

4.2. Expiry Day 

Options which have not been exercised expire at 03:00 p.m. on the Last Trading Day. 
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Contract Specifications, Version 0050a Page 25 

D. Fulfilment 

1. Energy and Energy Related Products 

1.1. Cascading 

For the following Future contracts longer maturities cascade into corresponding shorter maturities: 

§ Power Futures 

§ Wind Power Futures 

On the third ECC Business Day before the beginning of the delivery period, each open position in 

a Year Future is replaced by equivalent positions in the three Month Futures for the delivery 

months from January through to March and the three Quarter Futures for the second through to the 

fourth delivery quarter whose delivery periods together correspond to the delivery year. 

On the third ECC Business Day before the beginning of the delivery period, each open position in 

a Season Future is replaced by equivalent positions in the three Month Futures for the delivery 

months from October through to December (Winter-Season) or the three Month Futures for the delivery months from April through to Juni (Summer-Season) and the respective following Quarter 

Future. 

On the third ECC Business Day before the beginning of the delivery period, each open position in 

a Quarter Future is replaced by equivalent positions in the three Month Futures whose delivery 

months together correspond to the delivery quarter. 

1.2. Power 

1.2.1. Final Settlement Price 

1.2.1.1. Physical Power Futures 

The respective final settlement price is determined two exchange trading days prior to the beginning of the delivery period (Month Futures). Thus, this is the settlement price that the entire contract volume of the respective contract is last traded for. 

1.2.1.2. Financial Power Futures 

The determination of the respective final settlement price is based on an Index which is the mean 

value of all auction prices of the hourly contracts traded for the respective market area and delivery 

period (Base/Peak/Off-Peak) for all days of the respective delivery period. 

EEX determines the Index on each exchange trading day by using the most valuable sources for 

the respective market area. As a rule the auction prices of the hourly contracts traded at the most 

liquid power spot exchange are used. 

Currently, the reference price for the market area: 

§ Belgium: is based on the „Belix Base“ as determined by auf dem von Belpex NV; 

§ Germany/Austria: is based on the hourly prices determined at the spot market of EPEX 

SPOT for this market area; 
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Contract Specifications, Version 0050a Page 26 

§ France: is based on the hourly prices determined at the spot market of EPEX SPOT for 

this market area; 

§ Italy: is based on the “PUN Index GME” as determined by Gestore dei Mercati Energetici S.p.A. (GME);

§ The Netherlands: is based on the „APX NL Base“ or the „APX NL Peak“, respectively, 

as determined by APX Power BV 

§ Nordic: is based on the Nordic Elspot System Price as determined by Nord Pool Spot;

§ Switzerland: is based on the hourly prices determined at the spot market of EPEX 

SPOT for this market area;

§ Spanien: is based on the “SPEL Base” Index as determined by OMIP.

§ United Kingdom is based on the „APX Power UK Auction Base“ and the „APX Power 

UK Auction Peak“ Index as determined by APX Commodities Ltd.

The Management Board of the Exchange may use indexes of information service providers or any 

other appropriate sources in case exchange data are not available for EEX. EEX will publish in 

those cases the source that is used for calculation of the index. 

1.2.1.3. Cap-Futures 

The final settlement price per MWh is the average of the differences of the respective price index 

for all reference contracts within the respective delivery period and the Cap, whereas negative differences will be counted as zero for the determination of the average: 

§ German Base Intraday Hourly Cap Future: Average of the differences of the Intraday 

Price Indices (ID3-Price) determined for the Intraday hourly contracts by EPEX SPOT 

and the Cap that has been stipulated by the Management Board of the Exchange prior 

to the introduction of the respective Future. 

1.2.1.4. Wind Power Futures Germany/Austria 

The Final Settlement Price is the respective Wind Power Index for the relevant period of time as 

the unweighted average of the load factors for all hours of the contract. The Wind Power Index will 

be determined by an established information or data service provider that is specialized for the 

processing and calculation of weather data, on a model-basis for the respective market area and 

will be based on actual wind data for each week or month, respectively. Due to technical reasons, 

the Wind Power Index for Month Futures will be calculated by using wind forecasts for the eight (8) 

last hours of the settlement period. 

Currently, the Wind Power Index for the market area: 

§ Germany/Austria is calculated by the EuroWind GmbH, Cologne. 

The Management Board of the Exchange may in a particular instance or permanently employ other 

information or data service providers or any other appropriate sources to determine the respective 

Wind Power Index, particularly if the named information or data service providers are not able in a 

particular instance to determine the respective Wind Power Index or if the Management Board of 

the Exchange considers that the calculations of other information or data service providers better 

reflect the underlying of the contract. EEX will publish in those cases the source that is used for 

calculation of the index. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 27 

1.2.2. Fulfilment of Physical Power Futures 

The buyer is obliged to purchase the quantity of electricity agreed on every delivery day of the delivery period and to pay the purchase price plus the taxes payable on said amount. 

The seller is obliged to deliver the quantity of electricity agreed on with constant power and duration on every delivery day. 

1.2.2.1. Delivery and Acceptance of Delivery 

Delivery and acceptance of delivery of power is effected, subject to the provisions specified in the 

Clearing Conditions, by submitting a nomination or schedule in accordance with the requirements 

of the respective Balancing Agreement, which comprises the underlying delivery transaction as 

well as the binding confirmation of the nomination or schedule by the respective transmission system operator. 

On every delivery day only that the part of the contract shall be delivered which has been defined 

for delivery according to the respective contract specifications for delivery on every day of the delivery period. 

1.2.2.2. Purchase Price 

The purchase price for all delivery days in the entire delivery period is the final settlement price. 

1.2.3. Fulfilment of Financial Power Futures, Cap Futures and Wind Power Futures 

The seller (buyer) is obliged to settle the difference between the price agreed on and the higher 

(lower) final settlement price in cash on the day of execution. The final settlement price may be 

negative. 

Fulfilment is carried out between the clearing members and ECC AG. Cash settlement between 

non-clearing members and their own clients is the task of the clearing member in charge; the cash 

settlement between non-clearing members and their clients is the task of the non-clearing members concerned.

1.2.3.1. Month Futures 

Fulfilment by means of cash settlement based on the final settlement price on the ECC Business 

Day following the Last Trading Day. If the final settlement price is determined on a Saturday Sunday or a public holiday following a Sunday, the cash settlement takes place on the second ECC 

Business Day after the Last Trading Day. 

1.2.3.2. Week Futures 

Fulfilment by means of cash settlement based on the final settlement price on the ECC Business 

Day following the day of determination of the final settlement price (as a rule Tuesdays). 

1.2.3.3. Weekend Futures 

Fulfilment by means of cash settlement on the second ECC Business Day following the Last Trading Day. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 28 

1.2.3.4. Day Futures 

Fulfilment by means of cash settlement based on the final settlement price determined on the ECC 

business day following the day the settlement price is determined. If the final settlement price is determined on a Saturday, Sunday or a public holiday, the cash settlement takes place on the second next ECC Business Day after the Last Trading Day. 

1.3. Coal 

1.3.1. Final Settlement Price 

The determination of the respective final settlement price is based on a monthly index for coal (Index) which is the mean value of all weekly indices of the respective delivery point published in the 

relevant month in Argus/McCloskey’s Coal Price Index Report on the last Friday of each month. 

The Index for the delivery point 

§ cif Amsterdam Rotterdam Antwerp (cif ARA) is the API 2* Month Index 

§ fob Richards Bay, South Africa is the API 4* Month Index 

* API 2 and API 4 are trade marks and are used under licence from Argus Media Limited and IHS Global Limited. All copyrights and 

database rights in the API 2 and API 4 index belong exclusively to Argus Media Limited and IHS Global Limited and are used 

herein under licence. EEX is solely responsible for the operation of markets in API-2-CIF-ARA-(Argus-IHS McCloskey)-Coal- and 

API-4-FOB-Richards-Bay-(Argus-IHS McCloskey)-Coal-Futures. Argus and IHS take no position on the purchase or sale of such 

Products and exclude all liability in relation thereto. 

1.3.2. Fulfilment 

Fulfilment by means of cash settlement on the ECC Business Day following the Last Trading Day 

based on the difference between the settlement price of the exchange day before the Last Trading 

Day and the final settlement price. 

The seller (buyer) is obliged to settle the difference between the settlement price of the previous 

ECC Business Day and the higher (lower) final settlement price in cash. 

Fulfilment is carried out between the clearing members and ECC AG. Cash settlement with nonclearing members and their own clients is the responsibility of the clearing member in charge; the 

cash settlement between non-clearing members and their clients is the responsibility of the nonclearing members concerned. 

2. Environmental Products 

2.1. Emission Allowances 

2.1.1. Primary Auctions 

2.1.1.1. Escrow Accounts 

EU Allowances and EU Aviation Allowances, respectively, are held in escrow by ECC Lux in accounts as collateral security within the meaning of Article 2(m) of the Settlement Finality Directive 

as implemented in section 166 (3) 1 of the German Insolvency Statute. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 29 

2.1.1.2. Fulfilment 

Fulfilment is carried out by delivering the purchased EU Emission Allowances or the purchased EU 

Aviation Allowances after payment: upon receipt of the payment by the auctioneer(s), ECC Lux 

transfers the purchased EU Emission Allowances and the purchased EU Aviation Allowances, respectively, into the internal account of the successful bidders in the ECC internal account system 

and subsequently makes the corresponding changes in the ECC Lux escrow accounts held at the 

registry. 

2.1.1.3. Transfer of Allowances 

Following fulfilment of the contract, successful bidders are entitled to demand the transfer of EU Allowances and EU Aviation Allowances, respectively, held in escrow for them, in the ECC Lux escrow accounts at the registry, to a registry account specified by them. The demand is executed at 

the latest on the first ECC Business Day after it is made. 

2.1.2. Secondary Trading 

2.1.2.1. Escrow Accounts 

Emission Allowances (EUA, EUAA, or CER) are held in escrow by ECC Lux in accounts as collateral security within the meaning of Article 2(m) of the Settlement Finality Directive as implemented 

in section 166 (3) 1 of the German Insolvency Statute. 

2.1.2.2. Fulfilment 

After payment of the purchase price, ECC Lux transfers the purchased Emission Allowances into 

the internal account of the purchaser in the ECC internal account system and subsequently makes 

the corresponding changes in the ECC Lux escrow accounts held at the registry. 

2.1.2.3. Transfer of Allowances 

Each exchange Participant is entitled to demand the transfer of EUAs, held in escrow for them, in 

the ECC Lux escrow accounts at the registry, to a registry account specified by them. The demand 

is executed at the latest on the first ECC Business Day after it is made. 

2.2. Guarantees of Origin 

2.2.1. Escrow Accounts 

Guarantees of Origin are held in escrow by ECC Lux in accounts as collateral security within the 

meaning of Article 2(m) of the Settlement Finality Directive as implemented in section 166 (3) 1 of 

the German Insolvency Statute. 

2.2.2. Fulfilment 

ECC Lux transfers the purchased Guarantees of Origin into the internal account of the purchaser in 

the ECC internal account system and subsequently makes the corresponding changes in the ECC 

Lux escrow accounts held at the registry. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 30 

2.2.3. Transfer of Guarantees of Origin 

Each exchange participant is entitled to demand the transfer of Guarantees of Origin, held in escrow for them, in the ECC Lux escrow accounts at the registry, to a registry account specified by 

them. The demand is executed at the latest on the first ECC Business Day after it is made. 

3. Agricultural Products 

3.1. Potatoes 

3.1.1. Final Settlement Price 

The determination of the final settlement price is based on the 

§ European Processing Potato Index 

at 9.30 CET of the exchange trading day after the Last Trading Day. EEX determines the final settlement price. 

3.1.2. Fulfilment 

Fulfilment by means of cash settlement on the second ECC Business Day following the Last Trading Day based on the difference between the settlement price of the Last Trading Day and the final 

settlement price. 

The seller (buyer) is obliged to settle the difference between the settlement price of the previous 

ECC Business Day and the higher (lower) final settlement price in cash. 

Fulfilment is carried out between the clearing members and ECC AG. Cash settlement with nonclearing members and their own clients is the responsibility of the clearing member in charge; the 

cash settlement between non-clearing members and their clients is the responsibility of the nonclearing members concerned. 

3.2. Livestock and Meat 

3.2.1. Final Settlement Price 

The determination of the final settlement price is based on the 

§ Piglet Index for Piglet Futures 

§ Hog Index for Hog Futures 

at 9.30 CET of the exchange trading day after the Last Trading Day. EEX determines the Final 

Settlement Price. 

3.2.2. Fulfilment 

Fulfilment by means of cash settlement on the second ECC Business Day following the Last Trading Day based on the difference between the settlement price of the Last Trading Day and the final 

settlement price. 

The seller (buyer) is obliged to settle the difference between the settlement price of the previous 

ECC Business Day and the higher (lower) final settlement price in cash. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 31 

Fulfilment is carried out between the clearing members and ECC AG. Cash settlement with nonclearing members and their own clients is the responsibility of the clearing member in charge; the 

cash settlement between non-clearing members and their clients is the responsibility of the nonclearing members concerned. 

3.3. Dairy Products 

3.3.1. Final Settlement Price 

The determination of the final settlement price is based on the 

§ Skimmed Milk Powder Index for Skimmed Milk Powder Futures 

§ European Whey Powder Index, as it is calculated and published by AMI Agrarmarkt Informations-Gesellschaft mbH for European Whey Powder Futures 

§ Butter Index for Butter Futures 

at 19.00 CET of the Last Trading Day, respectively. EEX determines the Final Settlement Price. 

3.3.2. Fulfilment 

Fulfilment by means of cash settlement on the ECC Business Day following the Last Trading Day 

based on the difference between the settlement price of Exchange Day before the Last Trading 

Day and the final settlement price. 

The seller (buyer) is obliged to settle the difference between the settlement price of the previous 

ECC Business Day and the higher (lower) final settlement price in cash. 

Fulfilment is carried out between the clearing members and ECC AG. Cash settlement with nonclearing members and their own clients is the responsibility of the clearing member in charge; the 

cash settlement between non-clearing members and their clients is the responsibility of the nonclearing members concerned. 

4. Options 

4.1. Fulfilment 

Options are fulfilled by booking in of the corresponding futures position at the respective exercise 

price after the option is exercised. 

4.2. Assignment 

If a buyer exercises his right of option, ECC AG assigns a seller of the same option series and of 

the same type of option (call or put) to the buyer with the help of a procedure maintaining the neutrality of the assignment process at the end of the post-trading phase on the exercise day. Partial 

assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant 

have to be assigned by said trading participant for the positions of his customers; this has to be 

done with the help of a procedure which ensures the neutrality of the assignment process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 32 

E.ISIN Codes, WKN, and Exchange Code 

1. Power (Physical Fulfilment) 

Name ISIN Code WKN Exchange Code 

Belgian Power Base Load Month Future DE000A1XQRD2 A1XQRD QBBM 

Belgian Power Base Load Quarter Future DE000A1XQRE0 A1XQRE QBBQ 

Belgian Power Base Load Year Future DE000A1XQRF7 A1XQRF QBBY 

Dutch Power Base Load Month Future DE000A1XQRG5 A1XQRG QDBM 

Dutch Power Base Load Quarter Future DE000A1XQRH3 A1XQRH QDBQ 

Dutch Power Base Load Year Future DE000A1XQRJ9 A1XQRJ QDBY 

Dutch Power Peak Load Month Future DE000A1XQRK7 A1XQRK QDPM 

Dutch Power Peak Load Quarter Future DE000A1XQRL5 A1XQRL QDPQ 

Dutch Power Peak Load Year Future DE000A1XQRM3 A1XQRM QDPY 

2. Power (Financial Fulfilment) 

Name ISIN Code WKN Exchange Code 

Belgian Power Base Month Future DE000A160XW8 A160XW Q1BM 

Belgian Power Base Quarter Future DE000A160XX6 A160XX Q1BQ 

Belgian Power Base Year Future DE000A160XY4 A160XY Q1BY 

Dutch Power Base Week Future DE000A18T9K8 

DE000A18T9L6 

DE000A18T9M4 

DE000A18T9N2 

DE000A18T9P7 

A18T9K 

A18T9L 

A18T9M 

A18T9N 

A18T9P 

Q0B1 

Q0B2 

Q0B3 

Q0B4 

Q0B5 

Dutch Power Base Month Future DE000A160XQ0 A160XQ Q0BM 

Dutch Power Base Quarter Future DE000A160XR8 A160XR Q0BQ 

Dutch Power Base Year Future DE000A160XS6 A160XS Q0BY 

Dutch Power Peak Month Future DE000A160XT4 A160XT Q0PM 

Dutch Power Peak Quarter Future DE000A160XU2 A160XU Q0PQ 

Dutch Power Peak Year Future DE000A160XV0 A160XV Q0PY 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 33 

Name ISIN Code WKN Exchange Code 

French Base Day Future DE000A13RR96 

DE000A13RSA4 

DE000A13RSB2 

DE000A13RSC0 

DE000A13RSD8 

DE000A13RSE6 

DE000A13RSF3 

DE000A13RSG1 

DE000A13RSH9 

DE000A13RSJ5 

DE000A13RSK3 

DE000A13RSL1 

DE000A13RSM9 

DE000A13RSN7 

DE000A13RSP2 

DE000A13RSQ0 

DE000A13RSR8 

DE000A13RSS6 

DE000A13RST4 

DE000A13RSU2 

DE000A13RSV0 

DE000A13RSW8 

DE000A13RSX6 

DE000A13RSY4 

DE000A13RSZ1 

DE000A13RS04 

DE000A13RS12 

DE000A13RS20 

DE000A13RS38 

DE000A13RS46 

DE000A13RS53 

DE000A13RS61 

DE000A13RS79 

DE000A13RS87 

A13RR9 

A13RSA 

A13RSB 

A13RSC 

A13RSD 

A13RSE 

A13RSF 

A13RSG 

A13RSH 

A13RSJ 

A13RSK 

A13RSL 

A13RSM 

A13RSN 

A13RSP 

A13RSQ 

A13RSR 

A13RSS 

A13RST 

A13RSU 

A13RSV 

A13RSW 

A13RSX 

A13RSY 

A13RSZ 

A13RS0 

A13RS1 

A13RS2 

A13RS3 

A13RS4 

A13RS5 

A13RS6 

A13RS7 

A13RS8 

F701 

F702 

F703 

F704 

F705 

F706 

F707 

F708 

F709 

F710 

F711 

F712 

F713 

F714 

F715 

F716 

F717 

F718 

F719 

F720 

F721 

F722 

F723 

F724 

F725 

F726 

F727 

F728 

F729 

F730 

F731 

F732 

F733 

F734 

French Base Weekend Future DE000A13RS95 

DE000A13RTA2 

DE000A13RTB0 

DE000A13RTC8 

DE000A13RTD6 

A13RS9 

A13RTA 

A13RTB 

A13RTC 

A13RTD 

F7W1 

F7W2 

F7W3 

F7W4 

F7W5 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 34 

Name ISIN Code WKN Exchange Code 

French Base Week Future DE000A1EZKJ5 

DE000A1EZKK3 

DE000A1EZKL1 

DE000A1EZKM9 

DE000A1EZKN7 

A1EZKJ 

A1EZKK 

A1EZKL 

A1EZKM 

A1EZKN 

F7B1 

F7B2 

F7B3 

F7B4 

F7B5 

French Base Month Future DE000A1L19A5 A1L19A F7BM 

French Base Quarter Future DE000A1L19B3 A1L19B F7BQ 

French Base Year Future DE000A1L19C1 A1L19C F7BY 

French Peak Day Future DE000A18T6Z2 

DE000A18T603 

DE000A18T611 

DE000A18T629 

DE000A18T637 

DE000A18T645 

DE000A18T652 

DE000A18T660 

DE000A18T678 

DE000A18T686 

DE000A18T694 

DE000A18T7A3 

DE000A18T7B1 

DE000A18T7C9 

DE000A18T7D7 

DE000A18T7E5 

DE000A18T7F2 

DE000A18T7G0 

DE000A18T7H8 

DE000A18T7J4 

DE000A18T7K2 

DE000A18T7L0 

DE000A18T7M8 

DE000A18T7N6 

DE000A18T7P1 

DE000A18T7Q9 

DE000A18T7R7 

DE000A18T7S5 

DE000A18T7T3 

DE000A18T7U1 

DE000A18T7V9 

DE000A18T7W7 

DE000A18T7X5 

DE000A18T7Y3 

A18T6Z 

A18T60 

A18T61 

A18T62 

A18T63 

A18T64 

A18T65 

A18T66 

A18T67 

A18T68 

A18T69 

A18T7A 

A18T7B 

A18T7C 

A18T7D 

A18T7E 

A18T7F 

A18T7G 

A18T7H 

A18T7J 

A18T7K 

A18T7L 

A18T7M 

A18T7N 

A18T7P 

A18T7Q 

A18T7R 

A18T7S 

A18T7T 

A18T7U 

A18T7V 

A18T7W 

A18T7X 

A18T7Y 

P701 

P702 

P703 

P704 

P705 

P706 

P707 

P708 

P709 

P710 

P711 

P712 

P713 

P714 

P715 

P716 

P717 

P718 

P719 

P720 

P721 

P722 

P723 

P724 

P725 

P726 

P727 

P728 

P729 

P730 

P731 

P732 

P733 

P734 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 35 

Name ISIN Code WKN Exchange Code 

French Peak Weekend Future DE000A18T7Z0 

DE000A18T702 

DE000A18T710 

DE000A18T728 

DE000A18T736 

A18T7Z 

A18T70 

A18T71 

A18T72 

A18T73 

P7W1 

P7W2 

P7W3 

P7W4 

P7W5 

French Peak Week Future DE000A1EZKP2 

DE000A1EZKQ0 

DE000A1EZKR8 

DE000A1EZKS6 

DE000A1EZKT4 

A1EZKP 

A1EZKQ 

A1EZKR 

A1EZKS 

A1EZKT 

F7P1 

F7P2 

F7P3 

F7P4 

F7P5 

French Peak Month Future DE000A1L19D9 A1L19D F7PM 

French Peak Quarter Future DE000A1L19E7 A1L19E F7PQ 

French Peak Year Future DE000A1L19F4 A1L19F F7PY 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 36 

Name ISIN Code WKN Exchange Code 

Italian Base Day Future DE000A13RPZ7 

DE000A13RP07 

DE000A13RP15 

DE000A13RP23 

DE000A13RP31 

DE000A13RP49 

DE000A13RP56 

DE000A13RP64 

DE000A13RP72 

DE000A13RP80 

DE000A13RP98 

DE000A13RQA8 

DE000A13RQB6 

DE000A13RQC4 

DE000A13RQD2 

DE000A13RQE0 

DE000A13RQF7 

DE000A13RQG5 

DE000A13RQH3 

DE000A13RQJ9 

DE000A13RQK7 

DE000A13RQL5 

DE000A13RQM3 

DE000A13RQN1 

DE000A13RQP6 

DE000A13RQQ4 

DE000A13RQR2 

DE000A13RQS0 

DE000A13RQT8 

DE000A13RQU6 

DE000A13RQV4 

DE000A13RQW2 

DE000A13RQX0 

DE000A13RQY8 

A13RPZ 

A13RP0 

A13RP1 

A13RP2 

A13RP3 

A13RP4 

A13RP5 

A13RP6 

A13RP7 

A13RP8 

A13RP9 

A13RQA 

A13RQB 

A13RQC 

A13RQD 

A13RQE 

A13RQF 

A13RQG 

A13RQH 

A13RQJ 

A13RQK 

A13RQL 

A13RQM 

A13RQN 

A13RQP 

A13RQQ 

A13RQR 

A13RQS 

A13RQT 

A13RQU 

A13RQV 

A13RQW 

A13RQX 

A13RQY 

FD01 

FD02 

FD03 

FD04 

FD05 

FD06 

FD07 

FD08 

FD09 

FD10 

FD11 

FD12 

FD13 

FD14 

FD15 

FD16 

FD17 

FD18 

FD19 

FD20 

FD21 

FD22 

FD23 

FD24 

FD25 

FD26 

FD27 

FD28 

FD29 

FD30 

FD31 

FD32 

FD33 

FD34 

Italian Base Weekend Future DE000A13RQZ5 

DE000A13RQ06 

DE000A13RQ14 

DE000A13RQ22 

DE000A13RQ30 

A13RQZ 

A13RQ0 

A13RQ1 

A13RQ2 

A13RQ3 

FDW1 

FDW2 

FDW3 

FDW4 

FDW5 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 37 

Name ISIN Code WKN Exchange Code 

Italian Base Week Future DE000A1YD5W4 

DE000A1YD5X2 

DE000A1YD5Y0 

DE000A1YD5Z7 

DE000A1YD507 

A1YD5W 

A1YD5X 

A1YD5Y 

A1YD5Z 

A1YD50 

FDB1 

FDB2 

FDB3 

FDB4 

FDB5 

Italian Base Month Future DE000A1RREN9 A1RREN FDBM 

Italian Base Quarter Future DE000A1RREP4 A1RREP FDBQ 

Italian Base Year Future DE000A1RREQ2 A1RREQ FDBY 

Italian Peak Day Future DE000A18T744 

DE000A18T751 

DE000A18T769 

DE000A18T777 

DE000A18T785 

DE000A18T793 

DE000A18T8A1 

DE000A18T8B9 

DE000A18T8C7 

DE000A18T8D5 

DE000A18T8E3 

DE000A18T8F0 

DE000A18T8G8 

DE000A18T8H6 

DE000A18T8J2 

DE000A18T8K0 

DE000A18T8L8 

DE000A18T8M6 

DE000A18T8N4 

DE000A18T8P9 

DE000A18T8Q7 

DE000A18T8R5 

DE000A18T8S3 

DE000A18T8T1 

DE000A18T8U9 

DE000A18T8V7 

DE000A18T8W5 

DE000A18T8X3 

DE000A18T8Y1 

DE000A18T8Z8 

DE000A18T801 

DE000A18T819 

DE000A18T827 

DE000A18T835 

A18T74 

A18T75 

A18T76 

A18T77 

A18T78 

A18T79 

A18T8A 

A18T8B 

A18T8C 

A18T8D 

A18T8E 

A18T8F 

A18T8G 

A18T8H 

A18T8J 

A18T8K 

A18T8L 

A18T8M 

A18T8N 

A18T8P 

A18T8Q 

A18T8R 

A18T8S 

A18T8T 

A18T8U 

A18T8V 

A18T8W 

A18T8X 

A18T8Y 

A18T8Z 

A18T80 

A18T81 

A18T82 

A18T83 

PD01 

PD02 

PD03 

PD04 

PD05 

PD06 

PD07 

PD08 

PD09 

PD10 

PD11 

PD12 

PD13 

PD14 

PD15 

PD16 

PD17 

PD18 

PD19 

PD20 

PD21 

PD22 

PD23 

PD24 

PD25 

PD26 

PD27 

PD28 

PD29 

PD30 

PD31 

PD32 

PD33 

PD34 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 38 

Name ISIN Code WKN Exchange Code 

Italian Peak Weekend Future DE000A18T843 

DE000A18T850 

DE000A18T868 

DE000A18T876 

DE000A18T884 

A18T84 

A18T85 

A18T86 

A18T87 

A18T88 

PDW1 

PDW2 

PDW3 

PDW4 

PDW5 

Italian Peak Week Future DE000A1YD515 

DE000A1YD523 

DE000A1YD531 

DE000A1YD549 

DE000A1YD556 

A1YD51 

A1YD52 

A1YD53 

A1YD54 

A1YD55 

FDP1 

FDP2 

FDP3 

FDP4 

FDP5 

Italian Peak Month Future DE000A1YD5T0 A1YD5T FDPM 

Italian Peak Quarter Future DE000A1YD5U8 A1YD5U FDPQ 

Italian Peak Year Future DE000A1YD5V6 A1YD5V FDPY 

Nordic Base Week Future DE000A18T9E1 

DE000A18T9F8 

DE000A18T9G6 

DE000A18T9H4 

DE000A18T9J0 

A18T9E 

A18T9F 

A18T9G 

A18T9H 

A18T9J 

FBB1 

FBB2 

FBB3 

FBB4 

FBB5 

Nordic Base Month Future DE000A1RREG3 A1RREG FBBM 

Nordic Base Quarter Future DE000A1RREH1 A1RREH FBBQ 

Nordic Base Year Future DE000A1RREJ7 A1RREJ FBBY 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 39 

Name ISIN Code WKN Exchange Code 

Phelix Base Day Future DE000A1PH1G3 

DE000A1PH1H1 

DE000A1PH1J7 

DE000A1PH1K5 

DE000A1PH1L3 

DE000A1PH1M1 

DE000A1PH1N9 

DE000A1PH1P4 

DE000A1PH1Q2 

DE000A1PH1R0 

DE000A1PH1S8 

DE000A1PH1T6 

DE000A1PH1U4 

DE000A1PH1V2 

DE000A1PH1W0 

DE000A1PH1X8 

DE000A1PH1Y6 

DE000A1PH1Z3 

DE000A1PH100 

DE000A1PH118 

DE000A1PH126 

DE000A1PH134 

DE000A1PH142 

DE000A1PH159 

DE000A1PH167 

DE000A1PH175 

DE000A1PH183 

DE000A1PH191 

DE000A1PH2A4 

DE000A1PH2B2 

DE000A1PH2C0 

DE000A1PH2D8 

DE000A1PH2E6 

DE000A1PH2F3 

A1PH1G 

A1PH1H 

A1PH1J 

A1PH1K 

A1PH1L 

A1PH1M 

A1PH1N 

A1PH1P 

A1PH1Q 

A1PH1R 

A1PH1S 

A1PH1T 

A1PH1U 

A1PH1V 

A1PH1W 

A1PH1X 

A1PH1Y 

A1PH1Z 

A1PH10 

A1PH11 

A1PH12 

A1PH13 

A1PH14 

A1PH15 

A1PH16 

A1PH17 

A1PH18 

A1PH19 

A1PH2A 

A1PH2B 

A1PH2C 

A1PH2D 

A1PH2E 

A1PH2F 

FB01 

FB02 

FB03 

FB04 

FB05 

FB06 

FB07 

FB08 

FB09 

FB10 

FB11 

FB12 

FB13 

FB14 

FB15 

FB16 

FB17 

FB18 

FB19 

FB20 

FB21 

FB22 

FB23 

FB24 

FB25 

FB26 

FB27 

FB28 

FB29 

FB30 

FB31 

FB32 

FB33 

FB34 

Phelix Base Weekend Future DE000A1PH3G9 

DE000A1PH3H7 

DE000A1PH3J3 

DE000A1PH3K1 

DE000A1PH3L9 

A1PH3G 

A1PH3H 

A1PH3J 

A1PH3K 

A1PH3L 

FWB1 

FWB2 

FWB3 

FWB4 

FWB5 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 40 

Name ISIN Code WKN Exchange Code 

Phelix Base Week Future DE000A1A41M7 

DE000A1A41N5 

DE000A1A41P0 

DE000A1A41Q8 

DE000A1A41R6 

A1A41M 

A1A41N 

A1A41P 

A1A41Q 

A1A41R 

F1B1 

F1B2 

F1B3 

F1B4 

F1B5 

Phelix Base Month Future DE0006606023 660602 F1BM 

Phelix Base Quarter Future DE0006606049 660604 F1BQ 

Phelix Base Year Future DE0006606064 660606 F1BY 

Phelix Peak Day Future DE000A1PH2G1 

DE000A1PH2H9 

DE000A1PH2J5 

DE000A1PH2K3 

DE000A1PH2L1 

DE000A1PH2M9 

DE000A1PH2N7 

DE000A1PH2P2 

DE000A1PH2Q0 

DE000A1PH2R8 

DE000A1PH2S6 

DE000A1PH2T4 

DE000A1PH2U2 

DE000A1PH2V0 

DE000A1PH2W8 

DE000A1PH2X6 

DE000A1PH2Y4 

DE000A1PH2Z1 

DE000A1PH209 

DE000A1PH217 

DE000A1PH225 

DE000A1PH233 

DE000A1PH241 

DE000A1PH258 

DE000A1PH266 

DE000A1PH274 

DE000A1PH282 

DE000A1PH290 

DE000A1PH3A2 

DE000A1PH3B0 

DE000A1PH3C8 

DE000A1PH3D6 

DE000A1PH3E4 

DE000A1PH3F1 

A1PH2G 

A1PH2H 

A1PH2J 

A1PH2K 

A1PH2L 

A1PH2M 

A1PH2N 

A1PH2P 

A1PH2Q 

A1PH2R 

A1PH2S 

A1PH2T 

A1PH2U 

A1PH2V 

A1PH2W 

A1PH2X 

A1PH2Y 

A1PH2Z 

A1PH20 

A1PH21 

A1PH22 

A1PH23 

A1PH24 

A1PH25 

A1PH26 

A1PH27 

A1PH28 

A1PH29 

A1PH3A 

A1PH3B 

A1PH3C 

A1PH3D 

A1PH3E 

A1PH3F 

FP01 

FP02 

FP03 

FP04 

FP05 

FP06 

FP07 

FP08 

FP09 

FP10 

FP11 

FP12 

FP13 

FP14 

FP15 

FP16 

FP17 

FP18 

FP19 

FP20 

FP21 

FP22 

FP23 

FP24 

FP25 

FP26 

FP27 

FP28 

FP29 

FP30 

FP31 

FP32 

FP33 

FP34 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 41 

Name ISIN Code WKN Exchange Code 

Phelix Peak Weekend Future DE000A1PH3M7 

DE000A1PH3N5 

DE000A1PH3P0 

DE000A1PH3Q8 

DE000A1PH3R6 

A1PH3M 

A1PH3N 

A1PH3P 

A1PH3Q 

A1PH3R 

FWP1 

FWP2 

FWP3 

FWP4 

FWP5 

Phelix Peak Week Future DE000A1A41S4 

DE000A1A41T2 

DE000A1A41U0 

DE000A1A41V8 

DE000A1A41W6 

A1A41S 

A1A41T 

A1A41U 

A1A41V 

A1A41W 

F1P1 

F1P2 

F1P3 

F1P4 

F1P5 

Phelix Peak Month Future DE0006606031 660603 F1PM 

Phelix Peak Quarter Future DE0006606056 660605 F1PQ 

Phelix Peak Year Future DE0006606072 660607 F1PY 

Phelix Off-Peak Month Future DE000A1A41G9 A1A41G F1OM 

Phelix Off-Peak Quarter Future DE000A1A41H7 A1A41H F1OQ 

Phelix Off-Peak Year Future DE000A1A41J3 A1A41J F1OY 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 42 

Name ISIN Code WKN Exchange Code 

Spanish Base Day Future DE000A13RQ48 

DE000A13RQ55 

DE000A13RQ63 

DE000A13RQ71 

DE000A13RQ89 

DE000A13RQ97 

DE000A13RRA6 

DE000A13RRB4 

DE000A13RRC2 

DE000A13RRD0 

DE000A13RRE8 

DE000A13RRF5 

DE000A13RRG3 

DE000A13RRH1 

DE000A13RRJ7 

DE000A13RRK5 

DE000A13RRL3 

DE000A13RRM1 

DE000A13RRN9 

DE000A13RRP4 

DE000A13RRQ2 

DE000A13RRR0 

DE000A13RRS8 

DE000A13RRT6 

DE000A13RRU4 

DE000A13RRV2 

DE000A13RRW0 

DE000A13RRX8 

DE000A13RRY6 

DE000A13RRZ3 

DE000A13RR05 

DE000A13RR13 

DE000A13RR21 

DE000A13RR39 

A13RQ4 

A13RQ5 

A13RQ6 

A13RQ7 

A13RQ8 

A13RQ9 

A13RRA 

A13RRB 

A13RRC 

A13RRD 

A13RRE 

A13RRF 

A13RRG 

A13RRH 

A13RRJ 

A13RRK 

A13RRL 

A13RRM 

A13RRN 

A13RRP 

A13RRQ 

A13RRR 

A13RRS 

A13RRT 

A13RRU 

A13RRV 

A13RRW 

A13RRX 

A13RRY 

A13RRZ 

A13RR0 

A13RR1 

A13RR2 

A13RR3 

FE01 

FE02 

FE03 

FE04 

FE05 

FE06 

FE07 

FE08 

FE09 

FE10 

FE11 

FE12 

FE13 

FE14 

FE15 

FE16 

FE17 

FE18 

FE19 

FE20 

FE21 

FE22 

FE23 

FE24 

FE25 

FE26 

FE27 

FE28 

FE29 

FE30 

FE31 

FE32 

FE33 

FE34 

Spanish Base Weekend Future DE000A13RR47 

DE000A13RR54 

DE000A13RR62 

DE000A13RR70 

DE000A13RR88 

A13RR4 

A13RR5 

A13RR6 

A13RR7 

A13RR8 

FEW1 

FEW2 

FEW3 

FEW4 

FEW5 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 43 

Name ISIN Code WKN Exchange Code 

Spanish Base Week Future DE000A1YD564 

DE000A1YD572 

DE000A1YD580 

DE000A1YD598 

DE000A1YD6A8 

A1YD56 

A1YD57 

A1YD58 

A1YD59 

A1YD6A 

FEB1 

FEB2 

FEB3 

FEB4 

FEB5 

Spanish Base Month Future DE000A1RRER0 A1RRER FEBM 

Spanish Base Quarter Future DE000A1RRES8 A1RRES FEBQ 

Spanish Base Year Future DE000A1RRET6 A1RRET FEBY 

Swiss Base Week Future DE000A18T892 

DE000A18T9A9 

DE000A18T9B7 

DE000A18T9C5 

DE000A18T9D3 

A18T89 

A18T9A 

A18T9B 

A18T9C 

A18T9D 

FCB1 

FCB2 

FCB3 

FCB4 

FCB5 

Swiss Base Month Future DE000A1RREK5 A1RREK FCBM 

Swiss Base Quarter Future DE000A1RREL3 A1RREL FCBQ 

Swiss Base Year Future DE000A1RREM1 A1RREM FCBY 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 44 

Name ISIN Code WKN Exchange Code 

UK Base Day Future DE000A163U47 

DE000A163U54 

DE000A163U62 

DE000A163U70 

DE000A163U88 

DE000A163U96 

DE000A163VA2 

DE000A163VB0 

DE000A163VC8 

DE000A163VD6 

DE000A163VE4 

DE000A163VF1 

DE000A163VG9 

DE000A163VH7 

DE000A163VJ3 

DE000A163VK1 

DE000A163VL9 

DE000A163VM7 

DE000A163VN5 

DE000A163VP0 

DE000A163VQ8 

DE000A163VR6 

DE000A163VS4 

DE000A163VT2 

DE000A163VU0 

DE000A163VV8 

DE000A163VW6 

DE000A163VX4 

DE000A163VY2 

DE000A163VZ9 

DE000A163V04 

DE000A163V12 

DE000A163V20 

DE000A163V38 

A163U4 

A163U5 

A163U6 

A163U7 

A163U8 

A163U9 

A163VA 

A163VB 

A163VC 

A163VD 

A163VE 

A163VF 

A163VG 

A163VH 

A163VJ 

A163VK 

A163VL 

A163VM 

A163VN 

A163VP 

A163VQ 

A163VR 

A163VS 

A163VT 

A163VU 

A163VV 

A163VW 

A163VX 

A163VY 

A163VZ 

A163V0 

A163V1 

A163V2 

A163V3 

FU01 

FU02 

FU03 

FU04 

FU05 

FU06 

FU07 

FU08 

FU09 

FU10 

FU11 

FU12 

FU13 

FU14 

FU15 

FU16 

FU17 

FU18 

FU19 

FU20 

FU21 

FU22 

FU23 

FU24 

FU25 

FU26 

FU27 

FU28 

FU29 

FU30 

FU31 

FU32 

FU33 

FU34 

UK Base Weekend Future DE000A163V46 

DE000A163V53 

DE000A163V61 

DE000A163V79 

DE000A163V87 

A163V4 

A163V5 

A163V6 

A163V7 

A163V8 

FUW1 

FUW2 

FUW3 

FUW4 

FUW5 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 45 

Name ISIN Code WKN Exchange Code 

UK Base Week Future DE000A163V95 

DE000A163WA0 

DE000A163WB8 

DE000A163WC6 

DE000A163WD4 

A163V9 

A163WA 

A163WB 

A163WC 

A163WD 

FUB1 

FUB2 

FUB3 

FUB4 

FUB5 

UK Base Month Future DE000A163WE2 A163WE FUBM 

UK Base Quarter Future DE000A163WF9 A163WF FUBQ 

UK Base Season Future DE000A163WH5 A163WH FUBS 

UK Base Year Future DE000A163WG7 A163WG FUBY 

UK Peak Week Future DE000A163WJ1 

DE000A163WK9 

DE000A163WL7 

DE000A163WM5 

DE000A163WN3 

A163WJ 

A163WK 

A163WL 

A163WM 

A163WN 

FUP1 

FUP2 

FUP3 

FUP4 

FUP5 

UK Peak Month Future DE000A163WP8 A163WP FUPM 

UK Peak Quarter Future DE000A163WQ6 A163WQ FUPQ 

UK Peak Season Future DE000A163WS2 A163WS FUPS 

UK Peak Year Future DE000A163WR4 A163WR FUPY 

3. Cap Futures (Financial Fulfilment) 

German Base Intraday Hourly Cap Week Future DE000A160PX2 

DE000A160PY0 

DE000A160PZ7 

DE000A160P05 

DE000A160P13 

A160PX 

A160PY 

A160PZ 

A160P0 

A160P1 

C1B1 

C1B2 

C1B3 

C1B4 

C1B5 

4. Wind Power Futures (Financial Fulfilment) 

German-Austrian-Wind-Power-Week-Future DE000A163693 

DE000A1637A5 

DE000A1637B3 

DE000A1637C1 

DE000A1637D9 

A16369 

A1637A 

A1637B 

A1637C 

A1637D 

W1B1 

W1B2 

W1B3 

W1B4 

W1B5 

German-Austrian-Wind-Power-Month-Future DE000A1637E7 A1637E W1BM 

German-Austrian-Wind-Power-Quarter-Future DE000A1637F4 A1637F W1BQ 

German-Austrian-Wind-Power-Year-Future DE000A1637G2 A1637G W1BY 

 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 46 

5. Coal 

Name ISIN Code WKN Exchange Code 

API 2 CIF ARA (Argus IHS McCloskey) Coal Month Future DE000A0G87V0 A0G87V FT2M 

API 4 FOB Richard Bay (Argus IHS McCloskey) Coal 

Month Future DE000A0G87Y4 A0G87Y FT4M 

6. Emission Allowances 

Name ISIN Code WKN Exchange Code 

EU Allowances – Primary Auction (3rd Trading Period) DE000A1N5HU0 A1N5HU T3PA 

EU Allowances – Secondary Trading DE000A1DKQ99 A1DKQ9 SEME 

EU Aviation Allowances – Primary Auction (3rd Trading 

Period) DE000A1N5HT2 A1N5HT EAA3 

EU Aviation Allowances – Secondary Trading DE000A1MLGA5 A1MLGA SEMA 

Green Certified Emission Reductions (CER) DE000A1RRG98 A1RRG9 SEMC 

European Carbon Future – Secondary Trading DE000A0SYVA6 A0SYVA FEUA 

EU Aviation Allowances Future – Secondary Trading DE000A1MLFJ8 A1MLFJ FEAA 

Certified Emission Reductions (CER) Futures DE000A1A41L9 A1A41L F2CR 

7. Guarantees of Origin 

Name ISIN Code WKN Exchange Code

GO on Nordic Hydro Power Future DE000A1RRV24 A1RRV2 FECN 

GO on Alpine Hydro Power Future DE000A1RRV32 A1RRV3 FECA 

GO on Northern Continental Europe Wind Power Future DE000A1RRV40 A1RRV4 FECW 

8. Potatoes 

Name ISIN Code WKN Exchange Code 

European Processing Potato Future DE000A13RUL7 A13RUL FAPP 

9. Livestock and Meat 

Name ISIN Code WKN Exchange Code 

Piglet Future DE000A13RUQ6 A13RUQ FAPG 

Hog Future DE000A13RUR4 A13RUR FAHG 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 47 

10. Dairy Products 

Name ISIN Code WKN Exchange Code 

Skimmed Milk Powder Future DE000A13RUM5 A13RUM FASM 

European Whey Powder Future DE000A13RUN3 A13RUN FAWH 

Butter Future DE000A13RUP8 A13RUP FABT 

11. Options 

11.1. Options on Power Futures 

Name ISIN Code WKN Exchange Code 

French Base Month Option DE000A160XZ1 A160XZ O7BM 

French Base Quarter Option DE000A160X05 A160X0 O7BQ 

French Base Year Option DE000A160X13 A160X1 O7BY 

Italian Base Month Option DE000A160X21 A160X2 ODBM 

Italian Base Quarter Option DE000A160X39 A160X3 ODBQ 

Italian Base Year Option DE000A160X47 A160X4 ODBY 

Nordic Base Month Option DE000A160X88 A160X8 OBBM 

Nordic Base Quarter Option DE000A160X96 A160X9 OBBQ 

Nordic Base Year Option DE000A160YA2 A160YA OBBY 

Phelix Base Month Option DE000A0AEQQ2 A0AEQQ O1BM 

Phelix Base Quarter Option DE000A0AEQP4 A0AEQP O1BQ 

Phelix Base Year Option DE000A0AEQN9 A0AEQN O1BY 

Spanish Base Month Option DE000A160X54 A160X5 OEBM 

Spanish Base Quarter Option DE000A160X62 A160X6 OEBQ 

Spanish Base Year Option DE000A160X70 A160X7 OEBY 

11.2. Options on EUA Dec Futures 

Name ISIN-Code WKN Börsenkürzel 

EUA-DEC-Option DE000A0SYVB4 A0SYVB OEUA 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 48 

F. Trading Calendar 

General Trading Calendar ECC Business Days* 

Exchange Days and ECC Business Days, respectively, are all days Monday to Friday which are 

not one of the below-mentioned holidays1

New Year’s Day, January 1st New Year’s Day, January 1st

Good Friday Good Friday 

Easter Monday Easter Monday 

May Day, May 1st May Day, May 1st

Christmas Eve, December 24th

Christmas Day, December 25th Christmas Day, December 25th 

Boxing Day, December 26th Boxing Day, December 26th 

New Year‘s Eve, December 31st

* For information purposes only. Applicable is the publication on the website of ECC AG (www.ecc.de) only. 

 

1

Changes to the trading calendar are made by decision of the Management Board of the Exchange.
Datum / Date 05.09.2016 

Ort / Place Leipzig 

Dokumentversion / Document Release 018b 

Contract Specifications Trade Registration 

The English version is for informal use only. 

The German version is legally binding.
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 2 

1. Table of contents 

2 Contract Specifications EEX Derivatives Markets ......................................................................4

2.1 Financial Futures on Power ............................................................................................ 4

2.1.1 Greek Power Base Futures with Different Delivery Periods .............................................................4

2.1.2 Romanian Power Base Futures with Different Delivery Periods.......................................................6

2.2 Financial Futures on Coal ............................................................................................... 8

2.2.1 API 5 FOB Newcastle (Argus-IHS McCloskey) Coal Futures** ........................................................8

2.2.2 API 8 CFR South China (Argus-IHS McCloskey) Coal Month Futures** ........................................ 10

2.2.3 Indonesian Sub-bit. (IHS McCloskey) Coal Futures** .................................................................... 12

2.3 Options on Coal Futures ............................................................................................... 14

2.3.1 Options on API 2 CIF ARA (Argus-IHS McCloskey) Coal Futures**............................................... 14

2.3.2 Options on API 4 FOB Richards Bay (Argus-IHS McCloskey) Coal Futures** ............................... 17

2.3.3 Options on API 5 FOB Newcastle (Argus-IHS McCloskey) Coal Futures** .................................... 20

2.4 Financial Futures on Dry Bulk Time Charter Freight ................................................... 23

2.4.1 Capesize Time Charter Freight Futures (TC4) .............................................................................. 23

2.4.2 Capesize Time Charter Freight Futures (TC5) .............................................................................. 24

2.4.3 Panamax Time Charter Freight Futures ........................................................................................ 25

2.4.4 Supramax Time Charter Freight Futures ....................................................................................... 26

2.4.5 Handysize Time Charter Freight Futures ...................................................................................... 27

2.5 Financial Futures on Dry Bulk Trip Time Charter Freight ........................................... 28

2.5.1 P1A Panamax Transatlantic Freight Future .................................................................................. 28

2.5.2 P2A Panamax Far East Freight Future ......................................................................................... 29

2.5.3 P3A Panamax Pacific Freight Future ............................................................................................ 30

2.6 Financial Futures on Dry Bulk Voyage Routes Freight ............................................... 31

2.6.1 C3 Capesize Freight Future (Tubarao – Qingdao) ........................................................................ 31

2.6.2 C4 Capesize Freight Future (Richards Bay – Rotterdam).............................................................. 32

2.6.3 C5 Capesize Freight Future (Western Australia – Qingdao) .......................................................... 33

2.6.4 C7 Capesize Freight Future (Bolivar – Rotterdam) ........................................................................ 34

2.7 Options on Freight Futures ........................................................................................... 35

2.7.1 Options on Capesize TC4 Freight Futures .................................................................................... 35

2.7.2 Options on Capesize TC5 Freight Futures .................................................................................... 37

2.7.3 Options on Panamax TC Freight Futures ...................................................................................... 39

2.7.4 Options on Supramax TC Freight Futures..................................................................................... 41

2.7.5 Options on Handysize TC Freight Futures .................................................................................... 43

2.8 Financial Futures on Fertilisers .................................................................................... 45

2.8.1 Urea (Granular) fob NOLA Future (The Fertilizer Index) ................................................................ 45

2.8.2 Urea (Granular) fob Egypt Future (The Fertilizer Index) ................................................................ 46

2.8.3 Urea (Prilled) fob Yuzhnyy Future (The Fertilizer Index) ................................................................ 47
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 3 

2.8.4 DAP fob NOLA Future (The Fertilizer Index) ................................................................................. 48

2.8.5 DAP fob Tampa Future (The Fertilizer Index)................................................................................ 49

2.8.6 UAN fob NOLA Future (The Fertilizer Index) ................................................................................. 50

2.9 Financial Futures on Iron Ore ....................................................................................... 51

2.9.1 Iron Ore 62% Fe Tianjin Futures ................................................................................................... 51
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 4 

2 Contract Specifications EEX Derivatives Markets 

2.1 Financial Futures on Power 

2.1.1 Greek Power Base Futures with Different Delivery Periods 

ISIN Code/ WKN/ 

Exchange Code/ Name

DE000A1RREU4 A1RREU FFBM Greek-Base-Month-Future 

DE000A1RREV2 A1RREV FFBQ Greek-Base-Quarter-Future 

DE000A1RREW0 A1RREW FFBY Greek-Base-Year-Future 

Underlying 

Index based on the mean value of all auction prices of the hourly contracts for the market area Greece calculated for the hours between 

00:00 and 24:00 for all days of the respective delivery period (final settlement price). EEX determines on each exchange trading day the Index by using the most valuable sources* for the respective market area. As a rule the auction prices of the hourly contracts traded at the 

most liquid power spot exchange are used. Indexes of information service providers or any other appropriate sources may be used in case 

exchange data are not available for EEX. EEX will publish in those 

cases the source that is used for calculation of the index. 

* Currently the System Marginal Price (SMP) is used.

Contracts eligible for 

Trade Registration 

At maximum the following delivery periods can be registered: 

§ the current and the next 6 months 

(Greek Power Base Month Future), 

§ the respective next 7 full quarters 

(Greek Power Base Quarter Future), 

§ the respective next 6 full years 

(Greek Power Base Year Future). 

Contract Volume 

The contract volume is calculated on the basis of the factors of the 

number of delivery days in the delivery period and the quantity of electricity to be delivered daily. This quantity usually amounts to 24 MWh, 

on the day of the switch from winter time to summer time it amounts to 

23 MWh, whereas on the day of the switch from summer time to winter 

time it amounts to 25 MWh. 

For example, the contract volume for a month future with 30 delivery 

days amounts to 720 MWh, for a quarter future with 91 delivery days it 

amounts to 2,184 MWh and for a year future with 365 delivery days it 

amounts to 8,760 MWh. 

Pricing In EUR / MWh with two decimal places after the point 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 5 

Minimum 

Price Fluctuation 

€ 0.01 per MWh; multiplied by the contract volume in each case, 

e.g. for a month future with 30 delivery days this corresponds to an 

amount of € 7.20, for a quarter future with 91 delivery days this corresponds to a value of € 21.84 and for a year future with 365 delivery 

days this corresponds to a value of € 87.60. 

Cascading 

Each open position in a Greek Power Base Year Future is replaced 

with equal positions of the three Greek Power Base Month Futures for 

the delivery months January until March and three Greek Power Base 

Quarter Futures for the second until the fourth delivery quarter whose 

delivery periods taken together correspond to the delivery year on the 

third ECC business day before the beginning of the delivery period 

(last day of trade registration of the year future). 

Each open position of a Greek Power Base Quarter Futures is replaced with equal positions in the three Greek Power Base Month Futures whose delivery periods taken together correspond to the delivery 

quarter on the third ECC business day before the beginning of the delivery period (last day of trade registration of the quarter future). 

Last Registration Day 

of Month Futures 

The last day of trade registration is equivalent to the last trading day of 

Phelix Base Futures. 

Fulfilment during the 

delivery month 

Fulfilment by means of cash settlement based on the final settlement 

price on the ECC business day following the last day of trade registration. If the final settlement price will be determined on a Saturday Sunday or a public holiday following a Sunday, the cash settlement takes 

place on the second ECC business day after the last day of trade registration. 

The seller (buyer) is obliged to settle in cash the difference between 

the price agreed on and the higher (lower) final settlement price on the 

day of execution. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement between non-clearing members and their own clients 

is the task of the clearing member in charge; the cash settlement between non-clearing members and their clients is the task of the nonclearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 6 

2.1.2 Romanian Power Base Futures with Different Delivery Periods 

ISIN Code/ WKN/ 

Exchange Code/ Name

DE000A1RREX8 A1RREX FHBM Romanian Power Base Month 

Future 

DE000A1RREY6 A1RREY FHBQ Romanian Power Base Quarter 

Future 

DE000A1RREZ3 A1RREZ FHBY Romanian Power Base Year 

Future 

Underlying 

Index based on the mean value of all auction prices of the hourly contracts for the market area Romania calculated for the hours between 

00:00 and 24:00 for all days of the respective delivery period (final settlement price). EEX determines on each exchange trading day the Index by using the most valuable sources* for the respective market area. As a rule the auction prices of the hourly contracts traded at the 

most liquid power spot exchange are used. Indexes of information service providers or any other appropriate sources may be used in case 

exchange data are not available for EEX. EEX will publish in those 

cases the source that is used for calculation of the index. 

* Currently the ROPEX_DAM_Base index is used as determined by Opcom.

Contracts eligible for 

Trade Registration 

At maximum the following delivery periods can be registered: 

§ the current and the next 6 months 

(Romanian Power Base Month Future), 

§ the respective next 7 full quarters 

(Romanian Power Base Quarter Future), 

§ the respective next 6 full years 

(Romanian Power Base Year Future). 

Contract Volume 

The contract volume is calculated on the basis of the factors of the 

number of delivery days in the delivery period and the quantity of electricity to be delivered daily. This quantity usually amounts to 24 MWh, 

on the day of the switch from winter time to summer time it amounts to 

23 MWh, whereas on the day of the switch from summer time to winter 

time it amounts to 25 MWh. 

For example, the contract volume for a month future with 30 delivery 

days amounts to 720 MWh, for a quarter future with 91 delivery days it 

amounts to 2,184 MWh and for a year future with 365 delivery days it 

amounts to 8,760 MWh. 

Pricing In EUR / MWh with two decimal places after the point 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 7 

Minimum 

Price Fluctuation 

€ 0.01 per MWh; multiplied by the contract volume in each case, 

e.g. for a month future with 30 delivery days this corresponds to an 

amount of € 7.20, for a quarter future with 91 delivery days this corresponds to a value of € 21.84 and for a year future with 365 delivery 

days this corresponds to a value of € 87.60. 

Cascading 

Each open position in a Romanian Power Base Year Future is replaced with equal positions of the three Romanian Power Base Month 

Futures for the delivery months January until March and three Romanian Power Base Quarter Futures for the second until the fourth delivery quarter whose delivery periods taken together correspond to the 

delivery year on the third ECC business day before the beginning of 

the delivery period (last day of trade registration of the year future). 

Each open position of a Romanian Power Base Quarter Futures is replaced with equal positions in the three Romanian Power Base Month 

Futures whose delivery periods taken together correspond to the delivery quarter on the third ECC business day before the beginning of the 

delivery period (last day of trade registration of the quarter future). 

Last Registration Day 

of Month Futures 

The last day of trade registration is equivalent to the last trading day of 

Phelix Base Futures. 

Fulfilment during the 

delivery month 

Fulfilment by means of cash settlement based on the final settlement 

price on the ECC business day following the last day of trade registration. If the final settlement price will be determined on a Saturday Sunday or a public holiday following a Sunday, the cash settlement takes 

place on the second ECC business day after the last day of trade registration. 

The seller (buyer) is obliged to settle in cash the difference between 

the price agreed on and the higher (lower) final settlement price on the 

day of execution. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement between non-clearing members and their own clients 

is the task of the clearing member in charge; the cash settlement between non-clearing members and their clients is the task of the nonclearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 8 

2.2 Financial Futures on Coal 

2.2.1 API 5 FOB Newcastle (Argus-IHS McCloskey) Coal Futures** 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RMD5 A11RMD FT5M API 5 FOB Newcastle (ArgusIHS McCloskey) Coal Future 

Underlying 

The monthly API 5* price index for fob Newcastle, Australia thermal 

coal delivered within 90 days for a net as received (NAR) calorific value of 5,500 kcal/kg and 1% Sulphur at maximum (Index). 

The Index is the arithmetic average of all weekly price assessments for 

API 5* FOB Newcastle Coal of the respective month as published in 

the “Argus/McCloskey’s Coal Price Index Report” on the last Friday of 

each month. 

Contract Series Up to 36 consecutive months 

Contract Volume 1,000 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point. 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

The Last Registration Day is the last Friday of the respective delivery 

month. 

If this is not an exchange trading day or a public holiday in Great Britain, the Last Registration Day is the preceding exchange trading day. If 

the Last Registration Day of a December contract would – according to 

the preceding provision – fall on an exchange trading day prior to December 24th, the Last Registration Day for this December contract 

shall be the exchange trading day following December 24th. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 9 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 

*

 API 2, API 4, API 5, and API 8 are trade marks and are used under licence from Argus Media Limited and IHS Global 

Limited. All copyrights and database rights in the API 2, API 4, API 5, and API 8 index belong exclusively to Argus 

Media Limited and IHS Global Limited and are used herein under licence. EEX is solely responsible for the operation 

of markets in API 2 CIF ARA (Argus-IHS McCloskey) Coal, API 4 FOB Richards Bay (Argus-IHS McCloskey) Coal, 

API 5 FOB Newcastle (Argus-IHS McCloskey) Coal, and API 8 CFR South China (Argus-IHS McCloskey) Coal Futures. Argus and IHS take no position on the purchase or sale of such Products and exclude all liability in relation 

thereto. 

** Expected as of the end of the second quarter of 2016.
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 10 

2.2.2 API 8 CFR South China (Argus-IHS McCloskey) Coal Month Futures** 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RME3 A11RME FT8M API 8 CFR South China (ArgusIHS McCloskey) Coal Future 

Underlying 

The monthly API 8* price index for cfr South China thermal coal delivered within 90 days for a net as received (NAR) calorific value of 5,500 

kcal/kg and 1% Sulphur at maximum (Index). 

The Index is the arithmetic average of all weekly price assessments for 

API 8* CFR South China Coal of the respective month as published in 

the “Argus/McCloskey’s Coal Price Index Report” on the last Friday of 

each month. 

Contract Series Up to 36 consecutive months 

Contract Volume 1,000 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point. 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

The Last Registration Day is the last Friday of the respective delivery 

month. 

If this is not an exchange trading day or a public holiday in Great Britain, the Last Registration Day is the preceding exchange trading day. If 

the Last Registration Day of a December contract would – according to 

the preceding provision – fall on an exchange trading day prior to December 24th, the Last Registration Day for this December contract 

shall be the exchange trading day following December 24th. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 11 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 

*

 API 2, API 4, API 5, and API 8 are trade marks and are used under licence from Argus Media Limited and IHS Global 

Limited. All copyrights and database rights in the API 2, API 4, API 5, and API 8 index belong exclusively to Argus 

Media Limited and IHS Global Limited and are used herein under licence. EEX is solely responsible for the operation 

of markets in API 2 CIF ARA (Argus-IHS McCloskey) Coal, API 4 FOB Richards Bay (Argus-IHS McCloskey) Coal, 

API 5 FOB Newcastle (Argus-IHS McCloskey) Coal, and API 8 CFR South China (Argus-IHS McCloskey) Coal Futures. Argus and IHS take no position on the purchase or sale of such Products and exclude all liability in relation 

thereto. 

** Expected as of the end of the second quarter of 2016
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 12 

2.2.3 Indonesian Sub-bit. (IHS McCloskey) Coal Futures** 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RMF0 A11RMF FTIM Indonesian Sub-bit. (IHS 

McCloskey) Coal Future 

Underlying 

The monthly IHS McCloskey price index for Indonesian SubBituminous Coal fob for 4,900 kcal/kg NAR (net as received) thermal 

coal shipped from East and South Kalimantan ports of Indonesia. 

The monthly IHS McCloskey price index for Indonesian SubBituminous Coal is the arithmetic average of all weekly price assessments for the IHS McCloskey Indonesian Sub-Bituminous Coal FOB 

Marker* of the respective month as published by IHS McCloskey in the 

“IHS McCloskey Coal Report” in general on the last Friday of each 

month. 

Contract Series Up to 36 consecutive months 

Contract Volume 1,000 metric tonnes (MT) 

Pricing In USD per MT to the second decimal place after the point. 

Minimum 

Price Fluctuation 0.01 USD per MT 

Last Registration Day 

The Last Registration Day is the last Friday of the respective delivery 

month. 

If this day is not an exchange trading day or a public holiday in Great 

Britain, the Last Registration Day is the preceding exchange trading 

day. If the Last Registration Day of a December contract would – according to the preceding provision – fall on an exchange trading day 

prior to December 24th, the Last Registration Day for this December 

contract shall be the exchange trading day following December 24th. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 13 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the underlying index. If this day is not a USD settlement day at 

Clearstream Banking SA, cash settlement takes place on the following 

ECC business day which is also a USD settlement day at Clearstream 

Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) underlying index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 

* IHS Indonesian Sub-bituminous FOB marker (“Index”) is a trade mark and is used under licence from IHS Global 

Limited. All copyrights and database rights in the Index belongs exclusively to IHS Global Limited and are used herein under licence. EEX is solely responsible for the operation of markets in Indonesian Sub-bit. (IHS McCloskey) Coal 

Futures (“Product(s)”). IHS takes no position on the purchase or sale of such Products and excludes all liability in relation thereto. 

The Products are not in any way sponsored, endorsed, sold or promoted by IHS and IHS has no obligation or liability 

in connection with the administration, marketing or trading of the Products. IHS makes no warranties or representations, whether express or implied, including as to the results to be obtained from the use of the Index and excludes all 

liability relating to use of the Index to the fullest extent permitted at law. 

** Expected as of the end of the second quarter of 2016. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 14 

2.3 Options on Coal Futures 

2.3.1 Options on API 2 CIF ARA (Argus-IHS McCloskey) Coal Futures**

ISIN-Code/ WKN/ 

Exchange Code/ Name 

DE000A1634D6 A1634D OT2M API 2 Month Option 

DE000A1634E4 A1634E OT2Q API 2 Quarter Option 

DE000A1634F1 A1634F OT2Y API 2 Year Option 

Underlying API 2* Coal Option contract is an option on a single month or strips of 

consecutive single months of the API 2* CIF ARA (Argus-IHS 

McCloskey) Coal Future: 

The underlying of an API 2* Month Option is the API 2* CIF ARA (Argus-IHS McCloskey) Coal Future with same maturity. 

The underlying of an API 2* Quarter Option are the three API 2* CIF 

ARA (Argus-IHS McCloskey) Coal Futures which make up the respective quarter. 

The underlying of an API 2* Year Option are the twelve API 2* CIF 

ARA (Argus-IHS McCloskey) Coal Futures which make up the respective calendar year. 

Option Right The buyer of a call option is entitled to receive respective long positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the call option receives respective short positions of the 

underlying future(s) after the call option is exercised and assigned at 

the exercise price on the Last Registration Day. 

The buyer of a put option is entitled to receive respective short positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the put option receives respective long positions of the 

underlying future(s) at the exercise price after the put option is exercised and assigned on the Last Registration Day. 

Option Premium The buyer of an option contract is obliged to pay the price for the purchase of the right of option (option premium) on the ECC business 

day following the purchase of the option. If this day is not a USD settlement day at Clearstream Banking SA, the payment takes place on 

the following ECC business day which is also a USD settlement day 

at Clearstream Banking SA. The option premium is credited to the 

seller of the option on the same day. 

Option Style European style, i.e. the option can only be exercised on the last trading day. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 15 

Tradable Option Series An option series is the total number of call and put options with the 

same Underlying, the same exercise price and the same maturity 

which can be traded in the system. 

At least three series with different exercise prices can be traded for 

each maturity; in this context one exercise price is in the money, one 

exercise price is at the money and one exercise price is out of the 

money upon their introduction into trading. 

The management board of the exchange is entitled to change the 

number of tradable option series at any given time. 

Maturities Maturities can be month, quarter, year 

Tradable Maturities At maximum the following maturities can be registered at EEX:

§ The current and next 3 delivery months (Month Option), 

§ The respective next 6 delivery quarters (Quarter Option), 

§ The respective next 3 delivery years of the underlying (Year 

Option) 

Exercise/Automatic 

Exercise 

The option can only be exercised on the Last Registration Day. Said 

exercise is carried out by means of an entry into the EEX system between 08:00 a.m. and 06:45 p.m. (Exercise Period) on the Last Registration Day. 

Options which are in the money in relation to the Final Settlement 

Price are exercised automatically at the end of the Exercise Period if 

the trading participant has maintained in the system the desired in the 

money minimum amount and if the trading participant has not made a 

deviating entry into the system by that time. 

Exercises only become effective at 06:45 p.m., until that time they can 

be changed or deleted at any time. 

Strike Price Increments USD 0.50 

Pricing for Option Premium 

In USD per future to the second decimal place. 

Minimum 

Price Fluctuation 

USD 0.01 per future 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 16 

Last Registration Day The Last Registration Day is the thirtieth day prior to the beginning of 

the expiration period. If this day is not an exchange trading day or if it 

is a public holiday in Great Britain, the Last Registration Day is the 

preceding exchange trading day. 

If the Last Trading Day would – according to the preceding provision 

– fall on a day of the month before the month prior to the expiration 

period, the first exchange trading day of the month prior to the expiration period shall be the Last Trading Day. 

The respective Last Registration Day for each maturity is stipulated in 

the contract detail file. 

Expiry Day Options which have not been exercised expire at 06:45 p.m. CET on 

the Last Registration Day. 

Fulfilment Options are fulfilled by booking in of the corresponding futures position at the respective exercise price after the option is exercised. 

Assignment If a buyer exercises his right of option, ECC AG assigns a seller of the 

same option series and of the same type of option (call or put option) 

to the buyer with the help of a procedure maintaining the neutrality of 

the assignment process at the end of the post-trading phase on the 

exercise day. Partial assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant have to be assigned by said trading participant for the positions of his customers; this has to be done with the 

help of a procedure which ensures the neutrality of the assignment 

process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 

* API 2, API 4, API 5, and API 8 are trade marks and are used under licence from Argus Media Limited and IHS Global 

Limited. All copyrights and database rights in the API 2, API 4, API 5, and API 8 index belong exclusively to Argus 

Media Limited and IHS Global Limited and are used herein under licence. EEX is solely responsible for the operation 

of markets in API 2 CIF ARA (Argus-IHS McCloskey) Coal, API 4 FOB Richards Bay (Argus-IHS McCloskey) Coal, 

API 5 FOB Newcastle (Argus-IHS McCloskey) Coal, and API 8 CFR South China (Argus-IHS McCloskey) Coal Futures Argus and IHS take no position on the purchase or sale of such Products and exclude all liability in relation 

thereto. 

** Expected as of the end of the second quarter of 2016.
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 17 

2.3.2 Options on API 4 FOB Richards Bay (Argus-IHS McCloskey) Coal Futures**

ISIN-Code/ WKN/ 

Exchange Code/ Name 

DE000A1634G9 A1634G OT4M API 4 Month Option 

DE000A1634H7 A1634H OT4Q API 4 Quarter Option 

DE000A1634J3 A1634J OT4Y API 4 Year Option 

Underlying API 4* Coal Option contract is an option on a single month or strips of 

consecutive single months of the API 4* FOB Richards Bay (ArgusIHS McCloskey) Coal Future: 

The underlying of an API 4* Month Option is the API 4* FOB Richards 

Bay (Argus-IHS McCloskey) Coal Future with same maturity. 

The underlying of an API 4* Quarter Option are the three API 4* FOB 

Richards Bay (Argus-IHS McCloskey) Coal Futures which make up 

the respective quarter. 

The underlying of an API 4* Year Option are the twelve API 4* FOB 

Richards Bay (Argus-IHS McCloskey) Coal Futures which make up 

the respective calendar year. 

Option Right The buyer of a call option is entitled to receive respective long positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the call option receives respective short positions of the 

underlying future(s) after the call option is exercised and assigned at 

the exercise price on the Last Registration Day. 

The buyer of a put option is entitled to receive respective short positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the put option receives respective long positions of the 

underlying future(s) at the exercise price after the put option is exercised and assigned on the Last Registration Day. 

Option Premium The buyer of an option contract is obliged to pay the price for the purchase of the right of option (option premium) on the ECC business 

day following the purchase of the option. If this day is not a USD settlement day at Clearstream Banking SA, the payment takes place on 

the following ECC business day which is also a USD settlement day 

at Clearstream Banking SA. The option premium is credited to the 

seller of the option on the same day. 

Option Style European style, i.e. the option can only be exercised on the last trading day. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 18 

Tradable Option Series An option series is the total number of call and put options with the 

same Underlying, the same exercise price and the same maturity 

which can be traded in the system. 

At least three series with different exercise prices can be traded for 

each maturity; in this context one exercise price is in the money, one 

exercise price is at the money and one exercise price is out of the 

money upon their introduction into trading. 

The management board of the exchange is entitled to change the 

number of tradable option series at any given time. 

Maturities Maturities can be month, quarter, year 

Tradable Maturities At maximum the following maturities can be registered at EEX:

§ The current and next 3 delivery months (Month Option), 

§ The respective next 6 delivery quarters (Quarter Option), 

§ The respective next 3 delivery years of the underlying (Year 

Option) 

Exercise/Automatic 

Exercise 

The option can only be exercised on the Last Registration Day. Said 

exercise is carried out by means of an entry into the EEX system between 08:00 a.m. and 06:45 p.m. (Exercise Period) on the Last Registration Day. 

Options which are in the money in relation to the Final Settlement 

Price are exercised automatically at the end of the Exercise Period if 

the trading participant has maintained in the system the desired in the 

money minimum amount and if the trading participant has not made a 

deviating entry into the system by that time. 

Exercises only become effective at 06:45 p.m., until that time they can 

be changed or deleted at any time. 

Strike Price Increments USD 0.50 

Pricing for Option Premium 

In USD per future to the second decimal place. 

Minimum 

Price Fluctuation 

USD 0.01 per future 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 19 

Last Registration Day The Last Registration Day is the thirtieth day prior to the beginning of 

the expiration period. If this day is not an exchange trading day or if it 

is a public holiday in Great Britain, the Last Registration Day is the 

preceding exchange trading day. 

If the Last Trading Day would – according to the preceding provision 

– fall on a day of the month before the month prior to the expiration 

period, the first exchange trading day of the month prior to the expiration period shall be the Last Trading Day. 

The respective Last Registration Day for each maturity is stipulated in 

the contract detail file. 

Expiry Day Options which have not been exercised expire at 06:45 p.m. CET on 

the Last Registration Day. 

Fulfilment Options are fulfilled by booking in of the corresponding futures position at the respective exercise price after the option is exercised. 

Assignment If a buyer exercises his right of option, ECC AG assigns a seller of the 

same option series and of the same type of option (call or put option) 

to the buyer with the help of a procedure maintaining the neutrality of 

the assignment process at the end of the post-trading phase on the 

exercise day. Partial assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant have to be assigned by said trading participant for the positions of his customers; this has to be done with the 

help of a procedure which ensures the neutrality of the assignment 

process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 

* API 2, API 4, API 5, and API 8 are trade marks and are used under licence from Argus Media Limited and IHS Global 

Limited. All copyrights and database rights in the API 2, API 4, API 5, and API 8 index belong exclusively to Argus 

Media Limited and IHS Global Limited and are used herein under licence. EEX is solely responsible for the operation 

of markets in API 2 CIF ARA (Argus-IHS McCloskey) Coal, API 4 FOB Richards Bay (Argus-IHS McCloskey) Coal, 

API 5 FOB Newcastle (Argus-IHS McCloskey) Coal, and API 8 CFR South China (Argus-IHS McCloskey) Coal Futures Argus and IHS take no position on the purchase or sale of such Products and exclude all liability in relation 

thereto. 

** Expected as of the end of the second quarter of 2016
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 20 

2.3.3 Options on API 5 FOB Newcastle (Argus-IHS McCloskey) Coal Futures**

ISIN-Code/ WKN/ 

Exchange Code/ Name 

DE000A1634K1 A1634K OT5M API 5 Month Option 

DE000A1634L9 A1634L OT5Q API 5 Quarter Option 

DE000A1634M7 A1634M OT5Y API 5 Year Option 

Underlying API 5* Coal Option contract is an option on a single month or strips of 

consecutive single months of the API 5* FOB Newcastle (Argus-IHS 

McCloskey) Coal Future: 

The underlying of an API 5* Month Option is the API 5* FOB Newcastle (Argus-IHS McCloskey) Coal Future with same maturity. 

The underlying of an API 5* Quarter Option are the three API 5* FOB 

Newcastle (Argus-IHS McCloskey) Coal Future which make up the 

respective quarter. 

The underlying of an API 5* Year Option are the twelve API 5* FOB 

Newcastle (Argus-IHS McCloskey) Coal Future which make up the 

respective calendar year. 

Option Right The buyer of a call option is entitled to receive respective long positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the call option receives respective short positions of the 

underlying future(s) after the call option is exercised and assigned at 

the exercise price on the Last Registration Day. 

The buyer of a put option is entitled to receive respective short positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the put option receives respective long positions of the 

underlying future(s) at the exercise price after the put option is exercised and assigned on the Last Registration Day. 

Option Premium The buyer of an option contract is obliged to pay the price for the purchase of the right of option (option premium) on the ECC business 

day following the purchase of the option. If this day is not a USD settlement day at Clearstream Banking SA, the payment takes place on 

the following ECC business day which is also a USD settlement day 

at Clearstream Banking SA. The option premium is credited to the 

seller of the option on the same day. 

Option Style European style, i.e. the option can only be exercised on the last trading day. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 21 

Tradable Option Series An option series is the total number of call and put options with the 

same Underlying, the same exercise price and the same maturity 

which can be traded in the system. 

At least three series with different exercise prices can be traded for 

each maturity; in this context one exercise price is in the money, one 

exercise price is at the money and one exercise price is out of the 

money upon their introduction into trading. 

The management board of the exchange is entitled to change the 

number of tradable option series at any given time. 

Maturities Maturities can be month, quarter, year 

Tradable Maturities At maximum the following maturities can be registered at EEX:

§ The current and next 3 delivery months (Month Option), 

§ The respective next 6 delivery quarters (Quarter Option), 

§ The respective next 3 delivery years of the underlying (Year 

Option) 

Exercise/Automatic 

Exercise 

The option can only be exercised on the Last Registration Day. Said 

exercise is carried out by means of an entry into the EEX system between 08:00 a.m. and 06:45 p.m. (Exercise Period) on the Last Registration Day. 

Options which are in the money in relation to the Final Settlement 

Price are exercised automatically at the end of the Exercise Period if 

the trading participant has maintained in the system the desired in the 

money minimum amount and if the trading participant has not made a 

deviating entry into the system by that time. 

Exercises only become effective at 06:45 p.m., until that time they can 

be changed or deleted at any time. 

Strike Price Increments USD 0.50 

Pricing for Option Premium 

In USD per future to the second decimal place. 

Minimum 

Price Fluctuation 

USD 0.01 per future 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 22 

Last Registration Day The Last Registration Day is the thirtieth day prior to the beginning of 

the expiration period. If this day is not an exchange trading day or if it 

is a public holiday in Great Britain, the Last Registration Day is the 

preceding exchange trading day. 

If the Last Trading Day would – according to the preceding provision 

– fall on a day of the month before the month prior to the expiration 

period, the first exchange trading day of the month prior to the expiration period shall be the Last Trading Day. 

The respective Last Registration Day for each maturity is stipulated in 

the contract detail file. 

Expiry Day Options which have not been exercised expire at 06:45 p.m. CET on 

the Last Registration Day. 

Fulfilment Options are fulfilled by booking in of the corresponding futures position at the respective exercise price after the option is exercised. 

Assignment If a buyer exercises his right of option, ECC AG assigns a seller of the 

same option series and of the same type of option (call or put option) 

to the buyer with the help of a procedure maintaining the neutrality of 

the assignment process at the end of the post-trading phase on the 

exercise day. Partial assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant have to be assigned by said trading participant for the positions of his customers; this has to be done with the 

help of a procedure which ensures the neutrality of the assignment 

process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 

* API 2, API 4, API 5, and API 8 are trade marks and are used under licence from Argus Media Limited and IHS Global 

Limited. All copyrights and database rights in the API 2, API 4, API 5, and API 8 index belong exclusively to Argus 

Media Limited and IHS Global Limited and are used herein under licence. EEX is solely responsible for the operation 

of markets in API 2 CIF ARA (Argus-IHS McCloskey) Coal, API 4 FOB Richards Bay (Argus-IHS McCloskey) Coal, 

API 5 FOB Newcastle (Argus-IHS McCloskey) Coal, and API 8 CFR South China (Argus-IHS McCloskey) Coal Futures Argus and IHS take no position on the purchase or sale of such Products and exclude all liability in relation 

thereto. 

** Expected as of the end of the second quarter of 2016
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 23 

2.4 Financial Futures on Dry Bulk Time Charter Freight 

2.4.1 Capesize Time Charter Freight Futures (TC4) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCE4 A11RCE CTCM 

Capesize TC4 Freight Future 

Underlying

The monthly price index for Capesize Dry Bulk Time Charter Freight 

(Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “Capesize Dry Bulk Time Charter Freight Basket Routes (Avg. 4 

routes)” of the respective month as published by Baltic Exchange. 

Contract Series Up to 84 consecutive months 

Contract Volume 1 day 

Pricing In USD per day 

Minimum 

Price Fluctuation 1.00 USD per day 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 24 

2.4.2 Capesize Time Charter Freight Futures (TC5) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A1634C8 A1634C CPTM 

Capesize TC5 Freight Future 

Underlying

The monthly price index for Capesize Dry Bulk Time Charter Freight 

(Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “Capesize Dry Bulk Time Charter Freight Basket Routes (Avg. 5 

routes)” of the respective month as published by Baltic Exchange. 

Contract Series Up to 84 consecutive months 

Contract Volume 1 day 

Pricing In USD per day 

Minimum 

Price Fluctuation 1.00 USD per day 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the Last Registration 

Day and the Index. If this day is not a USD settlement day at Clearstream Banking SA, cash settlement takes place on the following ECC 

business day which is also a USD settlement day at Clearstream 

Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 25 

2.4.3 Panamax Time Charter Freight Futures 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCF1 A11RCF PTCM Panamax TC Freight Future 

Underlying

The monthly price index for Panamax Dry Bulk Time Charter Freight 

(Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “Panamax Dry Bulk Time Charter Freight Basket Routes (Avg. 4 

routes)” of the respective month as published by Baltic Exchange.

Contract Series Up to 84 consecutive months 

Contract Volume 1 day 

Pricing In USD per day 

Minimum 

Price Fluctuation 1.00 USD per day 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 26 

2.4.4 Supramax Time Charter Freight Futures 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCG9 A11RCG STCM Supramax TC Freight Future

Underlying

The monthly price index for Supramax Dry Bulk Time Charter Freight 

(Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “Supramax Dry Bulk Time Charter Freight Basket Routes (Avg. 6 

routes)” of the respective month as published by Baltic Exchange.

Contract Series Up to 84 consecutive months 

Contract Volume 1 day 

Pricing In USD per day 

Minimum 

Price Fluctuation 1.00 USD per day 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the 24th December. The Last Registration Day for December contracts is the exchange trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 27 

2.4.5 Handysize Time Charter Freight Futures 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCH7 A11RCH HTCM Handysize TC Freight Future

Underlying

The monthly price index for Handysize Dry Bulk Time Charter Freight 

(Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “Handysize Dry Bulk Time Charter Freight Basket Routes (Avg. 6 

routes)” of the respective month as published by Baltic Exchange.

Contract Series Up to 84 consecutive months 

Contract Volume 1 day 

Pricing In USD per day 

Minimum 

Price Fluctuation 1.00 USD per day 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 28 

2.5 Financial Futures on Dry Bulk Trip Time Charter Freight 

2.5.1 P1A Panamax Transatlantic Freight Future 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCN5 A11RCN P1AM 

P1A Panamax Transatlantic 

Freight Future 

Underlying

The monthly price index for P1A Panamax Transatlantic Freight (Index). 

The Index is the arithmetic average of the last 7 daily spot price assessments for “P1A Panamax Dry Bulk Trip Time Charter Freight 

(Transatlantic Round Voyage)” of the respective month as published 

by Baltic Exchange except for December contracts where the last 7 

daily spot prices including those for the Last Registration Day are decisive for the Index calculation. 

Contract Series Up to 36 consecutive months 

Contract Volume 1 day 

Pricing In USD per day 

Minimum 

Price Fluctuation 1.00 USD per day 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 29 

2.5.2 P2A Panamax Far East Freight Future 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCP0 A11RCP P2AM 

P2A Panamax Far East 

Freight Future 

Underlying

The monthly price index for P2A Panamax Far East Freight (Index). 

The Index is the arithmetic average of the last 7 daily spot price assessments for “P2A Panamax Dry Bulk Trip Time Charter Freight 

(Skaw – Gibraltar / Cont Trip Far East)” of the respective month as 

published by Baltic Exchange except for December contracts where 

the last 7 daily spot prices including those for the Last Registration Day 

are decisive for the Index calculation.

Contract Series Up to 36 consecutive months 

Contract Volume 1 day 

Pricing In USD per day 

Minimum 

Price Fluctuation 1.00 USD per day 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 30 

2.5.3 P3A Panamax Pacific Freight Future 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCQ8 A11RCQ P3AM 

P3A Panamax Pacific 

Freight Future 

Underlying

The monthly price index for P3A Panamax Pacific Freight (Index). 

The Index is the arithmetic average of the last 7 daily spot price assessments for “P3A Panamax Dry Bulk Trip Time Charter Freight (Japan – South Korea / Pacific Round Voyage)” of the respective month 

as published by Baltic Exchange, except for December contracts 

where the last 7 daily spot prices including those for the Last Registration Day are decisive for the Index calculation.

Contract Series Up to 36 consecutive months 

Contract Volume 1 day 

Pricing In USD per day 

Minimum 

Price Fluctuation 1.00 USD per day 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 31 

2.6 Financial Futures on Dry Bulk Voyage Routes Freight 

2.6.1 C3 Capesize Freight Future (Tubarao – Qingdao) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCL9 A11RCL C3EM C3 Capesize Freight Future 

Underlying

The monthly price index for C3 Capesize Freight, voyage route Tubarao – Qingdao (Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “C3 Capesize Dry Bulk Voyage Route Freight (Tubarao – Qingdao)” 

of the respective month as published by Baltic Exchange.

Contract Series Up to 36 consecutive months 

Contract Volume 1,000 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 32 

2.6.2 C4 Capesize Freight Future (Richards Bay – Rotterdam) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCJ3 A11RCJ C4EM C4 Capesize Freight Future 

Underlying

The monthly price index for C4 Capesize Freight, voyage route Richards Bay – Rotterdam (Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “C4 Capesize Dry Bulk Voyage Route Freight (Richards Bay – Rotterdam)” of the respective month as published by Baltic Exchange.

Contract Series Up to 36 consecutive months 

Contract Volume 1,000 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 33 

2.6.3 C5 Capesize Freight Future (Western Australia – Qingdao) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCM7 A11RCM C5EM C5 Capesize Freight Future 

Underlying

The monthly price index for C5 Capesize Freight, voyage route Western Australia – Qingdao (Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “C5 Capesize Dry Bulk Voyage Route Freight (Western Australia – 

Qingdao)” of the respective month as published by Baltic Exchange.

Contract Series Up to 36 consecutive months 

Contract Volume 1,000 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 34 

2.6.4 C7 Capesize Freight Future (Bolivar – Rotterdam) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCK1 A11RCK C7EM C7 Capesize Freight Future 

Underlying

The monthly price index for C7 Capesize Freight, voyage route Bolivar 

- Rotterdam (Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “C7 Capesize Dry Bulk Voyage Route Freight (Bolivar - Rotterdam)” 

of the respective month as published by Baltic Exchange.

Contract Series Up to 36 consecutive months 

Contract Volume 1,000 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 35 

2.7 Options on Freight Futures 

2.7.1 Options on Capesize TC4 Freight Futures 

ISIN-Code/ WKN/ 

Exchange Code/ Name DE000A1634N5 A1634N OCTM Capesize TC4 Freight Option 

Underlying Capesize TC4 Freight Future with the same maturity, at which the delivery period corresponds to the maturity. 

Option Right The buyer of a call option is entitled to receive respective long positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the call option receives respective short positions of the 

underlying future(s) after the call option is exercised and assigned at 

the exercise price on the Last Registration Day. 

The buyer of a put option is entitled to receive respective short positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the put option receives respective long positions of the 

underlying future(s) at the exercise price after the put option is exercised and assigned on the Last Registration Day. 

Option Premium The buyer of an option contract is obliged to pay the price for the purchase of the right of option (option premium) on the ECC business 

day following the purchase of the option. If this day is not a USD settlement day at Clearstream Banking SA, the payment takes place on 

the following ECC business day which is also a USD settlement day 

at Clearstream Banking SA. The option premium is credited to the 

seller of the option on the same day. 

Option Style European style, i.e. the option can only be exercised on the last trading day. 

Tradable Option Series An option series is the total number of call and put options with the 

same Underlying, the same exercise price and the same maturity 

which can be traded in the system. 

At least three series with different exercise prices can be traded for 

each maturity; in this context one exercise price is in the money, one 

exercise price is at the money and one exercise price is out of the 

money upon their introduction into trading. 

The management board of the exchange is entitled to change the 

number of tradable option series at any given time. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 36 

Tradable Maturities Up to 36 consecutive months 

Exercise/Automatic 

Exercise 

The option can only be exercised on the Last Registration Day. Said 

exercise is carried out by means of an entry into the EEX system between 08:00 a.m. and 06:45 p.m. (Exercise Period) on the Last Registration Day. 

Options which are in the money in relation to the Final Settlement 

Price are exercised automatically at the end of the Exercise Period if 

the trading participant has maintained in the system the desired in the 

money minimum amount and if the trading participant has not made a 

deviating entry into the system by that time. 

Exercises only become effective at 06:45 p.m., until that time they can 

be changed or deleted at any time. 

Strike Price Increments USD 1 

Pricing for Option Premium 

In USD per future to the second decimal place. 

Minimum 

Price Fluctuation 

USD 0.01 per future 

Last Registration Day Last Registration Day is the last exchange trading of the respective 

expiration month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Expiry Day Options which have not been exercised expire at 06:45 p.m. CET on 

the Last Registration Day. 

Fulfilment Options are fulfilled by booking in of the corresponding futures position at the respective exercise price after the option is exercised. 

Assignment If a buyer exercises his right of option, ECC AG assigns a seller of the 

same option series and of the same type of option (call or put option) 

to the buyer with the help of a procedure maintaining the neutrality of 

the assignment process at the end of the post-trading phase on the 

exercise day. Partial assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant have to be assigned by said trading participant for the positions of his customers; this has to be done with the 

help of a procedure which ensures the neutrality of the assignment 

process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 37 

2.7.2 Options on Capesize TC5 Freight Futures 

ISIN-Code/ WKN/ 

Exchange Code/ Name DE000A1634P0 A1634P OCPM Capesize TC5 Freight Option

Underlying Capesize TC5 Freight Future with the same maturity, at which the delivery period corresponds to the maturity. 

Option Right The buyer of a call option is entitled to receive respective long positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the call option receives respective short positions of the 

underlying future(s) after the call option is exercised and assigned at 

the exercise price on the Last Registration Day. 

The buyer of a put option is entitled to receive respective short positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the put option receives respective long positions of the 

underlying future(s) at the exercise price after the put option is exercised and assigned on the Last Registration Day. 

Option Premium The buyer of an option contract is obliged to pay the price for the purchase of the right of option (option premium) on the ECC business 

day following the purchase of the option. If this day is not a USD settlement day at Clearstream Banking SA, the payment takes place on 

the following ECC business day which is also a USD settlement day 

at Clearstream Banking SA. The option premium is credited to the 

seller of the option on the same day. 

Option Style European style, i.e. the option can only be exercised on the last trading day. 

Tradable Option Series An option series is the total number of call and put options with the 

same Underlying, the same exercise price and the same maturity 

which can be traded in the system. 

At least three series with different exercise prices can be traded for 

each maturity; in this context one exercise price is in the money, one 

exercise price is at the money and one exercise price is out of the 

money upon their introduction into trading. 

The management board of the exchange is entitled to change the 

number of tradable option series at any given time. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 38 

Tradable Maturities Up to 36 consecutive months 

Exercise/Automatic 

Exercise 

The option can only be exercised on the Last Registration Day. Said 

exercise is carried out by means of an entry into the EEX system between 08:00 a.m. and 06:45 p.m. (Exercise Period) on the Last Registration Day. 

Options which are in the money in relation to the Final Settlement 

Price are exercised automatically at the end of the Exercise Period if 

the trading participant has maintained in the system the desired in the 

money minimum amount and if the trading participant has not made a 

deviating entry into the system by that time. 

Exercises only become effective at 06:45 p.m., until that time they can 

be changed or deleted at any time. 

Strike Price Increments USD 1 

Pricing for Option Premium 

In USD per future to the second decimal place. 

Minimum 

Price Fluctuation 

USD 0.01 per future 

Last Registration Day Last Registration Day is the last exchange trading of the respective 

expiration month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Expiry Day Options which have not been exercised expire at 06:45 p.m. CET on 

the Last Registration Day. 

Fulfilment Options are fulfilled by booking in of the corresponding futures position at the respective exercise price after the option is exercised. 

Assignment If a buyer exercises his right of option, ECC AG assigns a seller of the 

same option series and of the same type of option (call or put option) 

to the buyer with the help of a procedure maintaining the neutrality of 

the assignment process at the end of the post-trading phase on the 

exercise day. Partial assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant have to be assigned by said trading participant for the positions of his customers; this has to be done with the 

help of a procedure which ensures the neutrality of the assignment 

process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 39 

2.7.3 Options on Panamax TC Freight Futures 

ISIN-Code/ WKN/ 

Exchange Code/ Name DE000A1634Q8 A1634Q OPTM Panamax TC Freight Option 

Underlying Panamax TC Freight Future with the same maturity, at which the delivery period corresponds to the maturity. 

Option Right The buyer of a call option is entitled to receive respective long positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the call option receives respective short positions of the 

underlying future(s) after the call option is exercised and assigned at 

the exercise price on the Last Registration Day. 

The buyer of a put option is entitled to receive respective short positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the put option receives respective long positions of the 

underlying future(s) at the exercise price after the put option is exercised and assigned on the Last Registration Day. 

Option Premium The buyer of an option contract is obliged to pay the price for the purchase of the right of option (option premium) on the ECC business 

day following the purchase of the option. If this day is not a USD settlement day at Clearstream Banking SA, the payment takes place on 

the following ECC business day which is also a USD settlement day 

at Clearstream Banking SA. The option premium is credited to the 

seller of the option on the same day. 

Option Style European style, i.e. the option can only be exercised on the last trading day. 

Tradable Option Series An option series is the total number of call and put options with the 

same Underlying, the same exercise price and the same maturity 

which can be traded in the system. 

At least three series with different exercise prices can be traded for 

each maturity; in this context one exercise price is in the money, one 

exercise price is at the money and one exercise price is out of the 

money upon their introduction into trading. 

The management board of the exchange is entitled to change the 

number of tradable option series at any given time. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 40 

Tradable Maturities Up to 36 consecutive months 

Exercise/Automatic 

Exercise 

The option can only be exercised on the Last Registration Day. Said 

exercise is carried out by means of an entry into the EEX system between 08:00 a.m. and 06:45 p.m. (Exercise Period) on the Last Registration Day. 

Options which are in the money in relation to the Final Settlement 

Price are exercised automatically at the end of the Exercise Period if 

the trading participant has maintained in the system the desired in the 

money minimum amount and if the trading participant has not made a 

deviating entry into the system by that time. 

Exercises only become effective at 06:45 p.m., until that time they can 

be changed or deleted at any time. 

Strike Price Increments USD 1 

Pricing for Option Premium 

In USD per future to the second decimal place. 

Minimum 

Price Fluctuation 

USD 0.01 per future 

Last Registration Day Last Registration Day is the last exchange trading of the respective 

expiration month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Expiry Day Options which have not been exercised expire at 06:45 p.m. CET on 

the Last Registration Day. 

Fulfilment Options are fulfilled by booking in of the corresponding Futures position at the respective exercise price after the option is exercised. 

Assignment If a buyer exercises his right of option, ECC AG assigns a seller of the 

same option series and of the same type of option (call or put option) 

to the buyer with the help of a procedure maintaining the neutrality of 

the assignment process at the end of the post-trading phase on the 

exercise day. Partial assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant have to be assigned by said trading participant for the positions of his customers; this has to be done with the 

help of a procedure which ensures the neutrality of the assignment 

process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 41 

2.7.4 Options on Supramax TC Freight Futures 

ISIN-Code/ WKN/ 

Exchange Code/ Name DE000A1634R6 A1634R OTSM Supramax TC Freight Option 

Underlying Supramax TC Freight Future with the same maturity, at which the delivery period corresponds to the maturity. 

Option Right The buyer of a call option is entitled to receive respective long positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the call option receives respective short positions of the 

underlying future(s) after the call option is exercised and assigned at 

the exercise price on the Last Registration Day. 

The buyer of a put option is entitled to receive respective short positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the put option receives respective long positions of the 

underlying future(s) at the exercise price after the put option is exercised and assigned on the Last Registration Day. 

Option Premium The buyer of an option contract is obliged to pay the price for the purchase of the right of option (option premium) on the ECC business 

day following the purchase of the option. If this day is not a USD settlement day at Clearstream Banking SA, the payment takes place on 

the following ECC business day which is also a USD settlement day 

at Clearstream Banking SA. The option premium is credited to the 

seller of the option on the same day. 

Option Style European style, i.e. the option can only be exercised on the last trading day. 

Tradable Option Series An option series is the total number of call and put options with the 

same Underlying, the same exercise price and the same maturity 

which can be traded in the system. 

At least three series with different exercise prices can be traded for 

each maturity; in this context one exercise price is in the money, one 

exercise price is at the money and one exercise price is out of the 

money upon their introduction into trading. 

The management board of the exchange is entitled to change the 

number of tradable option series at any given time. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 42 

Tradable Maturities Up to 36 consecutive months 

Exercise/Automatic 

Exercise 

The option can only be exercised on the Last Registration Day. Said 

exercise is carried out by means of an entry into the EEX system between 08:00 a.m. and 06:45 p.m. (Exercise Period) on the Last Registration Day. 

Options which are in the money in relation to the Final Settlement 

Price are exercised automatically at the end of the Exercise Period if 

the trading participant has maintained in the system the desired in the 

money minimum amount and if the trading participant has not made a 

deviating entry into the system by that time. 

Exercises only become effective at 06:45 p.m., until that time they can 

be changed or deleted at any time. 

Strike Price Increments USD 1 

Pricing for Option Premium 

In USD per future to the second decimal place. 

Minimum 

Price Fluctuation 

USD 0.01 per future 

Last Registration Day Last Registration Day is the last exchange trading of the respective 

expiration month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Expiry Day Options which have not been exercised expire at 06:45 p.m. CET on 

the Last Registration Day. 

Fulfilment Options are fulfilled by booking in of the corresponding futures position at the respective exercise price after the option is exercised. 

Assignment If a buyer exercises his right of option, ECC AG assigns a seller of the 

same option series and of the same type of option (call or put option) 

to the buyer with the help of a procedure maintaining the neutrality of 

the assignment process at the end of the post-trading phase on the 

exercise day. Partial assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant have to be assigned by said trading participant for the positions of his customers; this has to be done with the 

help of a procedure which ensures the neutrality of the assignment 

process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 43 

2.7.5 Options on Handysize TC Freight Futures 

ISIN-Code/ WKN/ 

Exchange Code/ Name DE000A1634S4 A1634S OHTM Handysize TC Freight Option 

Underlying Handysize TC Freight Future with the same maturity, at which the delivery period corresponds to the maturity. 

Option Right The buyer of a call option is entitled to receive respective long positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the call option receives respective short positions of the 

underlying future(s) after the call option is exercised and assigned at 

the exercise price on the Last Registration Day. 

The buyer of a put option is entitled to receive respective short positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the put option receives respective long positions of the 

underlying future(s) at the exercise price after the put option is exercised and assigned on the Last Registration Day. 

Option Premium The buyer of an option contract is obliged to pay the price for the purchase of the right of option (option premium) on the ECC business 

day following the purchase of the option. If this day is not a USD settlement day at Clearstream Banking SA, the payment takes place on 

the following ECC business day which is also a USD settlement day 

at Clearstream Banking SA. The option premium is credited to the 

seller of the option on the same day. 

Option Style European style, i.e. the option can only be exercised on the last trading day. 

Tradable Option Series An option series is the total number of call and put options with the 

same Underlying, the same exercise price and the same maturity 

which can be traded in the system. 

At least three series with different exercise prices can be traded for 

each maturity; in this context one exercise price is in the money, one 

exercise price is at the money and one exercise price is out of the 

money upon their introduction into trading. 

The management board of the exchange is entitled to change the 

number of tradable option series at any given time. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 44 

Tradable Maturities Up to 36 consecutive months 

Exercise/Automatic 

Exercise 

The option can only be exercised on the Last Registration Day. Said 

exercise is carried out by means of an entry into the EEX system between 08:00 a.m. and 06:45 p.m. (Exercise Period) on the Last Registration Day. 

Options which are in the money in relation to the Final Settlement 

Price are exercised automatically at the end of the Exercise Period if 

the trading participant has maintained in the system the desired in the 

money minimum amount and if the trading participant has not made a 

deviating entry into the system by that time. 

Exercises only become effective at 06:45 p.m., until that time they can 

be changed or deleted at any time. 

Strike Price Increments USD 1 

Pricing for Option Premium 

In USD per future to the second decimal place. 

Minimum 

Price Fluctuation 

USD 0.01 per future 

Last Registration Day Last Registration Day is the last exchange trading of the respective 

expiration month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Expiry Day Options which have not been exercised expire at 06:45 p.m. CET on 

the Last Registration Day. 

Fulfilment Options are fulfilled by booking in of the corresponding futures position at the respective exercise price after the option is exercised. 

Assignment If a buyer exercises his right of option, ECC AG assigns a seller of the 

same option series and of the same type of option (call or put option) 

to the buyer with the help of a procedure maintaining the neutrality of 

the assignment process at the end of the post-trading phase on the 

exercise day. Partial assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant have to be assigned by said trading participant for the positions of his customers; this has to be done with the 

help of a procedure which ensures the neutrality of the assignment 

process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 45 

2.8 Financial Futures on Fertilisers 

2.8.1 Urea (Granular) fob NOLA Future (The Fertilizer Index) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCW6 A11RCW URNM Urea (Granular) fob NOLA 

Future (The Fertilizer Index) 

Underlying

The monthly price index for granular urea fob New Orleans, Louisiana 

(Index). 

The Index is the arithmetic average of all weekly values of the price index “Urea (gran) fob barge NOLA” of the respective month as published in the Fertilizer Index* report by Argus, CRU and Fertecon each 

Friday**. 

** The last Friday in December will be excluded as there is no publication 

of an index in the week prior to New Year.

Contract Series Up to 20 consecutive months 

Contract Volume 25 short tons (st) 

Pricing In USD per st to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per st 

Last Registration Day

The Last Registration Day is the last Friday of the respective delivery 

month except for December contracts. 

The Last Registration Day for December contracts is the penultimate 

Friday of December. If this is not an exchange trading day, the Last 

Registration Day is the preceding exchange trading day. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.

* ARGUS, the ARGUS Logo, FERTECON, the FERTECON Logo, CRU, the CRU Logo, are trademarks of Argus Media Limited, Fertecon Limited, and CRU International Limited, respectively, and are used under licence. All trade mark rights, copyrights and database rights in The Fertilizer Index report and The Fertilizer Index belong exclusively to Argus Media Limited, Fertecon Limited, and 

CRU International Limited, and are used under licence. EEX is solely responsible for the Urea (Granular) fob NOLA Future (The 

Fertilizer Index). Neither Argus, Fe rtecon or CRU takes any position on the purchase or sale of such Urea (Granular) fob NOLA 

Future (The Fertilizer Index) and excludes all liability in relation thereto. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 46 

2.8.2 Urea (Granular) fob Egypt Future (The Fertilizer Index) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RC04 A11RC0 UREM Urea (Granular) fob Egypt 

Future (The Fertilizer Index) 

Underlying

The monthly price index for granular urea fob Egypt (Index). 

The Index is the arithmetic average of all weekly values of the price index “Urea (gran) fob bulk Egypt” of the respective month as published 

in the Fertilizer Index* report by Argus, CRU and Fertecon each Friday**. 

** The last Friday in December will be excluded as there is no publication 

of an index in the week prior to New Year.

Contract Series Up to 20 consecutive months 

Contract Volume 25 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

The Last Registration Day is the last Friday of the respective delivery 

month except for December contracts. 

The Last Registration Day for December contracts is the penultimate 

Friday of December. If this is not an exchange trading day, the Last 

Registration Day is the preceding exchange trading day. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.

* ARGUS, the ARGUS Logo, FERTECON, the FERTECON Logo, CRU, the CRU Logo, are trademarks of Argus Media Limited, Fertecon Limited, and CRU International Limited, respectively, and are used under licence. All trade mark rights, copyrights and database rights in The Fertilizer Index report and The Fertilizer Index belong exclusively to Argus Media Limited, Fertecon Limited, and 

CRU International Limited, and are used under licence. EEX is solely responsible for the Urea (Granular) fob Egypt Future (The Fertilizer Index). Neither Argus, Fertecon or CRU takes any position on the purchase or sale of such Urea (Granular) fob Egypt Future 

(The Fertilizer Index) and excludes all liability in relation thereto. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 47 

2.8.3 Urea (Prilled) fob Yuzhnyy Future (The Fertilizer Index) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCZ9 A11RCZ URYM Urea (Prilled) fob Yuzhnyy 

Future (The Fertilizer Index) 

Underlying

The monthly price index for prilled urea fob Yuzhnyy (Index). 

The Index is the arithmetic average of all weekly values of the price index “Urea (prill) fob bulk Yuzhnyy” of the respective month as published in the Fertilizer Index* report by Argus, CRU and Fertecon each 

Friday**. 

** The last Friday in December will be excluded as there is no publication of 

an index in the week prior to New Year.

Contract Series Up to 20 consecutive months 

Contract Volume 25 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

The Last Registration Day is the last Friday of the respective delivery 

month except for December contracts. 

The Last Registration Day for December contracts is the penultimate 

Friday of December. If this is not an exchange trading day, the Last 

Registration Day is the preceding exchange trading day. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.

* ARGUS, the ARGUS Logo, FERTECON, the FERTECON Logo, CRU, the CRU Logo, are trademarks of Argus Media Limited, Fertecon Limited, and CRU International Limited, respectively, and are used under licence. All trade mark rights, copyrights and database rights in The Fertilizer Index report and The Fertilizer Index belong exclusively to Argus Media Limited, Fertecon Limited, and 

CRU International Limited, and are used under licence. EEX is solely responsible for the Urea (Prilled) fob Yuzhnyy Future (The 

Fertilizer Index). Neither Argus, Fertecon or CRU takes any position on the purchase or sale of such Urea (Prilled) fob Yuzhnyy Future (The Fertilizer Index) and excludes all liability in relation thereto. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 48 

2.8.4 DAP fob NOLA Future (The Fertilizer Index) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCX4 A11RCX DANM DAP fob NOLA Future (The 

Fertilizer Index) 

Underlying

The monthly price index for Di-Ammonium Phosphate (DAP) fob New 

Orleans, Louisiana (Index). 

The Index is the arithmetic average of all weekly values of the price index “DAP fob barge NOLA” of the respective month as published in the 

Fertilizer Index* report by Argus, CRU and Fertecon each Friday**. 

** The last Friday in December will be excluded as there is no publication of 

an index in the week prior to New Year.

Contract Series Up to 20 consecutive months 

Contract Volume 25 short tons (st) 

Pricing In USD per st to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per st 

Last Registration Day 

The Last Registration Day is the last Friday of the respective delivery 

month except for December contracts. 

The Last Registration Day for December contracts is the penultimate 

Friday of December. If this is not an exchange trading day, the Last 

Registration Day is the preceding exchange trading day. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.

* ARGUS, the ARGUS Logo, FERTECON, the FERTECON Logo, CRU, the CRU Logo, are trademarks of Argus Media Limited, Fertecon Limited, and CRU International Limited, respectively, and are used under licence. All trade mark rights, copyrights and database rights in The Fertilizer Index report and The Fertilizer Index belong exclusively to Argus Media Limited, Fertecon Limited, and 

CRU International Limited, and are used under licence. EEX is solely responsible for the DAP fob NOLA Future (The Fertilizer Index). Neither Argus, Fertecon or CRU takes any position on the purchase or sale of such DAP fob NOLA Future (The Fertilizer Index) and excludes all liability in relation thereto. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 49 

2.8.5 DAP fob Tampa Future (The Fertilizer Index) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RC12 A11RC1 DATM DAP fob Tampa Future (The 

Fertilizer Index) 

Underlying

The monthly price index for Di-Ammonium Phosphate (DAP) fob Tampa, Florida (Index). 

The Index is the arithmetic average of all weekly values of the price index “DAP fob bulk Tampa” of the respective month as published in the 

Fertilizer Index* report by Argus, CRU and Fertecon each Friday**. 

** The last Friday in December will be excluded as there is no publication of 

an index in the week prior to New Year.

Contract Series Up to 20 consecutive months 

Contract Volume 25 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

The Last Registration Day is the last Friday of the respective delivery 

month except for December contracts. 

The Last Registration Day for December contracts is the penultimate 

Friday of December. If this is not an exchange trading day, the Last 

Registration Day is the preceding exchange trading day. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.

* ARGUS, the ARGUS Logo, FERTECON, the FERTECON Logo, CRU, the CRU Logo, are trademarks of Argus Media Limited, Fertecon Limited, and CRU International Limited, respectively, and are used under licence. All trade mark rights, copyrights and database rights in The Fertilizer Index report and The Fertilizer Index belong exclusively to Argus Media Limited, Fertecon Limited, and 

CRU International Limited, and are used under licence. EEX is solely responsible for the DAP fob Tampa Future (The Fertilizer Index). Neither Argus, Fertecon or CRU takes any position on the purchase or sale of such DAP fob Tampa Future (The Fertilizer Index) and excludes all liability in relation thereto 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 50 

2.8.6 UAN fob NOLA Future (The Fertilizer Index) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCY2 A11RCY UANM UAN fob NOLA Future (The 

Fertilizer Index) 

Underlying

The monthly price index for Urea Ammonium Nitrate (32%N) fob New 

Orleans, Louisiana (Index). 

The Index is the arithmetic average of all weekly values of the price index “UAN (32% N) fob barge NOLA” of the respective month as published in the Fertilizer Index* report by Argus, CRU and Fertecon each 

Friday**. 

** The last Friday in December will be excluded as there is no publication of 

an index in the week prior to New Year.

Contract Series Up to 20 consecutive months 

Contract Volume 25 short tons (st) 

Pricing In USD per st to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per st 

Last Registration Day 

The Last Registration Day is the last Friday of the respective delivery 

month except for December contracts. 

The Last Registration Day for December contracts is the penultimate 

Friday of December. If this is not an exchange trading day, the Last 

Registration Day is the preceding exchange trading day. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.

* ARGUS, the ARGUS Logo, FERTECON, the FERTECON Logo, CRU, the CRU Logo, are trademarks of Argus Media Limited, Fertecon Limited, and CRU International Limited, respectively, and are used under licence. All trade mark rights, copyrights and database rights in The Fertilizer Index report and The Fertilizer Index belong exclusively to Argus Media Limited, Fertecon Limited, and 

CRU International Limited, and are used under licence. EEX is solely responsible for the UAN fob NOLA Future (The Fertilizer Index). Neither Argus, Fertecon or CRU takes any position on the purchase or sale of such UAN fob NOLA Future (The Fertilizer Index) and excludes all liability in relation thereto. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 51 

2.9 Financial Futures on Iron Ore 

2.9.1 Iron Ore 62% Fe Tianjin Futures 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCV8 A11RCV IOTM 

Iron Ore 62% Fe Tianjin Future 

Underlying

The monthly price index for Iron Ore 62% Fe CFR Tianjin (Index). 

The Index is the arithmetic average of all daily price assessments for 

“TSI Iron Ore Fines 62% Fe, CFR Tianjin Port”* of the respective 

month as published by TSI - The Steel Index - in the “Iron Ore Daily 

Edition” in Section "TSI Benchmark Iron Ore Prices". 

Contract Series Up to 36 consecutive months 

Contract Volume 100 metric tonnes (t) 

Min Block Size 5 lots (equals 500 t) or a multiple thereof 

Pricing In USD per t to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective delivery month. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.

* The TSI Iron ore fines 62% Fe, CFR Tianjin Port (“PLATTS Index”) is a product of PLATTS, a Division of McGraw Hill 

Financial, Inc., and has been licensed for use by European Energy Exchange AG (the Exchange”). “Platts”, “TSI” 

and “The Steel Index” (the “PLATTS Marks”) are trademarks of PLATTS, its affiliates and/or its licensors and have 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 52 

been licensed for use by the Exchange. Iron Ore 62% Fe Tianjin Futures (“Exchange Contract”) is not sponsored, 

endorsed, sold or promoted by PLATTS or its affiliates or licensors. PLATTS, its affiliates and licensors make no representation or warranty, express or implied, regarding Exchange Contract or regarding the advisability of investing in 

securities or commodities generally or the ability of the PLATTS Index to track general market performance or commodity price movements, nor do they have any liability for any errors or omissions in, or interruptions of, the PLATTS 

Index or Exchange Contract. PLATTS's, its affiliates’ and licensors’ only relationship to the Exchange with respect to 

the PLATTS Index is the licensing of the PLATTS Index and of certain trademarks, service marks and/or trade names 

of PLATTS, and/or its affiliates or licensors. The PLATTS Index is determined, composed and calculated by PLATTS 

without regard to the Exchange or the Exchange Contract. PLATTS, its affiliates and licensors have no obligation to 

take the needs of the Exchange or any clients or users of the Exchange Contract into consideration in determining, 

composing or calculating the PLATTS Index. PLATTS, its affiliates and licensors have no obligation or liability in 

connection with the creation, development, preparation, marketing, sale and/or trading of the Exchange Contract. 

PLATTS, ITS AFFILIATES AND LICENSORS DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS 

OR COMPLETENESS OF THE PLATTS INDEX OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. PLATTS, ITS AFFILIATES AND LICENSORS SHALL NOT 

BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. 

PLATTS, ITS AFFILIATES AND LICENSORS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR 

USE OR AS TO RESULTS TO BE OBTAINED BY THE EXCHANGE, CLIENTS OR USERS OF THE EXCHANGE 

CONTRACT, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE PLATTS INDEX OR EXCHANGE 

CONTRACT OR WITH RESPECT TO THE PLATTS MARKS, THE PLATTS INDEX OR ANY DATA INCLUDED 

THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL PLATTS, ITS 

AFFILIATES AND/OR ITS THIRD PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, 

PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING 

LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH 

DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE. 
Datum / Date 04.07.2016 

Ort / Place Leipzig 

Dokumentversion / Document Release 002a

EEX Code of Conduct 

The English version is for informal use only. The German version is legally binding.
 

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EEX Code of Conduct, Release 002a Page 2 

Table of contents 

Table of contents ........................................................................................................................... 2

1. Preamble ................................................................................................................................... 3

2. Scope of Application ................................................................................................................ 4

§ 1 Scope of Application .................................................................................................................. 4

§ 2 Legal Classification .................................................................................................................... 4

3. Rules of Conduct for Exchange Trading ................................................................................. 5

3.1. Principle ............................................................................................................................. 5

§ 3 Integrity of the Markets of EEX .................................................................................................. 5

3.2. Ban of Market Manipulation ............................................................................................... 5

§ 4 Definition ................................................................................................................................... 5

§ 5 Ban on Fictitious Orders ............................................................................................................ 6

§ 6 Ban on Misleading Transactions ................................................................................................ 6

§ 7 Collusions and Collusive Behaviour ........................................................................................... 6

§ 8 Establishment of Settlement Prices ........................................................................................... 6

3.3. Requirement for Transparency and Ban of Insider Dealings .............................................. 6

§ 9 Requirement of Transparency ................................................................................................... 6

§ 10 Definition of Inside Information ................................................................................................ 6

§ 11 Ban of Insider Trading ............................................................................................................. 7

§ 12 Ban of Dissemination and Recommendation ........................................................................... 7

§ 13 Exemptions .............................................................................................................................. 7

3.4. Further Economic Crimes and Tax Offences ..................................................................... 7

§ 14 Ban of Use of Facilities of EEX ................................................................................................ 7

4. Conduct Towards the Public .................................................................................................... 8

§ 15 Principle .................................................................................................................................. 8

5. Internal Regulation and Organisation ..................................................................................... 9

§ 16 Principle .................................................................................................................................. 9

§ 17 Organisation ............................................................................................................................ 9

§ 18 Qualification of the Traders ...................................................................................................... 9

6. The Trading Participant’s Conduct towards its Clients ....................................................... 10

§ 19 Principle and Scope of Application......................................................................................... 10

§ 20 General Rules of Conduct ..................................................................................................... 10

§ 21 Processing of Orders ............................................................................................................. 10

7. Instructions, Information and Penalties ................................................................................ 11

§ 22 Instructions ............................................................................................................................ 11

§ 23 Information Rights ................................................................................................................. 11

§ 24 Sanctions............................................................................................................................... 11

8. Final Provisions ...................................................................................................................... 12

§ 25 Entry into Force ..................................................................................................................... 12
 

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EEX Code of Conduct, Release 002a Page 3 

1. Preamble 

(1) In the framework of its right to self-management EEX sets the following rules of conduct for itself through the exchange council in addition to the existing provisions. 

(2) This EEX Code of Conduct is based on the fundamental principle of the need for the joint responsibility of EEX and its trading participants for a fair and transparent trading at the markets 

of EEX. 

(3) These rules make an active contribution to the requirements of the further developing 

internationalisation of commodities trading and aim at complying with the market’s need for a 

uniform and internationally harmonised control system. 

(4) These rules are intended to strengthen the confidence which the market and the public have 

in the markets of EEX, its pricing mechanisms and the reference character of the exchange 

prices. 
 

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EEX Code of Conduct, Release 002a Page 4 

2. Scope of Application 

§ 1 Scope of Application 

(1) The EEX Code of Conduct is applicable to the market places and EEX itself, all trading participants and exchange traders admitted to trading on the markets of EEX as well as all other 

persons who are allowed to use the exchange and its facilities. This EEX Code of Conduct 

therefore applies particularly to Non-Trading Brokers and the persons entitled to use the 

Trade Registration functionality. Any obligations that is determined to apply to trading participants or exchange traders in the following, shall apply as well to Non-Trading Brokers and the 

persons entitled to use the Trade Registration functionality. 

(2) Furthermore, § 8 para 2 shall be binding for those persons and companies involved in the determination of the settlement price. 

(3) The scope of this EEX Code of Conduct comprises all acts and conduct, including such acts 

and conducts that are carried out outside of the markets of EEX that could compromise the integrity of EEX, trading at EEX, and the market prices of EEX. 

§ 2 Legal Classification 

(1) The EEX Code of Conduct is part of the rules and regulations of EEX. 

(2) The EEX Code of Conduct does not release the trading participants from the obligation to 

comply with statutory rules and further specific provisions applicable on exchanges, such as 

the exchange rules and the trading conditions of EEX. 
 

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EEX Code of Conduct, Release 002a Page 5 

3. Rules of Conduct for Exchange Trading 

3.1. Principle 

§ 3 Integrity of the Markets of EEX 

(1) In order to safeguard the integrity of the markets of EEX, particularly to ensure a free, 

transparent and fair trading on the markets of EEX and notwithstanding the corresponding 

provisions of REMIT1 und MAR2, any form of manipulation of exchange trading at EEX and 

the exchange prices and the involvement in insider dealings as well as the use of the exchange and its facilities to commit other economic crimes or tax offences are banned. 

(2) The ban according to paragraph 1 and the following provisions also comprise the respective 

attempt to engage in the banned conduct. 

(3) The trading participants and exchange traders commit to fairness towards the EEX and the 

other trading participants. They shall only conclude transactions on EEX in compliance with 

the customary trade practices and the principles of professional exchange traders. 

3.2. Ban of Market Manipulation 

§ 4 Definition 

(1) The term “market manipulation” comprises without limitation particularly the following acts and 

conducts: 

§ entering of orders without trading interests (fictitious orders), 

§ the conclusion of transactions suitable for a manipulation of the exchange prices (misleading trading transactions), 

§ collusions or the collusive co-operation of trading participants or exchange traders 

among each other or with third parties, 

§ influencing of settlement prices so that these do not reflect the fair market value. 

§ publishing or disseminating news via the facilities of EEX or outside EEX of which the 

trading participants or the persons acting on behalf of them know or should have 

known that they are false or misleading and which are likely to give, false or misleading signals as to the supply of, demand for or the price of the products traded at the 

markets of EEX Group. 

 

1

 Regulation (EU) No. 1227/2011 of the European Parliament and of the Council of 25th October 2011 on 

wholesale energy market integrity and transparency in its respective valid version. 

2

 Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market 

abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the 

Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC in its respective valid version.
 

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EEX Code of Conduct, Release 002a Page 6 

§ 5 Ban on Fictitious Orders 

 It is forbidden to enter orders into the trading systems of EEX which are not intended to lead to 

the conclusion of a transaction (fictitious orders). 

§ 6 Ban on Misleading Transactions 

 The conscious conclusion of transactions which are suitable for setting incorrect or misleading 

signals regarding the supply or the demand for the products traded on EEX or establishing an 

artificial price level shall be banned. 

§ 7 Collusions and Collusive Behaviour 

(1) Any collusive co-operation of trading participants or exchange traders among each other or 

with third parties which is suitable for influencing trading on EEX shall be banned. 

(2) The conclusion of collusive transactions and internal transactions concluded by trading participants shall not be permitted unless these are expressly permissible as an exception according to the more detailed provisions of the Rules and Regulations of EEX. Sentence 1 shall be 

applied accordingly with regard to other behaviour which constitutes a circumvention of this 

provision. 

§ 8 Establishment of Settlement Prices 

(1) Any influencing of the settlement price and, in particular, any attempts at achieving a deviation 

of the settlement price from the fair market value (fair values) by means of the conclusion of 

transactions or by entering orders shall be banned. 

(2) All participants in the chief trader procedure in which the fair market value (fair values) is 

established by means of a survey by EEX shall convey their assessment free from any selfinterest and to the best of their knowledge and belief. 

3.3. Requirement for Transparency and Ban of Insider Dealings 

§ 9 Requirement of Transparency 

The trading participants support EEX in ensuring and further developing the transparency of the 

exchange and the information of the public beyond the pure exchange trading. 

§ 10 Definition of Inside Information 

“Inside information” is any information of a precise nature, which has not been made public, relating, directly or indirectly to a product traded on the markets of EEX Group or that concerns a trading participant in relation to such a product and which, if it were made public, would be likely to 

have a significant effect on the prices of that product or associated products or products referring 

thereto. This comprises also the respective information about announced but not yet executed buy 

or sell orders of clients. 
 

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EEX Code of Conduct, Release 002a Page 7 

§ 11 Ban of Insider Trading 

Trading participants and exchange traders are prohibited to directly or indirectly buy or sell a product traded at EEX for own account or the account of a third party, by using insider information. This 

includes cancellations or modifications of an order, if the order has been placed before the inside 

information has been acquired. This also includes the transmission, modification or withdrawal of a 

bid with regards to primary auctions of emission allowances or any products referring thereto. 

§ 12 Ban of Dissemination and Recommendation 

(1) Trading participants or their exchange traders are forbidden to disseminate inside information to third parties if they are not authorized by law to do so. 

(2) Similarly, a trading participant or its exchange traders are forbidden to recommend other 

persons or to incite other persons based on inside information to buy or sell products the information relates to or to cancel or modify orders that have already been placed. 

§ 13 Exemptions 

The bans according to Articles 11 and 12 do not apply as far as one of the exemptions of Article 3 

paragraphs 3 or 4 REMIT apply to the concrete act. 

3.4. Further Economic Crimes and Tax Offences 

§ 14 Ban of Use of Facilities of EEX 

Without prejudice to the criminal-law and tax-law provisions, trading participants and exchange 

traders are forbidden to use the facilities of EEX or the markets of EEX Group for the purpose of 

committing other economic crimes or tax offences. 
 

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4. Conduct Towards the Public 

§ 15 Principle 

(1) In as far as a trading participant makes statements regarding its participation in the exchange 

towards the public, said participant shall be obliged to make such statements truthfully. 

(2) Moreover, trading participants shall be obliged to refrain from bringing EEX and the companies operating the exchange as well as the other markets of EEX Group into disrepute by 

consciously false statements. 
 

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EEX Code of Conduct, Release 002a Page 9 

5. Internal Regulation and Organisation 

§ 16 Principle 

 The trading participant shall be obliged to establish internal regulations for itself in accordance 

with its personal circumstances and the extent of its business activities and to provide an 

organisational structure ensuring a proper participation in exchange trading and the settlement 

of exchange transactions. 

§ 17 Organisation 

(1) The trading participant shall be obliged to organise its business operations in such a way that 

it fulfils all the legal and regulatory requirements for energy trading. 

(2) The adequate organisation of the trading participant shall comprise, in particular, the following 

– under consideration of the personal circumstances and the extent of the business activities 

of the trading participant: 

§ that the trading participant has an internally established organisational structure, 

§ that the scope of duties of the employees is clearly defined, 

§ that the trading activities are monitored effectively internally and 

§ that effective risk management with regulations and control mechanisms for the basic 

risks from participation in trading on the markets of EEX is available. 

§ 18 Qualification of the Traders 

 The trading participants shall ensure that their traders are sufficiently qualified and enjoined to 

comply with the rules of the exchange, including this EEX Code of Conduct. 
 

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EEX Code of Conduct, Release 002a Page 10 

6. The Trading Participant’s Conduct towards its Clients 

§ 19 Principle and Scope of Application 

(1) The provisions of this section apply to the trading participants and exchange traders who carry 

out their clients’ orders directly or indirectly on EEX. 

(2) The trading participants are obliged to treat their clients with the required professionalism and 

fairness and to resolve conflicts with client’s interests adequately. 

§ 20 General Rules of Conduct 

(1) Trading participants shall, in particular, be obliged 

§ to provide their services in connection with trading on EEX with the required expert 

knowledge, care and conscientiousness in the interest of their clients at all times, 

§ to endeavour to avoid conflicts of interests and to clearly explain the general type and 

origin of conflicts of interest to the clients prior to the execution of transactions for clients. 

(2) All the information which trading participants make accessible to their clients has to be honest, unmistakeable and such information must not be misleading. 

§ 21 Processing of Orders 

Upon the execution of client orders a trading participant shall take precautions safeguarding that 

§ client orders are executed forthwith, in particular, independently from other client orders 

and own interests of the trading participants or forwarded to third parties, 

§ comparable client orders are executed or forwarded in accordance with the sequence in 

which they were received, 

§ the interests of all the clients involved are preserved in combining client orders, 

§ any misuse of information in connection with client orders which have not yet been carried 

out is prevented. 
 

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7. Instructions, Information and Penalties 

§ 22 Instructions 

The trading participants and exchange traders licensed to trade on the exchange are obliged 

to comply with the instructions and rules by the exchange supervisory authority, the management board of the exchange and the market surveillance department. 

§ 23 Information Rights 

(1) The exchange supervisory authority and the market surveillance department are entitled to 

request information and the submission of documents from any trading participant and to carry 

out inspections in as far as this is required for the performance of their tasks. 

(2) The exchange supervisory authority and the market surveillance department can request 

information from everyone, they can also request the submission of documents and the 

surrender of copies, summon and interview persons in case there are indications 

substantiating the assumption that provisions or instructions under exchange law are violated 

or that there are other grievances which might affect the proper execution of trading on the 

exchange or the settlement of exchange transactions. 

(3) In addition to this, the statutory provisions and further specific provisions applicable on exchanges shall apply. 

§ 24 Sanctions 

(1) In case trading participants and exchange traders licensed to trade on the exchange violate 

existing rules, fail to comply with instructions by the management board of the exchange or 

the request for information by the market surveillance department or the exchange 

supervisory authority, they can be excluded from trading on the exchange in its entirety or for 

certain partial markets or products by the management board of the exchange either 

temporarily or permanently in accordance with the more detailed provisions in the exchange 

rules. The same applies in the event, that supervisory or criminal prosecution authorities 

detect and inflict a penalty for a trading participant’s or exchange trader’s infringement of 

exchange law or capital markets law provisions. 

(2) Further, cases that fall within the scope of paragraph 1 may be filed with the Sanctions 

Committee. The Sanctions Committee has the competences to impose the trading participants 

and exchange traders with sanctions as stipulated in Section 22 of the German Exchange Act 

(Börsengesetz) and the Saxon Exchange Act Execution Ordinance3 (SächsBörsDVO) in their 

respective valid version. 

(3) This provision does not exclude sanctions on account of other provisions and/or by other 

authorities. 

 

3 Ordinance by the Saxon State Ministry of Economic Affairs, Labour and Transport regarding the Execution 

of Exchange Law of 9 February 2012. 
 

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8. Final Provisions 

§ 25 Entry into Force

 The EEX Code of Conduct as well as any amendments thereto shall enter into force on the day 

after its publication unless a different time is provided for. 
Datum / Date 20.07.2016 

Ort / Place Leipzig 

Dokumentversion / Document Release 001b 

Implementation Regulation for the 

Order Transaction Ratio

The English version is for informal use only. The 

German version is legally binding
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Order-Transaktions-Verhältnis, Release 001b Page 2 

1. Table of Contents 

1. Table of Contents ............................................................................................................ 2

2. Preliminary note ............................................................................................................... 3

3. Scope of Application ....................................................................................................... 4

4. Order Transaction Ratio .................................................................................................. 5

4.1. Determination of the Order Transaction Ratio .................................................................... 5

4.2. Parameters of the Order Transaction Ratio ........................................................................ 5

4.3. Order Transaction Ratio due to short-term risks for proper exchange trading .................... 5

5. Final provisions ............................................................................................................... 6

5.1. Changes to this Implementation Regulation ....................................................................... 6

5.2. Entry into Force ................................................................................................................. 6
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2. Preliminary note 

According to Sect. 26a which has been inserted into the Exchange Act by the High Frequency 

Trading Act, Trading participants are obliged to maintain an adequate ratio between their order entries, order changes, and order deletions and their actually executed transactions (Order Transaction Ratio). EEX has to enact more detailed provisions regarding an adequate Order Transaction 

Ratio. 

Section 39 of the Exchange Rules empowers the Management Board of EEX to stipulate an adequate Order Transaction Ratio considering the liquidity and volatility of the respective market including special situations of the order book and the means of order entry (manually or electronically). 

Without prejudice to Sect. 39 of the Exchange Rules the Management Board of the Exchange 

hereby exercises this right by enacting this Implementation Regulation concretizing the adequate 

Order Transaction Ratio to be maintained by the Trading participants of EEX for financial instruments tradable at the respective derivatives markets of EEX and certain classes of these financial 

instruments, respectively. 
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3. Scope of Application 

The Implementation Regulation shall apply to all Trading participants of EEX according to the following provisions and for all products tradable at the derivatives markets of EEX. 

The provisions of Sect. 4 of this Implementation Regulation (Order Transaction Ratio) do not apply 

to entries made within the scope of auctions and for undertakings whose order entries serve as fulfillment of quoting obligations. Entries conducted and trades concluded via the Trade Registration 

Functionality of EEX are not considered. 
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Order-Transaktions-Verhältnis, Release 001b Page 5 

4. Order Transaction Ratio 

4.1. Determination of the Order Transaction Ratio 

The Order Transaction Ratio (OTR) will be determined for each Trading participant on 

a monthly basis separately for each instrument tradable at EEX (product). The OTR of a 

Trading participant is adequate, if it does not exceed the allowed quantity of ordered contracts in a product (order times quantity) according to Sect. 4.2 for each executed transaction in a product within one month, whereas the OTR is also valid if no transaction in the 

respective product has been executed at all. The number of ordered contracts per product 

and month is calculated according to the following rules: 

§ Entry and Deletion of an order, respectively: 

§ in each case the number of contracts ordered in the respective product 

§ Change of an order: 

§ the number of contracts ordered in the respective product times two 

§ Entry of combined orders: 

§ the number of contracts ordered in the respective product times two or times 

the number of orders, respectively, if all legs of the combined order relate to 

the same commodity or 

§ the number of ordered contracts in the respective product per leg per commodity 

§ Quotes: two entries 

§ Measures conducted by the trading systems, e.g. deletion of orders, are not taken 

into consideration. 

4.2. Parameters of the Order Transaction Ratio 

Market segments Products 

OTR 

(Ratio of the quantity of ordered contracts to executed contracts) 

Derivatives market Power 20,000 

Emission Rights 10,000 

Coal 5,000 

Guarantees of Origin 5,000 

Other Products 5,000 

4.3. Order Transaction Ratio due to short-term risks for proper 

exchange trading 

Without prejudice to provisions 4.1 and 4.2 the Management Board of the Exchange reserves the right to adjust the instrument groups and the respective parameters of the OTR 

accordingly to mitigate any short-term risks for the orderly exchange trading that might occur. 

These changes become effective immediately after a corresponding customer information 

has been sent out. 
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Order-Transaktions-Verhältnis, Release 001b Page 6 

5. Final provisions 

5.1. Changes to this Implementation Regulation 

Without prejudice to provision 4.3 of this Implementation Regulation, changes to this Implementation Regulation become effective as of the beginning of the first calendar day of 

the calendar month following the date the amended version of this Implementation Regulation has been released on the EEX website and a corresponding Customer Information 

has been sent. 

5.2. Entry into Force 

This Implementation Regulation comes into force at the beginning of the first calendar day 

of the calendar month following the date this Implementation Regulation has been released and a corresponding Customer Information has been sent. 
Datum / Date 13.05.2014

Ort / Place Leipzig

Dokumentversion / Document Release 0010a

Mistrade Regeln

(Durchführungsbestimmung zu § 10

der Bedingungen für den Handel)

Mistrade Rules

(Implementation Regulation for § 10

of the Trading Conditions)
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Mistrade-Regelungen, Release 0010a Page 2

1.Inhaltsverzeichnis

1. Inhaltsverzeichnis............................................................................................................2

2. Allgemeine Bestimmungen / General Provisions..........................................................3

2.1. Geltungsbereich / Scope of Application .............................................................................3

2.2. Aufhebung eines Auftrags von Amts wegen / Cancellation of Orders ex officio..................3

2.3. Aufhebung eines Geschäftes von Amts wegen / Cancellation of Transactions ex officio ...3

2.4. Bestätigung, Veröffentlichung von Preisberichtigungen / Confirmation, Publication of 

Price Adjustments........................................................................................................3

2.5. Weiter gehende Rechte / Further Rights............................................................................4

2.6. Vertretung der Geschäftsführung / Representation of the Board of Management ..............4

3. Besondere Bestimmungen für Mistrades / Regulations for Mistrades ........................5

3.1. Anwendungsbereich der Mistrade Regeln / Scope of application of mistrade rules............5

3.2. Voraussetzungen für die Aufhebung eines Geschäfts / Prerequisites for the 

Cancellation of a Transaction.......................................................................................5

3.3. Ermittlung des Referenzpreises / Determination of the Reference Price ............................5

3.4. Verfahren zur Feststellung des Mistrades / Procedure of Determination of Mistrade .........6

3.5. Form und Frist der Geltendmachung / Form and Time Limit of Assertion ..........................7

3.6. Aufhebung / Cancellation...................................................................................................7

4. Kosten / Costs .................................................................................................................8
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2.Allgemeine Bestimmungen / General Provisions

2.1. Geltungsbereich / Scope of Application

Die vorliegende Durchführungsbestimmung regelt – unbeschadet der Regelung in § 9 der 

Handelsbedingungen – die Einzelheiten der Aufhebung von Geschäften und Aufträgen an 

den Spotmärkten der European Energy Exchange (EEX) sowie an den Terminmärkten

der EEX durch die Geschäftsführung nach Maßgabe des § 10 der Bedingungen für den 

Handel an der EEX.

This implementation regulation specifies irrespective of the validity of § 9 of the Trading Conditions 

the details of the cancellation of transactions on the Spot Markets and the Derivatives Markets of 

the European Energy Exchange (EEX) by the Board of Management pursuant to § 10 of the Trading Conditions for the European Energy Exchange.

2.2. Aufhebung eines Auftrags von Amts wegen / Cancellation of 

Orders ex officio

Die Geschäftsführung kann einen Auftrag von Amts wegen insbesondere dann aufheben, 

wenn sie Kenntnis von einem Auftrag erlangt, welcher im Fall seiner Ausführung die Voraussetzungen eines Mistrades nach Abschnitt 3.1 erfüllen würde oder technisch bedingt 

ist, und der Handelsteilnehmer, der den Auftrag in das System der EEX eingegeben hat, 

nicht erreichbar ist oder keinen Zugang zu den technischen Systemen hat.

The Board of Management may cancel a transaction ex officio in particular if it obtains knowledge 

of an order that in case of its execution would meet the requirements for a mistrade according to

3.1 or it is caused by technical problems and the Trading Participant which has entered the order 

into the EEX system is not available or has no access to the systems.

2.3. Aufhebung eines Geschäftes von Amts wegen / Cancellation 

of Transactions ex officio

Die Geschäftsführung kann ein Geschäft von Amts wegen insbesondere dann aufheben, 

wenn eine Einwendung nicht geltend gemacht wurde und die Voraussetzungen eines 

Mistrades nach Abschnitt 3.1 vorliegen oder technisch bedingt ist und der Handelsteilnehmer keinen Zugang zu den technischen Systemen hat..

The Board of Management may cancel a transaction ex officio in particular if a request to cancel is 

not submitted and the requirements of a mistrade according to 3.1 are met or it is caused by technical problems and the Trading Participant has no access to the systems..

2.4. Bestätigung, Veröffentlichung von Preisberichtigungen / Confirmation, Publication of Price Adjustments

Die Geschäftsführung übersendet den Parteien des aufgehobenen Geschäfts eine Bestätigung, dass das betreffende Geschäft nach § 9 bzw. § 10 der Bedingungen für den Handel an der EEX in Verbindung mit dieser Durchführungsbestimmung von der Geschäftsführung aufgehoben wurde.
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Mistrade-Regelungen, Release 0010a Page 4

Die Geschäftsführung veröffentlicht erforderliche Preisberichtigungen mittels elektronischer Medien. Art und Umfang der Veröffentlichung bestimmen die Geschäftsführung.

The parties to the cancelled transaction will receive a confirmation transmitted by the Board of 

Management on the cancellation of the respective transaction executed by the Board of Management pursuant to Sections 9 and 10 of the Trading Conditions, respectively, in conjunction with this 

Implementation Regulation.

The Board of Management publishes the necessary price adjustments via electronic media. The 

Board of Management determines the extent and manner of such publications. 

2.5. Weitergehende Rechte / Further Rights

Die Geltendmachung weitergehender Rechte zwischen den Parteien des Geschäfts bleibt 

unberührt.

The assertion of further rights between the parties of the transactions shall remain unaffected.

2.6. Vertretung der Geschäftsführung / Representation of the Board 

of Management

Die Geschäftsführung wird im Rahmen dieser Durchführungsbestimmung durch die 

Marktsteuerung der EEX vertreten.

Within the scope of this Implementation Regulation the Board of Management is represented by 

the EEX Market Supervision. 
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Mistrade-Regelungen, Release 0010a Page 5

3.Besondere Bestimmungen für Mistrades / Regulations for Mistrades

3.1. Anwendungsbereich der Mistrade Regeln / Scope of application of mistrade rules 

Die Vorschriften dieses 3. Abschnittes finden nur auf Geschäfte und Aufträge Anwendung, 

für die Mistraderegelungen gelten. 

The rules of chapter 3 shall only apply to transactions and orders for which the mistrade function is 

available.. 

3.2. Voraussetzungen für die Aufhebung eines Geschäfts / Prerequisites for the Cancellation of a Transaction

(1) Die Geschäftsführung wird ein Geschäft zur Gewährleistung geordneter und fairer Marktverhältnisse aufheben, wenn

 ein Fehler im technischen System der EEX vorliegt oder

 ein objektiv erkennbarer, grober Irrtum eines Handelsteilnehmers bei der Eingabe eines Auftrags oder eines Quotes in das System der EEX (Fehleingabe) vorliegt und die 

Einwendung form- und fristgemäß geltend gemacht wird. Betrifft die Fehleingabe den 

Preis (Mistrade), muss der Preis des Geschäfts erheblich vom Referenzpreis bzw. von 

den fairen Marktverhältnissen abweichen.

(1) The Board of Management shall cancel and remove transactions from the electronic trading 

system in order to ensure orderly and fair market conditions, if

 A technical fault occurs in the EEX system, or

 due to an elementary and objective observable mistake of an Trading Participant when entering the price of an order or quote into the EEX system (erroneous entry) and if the price of 

the transaction significantly differs from the reference price respective the fair market conditions and the objection is asserted in time and in proper form.

(2) Ein Antrag auf Aufhebung von Geschäften, die in einer Auktion an den Spotmärkten der 

EEX geschlossen wurden, wegen einer Fehleingabe ist ausgeschlossen.

(2) A request for cancellation of transactions, which were executed in an auction at the Spot Markets of the EEX, because of an incorrect input is impossible.

3.3. Ermittlung des Referenzpreises / Determination of the Reference Price

Der Referenzpreis bestimmt sich nach den folgenden Regelungen:

 Der Referenzpreis entspricht grundsätzlich dem Preis des letzten unmittelbar vor der 

Fehleingabe zustande gekommenen Geschäftes.

 Ist ein Referenzpreis nach der vorstehenden Regelung nicht zu ermitteln oder entspricht der ermittelte Referenzpreis nicht den fairen Marktverhältnissen, bestimmt die 
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Geschäftsführung den Referenzpreis. Hierzu kann die Geschäftsführung aus dem 

Kreis der Handelsteilnehmer, die nicht an dem Geschäft beteiligt sind, drei fachkundige Personen, insbesondere Chefhändler, auswählen. Diese haben jeweils einen 

Marktpreis für das betreffende Geschäft zu ermitteln, wobei der Durchschnitt dieser 

Preise dann den Referenzpreis bildet.

The reference price shall be determined in accordance with the following provisions:

 The reference price shall generally equal the price of the last transaction concluded directly 

before the erroneous entry.

 If a reference price cannot be determined according to the foregoing provision, or if any 

doubt exists as to whether the reference price determined is not in line with fair market conditions, the Board of Management shall determine a reference price. For this, the Board of 

Management shall select three competent persons (in particular chief traders) from among 

traders who are not involved in the transaction, each of whom shall indicate a market price 

for the transaction in question; the average of these three prices shall serve as the reference 

price.

3.4. Verfahren zur Feststellung des Mistrades / Procedure of Determination of Mistrade

Die Börsengeschäftsführung entscheidet, ob ein Mistrade vorliegt. Ein Mistrade ist insbesondere gegeben, wenn der Preis des Geschäftes erheblich vom Referenzpreis bzw. den 

fairen Marktverhältnissen abweicht. Sie verneint die erhebliche Abweichung in der Regel, 

wenn der Preis des Geschäftes innerhalb einer Spanne liegt, die der für diesen Kontrakt 

festgelegten Mistrade-Spanne um den Referenzpreis entspricht. Die jeweils anzuwendende Mistrade-Spanne ist abhängig von der aktuellen Marktsituation. So ist für die 

Marktsituationen normal, fast und extended-fast je eine Mistrade-Spanne definiert. Die 

Mistrade-Spannen für den jeweiligen Kontrakt werden auf der EEX-Website, die aktuelle 

Marktsituation wird im Handelssystem und auf der EEX-Website veröffentlicht. Weiterhin 

kann die Börsengeschäftsführung in ihre Entscheidung auch die Einschätzung des Marktes einfließen lassen und kann dann einen Mistrade bejahen, wenn mindestens drei von 

maximal fünf befragten Händlern, die nicht an diesem Geschäft beteiligt sind, die Abweichung des Ausführungspreises vom Referenzpreis bzw. von dem von ihnen jeweils genannten Marktpreis als erheblich ansehen. 

The Board of Management decides about a Mistrade. A Mistrade is inter alia if the price of the 

transaction in question deviates from the reference price respectively of the fair market conditions. 

As a rule it rejects the significant deviation if the price of the transaction is set in within a range, 

which corresponds to the Mistrade Range set around the reference price. The respectively applicable Mistrade Range depends on the current market situation. Thus, three Mistrade Ranges are defined, one for each market situation (normal, fast and extended fast market). The Mistrade Range

for the particular contract as well as the market situation will be published on the EEX website. 

The Board of Management might consider the evaluation of the market into its decision and approve the Mistrade, if a minimum of 3 and a maximum of 5 questioned traders, not involved in the 

transaction, accept the deviation of the trade price with regards to the Reference Price respectively 

their agreed market price if it is considered to be accepted by them.
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3.5. Form und Frist der Geltendmachung / Form and Time Limit of 

Assertion

(1) Die Einwendung kann nur von der Partei des beanstandeten Geschäfts geltend gemacht 

werden, die die Fehleingabe verursacht hat. Die Einwendung ist unverzüglich gegenüber 

der Geschäftsführung, vertreten durch die Marktsteuerung der EEX, per Telefon (+49 (0) 

341-2156-222) zu erheben.

(2) Die Einwendung gilt als unverzüglich erhoben, wenn sie binnen 5 Minuten, bei Agrarprodukten binnen 30 Minuten nach Geschäftsabschluss erfolgt. 

(1) The assertion of a Mistrade may only be made by the party involved in the relevant transaction

who entered the mistrade. An assertion shall be made without delay after execution by contacting the Board of Management, represented by EEX Market Supervision (Tel.: +49 (0) 341 –

2156 – 222) by telephone.

(2) The assertion is made without delay, if it is disclosed within 5 minutes or in case of agriculture 

derivatives transactions within 30 minutes after execution of the transaction. 

3.6. Aufhebung / Cancellation

(1) Die Aufhebung eines Auftrags erfolgt durch die Herausnahme des Auftrags aus dem System der EEX.

(2) Die Aufhebung eines Geschäftes erfolgt durch die Löschung des Geschäfts oder die Eingabe eines Gegengeschäftes zu dem Fehleingabepreis in das System der EEX.

(3) Ein Geschäft, das aufgrund einer durch ein aufgehobenes Geschäft ausgelösten StopOrder zustande gekommen ist, kann von der Geschäftsführung durch die Eingabe eines 

Gegengeschäftes zu dem Preis des ursprünglichen Geschäfts aufgehoben werden. Bei 

kombinierten Aufträgen (insbesondere Spread Aufträge) kann auch das mit dem aufgehobenen Geschäft in der Ausführung verbundene Geschäft aufgehoben werden.

(1) The order which has to be cancelled shall be taken out of the EEX system by the Board of 

Management.

(2) The cancellation of the transaction occurs by cancellation of the transaction or the entry of a 

countertrade according to the Mistrade price into the system of the EEX.

(3) A transaction which results from a through a cancelled transaction triggered stop order, might 

be notified by the Board of Management by an entry of a countertrade according to the price of the 

original transaction. With combined transactions (i.e. spread orders) can also the transaction linked 

with the cancelled transaction be cancelled.
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4. Kosten / Costs

Dem Handelsteilnehmer, der eine Fehleingabe getätigt hat, wird ein Bearbeitungsentgelt 

nach näherer Bestimmung des Preisverzeichnisses in Rechnung gestellt. Die für das 

aufgehobene Geschäft entstandenen Entgelte werden storniert.

The Trading Participant that has made the erroneous entry will be charged with a handling fee according to the Price Lists of the EEX Groups. The fees arising from the cancelled transaction are 

reversed.
Datum / Date 24.02.2014

Ort / Place Leipzig 

Dokumentversion / Document Release 006b 

Technical Implementation Regulations 

(Implementation Regulation pertaining to 

§ 19 of the Exchange Rules of European 

Energy Exchange)

The English version is for informal use only. 

The German version is legally binding.
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Durchführungsbestimmung zu § 19 BO, Version 006b Page 2 

1. Content 

1. Content ............................................................................................................................. 2

2. Definition .......................................................................................................................... 4

2.1. Network in the Electronic Trading System .......................................................................... 4

2.2. EDP system ....................................................................................................................... 4

2.3. Access alternatives ............................................................................................................ 4

2.3.1. Network access ................................................................................................................. 4

2.3.2. Service-oriented channels on leased lines/VPN connections ............................................. 5

2.3.3. Access version for customers ............................................................................................ 5

2.3.4. Trayport® Trading GatewaySM ............................................................................................ 6

2.3.5. Trayport® GlobalVision PortalSM ......................................................................................... 6

2.4. Member Front-End Installation ........................................................................................... 6

2.5. Logical network .................................................................................................................. 7

2.6. Data transmission equipment ............................................................................................. 7

2.7. Quote machines................................................................................................................. 7

2.8. Electronic Eyes .................................................................................................................. 7

2.9. Order Routing Systems ...................................................................................................... 7

2.10. Systems for Algorithmic Trading ........................................................................................ 7

2.11. Third-Party Software (“Third-Party-Software”) .................................................................... 8

2.12. Location ............................................................................................................................. 8

3. Access to the EEX-System.............................................................................................. 9

3.1. Requirements .................................................................................................................... 9

3.2. Access to Member Front-End Installations ......................................................................... 9

3.3. Access of several Member Front-End Systems.................................................................. 9

3.4. Access to Quote Machines / Electronic Eyes ................................................................... 10

3.5. Connection of Systems for Algorithmic Trading................................................................ 10

3.6. Connection of Order Routing Systems ............................................................................. 11

4. Technical Requirements ............................................................................................... 12

5. Hardware ........................................................................................................................ 13

5.1. Requirements .................................................................................................................. 13

5.2. Admissible hardware platforms ........................................................................................ 13

5.3. Approval of hardware configurations ................................................................................ 13

5.4. Responsibility for operation .............................................................................................. 13

6. Software ......................................................................................................................... 14

6.1. EEX software ................................................................................................................... 14

6.2. Member Operating System Software ............................................................................... 14

6.3. Registration of Third-Party Software ................................................................................ 14

6.4. Responsibility for using Third-Party Software ................................................................... 14

6.1. EEX TT Screen ................................................................................................................ 14

7. Authorisation Level of Data Transmission Equipment ............................................... 15

8. Transmission Alternatives for Telecommunications .................................................. 16
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8.1. Leased Lines ................................................................................................................... 16

8.1.1. Responsibility for the leased lines .................................................................................... 16

8.1.2. Range of leased lines ...................................................................................................... 16

8.1.3. Access to the EEX Network ............................................................................................. 16

8.1.4. System reliability .............................................................................................................. 16

8.1.5. Number of leased lines .................................................................................................... 16

8.2. Member Access via the Internet ....................................................................................... 16

8.2.1. Responsibility of the trading participants .......................................................................... 16

8.2.2. Internet provider............................................................................................................... 17

8.2.3. Connection to the EEX Network ....................................................................................... 17

9. Network Parameters for the Connection Alternatives ................................................. 18

9.1. Realisation of trading participation ................................................................................... 18

9.2. Determination of network parameters for leased lines or the internet ............................... 18

9.3. Compliance with the network parameters ........................................................................ 18

9.4. Reservation of network areas .......................................................................................... 18

9.5. Node numbers/Node names ............................................................................................ 18

10. Emergency Plans ........................................................................................................... 19

10.1. Responsibility .................................................................................................................. 19

10.2. Emergency computer centre ............................................................................................ 19

10.3. Connection of two locations ............................................................................................. 19

11. Staff ................................................................................................................................ 20

12. Costs .............................................................................................................................. 21

12.1. Hard- and software .......................................................................................................... 21

12.2. Internet ............................................................................................................................ 21

12.3. Costs of EEX ................................................................................................................... 21

13. Technical Problems ....................................................................................................... 22

13.1. Measures ......................................................................................................................... 22

13.2. Information for the trading participants/Obligation of the trading participants to cooperate ............................................................................................................................ 22

13.3. Suspension of derivatives trading .................................................................................... 22

13.4. Alternative trading and clearing forms .............................................................................. 22

13.5. “Trading on Behalf” .......................................................................................................... 23

13.6. Information rights ............................................................................................................. 23

14. Liability ........................................................................................................................... 24

14.1. Force majeure.................................................................................................................. 24

14.2. General liability ................................................................................................................ 24

14.3. Liability in connection with the Trayport® Trading GatewaySM and the Trayport®

GlobalVision PortalSM Translator ...................................................................................... 24

14.4. Liability in connection with EEX TT Screen ...................................................................... 25

14.5. Commissioning of third parties ......................................................................................... 25

14.6. Third-party data and information ...................................................................................... 25
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2. Definition 

2.1. Network in the Electronic Trading System 

 The Network of the electronic trading systems used by the European Energy Exchange (“EEX”) 

- EUREX T7, ComXerv of Deutsche Börse AG (DBAG) and the Trayport® Exchange Trading 

SystemSM (ETS) provided by Powernext (PXW) via the PEGAS cooperation - includes the entirety of all hardware elements gathered from each Network node as well as all necessary 

components for the connection of the Network nodes (leased lines for telecommunications, 

etc.) which form the technical basis for the implementation of trading on EEX. 

 If the trading participants select an alternative connection for their access to a system (cf. subsection 2.3), which is solely based on the internet or a combination of leased line and internet, 

the EEX Network shall not include the internet connections. 

2.2. EDP system 

 In addition to the network of the respective trading system, the EEX EDP system also comprises the operation-ready installed application of the exchange or corresponding components in 

the participant’s trading systems. 

2.3. Access alternatives 

 Access alternatives are options for the technical connections between the EEX network and 

the member front-end systems of the trading participants. The access alternatives outlined in 

this section can also be ordered and operated by the customer in combination with each other. 

2.3.1. Network access 

Trading participants can choose between the following alternatives for connection to the EEX 

trading systems: 

Depending on the respective system, EEX provides several network access types which can 

be used in combination with the corresponding connection options in order to ensure access to 

the exchange systems. 

 Access types: 

§ Leased lines: Connections are provided with service-oriented bandwidths on physical lines. 

§ iAccess (VPN): A point-to-point connection is established via the public internet with an IPSec encoded tunnel between the participant’s network and an access point of the exchange 

(virtual private network - VPN). 

§ Native Internet: The connection is established via an internet connection which is not encoded specifically and can be used in combination with services which use their own, selfcontained encryption mechanism for the data transfer (e.g.: Eurex Trader GUI, Common 

Report Engine) 
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Access options: 

§ Standard connection (2 leased lines): This access option will reasonably be switched with 

separate routes or, alternatively, it is leased from two different providers. 

§ Combined: In the case of the “combined” option, the trading participant’s access is established via a leased line and an internet back-up connection whose technical design corresponds to an internet connection with iAccess. In the event of a failure of the leased line, 

the internet is available as an alternative for the connection to the EEX system. Failover is 

effected automatically. 

§ iAccess: In the case of iAccess, the trading participant’s access is exclusively effected via 

the internet. The selection of the provider and the implementation of the connection lie within the responsibility of the trading participant. Availability and performance are determined 

and ensured by the internet provider selected by the trading participant. EEX will technically 

reduce the data throughput which is theoretically possible via the internet to the bandwidth 

of the other access alternatives in order to ensure comparable access times to the EEX 

system for all access alternatives. 

 A Member Front-End System has to be installed at the trading participant. EEX, in turn, ensures the internet accessibility of the exchange with a sufficient availability and corresponding 

security, authentication of the trading participants and a firewall infrastructure. 

 Trading participants with the clearing status of Direct Clearing Members (DCM) and General 

Clearing Members (GCM) are exclusively connected to the systems of EEX via the Standard or 

Combined options. 

2.3.2. Service-oriented channels on leased lines/VPN connections 

Depending on the trading system used, certain services are available with a specific bandwidth 

on leased lines and/or VPN connections with the help of separate, service-oriented channels. 

2.3.3. Access version for customers 

§ EUREX T7: The trading participant’s access to a graphical user interface (Eurex T7 Trader 

GUI, Eurex WebTrading Service) is established via the internet or the service-oriented 

channel on a leased line/VPN connection. At the trading participant, one work station is required for each workplace. This work station is connected to a multi-member front-end system operated by EEX via the internet. A firewall concept and a personal secure ID token, 

which has to be used at the trading participant and is provided to the trading participant by 

EEX for every trader, and the use of certificates protect the EEX trading system against unauthorised third-party access. If several users are connected to the trading system, one token per user is required for simultaneous access. This token is not specific to the work station. 

§ WebAccess to ComXerv: The trading participant is usually connected to the ComXerv frontend (Comtrader) via the internet. On the part of the trading participant, one work station is 

required for each workplace. This work station is connected to a multi-member front-end 

system operated by EEX via the internet. A firewall concept and a personal access code 

(RACF-ID with password), which EEX provides to the trading participant for every trader, 

protect the EEX trading system against unauthorised third-party access. 

§ EEX TT Screen with access to the DBAG trading systems: EEX can provide trading participants wishing to trade via EEX TT Screen with a simple access version. The EEX TT 

Screen is provided as SAAS solution in cooperation with Trading Technologies Incorporated, a world leading enterprise in the field of high performance trading platforms. The EEX 
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TT Screen is connected via an internet connection which the customer itself has to provide 

with the data processing centre of Trading Technologies which is directly connected with 

the trading systems of DBAG. 

§ EEX GlobalVision PortalSM with access to the DBAG trading systems: Customers operating 

their own Trayport® Trading GatewaySM can use the market integration into their Trayport®

Trading GatewaySM via the direct connection to the GlobalVision PortalSM provided centrally 

by Trayport®. Responsibility for the establishment, installation and configuration (e.g. product mapping) of the technical infrastructure consisting of the Trayport®

 Trading GatewaySM, 

the Trayport® Frontend, the Trayport® GlobalVision PortalSM Translator and the technical 

network connection rests exclusively with the trading participant. The EEX GlobalVision 

PortalSM is always cleared by Trayport® for defined versions of the Trayport® Trading GatewaySM Server and the Trayport®

 GlobalVision PortalSM Translator, separate clearance by 

EEX is not required. 

§ PEGAS Direct Screen and customer-operated (own) Trayport® Trading GatewaySM with access to the Trayport®

 Exchange Trading SystemSM (ETS): The corresponding rules and 

regulations of PWX apply with regard to the connection to the Trayport® Exchange Trading 

SystemSM (ETS) via the PEGAS Direct Screen. The connection is established directly with 

Powernext (system provider). 

§ Pegas OTC Registration: Powernext offers the Pegas customers a solution for the registration of transactions; the corresponding rules and regulations of PWX apply. 

2.3.4. Trayport® Trading GatewaySM

 Trayport® Trading GatewaySM is an application by Trayport Ltd. which permits trading via brokers or market platforms including the EEX Spot and Derivatives Market via a member frontend. In this context, the different markets can be integrated / aggregated within one screen for 

the trader. As an interface between the Trayport® Trading GatewaySM and the EEX trading systems (EUREX T7/ComXerv), the Software Trayport®

 GlobalVision PortalSM Translator software, 

which was developed by Trayport®, is required for connection to the GlobalVision PortalSM provided by EEX. 

2.3.5. Trayport® GlobalVision PortalSM

 Trayport® GlobalVision PortalSM is a Trayport Ltd. application operated by EEX which enables 

trading participants using the Trayport® Trading GatewaySM application to access the EEX trading systems (EUREX T7 / ComXerv). In this process, the connection to the EEX GlobalVision 

PortalSM is entirely created via Trayport® software products, product mapping for which is exclusively carried out in the Trayport®

 software products. 

2.4. Member Front-End Installation 

 A member front-end system consists of one or several computers (several workstations) facilitating trading and clearing on EEX and input devices and network components via which integration into the EEX network is effected. Furthermore, the member front-end installation comprises all the components required in order to maintain the member’s internal network connections (e.g. gateways, routers, etc.) in as far as such do not lie in a network area reserved for 

EEX (“logical network”). Further hardware elements are not part of the member front-end installation but can be connected to it in as far as these fulfil the interface requirements established 

by EEX and are registered at EEX in as far as required. 
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 Several trading participants can trade on EEX by means of a common Member Front-End System (Multi Member Front-End System). In such cases, EEX increases its requirements for 

availability. A Multi Member Front-End System must be installed as a 2-LAN configuration. The 

connection of workstations to a Multi Member Front-End System lies within the sole responsibility of the trading participant. EEX does not assume any responsibility for the availability and 

performance of the Multi Member Front-End System. 

2.5. Logical network 

 In addition to the EEX Network, the Logical Network of EEX includes all components at the exchange participant’s site which are connected to the Network for technical reasons provided 

they are located in a Network area reserved for EEX. 

2.6. Data transmission equipment 

 Telecommunication within the EEX Network is effected by means of data transmission equipment consisting of access points, routers and leased lines. The connection of a Member FrontEnd System or a Multi Member Front-End System shall always be made via an access point. 

2.7. Quote machines 

 Quote machines are automatic quotation systems for futures. On the basis of pricing information and additional parameters determined by the trading participant, quotes are automatically generated and channelled into the EDP system of EEX. 

2.8. Electronic Eyes 

 Electronic Eyes are computer programs which continuously receive market prices of products 

traded on the exchange from the EEX system and evaluate such market prices. As soon as the 

price of an order which is received by the Electronic Eye lies within the range previously set by 

the trading participant, the Electronic Eye automatically generates an order which is then channelled into the trading system of EEX through the programmable interfaces of EEX to facilitate 

its execution. 

2.9. Order Routing Systems 

 Order Routing Systems are electronic order forwarding systems which are used by trading participants to transmit exchange orders, i.e. exclusively for the entry, modification and deletion of 

exchange orders. Order Routing Systems may be connected to the Member Front-End System 

via a defined interface so that the orders transmitted via this system can be directly channelled 

into the EEX trading system. 

2.10. Systems for Algorithmic Trading 

Systems for algorithmic trading are computer algorithms that determine single order parameters 

automatically without being Quote Machines, Electronic Eyes or Order Routing Systems. Order parameters within the meaning of clause 1 are particularly decisions about whether the order is to be 
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initiated, the point in time, the price or the quantity of the order or how the order is adapted with 

limited or no involvement of humans at all, after its submission. 

2.11. Third-Party Software (“Third-Party-Software”) 

 Third-Party Software is software which is not provided by EEX and connected by a trading participant to the programmable interface of the Member Front-End System of EEX. 

2.12. Location 

 Location within the meaning of this provision means the entirety of all business premises occupied by a trading participant within a building in which Member Front-End Installations have 

been installed for the purpose of active trading on the EEX markets. Business premises in 

which Member Front-End Installations are only employed in emergencies or for the purpose of 

engaging in technical simulated tests are not deemed to constitute a location within the meaning of this provision. 
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3. Access to the EEX-System 

3.1. Requirements 

 Upon granting of admission to participation in energy trading, the trading participant is connected to the trading system in the case of the line-bound connection alternatives. 

 If the trading participant chooses a web-based access version, such trading participant, after 

having been granted admission to participate in the electronic trading system, may only be 

connected to the system of EEX after they have realised the connection via internet by means 

of an internet provider. 

 All connection alternatives to the trading system require compliance with the Exchange Rules 

and Regulations of EEX and with the technical standards of these Implementation regulations 

with respect to hardware, software, the Network and the configuration thereof and that by the 

establishment of such connection, the system of EEX – in particular trading and clearing - shall 

not be compromised, be it on the basis of location or any other technical grounds. 

 EEX can measure the load generated by the individual Member Front-End Installations on the 

EDP system of EEX and, if applicable, limit these with the help of technical measures if this is 

required for reasons of system security or other serious reasons. Each trading participant undertakes to ensure that its institution is entitled to connect a Member Front-End Installation at 

its location to the EEX system and to execute trading and clearing on EEX according to the national laws and regulations effective in the country of its location. 

3.2. Access to Member Front-End Installations 

 All Member Front-End Installations if not employed in emergencies or for the purpose of participating in technical simulations must, in principle, be installed at the locations of the trading participant and should be configured redundantly in order to increase failure safety. 

 Upon receipt of a written application from a trading participant or from an applicant for exchange admission, the EEX Management Board may permit the installation and operation of a 

Member Front-End Installation at the business premises of a third party engaged by the trading 

participant or applicant for exchange admission to operate such Member Front-End installation 

if the application of and compliance with the provisions of the Exchange Rules and Regulations 

of EEX and supplemental conditions thereto are ensured, in particular, in respect of such third 

party. By means of appropriate agreements concluded with the third party, the trading participant or applicant for exchange admission shall ensure that the third party grants EEX the right 

to inspect the business premises of such third party at all times for the purpose of determining 

compliance with the requirements for the installation and operation of a Member Front-End Installation. 

3.3. Access of several Member Front-End Systems 

 A trading participant may apply for the connection of several Member Front-End Installations. 

EEX may limit the number of Member Front-End Installations applied for by a trading participant to the extent that such action is necessary for reasons relating to system performance or 

for other serious reasons. 
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3.4. Access to Quote Machines / Electronic Eyes 

 Upon special application by a trading participant, the EEX Management Board may permit the 

connection of quote machines or Electronic Eyes to the EEX system through the programmable interfaces made available via the Member Front-End Installation provided that the trading 

participant continuously ensures that the quote machines and/or Electronic Eyes 

§ are installed at the locations of the trading participant admitted to derivatives trading and 

§ are given parameters which correspond to, at least, one person admitted to EEX for the 

trading participant (exchange trader) and 

§ are checked by at least one such person during the course of the trading day. 

3.5. Connection of Systems for Algorithmic Trading 

(1) Before connecting systems for algorithmic trading to the systems of EEX through the programmable interfaces made available via the Member Front-End Installation, the Management Board of the Exchange has to be notified by the respective exchange participant. 

The notification has to include a detailed and comprehensible description of functionalities 

used and the trading strategies pursued by the system for algorithmic trading. The notification has to state the names and the respective contact details of the exchange traders 

that will be responsible for the respective system for algorithmic trading. With the notification, the exchange participants have to confirm, 

§ that the respective system for algorithmic trading 

- is sufficiently resilient, come with sufficient capacity and are subject to adequate 

trading thresholds and upper trading limits; 

- avoid the submission of erroneous orders or a functionality of the system that causes dysfunctions of exchange trading or could contribute thereto; 

- cannot be used for a purpose that violates European or national laws against market 

abuse or the rules of the exchanges it is connected to; 

- is continuously parameterized by an exchange trader admitted for the exchange participant at the exchange and controlled by an exchange trader admitted for the exchange participant at the exchange, 

§ that the exchange participant 

- has efficient emergency arrangements at its disposal, to deal with unforeseen disruptions in its systems and safeguard, 

- has completely inspected and monitored its systems properly. 

- has safeguarded, that records about each change in the computer algorithm are 

kept. 

(2) The Management Board of the Exchange will permanently or temporarily, completely or 

partially prohibit the use a system as described in Sect. 2.10, if one of the prerequisites 

mentioned in paragraph 1 did not exist or ceased to exist afterwards, the exchange participant did not comply with the requirements according to paragraph 1 or the duty of disclo-
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sure according to Sect. 3 paragraph 4 sentence 4 Nr. 5 of the German Exchange Act, or a 

disturbance of the proper exchange trading or the proper execution of exchange trades 

impends for other reasons. The partial prohibition of the usage may be effected telephonically. The exchange participant has to turn-off immediately the system for algorithmic trading concerned if its use is prohibited permanently or temporarily, completely or partially. 

3.6. Connection of Order Routing Systems 

 After making written application and receiving approval thereof from the Management Board of 

EEX, a trading participant is entitled to connect an Order Routing System via a defined interface if: 

§ before being channelled into the trading system, the transmitted orders pass an electronic 

filter which is installed in the Member Front-End Installation, which checks and releases orders for further transmission according to parameters defined by the trading participant; 

§ the filter has been allocated an approved exchange trader who is responsible for the definition of parameters, the control and monitoring of the filter, and who can prevent the forwarding of orders at any time; 

§ the trading participant has informed the Management Board of EEX of the personal user ID 

of the allocated exchange trader in writing; 

§ the Order Routing System is used exclusively for the transmission of client orders, 

§ in those cases in which third parties not admitted to the exchange are able to enter orders 

using the Order Routing System, the number, operating location and the identity of the user 

of the input devices connected to the Order Routing System must have been communicated to the Market Surveillance of EEX. This also applies to changes with respect to such input devices. The trading participant must oblige the user to comply with the Exchange 

Rules and Regulations. Should the user fail to do so, the trading participant shall immediately prevent it from continuing to use the Order Routing System. 
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4. Technical Requirements 

The technical requirements presented in the context of these Implementation Regulations are 

binding on all trading participants; divergence from such regulations shall require the written 

consent of EEX. EEX may at any time examine the configurations and Network parameters of 

the trading participants and require the correction of divergent values. In the event that changes become necessary, the trading participant is required to institute such technical modifications to its Member Front-End Installation that may be laid down by EEX and to effect such 

changes within any timeframe that may be imposed by EEX. 

Upon request from EEX, the trading participant is obligated to grant EEX access to the technical infrastructure employed by it for establishing a connection with the EDP system of EEX to 

facilitate the execution of technical inspections by EEX. Such access and/or any right of inspection shall not extend to customer related data. 
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5. Hardware 

5.1. Requirements 

 EDP equipment which ensures the orderly execution of trading and clearing via the respective 

system has to be available for the trading participant. 

5.2. Admissible hardware platforms 

 EEX shall specify permitted hardware platforms for equipping the member front-end installation 

connected to the trading and/or clearing system. 

5.3. Approval of hardware configurations 

 All hardware configurations planned by a trading participant must be approved by EEX – after 

submission of the configurations questionnaire provided by EEX and to be filled out by the trading participant – prior to their installation; the same shall also apply with regard to modifications. 

5.4. Responsibility for operation 

 The operation of the member front-end installation and, if applicable, the Trayport Global Vision 

Gateway and the Trayport® GlobalVision PortalSM Translator lie within the sphere of responsibility of the trading participant. By means of the orderly operation of its member front-end or its 

Trayport® GlobalVisionSM installation, the trading participant shall guarantee that trading and 

clearing on EEX shall not be compromised either in its process or in its functionality on account 

of such operation. 

 The accesses to and the tools for the Pegas market are operated by Powernext, which also 

holds responsibility for these. The respective conditions of Powernext apply. 
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6. Software 

6.1. EEX software 

 EEX grants the trading participant a revocable, non exclusive right to use the application software. This right to use can be substantiated by further agreements between EEX and the trading participant, if applicable. A trading participant, or any third party contracted by the trading 

participant, must not modify the version of the application software as it is made available by 

EEX and must not alter or copy such software without the prior consent of EEX. The foregoing 

shall not apply to the production of copies of the application software if such copies are produced solely for data storage purposes. The trading participant must not delete or alter any 

proprietary notices (including but not limited to copyright and trademark notices). Every trading 

participant is responsible for the installation of the application software on the components of 

its Member Front-end Installation. 

6.2. Member Operating System Software 

 EEX shall specify each version of the operating system software valid at the time, including all 

necessary components used for operating the current version of the EEX software on the 

Member Front-End Installation. 

6.3. Registration of Third-Party Software 

 If trading participants intend to connect Third-Party Software to the programmable interface of 

the EEX system, these trading participants are required by EEX to assign an electronic identifier to this Third-Party Software before connecting it to the programmable interface, observing 

the instructions of EEX as to the systematic compositions of such identifier and to have the 

Third-Party Software as well as the EEX Universal Communicator registered at EEX. 

 The trading participants shall ensure that the identifier assigned to the Third-Party Software will 

be sent to the EEX system together with each transmission when the registered Third-Party 

Software communicates with the EEX system via the programmable interface. In case the EEX 

system is impaired by the Third-Party Software connected to the programmable interface, EEX 

may prohibit the connection of such software with immediate effect. 

6.4. Responsibility for using Third-Party Software 

 In as far as the application software made available by EEX shall include interfaces for front 

and back office systems, the trading participant itself is responsible for the programs which use 

these interfaces and shall ensure functioning of the software in line with the rules and regulations of EEX. 

6.1. EEX TT Screen 

 The access to the EEX TT Screen is provided by EEX. The terms of use stated in the End User 

Licence Agreement (EULA) agreed by the trading participant before installation of EEX TT 

Screen shall apply. 
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7. Authorisation Level of Data Transmission 

Equipment 

A trading participant may not use the data transmission equipment which serves the purpose of 

trading and clearing on EEX for any other purposes without the prior written approval of EEX. 

However, EEX reserves the right to also use its data transmission equipment for trading and 

clearing on other institutions. 
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8. Transmission Alternatives for Telecommunications 

8.1. Leased Lines 

8.1.1. Responsibility for the leased lines 

 EEX shall control the leased lines for the entire physical Network of EEX. Installation and operation of the leased lines for telecommunications which are necessary for the connection between the Member Front-End Installation and EEX shall be carried out by EEX or may be contracted out by EEX. 

8.1.2. Range of leased lines 

EEX shall make available a connection to the trading participant’s location. The precondition 

for this is that the transmission paths and types of connection supported by EEX are available 

for a trading participant, and can be established and operated at normal conditions and adequate expense while ensuring that the security and quality standards set forth by EEX are attained. 

8.1.3. Access to the EEX Network 

 In the case of Premium Access, Member Front-End Installations must be connected to the EEX 

network by means of at least two leased lines, while, in the case of Combined Access, they 

must be connected by means of one leased line. EEX decides to which access point a Member 

Front-end Installation shall be connected. 

8.1.4. System reliability 

 In order to increase failure safety trading participants can combine several connection alternatives for connection to the EEX Network. In the case of Premium Access, Member Front-End 

Installations can be connected to the EEX Network by means of more than two dedicated lines 

with the object to improve failure safety. 

8.1.5. Number of leased lines 

 In deviation from the above regulations, the EEX Management Board can set a minimum and 

maximum number in respect of the leased lines which a trading participant has applied for to 

have its Member Front-End Installation connected to the EEX system to the extent that such 

action is necessary for reasons relating to system performance or for other reasons. 

8.2. Member Access via the Internet 

8.2.1. Responsibility of the trading participants 

 If a member accesses the system via the internet, the trading participant itself is responsible for 

the selection of the internet provider as well as for the implementation of the connection to the 

EEX Network. EEX does not assume any responsibility for the availability and performance of 

the aforementioned connection alternatives. 

 This applies accordingly in case of the use of the EEX TT Screen. 
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8.2.2. Internet provider 

 Trading participants are obliged to choose an internet provider which provides, on the part of 

the participant, a suitable connection to the EEX Network via the internet. 

8.2.3. Connection to the EEX Network 

 If the connection to the EEX Network is made via the internet, EEX will decide to which access 

point such connection shall be made. 
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9. Network Parameters for the Connection Alternatives 

9.1. Realisation of trading participation 

 The software for the Member Front-End Installation made available or supplied by EEX and 

properly installed by the trading participant contains all necessary connections to effect exchange participation. 

9.2. Determination of network parameters for leased lines or the 

internet 

 EEX specifies Network parameters to ensure the security of the Network and to protect the 

Member Front-End Installation. In particular, EEX ensures that 

§ a trading participant’s computers which are not components of the Member Front-End Installation may only access the trading system of that particular trading participant and do 

not reach other computers within the Network of EEX, 

§ unauthorised access by a Member Front-End Installation to the computers of EEX is not 

possible, 

§ communication between various trading participants by means of the Network of EEX is not 

possible. 

9.3. Compliance with the network parameters 

 Upon installation of the Member Front-End systems and Network components, the trading participant shall set the network parameters specified by EEX for the respective connection alternative. 

9.4. Reservation of network areas 

 EEX reserves network areas for its Logical Network. The network areas selected by EEX must 

be used for participation in EEX. Within its own Network, each trading participant may use any 

network areas that are not reserved for EEX. 

9.5. Node numbers/Node names 

 EEX shall assign node numbers and node names for the entire Logical Network. Within the 

Network of EEX, only the nodes authorised by EEX by assignment of node numbers may 

communicate with the EEX trading system of EEX. 

 Consequently, no computer that has not received a corresponding node number from EEX may 

be connected by the trading participants in the Network areas reserved by EEX. The transfer of 

the assigned node number and the related node name to a computer with a function other than 

that as applied for is not permitted. 
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10. Emergency Plans 

10.1. Responsibility 

 Each trading participant is responsible for taking appropriate measures for emergency planning 

and management. 

10.2. Emergency computer centre 

 The establishment of an inactive emergency computer centre (computer back-up centre) and, if 

necessary, its connection to an access point via a leased line are optional for the trading participants. In such case, the costs incurred by EEX shall be charged to the trading participant. 

10.3. Connection of two locations 

 If a trading participant has two or more locations, it may equip any two locations with a connection in order to ensure breakdown protection in the event of a disruption of the connection between one location and an access point. 
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11. Staff 

 Each trading participant is obligated to maintain a sufficient number of qualified personnel at all 

times during the exchange trading and clearing hours and to guarantee the availability by telephone in order to ensure the orderly operation of the components of the EDP system of EEX 

which are in the control of the exchange participant, particularly, in order to be able to take the 

necessary measures at the instruction of EEX in the event of a technical disruption. In addition, 

EEX must be provided with the name of a person to be contacted in the event of a technical 

disruption or with proof of a service agreement with a third party. 
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12. Costs 

12.1. Hard- and software 

 The costs for the purchase, installation and maintenance of all hardware and software used by 

it shall be borne by the trading participant. The application software referred to in sec. 5 para. 1 

shall be made available by EEX at no additional cost. 

12.2. Internet 

 The internet is not a component of the Network of the electronic trading system. The trading 

participant itself is responsible for the selection of the internet provider as well as for the implementation of the connection. Correspondingly, the trading participant’s costs arising for the 

internet shall be borne by the trading participant. 

12.3. Costs of EEX 

 In accordance with the price list of EEX in its respectively valid version, EEX AG shall charge 

fees for the one-off and running costs for the establishment and operation of the telecommunications network of EEX, in particular, the expenses for the provision of the connection alternative selected by the respective trading participant concerned as per subsection 2.3. 
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13. Technical Problems 

13.1. Measures 

 In the case of technical problems, the EEX Management Board may suspend or restrict access 

to the EDP system for one, several or all trading participants regardless of whether such problems appear at EEX or at one, several or all trading participants. The EEX Management Board 

may resume or re-commence trading after an interruption even if one or several trading participants still do not have access to the EEX system if, in the opinion of the Board of Management 

of EEX, an orderly market continues to exist or is possible again. 

13.2. Information for the trading participants/Obligation of the trading participants to co-operate 

 Trading participants are obligated to inform themselves of technical requirements and changes 

by means of the media made available by EEX. EEX shall, to the extent possible, inform the 

trading participants of any technical problems without undue delay. In case of technical problems of the EEX system, trading participants are obligated to grant access to their locations in 

which Member Front-End Systems are installed to EEX or third parties commissioned by EEX 

for problem resolution. 

13.3. Suspension of derivatives trading 

 In the event of the suspension of trading on the basis of technical problems, EEX shall place 

the exchange system on “halt” status so that no more inputs can be effected by the trading participants in the system. 

 The resumption of trading after a trading suspension pursuant to the foregoing regulation shall 

begin with a new Pre-trading period. Subsequently, trading will proceed in line with the general 

provisions of the Trading Conditions. 

 EEX shall inform the trading participants of the further schedule for the trading period without 

delay. 

13.4. Alternative trading and clearing forms 

In the event that the EEX system is non-functional for a longer period of time, the EEX Management Board shall declare a technical emergency and shall, if necessary, determine alternative trading and clearing methods. Only in case of intentional misconduct or gross negligence 

shall EEX be liable for damage caused to a trading participant upon using alternative trading 

methods, particularly, for cases of damage due to an erroneous entry and/or processing of data effected by EEX or European Commodity Clearing AG (ECC) on behalf of trading participants when using alternative trading methods provided the damage results form a culpable infringement by EEX or ECC of fundamental duties incumbent on them/it when applying alternative trading and clearing methods. In such case, the liability of EEX or ECC in cases of ordinary negligence shall be limited to the amount of damage typical of such contract with regard 

to the provision of alternative forms of trading and clearing. 
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13.5. “Trading on Behalf” 

In the event of the default of the participant trading system or of other EDP systems of the 

trading participants, EEX can effect entering of data into the electronic trading system for such 

trading participant on its behalf. In this case, EEX will check the legitimation for entering data 

with the help of the active user code communicated to it. Section 14 shall apply accordingly 

with regard to the liability of EEX. 

13.6. Information rights 

EEX may require the exchange participants to provide information and submit documents if 

such measure is necessary in order to prevent or solve technical problems. 
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14. Liability 

14.1. Force majeure 

EEX is not liable for cases of damage caused by a disruption in its services as a result of any 

force majeure, riot, and events resulting from war or natural disasters, or resulting from other 

circumstances beyond the control of EEX (e.g. strikes, lock-outs, interruption of transport or 

orders of domestic or foreign governments). 

14.2. General liability 

With regard to cases of damage suffered by a trading participant in connection with its use of 

trading systems of EEX or the use of the connecting software or interfaces of EEX to its trading systems or the use of EDP devices of EEX (e.g. tokens), EEX shall only be liable to the extent that intentional misconduct or gross negligence of its bodies or third parties assisting in its 

performance can be proven unless such damage resulted from a culpable breach of its principal duties by EEX. In such case, the liability of EEX for cases of ordinary liability shall be limited to the amount of damage typically foreseeable upon the conclusion of the contract. 

Apart from this, EEX shall not be liable for the completeness, availability and recentness of data which are transmitted to the trading participants on the basis of the chosen connection alternative via internet. 

Beyond its scope of responsibility there is no liability of EEX on principle. EEX shall only be liable for cases of damage arising from an event originating from the sphere (hardware or thirdparty software) of a trading participant in as far as evidence of a culpable violation of essential 

obligations towards the respective trading participant on the part of its bodies or vicarious 

agents can be furnished. 

14.3. Liability in connection with the Trayport® Trading GatewaySM

and the Trayport® GlobalVision PortalSM Translator 

 EEX shall not be liable for Trayport® technical facilities and systems (hard- and software) which 

lie outside the logical network of EEX unless the trading participant is connected by means of 

the installation of the EEX GlobalVisionSM screen. In these cases, liability shall be based on 

sub-section 14.2. 

 EEX does not accept any liability for cases of damage which a trading participant sustains as a 

result of technical problems or of a partial or full non-usability of the Trayport® Trading GatewaySM and Trayport®

 GlobalVision PortalSM Translator or of the EDP devices used by it or in the 

event of disruptions of the data transfer. 

 The installation, set-up and configuration (such as e.g. product mapping) of the Trayport® Trading GatewaySM and Trayport®

 GlobalVision PortalSM Translator are carried out by each trading 

participant itself and at its own risk and under its own responsibility. 

 If an employee of EEX implements configuration settings on the participant’s front-end or on 

components connected with it at the express wish of the trading participants concerned, any liability on the part of EEX shall be excluded. The trading participant shall, in particular, test the 
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configuration settings sufficiently before commissioning. In the event of physical injury, this 

shall only apply in as far as evidence of intent or gross negligence of its bodies or vicarious 

agents can be furnished unless the damage results from a culpable breach of principal duties 

by EEX. 

14.4. Liability in connection with EEX TT Screen 

 EEX is not responsible for technical systems (hard- and software) of Trading Technologies with 

the exception of the EEX TT Screen. The liability in relation to EEX TT screen is ruled by the 

EULA, which is agreed between the trading participant or the respective user, respectively, and 

EEX. 

14.5. Commissioning of third parties 

 EEX may in full or in part delegate the performance of the obligations assigned to it to third parties when it deems such delegation justified taking into account the purposes of these Implementation Regulations. Should EEX so delegate its duties, its liability shall be limited to the 

careful selection and instruction of the third parties retained by it. EEX, however, shall at the 

request of the trading participant, transfer to such trading participant any existing claims 

against third parties retained by EEX. 

14.6. Third-party data and information 

 EEX shall not be liable for the accuracy, completeness, availability and up-to-date nature of the 

prices of underlying and other data it obtains from third parties. 
EXHIBIT A GENERAL INFORMATION AND DOCUMENTATION

Exhibit A‐6:  current rules, regulations, guidelines and bylaws of EEX

Attached please find the following documents –

1. Exchange Rules

2. Admission Rules  

3. Trading Conditions

4. Contract Specifications  

5. Contract Specifications for Trade Registration

6. Code of Conduct

7. Implementation Regulation for the Order Transaction Ratio  

8. Mistrade  Rules (Implementation Regulation for § 10 of Trading Conditions)

9. Technical Implementation Regulation (Implementation Regulation pertaining to § 19 of the

Exchange Rules)  

Attachments

Key Words Subject matter Date Document Attachment

Exchange Rules The Exchange Rules govern the

organization of the Spot and

Derivatives Exchange  

2016‐07‐04

v.0037a

Exchange Rules.pdf

1

Admission Rules The Admission Rules govern the

prerequisites for the admission as an

exchange trader

2015‐02‐24

v.006a

Admission 

Rules.pdf

2

Trading Conditions The Trading Conditions govern all Spot

and Derivatives transactions, which

are concluded on the EEX.

2016‐07‐04

v.0042a

Trading 

Conditions.pdf

3

Contract Specifications The Contract Specifications contain a

legally binding description of the terms

and conditions of all futures and

option contracts tradable at EEX.

2016‐09‐02

v.0050a

Contract Specs.pdf

4
EXHIBIT A GENERAL INFORMATION AND DOCUMENTATION

Contract Specifications

for Trade Registration

The Contract Specifications for Trad

Registration contain a legally binding

description of the terms and

conditions of all futures and option

available for Trade Registration.

2016‐09‐05

v.0018b

Contract Specs for 

Trade Registration.p

5

Code of Conduct Rules of the EEX itself to make an

active contribution to the

requirements of the further

developing internationalization of

commodities trading and to

strengthen the confidence which the

market and the public have in the

markets of EEX.  

2016‐07‐04

v.002a

Code of 

Conduct.pdf

6

Implementation

Regulation for the Order

Transaction Ratio

Due to the implementation of the High

Frequency Trading into the Exchange

Act EEX has to enact more detailed

provisions regarding an adequate

Order Transaction Ratio.

2016‐07‐02

v.001b

OTR 

Implementation.pdf

7

Mistrade Rules This Implementation Regulation

specifies the details of the cancellation

of transactions on the Spot Markets

and the Derivatives Markets of EEX.

2014‐05‐13

v.0010a

Mistrade Rules for § 

10 Trading Conditio

8

Technical

Implementation

Regulation

Technical Implementation Regulations

pertaining to § 19 of the Exchange

Rules of EEX.

2014‐02‐24

v.006b

Implementation 

Regulation for § 19 E

9
Date 04.07.2016 

Place Leipzig 

Document Version 0037a

EEX Exchange Rules 

The English version is for informal use only. Only the German version is legally binding. 
European Energy Exchange Copyright 2016 – All rights reserved 

EEX Exchange Rules, Release 0037a Page 2 

1. Table of Contents 

2. Organisation and Exchange Bodies ............................................................................... 4

§ 1 Line of Business ........................................................................................................................ 4

§ 2 Operating Companies ................................................................................................................ 4

§ 3 Exchange Supervisory Authority ................................................................................................ 4

§ 4 Exchange Bodies....................................................................................................................... 5

§ 5 Rules and Regulations of the Exchange .................................................................................... 5

§ 6 Duties and Powers of the Exchange Council ............................................................................. 5

§ 7 Election of the Exchange Council .............................................................................................. 6

§ 8 Chairperson of the Exchange Council; Deputy Chairperson ...................................................... 6

§ 9 Quorum and Resolutions of the Exchange Council .................................................................... 6

§ 10 Exchange Council Committees ................................................................................................ 7

§ 11 Management Board of the Exchange; Representation ............................................................. 7

§ 12 Market Surveillance Department .............................................................................................. 8

§ 13 Sanctions Committee............................................................................................................... 8

3. Admission ...................................................................................................................... 10

3.1. Admission of Exchange Participants and Exchange Traders ........................................... 10

§ 14 Exchange Trading ................................................................................................................. 10

§ 15 Application for Admission ...................................................................................................... 10

§ 16 Admission Procedure............................................................................................................. 11

§ 17 General Admission Requirements for Exchange participants................................................ 12

§ 18 Requirements for the Settlement of Exchange Transactions................................................. 13

§ 19 Requirements of Technical Facilities ..................................................................................... 14

§ 20 Admission of Exchange Traders ............................................................................................ 15

§ 21 Admission of Trader Assistant ............................................................................................... 15

3.2. Termination and Suspension of Exchange Admission...................................................... 15

§ 22 Resignation from Exchange Admission, Withdrawal and Revocation 

 of Exchange Admission ......................................................................................................... 15

§ 23 Consequences of Resignation, Withdrawal and Revocation .................................................. 16

§ 24 Suspension of Exchange Admission ...................................................................................... 16

§ 25 Emergency Member Stop ...................................................................................................... 17

§ 26 Exclusion from Trading .......................................................................................................... 18

§ 27 Consequences of Exclusion from Trading.............................................................................. 18

3.3. Liquidity Provision by Market Makers and Liquidity Providers .......................................... 18

§ 28 Prerequisites and Definitions ................................................................................................. 18

§ 29 Obligations of Market Makers and Liquidity Providers............................................................ 19

§ 30 Commitment as Market Maker or Liquidity Provider by EEX .................................................. 19

§ 31 Admission as Market Maker................................................................................................... 20

3.4. Admission of Institutions with public mandate .................................................................. 20

§ 32 Admission as Auctioneer ....................................................................................................... 20

3.5. Recognition of Non-Trading Brokers and Third-Party Trading Venues ............................. 21

§ 33 Recognition as a Non-Trading Broker .................................................................................... 21

§ 34 Recognition as a Third Party Trading Venue ......................................................................... 22

3.6. Admission, Withdrawal and Suspension of Products ....................................................... 24
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EEX Exchange Rules, Release 0037a Page 3 

§ 35 Admission of Products ........................................................................................................... 24

§ 36 Withdrawal and Suspension of a Product Admission ............................................................. 24

4. Exchange Trading .......................................................................................................... 25

4.1. General Terms for Exchange Trading .............................................................................. 25

§ 37 Electronic Exchange .............................................................................................................. 25

§ 38 Exchange Price and Price Determination............................................................................... 25

§ 39 Order-Transaction-Ratio ........................................................................................................ 26

§ 40 Minimum Price Change ......................................................................................................... 27

§ 41 Technical Malfunctions .......................................................................................................... 27

§ 42 Central Counterparty ............................................................................................................. 27

4.2. Exchange Trading on the Spot Markets of EEX ............................................................... 28

§ 43 Exchange Hours and Trading Periods ................................................................................... 28

§ 44 Trading types ......................................................................................................................... 28

4.3. Exchange Trading on the Derivatives Markets of EEX ..................................................... 29

§ 45 Exchange Hours and Trading Periods ................................................................................... 29

§ 46 Type of Trading ..................................................................................................................... 30

4.4. Special Provisions for the Primary Auction of Emission Rights ........................................ 30

§ 47 Primary Auction - Auctioneer ................................................................................................. 30

§ 48 Execution of the Primary Auction ........................................................................................... 30

§ 49 Cooperation with Supervisory Authorities, Forwarding of Information .................................... 30

5. Margin Requirements; Position Limits ......................................................................... 32

§ 50 Margin Requirements ............................................................................................................ 32

§ 51 Determination of the Position Limits for Derivatives Trading ................................................. 32

§ 52 Modifications of Position Limits .............................................................................................. 32

§ 53 Monitoring of Compliance with Position Limits ....................................................................... 32

§ 54 Reporting Obligation .............................................................................................................. 33

6. Final Provisions ............................................................................................................. 34

§ 55 Usage of Data ....................................................................................................................... 34

§ 56 Recording of Telephone Calls................................................................................................ 34

§ 57 Publication of Prices and Transaction Volumes ..................................................................... 34

§ 58 Announcements..................................................................................................................... 35

§ 59 Date of Effectiveness ............................................................................................................. 35

§ 60 Changes of Rules and Regulations........................................................................................ 35
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EEX Exchange Rules, Release 0037a Page 4 

2. Organisation and Exchange Bodies 

§ 1 Line of Business 

(1) These Exchange Rules govern the organisation of the Spot and Commodity Derivatives 

Exchange, the European Energy Exchange (EEX) with the following lines of business: 

(a) Sub-market of EEX Power Derivatives Market for derivatives trading in Power and 

Guarantees of Origin, 

(b) Sub-market of EEX Emission Market for spot and derivatives trading in emission 

rights, 

(c) Sub-market of EEX Coal Market for derivatives trading in Coal, 

(d) Sub-market EEX Oil Market for derivatives trading in Crude Oil and Refined Products, 

(e) Sub-market EEX Freight Market for derivatives trading in Freight, 

(f) Sub-market Metal Market for derivatives trading in Iron Ore, 

(g) Sub-market Agricultural Market for derivatives trading in agricultural products. 

(2) EEX has different electronic trading systems. The conclusion of trades and, in particular, 

of standardised contracts, such as Spot Market contracts, futures and options (Products) 

is ensured using the respective trading systems according to the conditions for trading on 

EEX (Trading Conditions) and the rules for the registration of trades (Trade Registration 

Rules). 

(3) The Management Board of EEX can permit the use of exchange facilities for lines of business other than those stipulated in paragraph 1, as far as this is not prohibited by the rules 

of law. Where such use is permitted, the Exchange participants are to be informed by 

suitable means. 

§ 2 Operating Companies 

(1) European Energy Exchange AG (EEX AG) is operating the exchange. 

(2) EEX AG as operating company is obligated to, at the request of the Management Board of 

the Exchange, make available necessary staff, financial resources, facilities and premises 

for the adequate operation of EEX and further development of the exchange. 

§ 3 Exchange Supervisory Authority 

The supreme state authority of the Free State of Saxony is responsible for the supervision 

of the operations of EEX and of the bodies of the exchange. The Saxon State Ministry for 

Economic Affairs, Labour and Traffic (Sächsisches Staatsministerium für Wirtschaft, Arbeit 

und Verkehr), Wilhelm-Buck-Straße 2 in 01097 Dresden is the Exchange Supervisory Authority. 
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EEX Exchange Rules, Release 0037a Page 5 

§ 4 Exchange Bodies 

(1) The following are the exchange bodies: 

(a) the Exchange Council, 

(b) the Management Board of the Exchange, 

(c) the Market Surveillance Department, and 

(d) the Sanctions Committee. 

(2) With exception of the Management Board of the Exchange and the Head of Market Surveillance, the members of the Exchange Bodies exercise their occupation on an honorary 

basis. 

§ 5 Rules and Regulations of the Exchange 

(1) The Exchange Council establishes the rules and regulations for the exchange. The rules 

and regulations are binding for the bodies of the exchange and for the companies and 

traders licensed to trade on the exchange as well as other persons who are permitted to 

use the exchange’s facilities. The rules and regulations of EEX consist in particular of the 

following parts: 

(a) the Exchange Rules, 

(b) Trading Conditions with the Contract Specifications, 

(c) the Trade Registration Rules, 

(d) the Code of Conduct, and 

(e) the Admission Rules. 

(2) Provided this is laid down in the rules and regulations of the exchange, the Management 

Board of the Exchange can adopt implementation rules. The implementation rules are 

binding for the companies and traders admitted to trading on the exchange and for other 

persons who are permitted to use the exchange’s facilities. 

(3) Exchange participants and other persons who are permitted to use the exchange’s facilities are obliged to use the facilities of EEX in accordance with the provisions under exchange law and the further national and European rules, in order to ensure the proper execution of trading and of the settlement of exchange transactions. The provisions under 

exchange law comprise the Exchange Act1 (BörsG) as amended from time to time and the 

statutory instruments and decrees rendered on the basis of the Exchange Act, as well as 

the rules and regulations of EEX and the orders passed on the basis of these. 

§ 6 Duties and Powers of the Exchange Council 

(1) The Exchange Council has the duties and powers assigned to it by the Exchange Act. It 

shall be responsible in particular for: 

 

1

 Exchange Act of 16th July 2007 (Federal Law Gazette, vol. I, p. 1330) 
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(a) the issuance of the Exchange Rules, the Trading Conditions, and the Admission 

Rules, 

(b) the appointment, re-appointment and dismissal of the Managing Directors of the 

Exchange in consultation with the Exchange Supervisory Authority, 

(c) the supervision of the Management Board of the Exchange, 

(d) the issuance of the rules of internal procedures for the Exchange Council and the 

Management Board of the Exchange, 

(e) the appointment, reappointment and dismissal of the head of Market Surveillance 

upon the nomination of the Management Board of the Exchange in consultation 

with the Exchange Supervisory Authority, 

(f) the appointment, reappointment and dismissal of the appointment of the members 

of the Sanctions Committee in agreement with the Exchange Supervisory Council. 

(2) The Management Board of the Exchange must obtain the prior consent of the Exchange 

Council regarding other matters of fundamental importance. 

§ 7 Election of the Exchange Council 

The composition, the election and the term of office of the Exchange Council is regulated 

by the Saxon Exchange Act Execution Ordinance2 (SächsBörsDVO) as amended from 

time to time. 

§ 8 Chairperson of the Exchange Council; Deputy Chairperson 

(1) In its first meeting following an election, the Exchange Council shall elect, by means of a 

secret ballot, a Chairperson and up to three deputies from among its members. 

(2) The Chairperson or if he is unable to do so, one of the deputies shall preside over the 

meetings of the Exchange Council (Chairperson of the Meeting). In case the Chairperson 

and all the deputies are prevented from attending a meeting, the member of the Exchange 

Council eldest in age shall serve as Chairperson of the Meeting. 

§ 9 Quorum and Resolutions of the Exchange Council 

(1) The Exchange Council shall have a quorum when more than one half of its members take 

part either in person, by way of written vote, or represented by another member as the result of the properly issued invitation to the meeting. The invitation to the meeting is considered to have been properly issued if there is a period of, at least, 10 Exchange Days 

between posting the invitation and the documents for the meeting and the day of the 

meeting. The invitation and the documents for the meeting may be sent to the members of 

the Exchange Council via e-mail. 

 

2 Ordinance by the Saxon State Ministry of Economic Affairs, Labour and Transport regarding the Execution 

of Exchange Law of 9th February 2012. 
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(2) Resolutions shall be passed by a simple majority of the votes cast. In the case of a tie 

vote, the Chairperson of the Meeting shall cast the deciding vote. If the Chairperson of the 

meeting abstains from voting, the motion shall be deemed rejected. 

(3) If unable to attend, a member of the Exchange Council may take part in voting by submitting a written vote. 

(4) Resolutions can also be passed in writing, by telex, by telephone, or by fax. A motion shall 

be deemed to have been passed if more than one half of the members of the Exchange 

Council have responded within a stipulated period and if the majority of the Exchange 

Council has agreed to the motion. Each member of the Exchange Council shall be able to 

demand that the decision be taken by vote after oral debate. The chairperson shall comply 

with such a request, for which a detailed reason must be given, by calling a meeting without undue delay. 

(5) Votes shall be taken by secret ballot at the request of one quarter of the members. 

(6) The content and outcome of the meetings and of the decision making process shall be 

recorded in writing and signed by the chairperson of the meeting. With regard to votes 

cast in writing, by telex, by fax, or by telephone as stipulated in paragraph 4, the minutes 

and the outcome of the decision making process can also be signed by a managing director of the Exchange. The Regulations of the Exchange Council shall specify details with 

respect to the preparation of minutes and the adoption of resolutions. 

§ 10 Exchange Council Committees 

The Exchange Council is allowed to establish committees in order to prepare its resolutions. 

§ 11 Management Board of the Exchange; Representation 

(1) The Management Board of the Exchange is responsible for all duties that are not allocated to other governing bodies of the Exchange. 

(2) In the case of more than one managing director being appointed, the EEX shall be represented in and out of court by one managing director. The Management Board of the Exchange may also name other persons as representatives. 

(3) The Management Board of the Exchange and the representatives authorized by it may 

take all necessary actions for the proper implementation of trading on the EEX and the 

settlement of the Exchange transactions. 

(4) Companies and persons who contravene existing rules, or do not observe instructions 

within the meaning of paragraph 3, can be temporarily suspended from access to the exchange entirely or in part, if and for as long as, the orderly trading procedure is disturbed 

by the company or person, respectively. The same applies accordingly to persons who 

are not permitted to participate in trading. 
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§ 12 Market Surveillance Department 

(1) Subject to directives issued by the Exchange Supervisory Authority, the EEX shall establish and operate a Market Surveillance Department as a governing Exchange Body. 

(2) The Head of the Market Surveillance Department shall be appointed and dismissed by the 

Exchange Council upon the nomination of the Management Board of the Exchange and in 

agreement with the Supervisory Authority. The re-appointment is permissible. 

(3) The Market Surveillance Department monitors trading and the orderly execution of trading 

and settlement of transactions on EEX in accordance with Art. 7 BörsG as well as the applicable national and European provisions. In particular, the Market Surveillance Department assumes the tasks according to Art. 16 Market Abuse Regulation3

. 

(4) In accordance with Art. 7 BörsG, the Market Surveillance Department can forward data 

regarding the conclusion of trades to the management board and the market surveillance 

department of another exchange or to an office in charge of monitoring trading on another 

organised foreign market or of another corresponding market registered outside the European Union or a contracting state of the Agreement on the European Economic Area in as 

far as such data is required for fulfilling the tasks of these offices. The Market Surveillance 

Department can also receive data from these offices provided such is required for the 

proper execution of trading and the settlement of exchange transactions on EEX. 

(5) If the Market Surveillance Department identifies facts justifying the assumption that provisions or orders under exchange law are violated or that there are other grievances which 

might impair the proper execution of trading on EEX or the settlement of exchange transactions, it shall inform the exchange supervisory authority or the Management Board of 

the Exchange thereof. Sentence 1 shall apply accordingly with regard to information on 

Exchange participants and traders which is relevant for the assessments in the framework 

of the admission procedure. If the Market Surveillance Department has the justified suspicion that an order or transaction including any cancelation or modification thereof violates 

the provisions of Articles 3 or 5 REMIT4 or of Articles 14 or 15 Market Abuse Regulation 

(ban on engaging in or attempting to engage in insider dealing or market manipulation), it 

shall inform the Market Surveillance Department or the German Federal Financial Supervisory Authority thereof. 

§ 13 Sanctions Committee 

(1) At the EEX, a Sanctions Committee may be established by statutory decree as organ of 

the exchange. The Sanctions Committee’s duties comprise the tasks defined by Sect. 22 

Exchange Act. 

(2) The details about the establishment, composition, procedure and the costs as well as the 

involvement of the Exchange Supervisory Authority are defined by Sect. 22 Exchange Act 

 

3

 Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market 

abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the 

Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC 

4

 Regulation (EU) No. 1227/2011 of the European Parliament and of the Council of 25th October 2011 on 

wholesale energy market integrity and transparency (Official gazette L 326 of 8th December 2011, p.1) 
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and the rules regarding the Sanctions Committee in the Saxon Exchange Act Execution 

Ordinance. 
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3. Admission 

3.1. Admission of Exchange Participants and Exchange Traders 

§ 14 Exchange Trading 

Exchange trading comprises the conclusion of Spot and Derivatives Market transactions 

(exchange transactions) in the EEX trading systems either through order book trading or 

the registration of trades. Trading on the EEX shall only be carried out or brokered by an 

approved Exchange participant. 

§ 15 Application for Admission 

(1) Application for admission may be filed 

(a) for spot trading only, 

(b) for derivatives trading only, 

(c) for one or more products as well as 

(d) for spot and derivatives trading altogether. 

The application for admission to exchange trading can be restricted to the use of the 

Trade Registration Functionality of the EEX trading systems. 

(2) An application for admission as an Exchange participant can also be filed for one branch 

office or several branch offices of one company. 

(3) Even if they are not Exchange participants on EEX, companies can be recognised as 

Trading Agent for trading on the Spot Market by the Management Board of the Exchange 

upon a written application by the company concerned. Approved Trading Agents are entitled to effect the conclusion of transactions on EEX on behalf and for the account of other 

Exchange participants licensed on EEX through the Exchange traders admitted to EEX for 

them. Trading Agents are acting with its own user identification. Every entry by the Exchange traders of the Trading Agent into the system has to be made individually allocable. 

The Management Board issues the admission as Trading Agents in writing; it can refuse 

or revoke said admission at any time in writing if there are relevant reasons for such a refusal or such a revocation. Details with regard to this shall be specified by the Management Board of the Exchange. The provisions contained in the rules and regulations of the 

exchange in connection with the participation in trading, including the rules regarding the 

technical facilities shall apply accordingly to the Trading Agents - even if the Trading 

Agents is not mentioned specifically. 

(4) In accordance with Sect. 31 of these rules, companies, which have been admitted, can file 

an application for the admission as a Market Maker. 

(5) Each application for admission has to be directed to EEX, using the required form. 
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§ 16 Admission Procedure 

(1) Decisions regarding the admission 

(a) of companies to participate in Exchange trading (Exchange participant) and 

(b) of persons who shall be entitled to trade on the EEX Spot and/or Derivatives Market (Exchange trader) 

are made by the Management Board of the Exchange upon written application pursuant 

to Sect. 19 Exchange Act (Börsengesetz, BörsG). The decision is made by the Management Board of the Exchange in written form. It is permitted to refuse an incomplete 

application. The existing Exchange participants may be informed of the admission of a 

new Exchange participant conveniently. 

(2) Evidence of fulfilment of the conditions for admission of Exchange participants and traders 

must be furnished by the respective participant. The applicant must obtain all state approvals, permissions, licenses and admissions or similar agreements that are required for 

trading on the EEX and the analogous handling of the concluded business. The Management Board may request from the applicant additional documents or information at any 

time and within a certain time limit. In this respect it may, after a due assessment of the 

circumstances, either itself or through an agent, conduct an examination of the applicant 

at the applicant’s expense and require the applicant to submit such statements and documents as it may deem appropriate. In addition, it may request information from third parties- the applicant must be given prior notice of such request. 

(3) Before its admission as an Exchange participant on the sub-markets of the EEX, a foreign 

company shall appoint an authorized agent with a registered office within the Federal Republic of Germany. An effective revocation of such authorization can only be undertaken if 

– at the same time – another authorized agent with registered offices in the Federal Republic of Germany is appointed. 

(4) Foreign participants can only be admitted to trade at EEX if the Exchange is permitted to 

admit these companies based on the law of the respective country. Applications for the 

admission of foreign companies are suspended as long as no evidence of the lawfulness 

of the admission and the trading participation, in accordance with the law of the respective 

country, is furnished by the applicant or should EEX gain knowledge by other means to 

the effect that the admission of the foreign Exchange participant and its trade participation 

is permissible. 

(5) After the granting of admission to trading, the Exchange participant shall still be required 

to notify the Management Board without delay of any changes of a factual or legal nature 

which could lead to the conditions for admission no longer being met; in particular, the 

admitted participant shall be required to inform the Management Board without delay if it 

becomes aware that criminal proceedings are being launched against it on suspicion of 

property or tax violations. Moreover, it shall be obliged to inform the Management Board if 

it becomes aware that such proceedings have been instituted – or are pending – against 

a person either acting on its behalf who, according to statute, the Articles of Association or 

a Shareholders’ Agreement is entrusted with the management of the business of the Exchange participant or admitted as an exchange trader for it. In order to ensure this, the 
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Management Board of the Exchange may demand additional information and documents 

under analogous application of paragraph 2 sentences 3 and 4. 

§ 17 General Admission Requirements for 

Exchange participants 

(1) Entitled to file an application for admission to participate in Spot and Derivatives trading 

(Exchange trading) are only those companies that are, with respect to the products that 

may be traded, commercially engaged in the business of 

(a) purchasing and selling for their own account (own transactions), 

(b) purchasing and selling in their own name for the account of a third party (customer 

transactions), or 

(c) acting as intermediaries for contracts to buy and sell (brokerage operations). 

(2) Companies which have their registered office within or outside the Federal Republic of 

Germany are entitled to apply for admission, provided that the superior Exchange Supervisory Authorities in Germany and abroad are able to exchange information in order to supervise the Exchange participants. 

(3) According to the requirements stipulated in Sect. 19 paragraph 4 Exchange Act, Exchange participants shall meet the general admission requirements: 

(a) Companies that are organized in the legal form of a sole proprietorship, the proprietor, or in the case of other Exchange participants, the individuals who are by law, 

articles of association or shareholders’ agreement entrusted with the management 

and the representation of the applicant’s business (managing directors) are reliable 

and if at least one of such persons has the necessary professional qualification for 

engaging in Exchange transactions. These representatives shall be appointed by 

the applicant in the application for admission. 

(b) The orderly settlement of such transactions must be assured. 

(c) The Exchange participant provides evidence of liable equity amounting to at least 

€ 50,000 unless it is 

§ a financial institution, 

§ a financial services institution or 

§ an Exchange participant within the meaning of Sect. 53 paragraph 1, sentence 

1 or Sect. 53 b paragraph 1, sentence 1 of the KWG5 

and is authorized to engage in financial commission business within the meaning of 

Sect. 1 paragraph 1, sentence 2 no. 4, or to provide a financial service within the 

meaning of Sect. 1 paragraph 1a, sentence 2 nos. 1 – 4 of the Banking Act; the 

paid-in capital and reserves after deduction of any withdrawals by the proprietor or 

the personally liable shareholder and any loans extended to such persons and of 

 

5

 German Law on Banking (German Banking Act) of 9th September 1998 (German Federal Gazette I p. 2776) 
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any excess of indebtedness with respect to the free assets of the proprietor shall be 

considered as liable equity. 

(d) With respect to applicants that are obliged to provide evidence of liable equity according to a), there shall be no facts justifying the assumption that the applicant, 

taking into account the liable equity capital, does not have the necessary economic 

capacity to participant in Exchange trading in an orderly manner. 

(e) In case a proof for the liable equity cannot be rendered, the proof can substituted 

by means of a bank guarantee or by a deposit in monetary form. The bank guarantee has to be declared by a domestic credit institute according to Sect. 1 paragraph 1 of the KWG or a comparable foreign institute in favour of the EEX. The 

guarantee has to contain the unconditional and irrevocable obligation to transfer the 

guaranteed amount to an EEX bank account upon first request of EEX. The content, form and type of the bank guarantee shall be determined by the EEX. 

(f) The evidence of liable equity is not necessary if the Exchange participant only applies for participation in primary auctions of emission rights and the performance of 

its liabilities arising out of its trading activities is guaranteed by a Clearing Member 

of the European Commodity Clearing AG (ECC AG). 

(4) The admission of an Exchange participant shall authorize the Exchange participant to participate in Exchange trading, if the Exchange participant is equipped with the necessary 

technical connection and if any other requirements for the connection to the respective 

trading systems of EEX are fulfilled. 

(5) In the case of companies that only want to be admitted for using the Trade Registration 

Functionality of the EEX trading systems, the preconditions contained in paragraph 3 

lit. (a) – (d) as well as paragraph 4 must be fulfilled. In this case, participation in order 

book trading is excluded. 

§ 18 Requirements for the Settlement of 

Exchange Transactions 

(1) The orderly settlement of Exchange transactions as stipulated in Sect. 19 paragraph 4 

no. 2 of the Exchange Act is deemed to be secured when the following requirements are 

fulfilled: 

(a) The Exchange participant has to take part in clearing on ECC AG in accordance 

with the respectively valid Clearing Conditions of ECC AG. 

(b) A participant must have sufficient technical facilities at its disposal which guarantee 

correct trading and settlement via the EEX trading systems or via phone. When using an EDP system, it must be ensured that these technical facilities do not impair 

the Exchange Trading and settlement of transactions. The Management Board can 

recommend hardware and software, which meet the criteria of 1 and 2. When using 

other hardware and software, the applicant is obliged to furnish evidence that the 

requirements of 1 and 2 are met. Details are regulated by the regulations pertaining 

to technical facilities. 
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(c) The technical facilities shall be kept in good condition by the Exchange participant 

and the Exchange participant is to ensure that their continuous readiness for operation is guaranteed. 

(d) The participant shall provide the personnel who are required for trading and settlement, and take satisfactory organizational precautions. 

(2) The participation in the Clearing of the ECC AG pursuant to paragraph 1, lit. a is deemed 

to be secured when the ECC AG confirms to the EEX in a binding form that the Exchange 

participant: 

(a) has concluded a Clearing Agreement with the ECC AG for the market applied for, 

or provided that the Exchange participant intends to become a Non-Clearing Member for transactions for the respective market in terms of the Clearing Conditions of 

ECC AG (Non-Clearing Member), the participant has concluded a respective 

agreement with a Clearing Member and the ECC AG (NCM Agreement) and 

(b) is recognised by the ECC AG as a trading participant for each product to be traded. The admission as a trading participant requires, in particular, the necessary 

declarations and/or verifications for the completion of trades in a product. 

§ 19 Requirements of Technical Facilities 

(1) The technical requirements of the connection to the EEX trading systems are met if the 

Exchange participant is equipped with EDP facilities, which comply with the requirements 

in accordance with the Implementation Regulations of EEX concerning technical equipment. The Management Board of the Exchange is authorised to check on the compliance 

with these regulations on-site. 

(2) Upon application of an Exchange participant or by an applicant for Exchange admission, 

the Management Board of the Exchange may permit the installation of front-end systems 

in the offices of the Exchange participant outside the country in which the Exchange participant for admission to trade has its registered office, provided that the application of and 

compliance with the Exchange rules of the EEX and any supplemental provisions thereto 

are also ensured in the country in which the additional offices is situated. 

(3) If the Management Board of the Exchange permits an Exchange participant to use order 

routing systems, in accordance with the Implementation Regulations of the EEX concerning Technical Equipment, such Exchange participant shall be responsible for ensuring that 

the order routing facility is used properly, for the designated purpose, and in accordance 

with the legal provisions applicable on exchanges. This also applies to any orders, which 

are entered into the EEX trading systems via order routing by third parties who are not 

admitted to the Exchange. Should the Exchange participant fail to comply with these requirements, the Management Board of the Exchange will restrict or revoke the permission 

to use an order routing system. 

(4) The use of systems for trading, in which a computer algorithm determines single order parameters automatically (algorithmic trading), has to be notified to the Management Board 

of the Exchange prior to their launch. The Management Board of the Exchange may permanently or temporarily, completely or partially forbid using a system as described in 
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phrase 1, if a disturbance of the proper exchange trading or the proper execution of exchange trades is impending. Further details are stipulated in the Technical Implementation 

Regulations of EEX. 

§ 20 Admission of Exchange Traders 

Persons entitled to trade on the EEX Spot and/or Derivatives Market (Exchange trader) 

shall be admitted by EEX if they are reliable and have the necessary professional qualifications in accordance with the provisions in the Rules for Admission. They can only be 

admitted for one Exchange participant at any given time. 

§ 21 Admission of Trader Assistant 

(1) Persons who shall be entitled to trade on the EEX Spot and/or Derivatives Market on behalf of an admitted exchange participant without having proofed the personal qualification 

(Trader Assistant) can be admitted by EEX one time for the maximum duration of 6 month 

as trader assistant, if they are reliable, participate in trading at the EEX markets only under control and instruction of one specific exchange trader (Responsible Exchange Trader), and only insofar as the admission of the Responsible Exchange Trader extends to. 

(2) Trader Assistants can on be assigned to one specific Responsible Exchange Trader. A 

maximum of three Trader Assistants can be assigned to each responsible Exchange 

Trader. The Responsible Exchange Trader is responsible for all submissions into the systems of his admitted Trader Assistance; towards the exchange all such submissions into 

the systems are deemed to be entered in the name of the Exchange Trader. 

(3) The rules regarding the termination and suspension in Section 3.2 apply mutatis mutandis 

with respect to Trader Assistants. Furthermore, an admission as Trader Assistant expires 

if the admission of his Responsible Exchange Trader ceases to exist or if the period mentioned in subsection 1 expires. 

3.2. Termination and Suspension of Exchange Admission 

§ 22 Resignation from Exchange Admission, Withdrawal and 

Revocation of Exchange Admission 

(1) An Exchange participant or Exchange trader can resign from admission upon written notice to EEX. The resignation can be limited to individual products. 

(2) The Management Board of the Exchange is entitled to withdraw the admission of an Exchange participant or Exchange trader in full, or partially should one of the admission requirements not exist upon the granting of the admission. 

(3) The Management Board of the Exchange is entitled to revoke the admission of an Exchange participant in full or partially if one of these requirements ceases to be satisfied at 

a later date, or if the Exchange participant fails to lodge the securities determined for such 

Exchange participation or fails to make the daily clearing payments or other deliveries or 

payments and settle other charges in good times as stipulated in the Conditions for Trading on EEX (Trading Conditions) or the respective Clearing Conditions within the pre-
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scribed period. The same applies for serious repeated breaches of the Rules and Regulations of EEX. The Management Board of the Exchange may also revoke the admission if 

the Exchange participant does not comply with the Order-Transaction-Ratio according to 

Sect. 26a of the German Exchange Act in conjunction with Sect. 39.

(4) ECC AG or a Clearing Member of ECC AG may also submit an application for an instruction for the revocation of admission. 

(5) The deletion of the admission of an Exchange participant to EEX results in the deletion of 

the admission of the Exchange trader who is acting on behalf of this Exchange participant. 

§ 23 Consequences of Resignation, Withdrawal and Revocation 

If an Exchange participant resigns its admission to trading in full or partially or such admission is withdrawn or revoked by the Management Board of the Exchange in full or partially, the Exchange participant shall be obliged to close or transfer the positions affected 

by this measure them to other Exchange participants within a period prescribed by the 

Management Board of the Exchange; furthermore, the Exchange participant must cancel 

all orders and quotes in the trading system concerned and may not open any new positions. The Exchange participant shall ensure that its customers can transfer their positions 

to another Exchange participant. If the Exchange participant fails to meet these requirements within the prescribed period, the Management Board of the Exchange has the right 

to cancel the orders and quotes and to close the positions. The admission to trade shall 

terminate only after the fulfilment of the requirements provided for in this paragraph and of 

all obligations owed to ECC AG and/or the relevant Clearing Member. 

§ 24 Suspension of Exchange Admission 

(1) On the strong suspicion that one of the conditions for admission has not been fulfilled, or 

has subsequently ceased to be fulfilled, the Management Board of the Exchange may order the suspension of the Exchange participant or Exchange trader partially or in full for a 

maximum period of six months. The suspension of the admission of an Exchange participant may also be ordered so long as the Exchange participant is in default with the payment of due fees. 

(2) The Management Board of the Exchange may also suspend the admission of an Exchange Participant or of an exchange trader operating for it in case of non-payments for 

the time being in default, in all other cases for a maximum period of six months, should 

the Exchange Participant or an exchange trader operating for it contravene provisions of 

the German Exchange Act or the EEX Rules or fail to lodge the margins or make the daily 

clearing payments or effect other deliveries or payments and settle other charges in good 

time as stipulated according to the Trading Conditions or the current Clearing Conditions. 

The same applies if the Exchange participant does not comply with the Order Transaction 

Ratio according to Sect. 26a of the German Exchange Act in conjunction with Sect. 39. 

(3) ECC AG or a Clearing Member of ECC AG can also submit an application regarding the 

order for a suspension of admission. 
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(4) During the period of the suspension of the admission of an Exchange participant, the right 

to take part in trading on the EEX shall also be suspended for its Exchange traders admitted to trading under § 20. The Exchange trader concerned must cancel all orders and 

quotes and is not permitted to open any new positions and, under the supervision of the 

EEX, shall close or transfer all of his/her existing positions. 

(5) Upon application of the Exchange participant the Management Board of the Exchange 

may order the suspension of the exchange admission at its own discretion. The duration 

of the suspension shall not exceed a period of 1 year. During the suspension period no 

annual fees will be charged; technical fees only, if relevant connections are maintained. 

Sect. 24 paragraph 4 applies accordingly. The Management Board of the Exchange will 

revoke the suspension upon request of the Exchange participant before expiry of the period ordered pursuant to sentence 1 if the Exchange participant continues to comply with 

the admission requirements. 

§ 25 Emergency Member Stop 

(1) A Clearing Member of ECC AG can file an application for the temporary exclusion (generally only for a period of five days) from trading on all Sub-markets of EEX of an Exchange 

participant for which it provides services by means of a corresponding entry into the trading 

system of EEX (Emergency Member Stop), provided such Clearing Member has made an 

agreement regarding the permissibility and toleration of this measure with this Exchange 

participant. At the same time, the Clearing Member states that it is not prepared to clear further transactions by this Exchange participant on the Sub-markets of EEX. 

(2) The Clearing Member which has used the function of the Emergency Member Stop is 

obliged to make all the required declarations to permit trading of the Exchange participant 

concerned on the Sub-markets of EEX, by means of an immediate corresponding entry into 

the trading system of EEX (deactivation of the Emergency Member Stop) once the preconditions for the use of the Emergency Member Stop have ceased to exist. 

(3) In each individual case, the Clearing Member which has activated the Emergency Member 

Stop is obliged to immediately communicate a written explanation for the activation of the 

Emergency Member Stop to the Management Board of the Exchange on the same exchange trading day. This documentation should contain information regarding the facts of 

the matter, the reasons and the probable time of the deactivation of the Emergency Member Stop. 

(4) Upon the activation of the Emergency Member Stop, the Management Board of the Exchange will order the suspension of the admission of the respective Exchange participant to 

trade on the exchange for the period of time until the Clearing Member communicates to 

the Management Board of the Exchange that it is ready to re-commence clearing of transactions of the Exchange participant concerned by deactivating the Emergency Member 

Stop. 

(5) For the duration of the suspension of the admission to trade on the exchange according to 

paragraph 1 the trading system T7 prevents further orders by the Exchange participant 

concerned from being entered into the trading system. Moreover, orders which have already been entered into the system are deleted. Other trading systems do not have this 
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functionality. Regardless of this, the Exchange participant concerned is no longer entitled to 

enter orders or conclude transactions on EEX or to make entries for the purpose of position 

administration according to Sect. 35 of the Trading Conditions as of the order regarding the 

suspension of the admission to trade on the exchange. 

§ 26 Exclusion from Trading 

(1) If an Exchange participant admitted to trading on the EEX as a Clearing Member of ECC 

AG fails to provide the margin or daily settlement amount required or fails to make any 

other payment or delivery when due, on request of ECC AG the Exchange participant, as 

well as all affiliated Non-Clearing Members, may be excluded from trading on the EEX for 

the duration of such failure by decision of the Management Board of the Exchange. 

(2) If an Exchange participant admitted to trading on the EEX as a Non-Clearing Member of 

the ECC AG fails to provide the margin or daily settlement amount required or fails to 

make any other payment or delivery when due, paragraph 1 shall apply accordingly. If 

such a Non-Clearing Member fails to make any deliveries or payments or fails to pay any 

premiums or fees to its Clearing Member when due as set out in the Trading Conditions of 

EEX or in the Clearing Conditions of ECC AG, the Management Board of the Exchange 

may, at the request of ECC AG or its Clearing Member, exclude such a Non-Clearing 

Member from trading on EEX for the duration of such failure. 

(3) If the other requirements for the admission as an Exchange participant are no longer fulfilled, the Management Board of the Exchange can exclude the Exchange participants 

from trading in full or partially for individual products or markets 

§ 27 Consequences of Exclusion from Trading 

(1) If a Non-Clearing Member is excluded from trading, the Clearing Member which provides 

services for such Non-Clearing Member, or ECC AG may request the Management Board 

of the Exchange to close the positions of that Non-Clearing Member. If a Clearing Member 

that is Exchange participant at the same time, is excluded from trading, ECC AG may request the Management Board of the Exchange to close the positions of that Non-Clearing 

Member. If a Clearing Member of ECC is excluded from trading under the provisions of 

this paragraph, Non-Clearing Members affiliated with it may only be excluded from trading 

until they are able to engage in trading on EEX through another Clearing Member. The 

right to revoke their admission remains unaffected. 

(2) If an Exchange participant is excluded from trading in single or all products, the Exchange 

participant must cancel all its bids, orders and quotes within the respective products and 

must not enter new bids, orders or quotes within the trading systems of EEX. 

3.3. Liquidity Provision by Market Makers and Liquidity Providers 

§ 28 Prerequisites and Definitions 

(1) The Management Board of the Exchange may determine for single products or submarkets that and in what manner liquidity shall be provided for trading in the respective 

product(s) by Market Makers or Liquidity Providers. 
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(2) The provision of liquidity for EEX by Market Making means the holding out of an Exchange participant on EEX on a continuous basis as being willing to deal on own account 

by buying and selling of products against that Exchange participant’s proprietary capital at 

quotations defined by that Exchange participant (Market Maker). Market-Makers will be 

admitted or committed as Market Makers, respectively, by the management board of the 

exchange by means of administrative act. 

(3) The provision of liquidity which is not conducted within the framework of an admission or 

commitment as Market Maker, respectively, is the willingness of an undertaking on EEX 

on a continuous basis to deal on own account by buying and/or selling of products against 

that undertaking’s proprietary capital at prices defined by that undertaking (Liquidity Provider). Liquidity Provider will be appointed by means of private-law agreements. 

§ 29 Obligations of Market Makers and Liquidity Providers 

(1) A Market Maker is obligated to simultaneously enter limited bid and ask orders (quotes) 

into the EEX trading system to the extent determined by the Management Board of the 

Exchange and to conclude trades on the basis of such quotes. The Market Maker must be 

contactable at all times during trading times. 

(2) In the interest of ensuing orderly trading conditions, the Management Board of the Exchange may impose additional duties on Market Makers. In particular, the Management 

Board of the Exchange may establish a maximum or minimum spread between the bid 

and the ask prices, minimum contract sizes for both the bid and the ask side, a minimum 

holding period for quotes, and a minimum period for maintaining quotes in the EEX trading 

system. 

(3) Type and scope of the obligations of Liquidity Providers will be determined by the exchange operator by means of general terms and conditions, 

§ 30 Commitment as Market Maker or Liquidity Provider by EEX 

(1) The Management Board of the Exchange may commit suitable Trading participants to 

provide EEX continuously and foreseeable with liquidity in single products or sub-markets 

as Market Maker or Liquidity Provider. Without limitation, a Exchange participant may be 

considered as being suitable if it possesses the necessary organizational and financial 

means to comply with its obligations as Market Maker or Liquidity Provider and it has an 

appropriate number of Exchange traders as well as the necessary technical requirements 

at its disposal. Further, it may be assumed due to the previous trading behavior or other 

comparable criteria, that it entertains a substantial interest to further the development of 

the liquidity in the products or sub-markets of EEX concerned, respectively. 

(2) The commitment as Market Maker or Liquidity Provider, respectively, has to be subject to 

appropriate commercial conditions. The commitment as Market Maker is furthermore dependent on the admission as an Exchange participant. 

(3) The Management Board of the Exchange revokes the commitment as Market Maker or 

Liquidity Provider, respectively, if Market Making or Liquidity Provision is sufficiently conducted by other Exchange participants according to the following provisions. 
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§ 31 Admission as Market Maker 

(1) Notwithstanding Sect. 30, an Exchange participant may also apply for admission as a 

Market Maker for one or several products if the Management Board of the Exchange has 

decided to conduct market making with respect to the trading of such product or products. 

Each product, to which an applicant seeks admission as a Market Maker, must be specified in the application. 

(2) The Management Board of the Exchange will grant a Market Maker admission provided 

the Exchange traders named in the application for such type of trading have the requisite 

trading knowledge to act as Market Makers. The applicant must furnish evidence of the 

requisite professional knowledge. 

(3) The admission as Market Maker is dependent on the admission as an Exchange participant. 

(4) A Market Maker admitted in accordance with paragraphs (1) through (3) may at any time 

resign from its Market Maker Admission upon written notice to EEX for all or for individual 

products. From the fifth trading day after receipt of the notice on, the Market Maker is neither authorized nor obliged to enter quotes for the products concerned. 

(5) In the case of a reapplication for admission as a Market Maker concerning products where 

the admission has been resigned from before, EEX may prescribe a waiting period of at 

least 10 trading days. 

(6) The Management Board of the Exchange may revoke the admission of a Market Maker if 

the Market Maker does not fulfil its obligations specified in Sect. 29 upon prior notice. 

3.4. Admission of Institutions with public mandate 

§ 32 Admission as Auctioneer 

(1) Legal bodies organized under private law or legal bodies organized under public law may 

be admitted as an auctioneer by the exchange without being admitted as an Exchange 

participant. 

(2) Auctioneer in the meaning of this clause is a private law or public law institution mandated 

by one or several EU member states or by the European Commission with the primary 

auction of greenhouse gas emission allowances (Emission Rights) in the sense of Directive 2003/87/EG and any following acts (public mandate) and who acts only as seller of 

Emission Rights using an auction (single sided auction). Under the admission as auctioneer any other participation of the auctioneer in trading at EEX is prohibited. 

(3) An auctioneer may be admitted upon request as auctioneer if: 

(a) the auctioneer is entitled by public mandate in the sense of subsection 2 to sell 

Emission Rights, 

(b) the orderly settlement of the auctions is secured and 

(c) the orderly settlement of transactions is secured; Sect. 18 applies mutatis mutandis. 
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The prerequisites under lit. a–c shall be considered as fulfilled for auctioneers that request 

to be admitted to auctions within the meaning of Art. 26 (2) of Commission Regulation 

(EC) No 1031/2010 („Transitional Common Auction Platform“ or „TCAP“) if the prerequisites for admission stipulated in the “Arrangements on primary auctions of emission allowances on the spot market of the European Energy Exchange (EEX) under Commission 

Regulation (EU) No 1031/2010 and clearing and settlement of such transactions through 

European Commodity Clearing AG (ECC)” (“Arrangements”) are accepted and fulfilled. 

(4) An auctioneer is only entitled to act as a seller within an auction. Auctioneers that have 

been admitted in accordance with Art. 22 of Regulation (EC) No. 1031/2010, shall not be 

entitled to enter sell orders into the trading system, the respective sell order is the Auction 

calendar in its respective valid version. 

(5) Regarding resignation, withdrawal, revocation and suspension of an acceptance as auctioneer the rules in Section 3.2 apply mutatis mutandis. 

3.5. Recognition of Non-Trading Brokers and Third-Party Trading 

Venues 

§ 33 Recognition as a Non-Trading Broker 

(1) Undertakings may also be recognised by the Management Board of the Exchange exclusively for using the Trade Registration Functionality by entering trades on behalf and in 

the name (authorised declaring agent or declaring intermediary) of Exchange participants 

in accordance with the Trade Registration Rules (Non-Trading Broker). Non-Trading Brokers are not Exchange participants within the meaning of Sect. 16 paragraph 1 and they 

do not take the place of the clients upon the registration of the trades at EEX and they 

cannot open any own positions. 

(2) Recognition as Non-Trading Broker within the meaning of this provision shall only be possible for those undertakings: 

(a) which are 

§ a credit institution, 

§ a financial services institution, or 

§ an undertaking operating within the meaning of Sect. 53 paragraph 1 sentence 1 or Sect. 53b paragraph 1 sentence 1 KWG 

that are authorised to conduct principle broking business within the meaning of 

Sect. 1 paragraph 1 sentence 2 no. 4 KWG or to provide a financial service within 

the meaning of Section 1 paragraph 1a sentence 2 no. 1 to 4 KWG. If according to 

the law of the country of origin of the undertaking that conducts the principle broking 

business or provides financial services, respectively, an authorization to do so is not 

necessary, the undertaking has to prove an equity base that is at least comparable 

to that of the undertakings mentioned in sentence 1. EEX may at any time demand 

proof of a higher equity base or the posting of collateral if it is deemed necessary by 

EEX after having conducted a proper risk analysis; 
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(b) in as far as they are organised in the legal form of a sole proprietorship, whose proprietors are personally reliable and professionally qualified for this position and in 

the case of other companies, in which the managing directors are personally reliable 

and professionally qualified for this position; those persons holding power of representation shall be specified by the applicant in the application for recognition; 

(c) which have successfully completed a KYC process at EEX; 

(d) which have the required technical access to the EEX Trade Registration Functionality; 

(e) which must have appointed persons who are to be entitled to use the Trade Registration functionality with these persons having to be personally reliable and professionally qualified; 

(f) which guarantee 

(i) that through their internal organisation they ensure that transactions are 

only registered in the name of such Exchange participants with whom they 

have concluded a respective agreement 

(ii) that by this agreement the liability risk for erroneous registrations caused 

by the Non Trading Broker is allotted thoroughly to the Non Trading Broker 

as well as 

(iii) that they provide EEX with a list amended from time to time and in a format determined by EEX containing EEX Exchange participants with whom 

the Non Trading Broker has concluded a respective agreement; and 

(iv) that the process for matching of orders within their internal trading system 

cannot be manipulated; 

(3) Non-Trading Brokers, who are not also admitted as Exchange participants on EEX at the 

same time are only authorised to enter trades; however, they are not authorised to confirm 

such. Any participation in exchange trading and holding of own positions via the Trade 

Registration functionality are excluded. 

(4) The Management Board of the Exchange can restrict the recognition of Non-Trading Brokers to certain market segments and products. 

(5) The Management Board of the Exchange can revoke the recognition as a Non-Trading 

Broker at any time and with immediate effect in the event that individual preconditions for 

recognition as a Non-Trading Broker cease to apply or in the event that the Management 

Board of the Exchange learns of facts which indicate unreliability on the part of the NonTrading Broker. Such facts include, in particular, entering of transaction which the NonTrading Broker was not entitled to conclude. The revocation of a company’s recognition as 

a Non-Trading Broker has to be communicated to the Exchange participants of EEX. 

§ 34 Recognition as a Third Party Trading Venue 

(1) Enterprises that operate and/or manage the business of a regulated market may be recognised by the Management Board of the Exchange exclusively for using the Trade Reg-
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istration Functionality by entering trades on behalf and in the name (authorised declaring 

agent or declaring intermediary) of Exchange participants or Trade Registration Participants in accordance with the Trade Registration Rules (Third Party Trading Venue). 

A regulated market according to sentence 1 is a multilateral system operated and/or managed by a market operator, which brings together or facilitates the bringing together of 

multiple third-party buying and selling interests in commodities or future or forward transactions in commodities, freight rates, emission allowances, climatic or other physical variables – in the system and in accordance with its non-discretionary rules – in a way that 

results in a contract, in respect of the commodities, freight rates, emission allowances, 

climatic or other physical variables admitted to trading under its rules. 

(2) Recognition as Third Party Trading Venue within the meaning of this provision shall only 

be possible for those undertakings: 

(a) which have obtained a permission by the respective competent national supervisory 

authority to operate a regulated market and which are supervised in doing so by that 

authority; 

(b) which have concluded a cooperation agreement regarding the registration of trades 

with EEX AG or a group company of EEX Group. 

(c) which have the required technical access to the EEX Trade Registration Functionality; 

(d) which guarantee 

(i) that through their internal organisation they ensure that transactions are 

only registered in the name of such Exchange participants with whom they 

have concluded a respective agreement 

(ii) that they provide EEX with a list amended from time to time containing 

their trading participants for whom the Trade Registration Functionality will 

be used; as well as 

(iii) that they are thoroughly liable risk for erroneous registrations caused by 

the them. 

(3) There shall be no right to be recognized as Third Party Trading Venue, particularly, such 

right shall not be the consequence of the recognition of another enterprise. 

(4) The Management Board of the Exchange can revoke the recognition as a Third Trading 

Party Venue at any time and with immediate effect in the event that individual preconditions for recognition as a Third Trading Party Venue cease to apply or in the event that the 

Management Board of the Exchange learns of facts which indicate unreliability on the part 

of the Third Trading Party Venue. Such facts include, in particular, entering of transaction 

which the Third Trading Party Venue was not entitled to conclude. The revocation of 

a company’s recognition as a Third Trading Party Venue has to be communicated to the 

Exchange participants of EEX. 
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3.6. Admission, Withdrawal and Suspension of Products 

§ 35 Admission of Products 

(1) The Management Board of the Exchange shall decide which product shall be admitted to 

Spot and Derivatives Trading on the EEX and determines – subject where necessary to 

the required approval of the Exchange Supervisory Authority – on which trading system a 

product will be launched. Condition for the admission of a product is that the maintenance 

of orderly Spot and Derivatives trading can be expected. Details are regulated in the EEX 

Conditions for Trading. 

(2) Products are, in each case, Spot Market trades, and Options or Derivatives contracts on a 

specific underlying instrument that are authorized to trading on the Exchange. The underlying instrument is the reference object of the product. 

(3) A decision of the Management Board of the Exchange concerning the admission of products for trading on the EEX must be made public. 

(4) The Management Board of the Exchange shall decide on the admission of products for 

use of the Trade Registration Functionality. In the case of products which are exclusively 

launched for the registration of trades, it shall determine the contract specifications. More 

detailed provisions regarding this are made in the Trade Registration Rules. 

§ 36 Withdrawal and Suspension of a Product Admission 

(1) If orderly Exchange trading or the orderly settlement of Exchange transactions is at risk or 

protection of the public requires such actions, the Management Board of the Exchange 

may withdraw the admission of products for Spot Market or Derivatives trading in these 

products on the EEX, or it may suspend trading on the Spot or Derivatives Markets of the 

EEX altogether. This holds in particular for trading on the Derivatives Market of the EEX if 

the quotation of an underlying is suspended or if for other reasons, the EEX is not authorized to reference this underlying anymore. 

(2) Furthermore, the Management Board of the Exchange may interrupt the entire Exchange 

trading or trading in individual products if technical reasons or the prevention of threats to 

the functionality of Exchange trading require such an action. 

(3) In case the orderly trading or settlement of a contract is not secured, the Management 

Board of the Exchange may determine cash settlement instead of physical fulfillment for 

contracts which have to be fulfilled physically. 

(4) The Exchange participants need to be immediately informed about withdrawals of the admission of products or the suspension of trading on the Spot or Derivatives Markets of the 

EEX and the determination of a cash settlement for physical products. 

When trading on the Spot or Derivatives Markets of the EEX is entirely or partly suspended for certain products, it is not possible to enter orders or quotes for the concerned products and for the duration of the suspension. Neither is it possible to close open positions 

resulting from derivatives trading for the concerned products and for the duration of the 

suspension. All the existing orders and quotes will be deleted. Reopening of trading in the 

suspended products begins – if applicable - with a pre trading period or an opening phase. 

In the case of a suspension that constitutes a particular situation, the Management Board 

of the Exchange may give instructions that deviate from the rules specified above. 
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4. Exchange Trading 

4.1. General Terms for Exchange Trading 

§ 37 Electronic Exchange 

(1) The EEX is a fully electronic exchange. It has electronic trading platforms for the conclusion of Spot transactions and for the conclusion of Derivatives transactions. 

(2) Orders are purchase or sale orders made by Exchange participants on the Spot Market of 

the EEX in the trading type of Continuous Trading with auction trading as well as on the 

Derivatives Market. In auctions orders can also be referred to as bids. Quotes are limited 

purchase and sale orders entered simultaneously which are valid for only one day. Further 

details are stipulated in the EEX Conditions for Trading. 

(3) Exchange participants transfer orders and quotes from their respective workstations to the 

EEX trading systems by means of electronic transmission. The Management Board is entitled to permit the usage of other methods of transfer; it will inform the Exchange participants of this method by the most suitable means. 

(4) The Management Board is entitled to temporarily interrupt the access to the EEX trading 

systems for single or all products for one or all of the Exchange participants should this be 

necessary for technical reasons. The Management Board makes the decision as to the 

revocation of the interruption. The Exchange participants concerned must be informed of 

the interruption of the access to the EEX trading systems and the revocation of the same 

by suitable means. 

§ 38 Exchange Price and Price Determination 

(1) Exchange prices are determined by execution of orders at the exchange. Exchange prices 

are determined transparently and non-discriminatorily by the trading systems of EEX according to the more detailed provisions of the following paragraphs. 

(2) Exchange prices must be determined properly and correspond with the actual market situation of the exchange trading. The exchange has to make appropriate arrangements to 

secure the proper determination of the exchange prices in the event of extensive price 

fluctuations. Appropriate arrangements are in particular short-term changes in the market 

model, like the discontinuation of continuous trading with a subsequent restart by an 

opening auction or through the short-term interception of the volatility considering static or 

dynamic price corridors. Details may be stipulated in the Trading Conditions. The Management Board of the Exchange may rapidly determine further appropriate measures, if 

there is a risk that the exchange prices are not determined properly or do not correspond 

with the actual market situation. 

(3) In primary auctions of emission allowances at the spot market in accordance with Regulation (EU) No. 1031/2010 as well as at the derivatives market pricing is carried out as uniform pricing in the auction by means that all successful bidders will pay the same auction 

clearing price after the end of the call phase. 
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The limit price of the order at which the sum of the volumes bid matches or exceeds the 

volume of allowances auctioned shall be the auction clearing price: The orders are sorted 

according to the height of the price limit and the quantities specified are added up. Where 

the price limit of several orders is the same, these orders will be sorted through a random 

selection according to an algorithm determined by EEX before the auction. 

If the amount of bidding orders does not meet the offer of EU emission allowances a price 

determination does not take place during the respective auction. The same applies if the 

estimated auction price does not reflect the orderly market value (reference price procedure as per Art. 7 (6) of Regulation (EU) No. 1031/2010) and the other cases as foreseen 

in Art. 9 of Regulation (EU) No. 1031/2010. Further details are stipulated in Sect. 33 of the 

Trading Conditions of EEX. 

(4) Within the trading system T7 the opening price is determined during the opening auction, 

as of a time to be determined by the Management Board of EEX, on the basis of both limited orders and market orders contained in the trading system and shall be the price at 

which the largest possible number of contracts of such orders and quotes may be executed (Principle of Maximizing Executions – Meistausführungsprinzip). 

During continuous trading the exchange price is determined on the basis of the respective 

highest sell limit or lowest buy limit in the same order book or another order book (synthetic path) at which the orders are executed automatically by the trading system (price-time 

priority). Further details are stipulated in Sect. 25 of the Trading Conditions of EEX. 

(5) The exchange prices and the volume and time at which the trades were closed out shall 

be published within the respective trading system or by means of electronic media, respectively, immediately in real time and not later than three minutes after occurrence, unless a delayed publication seems necessary in order to avoid an inadequate disadvantage 

of the parties of the transaction. Type and extent of the publication shall be determined by 

the Management Board of the Exchange in accordance with the requirements provided by 

law. The Management Board shall accordingly be authorized to publication serving the 

purpose of an adequate notification of the public of the market development. 

§ 39 Order-Transaction-Ratio 

(1) The Exchange Participants shall be obliged to safeguard an adequate ratio between their 

entries of orders, changes and cancellations thereof and the actually executed transactions (Order-Transaction-Ratio), to avoid any risk for proper exchange trading. Thereby, 

the Order-Transaction-Ratio is to be determined for each financial instrument by means of 

the numerical volume of the respective orders and trades within one calendar month. An 

adequate Order-Transaction-Ratio is particularly existent, if it is economically comprehensible due to liquidity of the product concerned, the actual market situation or the function 

of the acting exchange participant. 

(2) The Management Board of the Exchange shall be entitled to define criteria to determine 

the adequate Order-Transaction-Ratio for the respective financial instrument or certain 

classes of financial instruments, whereat the Management Board of the Exchange considers the liquidity and volatility within the respective market including specific order book situations, the way entries to the order book are made (manually or electronically). Enter-
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prises, whose entries to the order book serve to fulfill their quotation obligation, may be 

exempted from the obligation stipulated in paragraph 1. 

§ 40 Minimum Price Change 

(1) The minimum price change for each product is stipulated in the Contract Specifications. 

(2) The Management Board of the Exchange may temporarily determine the minimum price 

change exceeding the provisions in the Contract Specifications, if this determination is 

appropriate to reduce negative impacts to the market integrity and liquidity. 

§ 41 Technical Malfunctions 

(1) Malfunctions which occur on the technical equipment that is required for participation in 

trading have to be reported to EEX without delay during the business hours by the affected Exchange participants. 

(2) In the case of technical malfunctions, EEX shall be authorized to take any suitable and 

appropriate measures which are required to safeguard or resume proper trading or the 

proper settlement of exchange trades. For example, EEX can exclude individual Exchange participants or all Exchange participants from trading temporarily; they can suspend trading or delete orders by individual or all Exchange participants. The measures 

taken by EEX shall be binding for all Exchange participants. Further rules are contained in 

the Technical Implementing Regulations of EEX. 

(3) EEX provides unrestricted technical support only during business hours. Outside business 

hours the support only comprises measures for remedying technical malfunctions and for 

damage control. These measures concern in particular remedying of a technical malfunction, the deletion of orders by individual or all Exchange participants, the cancellation of 

transactions, or the complete or partial suspension of trading. 

(4) EEX shall be authorized to commission third parties not belonging to the EEX group to 

support the Exchange participants outside the business hours or for measures according 

to paragraph 2. However, the third parties commissioned to that end shall not be granted 

access to the trading data of the Exchange participants or a right of inspection of such. 

(5) EEX, its operating company and companies of the EEX group assume no liability for 

damage resulting from a disruption of the operation as a result of force majeure, rebellion, 

acts of war, natural phenomena, or other events for which it is not responsible (e.g. 

strikes, lock-outs). 

(6) EEX, its operating company and companies of the EEX group only accept liability for 

damages resulting from the use of the EEX trading systems if and in as far as this results 

from gross negligence or actions of intent committed by its organs or vicarious agent. 

Over and above this, the EEX shall only be liable for the careful selection of the EDP systems used for trading. 

§ 42 Central Counterparty 

(1) To safeguard the proper execution of trades concluded or registered at EEX, the clearing 

of these trades is carried out through European Commodity Clearing AG as central coun-
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terparty (ECC or clearing house). The collateralization, financial and physical settlement of 

all trades concluded or registered at EEX (Clearing), will be carried out exclusively according to the ECC Clearing Conditions in their respective valid version and the conditions 

they refer to. 

(2) The Management Board of the Exchange may admit ECC AG to trading on EEX as an 

exchange participant in connection with its activity as a central counterparty. ECC AG is 

limited to trading on its own behalf or on behalf of the Clearing Members and NonClearing Members connected to it in the framework of the default management process of 

ECC AG. Proof of the authorisation required to this end constitutes the precondition for 

trading on behalf of the Clearing Members or Non-Clearing Members. Admission has to 

be applied for in writing. 

(3) The Management Board of the Exchange may regardless of the provision of Sect. 27 enter orders either for own behalf and own account of ECC or on behalf of and on account of 

the clearing members or non-clearing members of ECC or register trades to safeguard the 

proper execution of exchange trades. 

4.2. Exchange Trading on the Spot Markets of EEX 

§ 43 Exchange Hours and Trading Periods 

(1) The Exchange hours for the commencement and the end of the individual phases for all 

products shall be determined by the Management Board of the Exchange. The Management Board of the Exchange may extend or reduce the Exchange hours as well as the 

commencement of any of the individual phases on any given Exchange day to the extent 

necessary to maintain orderly trading conditions or for reasons relating to the trading systems of the EEX. 

(2) The Exchange hours for Spot transactions, which can be concluded in the trading type of 

closed or open auctions, comprises the following consecutive phases: 

(a) Call Phase and 

(b) Execution Phase 

The trading period for Spot transactions in the trading type of continuous trading comprises only the Execution Phase. 

(3) Orders can be entered, changed or deleted from the EEX trading systems during the CallPhase; the Order Book remains closed. 

(4) The Call-Phase is followed by the Execution Phase during which transactions in the individual products can be concluded in a closed or open auction in accordance with the 

Trading Conditions. The execution of the auctions for individual products, shall be determined by the Management Board of the Exchange unless more detailed provisions regarding this are established in the Exchange Rules or the Trading Conditions. 

§ 44 Trading types 

(1) Products of the EEX Spot Markets will be traded in continuous trading or in auctions. 
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(2) Unless deviating provisions are made in an individual case, the price at which the highest 

order volume can be executed with the minimum surplus is determined from the limited 

and unlimited orders which are received in the EEX system until a certain time in the 

Open or Closed Auction; in as far as unlimited orders are permissible, these shall be given 

priority. An Open Auction is generally divided into the call phase and the price determination. During the call phase, Exchange participants may enter, change or delete orders. If 

there are orders that could be executed against one another, in auctions with a closed Order Book, a potential execution price is displayed during the Call phase. If this is not the 

case, the best buy and/or sell limit is displayed. In auctions with an open Order Book, the 

cumulated order volumes of each of the buy and/or sell limits are also displayed. Neither a 

potential execution price nor order volumes are displayed in a closed auction. 

(3) Continuous Trading commences without an opening auction, closing auction, or intraday 

auctions. Prices are determined by matching orders at the best possible bid and ask limits 

indicated in the Order Book; in the event that prices are identical, orders and quotes are 

matched in the order in which they were entered into the EEX system (price-time priority); 

unlimited orders are executed first. All available orders shall be displayed cumulatively at 

the respective limits (Open Order book). 

(3) Details are stipulated in the Trading Conditions. 

4.3. Exchange Trading on the Derivatives Markets of EEX 

§ 45 Exchange Hours and Trading Periods 

(1) The Exchange hours for derivatives transactions on the Derivatives Markets of EEX consist in accordance with the more detailed provisions in the Trading Conditions of at least 

the: 

(a) Trading Period; 

Furthermore, it can establish the following phases: 

(a) Pre-Trading Period and 

(b) Post-Trading Period. 

(2) The Exchange hours for the commencement and end of the individual periods for each 

approved product for the Derivatives market shall be determined by the Management 

Board of the Exchange. The Management Board of the Exchange may extend or reduce 

the Exchange hours, as well as the commencement of any of the individual periods on 

any given Exchange day to the extent necessary to maintain orderly trading conditions, or 

for reasons relating to the EEX trading systems. 

(3) In accordance with the Trading Conditions and the Trade Registration Rules, the execution of trades on the Exchange is only possible during the Trading Period. 
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§ 46 Type of Trading 

Products of EEX will be traded on the Derivatives Markets in continuous trading with or 

without open auctions. In accordance with the Trading Conditions the products may also 

be traded in closed or open auctions. 

4.4. Special Provisions for the Primary Auction of Emission 

Rights 

§ 47 Primary Auction - Auctioneer 

(1) Primary auction of emission rights is effected as an element of exchange trading on the 

spot and/or derivatives market of EEX. 

(2) The primary auction of emission allowances comprises both EU emission allowances 

(EUA) and EU aviation allowances (EUAA) according to Commission Regulation (EU) No 

1031/2010 (Auctioning Regulation). 

(3) In addition to the rules and regulations of EEX, the respectively valid statutory bases are 

applicable to the respective auctions. For TCAP-Auctions within the meaning of Art. 26 (2) 

of the Auctioning Regulation the provisions of the Arrangements as defined in Art. 31 (3) 

shall apply additionally for the respective contracting parties. In case of a conflict between 

the Arrangements including the provisions the Arrangements refer to and the Exchange 

rules, the provisions of the Arrangement precede in the relation between the auctioneers 

and EEX. 

(4) EEX is the exchange carrying out the primary auction of emission allowances. 

(5) Contracting entity of EEX is the national or European institution, EEX has concluded an 

agreement about the execution of auctions with. The respectively competent national or 

European institution or a third party commissioned by it (auctioneer) shall provide the 

emission allowances to be auctioned off. Trading participants other than the auctioneer 

are not entitled to conclude sales transactions in the framework of the primary auction. 

§ 48 Execution of the Primary Auction 

(1) Exchange, trading for the primary auction of emission allowances is effected by means of 

a closed auction on the EEX Spot and Derivatives Market. 

(2) The exchange publishes an auction calendar which specifies inter alia the dates for the 

auction (day and time) as well as the respective quantity of emission allowances to be 

auctioned off during a given auction date 

(3) More detailed provisions regarding the execution of the auctions are established in the 

Trading Conditions. 

§ 49 Cooperation with Supervisory Authorities, Forwarding of 

Information 

(1) EEX is entitled and obliged to exchange information with the respective contracting entity, 

the authorities in charge of monitoring of the auctions in accordance with the more de-
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EEX Exchange Rules, Release 0037a Page 31 

tailed provisions of the provisions which are applicable to the respective primary auction 

and with the implementing rules and agreements which are based on these, to the extent 

that the knowledge of such information is necessary for these bodies to fulfil their tasks. 

(2) Further, EEX is in accordance with the provisions of Commission Regulation (EU) No 

1031/2010 in its respectively valid version, entitled and obliged to forward data and information to third parties that are commissioned to execute the auction as the successors of 

EEX, that apply for such succession or that, as authorities, collect data and information in 

order to forward such to the persons specified in the framework of the valid provisions. 

Details are laid down, in particular, in Art. 35 paragraph 3 lit h of the Commission Regulation (EU) 1031/2010 and the specific rules governing the use of such data and information 

which are based on these. 

(3) EEX is entitled to take measures to ensure proper pricing in the primary auction which is 

also in line with the market with regard to secondary trading in accordance with the more 

detailed statutory provisions which are valid for the respective primary auction and the 

more detailed specifications which are based on these. 
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EEX Exchange Rules, Release 0037a Page 32 

5. Margin Requirements; Position Limits

§ 50 Margin Requirements 

(1) Each Exchange participants shall deposit the required margin as well as the daily settlement payments on the Derivatives Markets at any given time. The method for the calculation of the margin established by ECC AG and the Clearing Members shall be disclosed to 

the Non-Clearing Members on request. 

(2) Exchange participants that are also Clearing Members at ECC AG shall immediately inform the managing board of the exchange if one of its Non-Clearing Members does not 

provide the margins which have been established. 

(3) The adherence to provision regarding margin requirements (i.e. the respective valid clearing conditions) and making of arrangements of suitable measures to ensure that the obligations of Exchange transactions are met shall be monitored in compliance with Sect. 20 

of the Exchange Act. 

§ 51 Determination of the Position Limits for 

Derivatives Trading 

(1) The Management Board of the Exchange may set position limits for Derivatives trading in 

order to ensure that Derivatives Trading proceeds in an orderly fashion. A position limit is 

a maximum number of Derivatives contracts that may be held by one Exchange participant or one customer for its own account. 

(2) Positions held in arrangements with third parties for a common purpose shall also be included in such position limits. 

(3) In Derivatives trading, the position limits for each product shall be defined as the maximum total number of contracts purchased and sold. 

(4) An Exchange participant may not, for its own account or for the account of any customer, 

engage in any transactions on the EEX if there are any indications that the Exchange participant or customer, as a consequence of such transaction, whether alone or jointly with 

others, would hold or control a total position in excess of the position limits set by the 

Management Board of the Exchange. 

§ 52 Modifications of Position Limits 

The Management Board of the Exchange may modify position limits in order to maintain 

orderly trading. Changes to position limits shall become effective no earlier than on the 

sixth exchange day following the date of their announcement to the Exchange participants. 

§ 53 Monitoring of Compliance with Position Limits 

The Market Surveillance Department monitors all positions of an Exchange participant, including customer positions, to verify compliance with position limits. 
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EEX Exchange Rules, Release 0037a Page 33 

§ 54 Reporting Obligation 

In the case that trading commences prior to the point of time at which the margin requirements or the daily settlement payment are to be provided, an Exchange participant must 

not start trading if the fulfilment of the margin requirements or daily settlement payments 

applying for this Exchange participant within the agreed time limit is at risk. The Management Board of the Exchange shall be notified by the Exchange participant hereof without 

delay. 
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6. Final Provisions 

§ 55 Usage of Data 

(1) Data and information received from the EEX trading system shall only be used by Exchange participants for their own purposes with respect to trading and settlement. Transmitting such data to third parties or processing the data received, including all types of 

commercial uses of these data shall, to the extent not required for EEX trading or for 

clearing purposes, not be permitted without the prior consent of the Management Board of 

the Exchange. 

(2) Without prejudice to legal and regulatory obligations, the Management Board of the Exchange and the Operating Company are entitled to share information and data related to 

the exchange membership within EEX group, the scope of cooperations, outsourcings and 

the assignment of external service providers. A transfer of information and data outside of 

EEX group may only take place if this is necessary for the fulfilment of the tasks performed by the third party and if the third party has committed itself to strict confidentiality. 

The disclosure of personal data is only permitted in the framework of the respectively valid 

statutory provisions. 

§ 56 Recording of Telephone Calls 

(1) In order to safeguard the correctness of exchange trading and of the settlement of exchange trades, telephone calls with the EEX Market Supervision may be recorded and 

saved electronically by EEX. An indication of the right to refuse the recording will be provided to the caller before the recording. Without prejudice to already granted approvals, 

the caller may refuse the recording of his call. In this case, the call is terminated by EEX 

Market Supervision, so that trading on behalf is not possible. 

(2) These recordings are regularly deleted upon the end of a period of one year after the 

month during which the recording was made provided knowledge of the data recorded is 

no longer necessary for EEX to be able to fulfil its tasks. 

(3) Data recorded in accordance with section 1 shall exclusively be used for the purpose 

specified in section 1 and it shall only be used if the matters concerned cannot be clarified 

or reasonably clarified with the help of other evidence and proof. 

§ 57 Publication of Prices and Transaction Volumes 

The Management Board of the Exchange shall publish Exchange prices, daily settlement 

prices, final settlement prices and underlying transaction volumes in the electronic media. 

The manner and scope of the publication of prices shall be determined by the Management Board of the Exchange. The Management Board of the Exchange is also authorized 

to publish information serving to adequately inform the public of matters related to market 

activities. 
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§ 58 Announcements 

Unless provided otherwise, announcements by any of the Exchange bodies of EEX shall 

appear in the electronic media. The Management Board of the Exchange shall determine 

the electronic medium. 

§ 59 Date of Effectiveness 

The Exchange Rules as well as any amendments hereto shall take effect on the day after 

their publication. 

§ 60 Changes of Rules and Regulations 

The Management Board of the Exchange is authorized, upon approval by the chairman of 

the Exchange Council or his deputy, to bring about changes to the Rules and Regulations 

which do not alter the content. 
Date 24.02.2015 

Place Leipzig 

Document Release 006a 

EEX-Admission Rules 

The English version is for informal use only. The German version is legally binding. 
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Zulassungsordnung, Release 006a Page 2 

1. Content 

1. Content .................................................................................................................................... 2

2. General Rules ......................................................................................................................... 3

§ 1 Scope ................................................................................................................................. 3

3. Admission ............................................................................................................................... 4

§ 2 Admission of Exchange traders .......................................................................................... 4

§ 3 Proof of Reliability ............................................................................................................... 4

§ 4 Proof of professional qualification ....................................................................................... 4

§ 5 Admission procedure .......................................................................................................... 4

4. Board of Examiners ................................................................................................................ 5

§ 6 Appointment ....................................................................................................................... 5

§ 7 Confidentiality ..................................................................................................................... 5

§ 8 Partiality .............................................................................................................................. 5

5. Examination Process ............................................................................................................. 6

§ 9 Application .......................................................................................................................... 6

§ 10 Admission to Examination ................................................................................................. 6

§ 11 EEX Systems Training Course.......................................................................................... 6

§ 12 Examination Date, Place of Examination .......................................................................... 6

§ 13 Objective of the Examination ............................................................................................ 7

§ 14 Examination Topics .......................................................................................................... 7

§ 15 Examination Tasks ........................................................................................................... 7

§ 16 Examination Requirements Committee ............................................................................. 7

§ 17 Conducting the Traders’ Examination ............................................................................... 7

§ 18 Deception and Breach of Rules ........................................................................................ 8

§ 19 Withdrawal ........................................................................................................................ 8

§ 20 Passing of the Traders Examination, Announcement of Results ....................................... 8

§ 21 Failing and Retaking the Traders Examination .................................................................. 9

§ 22 Legal Remedy .................................................................................................................. 9

§ 23 Costs ................................................................................................................................ 9

6. Final Provisions .................................................................................................................... 10

§ 24 Date of Effectiveness ...................................................................................................... 10
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2. General Rules 

§ 1 Scope 

(1) The following Admission Rules govern the prerequisites for the admission as an exchange 

trader, the procedure and the prerequisites for admission to and the content of the traders’ 

examination furnishing proof of professional qualification according to Sect. 19 paragraph 6 

BörsG1 (Traders Examination). The proof of professional qualification constitutes the precondition for admission to the European Energy Exchange (EEX) as an exchange trader. 

 

1

 Exchange Act of 16th July 2007 (Federal Law Gazette, vol. I, p. 1330) 
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Zulassungsordnung, Release 006a Page 4 

3. Admission 

§ 2 Admission of Exchange traders 

(1) Persons entitled to trade on the EEX Spot and/or Derivatives Market (Exchange trader) shall 

be admitted by EEX if they are reliable and have the necessary professional qualifications in 

accordance with the detailed provision in the rules for admission. 

(2) The admission entitles the Exchange trader to trade only the products or group of products 

he is admitted to and only on the trading platform for which such Exchange trader has the 

required technical knowledge. 

§ 3 Proof of Reliability

The applicant proves his personal reliability thought the sending of the duly completed and 

signed document „Declaration of personal reliability“. The Board of Management may request from the applicant additional documents or information. 

§ 4 Proof of professional qualification

(1) Professional qualification shall be assumed if the required practical experience and specialised knowledge necessary for trading on the EEX are satisfactorily shown. 

(2) Practical experience is considered proven if the applicant 

(a) has successfully taken part in a systems training course according to Sect. 11 or 

(b) can furnish proof of existing experience regarding the trading systems of EEX over 

a period of at least six months over the past two years before the application is 

submitted. 

(3) Evidence of the required specialised knowledge is particularly supplied by passing an examination leading to the qualification of an Exchange trader on the EEX. Details of the examination procedure are stipulated in Subsections 4 and 5. 

(4) The management of the exchange may in its own discretion refrain from the proof of passing the exams mentioned in sections 4 and 5 and may generally accept specific trainings 

and exams of other exchanges and institutions (foreign certificates) as a proof of professional qualification, this acceptance of foreign certificates has to be published. 

§ 5 Admission procedure

(1) Decisions regarding the admission of persons as Exchange traders are made by the 

Board of Management of EEX upon written application pursuant to Sect. 19 BörsG. The 

decision is made by the Board of Management of the Exchange in written form. It is permitted to refuse an incomplete application. The existing Exchange participants may be informed of the admission of a new Exchange participant conveniently. 

(2) Evidence of fulfilment of the conditions for admission of Exchange traders must be furnished by the respective participant. The Board of Management may request from the applicant additional documents or information at any time and within a certain time limit. 
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4. Board of Examiners 

§ 6 Appointment 

(1) The Board of Management appoints a Board of Examiners to administer the examination for 

the purpose of evidencing the professional qualifications of exchange traders. This Board of 

Examiners consists of three members; such members elect a chairperson and a deputy 

chairperson. The Board of Examiners shall determine, by a majority of the votes cast, the results of such examination. Should the vote end in a tie, the respective chairperson shall have 

the casting vote. 

(2) The composition of the Board of Examiners is published on the website of EEX. 

(3) The Board of Management may appoint one or several deputy members for the Board of Examiners. 

(4) The Board of Management shall appoint and dismiss the members of the Board of Examiners and, where required, the deputies. The appointment may be limited in time. A reappointment is permissible. 

§ 7 Confidentiality 

(1) The members of the Board of Examiners shall keep confidential from third parties all examination proceedings, including the documents transmitted by participants in the examination. 

(2) Members of the Board of Management and the Exchange Council are not considered as third 

parties in terms of the above mentioned paragraph. 

§ 8 Partiality 

(1) Members of the Board of Examiners who are or were related by blood or marriage to an examination candidate, or who are very close to such candidate in another way, should not be 

involved neither in the examination process nor in the admission to an examination. 

(2) If any concerns regarding partiality of a member of the Board of Examiners are raised by an 

examination candidate, the remaining members of the Board of Examiners shall determine 

whether or not to exclude the member concerned from administration of the examination. 

(3) If an examination candidate is concerned that a member of the Board of Examiners is partial, 

this shall be raised vis-à-vis the Board of Examiners in writing no later than two weeks after 

the application for the examination and the announcement of the members of the Board of 

Examiners. 
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5. Examination Process 

§ 9 Application 

(1) The application for admission to the examination as exchange trader on EEX shall be filed in 

text form. 

(2) The application may be filed by enterprises which intend to participate in EEX as exchange 

participants or by the individuals to be examined. 

§ 10 Admission to Examination 

(1) Individuals shall be admitted to the traders examination who 

§ have filed an application for participation in the traders’ examination, 

§ attend a suitable preparation course (EEX Systems Training) which is recognised by the 

Board of Management for such purposes or who can demonstrate by any other means 

in writing that they have acquired the necessary knowledge imparted in the EEX Systems Training within the scope of another vocational training course or by admission to 

another exchange, and 

§ have paid the fees charged to their account. 

(2) The Board of Examiners shall determine admission to the examination on the basis of the 

certificates provided. 

(3) If the number of applicants admitted for the examination exceeds the number of available 

places on a particular examination date, the receipt of the applications shall decide on the 

order of the applicants to be admitted to the examination date in question. 

§ 11 EEX Systems Training Course 

(1) Evidence of the required practical experience of the applicant is furnished through the successful participation in an EEX Systems Training course. 

(2) The EEX Systems Training course shall take sufficient account of the actual trading process 

of the EEX systems. The type, content, process and duration of the systems training course 

shall be specified by the Board of Management. 

§ 12 Examination Date, Place of Examination 

(1) The traders’ exam shall be held sufficiently frequently, however, at least, once a quarter. 

(2) The Board of Management of the exchange shall decide on the examination dates and the 

respective place of examination in accordance with the Board of Examiners and announce 

these on the EEX website. 
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§ 13 Objective of the Examination 

(1) Objective of the examination shall be the determination of the specialised knowledge of the 

candidate for participation in the EEX exchange trading. 

(2) Evidence within the meaning of subparagraph (1) shall be furnished by the passing of the respective traders' examination according to these Exchange Rules. 

(3) Passing the traders examination does not - as a rule - constitute proof of specialised 

knowledge if the examination was taken more than three years prior to the first admittance as 

an exchange trader on EEX or the trader has not been active as a trader on EEX or a comparable market during the last three years. 

§ 14 Examination Topics 

(1) The traders examination comprises the following examination topics: 

§ Examination topic 1: 

General legal foundations of exchange and electricity trading; legal foundations of exchange and electricity trading on EEX, organizational structure of EEX 

§ Examination topic 2: 

Practice of general trading, EEX products, trading procedure as well as collateral and 

settlement (clearing) of transactions concluded on EEX, 

(2) Generally, the examination candidate’s knowledge in all concerning examination topics can 

be tested. 

§ 15 Examination Tasks 

The scope of the examination in terms of Sect. 13 in combination with Sect. 14 shall be the 

basis for the preparation of the examination tasks. 

§ 16 Examination Requirements Committee 

The Board of Examiners may form a committee which shall determine the content of the 

exchange traders’ examinations (Examination Requirements Committee). The decision 

shall be based on the examination requirements pursuant to Sect. 13 in combination with 

Sect. 14. 

§ 17 Conducting the Traders’ Examination 

(1) The traders’ examination shall be conducted electronically or in writing and in German or another language. 

(2) The examination time shall be determined by the Board of Examiners and the examination 

candidates shall be informed of the examination time in advance. 

(3) The traders’ examinations are not of a public nature. Members or representatives of the 

Board of Management of EEX are permitted to be present at the examination. 
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(4) The Board of Management regulates the monitoring of the traders examination, in agreement 

with the Board of Examiners, which shall guarantee that the candidates work independently 

and only with permitted aids. 

(5) Candidates for examination shall bring a valid identification card or passport and provide it at 

request of the examination supervisor. 

(6) Candidates for examination shall be instructed by the examination supervisor prior to the 

commencement of the traders examination regarding the examination procedure, the time 

available and of tools and examination aids which may be used as well as of the consequences of deception. 

§ 18 Deception and Breach of Rules 

(1) Participants engaging in deceptive practices, such as the use of working aids which are not 

permitted, the impermissible aid of third parties or other deceptive practices, maybe permitted from further participation in the traders’ examination under reservation of exclusion by the 

examination supervisor. The same applies to disruptions of the examination procedure. 

(2) The Board of Examiners shall determine the final exclusion and consequences after having 

afforded the examination candidate an opportunity to be heard. In serious cases, particularly 

in the case of premeditated deception, the traders’ examination may be declared to have 

been failed. The same shall apply to deceptions subsequently discovered within one year. 

§ 19 Withdrawal 

(1) The examination candidate may withdraw by written declaration prior to the commencement 

of the traders’ examination. In such case, the traders’ examination shall be considered not to 

have been taken. 

(2) If the examination candidate withdraws after the commencement of the traders’ examination 

without cause, he/she shall be considered to have failed the examination. The same shall 

apply if the candidate does not appear for the examination despite of his/her admission. 

(3) Upon good cause for the withdrawal, the traders’ examination shall be considered not to 

have been taken. The Board of Examiners shall determine the existence of such cause. 

§ 20 Passing of the Traders Examination, Announcement of Results 

(1) Only the members of the Board of Examiners shall take part in the discussion of the examination results. The Board of Examiners determines, by a majority of the votes cast, the results of the respective traders’ examination. 

(2) The traders’ examination shall be deemed to have been passed if a percentage of the points 

to be attained in the individual examination topics determined by the Board of Management 

for the examination in question was attained. The percentage to be determined shall not fall 

below 50 of 100. No special grading is granted for performance between the required percentage for the passing of the examination and 100 % of the attainable points. 
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(3) The Board of Examiners/Board of Management shall promptly distribute a certificate reflecting satisfactory completion of the examination after evaluation of the results of the traders’ 

examination. 

§ 21 Failing and Retaking the Traders Examination 

(1) After the evaluation of the examination results, the Board of Examiners shall promptly inform 

the examination candidate of the decision regarding the failure to pass a traders‘ examination 

in a notification. 

(2) Traders’ examinations can be re-taken. 

§ 22 Legal Remedy 

An appeal against a decision based on these Examination Rules may be submitted to the 

Board of Management of EEX within one month after the announcement. Opposition proceedings shall be carried out according to the Administrative Court Rules. 

§ 23 Costs 

Fees may be charged to the examination candidate’s account for participating in traders’ 

exams and EEX systems training courses as well as repeat examinations. 
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6. Final Provisions 

§ 24 Date of Effectiveness 

The Examination Rules as well as changes to the Examination Rules shall take effect on 

the day after their publication or -if it is decreed- at a later date. 
Datum / Date 04.07.2016 

Ort / Place Leipzig 

Dokumentversion / Document Release 0042a 

Trading Conditions 

The English version is for informal use only. 

The German version is legally binding.
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Trading Conditions, Release 0042a Page 2 

1 Table of Contents 

2 General Provisions ............................................................................................................... 4

§ 1 Scope of Application; Types of Trades ............................................................................. 4

§ 2 Exchange Days, Trading Hours, Business Hours and Settlement Days ............................ 4

§ 3 Products ........................................................................................................................... 4

§ 4 Binding Nature of Transactions ........................................................................................ 4

§ 5 Delivery and Acceptance Periods ..................................................................................... 5

§ 6 Settlement and Fulfilment of Transactions ........................................................................ 5

§ 7 Contractual Relationships ................................................................................................. 5

§ 8 Pre-arranged Trades and Cross Trades ........................................................................... 5

§ 9 Cancellation of Trades and Orders ................................................................................... 6

§ 10 Objections against Transactions ..................................................................................... 6

§ 11 Provisions regarding Access .......................................................................................... 7

§ 12 Transmission of Orders .................................................................................................. 7

§ 13 Trading on Behalf of the Exchange Participants (Trading on Behalf) .............................. 7

§ 14 Technical Problems within the Trading Systems of EEX ................................................. 8

§ 15 Technical Disruptions concerning a Trading Participant ................................................. 8

3 General Provisions for Trading on the Spot and Derivatives Markets of EEX ................. 9

§ 16 Scope of Application ....................................................................................................... 9

§ 17 Products, Forms of Trading and Trading Systems .......................................................... 9

§ 18 Types of Orders .............................................................................................................. 9

3.1 Special Provisions for Continuous Trading within the T7 Trading System ................... 10

§ 20 Order types................................................................................................................... 10

§ 21 Quotes.......................................................................................................................... 11

§ 22 Combined instruments .................................................................................................. 11

§ 23 Pre-Trade Limits ........................................................................................................... 12

§ 24 Execution and Management of Orders ......................................................................... 12

§ 25 Order Execution ........................................................................................................... 13

§ 26 Execution of Market Orders .......................................................................................... 14

§ 27 Execution of Limit Orders ............................................................................................. 15

§ 28 Execution of Stop Orders.............................................................................................. 15

3.2 Special Provisions for Primary Auctions of Emission Rights in Accordance with the 

Provisions of the Commission Regulation (EU) No. 1031/2010* ........................................... 16

§ 29 General Regulations ..................................................................................................... 16

§ 30 Execution of Auctions ................................................................................................... 16

§ 31 Auction Calendar .......................................................................................................... 16

§ 32 Bidders and Order Types.............................................................................................. 17

§ 33 Pricing and Execution of Orders, Cancellation .............................................................. 18

§ 34 Measures by the Management Board of the Exchange ................................................ 18

3.3 Position Account-Keeping for the Exchange Participants ............................................ 19

§ 35 Position Administration ................................................................................................. 19
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4 Final Provisions.................................................................................................................. 20

§ 36 Place of Performance ................................................................................................... 20

§ 37 Effective Date ............................................................................................................... 20
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2 General Provisions 

§ 1 Scope of Application; Types of Trades 

(1) The following trading conditions shall govern all Spot and Derivatives transactions, which 

are concluded on the European Energy Exchange (EEX). 

(2) The products of EEX are traded in the closed auction, in the open auction or in continuous 

trading with and without open auctions. 

§ 2 Exchange Days, Trading Hours, Business Hours and Settlement 

Days 

(1) Trading on EEX shall generally take place from Monday to Friday. 

(2) Trading hours are those times during which the products can be traded on the EEX. Trading is also permitted on days which are not exchange trading days provided this was announced by the Management Board of the Exchange in due time. The Management Board 

of the Exchange can specify with regard to individual products that these are not tradeable 

on all exchange trading days. 

(3) Exchange trading days may be ascertained differently according to product. The Management Board of the Exchange publishes for all products the list of holidays, respectively, 

which are not exchange trading days, in the annex to the Contract Specifications. Furthermore, it announces the trading times for the single products which can be traded on EEX. 

(4) The business hours are from 7:30 am until 06:00 pm on every Exchange Day of EEX. 

(5) Settlement Days are the days on which financial and/or physical settlement of the transaction on EEX is effected by European Commodity Clearing AG (ECC AG) (ECC business 

days). ECC AG publishes a list of days from Monday to Friday which are not ECC business 

days. 

§ 3 Products 

(1) Products are contracts which have been admitted to spot or derivatives trading on EEX by 

the Management Board of the Exchange. 

(2) The contracts, which are admitted to spot or derivatives trading on EEX, are stipulated in 

the contract specifications attached to these trading conditions. 

(3) The latest version of the contract specifications appended to these trading conditions is an 

integral part of these and, hence, forms the basis for all business carried out on EEX. 

§ 4 Binding Nature of Transactions

With regard to an exchange participant all those transactions shall be binding which are 

brought about by means of his input devices or by means of his allotted technical access 

(Member ID) and accordingly on his behalf and on his account. 
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§ 5 Delivery and Acceptance Periods 

The delivery and acceptance periods resulting from transactions concluded on the EEX are 

fixed periods within the meaning of Art. 376 HGB [German Commercial Code], in particular, 

with the result that a right to resign from the transaction and to demand compensation on 

grounds of non-performance in the event of culpable non-compliance with the deadline arises from a non-compliance with said deadline. 

§ 6 Settlement and Fulfilment of Transactions 

The trades concluded by the EEX exchange participants are fulfilled financially or physically 

in accordance with the respective provisions in the contract specifications. Fulfilment, settlement and securitisation of the transactions concluded on EEX (clearing) are provided by 

ECC AG in its capacity as the clearing house of EEX. Clearing of all transactions concluded 

on EEX shall exclusively be effected according to the Clearing Conditions of ECC AG in the 

version effective at the time of the provision of the service in accordance with the more detailed provisions in § 7. 

§ 7 Contractual Relationships

(1) The transactions on the Spot Market of EEX shall only be concluded between the ECC AG 

and an exchange participant. The integration of the clearing members of ECC AG into the 

settlement of the trades concluded shall depend on the provisions of the current version of 

the Clearing Conditions of the ECC AG. 

(2) The transactions on the Derivatives Markets of EEX shall only be concluded between ECC 

AG and an institution which holds a clearing license (general clearing member or direct 

clearing member). In case an exchange participant is not authorized to carry out clearing itself (non-clearing member) transactions shall only be concluded by means of the clearing 

member, via whom the participant settles his transactions on EEX. If an order entered into 

a trading system of EEX is matched with another order, a transaction is concluded between 

the non-clearing member and the clearing member and, at the same time, a corresponding 

transaction is concluded between the clearing member and ECC AG. If, in accordance with 

the trading conditions, performance by delivery is necessary, from the time a contract has 

to be delivered only the exchange participant is obliged to take or make delivery pursuant to 

section 3.3.5 of the Clearing Conditions. 

(3) The provisions of this article concerning exchange participants shall apply accordingly to 

enterprises or institutions that have been admitted as auctioneers. 

§ 8 Pre-arranged Trades and Cross Trades

(1) Subject to § 1 of the Trade Registration Rules, it is not permitted to enter consecutive orders in continuous trading which could be executed against each other to conclude a transactions according to a prior arrangement between two exchange participants (Pre-arranged 

trades) unless the requirements of Paragraph (4) are fulfilled. 
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(2) Entering of opposite orders by a single exchange participant with respect to the same product which could be matched with each other in the trading system for continuous trading so 

that a transaction is effected (cross trades), is not permitted in case the exchange participant knowingly acts for its own account or for the account of a customer on both the bid 

and ask side unless the requirements of Paragraph (4) are fulfilled. This does not apply to 

the submission of orders as part of a quote. 

(3) An Exchange Participant may submit a written description of his internal and external links 

to the IT system of the Exchange to the Market Surveillance of EEX on the basis of which it 

will decide whether the Exchange Participant acted knowingly within the meaning of Paragraph 2. 

(4) A cross trade or a pre-arranged trade is admissible to be entered into the trading system T7 

if the purchaser, prior to entering his order or quote, enters a cross request into the trading 

system. The purchaser and the seller must enter the cross trade or pre-arranged trade at 

the earliest after five seconds and at the latest after 65 seconds after having entered the 

cross request into the trading system. The order or quote must comply with the announced 

number of contracts. 

(5) Paragraphs (1) and (2) shall apply accordingly to other kinds of conduct which constitute a 

circumvention of the regulation. Such other kinds of conduct within the meaning of this paragraph shall include, in particular, the misuse of quotes. 

§ 9 Cancellation of Trades and Orders

The Management Board of the Exchange shall be entitled to cancel trades or orders ex officio provided this is required in order to ensure proper trading on the exchange or in order to 

safeguard the correctness of the settlement of exchange transactions. 

§ 10 Objections against Transactions

(1) Objections against a transaction which has been concluded in the order book can only be 

asserted with reference to errors in the corresponding trading system of EEX or to bad mistakes which can be recognised objectively during entering of volumes or prices. The detailed provisions shall be specified by the Management Board of the Exchange. Moreover, 

the Management Board of the Exchange can specify that objections are excluded with regard to certain products or determine other rights, such as i.e. withdrawal rights. 

(2) Objections may be raised additionally against transactions that are based on entries which 

have not been conducted by the exchange participant itself with the reason that the entries 

have not been conducted or transmitted according to his allowance or without his mandate. 

Further provisions are stipulated within the Trade Registration Rules. 

(3) Objections shall be raised towards the Management Board of the Exchange in writing or in 

text form forthwith. By means of raising said objection the cancellation of the trade by the 

Management Board of the Exchange shall be requested. The Management Board of the 

Exchange shall decide on requests regarding the cancellation of a trade immediately and at 

the latest within 24 hours. The expenses incurred by EEX on account of the cancellation 

and reversed transaction shall be refunded by the exchange participant requesting the can-
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Trading Conditions, Release 0042a Page 7 

cellation, unless such cancellation is entirely based on an error within the trading system. 

Claims to damages on the part of EEX AG or of the clearing institutions included towards 

the exchange participant upon whose request the transaction was cancelled shall not be affected by this. 

§ 11 Provisions regarding Access

(1) Every exchange participant shall be responsible for controlling access to his input devices 

and other EDP devices which are connected to the trading systems of EEX. 

(2) The exchange participants are obliged to take effective precautions against any improper 

use of their entire EDP which is connected to EEX and to monitor access to the corresponding devices continuously. 

(3) Every exchange trader receives individual access authorisations to the trading systems. He 

is not permitted to forward these individual access authorisations to any other person and 

he is obliged to take effective precautions against any improper use of his individual access 

authorizations. 

§ 12 Transmission of Orders 

(1) Exchange participants shall transfer entries for order book trading (entering, modifications 

and deletion of orders) to then respective trading systems of EEX from their input units by 

means of electronic data transmission. The use of the Trade registration Functionality of the 

trading systems of EEX shall be carried out according to the provisions stipulated within the 

Trade Registration Rules. 

(2) Only admitted exchange traders are permitted to submit entries to the trading systems. 

(3) The Management Board of the Exchange may permit other ways of transmitting the entry, 

modification and deletion of orders into the systems of EEX. In this case, it shall inform the 

exchange participants in due manner. 

§ 13 Trading on Behalf of the Exchange Participants (Trading on 

Behalf) 

(1) In particular in the event of technical malfunctions or other obstacles to access to the trading systems on the part of a trading participant, the Management Board of the Exchange 

can make entries in the trading systems on his behalf and in accordance with specific instructions and for said party (trading on behalf). Trading-on-behalf orders may only be issued by a licensed exchange trader of the trading participant concerned . For participation 

in primary auctions of emission rights the Management Board of the Exchange may permit 

other registered persons to submit orders. EEX checks the legitimation for submitting orders by the active user login. Orders can be issued via phone, in text form (fax, e-mail) or in 

writing. 

(2) EEX shall only be liable for cases of damage which a trading participant sustains in the 

context of trading on behalf, in particular, on account of incorrect entries in as far as premeditation or gross negligence on the part of its bodies or vicarious bodies can be proven. 
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In this case, however, the liability of EEX shall be limited to the amount of the damage typical of the contract which was foreseeable upon the conclusion of the contract. EEX is entitled to refuse orders for trading on behalf without having to give reasons. 

§ 14 Technical Problems within the Trading Systems of EEX 

(1) Upon the occurrence of technical problems or if it is evident for further technical development, the Management Board of the Exchange may temporarily interrupt access to the 

trading systems of EEX or trading on EEX for individual or all exchange participants in part 

or entirely. As far as the Management Board of the Exchange deems necessary, it can take 

suitable measures in order to ensure that trading is possible. The measures taken by the 

Management Board of the Exchange in accordance with sentences 1 and 2 are binding for 

all exchange participants. 

(2) Exchange participants affected by technical problems of the EEX trading system shall be 

notified of such measures to the extent possible pursuant to paragraph (1) through the system or, in the event of a system failure, per fax or in another suitable manner. 

(3) Should individual exchange participants not be able to participate in trading on EEX because of technical disruptions, the corresponding trading system of EEX shall remain available to the other exchange participants, unless the Management Board of the Exchange of 

the exchange decides that measures in terms of paragraph (1) sentence 2 are necessary to 

ensure that trading is possible. 

§ 15 Technical Disruptions concerning a Trading Participant 

(1) Each exchange participant must be reachable at any time during the business hours. 

(2) During the business hours the exchange participant shall promptly notify the Management 

Board of the Exchange if the entry or the receipt of data is totally or partly impossible as a 

result of disruptions of its operations or governmental action. Upon request, the Management Board of the Exchange may cancel orders entered by such exchange participants; 

otherwise, section 14 paragraph 3 shall apply accordingly. 

(3) The exchange participant must immediately notify the Management Board of the Exchange 

of any failure of his telephone system or of any other problem which makes communication 

by telephone impossible. 
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3 General Provisions for Trading on the Spot and 

Derivatives Markets of EEX 

§ 16 Scope of Application 

The rules below shall apply to all transactions which are concluded on the EEX Spot and 

Derivatives Markets. 

§ 17 Products, Forms of Trading and Trading Systems 

(1) On the EEX Spot and Derivatives Markets products can be traded in closed or open auctions and in continuous trading. 

(2) Primary auctions of emission rights (EU emission allowances and EU Aviation Allowances) 

are carried out on the ComXerv Auction System; continuous trading in all other products is 

effected in the T7 trading system. 

§ 18 Types of Orders 

(1) Orders are buy and/or sell orders of exchange participants on the EEX Spot and Derivatives Markets. 

(2) In auction trading, orders can also be referred to as bids. 

(3) Depending on the form of trading, orders can be entered into the respective trading system 

in the form of: 

§ Unlimited orders (Market Orders) 

§ Limited orders (Limit Orders). 

Market Orders are buy or sell orders which are entered without specifying a price limit and 

which are to be executed at the next price established by the EEX trading system. Limit Orders are buy or sell orders which are entered with a price limit and are to be executed at 

this price or at a better price. 

(4) Orders are only valid for the trading system into which they are entered. Transmission into 

another trading system or the order book of another trading system is not effected. 

(5) In as far as orders cannot be executed or deleted immediately after they are entered into the 

trading systems in accordance with their execution conditions, they are saved in electronic 

order books. 

(6) Executable orders in the order book are carried out through order execution in accordance 

with the rules valid for the respective trading phase. 

(7) Orders in the order book can be modified or deleted at any time. All orders of one trading 

participant in the order book can be deleted by EEX at the trading participant’s request. 

Modifications of an order which concern the price or increase in the number of contracts are 

considered a new order and, as a result, they are given a new position in the chronological 

order in the order book. 
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3.1 Special Provisions for Continuous Trading within the T7 Trading System 

§ 26 Trading time and trading phases 

(1) The trading time for Spot and Derivatives Transactions comprises three consecutive phases: 

§ “Pre-trading period”, 

§ “Trading period” and 

§ “Post-trading period”. 

(2) During the Pre-trading period, orders and quotes can be entered into the trading systems. 

(3) Upon the beginning of the trading phase, an opening auction is carried out and, afterwards, the contracts will be traded continuously. The trading phase ends upon expiry. It can 

be interrupted for the execution of auctions in accordance with the exchange rules and instructions. 

(3) After the end of the trading phase, the trading systems are still available for the trading participants for entering and retrieving data (post-trading phase). 

§ 20 Order types 

(1) The following orders can be entered into the trading system by the trading participants: 

§ market orders 

§ limit orders 

§ stop orders 

§ limit orders with a stop limit (OCO orders). 

Stop orders are bid or ask orders, of a certain number of contracts, which have a certain trigger price and upon reaching of which the stop orders are executed like other incoming market orders. 

OCO (Once-Cancels-Other) orders combine the characteristics of limit orders and stop orders within a single order. If they are executable on the basis of the execution limit, an order 

is executed in its entirety or in part like a limit order. Any residual volume which might still 

remain is still subject to the execution rules of the OCO order. If the order is executable on 

the basis of the price which triggers the stop, the OCO order which is in the order book until 

the stop is triggered, is converted into a market order in its entirety and included in continuous trading as such. 

(2) An order shall comprise, at least, the information as to whether it is a buy or a sell order, the 

product (Spot contract, futures or options) to which they refer, the maturity and the number of 

contracts. In the case of options, the option type (call or put) and the exercise price have to 

be specified, in addition. 

(3) Upon entry the orders must be marked as own orders or customer orders and as opening or 

closing-out transactions for the purpose of recording unless they are to be traded within a 

position account kept in net terms. 
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(4) Orders can have the following conditions regarding their validity: 

§ only valid on that day (good for day), 

§ valid until withdrawn (good till cancelled) or 

§ valid until expiry (good till date). 

Orders which are entered without a validity condition are only valid until the end of the trading 

phase on that trading day. Unless they have been executed until that time, they are automatically deleted from the exchange’s systems. 

(5) Furthermore, orders can carry the following execution conditions upon entry: 

§ One cancels the other or 

§ Immediate-or-cancel. 

In the case of immediate-or-cancel orders, the order is carried out immediately and in as far 

as possible; unexecuted parts are deleted. 

§ 21 Quotes 

(1) A quote is the technical possibility to generate a limited buy and a limited sell order regarding 

one contract in the system at the same time with one entry. Quotes are also possible with 

combined instruments. 

(2) Orders, generated through quotes, reach execution according to the terms of their execution, 

independently of other, simultaneously generated orders. 

(3) Quotes are shown separately in the system and in the order book. Should they fail to be executed in their entirety or in part, the current holding can be individually changed for single orders or collectively charged for a Product, or cancelled, as well as entirely taken out of trading by the exchange participant for a period of time. All of the exchange participant’s quotes 

can be deleted from the order book by EEX upon the exchange participant’s request. 

(4) Any amendment of quotes which changes the price or increases the number of contracts 

constitutes a new entry of all individual orders contained. 

(5) Quotes are only valid for the day on which they are entered; any re-activation constitutes a 

new entry. 

§ 22 Combined instruments 

(1) A combined instrument is a combination of various contracts (“leg instruments”) whose execution is interdependent. A combined instrument can comprise individual leg instruments 

several times. The IT system of EEX supports the following combination types: 

§ A Time Spread is a combined instrument consisting of two contracts of the same futures 

product which only differ with regard to their maturity with one contract being bought and 

the other contract being sold. 

§ An Inter-Product Spread is a combined instrument consisting of, at least, two different 

contracts with, at least, one contract being bought and one contract being sold. 
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The Management Board of the Exchange determines the possible combined instruments and 

announces these. 

(2) Only Limit Orders can be entered into the system of the Eurex exchanges for combined instruments. 

(3) Orders regarding combined instruments are saved in a specific order book; they can be carried out against corresponding executable orders in the order book of the combined instrument or against orders in the respective leg instruments. 

§ 23 Pre-Trade Limits 

(1) A pre-trade limit is the possibility of limiting orders which can be entered into the trading systems by an exchange participant and which is provided technologically within the trading system. Provided a corresponding agreement has been concluded by the clearing member with 

its non-clearing member, the clearing member of ECC, which provides settlement for said 

trading participant, is entitled to enter pre-trade limits. 

(2) Pre-trade limits can contain the individual restrictions specified herein below or a combination 

of these: 

§ Maximum number of contracts with reference to a product per contract. With regard to 

this, the following limit is taken into account in accordance with the respective type of order: 

§ Maximum number of contracts per order (“Maximum Order Quantity“), in as far as 

such do not refer to combined orders or 

§ Maximum number of contracts per combined order (“Order Maximum Calendar 

Spread Quantity“) with reference to certain products. 

§ Maximum amount of available total margins or special margins specified in more detail for 

further trading activities. 

(3) If one of the limits described in paragraph (2) is reached, the system can take measures to 

stop the forwarding of orders by the exchange participant concerned into the trading systems 

and, hence, discontinue the matching of such with other orders. Orders which have already 

been entered into the order books are deleted. 

(4) If certain limits are exceeded, the details shall be determined in an agreement between the 

Exchange participant and his Clearing Member, further entering or execution of orders can 

be limited for the duration of the exceedance and existing orders can be deleted. 

§ 24 Execution and Management of Orders

(1) All orders entered receive a time stamp and an identification number. Orders which do not 

fulfil the prescribed minimum requirements are rejected. The Exchange participants are informed of recording of the orders by the trading system. 

(2) For every tradable product an order book is kept in which all orders are sorted and managed 

according to price and time of receipt. Amendments of an order result in a new chronological 

order if they concern the price or other contents of the order, especially, through an increase 
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in quantity which might have a detrimental effect on the executability of other orders. Combined instruments are kept in separate order books and are executed with the orders in the 

order books of the respective products or with matching opposite combined orders. 

(3) Orders in the order book can be amended or deleted at any time. All orders of one Exchange 

participant can be deleted by the Management Board of the Exchange upon a request to this 

end by the Exchange participant. 

(4) Existing orders are deleted as soon as the validity condition is reached; however, at the latest, if a contract (delivery day or delivery period) is no longer tradable. 

§ 25 Order Execution

(1) During the opening auction of the trading phase, trades are concluded according to the principle of the most executable volume as follows: 

During the balancing process, the biggest possible number of executable orders available 

within the system is matched at the opening price for every option series and every contract. 

If there are no executable matching orders during the opening auction of a contract, the 

opening auction ends without the determination of an opening price. 

(2) During continuous trading in the trading phase transactions are concluded as follows: 

An order is checked for executability with the orders in the order book in line with its validity 

specification. If an order entered cannot be executed right away, it is entered in the order 

book in accordance with its price and time priority unless this is precluded by an order restriction. 

If the order entered can be executed with matching orders in the order book, these are allocated to each other and matched automatically. In this process, an incoming sell order is 

matched with the order on the buy side of the order book with the respective highest ask 

price (best price on the ask side), while an incoming buy order is matched with the respective 

order on the sell side with the respective lowest bid price (best price of the bid side). If there 

are several orders with the same best price in the order book which are opposite orders to 

the incoming and executable order, an allocation procedure as per Paragraph 3 shall be decisive for their sequence in execution. 

If, after matching with all best-price orders in the order book which are opposite orders to the 

side of the incoming order, the order entered is still executable as against the respective next 

best order book price, matching is continued until the order entered is no longer executable. 

An order which after matching at the respective best order book price still has a residual volume which cannot be executed any further is entered into the order book in accordance with 

its price-time priority provided this is not precluded by an order restriction. Further details regarding matching for certain order types are specified in the rules in section 4.2. 

(3) Best-price orders saved in different order books can be combined so that they correspond to 

the side opposite the order (“synthetic path”). If the price formed from such a combination of 

order book sides (“synthetic path”) is identical with the best price on the side of the order 

book which is opposite the incoming order or improves this price, the synthetic path upon the 

execution against the incoming order can be taken into account. In the event of an improve-
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ment in price, the synthetic path is the best available price and the synthetic path is executed 

against the incoming order. 

Synthetic paths are formed from, at maximum, combinations of three different order book 

sides. In the event of two different best-price synthetic paths whose number of combined order book sides is identical, the synthetic path whose combination of order book sides contains the instrument with the nearest expiry date has a higher priority. 

If a synthetic path is executed with a certain quantity as against an incoming order (“allocated 

path quantity”), this synthetic path is divided into the order book sides generating it and the 

allocated path quantity is executed against the best-price order contained in the generating 

order book sides. In the event of several orders contained in one generating order book side, 

an allocation procedure as per Paragraph 4 shall be decisive for their sequence during execution. 

(4) If there are several orders with the same price on one side in the order book, an allocation 

procedure shall be decisive for the consideration and allocation of the volume of these orders. The volume to be distributed to the orders with the same price (“volume to be allocated”) is specified through an incoming order in continuous trading or through allocated path 

quantities or through a balancing process in an auction. 

In determining the volume allocated to the respective order, the orders contained in the order 

book are processed at the same price in the chronological sequence of receipt with the order 

entered first being assigned the highest priority. 

(5) Market orders are always executed before limit orders. If there are several market orders in 

the order book, the time of the entry of such shall be decisive for consideration and the allocation of the volume of the market orders. 

(6) EEX shall forthwith inform the exchange participants of the execution of their orders in the 

trading system. This information shall contain all the essential details of the transaction. 

(7) In the case of trades regarding futures or options, the trading system updates the exchange 

participants’ position accounts after matching. 

§ 26 Execution of Market Orders 

(1) Market orders for Spot or Futures contracts that are entered during continuous trading of the 

Trading Period will only be executed with Limit orders, the prices of which are within a certain 

range, as determined by the Management Board of the Exchange either above or below the 

last price at which the last contract was concluded. If incoming Market orders cannot be executed in full, or at all, they will be transferred into the order book. New incoming Limit orders 

will be executed with any remaining Market orders if their prices are within the range either 

above or below the last contract price. If, although the prices of incoming Limit orders are not 

within such range, they could nevertheless be executed with other Limit orders or quotes 

contained in the order book, the price at which such Limit orders or quotes could be executed 

with each other will then be the new last effected Derivatives contract price within the meaning of sentence 2 of this paragraph. Such Limit orders or quotes will be executed with other 

Market or Limit orders in accordance with the general priority rules set forth in § 25. If no last 
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contract price within the meaning of sentence 2 of this paragraph can be determined on a 

given trading day, Market orders will not be executed on that day. If a new contract is introduced, Market Orders shall only be executed after two Limit Orders have determined the 

contract price. 

(2) Market Orders for Options contracts that are entered during continuous trading of the Trading 

Period can be executed with Quotes and orders contained in the order book, which are not 

more unfavourable than the most unfavourable Quote of an Options series. The Market Orders entered are executed along with existing Market Orders and Limit Orders in the order 

book in the order of best price. Market Orders which are not, or not fully, executed are thereafter transferred to the order book. Newly entered orders are used for execution with the remaining Market Orders or as a price reference for the execution of the Market Orders with 

other orders in the order book. Each Market Order is exercised before a Limit Order. In deviation to clause (1), as long as no quotes are entered, Market Orders can be executed with 

other Markets Orders or Limit Orders if an entered Limit order can be executed with a Limit 

Order already entered in the order book. The price, at which the Limit Orders are jointly executed, serves as the execution price for the existing Market Orders. These are executed, 

along with other Market Orders and Limit Orders in accordance with the general priority 

rules. 

(3) If a Market Order is still in the Order Book on the following trading day, it will be processed as 

a Market Order during the Opening Auction of such a trading day. 

(4) Market Orders entered during the Pre-Trading Period or the Post-Trading will be processed 

during the next opening auction. 

§ 27 Execution of Limit Orders

(1) Unrestricted Limit Orders may be entered during the Pre-trading period, the Opening period, 

the Trading period or the Post-trading full period. Unrestricted Limit Orders that are not executed immediately are entered in the Order Book. If there already is an unrestricted Limit Order in the order book and if an executable Limit Order which can be executed with it is received, a transaction shall be effected at the price of the order contained in the Order Book. 

(2) Restricted Limit Orders may only be subject to the limitation on execution “immediate or cancel“. Restricted Limit Orders may only be entered during the Trading Period. They are not entered in the Order Book. 

(3) Limit orders entered without a validity specification or limitations on their execution shall be 

valid only until the end of a given trading day. To the extent that they have not been executed, Limit Orders shall be deleted from the trading systems after the trading day. 

§ 28 Execution of Stop Orders

(1) Stop Orders are only possible for Spot and Futures contracts. If the price specified for the 

Stop Order is reached or exceeded is reached during trading or in determining the opening 

price in the respective contract, or the price of the contract falls below the specified price or 

exceeds it, as the case may be, the Stop Orders will, pursuant to an automatic selection process in the chronological order of their entry, be converted into Market orders. These orders 
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will then be executed along with any other incoming Market orders in the order of the times of 

their conversion into Market orders, in accordance with the general principles for the matching of Market orders for Futures contracts. 

(2) Stop Orders will be entered into a separate Order Book. 

3.2 Special Provisions for Primary Auctions of Emission Rights in 

Accordance with the Provisions of the Commission Regulation 

(EU) No. 1031/2010* 

* Articles referred to below in this section without further reference are articles of the Commission Regulation (EU) 

No. 1031/2010 (Auction Regulation). 

§ 29 General Regulations 

(1) Primary auction of emission rights is effected as an element of exchange trading of EEX. 

(2) In addition to the rules and regulations of EEX, the respectively valid national or European 

statutory bases are applicable to the respective auctions. 

(3) EEX is the exchange carrying out the primary auction of emission allowances. 

(4) The respectively competent national or European institution or a third party commissioned by 

it (auctioneer) shall provide the emission rights to be auctioned off. Trading participants other 

than the auctioneer are not entitled to conclude sales transactions in the framework of the 

primary auction. 

§ 30 Execution of Auctions 

(1) Exchange trading for the primary auction of emission rights takes place by means of singleround, closed and uniform price auctions. 

(2) The auction will follow the format required in the EU Auctioning Regulation and comply with 

the respective contracts between EEX and those institutions which appointed or selected 

EEX as the respective auction platform. An auctioneer’s participation in a primary auction 

shall be excluded unless the emission rights to be auctioned have been submitted to the corresponding auction delivery account of ECC Lux at the Union registry by, at the latest, 10:00 

CET two days before the auction in accordance with the valid auction table. 

(3) The call phase (bidding window) and the pricing phase are the trading phases for the auction. 

(4) EEX will obtain and take the utmost account of the Commission’s opinion with regard to auctions according to Art. 26 and of the opinion of the competent national authority of the respective Member State with regard to auctions according to Art. 30. 

§ 31 Auction Calendar 

(1) EEX determines and publishes the auction calendars for auctions as per Art. 26 and for auctions as per Art. 30 in compliance with Art. 8 and per product to be auctioned (EUA and EU-
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AA) in accordance with the more detailed provisions of Art. 11 and 13 on the basis of the annual auction volumes. 

(2) The timing and frequency of auctions are determined in accordance with the more detailed 

provisions in Art. 8. 

(3) EEX shall adjust the respective auction calendar in the cases as per Art. 14 (1). 

(4) Provided the Emission Allowances have been transferred to the respective ECC Lux Auction 

Delivery Account in accordance with Art. 46, the Auction Calendar in its respectively valid 

version shall determine the volume which will be auctioned off at the next auction. 

(5) The Auction Calendar shall comprise, at least, the following information: 

a. auction dates and times, including the duration of the call phase (bidding window) 

b. volumes to be auctioned (including disclosure of the amounts per auctioneer) and 

c. the auctioned product. 

§ 32 Bidders and Order Types 

(1) Buy orders can only be entered by Exchange Participants who are admitted and entitled to 

bid in a primary auction in accordance with Chapter IV of the Auction Regulation (Eligibility). 

(2) Entering, deletion or modification of orders is only admissible during the call phase. 

(3) Orders have to be entered into the trading system or by using trading on behalf, § 13 applies 

mutatis mutandis. To ensure proper handling of orders submitted through trading on behalf, 

these orders may only be submitted up until 10 minutes before the end of the call phase. 

(4) Bidding Orders can only be entered into the trading system as limit orders. Limit orders are 

buy orders with a price limit which can only be carried out at this price or at a better price. 

Upon entering into the trading system the limited buy orders have to comprise the following 

information: 

§ Buy (bid), 

§ Price limit specified to two decimal points, 

§ Product and 

§ Number of contracts (at a minimum lot size of 500 or a multiple thereof). 

Upon entering into the system orders have to be marked as own orders or customer orders. 

In case the trading participant enters a customer order, the identity of the customer has to be 

named in the customer field provided by the trading system or on the written order. It is the 

sole responsibility of the trading participant to ensure the eligibility of the customer in accordance with the Auction Regulation (Chapter 4). 

(5) All orders which are still valid at the end of the call phase are binding. The Management 

Board of the Exchange may withdraw that order after the end of the bidding window but before the auction clearing price has been determined - upon request of the trading participant - 

in case a genuine mistake has been made in the submission of the order. 
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§ 33 Pricing and Execution of Orders, Cancellation 

(1) A potential execution price is not displayed during the call phase (“black box auction”). 

(2) After the end of the call phase pricing is carried out as uniform pricing in the auction by 

means that all successful bidders will pay the same auction clearing price. 

(3) The limit price of the order at which the sum of the volumes bid matches or exceeds the volume of allowances auctioned shall be the auction clearing price: The orders are sorted according to the height of the price limit and the quantities specified are added up. Where the 

price limit of several orders is the same, these orders will be sorted through a random selection according to an algorithm determined by EEX before the auction. The price which is 

identical with the price limit of the orders at which the added-up buy orders reach or exceed 

the quantities offered on the sell side. 

(4) Orders not carried out are deleted after the auction. 

(5) The trading participants are informed of the prices established in the auctions as well as of 

the execution of their orders by the trading system. Said information contains all essential 

trading and transaction data. 

(6) Not later than 15 minutes after the end of the call phase, EEX will publish the following information about the auction on its website 

a. the volume of the allowances auctioned; 

b. the auction clearing price in euros; 

c. the total value of the auction and 

the distribution of the revenues between the Member States, in the case of auctions of EEX 

pursuant to Article 26(1) or (2). 

(7) If the amount of bidding orders does not meet the offer of EU emission allowances a price 

determination does not take place and the respective auction will be cancelled. The same 

applies if the estimated auction price does not reflect the orderly market value (reference 

price procedure as per Art. 7 (6))) and the other cases as foreseen in Art. 9. 

§ 34 Measures by the Management Board of the Exchange 

(1) In order to maintain an orderly situation on the market, especially in case of incorrect entries 

or other events affecting proper pricing the Management Board of the Exchange can take 

adequate measures in accordance with the Auctioning Regulation for a proper price calculation or cancel an auction. 

(2) In case an auction is not held on an auction date due to technical reasons or an insufficient 

bidding volume or in case an auction carried out is cancelled by the Management Board of 

the Exchange, the volumes to be auctioned will be allocated to the following auctions in accordance with Art 7 (8), 9 or 14. 

(3) Trading participants interfering with the proper course of the auction can be excluded from 

participation therein. 
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3.3 Position Account-Keeping for the Exchange Participants 

§ 35 Position Administration 

(1) Transactions concluded on the Derivatives Markets of EEX by trading participants shall be 

recorded as positions in internal Principal, Agent and Market Maker Position accounts by 

ECC AG as the CCP according to the ECC clearing conditions. 

(2) Two Principal Position Accounts, one Agent Position Account and two Market Maker Position 

Accounts shall be maintained for each exchange participant. Additionally, for options an internal premium account shall be maintained for each position account of each exchange participant. The premium from all exchange traded Options trades shall be booked to the respective Premium account. 

(3) Entries made by the exchange participants in the trading systems of the exchange which occur while entering the order are binding for the exchange participant towards EEX as well as 

towards the clearing houses included and their clearing members. These include information 

about the position account and the information whether it concerns an opening or closing 

trade. 

(4) Entries made by the exchange participants, which occur in connection with the position administration, are only allowed pursuant to the regulations in the respectively applicable clearing conditions and are binding for the exchange participant towards EEX as well as towards 

the clearing houses included and their clearing members. These include, in particular, opening or closing trade adjustments, closing position adjustments, trade adjustments, entries, 

which can change the classification of a trade or a position from Agent to Principal or from 

Principal to Agent position accounts (Trade or Position Transfers including Give up Trades) 

as well as the separation of trades into various position accounts (Trade Separation). 
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4 Final Provisions 

§ 36 Place of Performance 

Leipzig shall be the place of performance for all transactions on EEX governed by these 

provisions. 

§ 37 Effective Date 

These Trading Conditions as well as any amendments thereto shall become effective on 

the day after their publication, unless a later effective date has been specified by the Exchange Council. 
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Appendix: Contract specifications 
Datum / Date 02.09.2016 

Ort / Place Leipzig 

Dokumentversion / Document Release 0050a 

Contract Specifications 

The English version is for informal use only. 

The German version is legally binding.
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Contract Specifications, Version 0050a Page 2 

Table of Contents

A. Subject of the Contract and Underlying Commodity ....................................................... 7

1. Energy and Energy Related Products ......................................................................................... 7

1.1. Power (financial and physical) ................................................................................................................... 7

1.1.1. Underlying ................................................................................................................................................ 7

1.1.1.1. Power Futures........................................................................................................................................... 7

1.1.1.2. Cap Futures............................................................................................................................................... 7

1.1.1.3. Wind Power Futures ................................................................................................................................. 7

1.1.2. Market Areas/Reference Contract ............................................................................................................. 7

1.1.2.1. Power Futures with Physical Fulfilment ..................................................................................................... 7

1.1.2.2. Power Futures with Financial Fulfilment .................................................................................................... 7

1.1.2.3. Cap Futures............................................................................................................................................... 8

1.1.2.4. Wind Power Futures ................................................................................................................................. 8

1.1.3. Delivery Time ............................................................................................................................................ 8

1.1.3.1. Base .......................................................................................................................................................... 8

1.1.3.2. Peak.......................................................................................................................................................... 8

1.1.3.3. Off-Peak.................................................................................................................................................... 8

1.1.4. Delivery Period/Time Period ..................................................................................................................... 8

1.1.5. Tradable Delivery Periods.......................................................................................................................... 8

1.1.5.1. Physical Power Futures ............................................................................................................................. 8

1.1.5.2. Financial Power Futures ............................................................................................................................ 9

1.1.6. Tradable Settlement Periods ..................................................................................................................... 9

1.1.6.1. Cap Futures............................................................................................................................................... 9

1.1.6.2. Wind Power Futures ................................................................................................................................. 9

1.1.7. Contract Volume and Minimum Lot Size .................................................................................................... 9

1.1.8. Tradable Maturities................................................................................................................................. 10

1.1.8.1. Power Futures......................................................................................................................................... 10

1.1.8.2. Cap Futures............................................................................................................................................. 10

1.1.8.3. Wind Power Futures ............................................................................................................................... 10

1.2. Coal (financial) ........................................................................................................................................ 11

1.2.1. Underlying .............................................................................................................................................. 11

1.2.2. Contract Volume and Minimum Lot Size .................................................................................................. 11

1.2.3. Tradable Maturities................................................................................................................................. 11

1.2.3.1. Month Futures ........................................................................................................................................ 11

2. Environmental Products........................................................................................................... 11

2.1. Emission Allowances ............................................................................................................................... 11

2.1.1. Underlying .............................................................................................................................................. 11

2.1.2. EU Emission Allowance and EU Aviation Allowance ................................................................................. 12

2.1.3. Green Certified Emission Reductions ....................................................................................................... 12

2.1.4. Contract Volume and Minimum Lot Size .................................................................................................. 12

2.1.4.1. Spot Market ............................................................................................................................................ 12

2.1.4.2. Derivatives Market .................................................................................................................................. 12

2.1.5. Time of Fulfilment and Delivery Day ........................................................................................................ 12
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2.1.6. Maturities of Derivatives Contracts ......................................................................................................... 13

2.1.7. Tradable Maturities for Derivatives Contracts.......................................................................................... 13

2.1.7.1. Month Futures ........................................................................................................................................ 13

2.1.7.2. Quarter Futures ...................................................................................................................................... 13

2.1.7.3. December Futures .................................................................................................................................. 13

2.2. Guarantees of Origin ............................................................................................................................... 13

2.2.1. Underlying .............................................................................................................................................. 13

2.2.2. Contract Volume and Minimum Lot Size .................................................................................................. 14

2.2.3. Maturities ............................................................................................................................................... 14

2.2.4. Tradable Maturities................................................................................................................................. 14

3. Agricultural Products ............................................................................................................... 14

3.1. Potatoes ................................................................................................................................................. 14

3.1.1. Underlying .............................................................................................................................................. 14

3.1.2. Contract Volume and Minimum Lot Size .................................................................................................. 14

3.1.3. Tradable Maturities................................................................................................................................. 15

3.2. Livestock and Meat ................................................................................................................................. 15

3.2.1. Underlying .............................................................................................................................................. 15

3.2.2. Contract Volume and Minimum Lot Size .................................................................................................. 15

3.2.3. Tradable Maturities................................................................................................................................. 15

3.3. Dairy Products ........................................................................................................................................ 15

3.3.1. Underlying .............................................................................................................................................. 15

3.3.2. Contract Volume and Minimum Lot Size .................................................................................................. 16

3.3.3. Tradable Maturities................................................................................................................................. 16

4. Options .................................................................................................................................... 16

4.1. Underlying .............................................................................................................................................. 16

4.1.1. Underlying of Options on Power Futures ................................................................................................. 16

4.1.2. * Currently not available forUnderlying of Options on EUA Dec Futures* ................................................. 17

4.2. Option Premium ..................................................................................................................................... 17

4.3. Type of Option ........................................................................................................................................ 17

4.4. Maturities ............................................................................................................................................... 17

4.4.1. Options on Power Futures ....................................................................................................................... 17

4.4.2. Options on EUA Dec Futures ................................................................................................................... 17

4.5. Tradable Option Series ............................................................................................................................ 17

4.6. Tradable Maturities................................................................................................................................. 17

4.6.1. Options on Power Futures ....................................................................................................................... 17

4.6.2. Options on EUA Dec Futures ................................................................................................................... 18

4.7. Exercise .................................................................................................................................................. 18

B. Pricing and Minimum Price Fluctuation ........................................................................ 19

1. Euro Denominated Products .................................................................................................... 19

2. GBP Denominated Products ..................................................................................................... 19

3. USD Denominated Products..................................................................................................... 19

4. Pricing for the Option Premium ............................................................................................... 20
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C. Last Trading Day for Derivatives Market Contracts ...................................................... 21

1. Energy and Energy Related Products ....................................................................................... 21

1.1. Power ..................................................................................................................................................... 21

1.1.1. Physically Settled Power Futures ............................................................................................................. 21

1.1.2. Financially Settled Power Futures ............................................................................................................ 21

1.1.3. Cap-Futures ............................................................................................................................................ 21

1.1.4. Wind Power Futures ............................................................................................................................... 21

1.2. Coal ........................................................................................................................................................ 22

2. Environmental Products........................................................................................................... 22

2.1. Emission Allowances ............................................................................................................................... 22

2.2. Guarantees of Origin ............................................................................................................................... 22

3. Agricultural Products ............................................................................................................... 22

3.1. Potatoes ................................................................................................................................................. 22

3.2. Livestock and Meat ................................................................................................................................. 23

3.3. Dairy Products ........................................................................................................................................ 23

4. Options .................................................................................................................................... 23

4.1. Last Trading Day...................................................................................................................................... 23

4.1.1. Options on Power Futures ....................................................................................................................... 23

4.1.2. Options on EUA Dec Futures ................................................................................................................... 23

4.2. Expiry Day ............................................................................................................................................... 24

D. Fulfilment ...................................................................................................................... 25

1. Energy and Energy Related Products ....................................................................................... 25

1.1. Cascading................................................................................................................................................ 25

1.2. Power ..................................................................................................................................................... 25

1.2.1. Final Settlement Price ............................................................................................................................. 25

1.2.1.1. Physical Power Futures ........................................................................................................................... 25

1.2.1.2. Financial Power Futures .......................................................................................................................... 25

1.2.1.3. Cap-Futures ............................................................................................................................................ 26

1.2.1.4. Wind Power Futures Germany/Austria .................................................................................................... 26

1.2.2. Fulfilment of Physical Power Futures ....................................................................................................... 27

1.2.2.1. Delivery and Acceptance of Delivery........................................................................................................ 27

1.2.2.2. Purchase Price ........................................................................................................................................ 27

1.2.3. Fulfilment of Financial Power Futures, Cap Futures and Wind Power Futures .......................................... 27

1.2.3.1. Month Futures ........................................................................................................................................ 27

1.2.3.2. Week Futures.......................................................................................................................................... 27

1.2.3.3. Weekend Futures .................................................................................................................................... 27

1.2.3.4. Day Futures............................................................................................................................................. 28

1.3. Coal ........................................................................................................................................................ 28

1.3.1. Final Settlement Price ............................................................................................................................. 28

1.3.2. Fulfilment ............................................................................................................................................... 28

2. Environmental Products........................................................................................................... 28

2.1. Emission Allowances ............................................................................................................................... 28
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2.1.1. Primary Auctions ..................................................................................................................................... 28

2.1.1.1. Escrow Accounts ..................................................................................................................................... 28

2.1.1.2. Fulfilment ............................................................................................................................................... 29

2.1.1.3. Transfer of Allowances ............................................................................................................................ 29

2.1.2. Secondary Trading .................................................................................................................................. 29

2.1.2.1. Escrow Accounts ..................................................................................................................................... 29

2.1.2.2. Fulfilment ............................................................................................................................................... 29

2.1.2.3. Transfer of Allowances ............................................................................................................................ 29

2.2. Guarantees of Origin ............................................................................................................................... 29

2.2.1. Escrow Accounts ..................................................................................................................................... 29

2.2.2. Fulfilment ............................................................................................................................................... 29

2.2.3. Transfer of Guarantees of Origin ............................................................................................................. 30

3. Agricultural Products ............................................................................................................... 30

3.1. Potatoes ................................................................................................................................................. 30

3.1.1. Final Settlement Price ............................................................................................................................. 30

3.1.2. Fulfilment ............................................................................................................................................... 30

3.2. Livestock and Meat ................................................................................................................................. 30

3.2.1. Final Settlement Price ............................................................................................................................. 30

3.2.2. Fulfilment ............................................................................................................................................... 30

3.3. Dairy Products ........................................................................................................................................ 31

3.3.1. Final Settlement Price ............................................................................................................................. 31

3.3.2. Fulfilment ............................................................................................................................................... 31

4. Options .................................................................................................................................... 31

4.1. Fulfilment ............................................................................................................................................... 31

4.2. Assignment ............................................................................................................................................. 31

E. ISIN Codes, WKN, and Exchange Code .......................................................................... 32

1. Power (Physical Fulfilment) ..................................................................................................... 32

2. Power (Financial Fulfilment) .................................................................................................... 32

3. Cap Futures (Financial Fulfilment)............................................................................................ 45

4. Wind Power Futures (Financial Fulfilment) .............................................................................. 45

5. Coal .......................................................................................................................................... 46

6. Emission Allowances ................................................................................................................ 46

7. Guarantees of Origin ................................................................................................................ 46

8. Potatoes ................................................................................................................................... 46

9. Livestock and Meat .................................................................................................................. 46

10. Dairy Products ......................................................................................................................... 47

11. Options .................................................................................................................................... 47

11.1. Options on Power Futures ....................................................................................................................... 47

11.2. Options on EUA Dec Futures ................................................................................................................... 47
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Contract Specifications, Version 0050a Page 6 

F. Trading Calendar .......................................................................................................... 48
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Contract Specifications, Version 0050a Page 7 

A. Subject of the Contract and Underlying Commodity 

1. Energy and Energy Related Products 

Financial and physical futures on the following energy and energy related products can be traded 

on EEX: 

1.1. Power (financial and physical) 

1.1.1. Underlying 

1.1.1.1. Power Futures 

Delivery or acceptance of delivery of electricity with a constant output of 1 MW into the maximumvoltage level of the respective market area during the delivery time on every delivery day during 

the delivery period. 

1.1.1.2. Cap Futures 

The average difference of a reference price calculated for the respective market area for particular 

power spot market contracts within a specific delivery period for a particular market area and a 

price threshold (Cap) determined by the Management Board of the Exchange of EEX. For hours 

for which the difference is negative, a zero will be counted for the determination of the average. 

1.1.1.3. Wind Power Futures 

The average load factor of the installed wind power plants calculated for the respective market area in percent (%). The load factor will be determined for each month as the unweighted average 

value of the quotients of the produced amount of wind power (in MWh) and the installed production 

capacity for wind power (in MW) for each hour. For futures having a shorter maturity than a month 

those shorter periods of time will be the basis for the determination. 

1.1.2. Market Areas/Reference Contract 

1.1.2.1. Power Futures with Physical Fulfilment 

Power Futures with physical fulfilment within the respective control area can be traded for the following market areas: 

§ Belgium (Belgian Power Baseload Futures) and 

§ The Netherlands (Dutch Power Baseload and Peakload Futures). 

1.1.2.2. Power Futures with Financial Fulfilment 

Power Futures with financial fulfilment can be traded for the following market areas: 

§ Belgium (Belgian Base Futures), 

§ Germany/Austria (Phelix Base, Peak and Off-Peak Futures), 

§ France (French Base and Peak Futures), 
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Contract Specifications, Version 0050a Page 8 

§ Italy (Italian Base and Peak Futures), 

§ The Netherlands (Dutch Base and Peak Futures) 

§ Nordic (Nordic Base Futures), 

§ Spain (Spanish Base Futures), 

§ Switzerland (Swiss Base Futures), and 

§ United Kingdom (UK Base and Peak Futures) 

1.1.2.3. Cap Futures 

The following financially settled Cap Futures can be traded: 

§ German Market area, Base load, Intraday Market Hourly Product (German Base Intraday 

Hourly Cap Future) 

1.1.2.4. Wind Power Futures 

The following financially settled Wind Power Futures can be traded: 

§ Germany/Austria, Base load (German Austrian Wind Power Future) 

1.1.3. Delivery Time 

Delivery time is the days and their hours that are comprised by the respective delivery period according to the contract concerned: 

1.1.3.1. Base 

00:00 until 24:00 for all days of the week (Base) 

1.1.3.2. Peak 

08:00 until 20:00 for all days Monday through Friday (Peak) and 08:00 until 20:00 for the 

days Saturday and Sunday (Peak Weekend) respectively 

1.1.3.3. Off-Peak 

00:00 until 08:00 and 20:00 until 24:00 Uhr for all days Monday through Friday as well as 

the hours between 00:00 and 24:00 at weekends (Off-Peak) 

1.1.4. Delivery Period/Time Period 

The Delivery periods for the respective market area may be: Day, Weekend, Week, Month, Quarter, Season*, and Year. 

* A Season comprises either October through March (Winter Season) or the respective months April through September (Summer Season). 

1.1.5. Tradable Delivery Periods 

1.1.5.1. Physical Power Futures 

§ Belgian Power Baseload Month/Quarter/Year Futures 

§ Dutch Power Baseload Month/Quarter/Year Futures 

§ Dutch Power Peakload Month/Quarter/Year Futures 
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Contract Specifications, Version 0050a Page 9 

1.1.5.2. Financial Power Futures 

§ Belgian Base Month/Quarter/Year Futures 

§ Dutch Power Base Week/Month/Quarter/Year Futures 

§ Dutch Power Peak Month/Quarter/Year Futures 

§ French Base Day/Weekend/Week/Month/Quarter/Year Futures 

§ French Peak Day/Weekend/Week/Month/Quarter/Year Futures 

§ Italian Base Day/Weekend/Week/Month/Quarter/Year Futures 

§ Italian Peak Day/Weekend/Week/Month/Quarter/Year Futures 

§ Nordic Base Week/Month/Quarter/Year Futures 

§ Phelix Base Day/Weekend/Week/Month/Quarter/Year Futures 

§ Phelix Peak Day/Weekend/Week/Month/Quarter/Year Futures 

§ Phelix Off-Peak Month/Quarter/Year Futures 

§ Spanish Base Day/Weekend/Week/Month/Quarter/Year Futures 

§ Swiss Base Week/Month/Quarter/Year Futures 

§ UK Base Day/Weekend/Week/Month/Quarter/Season/Year Futures 

§ UK Peak Week/Month/Quarter/Season/Year Futures 

1.1.6. Tradable Settlement Periods 

1.1.6.1. Cap Futures 

§ German Base Intraday Hourly Cap Week Future 

1.1.6.2. Wind Power Futures 

§ German Austrian Wind Power Week/Month/Quarter/Year Future* 

* Introduction to trading expected as of October 2016.

1.1.7. Contract Volume and Minimum Lot Size 

§ Contract Volume of Power and Cap Futures: 

The contract volume is calculated by multiplying the number of delivery hours (h) during the 

delivery period with the constant output (MW) specified in the respective reference contract 

(see above 1.1.5.). The maximum amount of power per day is usually 24 MWh, on the day 

of the switch from winter time to summer time it amounts to 23 MWh, whereas on the day of 

the switch from summer time to winter time it amounts to 25 MWh. 

The contract volume of physically fulfilled Futures:

As of the second exchange day before the beginning of the delivery period the contract volume is reduced at the end of trading by the quantity of electricity which is to be delivered. 

The quantity to be delivered is the quantity for the delivery day which follows the next exchange day (t+2) in each case. In case this delivery day is not an exchange day, the quantities for all delivery days following that delivery day up until and including the next exchange 

day are to be delivered additionally. 
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Contract Specifications, Version 0050a Page 10 

§ Contract Volume of Wind Power Futures: 

The contract volume is calculated by the number of single hours (h) during the settlement 

period. The maximum number of hours per day is usually 24, on the day of the switch from 

or to summer time it amounts to 25 or 23, respectively. 

§ Minimum lot size: 1 contract or a multiple thereof 

1.1.8. Tradable Maturities 

At maximum the following maturities can be traded at EEX: 

1.1.8.1. Power Futures 

§ Day Futures: 

· The respective next 34 days (Day Future), 

§ Weekend Futures 

· The respective next 5 weekends (Weekend Future), 

§ Week Futures 

· The current and the next 4 weeks (Week Future), 

§ Month Futures 

· The current and the next 9 months (Phelix/French Month Future), 

· The current and the next 6 months (remaining Month Future), 

§ Quarter Futures 

· The respective next 11 full quarters (Phelix/French Quarter Future), 

· The respective next 7 full quarters (remaining Quarter Future) 

§ Season-Futures 

· The respective next 6 full seasons (Season Future), 

§ Year Futures 

· The respective next 6 full years (Year Future). 

1.1.8.2. Cap Futures 

§ German Base Intraday Hourly Cap Future 

· The current and the next 4 weeks (Week Future), 

1.1.8.3. Wind Power Futures 

§ Week Futures: 

· The current and the next 4 weeks (Week Future), 

§ Month Futures: 

· The current and the next 3 months (Month Future),
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Contract Specifications, Version 0050a Page 11 

§ Quarter Futures 

· The respective next 4 full quarters (Quarter Future), 

§ Year Futures 

· The respective next 2 full years (Year-Future) 

The exact number of tradable maturities is determined by the Management Board of the Exchange 

and announced before implementation. 

1.2. Coal (financial) 

1.2.1. Underlying 

Delivery or acceptance of delivery of steam coal having a calorific value of 6000 kcal/kg net as received (NAR) and 1% Sulphur at maximum within 90 days at the delivery point: 

§ cif Amsterdam–Rotterdam–Antwerp (API 2* CIF ARA (Argus-IHS McCloskey) Coal Futures) 

§ fob Richards Bay, South Africa (API 4* FOB Richards Bay (Argus-IHS McCloskey) Coal Futures). 

* API 2 and API 4 are trade marks and are used under licence from Argus Media Limited and IHS Global Limited. All copyrights and 

database rights in the API 2 and API 4 index belong exclusively to Argus Media Limited and IHS Global Limited and are used 

herein under licence. EEX is solely responsible for the operation of markets in API-2-CIF-ARA-(Argus-IHS McCloskey)-Coal- and 

API-4-FOB-Richards-Bay-(Argus-IHS McCloskey)-Coal-Futures. Argus and IHS take no position on the purchase or sale of such 

Products and exclude all liability in relation thereto.

1.2.2. Contract Volume and Minimum Lot Size 

§ Contract volume: 1,000 metric tons; 

§ Minimum Lot Size: 1 contract or a multiple thereof 

1.2.3. Tradable Maturities 

At maximum the following maturities can be traded at EEX: 

1.2.3.1. Month Futures 

§ The current and the next 83 months 

The exact number of the tradable maturities is determined by the Management Board of the Exchange and announced before implementation. 

2. Environmental Products 

2.1. Emission Allowances 

2.1.1. Underlying 

Delivery or acceptance of delivery of EU Emission Allowances, EU Aviation Allowances, and 

Green Certified Emission Reductions, respectively. 
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Contract Specifications, Version 0050a Page 12 

2.1.2. EU Emission Allowance and EU Aviation Allowance 

EU Emission Allowance (EUA) and EU Aviation Allowance (EUAA), respectively, permit to emit 

one ton of carbon dioxide or one ton of a carbon dioxide equivalent within the meaning of the directive 2003/87/EC of 13 Oct. 2003 in its respective valid version, which are kept by a register within the meaning of this directive and which can be transferred at the respective delivery day within 

the scope of said directive or any respective succeeding rule (Spot market Primary auction and 

secondary trading: EU Allowances, EU Aviation Allowances; Derivatives market secondary trading: 

European Carbon Future, EU Aviation Allowances Future). 

2.1.3. Green Certified Emission Reductions 

Green Certified Emission Reductions (CER)* are certified emission reductions from Bilateral Projects** according to article 12 of the Kyoto Protocol and the Kyoto Protocol decisions of the United 

Nations Framework Convention on Climate Change (UNFCCC) in their respective valid version at 

the time of delivery, corresponding to one tonne of carbon dioxide or equivalent which can be used 

at the respective delivery day for means of compliance according to the valid rules EU ETS and 

which are freely transferred, including all projects except those involving the destruction of trifluoromethane (HFC-23) and nitrous oxide (N2O) from adipic acid production as well as large hydro 

projects exceeding 20MW (Spot market: CER; Derivatives market: CER Dec Future). 

* CERs generated from projects in countries listed by OFAC (www.treasury.gov), are excluded. 

** Bilateral Projects: Projects which hold a letter of approval (LoA) from the project host country as well as a LoA from a designated 

national authority (DNA) of a contractual state according to Annex I of the Kyoto Protocol as part of the project documentation 

submitted and published by the UN. 

2.1.4. Contract Volume and Minimum Lot Size 

2.1.4.1. Spot Market 

§ EU Allowances / EU Aviation Allowances – Primary Auction 

§ Contract volume: 1 EUA and EUAA, respectively, 

§ Minimum lot size: 500 contracts or a multiple thereof 

§ EU Allowances / EU Aviation Allowances / CER Contracts – Secondary Trading: 

§ Contract volume: 1,000 EUA, EUAA, and CER, respectively, 

§ Minimum lot size: 1 contract or a multiple thereof

2.1.4.2. Derivatives Market 

§ European Carbon Futures/EU Aviation Allowances Future/CER Futures 

§ Contract volume:1,000 EUA, EUAA, and CER, respectively, 

§ Minimum lot size: 1 contract or a multiple thereof 

2.1.5. Time of Fulfilment and Delivery Day 

The time of fulfilment and the delivery day, respectively, is for spot market contracts on the first 

ECC Business Day after the conclusion of the contract and for derivatives contracts on the second 

ECC Business Day after the last trading day. 
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Contract Specifications, Version 0050a Page 13 

2.1.6. Maturities of Derivatives Contracts 

Maturities can be: Month, Quarter, December 

2.1.7. Tradable Maturities for Derivatives Contracts 

At maximum the following maturities can be traded at EEX: 

2.1.7.1. Month Futures 

§ The current and the next 2 months, if no EUA Dec Future or EUA Quarter Future expires at 

the respective maturity date (EUA Month Future). 

2.1.7.2. Quarter Futures 

§ The current and the next 11 quarters, if no EUA DEC Future expires at the respective maturity date (EUA Quarter Future) 

2.1.7.3. December Futures 

§ all December maturities up to and including December 2020* 

(EU Aviation Allowance Future, CER Future, EUA Dec Future) 

§ the current and the next 8 Decembers** 

(EUA Dec Future) 

* For EUA Dec Future: until and including September 23rd,.2016. 

** As of September 26th, 2016. 

The exact number of the tradable maturities is determined by the Management Board of the Exchange and announced before implementation. 

2.2. Guarantees of Origin 

2.2.1. Underlying 

Delivery or acceptance of delivery of Guarantees of Origin (GO). 

Valid Guarantee of Origin in the meaning of Article 2 (j) of Directive 2009/28/EC of electricity produced from renewable energy sources in accordance with Article 15 of Directive 2009/28/EC issued by the competent member state or designated competent body and certifying 1 MWh production of a Hydro-electric head installation located 

§ in Denmark, Finland, Norway, or Sweden (GO Nordic Hydro Power Future) 

§ in Germany, Austria or Switzerland (GO Alpine Hydro Power Future) 

that has not benefited from a national support scheme, thus being consistent with Code 0 of 

EECS Rules Fact Sheet 3 - TYPES OF PUBLIC SUPPORT; 

§ Belgium, Denmark, Germany or the Netherlands (GO Northern Continental Europe Wind 

Power Future) 

that might have benefited from a national support scheme, thus being consistent with Code 0, 

1, 2, 3 or 4 of EECS Rules Fact Sheet 3 - TYPES OF PUBLIC SUPPORT. 
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Contract Specifications, Version 0050a Page 14 

The production of electricity certified by the GO must have occurred in the months preceding the 

maturity of the futures contract according to the following scheme: 

Maturity Valid period of certified production 

March April – December of the previous calendar year 

December January – December of the on-going calendar year 

2.2.2. Contract Volume and Minimum Lot Size 

§ Contract Volume: 1,000 GO 

§ Minimum lot size: 1 contract or a multiple thereof 

2.2.3. Maturities 

Maturities are: March and December 

2.2.4. Tradable Maturities 

At maximum the following maturities can be traded at EEX: 

§ Maturities in December and March are tradable within the three years before maturity at the 

exchange 

The exact number of the tradable maturities is determined by the Management Board of the Exchange and announced before implementation. 

3. Agricultural Products 

Financial futures on the following agricultural products can be traded on EEX: 

3.1. Potatoes 

3.1.1. Underlying 

Delivery or acceptance of delivery of processing potatoes used for the production of French fries 

from specific cultivation areas in Germany, the Netherlands, Belgium, and France. Settlement is 

carried out financially against the European Processing Potato Index in its respective valid version/composition for each date of delivery (European Processing Potato Future). 

3.1.2. Contract Volume and Minimum Lot Size 

§ Contract Volume: 25 metric tons 

§ Minimum Lot Size: 

· 1 Contract or a multiple thereof (Order book trading) 

· minimum 10 Contracts (Trade Registration) 
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Contract Specifications, Version 0050a Page 15 

3.1.3. Tradable Maturities 

At maximum the following maturities can be traded at EEX: 

§ The next three expiry months from the cycle April, June and November as well as the following expiry month April.

The exact number of the tradable maturities is determined by the Management Board of the Exchange and announced before implementation. 

3.2. Livestock and Meat 

3.2.1. Underlying 

Delivery or acceptance of delivery of: 

§ One piglet in the four most important piglet trading zones in Germany (Schwäbisch Gmünd, 

Bavaria, North-Rhine Westphalia, Lower Saxony). Settlement is carried out financially 

against the Piglet Index in its respective valid version/composition for each date of delivery 

(Piglet Future) 

§ Hogs for slaughter in Central Europe (Germany, the Netherlands, Belgium, and Austria). 

Settlement is carried out financially against the Hog Index in its respective valid version/composition for each date of delivery (Hog Future). 

3.2.2. Contract Volume and Minimum Lot Size 

§ Contract Volume: 

· 100 piglets (Piglet Future) 

· 8,000 kg slaughter-weight (Hog Future) 

§ Minimum Lot Size: 

· 1 Contract or a multiple thereof (Order book trading) 

· minimum 10 Contracts (Trade Registration) 

3.2.3. Tradable Maturities 

At maximum the following maturities can be traded at EEX: 

§ The maturities of the current and the next twelve consecutive calendar months as well as 

the following two quarter months from the cycle March, June, September and December.

The exact number of the tradable maturities is determined by the Management Board of the Exchange and announced before implementation. 

3.3. Dairy Products 

3.3.1. Underlying 

Delivery or acceptance of delivery of: 

§ Skimmed milk powder for comestible use in the European Economic Area (Quotations in 

Germany, France and the Netherlands). Settlement is carried out financially against the 

Skimmed Milk Powder Index in its respective valid version/composition for each date of delivery (Skimmed Milk Powder Future) 
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Contract Specifications, Version 0050a Page 16 

§ Whey powder in the European Economic Area (Quotations in Germany, France and the 

Netherlands). Settlement is carried out financially against the European Whey Powder Index in its respective valid version/composition for each date of delivery as it is calculated 

and published by AMI Agrarmarkt Informations-Gesellschaft mbH (European Whey Powder 

Future) 

§ Block butter for comestible production in Germany, France and the Netherlands. Settlement 

is carried out financially against the Butter Index in its respective valid version/composition 

for each date of delivery (Butter Future).

3.3.2. Contract Volume and Minimum Lot Size 

§ Contract Volume: 5 metric tons 

§ Minimum Lot Size: 1 Contract or a multiple thereof 

3.3.3. Tradable Maturities 

At maximum the following maturities can be traded at EEX: 

§ The maturities of the current and the next eighteen consecutive calendar months.

The exact number of the tradable maturities is determined by the Management Board of the Exchange and announced before implementation. 

4. Options 

4.1. Underlying 

The buyer of a call option (call) is entitled to receive a long position in the corresponding future at 

the exercise price of the option on the last trading day. 

The seller of the call option (call) receives a short position in the corresponding future after the call 

option is exercised and assigned at the exercise price on the last trading day. 

They buyer of a put option (put) is entitled to receive a short position in the corresponding future at 

the exercise price of the option on the last trading day. 

The seller of the put option (put) receives a long position in the corresponding future at the exercise price after the put option is exercised and assigned on the last trading day. 

4.1.1. Underlying of Options on Power Futures 

The respective delivery period of the Base Month, Base Quarter or Base Year Future, that is 

named in the respective Option as underlying. 

Options on Power Futures are offered for the following market areas: 

§ Germany/Austria (Phelix Base Option), 

§ France (French Base Option), 

§ Italy (Italian Base Option), 

§ Nordic (Nordic Base Option)* and 

§ Spain (Spanish Base Option). 

* Currently not available for trading.
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Contract Specifications, Version 0050a Page 17 

4.1.2. Underlying of Options on EUA Dec Futures* 

The respective maturity of the EUA Dec Future, that is named in the Option as underlying. 

* Introduction to trading expected as of the middle of October 2016. 

4.2. Option Premium 

The buyer of an option contract is obliged to pay the price for the purchase of the right of option 

(option premium) on the ECC Business Day after the purchase. The premium is credited to the 

seller of the option on the same day. 

4.3. Type of Option 

European type, i.e. the option can only be exercised on the last trading day. 

4.4. Maturities 

4.4.1. Options on Power Futures 

Maturities can be: Month, Quarter, Year 

4.4.2. Options on EUA Dec Futures 

Maturities can be: Year (December) 

4.5. Tradable Option Series 

An option series is the total number of call and put options (call and put) with the same Underlying, 

the same exercise price and the same maturity which can be traded in the system. 

At least three series with different exercise prices can be traded for each maturity; in this context 

one exercise price is in the money, one exercise price is at the money and one exercise price is 

out of the money upon their introduction into trading. 

The management board of the exchange is entitled to change the number of tradable option series 

at any given time.

4.6. Tradable Maturities 

4.6.1. Options on Power Futures 

At maximum the following maturities can be traded at EEX: 

§ The respective next 5 delivery months (Month Option), 

§ The respective next 6 delivery quarters (Quarter Option), 

§ The respective next 4 delivery years* of the underlying (Year Option) 

* For each delivery year of the underlying up to 4 contracts with different expiry dates at the end of each 

quarter of the preceding year can be available. Underlyings are available: 

Expiry end of March: Base Year Apr Option (Phelix Options only) 

Expiry end of June: Base Year Jul Option (Phelix Options only) 

Expiry end of September: Base Year Oct Option (Phelix Options only) 

Expiry end of December Base Year Jan Option (for all Options) 
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Contract Specifications, Version 0050a Page 18 

New maturities will be introduced for trading to such an extent that always 16 maturities with 4 maturities per year (Phelix Options) and 4 maturities (for all other Options) referring to the next 4 delivery 

years of the underlying are tradable. 

4.6.2. Options on EUA Dec Futures 

At maximum the following maturities can be traded at EEX: 

§ the current and the next 8 December expiries 

(EUA Dec Option).

The exact number of the tradable maturities of the respective options is determined by the Management Board of the Exchange and announced before implementation. 

4.7. Exercise 

The option can only be exercised on the last trading day. Said exercise is carried out by means of 

an entry into the EEX system between 08:00 a.m. and 03:00 p.m. (Exercise Period) on the last 

trading day. 

On the last trading day starting at 2 p.m. the exchange determines the intraday market value of the 

underlying (Intraday Fixing Price) and publishes it in due time before the end of the Exercise Period. 

In deviation to sentence 1, options which are in the money in relation to the Intraday Fixing Price 

are exercised automatically at the end of the exercise period unless the trading participant has 

made a deviating entry into the system by that time. 

Exercises only become effective at 03:00 p.m., until that time they can be changed or deleted at 

any time. 
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Contract Specifications, Version 0050a Page 19 

B. Pricing and Minimum Price Fluctuation 

1. Euro Denominated Products 

Pricing in EUR per 

§ EUA, EUAA, CER, and MWh (Power Futures except UK Power Futures) to the second decimal place 

§ MWh (Cap Futures) to the third decimal place 

§ h (Wind Power Futures) to the second decimal place 

§ GO to the third decimal place 

§ 100 kg to the first decimal place (European Processing Potato Future) 

§ Piglet to the first decimal place (Piglet Future) 

§ kg to the third decimal place (Hog Future) 

§ Tonne (Skimmed Milk Powder, European Whey Powder, Butter Future) no decimal places 

Minimum price fluctuation: 

§ EUR 0.01 per EUA, EUAA, CER, and MWh (Power Futures except UK Power Futures) 

§ EUR 0.001 per MWh (Cap Futures) 

§ 0.01 EUR per h (Wind Power Futures) 

§ EUR 1.00 per GO 

§ EUR 0.1 per 100 kg (European Processing Potato Future) 

§ EUR 0.1 per piglet (Piglet Future) 

§ EUR 0.001 per kg (Hog Future) 

§ EUR 1 per Tonne (Skimmed Milk Powder, European Whey Powder, Butter Futures) 

Minimum price fluctuation per contract is determined by multiplying the minimal price fluctuation 

per unit with the contract volume and the amount of delivery hours, respectively. 

2. GBP Denominated Products 

Pricing in GBP per 

§ MWh (UK Power Future) to the second decimal place 

Minimum price fluctuation: 

§ GBP 0.01 per MWh (UK-Power-Future) 

Minimum price fluctuation per contract is determined by multiplying the minimal price fluctuation 

per unit with the contract volume and the amount of delivery hours, respectively. 

3. USD Denominated Products 

Pricing in USD per 

§ Tonne (coal) to the second decimal place 
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Contract Specifications, Version 0050a Page 20 

Minimum price fluctuation: 

§ USD 0.01 per Tonne 

Minimum price fluctuation per contract is determined by multiplying the minimal price fluctuation 

per unit with the contract volume and the amount of delivery hours, respectively. 

4. Pricing for the Option Premium 

Pricing in EUR per 

§ MWh (Power Options) and EUA (EUA Dec Option) to the third decimal place 

Minimum price fluctuation: 

§ EUR 0.001 per MWh or EUA, respectively. 
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Contract Specifications, Version 0050a Page 21 

C. Last Trading Day for Derivatives Market Contracts 

1. Energy and Energy Related Products 

1.1. Power 

1.1.1. Physically Settled Power Futures 

The Last Trading Day: 

§ of the Month Future 

is two exchange trading days before the last delivery day of the delivery month 

§ of the Quarter/Year Future 

is the third exchange trading day before the beginning of the delivery period. 

1.1.2. Financially Settled Power Futures 

The Last Trading Day: 

§ of the Day Future 

is the day at which the hourly auction for the respective delivery day on the EPEX SPOT 

Market is conducted 

§ of the Weekend Future 

is the Friday before the beginning of the delivery period, 

§ of the Base Week Future 

is the Friday of the current delivery period, 

§ of the Peak Week Future 

is the Thursday of the current delivery week, 

§ of the Month Future 

is the day the hourly auction for the last delivery day of the delivery month on the EPEX 

Spot Spot Market is conducted. Trading ends at the time of the end of the submission of 

bids for the hourly auction on the EPEX Spot Spot Market (usually at 12:00) on that day. 

§ Of the Quarter/Season/Year Future 

is the third exchange trading day before the beginning of the delivery period. 

1.1.3. Cap-Futures 

The Last Trading Day: 

§ of the German Base Intraday Hourly Cap Week Future 

is the Friday of the current settlement period. 

1.1.4. Wind Power Futures 

The Last Trading Day: 

§ of the Week/Month Future

is the last exchange trading day before the end of the respective settlement period, 

§ of the Quarter/Year Future 

is the third exchange trading day before the beginning of the settlement period. 
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Contract Specifications, Version 0050a Page 22 

If one of the before mentioned Last Trading days is not an exchange trading day, the Last Trading 

Day is the previous exchange trading day. 

1.2. Coal 

The Last Trading Day: 

§ of the Month Future 

is the last Friday of the delivery month 

If this day is not an exchange trading day or if it is a public holiday in Great Britain, the Last Trading 

Day is the previous exchange trading day. If – according to the preceding provision – the Last 

Trading Day of a December contract would fall on a day prior to December 24th, the Last Trading 

Day in this case shall be the first exchange trading day following December 24th. 

2. Environmental Products 

2.1. Emission Allowances 

The Last Trading Day: 

§ is the last Monday of the maturity month. If this day is not an exchange trading day or if it is 

a public holiday in Great Britain or if one of the 4 days following the last Monday is not an 

exchange trading day, the Last Trading Day is the penultimate Monday of the maturity 

month. 

The last trading day for each contract will be published by the Management Board of the Exchange 

prior to introduction of a maturity to trading at the latest. 

2.2. Guarantees of Origin 

The Last Trading Day is an exchange trading day within the calendar month of the respective maturity of the contract. It will be determined by the Management Board of the Exchange prior to the 

introduction of a maturity to trading at the latest. The Last Trading Day will normally be at least two 

weeks before the last calendar day of that specific month. 

3. Agricultural Products 

3.1. Potatoes 

The Last Trading Day: 

§ is the exchange trading day before the last Friday of the month for the expiry months April 

and November. 

§ is the exchange trading day before the first Friday of the month for the expiry month June. 
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Contract Specifications, Version 0050a Page 23 

3.2. Livestock and Meat 

The Last Trading Day: 

§ is the exchange trading day before the Thursday that follows the third Friday of the respective expiry month. For the expiry month December the Last Trading Day is the exchange 

trading day before the Thursday that follows the second Friday of the month. 

3.3. Dairy Products 

The Last Trading Day: 

§ is the last Wednesday of the respective expiry month. If this day is not an exchange trading 

day, the Last Trading Day is the previous exchange trading day. 

§ is the expiry month December the Last Trading Day is the third Wednesday of the month. If 

this day is not an exchange trading day, the Last Trading Day is the following exchange 

trading day. 

4. Options 

4.1. Last Trading Day 

4.1.1. Options on Power Futures 

The Last Trading Day: 

§ Month Option 

§ Delivery month of January: the third Thursday of the preceding December 

§ All other delivery months*: four exchange trading days prior to the beginning of 

 the delivery month 

§ Quarter Option 

§ First quarter of a given year: the third Thursday of the preceding December 

§ All other quarters: four exchange trading days prior the beginning of the 

 delivery quarter 

§ Year Option 

§ Phelix Base Year Jan Option: The second Thursday in December 

§ All other maturities: four exchange days before the end of the quarter 

On the Last Trading Day of a maturity all options of the same maturity type (Month, Quarter or 

Year) are only tradable until 3 p.m. irrespective of whether they expire that same day as well. 

4.1.2. Options on EUA Dec Futures 

The Last Trading Day: 

§ The third exchange trading day prior to the last Monday of the expiry month. If this Monday 

is not an exchange trading day, a public holiday in Great Britain or if one of the four days 

following that last Monday is not an exchange trading day, then the Last Trading Day is the 

penultimate Monday of the expiry month. 
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Contract Specifications, Version 0050a Page 24 

The last trading day for each option contract will be published by the Management Board of the 

Exchange prior to introduction of a maturity to trading at the latest.

4.2. Expiry Day 

Options which have not been exercised expire at 03:00 p.m. on the Last Trading Day. 
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Contract Specifications, Version 0050a Page 25 

D. Fulfilment 

1. Energy and Energy Related Products 

1.1. Cascading 

For the following Future contracts longer maturities cascade into corresponding shorter maturities: 

§ Power Futures 

§ Wind Power Futures 

On the third ECC Business Day before the beginning of the delivery period, each open position in 

a Year Future is replaced by equivalent positions in the three Month Futures for the delivery 

months from January through to March and the three Quarter Futures for the second through to the 

fourth delivery quarter whose delivery periods together correspond to the delivery year. 

On the third ECC Business Day before the beginning of the delivery period, each open position in 

a Season Future is replaced by equivalent positions in the three Month Futures for the delivery 

months from October through to December (Winter-Season) or the three Month Futures for the delivery months from April through to Juni (Summer-Season) and the respective following Quarter 

Future. 

On the third ECC Business Day before the beginning of the delivery period, each open position in 

a Quarter Future is replaced by equivalent positions in the three Month Futures whose delivery 

months together correspond to the delivery quarter. 

1.2. Power 

1.2.1. Final Settlement Price 

1.2.1.1. Physical Power Futures 

The respective final settlement price is determined two exchange trading days prior to the beginning of the delivery period (Month Futures). Thus, this is the settlement price that the entire contract volume of the respective contract is last traded for. 

1.2.1.2. Financial Power Futures 

The determination of the respective final settlement price is based on an Index which is the mean 

value of all auction prices of the hourly contracts traded for the respective market area and delivery 

period (Base/Peak/Off-Peak) for all days of the respective delivery period. 

EEX determines the Index on each exchange trading day by using the most valuable sources for 

the respective market area. As a rule the auction prices of the hourly contracts traded at the most 

liquid power spot exchange are used. 

Currently, the reference price for the market area: 

§ Belgium: is based on the „Belix Base“ as determined by auf dem von Belpex NV; 

§ Germany/Austria: is based on the hourly prices determined at the spot market of EPEX 

SPOT for this market area; 
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Contract Specifications, Version 0050a Page 26 

§ France: is based on the hourly prices determined at the spot market of EPEX SPOT for 

this market area; 

§ Italy: is based on the “PUN Index GME” as determined by Gestore dei Mercati Energetici S.p.A. (GME);

§ The Netherlands: is based on the „APX NL Base“ or the „APX NL Peak“, respectively, 

as determined by APX Power BV 

§ Nordic: is based on the Nordic Elspot System Price as determined by Nord Pool Spot;

§ Switzerland: is based on the hourly prices determined at the spot market of EPEX 

SPOT for this market area;

§ Spanien: is based on the “SPEL Base” Index as determined by OMIP.

§ United Kingdom is based on the „APX Power UK Auction Base“ and the „APX Power 

UK Auction Peak“ Index as determined by APX Commodities Ltd.

The Management Board of the Exchange may use indexes of information service providers or any 

other appropriate sources in case exchange data are not available for EEX. EEX will publish in 

those cases the source that is used for calculation of the index. 

1.2.1.3. Cap-Futures 

The final settlement price per MWh is the average of the differences of the respective price index 

for all reference contracts within the respective delivery period and the Cap, whereas negative differences will be counted as zero for the determination of the average: 

§ German Base Intraday Hourly Cap Future: Average of the differences of the Intraday 

Price Indices (ID3-Price) determined for the Intraday hourly contracts by EPEX SPOT 

and the Cap that has been stipulated by the Management Board of the Exchange prior 

to the introduction of the respective Future. 

1.2.1.4. Wind Power Futures Germany/Austria 

The Final Settlement Price is the respective Wind Power Index for the relevant period of time as 

the unweighted average of the load factors for all hours of the contract. The Wind Power Index will 

be determined by an established information or data service provider that is specialized for the 

processing and calculation of weather data, on a model-basis for the respective market area and 

will be based on actual wind data for each week or month, respectively. Due to technical reasons, 

the Wind Power Index for Month Futures will be calculated by using wind forecasts for the eight (8) 

last hours of the settlement period. 

Currently, the Wind Power Index for the market area: 

§ Germany/Austria is calculated by the EuroWind GmbH, Cologne. 

The Management Board of the Exchange may in a particular instance or permanently employ other 

information or data service providers or any other appropriate sources to determine the respective 

Wind Power Index, particularly if the named information or data service providers are not able in a 

particular instance to determine the respective Wind Power Index or if the Management Board of 

the Exchange considers that the calculations of other information or data service providers better 

reflect the underlying of the contract. EEX will publish in those cases the source that is used for 

calculation of the index. 
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Contract Specifications, Version 0050a Page 27 

1.2.2. Fulfilment of Physical Power Futures 

The buyer is obliged to purchase the quantity of electricity agreed on every delivery day of the delivery period and to pay the purchase price plus the taxes payable on said amount. 

The seller is obliged to deliver the quantity of electricity agreed on with constant power and duration on every delivery day. 

1.2.2.1. Delivery and Acceptance of Delivery 

Delivery and acceptance of delivery of power is effected, subject to the provisions specified in the 

Clearing Conditions, by submitting a nomination or schedule in accordance with the requirements 

of the respective Balancing Agreement, which comprises the underlying delivery transaction as 

well as the binding confirmation of the nomination or schedule by the respective transmission system operator. 

On every delivery day only that the part of the contract shall be delivered which has been defined 

for delivery according to the respective contract specifications for delivery on every day of the delivery period. 

1.2.2.2. Purchase Price 

The purchase price for all delivery days in the entire delivery period is the final settlement price. 

1.2.3. Fulfilment of Financial Power Futures, Cap Futures and Wind Power Futures 

The seller (buyer) is obliged to settle the difference between the price agreed on and the higher 

(lower) final settlement price in cash on the day of execution. The final settlement price may be 

negative. 

Fulfilment is carried out between the clearing members and ECC AG. Cash settlement between 

non-clearing members and their own clients is the task of the clearing member in charge; the cash 

settlement between non-clearing members and their clients is the task of the non-clearing members concerned.

1.2.3.1. Month Futures 

Fulfilment by means of cash settlement based on the final settlement price on the ECC Business 

Day following the Last Trading Day. If the final settlement price is determined on a Saturday Sunday or a public holiday following a Sunday, the cash settlement takes place on the second ECC 

Business Day after the Last Trading Day. 

1.2.3.2. Week Futures 

Fulfilment by means of cash settlement based on the final settlement price on the ECC Business 

Day following the day of determination of the final settlement price (as a rule Tuesdays). 

1.2.3.3. Weekend Futures 

Fulfilment by means of cash settlement on the second ECC Business Day following the Last Trading Day. 
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Contract Specifications, Version 0050a Page 28 

1.2.3.4. Day Futures 

Fulfilment by means of cash settlement based on the final settlement price determined on the ECC 

business day following the day the settlement price is determined. If the final settlement price is determined on a Saturday, Sunday or a public holiday, the cash settlement takes place on the second next ECC Business Day after the Last Trading Day. 

1.3. Coal 

1.3.1. Final Settlement Price 

The determination of the respective final settlement price is based on a monthly index for coal (Index) which is the mean value of all weekly indices of the respective delivery point published in the 

relevant month in Argus/McCloskey’s Coal Price Index Report on the last Friday of each month. 

The Index for the delivery point 

§ cif Amsterdam Rotterdam Antwerp (cif ARA) is the API 2* Month Index 

§ fob Richards Bay, South Africa is the API 4* Month Index 

* API 2 and API 4 are trade marks and are used under licence from Argus Media Limited and IHS Global Limited. All copyrights and 

database rights in the API 2 and API 4 index belong exclusively to Argus Media Limited and IHS Global Limited and are used 

herein under licence. EEX is solely responsible for the operation of markets in API-2-CIF-ARA-(Argus-IHS McCloskey)-Coal- and 

API-4-FOB-Richards-Bay-(Argus-IHS McCloskey)-Coal-Futures. Argus and IHS take no position on the purchase or sale of such 

Products and exclude all liability in relation thereto. 

1.3.2. Fulfilment 

Fulfilment by means of cash settlement on the ECC Business Day following the Last Trading Day 

based on the difference between the settlement price of the exchange day before the Last Trading 

Day and the final settlement price. 

The seller (buyer) is obliged to settle the difference between the settlement price of the previous 

ECC Business Day and the higher (lower) final settlement price in cash. 

Fulfilment is carried out between the clearing members and ECC AG. Cash settlement with nonclearing members and their own clients is the responsibility of the clearing member in charge; the 

cash settlement between non-clearing members and their clients is the responsibility of the nonclearing members concerned. 

2. Environmental Products 

2.1. Emission Allowances 

2.1.1. Primary Auctions 

2.1.1.1. Escrow Accounts 

EU Allowances and EU Aviation Allowances, respectively, are held in escrow by ECC Lux in accounts as collateral security within the meaning of Article 2(m) of the Settlement Finality Directive 

as implemented in section 166 (3) 1 of the German Insolvency Statute. 
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Contract Specifications, Version 0050a Page 29 

2.1.1.2. Fulfilment 

Fulfilment is carried out by delivering the purchased EU Emission Allowances or the purchased EU 

Aviation Allowances after payment: upon receipt of the payment by the auctioneer(s), ECC Lux 

transfers the purchased EU Emission Allowances and the purchased EU Aviation Allowances, respectively, into the internal account of the successful bidders in the ECC internal account system 

and subsequently makes the corresponding changes in the ECC Lux escrow accounts held at the 

registry. 

2.1.1.3. Transfer of Allowances 

Following fulfilment of the contract, successful bidders are entitled to demand the transfer of EU Allowances and EU Aviation Allowances, respectively, held in escrow for them, in the ECC Lux escrow accounts at the registry, to a registry account specified by them. The demand is executed at 

the latest on the first ECC Business Day after it is made. 

2.1.2. Secondary Trading 

2.1.2.1. Escrow Accounts 

Emission Allowances (EUA, EUAA, or CER) are held in escrow by ECC Lux in accounts as collateral security within the meaning of Article 2(m) of the Settlement Finality Directive as implemented 

in section 166 (3) 1 of the German Insolvency Statute. 

2.1.2.2. Fulfilment 

After payment of the purchase price, ECC Lux transfers the purchased Emission Allowances into 

the internal account of the purchaser in the ECC internal account system and subsequently makes 

the corresponding changes in the ECC Lux escrow accounts held at the registry. 

2.1.2.3. Transfer of Allowances 

Each exchange Participant is entitled to demand the transfer of EUAs, held in escrow for them, in 

the ECC Lux escrow accounts at the registry, to a registry account specified by them. The demand 

is executed at the latest on the first ECC Business Day after it is made. 

2.2. Guarantees of Origin 

2.2.1. Escrow Accounts 

Guarantees of Origin are held in escrow by ECC Lux in accounts as collateral security within the 

meaning of Article 2(m) of the Settlement Finality Directive as implemented in section 166 (3) 1 of 

the German Insolvency Statute. 

2.2.2. Fulfilment 

ECC Lux transfers the purchased Guarantees of Origin into the internal account of the purchaser in 

the ECC internal account system and subsequently makes the corresponding changes in the ECC 

Lux escrow accounts held at the registry. 
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Contract Specifications, Version 0050a Page 30 

2.2.3. Transfer of Guarantees of Origin 

Each exchange participant is entitled to demand the transfer of Guarantees of Origin, held in escrow for them, in the ECC Lux escrow accounts at the registry, to a registry account specified by 

them. The demand is executed at the latest on the first ECC Business Day after it is made. 

3. Agricultural Products 

3.1. Potatoes 

3.1.1. Final Settlement Price 

The determination of the final settlement price is based on the 

§ European Processing Potato Index 

at 9.30 CET of the exchange trading day after the Last Trading Day. EEX determines the final settlement price. 

3.1.2. Fulfilment 

Fulfilment by means of cash settlement on the second ECC Business Day following the Last Trading Day based on the difference between the settlement price of the Last Trading Day and the final 

settlement price. 

The seller (buyer) is obliged to settle the difference between the settlement price of the previous 

ECC Business Day and the higher (lower) final settlement price in cash. 

Fulfilment is carried out between the clearing members and ECC AG. Cash settlement with nonclearing members and their own clients is the responsibility of the clearing member in charge; the 

cash settlement between non-clearing members and their clients is the responsibility of the nonclearing members concerned. 

3.2. Livestock and Meat 

3.2.1. Final Settlement Price 

The determination of the final settlement price is based on the 

§ Piglet Index for Piglet Futures 

§ Hog Index for Hog Futures 

at 9.30 CET of the exchange trading day after the Last Trading Day. EEX determines the Final 

Settlement Price. 

3.2.2. Fulfilment 

Fulfilment by means of cash settlement on the second ECC Business Day following the Last Trading Day based on the difference between the settlement price of the Last Trading Day and the final 

settlement price. 

The seller (buyer) is obliged to settle the difference between the settlement price of the previous 

ECC Business Day and the higher (lower) final settlement price in cash. 
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Contract Specifications, Version 0050a Page 31 

Fulfilment is carried out between the clearing members and ECC AG. Cash settlement with nonclearing members and their own clients is the responsibility of the clearing member in charge; the 

cash settlement between non-clearing members and their clients is the responsibility of the nonclearing members concerned. 

3.3. Dairy Products 

3.3.1. Final Settlement Price 

The determination of the final settlement price is based on the 

§ Skimmed Milk Powder Index for Skimmed Milk Powder Futures 

§ European Whey Powder Index, as it is calculated and published by AMI Agrarmarkt Informations-Gesellschaft mbH for European Whey Powder Futures 

§ Butter Index for Butter Futures 

at 19.00 CET of the Last Trading Day, respectively. EEX determines the Final Settlement Price. 

3.3.2. Fulfilment 

Fulfilment by means of cash settlement on the ECC Business Day following the Last Trading Day 

based on the difference between the settlement price of Exchange Day before the Last Trading 

Day and the final settlement price. 

The seller (buyer) is obliged to settle the difference between the settlement price of the previous 

ECC Business Day and the higher (lower) final settlement price in cash. 

Fulfilment is carried out between the clearing members and ECC AG. Cash settlement with nonclearing members and their own clients is the responsibility of the clearing member in charge; the 

cash settlement between non-clearing members and their clients is the responsibility of the nonclearing members concerned. 

4. Options 

4.1. Fulfilment 

Options are fulfilled by booking in of the corresponding futures position at the respective exercise 

price after the option is exercised. 

4.2. Assignment 

If a buyer exercises his right of option, ECC AG assigns a seller of the same option series and of 

the same type of option (call or put) to the buyer with the help of a procedure maintaining the neutrality of the assignment process at the end of the post-trading phase on the exercise day. Partial 

assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant 

have to be assigned by said trading participant for the positions of his customers; this has to be 

done with the help of a procedure which ensures the neutrality of the assignment process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 
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Contract Specifications, Version 0050a Page 32 

E.ISIN Codes, WKN, and Exchange Code 

1. Power (Physical Fulfilment) 

Name ISIN Code WKN Exchange Code 

Belgian Power Base Load Month Future DE000A1XQRD2 A1XQRD QBBM 

Belgian Power Base Load Quarter Future DE000A1XQRE0 A1XQRE QBBQ 

Belgian Power Base Load Year Future DE000A1XQRF7 A1XQRF QBBY 

Dutch Power Base Load Month Future DE000A1XQRG5 A1XQRG QDBM 

Dutch Power Base Load Quarter Future DE000A1XQRH3 A1XQRH QDBQ 

Dutch Power Base Load Year Future DE000A1XQRJ9 A1XQRJ QDBY 

Dutch Power Peak Load Month Future DE000A1XQRK7 A1XQRK QDPM 

Dutch Power Peak Load Quarter Future DE000A1XQRL5 A1XQRL QDPQ 

Dutch Power Peak Load Year Future DE000A1XQRM3 A1XQRM QDPY 

2. Power (Financial Fulfilment) 

Name ISIN Code WKN Exchange Code 

Belgian Power Base Month Future DE000A160XW8 A160XW Q1BM 

Belgian Power Base Quarter Future DE000A160XX6 A160XX Q1BQ 

Belgian Power Base Year Future DE000A160XY4 A160XY Q1BY 

Dutch Power Base Week Future DE000A18T9K8 

DE000A18T9L6 

DE000A18T9M4 

DE000A18T9N2 

DE000A18T9P7 

A18T9K 

A18T9L 

A18T9M 

A18T9N 

A18T9P 

Q0B1 

Q0B2 

Q0B3 

Q0B4 

Q0B5 

Dutch Power Base Month Future DE000A160XQ0 A160XQ Q0BM 

Dutch Power Base Quarter Future DE000A160XR8 A160XR Q0BQ 

Dutch Power Base Year Future DE000A160XS6 A160XS Q0BY 

Dutch Power Peak Month Future DE000A160XT4 A160XT Q0PM 

Dutch Power Peak Quarter Future DE000A160XU2 A160XU Q0PQ 

Dutch Power Peak Year Future DE000A160XV0 A160XV Q0PY 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 33 

Name ISIN Code WKN Exchange Code 

French Base Day Future DE000A13RR96 

DE000A13RSA4 

DE000A13RSB2 

DE000A13RSC0 

DE000A13RSD8 

DE000A13RSE6 

DE000A13RSF3 

DE000A13RSG1 

DE000A13RSH9 

DE000A13RSJ5 

DE000A13RSK3 

DE000A13RSL1 

DE000A13RSM9 

DE000A13RSN7 

DE000A13RSP2 

DE000A13RSQ0 

DE000A13RSR8 

DE000A13RSS6 

DE000A13RST4 

DE000A13RSU2 

DE000A13RSV0 

DE000A13RSW8 

DE000A13RSX6 

DE000A13RSY4 

DE000A13RSZ1 

DE000A13RS04 

DE000A13RS12 

DE000A13RS20 

DE000A13RS38 

DE000A13RS46 

DE000A13RS53 

DE000A13RS61 

DE000A13RS79 

DE000A13RS87 

A13RR9 

A13RSA 

A13RSB 

A13RSC 

A13RSD 

A13RSE 

A13RSF 

A13RSG 

A13RSH 

A13RSJ 

A13RSK 

A13RSL 

A13RSM 

A13RSN 

A13RSP 

A13RSQ 

A13RSR 

A13RSS 

A13RST 

A13RSU 

A13RSV 

A13RSW 

A13RSX 

A13RSY 

A13RSZ 

A13RS0 

A13RS1 

A13RS2 

A13RS3 

A13RS4 

A13RS5 

A13RS6 

A13RS7 

A13RS8 

F701 

F702 

F703 

F704 

F705 

F706 

F707 

F708 

F709 

F710 

F711 

F712 

F713 

F714 

F715 

F716 

F717 

F718 

F719 

F720 

F721 

F722 

F723 

F724 

F725 

F726 

F727 

F728 

F729 

F730 

F731 

F732 

F733 

F734 

French Base Weekend Future DE000A13RS95 

DE000A13RTA2 

DE000A13RTB0 

DE000A13RTC8 

DE000A13RTD6 

A13RS9 

A13RTA 

A13RTB 

A13RTC 

A13RTD 

F7W1 

F7W2 

F7W3 

F7W4 

F7W5 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 34 

Name ISIN Code WKN Exchange Code 

French Base Week Future DE000A1EZKJ5 

DE000A1EZKK3 

DE000A1EZKL1 

DE000A1EZKM9 

DE000A1EZKN7 

A1EZKJ 

A1EZKK 

A1EZKL 

A1EZKM 

A1EZKN 

F7B1 

F7B2 

F7B3 

F7B4 

F7B5 

French Base Month Future DE000A1L19A5 A1L19A F7BM 

French Base Quarter Future DE000A1L19B3 A1L19B F7BQ 

French Base Year Future DE000A1L19C1 A1L19C F7BY 

French Peak Day Future DE000A18T6Z2 

DE000A18T603 

DE000A18T611 

DE000A18T629 

DE000A18T637 

DE000A18T645 

DE000A18T652 

DE000A18T660 

DE000A18T678 

DE000A18T686 

DE000A18T694 

DE000A18T7A3 

DE000A18T7B1 

DE000A18T7C9 

DE000A18T7D7 

DE000A18T7E5 

DE000A18T7F2 

DE000A18T7G0 

DE000A18T7H8 

DE000A18T7J4 

DE000A18T7K2 

DE000A18T7L0 

DE000A18T7M8 

DE000A18T7N6 

DE000A18T7P1 

DE000A18T7Q9 

DE000A18T7R7 

DE000A18T7S5 

DE000A18T7T3 

DE000A18T7U1 

DE000A18T7V9 

DE000A18T7W7 

DE000A18T7X5 

DE000A18T7Y3 

A18T6Z 

A18T60 

A18T61 

A18T62 

A18T63 

A18T64 

A18T65 

A18T66 

A18T67 

A18T68 

A18T69 

A18T7A 

A18T7B 

A18T7C 

A18T7D 

A18T7E 

A18T7F 

A18T7G 

A18T7H 

A18T7J 

A18T7K 

A18T7L 

A18T7M 

A18T7N 

A18T7P 

A18T7Q 

A18T7R 

A18T7S 

A18T7T 

A18T7U 

A18T7V 

A18T7W 

A18T7X 

A18T7Y 

P701 

P702 

P703 

P704 

P705 

P706 

P707 

P708 

P709 

P710 

P711 

P712 

P713 

P714 

P715 

P716 

P717 

P718 

P719 

P720 

P721 

P722 

P723 

P724 

P725 

P726 

P727 

P728 

P729 

P730 

P731 

P732 

P733 

P734 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 35 

Name ISIN Code WKN Exchange Code 

French Peak Weekend Future DE000A18T7Z0 

DE000A18T702 

DE000A18T710 

DE000A18T728 

DE000A18T736 

A18T7Z 

A18T70 

A18T71 

A18T72 

A18T73 

P7W1 

P7W2 

P7W3 

P7W4 

P7W5 

French Peak Week Future DE000A1EZKP2 

DE000A1EZKQ0 

DE000A1EZKR8 

DE000A1EZKS6 

DE000A1EZKT4 

A1EZKP 

A1EZKQ 

A1EZKR 

A1EZKS 

A1EZKT 

F7P1 

F7P2 

F7P3 

F7P4 

F7P5 

French Peak Month Future DE000A1L19D9 A1L19D F7PM 

French Peak Quarter Future DE000A1L19E7 A1L19E F7PQ 

French Peak Year Future DE000A1L19F4 A1L19F F7PY 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 36 

Name ISIN Code WKN Exchange Code 

Italian Base Day Future DE000A13RPZ7 

DE000A13RP07 

DE000A13RP15 

DE000A13RP23 

DE000A13RP31 

DE000A13RP49 

DE000A13RP56 

DE000A13RP64 

DE000A13RP72 

DE000A13RP80 

DE000A13RP98 

DE000A13RQA8 

DE000A13RQB6 

DE000A13RQC4 

DE000A13RQD2 

DE000A13RQE0 

DE000A13RQF7 

DE000A13RQG5 

DE000A13RQH3 

DE000A13RQJ9 

DE000A13RQK7 

DE000A13RQL5 

DE000A13RQM3 

DE000A13RQN1 

DE000A13RQP6 

DE000A13RQQ4 

DE000A13RQR2 

DE000A13RQS0 

DE000A13RQT8 

DE000A13RQU6 

DE000A13RQV4 

DE000A13RQW2 

DE000A13RQX0 

DE000A13RQY8 

A13RPZ 

A13RP0 

A13RP1 

A13RP2 

A13RP3 

A13RP4 

A13RP5 

A13RP6 

A13RP7 

A13RP8 

A13RP9 

A13RQA 

A13RQB 

A13RQC 

A13RQD 

A13RQE 

A13RQF 

A13RQG 

A13RQH 

A13RQJ 

A13RQK 

A13RQL 

A13RQM 

A13RQN 

A13RQP 

A13RQQ 

A13RQR 

A13RQS 

A13RQT 

A13RQU 

A13RQV 

A13RQW 

A13RQX 

A13RQY 

FD01 

FD02 

FD03 

FD04 

FD05 

FD06 

FD07 

FD08 

FD09 

FD10 

FD11 

FD12 

FD13 

FD14 

FD15 

FD16 

FD17 

FD18 

FD19 

FD20 

FD21 

FD22 

FD23 

FD24 

FD25 

FD26 

FD27 

FD28 

FD29 

FD30 

FD31 

FD32 

FD33 

FD34 

Italian Base Weekend Future DE000A13RQZ5 

DE000A13RQ06 

DE000A13RQ14 

DE000A13RQ22 

DE000A13RQ30 

A13RQZ 

A13RQ0 

A13RQ1 

A13RQ2 

A13RQ3 

FDW1 

FDW2 

FDW3 

FDW4 

FDW5 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 37 

Name ISIN Code WKN Exchange Code 

Italian Base Week Future DE000A1YD5W4 

DE000A1YD5X2 

DE000A1YD5Y0 

DE000A1YD5Z7 

DE000A1YD507 

A1YD5W 

A1YD5X 

A1YD5Y 

A1YD5Z 

A1YD50 

FDB1 

FDB2 

FDB3 

FDB4 

FDB5 

Italian Base Month Future DE000A1RREN9 A1RREN FDBM 

Italian Base Quarter Future DE000A1RREP4 A1RREP FDBQ 

Italian Base Year Future DE000A1RREQ2 A1RREQ FDBY 

Italian Peak Day Future DE000A18T744 

DE000A18T751 

DE000A18T769 

DE000A18T777 

DE000A18T785 

DE000A18T793 

DE000A18T8A1 

DE000A18T8B9 

DE000A18T8C7 

DE000A18T8D5 

DE000A18T8E3 

DE000A18T8F0 

DE000A18T8G8 

DE000A18T8H6 

DE000A18T8J2 

DE000A18T8K0 

DE000A18T8L8 

DE000A18T8M6 

DE000A18T8N4 

DE000A18T8P9 

DE000A18T8Q7 

DE000A18T8R5 

DE000A18T8S3 

DE000A18T8T1 

DE000A18T8U9 

DE000A18T8V7 

DE000A18T8W5 

DE000A18T8X3 

DE000A18T8Y1 

DE000A18T8Z8 

DE000A18T801 

DE000A18T819 

DE000A18T827 

DE000A18T835 

A18T74 

A18T75 

A18T76 

A18T77 

A18T78 

A18T79 

A18T8A 

A18T8B 

A18T8C 

A18T8D 

A18T8E 

A18T8F 

A18T8G 

A18T8H 

A18T8J 

A18T8K 

A18T8L 

A18T8M 

A18T8N 

A18T8P 

A18T8Q 

A18T8R 

A18T8S 

A18T8T 

A18T8U 

A18T8V 

A18T8W 

A18T8X 

A18T8Y 

A18T8Z 

A18T80 

A18T81 

A18T82 

A18T83 

PD01 

PD02 

PD03 

PD04 

PD05 

PD06 

PD07 

PD08 

PD09 

PD10 

PD11 

PD12 

PD13 

PD14 

PD15 

PD16 

PD17 

PD18 

PD19 

PD20 

PD21 

PD22 

PD23 

PD24 

PD25 

PD26 

PD27 

PD28 

PD29 

PD30 

PD31 

PD32 

PD33 

PD34 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 38 

Name ISIN Code WKN Exchange Code 

Italian Peak Weekend Future DE000A18T843 

DE000A18T850 

DE000A18T868 

DE000A18T876 

DE000A18T884 

A18T84 

A18T85 

A18T86 

A18T87 

A18T88 

PDW1 

PDW2 

PDW3 

PDW4 

PDW5 

Italian Peak Week Future DE000A1YD515 

DE000A1YD523 

DE000A1YD531 

DE000A1YD549 

DE000A1YD556 

A1YD51 

A1YD52 

A1YD53 

A1YD54 

A1YD55 

FDP1 

FDP2 

FDP3 

FDP4 

FDP5 

Italian Peak Month Future DE000A1YD5T0 A1YD5T FDPM 

Italian Peak Quarter Future DE000A1YD5U8 A1YD5U FDPQ 

Italian Peak Year Future DE000A1YD5V6 A1YD5V FDPY 

Nordic Base Week Future DE000A18T9E1 

DE000A18T9F8 

DE000A18T9G6 

DE000A18T9H4 

DE000A18T9J0 

A18T9E 

A18T9F 

A18T9G 

A18T9H 

A18T9J 

FBB1 

FBB2 

FBB3 

FBB4 

FBB5 

Nordic Base Month Future DE000A1RREG3 A1RREG FBBM 

Nordic Base Quarter Future DE000A1RREH1 A1RREH FBBQ 

Nordic Base Year Future DE000A1RREJ7 A1RREJ FBBY 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 39 

Name ISIN Code WKN Exchange Code 

Phelix Base Day Future DE000A1PH1G3 

DE000A1PH1H1 

DE000A1PH1J7 

DE000A1PH1K5 

DE000A1PH1L3 

DE000A1PH1M1 

DE000A1PH1N9 

DE000A1PH1P4 

DE000A1PH1Q2 

DE000A1PH1R0 

DE000A1PH1S8 

DE000A1PH1T6 

DE000A1PH1U4 

DE000A1PH1V2 

DE000A1PH1W0 

DE000A1PH1X8 

DE000A1PH1Y6 

DE000A1PH1Z3 

DE000A1PH100 

DE000A1PH118 

DE000A1PH126 

DE000A1PH134 

DE000A1PH142 

DE000A1PH159 

DE000A1PH167 

DE000A1PH175 

DE000A1PH183 

DE000A1PH191 

DE000A1PH2A4 

DE000A1PH2B2 

DE000A1PH2C0 

DE000A1PH2D8 

DE000A1PH2E6 

DE000A1PH2F3 

A1PH1G 

A1PH1H 

A1PH1J 

A1PH1K 

A1PH1L 

A1PH1M 

A1PH1N 

A1PH1P 

A1PH1Q 

A1PH1R 

A1PH1S 

A1PH1T 

A1PH1U 

A1PH1V 

A1PH1W 

A1PH1X 

A1PH1Y 

A1PH1Z 

A1PH10 

A1PH11 

A1PH12 

A1PH13 

A1PH14 

A1PH15 

A1PH16 

A1PH17 

A1PH18 

A1PH19 

A1PH2A 

A1PH2B 

A1PH2C 

A1PH2D 

A1PH2E 

A1PH2F 

FB01 

FB02 

FB03 

FB04 

FB05 

FB06 

FB07 

FB08 

FB09 

FB10 

FB11 

FB12 

FB13 

FB14 

FB15 

FB16 

FB17 

FB18 

FB19 

FB20 

FB21 

FB22 

FB23 

FB24 

FB25 

FB26 

FB27 

FB28 

FB29 

FB30 

FB31 

FB32 

FB33 

FB34 

Phelix Base Weekend Future DE000A1PH3G9 

DE000A1PH3H7 

DE000A1PH3J3 

DE000A1PH3K1 

DE000A1PH3L9 

A1PH3G 

A1PH3H 

A1PH3J 

A1PH3K 

A1PH3L 

FWB1 

FWB2 

FWB3 

FWB4 

FWB5 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 40 

Name ISIN Code WKN Exchange Code 

Phelix Base Week Future DE000A1A41M7 

DE000A1A41N5 

DE000A1A41P0 

DE000A1A41Q8 

DE000A1A41R6 

A1A41M 

A1A41N 

A1A41P 

A1A41Q 

A1A41R 

F1B1 

F1B2 

F1B3 

F1B4 

F1B5 

Phelix Base Month Future DE0006606023 660602 F1BM 

Phelix Base Quarter Future DE0006606049 660604 F1BQ 

Phelix Base Year Future DE0006606064 660606 F1BY 

Phelix Peak Day Future DE000A1PH2G1 

DE000A1PH2H9 

DE000A1PH2J5 

DE000A1PH2K3 

DE000A1PH2L1 

DE000A1PH2M9 

DE000A1PH2N7 

DE000A1PH2P2 

DE000A1PH2Q0 

DE000A1PH2R8 

DE000A1PH2S6 

DE000A1PH2T4 

DE000A1PH2U2 

DE000A1PH2V0 

DE000A1PH2W8 

DE000A1PH2X6 

DE000A1PH2Y4 

DE000A1PH2Z1 

DE000A1PH209 

DE000A1PH217 

DE000A1PH225 

DE000A1PH233 

DE000A1PH241 

DE000A1PH258 

DE000A1PH266 

DE000A1PH274 

DE000A1PH282 

DE000A1PH290 

DE000A1PH3A2 

DE000A1PH3B0 

DE000A1PH3C8 

DE000A1PH3D6 

DE000A1PH3E4 

DE000A1PH3F1 

A1PH2G 

A1PH2H 

A1PH2J 

A1PH2K 

A1PH2L 

A1PH2M 

A1PH2N 

A1PH2P 

A1PH2Q 

A1PH2R 

A1PH2S 

A1PH2T 

A1PH2U 

A1PH2V 

A1PH2W 

A1PH2X 

A1PH2Y 

A1PH2Z 

A1PH20 

A1PH21 

A1PH22 

A1PH23 

A1PH24 

A1PH25 

A1PH26 

A1PH27 

A1PH28 

A1PH29 

A1PH3A 

A1PH3B 

A1PH3C 

A1PH3D 

A1PH3E 

A1PH3F 

FP01 

FP02 

FP03 

FP04 

FP05 

FP06 

FP07 

FP08 

FP09 

FP10 

FP11 

FP12 

FP13 

FP14 

FP15 

FP16 

FP17 

FP18 

FP19 

FP20 

FP21 

FP22 

FP23 

FP24 

FP25 

FP26 

FP27 

FP28 

FP29 

FP30 

FP31 

FP32 

FP33 

FP34 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 41 

Name ISIN Code WKN Exchange Code 

Phelix Peak Weekend Future DE000A1PH3M7 

DE000A1PH3N5 

DE000A1PH3P0 

DE000A1PH3Q8 

DE000A1PH3R6 

A1PH3M 

A1PH3N 

A1PH3P 

A1PH3Q 

A1PH3R 

FWP1 

FWP2 

FWP3 

FWP4 

FWP5 

Phelix Peak Week Future DE000A1A41S4 

DE000A1A41T2 

DE000A1A41U0 

DE000A1A41V8 

DE000A1A41W6 

A1A41S 

A1A41T 

A1A41U 

A1A41V 

A1A41W 

F1P1 

F1P2 

F1P3 

F1P4 

F1P5 

Phelix Peak Month Future DE0006606031 660603 F1PM 

Phelix Peak Quarter Future DE0006606056 660605 F1PQ 

Phelix Peak Year Future DE0006606072 660607 F1PY 

Phelix Off-Peak Month Future DE000A1A41G9 A1A41G F1OM 

Phelix Off-Peak Quarter Future DE000A1A41H7 A1A41H F1OQ 

Phelix Off-Peak Year Future DE000A1A41J3 A1A41J F1OY 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 42 

Name ISIN Code WKN Exchange Code 

Spanish Base Day Future DE000A13RQ48 

DE000A13RQ55 

DE000A13RQ63 

DE000A13RQ71 

DE000A13RQ89 

DE000A13RQ97 

DE000A13RRA6 

DE000A13RRB4 

DE000A13RRC2 

DE000A13RRD0 

DE000A13RRE8 

DE000A13RRF5 

DE000A13RRG3 

DE000A13RRH1 

DE000A13RRJ7 

DE000A13RRK5 

DE000A13RRL3 

DE000A13RRM1 

DE000A13RRN9 

DE000A13RRP4 

DE000A13RRQ2 

DE000A13RRR0 

DE000A13RRS8 

DE000A13RRT6 

DE000A13RRU4 

DE000A13RRV2 

DE000A13RRW0 

DE000A13RRX8 

DE000A13RRY6 

DE000A13RRZ3 

DE000A13RR05 

DE000A13RR13 

DE000A13RR21 

DE000A13RR39 

A13RQ4 

A13RQ5 

A13RQ6 

A13RQ7 

A13RQ8 

A13RQ9 

A13RRA 

A13RRB 

A13RRC 

A13RRD 

A13RRE 

A13RRF 

A13RRG 

A13RRH 

A13RRJ 

A13RRK 

A13RRL 

A13RRM 

A13RRN 

A13RRP 

A13RRQ 

A13RRR 

A13RRS 

A13RRT 

A13RRU 

A13RRV 

A13RRW 

A13RRX 

A13RRY 

A13RRZ 

A13RR0 

A13RR1 

A13RR2 

A13RR3 

FE01 

FE02 

FE03 

FE04 

FE05 

FE06 

FE07 

FE08 

FE09 

FE10 

FE11 

FE12 

FE13 

FE14 

FE15 

FE16 

FE17 

FE18 

FE19 

FE20 

FE21 

FE22 

FE23 

FE24 

FE25 

FE26 

FE27 

FE28 

FE29 

FE30 

FE31 

FE32 

FE33 

FE34 

Spanish Base Weekend Future DE000A13RR47 

DE000A13RR54 

DE000A13RR62 

DE000A13RR70 

DE000A13RR88 

A13RR4 

A13RR5 

A13RR6 

A13RR7 

A13RR8 

FEW1 

FEW2 

FEW3 

FEW4 

FEW5 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 43 

Name ISIN Code WKN Exchange Code 

Spanish Base Week Future DE000A1YD564 

DE000A1YD572 

DE000A1YD580 

DE000A1YD598 

DE000A1YD6A8 

A1YD56 

A1YD57 

A1YD58 

A1YD59 

A1YD6A 

FEB1 

FEB2 

FEB3 

FEB4 

FEB5 

Spanish Base Month Future DE000A1RRER0 A1RRER FEBM 

Spanish Base Quarter Future DE000A1RRES8 A1RRES FEBQ 

Spanish Base Year Future DE000A1RRET6 A1RRET FEBY 

Swiss Base Week Future DE000A18T892 

DE000A18T9A9 

DE000A18T9B7 

DE000A18T9C5 

DE000A18T9D3 

A18T89 

A18T9A 

A18T9B 

A18T9C 

A18T9D 

FCB1 

FCB2 

FCB3 

FCB4 

FCB5 

Swiss Base Month Future DE000A1RREK5 A1RREK FCBM 

Swiss Base Quarter Future DE000A1RREL3 A1RREL FCBQ 

Swiss Base Year Future DE000A1RREM1 A1RREM FCBY 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 44 

Name ISIN Code WKN Exchange Code 

UK Base Day Future DE000A163U47 

DE000A163U54 

DE000A163U62 

DE000A163U70 

DE000A163U88 

DE000A163U96 

DE000A163VA2 

DE000A163VB0 

DE000A163VC8 

DE000A163VD6 

DE000A163VE4 

DE000A163VF1 

DE000A163VG9 

DE000A163VH7 

DE000A163VJ3 

DE000A163VK1 

DE000A163VL9 

DE000A163VM7 

DE000A163VN5 

DE000A163VP0 

DE000A163VQ8 

DE000A163VR6 

DE000A163VS4 

DE000A163VT2 

DE000A163VU0 

DE000A163VV8 

DE000A163VW6 

DE000A163VX4 

DE000A163VY2 

DE000A163VZ9 

DE000A163V04 

DE000A163V12 

DE000A163V20 

DE000A163V38 

A163U4 

A163U5 

A163U6 

A163U7 

A163U8 

A163U9 

A163VA 

A163VB 

A163VC 

A163VD 

A163VE 

A163VF 

A163VG 

A163VH 

A163VJ 

A163VK 

A163VL 

A163VM 

A163VN 

A163VP 

A163VQ 

A163VR 

A163VS 

A163VT 

A163VU 

A163VV 

A163VW 

A163VX 

A163VY 

A163VZ 

A163V0 

A163V1 

A163V2 

A163V3 

FU01 

FU02 

FU03 

FU04 

FU05 

FU06 

FU07 

FU08 

FU09 

FU10 

FU11 

FU12 

FU13 

FU14 

FU15 

FU16 

FU17 

FU18 

FU19 

FU20 

FU21 

FU22 

FU23 

FU24 

FU25 

FU26 

FU27 

FU28 

FU29 

FU30 

FU31 

FU32 

FU33 

FU34 

UK Base Weekend Future DE000A163V46 

DE000A163V53 

DE000A163V61 

DE000A163V79 

DE000A163V87 

A163V4 

A163V5 

A163V6 

A163V7 

A163V8 

FUW1 

FUW2 

FUW3 

FUW4 

FUW5 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 45 

Name ISIN Code WKN Exchange Code 

UK Base Week Future DE000A163V95 

DE000A163WA0 

DE000A163WB8 

DE000A163WC6 

DE000A163WD4 

A163V9 

A163WA 

A163WB 

A163WC 

A163WD 

FUB1 

FUB2 

FUB3 

FUB4 

FUB5 

UK Base Month Future DE000A163WE2 A163WE FUBM 

UK Base Quarter Future DE000A163WF9 A163WF FUBQ 

UK Base Season Future DE000A163WH5 A163WH FUBS 

UK Base Year Future DE000A163WG7 A163WG FUBY 

UK Peak Week Future DE000A163WJ1 

DE000A163WK9 

DE000A163WL7 

DE000A163WM5 

DE000A163WN3 

A163WJ 

A163WK 

A163WL 

A163WM 

A163WN 

FUP1 

FUP2 

FUP3 

FUP4 

FUP5 

UK Peak Month Future DE000A163WP8 A163WP FUPM 

UK Peak Quarter Future DE000A163WQ6 A163WQ FUPQ 

UK Peak Season Future DE000A163WS2 A163WS FUPS 

UK Peak Year Future DE000A163WR4 A163WR FUPY 

3. Cap Futures (Financial Fulfilment) 

German Base Intraday Hourly Cap Week Future DE000A160PX2 

DE000A160PY0 

DE000A160PZ7 

DE000A160P05 

DE000A160P13 

A160PX 

A160PY 

A160PZ 

A160P0 

A160P1 

C1B1 

C1B2 

C1B3 

C1B4 

C1B5 

4. Wind Power Futures (Financial Fulfilment) 

German-Austrian-Wind-Power-Week-Future DE000A163693 

DE000A1637A5 

DE000A1637B3 

DE000A1637C1 

DE000A1637D9 

A16369 

A1637A 

A1637B 

A1637C 

A1637D 

W1B1 

W1B2 

W1B3 

W1B4 

W1B5 

German-Austrian-Wind-Power-Month-Future DE000A1637E7 A1637E W1BM 

German-Austrian-Wind-Power-Quarter-Future DE000A1637F4 A1637F W1BQ 

German-Austrian-Wind-Power-Year-Future DE000A1637G2 A1637G W1BY 

 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 46 

5. Coal 

Name ISIN Code WKN Exchange Code 

API 2 CIF ARA (Argus IHS McCloskey) Coal Month Future DE000A0G87V0 A0G87V FT2M 

API 4 FOB Richard Bay (Argus IHS McCloskey) Coal 

Month Future DE000A0G87Y4 A0G87Y FT4M 

6. Emission Allowances 

Name ISIN Code WKN Exchange Code 

EU Allowances – Primary Auction (3rd Trading Period) DE000A1N5HU0 A1N5HU T3PA 

EU Allowances – Secondary Trading DE000A1DKQ99 A1DKQ9 SEME 

EU Aviation Allowances – Primary Auction (3rd Trading 

Period) DE000A1N5HT2 A1N5HT EAA3 

EU Aviation Allowances – Secondary Trading DE000A1MLGA5 A1MLGA SEMA 

Green Certified Emission Reductions (CER) DE000A1RRG98 A1RRG9 SEMC 

European Carbon Future – Secondary Trading DE000A0SYVA6 A0SYVA FEUA 

EU Aviation Allowances Future – Secondary Trading DE000A1MLFJ8 A1MLFJ FEAA 

Certified Emission Reductions (CER) Futures DE000A1A41L9 A1A41L F2CR 

7. Guarantees of Origin 

Name ISIN Code WKN Exchange Code

GO on Nordic Hydro Power Future DE000A1RRV24 A1RRV2 FECN 

GO on Alpine Hydro Power Future DE000A1RRV32 A1RRV3 FECA 

GO on Northern Continental Europe Wind Power Future DE000A1RRV40 A1RRV4 FECW 

8. Potatoes 

Name ISIN Code WKN Exchange Code 

European Processing Potato Future DE000A13RUL7 A13RUL FAPP 

9. Livestock and Meat 

Name ISIN Code WKN Exchange Code 

Piglet Future DE000A13RUQ6 A13RUQ FAPG 

Hog Future DE000A13RUR4 A13RUR FAHG 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 47 

10. Dairy Products 

Name ISIN Code WKN Exchange Code 

Skimmed Milk Powder Future DE000A13RUM5 A13RUM FASM 

European Whey Powder Future DE000A13RUN3 A13RUN FAWH 

Butter Future DE000A13RUP8 A13RUP FABT 

11. Options 

11.1. Options on Power Futures 

Name ISIN Code WKN Exchange Code 

French Base Month Option DE000A160XZ1 A160XZ O7BM 

French Base Quarter Option DE000A160X05 A160X0 O7BQ 

French Base Year Option DE000A160X13 A160X1 O7BY 

Italian Base Month Option DE000A160X21 A160X2 ODBM 

Italian Base Quarter Option DE000A160X39 A160X3 ODBQ 

Italian Base Year Option DE000A160X47 A160X4 ODBY 

Nordic Base Month Option DE000A160X88 A160X8 OBBM 

Nordic Base Quarter Option DE000A160X96 A160X9 OBBQ 

Nordic Base Year Option DE000A160YA2 A160YA OBBY 

Phelix Base Month Option DE000A0AEQQ2 A0AEQQ O1BM 

Phelix Base Quarter Option DE000A0AEQP4 A0AEQP O1BQ 

Phelix Base Year Option DE000A0AEQN9 A0AEQN O1BY 

Spanish Base Month Option DE000A160X54 A160X5 OEBM 

Spanish Base Quarter Option DE000A160X62 A160X6 OEBQ 

Spanish Base Year Option DE000A160X70 A160X7 OEBY 

11.2. Options on EUA Dec Futures 

Name ISIN-Code WKN Börsenkürzel 

EUA-DEC-Option DE000A0SYVB4 A0SYVB OEUA 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Version 0050a Page 48 

F. Trading Calendar 

General Trading Calendar ECC Business Days* 

Exchange Days and ECC Business Days, respectively, are all days Monday to Friday which are 

not one of the below-mentioned holidays1

New Year’s Day, January 1st New Year’s Day, January 1st

Good Friday Good Friday 

Easter Monday Easter Monday 

May Day, May 1st May Day, May 1st

Christmas Eve, December 24th

Christmas Day, December 25th Christmas Day, December 25th 

Boxing Day, December 26th Boxing Day, December 26th 

New Year‘s Eve, December 31st

* For information purposes only. Applicable is the publication on the website of ECC AG (www.ecc.de) only. 

 

1

Changes to the trading calendar are made by decision of the Management Board of the Exchange.
Datum / Date 05.09.2016 

Ort / Place Leipzig 

Dokumentversion / Document Release 018b 

Contract Specifications Trade Registration 

The English version is for informal use only. 

The German version is legally binding.
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 2 

1. Table of contents 

2 Contract Specifications EEX Derivatives Markets ......................................................................4

2.1 Financial Futures on Power ............................................................................................ 4

2.1.1 Greek Power Base Futures with Different Delivery Periods .............................................................4

2.1.2 Romanian Power Base Futures with Different Delivery Periods.......................................................6

2.2 Financial Futures on Coal ............................................................................................... 8

2.2.1 API 5 FOB Newcastle (Argus-IHS McCloskey) Coal Futures** ........................................................8

2.2.2 API 8 CFR South China (Argus-IHS McCloskey) Coal Month Futures** ........................................ 10

2.2.3 Indonesian Sub-bit. (IHS McCloskey) Coal Futures** .................................................................... 12

2.3 Options on Coal Futures ............................................................................................... 14

2.3.1 Options on API 2 CIF ARA (Argus-IHS McCloskey) Coal Futures**............................................... 14

2.3.2 Options on API 4 FOB Richards Bay (Argus-IHS McCloskey) Coal Futures** ............................... 17

2.3.3 Options on API 5 FOB Newcastle (Argus-IHS McCloskey) Coal Futures** .................................... 20

2.4 Financial Futures on Dry Bulk Time Charter Freight ................................................... 23

2.4.1 Capesize Time Charter Freight Futures (TC4) .............................................................................. 23

2.4.2 Capesize Time Charter Freight Futures (TC5) .............................................................................. 24

2.4.3 Panamax Time Charter Freight Futures ........................................................................................ 25

2.4.4 Supramax Time Charter Freight Futures ....................................................................................... 26

2.4.5 Handysize Time Charter Freight Futures ...................................................................................... 27

2.5 Financial Futures on Dry Bulk Trip Time Charter Freight ........................................... 28

2.5.1 P1A Panamax Transatlantic Freight Future .................................................................................. 28

2.5.2 P2A Panamax Far East Freight Future ......................................................................................... 29

2.5.3 P3A Panamax Pacific Freight Future ............................................................................................ 30

2.6 Financial Futures on Dry Bulk Voyage Routes Freight ............................................... 31

2.6.1 C3 Capesize Freight Future (Tubarao – Qingdao) ........................................................................ 31

2.6.2 C4 Capesize Freight Future (Richards Bay – Rotterdam).............................................................. 32

2.6.3 C5 Capesize Freight Future (Western Australia – Qingdao) .......................................................... 33

2.6.4 C7 Capesize Freight Future (Bolivar – Rotterdam) ........................................................................ 34

2.7 Options on Freight Futures ........................................................................................... 35

2.7.1 Options on Capesize TC4 Freight Futures .................................................................................... 35

2.7.2 Options on Capesize TC5 Freight Futures .................................................................................... 37

2.7.3 Options on Panamax TC Freight Futures ...................................................................................... 39

2.7.4 Options on Supramax TC Freight Futures..................................................................................... 41

2.7.5 Options on Handysize TC Freight Futures .................................................................................... 43

2.8 Financial Futures on Fertilisers .................................................................................... 45

2.8.1 Urea (Granular) fob NOLA Future (The Fertilizer Index) ................................................................ 45

2.8.2 Urea (Granular) fob Egypt Future (The Fertilizer Index) ................................................................ 46

2.8.3 Urea (Prilled) fob Yuzhnyy Future (The Fertilizer Index) ................................................................ 47
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 3 

2.8.4 DAP fob NOLA Future (The Fertilizer Index) ................................................................................. 48

2.8.5 DAP fob Tampa Future (The Fertilizer Index)................................................................................ 49

2.8.6 UAN fob NOLA Future (The Fertilizer Index) ................................................................................. 50

2.9 Financial Futures on Iron Ore ....................................................................................... 51

2.9.1 Iron Ore 62% Fe Tianjin Futures ................................................................................................... 51
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 4 

2 Contract Specifications EEX Derivatives Markets 

2.1 Financial Futures on Power 

2.1.1 Greek Power Base Futures with Different Delivery Periods 

ISIN Code/ WKN/ 

Exchange Code/ Name

DE000A1RREU4 A1RREU FFBM Greek-Base-Month-Future 

DE000A1RREV2 A1RREV FFBQ Greek-Base-Quarter-Future 

DE000A1RREW0 A1RREW FFBY Greek-Base-Year-Future 

Underlying 

Index based on the mean value of all auction prices of the hourly contracts for the market area Greece calculated for the hours between 

00:00 and 24:00 for all days of the respective delivery period (final settlement price). EEX determines on each exchange trading day the Index by using the most valuable sources* for the respective market area. As a rule the auction prices of the hourly contracts traded at the 

most liquid power spot exchange are used. Indexes of information service providers or any other appropriate sources may be used in case 

exchange data are not available for EEX. EEX will publish in those 

cases the source that is used for calculation of the index. 

* Currently the System Marginal Price (SMP) is used.

Contracts eligible for 

Trade Registration 

At maximum the following delivery periods can be registered: 

§ the current and the next 6 months 

(Greek Power Base Month Future), 

§ the respective next 7 full quarters 

(Greek Power Base Quarter Future), 

§ the respective next 6 full years 

(Greek Power Base Year Future). 

Contract Volume 

The contract volume is calculated on the basis of the factors of the 

number of delivery days in the delivery period and the quantity of electricity to be delivered daily. This quantity usually amounts to 24 MWh, 

on the day of the switch from winter time to summer time it amounts to 

23 MWh, whereas on the day of the switch from summer time to winter 

time it amounts to 25 MWh. 

For example, the contract volume for a month future with 30 delivery 

days amounts to 720 MWh, for a quarter future with 91 delivery days it 

amounts to 2,184 MWh and for a year future with 365 delivery days it 

amounts to 8,760 MWh. 

Pricing In EUR / MWh with two decimal places after the point 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 5 

Minimum 

Price Fluctuation 

€ 0.01 per MWh; multiplied by the contract volume in each case, 

e.g. for a month future with 30 delivery days this corresponds to an 

amount of € 7.20, for a quarter future with 91 delivery days this corresponds to a value of € 21.84 and for a year future with 365 delivery 

days this corresponds to a value of € 87.60. 

Cascading 

Each open position in a Greek Power Base Year Future is replaced 

with equal positions of the three Greek Power Base Month Futures for 

the delivery months January until March and three Greek Power Base 

Quarter Futures for the second until the fourth delivery quarter whose 

delivery periods taken together correspond to the delivery year on the 

third ECC business day before the beginning of the delivery period 

(last day of trade registration of the year future). 

Each open position of a Greek Power Base Quarter Futures is replaced with equal positions in the three Greek Power Base Month Futures whose delivery periods taken together correspond to the delivery 

quarter on the third ECC business day before the beginning of the delivery period (last day of trade registration of the quarter future). 

Last Registration Day 

of Month Futures 

The last day of trade registration is equivalent to the last trading day of 

Phelix Base Futures. 

Fulfilment during the 

delivery month 

Fulfilment by means of cash settlement based on the final settlement 

price on the ECC business day following the last day of trade registration. If the final settlement price will be determined on a Saturday Sunday or a public holiday following a Sunday, the cash settlement takes 

place on the second ECC business day after the last day of trade registration. 

The seller (buyer) is obliged to settle in cash the difference between 

the price agreed on and the higher (lower) final settlement price on the 

day of execution. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement between non-clearing members and their own clients 

is the task of the clearing member in charge; the cash settlement between non-clearing members and their clients is the task of the nonclearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 6 

2.1.2 Romanian Power Base Futures with Different Delivery Periods 

ISIN Code/ WKN/ 

Exchange Code/ Name

DE000A1RREX8 A1RREX FHBM Romanian Power Base Month 

Future 

DE000A1RREY6 A1RREY FHBQ Romanian Power Base Quarter 

Future 

DE000A1RREZ3 A1RREZ FHBY Romanian Power Base Year 

Future 

Underlying 

Index based on the mean value of all auction prices of the hourly contracts for the market area Romania calculated for the hours between 

00:00 and 24:00 for all days of the respective delivery period (final settlement price). EEX determines on each exchange trading day the Index by using the most valuable sources* for the respective market area. As a rule the auction prices of the hourly contracts traded at the 

most liquid power spot exchange are used. Indexes of information service providers or any other appropriate sources may be used in case 

exchange data are not available for EEX. EEX will publish in those 

cases the source that is used for calculation of the index. 

* Currently the ROPEX_DAM_Base index is used as determined by Opcom.

Contracts eligible for 

Trade Registration 

At maximum the following delivery periods can be registered: 

§ the current and the next 6 months 

(Romanian Power Base Month Future), 

§ the respective next 7 full quarters 

(Romanian Power Base Quarter Future), 

§ the respective next 6 full years 

(Romanian Power Base Year Future). 

Contract Volume 

The contract volume is calculated on the basis of the factors of the 

number of delivery days in the delivery period and the quantity of electricity to be delivered daily. This quantity usually amounts to 24 MWh, 

on the day of the switch from winter time to summer time it amounts to 

23 MWh, whereas on the day of the switch from summer time to winter 

time it amounts to 25 MWh. 

For example, the contract volume for a month future with 30 delivery 

days amounts to 720 MWh, for a quarter future with 91 delivery days it 

amounts to 2,184 MWh and for a year future with 365 delivery days it 

amounts to 8,760 MWh. 

Pricing In EUR / MWh with two decimal places after the point 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 7 

Minimum 

Price Fluctuation 

€ 0.01 per MWh; multiplied by the contract volume in each case, 

e.g. for a month future with 30 delivery days this corresponds to an 

amount of € 7.20, for a quarter future with 91 delivery days this corresponds to a value of € 21.84 and for a year future with 365 delivery 

days this corresponds to a value of € 87.60. 

Cascading 

Each open position in a Romanian Power Base Year Future is replaced with equal positions of the three Romanian Power Base Month 

Futures for the delivery months January until March and three Romanian Power Base Quarter Futures for the second until the fourth delivery quarter whose delivery periods taken together correspond to the 

delivery year on the third ECC business day before the beginning of 

the delivery period (last day of trade registration of the year future). 

Each open position of a Romanian Power Base Quarter Futures is replaced with equal positions in the three Romanian Power Base Month 

Futures whose delivery periods taken together correspond to the delivery quarter on the third ECC business day before the beginning of the 

delivery period (last day of trade registration of the quarter future). 

Last Registration Day 

of Month Futures 

The last day of trade registration is equivalent to the last trading day of 

Phelix Base Futures. 

Fulfilment during the 

delivery month 

Fulfilment by means of cash settlement based on the final settlement 

price on the ECC business day following the last day of trade registration. If the final settlement price will be determined on a Saturday Sunday or a public holiday following a Sunday, the cash settlement takes 

place on the second ECC business day after the last day of trade registration. 

The seller (buyer) is obliged to settle in cash the difference between 

the price agreed on and the higher (lower) final settlement price on the 

day of execution. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement between non-clearing members and their own clients 

is the task of the clearing member in charge; the cash settlement between non-clearing members and their clients is the task of the nonclearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 8 

2.2 Financial Futures on Coal 

2.2.1 API 5 FOB Newcastle (Argus-IHS McCloskey) Coal Futures** 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RMD5 A11RMD FT5M API 5 FOB Newcastle (ArgusIHS McCloskey) Coal Future 

Underlying 

The monthly API 5* price index for fob Newcastle, Australia thermal 

coal delivered within 90 days for a net as received (NAR) calorific value of 5,500 kcal/kg and 1% Sulphur at maximum (Index). 

The Index is the arithmetic average of all weekly price assessments for 

API 5* FOB Newcastle Coal of the respective month as published in 

the “Argus/McCloskey’s Coal Price Index Report” on the last Friday of 

each month. 

Contract Series Up to 36 consecutive months 

Contract Volume 1,000 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point. 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

The Last Registration Day is the last Friday of the respective delivery 

month. 

If this is not an exchange trading day or a public holiday in Great Britain, the Last Registration Day is the preceding exchange trading day. If 

the Last Registration Day of a December contract would – according to 

the preceding provision – fall on an exchange trading day prior to December 24th, the Last Registration Day for this December contract 

shall be the exchange trading day following December 24th. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 9 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 

*

 API 2, API 4, API 5, and API 8 are trade marks and are used under licence from Argus Media Limited and IHS Global 

Limited. All copyrights and database rights in the API 2, API 4, API 5, and API 8 index belong exclusively to Argus 

Media Limited and IHS Global Limited and are used herein under licence. EEX is solely responsible for the operation 

of markets in API 2 CIF ARA (Argus-IHS McCloskey) Coal, API 4 FOB Richards Bay (Argus-IHS McCloskey) Coal, 

API 5 FOB Newcastle (Argus-IHS McCloskey) Coal, and API 8 CFR South China (Argus-IHS McCloskey) Coal Futures. Argus and IHS take no position on the purchase or sale of such Products and exclude all liability in relation 

thereto. 

** Expected as of the end of the second quarter of 2016.
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 10 

2.2.2 API 8 CFR South China (Argus-IHS McCloskey) Coal Month Futures** 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RME3 A11RME FT8M API 8 CFR South China (ArgusIHS McCloskey) Coal Future 

Underlying 

The monthly API 8* price index for cfr South China thermal coal delivered within 90 days for a net as received (NAR) calorific value of 5,500 

kcal/kg and 1% Sulphur at maximum (Index). 

The Index is the arithmetic average of all weekly price assessments for 

API 8* CFR South China Coal of the respective month as published in 

the “Argus/McCloskey’s Coal Price Index Report” on the last Friday of 

each month. 

Contract Series Up to 36 consecutive months 

Contract Volume 1,000 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point. 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

The Last Registration Day is the last Friday of the respective delivery 

month. 

If this is not an exchange trading day or a public holiday in Great Britain, the Last Registration Day is the preceding exchange trading day. If 

the Last Registration Day of a December contract would – according to 

the preceding provision – fall on an exchange trading day prior to December 24th, the Last Registration Day for this December contract 

shall be the exchange trading day following December 24th. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 11 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 

*

 API 2, API 4, API 5, and API 8 are trade marks and are used under licence from Argus Media Limited and IHS Global 

Limited. All copyrights and database rights in the API 2, API 4, API 5, and API 8 index belong exclusively to Argus 

Media Limited and IHS Global Limited and are used herein under licence. EEX is solely responsible for the operation 

of markets in API 2 CIF ARA (Argus-IHS McCloskey) Coal, API 4 FOB Richards Bay (Argus-IHS McCloskey) Coal, 

API 5 FOB Newcastle (Argus-IHS McCloskey) Coal, and API 8 CFR South China (Argus-IHS McCloskey) Coal Futures. Argus and IHS take no position on the purchase or sale of such Products and exclude all liability in relation 

thereto. 

** Expected as of the end of the second quarter of 2016
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 12 

2.2.3 Indonesian Sub-bit. (IHS McCloskey) Coal Futures** 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RMF0 A11RMF FTIM Indonesian Sub-bit. (IHS 

McCloskey) Coal Future 

Underlying 

The monthly IHS McCloskey price index for Indonesian SubBituminous Coal fob for 4,900 kcal/kg NAR (net as received) thermal 

coal shipped from East and South Kalimantan ports of Indonesia. 

The monthly IHS McCloskey price index for Indonesian SubBituminous Coal is the arithmetic average of all weekly price assessments for the IHS McCloskey Indonesian Sub-Bituminous Coal FOB 

Marker* of the respective month as published by IHS McCloskey in the 

“IHS McCloskey Coal Report” in general on the last Friday of each 

month. 

Contract Series Up to 36 consecutive months 

Contract Volume 1,000 metric tonnes (MT) 

Pricing In USD per MT to the second decimal place after the point. 

Minimum 

Price Fluctuation 0.01 USD per MT 

Last Registration Day 

The Last Registration Day is the last Friday of the respective delivery 

month. 

If this day is not an exchange trading day or a public holiday in Great 

Britain, the Last Registration Day is the preceding exchange trading 

day. If the Last Registration Day of a December contract would – according to the preceding provision – fall on an exchange trading day 

prior to December 24th, the Last Registration Day for this December 

contract shall be the exchange trading day following December 24th. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 13 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the underlying index. If this day is not a USD settlement day at 

Clearstream Banking SA, cash settlement takes place on the following 

ECC business day which is also a USD settlement day at Clearstream 

Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) underlying index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 

* IHS Indonesian Sub-bituminous FOB marker (“Index”) is a trade mark and is used under licence from IHS Global 

Limited. All copyrights and database rights in the Index belongs exclusively to IHS Global Limited and are used herein under licence. EEX is solely responsible for the operation of markets in Indonesian Sub-bit. (IHS McCloskey) Coal 

Futures (“Product(s)”). IHS takes no position on the purchase or sale of such Products and excludes all liability in relation thereto. 

The Products are not in any way sponsored, endorsed, sold or promoted by IHS and IHS has no obligation or liability 

in connection with the administration, marketing or trading of the Products. IHS makes no warranties or representations, whether express or implied, including as to the results to be obtained from the use of the Index and excludes all 

liability relating to use of the Index to the fullest extent permitted at law. 

** Expected as of the end of the second quarter of 2016. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 14 

2.3 Options on Coal Futures 

2.3.1 Options on API 2 CIF ARA (Argus-IHS McCloskey) Coal Futures**

ISIN-Code/ WKN/ 

Exchange Code/ Name 

DE000A1634D6 A1634D OT2M API 2 Month Option 

DE000A1634E4 A1634E OT2Q API 2 Quarter Option 

DE000A1634F1 A1634F OT2Y API 2 Year Option 

Underlying API 2* Coal Option contract is an option on a single month or strips of 

consecutive single months of the API 2* CIF ARA (Argus-IHS 

McCloskey) Coal Future: 

The underlying of an API 2* Month Option is the API 2* CIF ARA (Argus-IHS McCloskey) Coal Future with same maturity. 

The underlying of an API 2* Quarter Option are the three API 2* CIF 

ARA (Argus-IHS McCloskey) Coal Futures which make up the respective quarter. 

The underlying of an API 2* Year Option are the twelve API 2* CIF 

ARA (Argus-IHS McCloskey) Coal Futures which make up the respective calendar year. 

Option Right The buyer of a call option is entitled to receive respective long positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the call option receives respective short positions of the 

underlying future(s) after the call option is exercised and assigned at 

the exercise price on the Last Registration Day. 

The buyer of a put option is entitled to receive respective short positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the put option receives respective long positions of the 

underlying future(s) at the exercise price after the put option is exercised and assigned on the Last Registration Day. 

Option Premium The buyer of an option contract is obliged to pay the price for the purchase of the right of option (option premium) on the ECC business 

day following the purchase of the option. If this day is not a USD settlement day at Clearstream Banking SA, the payment takes place on 

the following ECC business day which is also a USD settlement day 

at Clearstream Banking SA. The option premium is credited to the 

seller of the option on the same day. 

Option Style European style, i.e. the option can only be exercised on the last trading day. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 15 

Tradable Option Series An option series is the total number of call and put options with the 

same Underlying, the same exercise price and the same maturity 

which can be traded in the system. 

At least three series with different exercise prices can be traded for 

each maturity; in this context one exercise price is in the money, one 

exercise price is at the money and one exercise price is out of the 

money upon their introduction into trading. 

The management board of the exchange is entitled to change the 

number of tradable option series at any given time. 

Maturities Maturities can be month, quarter, year 

Tradable Maturities At maximum the following maturities can be registered at EEX:

§ The current and next 3 delivery months (Month Option), 

§ The respective next 6 delivery quarters (Quarter Option), 

§ The respective next 3 delivery years of the underlying (Year 

Option) 

Exercise/Automatic 

Exercise 

The option can only be exercised on the Last Registration Day. Said 

exercise is carried out by means of an entry into the EEX system between 08:00 a.m. and 06:45 p.m. (Exercise Period) on the Last Registration Day. 

Options which are in the money in relation to the Final Settlement 

Price are exercised automatically at the end of the Exercise Period if 

the trading participant has maintained in the system the desired in the 

money minimum amount and if the trading participant has not made a 

deviating entry into the system by that time. 

Exercises only become effective at 06:45 p.m., until that time they can 

be changed or deleted at any time. 

Strike Price Increments USD 0.50 

Pricing for Option Premium 

In USD per future to the second decimal place. 

Minimum 

Price Fluctuation 

USD 0.01 per future 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 16 

Last Registration Day The Last Registration Day is the thirtieth day prior to the beginning of 

the expiration period. If this day is not an exchange trading day or if it 

is a public holiday in Great Britain, the Last Registration Day is the 

preceding exchange trading day. 

If the Last Trading Day would – according to the preceding provision 

– fall on a day of the month before the month prior to the expiration 

period, the first exchange trading day of the month prior to the expiration period shall be the Last Trading Day. 

The respective Last Registration Day for each maturity is stipulated in 

the contract detail file. 

Expiry Day Options which have not been exercised expire at 06:45 p.m. CET on 

the Last Registration Day. 

Fulfilment Options are fulfilled by booking in of the corresponding futures position at the respective exercise price after the option is exercised. 

Assignment If a buyer exercises his right of option, ECC AG assigns a seller of the 

same option series and of the same type of option (call or put option) 

to the buyer with the help of a procedure maintaining the neutrality of 

the assignment process at the end of the post-trading phase on the 

exercise day. Partial assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant have to be assigned by said trading participant for the positions of his customers; this has to be done with the 

help of a procedure which ensures the neutrality of the assignment 

process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 

* API 2, API 4, API 5, and API 8 are trade marks and are used under licence from Argus Media Limited and IHS Global 

Limited. All copyrights and database rights in the API 2, API 4, API 5, and API 8 index belong exclusively to Argus 

Media Limited and IHS Global Limited and are used herein under licence. EEX is solely responsible for the operation 

of markets in API 2 CIF ARA (Argus-IHS McCloskey) Coal, API 4 FOB Richards Bay (Argus-IHS McCloskey) Coal, 

API 5 FOB Newcastle (Argus-IHS McCloskey) Coal, and API 8 CFR South China (Argus-IHS McCloskey) Coal Futures Argus and IHS take no position on the purchase or sale of such Products and exclude all liability in relation 

thereto. 

** Expected as of the end of the second quarter of 2016.
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 17 

2.3.2 Options on API 4 FOB Richards Bay (Argus-IHS McCloskey) Coal Futures**

ISIN-Code/ WKN/ 

Exchange Code/ Name 

DE000A1634G9 A1634G OT4M API 4 Month Option 

DE000A1634H7 A1634H OT4Q API 4 Quarter Option 

DE000A1634J3 A1634J OT4Y API 4 Year Option 

Underlying API 4* Coal Option contract is an option on a single month or strips of 

consecutive single months of the API 4* FOB Richards Bay (ArgusIHS McCloskey) Coal Future: 

The underlying of an API 4* Month Option is the API 4* FOB Richards 

Bay (Argus-IHS McCloskey) Coal Future with same maturity. 

The underlying of an API 4* Quarter Option are the three API 4* FOB 

Richards Bay (Argus-IHS McCloskey) Coal Futures which make up 

the respective quarter. 

The underlying of an API 4* Year Option are the twelve API 4* FOB 

Richards Bay (Argus-IHS McCloskey) Coal Futures which make up 

the respective calendar year. 

Option Right The buyer of a call option is entitled to receive respective long positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the call option receives respective short positions of the 

underlying future(s) after the call option is exercised and assigned at 

the exercise price on the Last Registration Day. 

The buyer of a put option is entitled to receive respective short positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the put option receives respective long positions of the 

underlying future(s) at the exercise price after the put option is exercised and assigned on the Last Registration Day. 

Option Premium The buyer of an option contract is obliged to pay the price for the purchase of the right of option (option premium) on the ECC business 

day following the purchase of the option. If this day is not a USD settlement day at Clearstream Banking SA, the payment takes place on 

the following ECC business day which is also a USD settlement day 

at Clearstream Banking SA. The option premium is credited to the 

seller of the option on the same day. 

Option Style European style, i.e. the option can only be exercised on the last trading day. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 18 

Tradable Option Series An option series is the total number of call and put options with the 

same Underlying, the same exercise price and the same maturity 

which can be traded in the system. 

At least three series with different exercise prices can be traded for 

each maturity; in this context one exercise price is in the money, one 

exercise price is at the money and one exercise price is out of the 

money upon their introduction into trading. 

The management board of the exchange is entitled to change the 

number of tradable option series at any given time. 

Maturities Maturities can be month, quarter, year 

Tradable Maturities At maximum the following maturities can be registered at EEX:

§ The current and next 3 delivery months (Month Option), 

§ The respective next 6 delivery quarters (Quarter Option), 

§ The respective next 3 delivery years of the underlying (Year 

Option) 

Exercise/Automatic 

Exercise 

The option can only be exercised on the Last Registration Day. Said 

exercise is carried out by means of an entry into the EEX system between 08:00 a.m. and 06:45 p.m. (Exercise Period) on the Last Registration Day. 

Options which are in the money in relation to the Final Settlement 

Price are exercised automatically at the end of the Exercise Period if 

the trading participant has maintained in the system the desired in the 

money minimum amount and if the trading participant has not made a 

deviating entry into the system by that time. 

Exercises only become effective at 06:45 p.m., until that time they can 

be changed or deleted at any time. 

Strike Price Increments USD 0.50 

Pricing for Option Premium 

In USD per future to the second decimal place. 

Minimum 

Price Fluctuation 

USD 0.01 per future 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 19 

Last Registration Day The Last Registration Day is the thirtieth day prior to the beginning of 

the expiration period. If this day is not an exchange trading day or if it 

is a public holiday in Great Britain, the Last Registration Day is the 

preceding exchange trading day. 

If the Last Trading Day would – according to the preceding provision 

– fall on a day of the month before the month prior to the expiration 

period, the first exchange trading day of the month prior to the expiration period shall be the Last Trading Day. 

The respective Last Registration Day for each maturity is stipulated in 

the contract detail file. 

Expiry Day Options which have not been exercised expire at 06:45 p.m. CET on 

the Last Registration Day. 

Fulfilment Options are fulfilled by booking in of the corresponding futures position at the respective exercise price after the option is exercised. 

Assignment If a buyer exercises his right of option, ECC AG assigns a seller of the 

same option series and of the same type of option (call or put option) 

to the buyer with the help of a procedure maintaining the neutrality of 

the assignment process at the end of the post-trading phase on the 

exercise day. Partial assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant have to be assigned by said trading participant for the positions of his customers; this has to be done with the 

help of a procedure which ensures the neutrality of the assignment 

process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 

* API 2, API 4, API 5, and API 8 are trade marks and are used under licence from Argus Media Limited and IHS Global 

Limited. All copyrights and database rights in the API 2, API 4, API 5, and API 8 index belong exclusively to Argus 

Media Limited and IHS Global Limited and are used herein under licence. EEX is solely responsible for the operation 

of markets in API 2 CIF ARA (Argus-IHS McCloskey) Coal, API 4 FOB Richards Bay (Argus-IHS McCloskey) Coal, 

API 5 FOB Newcastle (Argus-IHS McCloskey) Coal, and API 8 CFR South China (Argus-IHS McCloskey) Coal Futures Argus and IHS take no position on the purchase or sale of such Products and exclude all liability in relation 

thereto. 

** Expected as of the end of the second quarter of 2016
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 20 

2.3.3 Options on API 5 FOB Newcastle (Argus-IHS McCloskey) Coal Futures**

ISIN-Code/ WKN/ 

Exchange Code/ Name 

DE000A1634K1 A1634K OT5M API 5 Month Option 

DE000A1634L9 A1634L OT5Q API 5 Quarter Option 

DE000A1634M7 A1634M OT5Y API 5 Year Option 

Underlying API 5* Coal Option contract is an option on a single month or strips of 

consecutive single months of the API 5* FOB Newcastle (Argus-IHS 

McCloskey) Coal Future: 

The underlying of an API 5* Month Option is the API 5* FOB Newcastle (Argus-IHS McCloskey) Coal Future with same maturity. 

The underlying of an API 5* Quarter Option are the three API 5* FOB 

Newcastle (Argus-IHS McCloskey) Coal Future which make up the 

respective quarter. 

The underlying of an API 5* Year Option are the twelve API 5* FOB 

Newcastle (Argus-IHS McCloskey) Coal Future which make up the 

respective calendar year. 

Option Right The buyer of a call option is entitled to receive respective long positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the call option receives respective short positions of the 

underlying future(s) after the call option is exercised and assigned at 

the exercise price on the Last Registration Day. 

The buyer of a put option is entitled to receive respective short positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the put option receives respective long positions of the 

underlying future(s) at the exercise price after the put option is exercised and assigned on the Last Registration Day. 

Option Premium The buyer of an option contract is obliged to pay the price for the purchase of the right of option (option premium) on the ECC business 

day following the purchase of the option. If this day is not a USD settlement day at Clearstream Banking SA, the payment takes place on 

the following ECC business day which is also a USD settlement day 

at Clearstream Banking SA. The option premium is credited to the 

seller of the option on the same day. 

Option Style European style, i.e. the option can only be exercised on the last trading day. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 21 

Tradable Option Series An option series is the total number of call and put options with the 

same Underlying, the same exercise price and the same maturity 

which can be traded in the system. 

At least three series with different exercise prices can be traded for 

each maturity; in this context one exercise price is in the money, one 

exercise price is at the money and one exercise price is out of the 

money upon their introduction into trading. 

The management board of the exchange is entitled to change the 

number of tradable option series at any given time. 

Maturities Maturities can be month, quarter, year 

Tradable Maturities At maximum the following maturities can be registered at EEX:

§ The current and next 3 delivery months (Month Option), 

§ The respective next 6 delivery quarters (Quarter Option), 

§ The respective next 3 delivery years of the underlying (Year 

Option) 

Exercise/Automatic 

Exercise 

The option can only be exercised on the Last Registration Day. Said 

exercise is carried out by means of an entry into the EEX system between 08:00 a.m. and 06:45 p.m. (Exercise Period) on the Last Registration Day. 

Options which are in the money in relation to the Final Settlement 

Price are exercised automatically at the end of the Exercise Period if 

the trading participant has maintained in the system the desired in the 

money minimum amount and if the trading participant has not made a 

deviating entry into the system by that time. 

Exercises only become effective at 06:45 p.m., until that time they can 

be changed or deleted at any time. 

Strike Price Increments USD 0.50 

Pricing for Option Premium 

In USD per future to the second decimal place. 

Minimum 

Price Fluctuation 

USD 0.01 per future 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 22 

Last Registration Day The Last Registration Day is the thirtieth day prior to the beginning of 

the expiration period. If this day is not an exchange trading day or if it 

is a public holiday in Great Britain, the Last Registration Day is the 

preceding exchange trading day. 

If the Last Trading Day would – according to the preceding provision 

– fall on a day of the month before the month prior to the expiration 

period, the first exchange trading day of the month prior to the expiration period shall be the Last Trading Day. 

The respective Last Registration Day for each maturity is stipulated in 

the contract detail file. 

Expiry Day Options which have not been exercised expire at 06:45 p.m. CET on 

the Last Registration Day. 

Fulfilment Options are fulfilled by booking in of the corresponding futures position at the respective exercise price after the option is exercised. 

Assignment If a buyer exercises his right of option, ECC AG assigns a seller of the 

same option series and of the same type of option (call or put option) 

to the buyer with the help of a procedure maintaining the neutrality of 

the assignment process at the end of the post-trading phase on the 

exercise day. Partial assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant have to be assigned by said trading participant for the positions of his customers; this has to be done with the 

help of a procedure which ensures the neutrality of the assignment 

process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 

* API 2, API 4, API 5, and API 8 are trade marks and are used under licence from Argus Media Limited and IHS Global 

Limited. All copyrights and database rights in the API 2, API 4, API 5, and API 8 index belong exclusively to Argus 

Media Limited and IHS Global Limited and are used herein under licence. EEX is solely responsible for the operation 

of markets in API 2 CIF ARA (Argus-IHS McCloskey) Coal, API 4 FOB Richards Bay (Argus-IHS McCloskey) Coal, 

API 5 FOB Newcastle (Argus-IHS McCloskey) Coal, and API 8 CFR South China (Argus-IHS McCloskey) Coal Futures Argus and IHS take no position on the purchase or sale of such Products and exclude all liability in relation 

thereto. 

** Expected as of the end of the second quarter of 2016
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 23 

2.4 Financial Futures on Dry Bulk Time Charter Freight 

2.4.1 Capesize Time Charter Freight Futures (TC4) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCE4 A11RCE CTCM 

Capesize TC4 Freight Future 

Underlying

The monthly price index for Capesize Dry Bulk Time Charter Freight 

(Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “Capesize Dry Bulk Time Charter Freight Basket Routes (Avg. 4 

routes)” of the respective month as published by Baltic Exchange. 

Contract Series Up to 84 consecutive months 

Contract Volume 1 day 

Pricing In USD per day 

Minimum 

Price Fluctuation 1.00 USD per day 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 24 

2.4.2 Capesize Time Charter Freight Futures (TC5) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A1634C8 A1634C CPTM 

Capesize TC5 Freight Future 

Underlying

The monthly price index for Capesize Dry Bulk Time Charter Freight 

(Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “Capesize Dry Bulk Time Charter Freight Basket Routes (Avg. 5 

routes)” of the respective month as published by Baltic Exchange. 

Contract Series Up to 84 consecutive months 

Contract Volume 1 day 

Pricing In USD per day 

Minimum 

Price Fluctuation 1.00 USD per day 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the Last Registration 

Day and the Index. If this day is not a USD settlement day at Clearstream Banking SA, cash settlement takes place on the following ECC 

business day which is also a USD settlement day at Clearstream 

Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 25 

2.4.3 Panamax Time Charter Freight Futures 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCF1 A11RCF PTCM Panamax TC Freight Future 

Underlying

The monthly price index for Panamax Dry Bulk Time Charter Freight 

(Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “Panamax Dry Bulk Time Charter Freight Basket Routes (Avg. 4 

routes)” of the respective month as published by Baltic Exchange.

Contract Series Up to 84 consecutive months 

Contract Volume 1 day 

Pricing In USD per day 

Minimum 

Price Fluctuation 1.00 USD per day 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 26 

2.4.4 Supramax Time Charter Freight Futures 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCG9 A11RCG STCM Supramax TC Freight Future

Underlying

The monthly price index for Supramax Dry Bulk Time Charter Freight 

(Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “Supramax Dry Bulk Time Charter Freight Basket Routes (Avg. 6 

routes)” of the respective month as published by Baltic Exchange.

Contract Series Up to 84 consecutive months 

Contract Volume 1 day 

Pricing In USD per day 

Minimum 

Price Fluctuation 1.00 USD per day 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the 24th December. The Last Registration Day for December contracts is the exchange trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 27 

2.4.5 Handysize Time Charter Freight Futures 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCH7 A11RCH HTCM Handysize TC Freight Future

Underlying

The monthly price index for Handysize Dry Bulk Time Charter Freight 

(Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “Handysize Dry Bulk Time Charter Freight Basket Routes (Avg. 6 

routes)” of the respective month as published by Baltic Exchange.

Contract Series Up to 84 consecutive months 

Contract Volume 1 day 

Pricing In USD per day 

Minimum 

Price Fluctuation 1.00 USD per day 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 28 

2.5 Financial Futures on Dry Bulk Trip Time Charter Freight 

2.5.1 P1A Panamax Transatlantic Freight Future 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCN5 A11RCN P1AM 

P1A Panamax Transatlantic 

Freight Future 

Underlying

The monthly price index for P1A Panamax Transatlantic Freight (Index). 

The Index is the arithmetic average of the last 7 daily spot price assessments for “P1A Panamax Dry Bulk Trip Time Charter Freight 

(Transatlantic Round Voyage)” of the respective month as published 

by Baltic Exchange except for December contracts where the last 7 

daily spot prices including those for the Last Registration Day are decisive for the Index calculation. 

Contract Series Up to 36 consecutive months 

Contract Volume 1 day 

Pricing In USD per day 

Minimum 

Price Fluctuation 1.00 USD per day 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 29 

2.5.2 P2A Panamax Far East Freight Future 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCP0 A11RCP P2AM 

P2A Panamax Far East 

Freight Future 

Underlying

The monthly price index for P2A Panamax Far East Freight (Index). 

The Index is the arithmetic average of the last 7 daily spot price assessments for “P2A Panamax Dry Bulk Trip Time Charter Freight 

(Skaw – Gibraltar / Cont Trip Far East)” of the respective month as 

published by Baltic Exchange except for December contracts where 

the last 7 daily spot prices including those for the Last Registration Day 

are decisive for the Index calculation.

Contract Series Up to 36 consecutive months 

Contract Volume 1 day 

Pricing In USD per day 

Minimum 

Price Fluctuation 1.00 USD per day 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 30 

2.5.3 P3A Panamax Pacific Freight Future 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCQ8 A11RCQ P3AM 

P3A Panamax Pacific 

Freight Future 

Underlying

The monthly price index for P3A Panamax Pacific Freight (Index). 

The Index is the arithmetic average of the last 7 daily spot price assessments for “P3A Panamax Dry Bulk Trip Time Charter Freight (Japan – South Korea / Pacific Round Voyage)” of the respective month 

as published by Baltic Exchange, except for December contracts 

where the last 7 daily spot prices including those for the Last Registration Day are decisive for the Index calculation.

Contract Series Up to 36 consecutive months 

Contract Volume 1 day 

Pricing In USD per day 

Minimum 

Price Fluctuation 1.00 USD per day 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
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Contract Specifications, Release 018b Page 31 

2.6 Financial Futures on Dry Bulk Voyage Routes Freight 

2.6.1 C3 Capesize Freight Future (Tubarao – Qingdao) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCL9 A11RCL C3EM C3 Capesize Freight Future 

Underlying

The monthly price index for C3 Capesize Freight, voyage route Tubarao – Qingdao (Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “C3 Capesize Dry Bulk Voyage Route Freight (Tubarao – Qingdao)” 

of the respective month as published by Baltic Exchange.

Contract Series Up to 36 consecutive months 

Contract Volume 1,000 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 32 

2.6.2 C4 Capesize Freight Future (Richards Bay – Rotterdam) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCJ3 A11RCJ C4EM C4 Capesize Freight Future 

Underlying

The monthly price index for C4 Capesize Freight, voyage route Richards Bay – Rotterdam (Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “C4 Capesize Dry Bulk Voyage Route Freight (Richards Bay – Rotterdam)” of the respective month as published by Baltic Exchange.

Contract Series Up to 36 consecutive months 

Contract Volume 1,000 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 33 

2.6.3 C5 Capesize Freight Future (Western Australia – Qingdao) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCM7 A11RCM C5EM C5 Capesize Freight Future 

Underlying

The monthly price index for C5 Capesize Freight, voyage route Western Australia – Qingdao (Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “C5 Capesize Dry Bulk Voyage Route Freight (Western Australia – 

Qingdao)” of the respective month as published by Baltic Exchange.

Contract Series Up to 36 consecutive months 

Contract Volume 1,000 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 34 

2.6.4 C7 Capesize Freight Future (Bolivar – Rotterdam) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCK1 A11RCK C7EM C7 Capesize Freight Future 

Underlying

The monthly price index for C7 Capesize Freight, voyage route Bolivar 

- Rotterdam (Index). 

The Index is the arithmetic average of all daily spot price assessments 

for “C7 Capesize Dry Bulk Voyage Route Freight (Bolivar - Rotterdam)” 

of the respective month as published by Baltic Exchange.

Contract Series Up to 36 consecutive months 

Contract Volume 1,000 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective expiry month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 35 

2.7 Options on Freight Futures 

2.7.1 Options on Capesize TC4 Freight Futures 

ISIN-Code/ WKN/ 

Exchange Code/ Name DE000A1634N5 A1634N OCTM Capesize TC4 Freight Option 

Underlying Capesize TC4 Freight Future with the same maturity, at which the delivery period corresponds to the maturity. 

Option Right The buyer of a call option is entitled to receive respective long positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the call option receives respective short positions of the 

underlying future(s) after the call option is exercised and assigned at 

the exercise price on the Last Registration Day. 

The buyer of a put option is entitled to receive respective short positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the put option receives respective long positions of the 

underlying future(s) at the exercise price after the put option is exercised and assigned on the Last Registration Day. 

Option Premium The buyer of an option contract is obliged to pay the price for the purchase of the right of option (option premium) on the ECC business 

day following the purchase of the option. If this day is not a USD settlement day at Clearstream Banking SA, the payment takes place on 

the following ECC business day which is also a USD settlement day 

at Clearstream Banking SA. The option premium is credited to the 

seller of the option on the same day. 

Option Style European style, i.e. the option can only be exercised on the last trading day. 

Tradable Option Series An option series is the total number of call and put options with the 

same Underlying, the same exercise price and the same maturity 

which can be traded in the system. 

At least three series with different exercise prices can be traded for 

each maturity; in this context one exercise price is in the money, one 

exercise price is at the money and one exercise price is out of the 

money upon their introduction into trading. 

The management board of the exchange is entitled to change the 

number of tradable option series at any given time. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 36 

Tradable Maturities Up to 36 consecutive months 

Exercise/Automatic 

Exercise 

The option can only be exercised on the Last Registration Day. Said 

exercise is carried out by means of an entry into the EEX system between 08:00 a.m. and 06:45 p.m. (Exercise Period) on the Last Registration Day. 

Options which are in the money in relation to the Final Settlement 

Price are exercised automatically at the end of the Exercise Period if 

the trading participant has maintained in the system the desired in the 

money minimum amount and if the trading participant has not made a 

deviating entry into the system by that time. 

Exercises only become effective at 06:45 p.m., until that time they can 

be changed or deleted at any time. 

Strike Price Increments USD 1 

Pricing for Option Premium 

In USD per future to the second decimal place. 

Minimum 

Price Fluctuation 

USD 0.01 per future 

Last Registration Day Last Registration Day is the last exchange trading of the respective 

expiration month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Expiry Day Options which have not been exercised expire at 06:45 p.m. CET on 

the Last Registration Day. 

Fulfilment Options are fulfilled by booking in of the corresponding futures position at the respective exercise price after the option is exercised. 

Assignment If a buyer exercises his right of option, ECC AG assigns a seller of the 

same option series and of the same type of option (call or put option) 

to the buyer with the help of a procedure maintaining the neutrality of 

the assignment process at the end of the post-trading phase on the 

exercise day. Partial assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant have to be assigned by said trading participant for the positions of his customers; this has to be done with the 

help of a procedure which ensures the neutrality of the assignment 

process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 
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Contract Specifications, Release 018b Page 37 

2.7.2 Options on Capesize TC5 Freight Futures 

ISIN-Code/ WKN/ 

Exchange Code/ Name DE000A1634P0 A1634P OCPM Capesize TC5 Freight Option

Underlying Capesize TC5 Freight Future with the same maturity, at which the delivery period corresponds to the maturity. 

Option Right The buyer of a call option is entitled to receive respective long positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the call option receives respective short positions of the 

underlying future(s) after the call option is exercised and assigned at 

the exercise price on the Last Registration Day. 

The buyer of a put option is entitled to receive respective short positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the put option receives respective long positions of the 

underlying future(s) at the exercise price after the put option is exercised and assigned on the Last Registration Day. 

Option Premium The buyer of an option contract is obliged to pay the price for the purchase of the right of option (option premium) on the ECC business 

day following the purchase of the option. If this day is not a USD settlement day at Clearstream Banking SA, the payment takes place on 

the following ECC business day which is also a USD settlement day 

at Clearstream Banking SA. The option premium is credited to the 

seller of the option on the same day. 

Option Style European style, i.e. the option can only be exercised on the last trading day. 

Tradable Option Series An option series is the total number of call and put options with the 

same Underlying, the same exercise price and the same maturity 

which can be traded in the system. 

At least three series with different exercise prices can be traded for 

each maturity; in this context one exercise price is in the money, one 

exercise price is at the money and one exercise price is out of the 

money upon their introduction into trading. 

The management board of the exchange is entitled to change the 

number of tradable option series at any given time. 
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Contract Specifications, Release 018b Page 38 

Tradable Maturities Up to 36 consecutive months 

Exercise/Automatic 

Exercise 

The option can only be exercised on the Last Registration Day. Said 

exercise is carried out by means of an entry into the EEX system between 08:00 a.m. and 06:45 p.m. (Exercise Period) on the Last Registration Day. 

Options which are in the money in relation to the Final Settlement 

Price are exercised automatically at the end of the Exercise Period if 

the trading participant has maintained in the system the desired in the 

money minimum amount and if the trading participant has not made a 

deviating entry into the system by that time. 

Exercises only become effective at 06:45 p.m., until that time they can 

be changed or deleted at any time. 

Strike Price Increments USD 1 

Pricing for Option Premium 

In USD per future to the second decimal place. 

Minimum 

Price Fluctuation 

USD 0.01 per future 

Last Registration Day Last Registration Day is the last exchange trading of the respective 

expiration month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Expiry Day Options which have not been exercised expire at 06:45 p.m. CET on 

the Last Registration Day. 

Fulfilment Options are fulfilled by booking in of the corresponding futures position at the respective exercise price after the option is exercised. 

Assignment If a buyer exercises his right of option, ECC AG assigns a seller of the 

same option series and of the same type of option (call or put option) 

to the buyer with the help of a procedure maintaining the neutrality of 

the assignment process at the end of the post-trading phase on the 

exercise day. Partial assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant have to be assigned by said trading participant for the positions of his customers; this has to be done with the 

help of a procedure which ensures the neutrality of the assignment 

process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 39 

2.7.3 Options on Panamax TC Freight Futures 

ISIN-Code/ WKN/ 

Exchange Code/ Name DE000A1634Q8 A1634Q OPTM Panamax TC Freight Option 

Underlying Panamax TC Freight Future with the same maturity, at which the delivery period corresponds to the maturity. 

Option Right The buyer of a call option is entitled to receive respective long positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the call option receives respective short positions of the 

underlying future(s) after the call option is exercised and assigned at 

the exercise price on the Last Registration Day. 

The buyer of a put option is entitled to receive respective short positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the put option receives respective long positions of the 

underlying future(s) at the exercise price after the put option is exercised and assigned on the Last Registration Day. 

Option Premium The buyer of an option contract is obliged to pay the price for the purchase of the right of option (option premium) on the ECC business 

day following the purchase of the option. If this day is not a USD settlement day at Clearstream Banking SA, the payment takes place on 

the following ECC business day which is also a USD settlement day 

at Clearstream Banking SA. The option premium is credited to the 

seller of the option on the same day. 

Option Style European style, i.e. the option can only be exercised on the last trading day. 

Tradable Option Series An option series is the total number of call and put options with the 

same Underlying, the same exercise price and the same maturity 

which can be traded in the system. 

At least three series with different exercise prices can be traded for 

each maturity; in this context one exercise price is in the money, one 

exercise price is at the money and one exercise price is out of the 

money upon their introduction into trading. 

The management board of the exchange is entitled to change the 

number of tradable option series at any given time. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 40 

Tradable Maturities Up to 36 consecutive months 

Exercise/Automatic 

Exercise 

The option can only be exercised on the Last Registration Day. Said 

exercise is carried out by means of an entry into the EEX system between 08:00 a.m. and 06:45 p.m. (Exercise Period) on the Last Registration Day. 

Options which are in the money in relation to the Final Settlement 

Price are exercised automatically at the end of the Exercise Period if 

the trading participant has maintained in the system the desired in the 

money minimum amount and if the trading participant has not made a 

deviating entry into the system by that time. 

Exercises only become effective at 06:45 p.m., until that time they can 

be changed or deleted at any time. 

Strike Price Increments USD 1 

Pricing for Option Premium 

In USD per future to the second decimal place. 

Minimum 

Price Fluctuation 

USD 0.01 per future 

Last Registration Day Last Registration Day is the last exchange trading of the respective 

expiration month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Expiry Day Options which have not been exercised expire at 06:45 p.m. CET on 

the Last Registration Day. 

Fulfilment Options are fulfilled by booking in of the corresponding Futures position at the respective exercise price after the option is exercised. 

Assignment If a buyer exercises his right of option, ECC AG assigns a seller of the 

same option series and of the same type of option (call or put option) 

to the buyer with the help of a procedure maintaining the neutrality of 

the assignment process at the end of the post-trading phase on the 

exercise day. Partial assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant have to be assigned by said trading participant for the positions of his customers; this has to be done with the 

help of a procedure which ensures the neutrality of the assignment 

process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 41 

2.7.4 Options on Supramax TC Freight Futures 

ISIN-Code/ WKN/ 

Exchange Code/ Name DE000A1634R6 A1634R OTSM Supramax TC Freight Option 

Underlying Supramax TC Freight Future with the same maturity, at which the delivery period corresponds to the maturity. 

Option Right The buyer of a call option is entitled to receive respective long positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the call option receives respective short positions of the 

underlying future(s) after the call option is exercised and assigned at 

the exercise price on the Last Registration Day. 

The buyer of a put option is entitled to receive respective short positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the put option receives respective long positions of the 

underlying future(s) at the exercise price after the put option is exercised and assigned on the Last Registration Day. 

Option Premium The buyer of an option contract is obliged to pay the price for the purchase of the right of option (option premium) on the ECC business 

day following the purchase of the option. If this day is not a USD settlement day at Clearstream Banking SA, the payment takes place on 

the following ECC business day which is also a USD settlement day 

at Clearstream Banking SA. The option premium is credited to the 

seller of the option on the same day. 

Option Style European style, i.e. the option can only be exercised on the last trading day. 

Tradable Option Series An option series is the total number of call and put options with the 

same Underlying, the same exercise price and the same maturity 

which can be traded in the system. 

At least three series with different exercise prices can be traded for 

each maturity; in this context one exercise price is in the money, one 

exercise price is at the money and one exercise price is out of the 

money upon their introduction into trading. 

The management board of the exchange is entitled to change the 

number of tradable option series at any given time. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 42 

Tradable Maturities Up to 36 consecutive months 

Exercise/Automatic 

Exercise 

The option can only be exercised on the Last Registration Day. Said 

exercise is carried out by means of an entry into the EEX system between 08:00 a.m. and 06:45 p.m. (Exercise Period) on the Last Registration Day. 

Options which are in the money in relation to the Final Settlement 

Price are exercised automatically at the end of the Exercise Period if 

the trading participant has maintained in the system the desired in the 

money minimum amount and if the trading participant has not made a 

deviating entry into the system by that time. 

Exercises only become effective at 06:45 p.m., until that time they can 

be changed or deleted at any time. 

Strike Price Increments USD 1 

Pricing for Option Premium 

In USD per future to the second decimal place. 

Minimum 

Price Fluctuation 

USD 0.01 per future 

Last Registration Day Last Registration Day is the last exchange trading of the respective 

expiration month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Expiry Day Options which have not been exercised expire at 06:45 p.m. CET on 

the Last Registration Day. 

Fulfilment Options are fulfilled by booking in of the corresponding futures position at the respective exercise price after the option is exercised. 

Assignment If a buyer exercises his right of option, ECC AG assigns a seller of the 

same option series and of the same type of option (call or put option) 

to the buyer with the help of a procedure maintaining the neutrality of 

the assignment process at the end of the post-trading phase on the 

exercise day. Partial assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant have to be assigned by said trading participant for the positions of his customers; this has to be done with the 

help of a procedure which ensures the neutrality of the assignment 

process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 43 

2.7.5 Options on Handysize TC Freight Futures 

ISIN-Code/ WKN/ 

Exchange Code/ Name DE000A1634S4 A1634S OHTM Handysize TC Freight Option 

Underlying Handysize TC Freight Future with the same maturity, at which the delivery period corresponds to the maturity. 

Option Right The buyer of a call option is entitled to receive respective long positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the call option receives respective short positions of the 

underlying future(s) after the call option is exercised and assigned at 

the exercise price on the Last Registration Day. 

The buyer of a put option is entitled to receive respective short positions of the underlying future(s) at the exercise price of the option on 

the Last Registration Day. 

The seller of the put option receives respective long positions of the 

underlying future(s) at the exercise price after the put option is exercised and assigned on the Last Registration Day. 

Option Premium The buyer of an option contract is obliged to pay the price for the purchase of the right of option (option premium) on the ECC business 

day following the purchase of the option. If this day is not a USD settlement day at Clearstream Banking SA, the payment takes place on 

the following ECC business day which is also a USD settlement day 

at Clearstream Banking SA. The option premium is credited to the 

seller of the option on the same day. 

Option Style European style, i.e. the option can only be exercised on the last trading day. 

Tradable Option Series An option series is the total number of call and put options with the 

same Underlying, the same exercise price and the same maturity 

which can be traded in the system. 

At least three series with different exercise prices can be traded for 

each maturity; in this context one exercise price is in the money, one 

exercise price is at the money and one exercise price is out of the 

money upon their introduction into trading. 

The management board of the exchange is entitled to change the 

number of tradable option series at any given time. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 44 

Tradable Maturities Up to 36 consecutive months 

Exercise/Automatic 

Exercise 

The option can only be exercised on the Last Registration Day. Said 

exercise is carried out by means of an entry into the EEX system between 08:00 a.m. and 06:45 p.m. (Exercise Period) on the Last Registration Day. 

Options which are in the money in relation to the Final Settlement 

Price are exercised automatically at the end of the Exercise Period if 

the trading participant has maintained in the system the desired in the 

money minimum amount and if the trading participant has not made a 

deviating entry into the system by that time. 

Exercises only become effective at 06:45 p.m., until that time they can 

be changed or deleted at any time. 

Strike Price Increments USD 1 

Pricing for Option Premium 

In USD per future to the second decimal place. 

Minimum 

Price Fluctuation 

USD 0.01 per future 

Last Registration Day Last Registration Day is the last exchange trading of the respective 

expiration month except for December contracts. 

The Last Registration Day for December contracts is the exchange 

trading day, following 24th December. 

Expiry Day Options which have not been exercised expire at 06:45 p.m. CET on 

the Last Registration Day. 

Fulfilment Options are fulfilled by booking in of the corresponding futures position at the respective exercise price after the option is exercised. 

Assignment If a buyer exercises his right of option, ECC AG assigns a seller of the 

same option series and of the same type of option (call or put option) 

to the buyer with the help of a procedure maintaining the neutrality of 

the assignment process at the end of the post-trading phase on the 

exercise day. Partial assignments are permissible. 

All assignments which have been executed for the agent position account of a trading participant have to be assigned by said trading participant for the positions of his customers; this has to be done with the 

help of a procedure which ensures the neutrality of the assignment 

process. 

ECC AG informs all the parties involved as well as the clearing members supporting the parties involved about the assignment on the exercise day. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 45 

2.8 Financial Futures on Fertilisers 

2.8.1 Urea (Granular) fob NOLA Future (The Fertilizer Index) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCW6 A11RCW URNM Urea (Granular) fob NOLA 

Future (The Fertilizer Index) 

Underlying

The monthly price index for granular urea fob New Orleans, Louisiana 

(Index). 

The Index is the arithmetic average of all weekly values of the price index “Urea (gran) fob barge NOLA” of the respective month as published in the Fertilizer Index* report by Argus, CRU and Fertecon each 

Friday**. 

** The last Friday in December will be excluded as there is no publication 

of an index in the week prior to New Year.

Contract Series Up to 20 consecutive months 

Contract Volume 25 short tons (st) 

Pricing In USD per st to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per st 

Last Registration Day

The Last Registration Day is the last Friday of the respective delivery 

month except for December contracts. 

The Last Registration Day for December contracts is the penultimate 

Friday of December. If this is not an exchange trading day, the Last 

Registration Day is the preceding exchange trading day. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.

* ARGUS, the ARGUS Logo, FERTECON, the FERTECON Logo, CRU, the CRU Logo, are trademarks of Argus Media Limited, Fertecon Limited, and CRU International Limited, respectively, and are used under licence. All trade mark rights, copyrights and database rights in The Fertilizer Index report and The Fertilizer Index belong exclusively to Argus Media Limited, Fertecon Limited, and 

CRU International Limited, and are used under licence. EEX is solely responsible for the Urea (Granular) fob NOLA Future (The 

Fertilizer Index). Neither Argus, Fe rtecon or CRU takes any position on the purchase or sale of such Urea (Granular) fob NOLA 

Future (The Fertilizer Index) and excludes all liability in relation thereto. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 46 

2.8.2 Urea (Granular) fob Egypt Future (The Fertilizer Index) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RC04 A11RC0 UREM Urea (Granular) fob Egypt 

Future (The Fertilizer Index) 

Underlying

The monthly price index for granular urea fob Egypt (Index). 

The Index is the arithmetic average of all weekly values of the price index “Urea (gran) fob bulk Egypt” of the respective month as published 

in the Fertilizer Index* report by Argus, CRU and Fertecon each Friday**. 

** The last Friday in December will be excluded as there is no publication 

of an index in the week prior to New Year.

Contract Series Up to 20 consecutive months 

Contract Volume 25 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

The Last Registration Day is the last Friday of the respective delivery 

month except for December contracts. 

The Last Registration Day for December contracts is the penultimate 

Friday of December. If this is not an exchange trading day, the Last 

Registration Day is the preceding exchange trading day. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.

* ARGUS, the ARGUS Logo, FERTECON, the FERTECON Logo, CRU, the CRU Logo, are trademarks of Argus Media Limited, Fertecon Limited, and CRU International Limited, respectively, and are used under licence. All trade mark rights, copyrights and database rights in The Fertilizer Index report and The Fertilizer Index belong exclusively to Argus Media Limited, Fertecon Limited, and 

CRU International Limited, and are used under licence. EEX is solely responsible for the Urea (Granular) fob Egypt Future (The Fertilizer Index). Neither Argus, Fertecon or CRU takes any position on the purchase or sale of such Urea (Granular) fob Egypt Future 

(The Fertilizer Index) and excludes all liability in relation thereto. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 47 

2.8.3 Urea (Prilled) fob Yuzhnyy Future (The Fertilizer Index) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCZ9 A11RCZ URYM Urea (Prilled) fob Yuzhnyy 

Future (The Fertilizer Index) 

Underlying

The monthly price index for prilled urea fob Yuzhnyy (Index). 

The Index is the arithmetic average of all weekly values of the price index “Urea (prill) fob bulk Yuzhnyy” of the respective month as published in the Fertilizer Index* report by Argus, CRU and Fertecon each 

Friday**. 

** The last Friday in December will be excluded as there is no publication of 

an index in the week prior to New Year.

Contract Series Up to 20 consecutive months 

Contract Volume 25 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

The Last Registration Day is the last Friday of the respective delivery 

month except for December contracts. 

The Last Registration Day for December contracts is the penultimate 

Friday of December. If this is not an exchange trading day, the Last 

Registration Day is the preceding exchange trading day. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.

* ARGUS, the ARGUS Logo, FERTECON, the FERTECON Logo, CRU, the CRU Logo, are trademarks of Argus Media Limited, Fertecon Limited, and CRU International Limited, respectively, and are used under licence. All trade mark rights, copyrights and database rights in The Fertilizer Index report and The Fertilizer Index belong exclusively to Argus Media Limited, Fertecon Limited, and 

CRU International Limited, and are used under licence. EEX is solely responsible for the Urea (Prilled) fob Yuzhnyy Future (The 

Fertilizer Index). Neither Argus, Fertecon or CRU takes any position on the purchase or sale of such Urea (Prilled) fob Yuzhnyy Future (The Fertilizer Index) and excludes all liability in relation thereto. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 48 

2.8.4 DAP fob NOLA Future (The Fertilizer Index) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCX4 A11RCX DANM DAP fob NOLA Future (The 

Fertilizer Index) 

Underlying

The monthly price index for Di-Ammonium Phosphate (DAP) fob New 

Orleans, Louisiana (Index). 

The Index is the arithmetic average of all weekly values of the price index “DAP fob barge NOLA” of the respective month as published in the 

Fertilizer Index* report by Argus, CRU and Fertecon each Friday**. 

** The last Friday in December will be excluded as there is no publication of 

an index in the week prior to New Year.

Contract Series Up to 20 consecutive months 

Contract Volume 25 short tons (st) 

Pricing In USD per st to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per st 

Last Registration Day 

The Last Registration Day is the last Friday of the respective delivery 

month except for December contracts. 

The Last Registration Day for December contracts is the penultimate 

Friday of December. If this is not an exchange trading day, the Last 

Registration Day is the preceding exchange trading day. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.

* ARGUS, the ARGUS Logo, FERTECON, the FERTECON Logo, CRU, the CRU Logo, are trademarks of Argus Media Limited, Fertecon Limited, and CRU International Limited, respectively, and are used under licence. All trade mark rights, copyrights and database rights in The Fertilizer Index report and The Fertilizer Index belong exclusively to Argus Media Limited, Fertecon Limited, and 

CRU International Limited, and are used under licence. EEX is solely responsible for the DAP fob NOLA Future (The Fertilizer Index). Neither Argus, Fertecon or CRU takes any position on the purchase or sale of such DAP fob NOLA Future (The Fertilizer Index) and excludes all liability in relation thereto. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 49 

2.8.5 DAP fob Tampa Future (The Fertilizer Index) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RC12 A11RC1 DATM DAP fob Tampa Future (The 

Fertilizer Index) 

Underlying

The monthly price index for Di-Ammonium Phosphate (DAP) fob Tampa, Florida (Index). 

The Index is the arithmetic average of all weekly values of the price index “DAP fob bulk Tampa” of the respective month as published in the 

Fertilizer Index* report by Argus, CRU and Fertecon each Friday**. 

** The last Friday in December will be excluded as there is no publication of 

an index in the week prior to New Year.

Contract Series Up to 20 consecutive months 

Contract Volume 25 metric tonnes (t) 

Pricing In USD per t to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

The Last Registration Day is the last Friday of the respective delivery 

month except for December contracts. 

The Last Registration Day for December contracts is the penultimate 

Friday of December. If this is not an exchange trading day, the Last 

Registration Day is the preceding exchange trading day. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.

* ARGUS, the ARGUS Logo, FERTECON, the FERTECON Logo, CRU, the CRU Logo, are trademarks of Argus Media Limited, Fertecon Limited, and CRU International Limited, respectively, and are used under licence. All trade mark rights, copyrights and database rights in The Fertilizer Index report and The Fertilizer Index belong exclusively to Argus Media Limited, Fertecon Limited, and 

CRU International Limited, and are used under licence. EEX is solely responsible for the DAP fob Tampa Future (The Fertilizer Index). Neither Argus, Fertecon or CRU takes any position on the purchase or sale of such DAP fob Tampa Future (The Fertilizer Index) and excludes all liability in relation thereto 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 50 

2.8.6 UAN fob NOLA Future (The Fertilizer Index) 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCY2 A11RCY UANM UAN fob NOLA Future (The 

Fertilizer Index) 

Underlying

The monthly price index for Urea Ammonium Nitrate (32%N) fob New 

Orleans, Louisiana (Index). 

The Index is the arithmetic average of all weekly values of the price index “UAN (32% N) fob barge NOLA” of the respective month as published in the Fertilizer Index* report by Argus, CRU and Fertecon each 

Friday**. 

** The last Friday in December will be excluded as there is no publication of 

an index in the week prior to New Year.

Contract Series Up to 20 consecutive months 

Contract Volume 25 short tons (st) 

Pricing In USD per st to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per st 

Last Registration Day 

The Last Registration Day is the last Friday of the respective delivery 

month except for December contracts. 

The Last Registration Day for December contracts is the penultimate 

Friday of December. If this is not an exchange trading day, the Last 

Registration Day is the preceding exchange trading day. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.

* ARGUS, the ARGUS Logo, FERTECON, the FERTECON Logo, CRU, the CRU Logo, are trademarks of Argus Media Limited, Fertecon Limited, and CRU International Limited, respectively, and are used under licence. All trade mark rights, copyrights and database rights in The Fertilizer Index report and The Fertilizer Index belong exclusively to Argus Media Limited, Fertecon Limited, and 

CRU International Limited, and are used under licence. EEX is solely responsible for the UAN fob NOLA Future (The Fertilizer Index). Neither Argus, Fertecon or CRU takes any position on the purchase or sale of such UAN fob NOLA Future (The Fertilizer Index) and excludes all liability in relation thereto. 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 51 

2.9 Financial Futures on Iron Ore 

2.9.1 Iron Ore 62% Fe Tianjin Futures 

ISIN Code/ WKN/ 

Exchange Code/ Name DE000A11RCV8 A11RCV IOTM 

Iron Ore 62% Fe Tianjin Future 

Underlying

The monthly price index for Iron Ore 62% Fe CFR Tianjin (Index). 

The Index is the arithmetic average of all daily price assessments for 

“TSI Iron Ore Fines 62% Fe, CFR Tianjin Port”* of the respective 

month as published by TSI - The Steel Index - in the “Iron Ore Daily 

Edition” in Section "TSI Benchmark Iron Ore Prices". 

Contract Series Up to 36 consecutive months 

Contract Volume 100 metric tonnes (t) 

Min Block Size 5 lots (equals 500 t) or a multiple thereof 

Pricing In USD per t to the second decimal place after the point 

Minimum 

Price Fluctuation 0.01 USD per t 

Last Registration Day 

Last Registration Day is the last exchange trading day of the respective delivery month. 

Fulfilment 

Fulfilment takes place by cash settlement on the ECC business day 

following the Last Registration Day based on the difference between 

the settlement price of the exchange day before the last trading day 

and the Index. If this day is not a USD settlement day at Clearstream 

Banking SA, cash settlement takes place on the following ECC business day which is also a USD settlement day at Clearstream Banking SA. 

The seller (buyer) is obliged to settle in cash the difference between 

the settlement price of the previous ECC business day and the higher 

(lower) Index. 

Fulfilment is carried out between the clearing members and ECC AG. 

Cash settlement with non-clearing members and their own clients is 

the responsibility of the clearing member in charge; the cash settlement between non-clearing members and their clients is the responsibility of the non-clearing members concerned.

* The TSI Iron ore fines 62% Fe, CFR Tianjin Port (“PLATTS Index”) is a product of PLATTS, a Division of McGraw Hill 

Financial, Inc., and has been licensed for use by European Energy Exchange AG (the Exchange”). “Platts”, “TSI” 

and “The Steel Index” (the “PLATTS Marks”) are trademarks of PLATTS, its affiliates and/or its licensors and have 
European Energy Exchange Copyright 2016 – All rights reserved 

Contract Specifications, Release 018b Page 52 

been licensed for use by the Exchange. Iron Ore 62% Fe Tianjin Futures (“Exchange Contract”) is not sponsored, 

endorsed, sold or promoted by PLATTS or its affiliates or licensors. PLATTS, its affiliates and licensors make no representation or warranty, express or implied, regarding Exchange Contract or regarding the advisability of investing in 

securities or commodities generally or the ability of the PLATTS Index to track general market performance or commodity price movements, nor do they have any liability for any errors or omissions in, or interruptions of, the PLATTS 

Index or Exchange Contract. PLATTS's, its affiliates’ and licensors’ only relationship to the Exchange with respect to 

the PLATTS Index is the licensing of the PLATTS Index and of certain trademarks, service marks and/or trade names 

of PLATTS, and/or its affiliates or licensors. The PLATTS Index is determined, composed and calculated by PLATTS 

without regard to the Exchange or the Exchange Contract. PLATTS, its affiliates and licensors have no obligation to 

take the needs of the Exchange or any clients or users of the Exchange Contract into consideration in determining, 

composing or calculating the PLATTS Index. PLATTS, its affiliates and licensors have no obligation or liability in 

connection with the creation, development, preparation, marketing, sale and/or trading of the Exchange Contract. 

PLATTS, ITS AFFILIATES AND LICENSORS DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS 

OR COMPLETENESS OF THE PLATTS INDEX OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC COMMUNICATIONS) WITH RESPECT THERETO. PLATTS, ITS AFFILIATES AND LICENSORS SHALL NOT 

BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN. 

PLATTS, ITS AFFILIATES AND LICENSORS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR 

USE OR AS TO RESULTS TO BE OBTAINED BY THE EXCHANGE, CLIENTS OR USERS OF THE EXCHANGE 

CONTRACT, OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE PLATTS INDEX OR EXCHANGE 

CONTRACT OR WITH RESPECT TO THE PLATTS MARKS, THE PLATTS INDEX OR ANY DATA INCLUDED 

THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT WHATSOEVER SHALL PLATTS, ITS 

AFFILIATES AND/OR ITS THIRD PARTY LICENSORS BE LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL, 

PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF PROFITS, TRADING 

LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH 

DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE. 
Datum / Date 04.07.2016 

Ort / Place Leipzig 

Dokumentversion / Document Release 002a

EEX Code of Conduct 

The English version is for informal use only. The German version is legally binding.
 

European Energy Exchange Copyright 2016 – All rights reserved 

EEX Code of Conduct, Release 002a Page 2 

Table of contents 

Table of contents ........................................................................................................................... 2

1. Preamble ................................................................................................................................... 3

2. Scope of Application ................................................................................................................ 4

§ 1 Scope of Application .................................................................................................................. 4

§ 2 Legal Classification .................................................................................................................... 4

3. Rules of Conduct for Exchange Trading ................................................................................. 5

3.1. Principle ............................................................................................................................. 5

§ 3 Integrity of the Markets of EEX .................................................................................................. 5

3.2. Ban of Market Manipulation ............................................................................................... 5

§ 4 Definition ................................................................................................................................... 5

§ 5 Ban on Fictitious Orders ............................................................................................................ 6

§ 6 Ban on Misleading Transactions ................................................................................................ 6

§ 7 Collusions and Collusive Behaviour ........................................................................................... 6

§ 8 Establishment of Settlement Prices ........................................................................................... 6

3.3. Requirement for Transparency and Ban of Insider Dealings .............................................. 6

§ 9 Requirement of Transparency ................................................................................................... 6

§ 10 Definition of Inside Information ................................................................................................ 6

§ 11 Ban of Insider Trading ............................................................................................................. 7

§ 12 Ban of Dissemination and Recommendation ........................................................................... 7

§ 13 Exemptions .............................................................................................................................. 7

3.4. Further Economic Crimes and Tax Offences ..................................................................... 7

§ 14 Ban of Use of Facilities of EEX ................................................................................................ 7

4. Conduct Towards the Public .................................................................................................... 8

§ 15 Principle .................................................................................................................................. 8

5. Internal Regulation and Organisation ..................................................................................... 9

§ 16 Principle .................................................................................................................................. 9

§ 17 Organisation ............................................................................................................................ 9

§ 18 Qualification of the Traders ...................................................................................................... 9

6. The Trading Participant’s Conduct towards its Clients ....................................................... 10

§ 19 Principle and Scope of Application......................................................................................... 10

§ 20 General Rules of Conduct ..................................................................................................... 10

§ 21 Processing of Orders ............................................................................................................. 10

7. Instructions, Information and Penalties ................................................................................ 11

§ 22 Instructions ............................................................................................................................ 11

§ 23 Information Rights ................................................................................................................. 11

§ 24 Sanctions............................................................................................................................... 11

8. Final Provisions ...................................................................................................................... 12

§ 25 Entry into Force ..................................................................................................................... 12
 

European Energy Exchange Copyright 2016 – All rights reserved 

EEX Code of Conduct, Release 002a Page 3 

1. Preamble 

(1) In the framework of its right to self-management EEX sets the following rules of conduct for itself through the exchange council in addition to the existing provisions. 

(2) This EEX Code of Conduct is based on the fundamental principle of the need for the joint responsibility of EEX and its trading participants for a fair and transparent trading at the markets 

of EEX. 

(3) These rules make an active contribution to the requirements of the further developing 

internationalisation of commodities trading and aim at complying with the market’s need for a 

uniform and internationally harmonised control system. 

(4) These rules are intended to strengthen the confidence which the market and the public have 

in the markets of EEX, its pricing mechanisms and the reference character of the exchange 

prices. 
 

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EEX Code of Conduct, Release 002a Page 4 

2. Scope of Application 

§ 1 Scope of Application 

(1) The EEX Code of Conduct is applicable to the market places and EEX itself, all trading participants and exchange traders admitted to trading on the markets of EEX as well as all other 

persons who are allowed to use the exchange and its facilities. This EEX Code of Conduct 

therefore applies particularly to Non-Trading Brokers and the persons entitled to use the 

Trade Registration functionality. Any obligations that is determined to apply to trading participants or exchange traders in the following, shall apply as well to Non-Trading Brokers and the 

persons entitled to use the Trade Registration functionality. 

(2) Furthermore, § 8 para 2 shall be binding for those persons and companies involved in the determination of the settlement price. 

(3) The scope of this EEX Code of Conduct comprises all acts and conduct, including such acts 

and conducts that are carried out outside of the markets of EEX that could compromise the integrity of EEX, trading at EEX, and the market prices of EEX. 

§ 2 Legal Classification 

(1) The EEX Code of Conduct is part of the rules and regulations of EEX. 

(2) The EEX Code of Conduct does not release the trading participants from the obligation to 

comply with statutory rules and further specific provisions applicable on exchanges, such as 

the exchange rules and the trading conditions of EEX. 
 

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EEX Code of Conduct, Release 002a Page 5 

3. Rules of Conduct for Exchange Trading 

3.1. Principle 

§ 3 Integrity of the Markets of EEX 

(1) In order to safeguard the integrity of the markets of EEX, particularly to ensure a free, 

transparent and fair trading on the markets of EEX and notwithstanding the corresponding 

provisions of REMIT1 und MAR2, any form of manipulation of exchange trading at EEX and 

the exchange prices and the involvement in insider dealings as well as the use of the exchange and its facilities to commit other economic crimes or tax offences are banned. 

(2) The ban according to paragraph 1 and the following provisions also comprise the respective 

attempt to engage in the banned conduct. 

(3) The trading participants and exchange traders commit to fairness towards the EEX and the 

other trading participants. They shall only conclude transactions on EEX in compliance with 

the customary trade practices and the principles of professional exchange traders. 

3.2. Ban of Market Manipulation 

§ 4 Definition 

(1) The term “market manipulation” comprises without limitation particularly the following acts and 

conducts: 

§ entering of orders without trading interests (fictitious orders), 

§ the conclusion of transactions suitable for a manipulation of the exchange prices (misleading trading transactions), 

§ collusions or the collusive co-operation of trading participants or exchange traders 

among each other or with third parties, 

§ influencing of settlement prices so that these do not reflect the fair market value. 

§ publishing or disseminating news via the facilities of EEX or outside EEX of which the 

trading participants or the persons acting on behalf of them know or should have 

known that they are false or misleading and which are likely to give, false or misleading signals as to the supply of, demand for or the price of the products traded at the 

markets of EEX Group. 

 

1

 Regulation (EU) No. 1227/2011 of the European Parliament and of the Council of 25th October 2011 on 

wholesale energy market integrity and transparency in its respective valid version. 

2

 Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market 

abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the 

Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC in its respective valid version.
 

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EEX Code of Conduct, Release 002a Page 6 

§ 5 Ban on Fictitious Orders 

 It is forbidden to enter orders into the trading systems of EEX which are not intended to lead to 

the conclusion of a transaction (fictitious orders). 

§ 6 Ban on Misleading Transactions 

 The conscious conclusion of transactions which are suitable for setting incorrect or misleading 

signals regarding the supply or the demand for the products traded on EEX or establishing an 

artificial price level shall be banned. 

§ 7 Collusions and Collusive Behaviour 

(1) Any collusive co-operation of trading participants or exchange traders among each other or 

with third parties which is suitable for influencing trading on EEX shall be banned. 

(2) The conclusion of collusive transactions and internal transactions concluded by trading participants shall not be permitted unless these are expressly permissible as an exception according to the more detailed provisions of the Rules and Regulations of EEX. Sentence 1 shall be 

applied accordingly with regard to other behaviour which constitutes a circumvention of this 

provision. 

§ 8 Establishment of Settlement Prices 

(1) Any influencing of the settlement price and, in particular, any attempts at achieving a deviation 

of the settlement price from the fair market value (fair values) by means of the conclusion of 

transactions or by entering orders shall be banned. 

(2) All participants in the chief trader procedure in which the fair market value (fair values) is 

established by means of a survey by EEX shall convey their assessment free from any selfinterest and to the best of their knowledge and belief. 

3.3. Requirement for Transparency and Ban of Insider Dealings 

§ 9 Requirement of Transparency 

The trading participants support EEX in ensuring and further developing the transparency of the 

exchange and the information of the public beyond the pure exchange trading. 

§ 10 Definition of Inside Information 

“Inside information” is any information of a precise nature, which has not been made public, relating, directly or indirectly to a product traded on the markets of EEX Group or that concerns a trading participant in relation to such a product and which, if it were made public, would be likely to 

have a significant effect on the prices of that product or associated products or products referring 

thereto. This comprises also the respective information about announced but not yet executed buy 

or sell orders of clients. 
 

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EEX Code of Conduct, Release 002a Page 7 

§ 11 Ban of Insider Trading 

Trading participants and exchange traders are prohibited to directly or indirectly buy or sell a product traded at EEX for own account or the account of a third party, by using insider information. This 

includes cancellations or modifications of an order, if the order has been placed before the inside 

information has been acquired. This also includes the transmission, modification or withdrawal of a 

bid with regards to primary auctions of emission allowances or any products referring thereto. 

§ 12 Ban of Dissemination and Recommendation 

(1) Trading participants or their exchange traders are forbidden to disseminate inside information to third parties if they are not authorized by law to do so. 

(2) Similarly, a trading participant or its exchange traders are forbidden to recommend other 

persons or to incite other persons based on inside information to buy or sell products the information relates to or to cancel or modify orders that have already been placed. 

§ 13 Exemptions 

The bans according to Articles 11 and 12 do not apply as far as one of the exemptions of Article 3 

paragraphs 3 or 4 REMIT apply to the concrete act. 

3.4. Further Economic Crimes and Tax Offences 

§ 14 Ban of Use of Facilities of EEX 

Without prejudice to the criminal-law and tax-law provisions, trading participants and exchange 

traders are forbidden to use the facilities of EEX or the markets of EEX Group for the purpose of 

committing other economic crimes or tax offences. 
 

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EEX Code of Conduct, Release 002a Page 8 

4. Conduct Towards the Public 

§ 15 Principle 

(1) In as far as a trading participant makes statements regarding its participation in the exchange 

towards the public, said participant shall be obliged to make such statements truthfully. 

(2) Moreover, trading participants shall be obliged to refrain from bringing EEX and the companies operating the exchange as well as the other markets of EEX Group into disrepute by 

consciously false statements. 
 

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EEX Code of Conduct, Release 002a Page 9 

5. Internal Regulation and Organisation 

§ 16 Principle 

 The trading participant shall be obliged to establish internal regulations for itself in accordance 

with its personal circumstances and the extent of its business activities and to provide an 

organisational structure ensuring a proper participation in exchange trading and the settlement 

of exchange transactions. 

§ 17 Organisation 

(1) The trading participant shall be obliged to organise its business operations in such a way that 

it fulfils all the legal and regulatory requirements for energy trading. 

(2) The adequate organisation of the trading participant shall comprise, in particular, the following 

– under consideration of the personal circumstances and the extent of the business activities 

of the trading participant: 

§ that the trading participant has an internally established organisational structure, 

§ that the scope of duties of the employees is clearly defined, 

§ that the trading activities are monitored effectively internally and 

§ that effective risk management with regulations and control mechanisms for the basic 

risks from participation in trading on the markets of EEX is available. 

§ 18 Qualification of the Traders 

 The trading participants shall ensure that their traders are sufficiently qualified and enjoined to 

comply with the rules of the exchange, including this EEX Code of Conduct. 
 

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EEX Code of Conduct, Release 002a Page 10 

6. The Trading Participant’s Conduct towards its Clients 

§ 19 Principle and Scope of Application 

(1) The provisions of this section apply to the trading participants and exchange traders who carry 

out their clients’ orders directly or indirectly on EEX. 

(2) The trading participants are obliged to treat their clients with the required professionalism and 

fairness and to resolve conflicts with client’s interests adequately. 

§ 20 General Rules of Conduct 

(1) Trading participants shall, in particular, be obliged 

§ to provide their services in connection with trading on EEX with the required expert 

knowledge, care and conscientiousness in the interest of their clients at all times, 

§ to endeavour to avoid conflicts of interests and to clearly explain the general type and 

origin of conflicts of interest to the clients prior to the execution of transactions for clients. 

(2) All the information which trading participants make accessible to their clients has to be honest, unmistakeable and such information must not be misleading. 

§ 21 Processing of Orders 

Upon the execution of client orders a trading participant shall take precautions safeguarding that 

§ client orders are executed forthwith, in particular, independently from other client orders 

and own interests of the trading participants or forwarded to third parties, 

§ comparable client orders are executed or forwarded in accordance with the sequence in 

which they were received, 

§ the interests of all the clients involved are preserved in combining client orders, 

§ any misuse of information in connection with client orders which have not yet been carried 

out is prevented. 
 

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EEX Code of Conduct, Release 002a Page 11 

7. Instructions, Information and Penalties 

§ 22 Instructions 

The trading participants and exchange traders licensed to trade on the exchange are obliged 

to comply with the instructions and rules by the exchange supervisory authority, the management board of the exchange and the market surveillance department. 

§ 23 Information Rights 

(1) The exchange supervisory authority and the market surveillance department are entitled to 

request information and the submission of documents from any trading participant and to carry 

out inspections in as far as this is required for the performance of their tasks. 

(2) The exchange supervisory authority and the market surveillance department can request 

information from everyone, they can also request the submission of documents and the 

surrender of copies, summon and interview persons in case there are indications 

substantiating the assumption that provisions or instructions under exchange law are violated 

or that there are other grievances which might affect the proper execution of trading on the 

exchange or the settlement of exchange transactions. 

(3) In addition to this, the statutory provisions and further specific provisions applicable on exchanges shall apply. 

§ 24 Sanctions 

(1) In case trading participants and exchange traders licensed to trade on the exchange violate 

existing rules, fail to comply with instructions by the management board of the exchange or 

the request for information by the market surveillance department or the exchange 

supervisory authority, they can be excluded from trading on the exchange in its entirety or for 

certain partial markets or products by the management board of the exchange either 

temporarily or permanently in accordance with the more detailed provisions in the exchange 

rules. The same applies in the event, that supervisory or criminal prosecution authorities 

detect and inflict a penalty for a trading participant’s or exchange trader’s infringement of 

exchange law or capital markets law provisions. 

(2) Further, cases that fall within the scope of paragraph 1 may be filed with the Sanctions 

Committee. The Sanctions Committee has the competences to impose the trading participants 

and exchange traders with sanctions as stipulated in Section 22 of the German Exchange Act 

(Börsengesetz) and the Saxon Exchange Act Execution Ordinance3 (SächsBörsDVO) in their 

respective valid version. 

(3) This provision does not exclude sanctions on account of other provisions and/or by other 

authorities. 

 

3 Ordinance by the Saxon State Ministry of Economic Affairs, Labour and Transport regarding the Execution 

of Exchange Law of 9 February 2012. 
 

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EEX Code of Conduct, Release 002a Page 12 

8. Final Provisions 

§ 25 Entry into Force

 The EEX Code of Conduct as well as any amendments thereto shall enter into force on the day 

after its publication unless a different time is provided for. 
Datum / Date 20.07.2016 

Ort / Place Leipzig 

Dokumentversion / Document Release 001b 

Implementation Regulation for the 

Order Transaction Ratio

The English version is for informal use only. The 

German version is legally binding
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Order-Transaktions-Verhältnis, Release 001b Page 2 

1. Table of Contents 

1. Table of Contents ............................................................................................................ 2

2. Preliminary note ............................................................................................................... 3

3. Scope of Application ....................................................................................................... 4

4. Order Transaction Ratio .................................................................................................. 5

4.1. Determination of the Order Transaction Ratio .................................................................... 5

4.2. Parameters of the Order Transaction Ratio ........................................................................ 5

4.3. Order Transaction Ratio due to short-term risks for proper exchange trading .................... 5

5. Final provisions ............................................................................................................... 6

5.1. Changes to this Implementation Regulation ....................................................................... 6

5.2. Entry into Force ................................................................................................................. 6
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Order-Transaktions-Verhältnis, Release 001b Page 3 

2. Preliminary note 

According to Sect. 26a which has been inserted into the Exchange Act by the High Frequency 

Trading Act, Trading participants are obliged to maintain an adequate ratio between their order entries, order changes, and order deletions and their actually executed transactions (Order Transaction Ratio). EEX has to enact more detailed provisions regarding an adequate Order Transaction 

Ratio. 

Section 39 of the Exchange Rules empowers the Management Board of EEX to stipulate an adequate Order Transaction Ratio considering the liquidity and volatility of the respective market including special situations of the order book and the means of order entry (manually or electronically). 

Without prejudice to Sect. 39 of the Exchange Rules the Management Board of the Exchange 

hereby exercises this right by enacting this Implementation Regulation concretizing the adequate 

Order Transaction Ratio to be maintained by the Trading participants of EEX for financial instruments tradable at the respective derivatives markets of EEX and certain classes of these financial 

instruments, respectively. 
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Order-Transaktions-Verhältnis, Release 001b Page 4 

3. Scope of Application 

The Implementation Regulation shall apply to all Trading participants of EEX according to the following provisions and for all products tradable at the derivatives markets of EEX. 

The provisions of Sect. 4 of this Implementation Regulation (Order Transaction Ratio) do not apply 

to entries made within the scope of auctions and for undertakings whose order entries serve as fulfillment of quoting obligations. Entries conducted and trades concluded via the Trade Registration 

Functionality of EEX are not considered. 
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Order-Transaktions-Verhältnis, Release 001b Page 5 

4. Order Transaction Ratio 

4.1. Determination of the Order Transaction Ratio 

The Order Transaction Ratio (OTR) will be determined for each Trading participant on 

a monthly basis separately for each instrument tradable at EEX (product). The OTR of a 

Trading participant is adequate, if it does not exceed the allowed quantity of ordered contracts in a product (order times quantity) according to Sect. 4.2 for each executed transaction in a product within one month, whereas the OTR is also valid if no transaction in the 

respective product has been executed at all. The number of ordered contracts per product 

and month is calculated according to the following rules: 

§ Entry and Deletion of an order, respectively: 

§ in each case the number of contracts ordered in the respective product 

§ Change of an order: 

§ the number of contracts ordered in the respective product times two 

§ Entry of combined orders: 

§ the number of contracts ordered in the respective product times two or times 

the number of orders, respectively, if all legs of the combined order relate to 

the same commodity or 

§ the number of ordered contracts in the respective product per leg per commodity 

§ Quotes: two entries 

§ Measures conducted by the trading systems, e.g. deletion of orders, are not taken 

into consideration. 

4.2. Parameters of the Order Transaction Ratio 

Market segments Products 

OTR 

(Ratio of the quantity of ordered contracts to executed contracts) 

Derivatives market Power 20,000 

Emission Rights 10,000 

Coal 5,000 

Guarantees of Origin 5,000 

Other Products 5,000 

4.3. Order Transaction Ratio due to short-term risks for proper 

exchange trading 

Without prejudice to provisions 4.1 and 4.2 the Management Board of the Exchange reserves the right to adjust the instrument groups and the respective parameters of the OTR 

accordingly to mitigate any short-term risks for the orderly exchange trading that might occur. 

These changes become effective immediately after a corresponding customer information 

has been sent out. 
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Order-Transaktions-Verhältnis, Release 001b Page 6 

5. Final provisions 

5.1. Changes to this Implementation Regulation 

Without prejudice to provision 4.3 of this Implementation Regulation, changes to this Implementation Regulation become effective as of the beginning of the first calendar day of 

the calendar month following the date the amended version of this Implementation Regulation has been released on the EEX website and a corresponding Customer Information 

has been sent. 

5.2. Entry into Force 

This Implementation Regulation comes into force at the beginning of the first calendar day 

of the calendar month following the date this Implementation Regulation has been released and a corresponding Customer Information has been sent. 
Datum / Date 13.05.2014

Ort / Place Leipzig

Dokumentversion / Document Release 0010a

Mistrade Regeln

(Durchführungsbestimmung zu § 10

der Bedingungen für den Handel)

Mistrade Rules

(Implementation Regulation for § 10

of the Trading Conditions)
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Mistrade-Regelungen, Release 0010a Page 2

1.Inhaltsverzeichnis

1. Inhaltsverzeichnis............................................................................................................2

2. Allgemeine Bestimmungen / General Provisions..........................................................3

2.1. Geltungsbereich / Scope of Application .............................................................................3

2.2. Aufhebung eines Auftrags von Amts wegen / Cancellation of Orders ex officio..................3

2.3. Aufhebung eines Geschäftes von Amts wegen / Cancellation of Transactions ex officio ...3

2.4. Bestätigung, Veröffentlichung von Preisberichtigungen / Confirmation, Publication of 

Price Adjustments........................................................................................................3

2.5. Weiter gehende Rechte / Further Rights............................................................................4

2.6. Vertretung der Geschäftsführung / Representation of the Board of Management ..............4

3. Besondere Bestimmungen für Mistrades / Regulations for Mistrades ........................5

3.1. Anwendungsbereich der Mistrade Regeln / Scope of application of mistrade rules............5

3.2. Voraussetzungen für die Aufhebung eines Geschäfts / Prerequisites for the 

Cancellation of a Transaction.......................................................................................5

3.3. Ermittlung des Referenzpreises / Determination of the Reference Price ............................5

3.4. Verfahren zur Feststellung des Mistrades / Procedure of Determination of Mistrade .........6

3.5. Form und Frist der Geltendmachung / Form and Time Limit of Assertion ..........................7

3.6. Aufhebung / Cancellation...................................................................................................7

4. Kosten / Costs .................................................................................................................8
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Mistrade-Regelungen, Release 0010a Page 3

2.Allgemeine Bestimmungen / General Provisions

2.1. Geltungsbereich / Scope of Application

Die vorliegende Durchführungsbestimmung regelt – unbeschadet der Regelung in § 9 der 

Handelsbedingungen – die Einzelheiten der Aufhebung von Geschäften und Aufträgen an 

den Spotmärkten der European Energy Exchange (EEX) sowie an den Terminmärkten

der EEX durch die Geschäftsführung nach Maßgabe des § 10 der Bedingungen für den 

Handel an der EEX.

This implementation regulation specifies irrespective of the validity of § 9 of the Trading Conditions 

the details of the cancellation of transactions on the Spot Markets and the Derivatives Markets of 

the European Energy Exchange (EEX) by the Board of Management pursuant to § 10 of the Trading Conditions for the European Energy Exchange.

2.2. Aufhebung eines Auftrags von Amts wegen / Cancellation of 

Orders ex officio

Die Geschäftsführung kann einen Auftrag von Amts wegen insbesondere dann aufheben, 

wenn sie Kenntnis von einem Auftrag erlangt, welcher im Fall seiner Ausführung die Voraussetzungen eines Mistrades nach Abschnitt 3.1 erfüllen würde oder technisch bedingt 

ist, und der Handelsteilnehmer, der den Auftrag in das System der EEX eingegeben hat, 

nicht erreichbar ist oder keinen Zugang zu den technischen Systemen hat.

The Board of Management may cancel a transaction ex officio in particular if it obtains knowledge 

of an order that in case of its execution would meet the requirements for a mistrade according to

3.1 or it is caused by technical problems and the Trading Participant which has entered the order 

into the EEX system is not available or has no access to the systems.

2.3. Aufhebung eines Geschäftes von Amts wegen / Cancellation 

of Transactions ex officio

Die Geschäftsführung kann ein Geschäft von Amts wegen insbesondere dann aufheben, 

wenn eine Einwendung nicht geltend gemacht wurde und die Voraussetzungen eines 

Mistrades nach Abschnitt 3.1 vorliegen oder technisch bedingt ist und der Handelsteilnehmer keinen Zugang zu den technischen Systemen hat..

The Board of Management may cancel a transaction ex officio in particular if a request to cancel is 

not submitted and the requirements of a mistrade according to 3.1 are met or it is caused by technical problems and the Trading Participant has no access to the systems..

2.4. Bestätigung, Veröffentlichung von Preisberichtigungen / Confirmation, Publication of Price Adjustments

Die Geschäftsführung übersendet den Parteien des aufgehobenen Geschäfts eine Bestätigung, dass das betreffende Geschäft nach § 9 bzw. § 10 der Bedingungen für den Handel an der EEX in Verbindung mit dieser Durchführungsbestimmung von der Geschäftsführung aufgehoben wurde.
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Mistrade-Regelungen, Release 0010a Page 4

Die Geschäftsführung veröffentlicht erforderliche Preisberichtigungen mittels elektronischer Medien. Art und Umfang der Veröffentlichung bestimmen die Geschäftsführung.

The parties to the cancelled transaction will receive a confirmation transmitted by the Board of 

Management on the cancellation of the respective transaction executed by the Board of Management pursuant to Sections 9 and 10 of the Trading Conditions, respectively, in conjunction with this 

Implementation Regulation.

The Board of Management publishes the necessary price adjustments via electronic media. The 

Board of Management determines the extent and manner of such publications. 

2.5. Weitergehende Rechte / Further Rights

Die Geltendmachung weitergehender Rechte zwischen den Parteien des Geschäfts bleibt 

unberührt.

The assertion of further rights between the parties of the transactions shall remain unaffected.

2.6. Vertretung der Geschäftsführung / Representation of the Board 

of Management

Die Geschäftsführung wird im Rahmen dieser Durchführungsbestimmung durch die 

Marktsteuerung der EEX vertreten.

Within the scope of this Implementation Regulation the Board of Management is represented by 

the EEX Market Supervision. 
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Mistrade-Regelungen, Release 0010a Page 5

3.Besondere Bestimmungen für Mistrades / Regulations for Mistrades

3.1. Anwendungsbereich der Mistrade Regeln / Scope of application of mistrade rules 

Die Vorschriften dieses 3. Abschnittes finden nur auf Geschäfte und Aufträge Anwendung, 

für die Mistraderegelungen gelten. 

The rules of chapter 3 shall only apply to transactions and orders for which the mistrade function is 

available.. 

3.2. Voraussetzungen für die Aufhebung eines Geschäfts / Prerequisites for the Cancellation of a Transaction

(1) Die Geschäftsführung wird ein Geschäft zur Gewährleistung geordneter und fairer Marktverhältnisse aufheben, wenn

 ein Fehler im technischen System der EEX vorliegt oder

 ein objektiv erkennbarer, grober Irrtum eines Handelsteilnehmers bei der Eingabe eines Auftrags oder eines Quotes in das System der EEX (Fehleingabe) vorliegt und die 

Einwendung form- und fristgemäß geltend gemacht wird. Betrifft die Fehleingabe den 

Preis (Mistrade), muss der Preis des Geschäfts erheblich vom Referenzpreis bzw. von 

den fairen Marktverhältnissen abweichen.

(1) The Board of Management shall cancel and remove transactions from the electronic trading 

system in order to ensure orderly and fair market conditions, if

 A technical fault occurs in the EEX system, or

 due to an elementary and objective observable mistake of an Trading Participant when entering the price of an order or quote into the EEX system (erroneous entry) and if the price of 

the transaction significantly differs from the reference price respective the fair market conditions and the objection is asserted in time and in proper form.

(2) Ein Antrag auf Aufhebung von Geschäften, die in einer Auktion an den Spotmärkten der 

EEX geschlossen wurden, wegen einer Fehleingabe ist ausgeschlossen.

(2) A request for cancellation of transactions, which were executed in an auction at the Spot Markets of the EEX, because of an incorrect input is impossible.

3.3. Ermittlung des Referenzpreises / Determination of the Reference Price

Der Referenzpreis bestimmt sich nach den folgenden Regelungen:

 Der Referenzpreis entspricht grundsätzlich dem Preis des letzten unmittelbar vor der 

Fehleingabe zustande gekommenen Geschäftes.

 Ist ein Referenzpreis nach der vorstehenden Regelung nicht zu ermitteln oder entspricht der ermittelte Referenzpreis nicht den fairen Marktverhältnissen, bestimmt die 
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Mistrade-Regelungen, Release 0010a Page 6

Geschäftsführung den Referenzpreis. Hierzu kann die Geschäftsführung aus dem 

Kreis der Handelsteilnehmer, die nicht an dem Geschäft beteiligt sind, drei fachkundige Personen, insbesondere Chefhändler, auswählen. Diese haben jeweils einen 

Marktpreis für das betreffende Geschäft zu ermitteln, wobei der Durchschnitt dieser 

Preise dann den Referenzpreis bildet.

The reference price shall be determined in accordance with the following provisions:

 The reference price shall generally equal the price of the last transaction concluded directly 

before the erroneous entry.

 If a reference price cannot be determined according to the foregoing provision, or if any 

doubt exists as to whether the reference price determined is not in line with fair market conditions, the Board of Management shall determine a reference price. For this, the Board of 

Management shall select three competent persons (in particular chief traders) from among 

traders who are not involved in the transaction, each of whom shall indicate a market price 

for the transaction in question; the average of these three prices shall serve as the reference 

price.

3.4. Verfahren zur Feststellung des Mistrades / Procedure of Determination of Mistrade

Die Börsengeschäftsführung entscheidet, ob ein Mistrade vorliegt. Ein Mistrade ist insbesondere gegeben, wenn der Preis des Geschäftes erheblich vom Referenzpreis bzw. den 

fairen Marktverhältnissen abweicht. Sie verneint die erhebliche Abweichung in der Regel, 

wenn der Preis des Geschäftes innerhalb einer Spanne liegt, die der für diesen Kontrakt 

festgelegten Mistrade-Spanne um den Referenzpreis entspricht. Die jeweils anzuwendende Mistrade-Spanne ist abhängig von der aktuellen Marktsituation. So ist für die 

Marktsituationen normal, fast und extended-fast je eine Mistrade-Spanne definiert. Die 

Mistrade-Spannen für den jeweiligen Kontrakt werden auf der EEX-Website, die aktuelle 

Marktsituation wird im Handelssystem und auf der EEX-Website veröffentlicht. Weiterhin 

kann die Börsengeschäftsführung in ihre Entscheidung auch die Einschätzung des Marktes einfließen lassen und kann dann einen Mistrade bejahen, wenn mindestens drei von 

maximal fünf befragten Händlern, die nicht an diesem Geschäft beteiligt sind, die Abweichung des Ausführungspreises vom Referenzpreis bzw. von dem von ihnen jeweils genannten Marktpreis als erheblich ansehen. 

The Board of Management decides about a Mistrade. A Mistrade is inter alia if the price of the 

transaction in question deviates from the reference price respectively of the fair market conditions. 

As a rule it rejects the significant deviation if the price of the transaction is set in within a range, 

which corresponds to the Mistrade Range set around the reference price. The respectively applicable Mistrade Range depends on the current market situation. Thus, three Mistrade Ranges are defined, one for each market situation (normal, fast and extended fast market). The Mistrade Range

for the particular contract as well as the market situation will be published on the EEX website. 

The Board of Management might consider the evaluation of the market into its decision and approve the Mistrade, if a minimum of 3 and a maximum of 5 questioned traders, not involved in the 

transaction, accept the deviation of the trade price with regards to the Reference Price respectively 

their agreed market price if it is considered to be accepted by them.
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3.5. Form und Frist der Geltendmachung / Form and Time Limit of 

Assertion

(1) Die Einwendung kann nur von der Partei des beanstandeten Geschäfts geltend gemacht 

werden, die die Fehleingabe verursacht hat. Die Einwendung ist unverzüglich gegenüber 

der Geschäftsführung, vertreten durch die Marktsteuerung der EEX, per Telefon (+49 (0) 

341-2156-222) zu erheben.

(2) Die Einwendung gilt als unverzüglich erhoben, wenn sie binnen 5 Minuten, bei Agrarprodukten binnen 30 Minuten nach Geschäftsabschluss erfolgt. 

(1) The assertion of a Mistrade may only be made by the party involved in the relevant transaction

who entered the mistrade. An assertion shall be made without delay after execution by contacting the Board of Management, represented by EEX Market Supervision (Tel.: +49 (0) 341 –

2156 – 222) by telephone.

(2) The assertion is made without delay, if it is disclosed within 5 minutes or in case of agriculture 

derivatives transactions within 30 minutes after execution of the transaction. 

3.6. Aufhebung / Cancellation

(1) Die Aufhebung eines Auftrags erfolgt durch die Herausnahme des Auftrags aus dem System der EEX.

(2) Die Aufhebung eines Geschäftes erfolgt durch die Löschung des Geschäfts oder die Eingabe eines Gegengeschäftes zu dem Fehleingabepreis in das System der EEX.

(3) Ein Geschäft, das aufgrund einer durch ein aufgehobenes Geschäft ausgelösten StopOrder zustande gekommen ist, kann von der Geschäftsführung durch die Eingabe eines 

Gegengeschäftes zu dem Preis des ursprünglichen Geschäfts aufgehoben werden. Bei 

kombinierten Aufträgen (insbesondere Spread Aufträge) kann auch das mit dem aufgehobenen Geschäft in der Ausführung verbundene Geschäft aufgehoben werden.

(1) The order which has to be cancelled shall be taken out of the EEX system by the Board of 

Management.

(2) The cancellation of the transaction occurs by cancellation of the transaction or the entry of a 

countertrade according to the Mistrade price into the system of the EEX.

(3) A transaction which results from a through a cancelled transaction triggered stop order, might 

be notified by the Board of Management by an entry of a countertrade according to the price of the 

original transaction. With combined transactions (i.e. spread orders) can also the transaction linked 

with the cancelled transaction be cancelled.
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4. Kosten / Costs

Dem Handelsteilnehmer, der eine Fehleingabe getätigt hat, wird ein Bearbeitungsentgelt 

nach näherer Bestimmung des Preisverzeichnisses in Rechnung gestellt. Die für das 

aufgehobene Geschäft entstandenen Entgelte werden storniert.

The Trading Participant that has made the erroneous entry will be charged with a handling fee according to the Price Lists of the EEX Groups. The fees arising from the cancelled transaction are 

reversed.
Datum / Date 24.02.2014

Ort / Place Leipzig 

Dokumentversion / Document Release 006b 

Technical Implementation Regulations 

(Implementation Regulation pertaining to 

§ 19 of the Exchange Rules of European 

Energy Exchange)

The English version is for informal use only. 

The German version is legally binding.
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Durchführungsbestimmung zu § 19 BO, Version 006b Page 2 

1. Content 

1. Content ............................................................................................................................. 2

2. Definition .......................................................................................................................... 4

2.1. Network in the Electronic Trading System .......................................................................... 4

2.2. EDP system ....................................................................................................................... 4

2.3. Access alternatives ............................................................................................................ 4

2.3.1. Network access ................................................................................................................. 4

2.3.2. Service-oriented channels on leased lines/VPN connections ............................................. 5

2.3.3. Access version for customers ............................................................................................ 5

2.3.4. Trayport® Trading GatewaySM ............................................................................................ 6

2.3.5. Trayport® GlobalVision PortalSM ......................................................................................... 6

2.4. Member Front-End Installation ........................................................................................... 6

2.5. Logical network .................................................................................................................. 7

2.6. Data transmission equipment ............................................................................................. 7

2.7. Quote machines................................................................................................................. 7

2.8. Electronic Eyes .................................................................................................................. 7

2.9. Order Routing Systems ...................................................................................................... 7

2.10. Systems for Algorithmic Trading ........................................................................................ 7

2.11. Third-Party Software (“Third-Party-Software”) .................................................................... 8

2.12. Location ............................................................................................................................. 8

3. Access to the EEX-System.............................................................................................. 9

3.1. Requirements .................................................................................................................... 9

3.2. Access to Member Front-End Installations ......................................................................... 9

3.3. Access of several Member Front-End Systems.................................................................. 9

3.4. Access to Quote Machines / Electronic Eyes ................................................................... 10

3.5. Connection of Systems for Algorithmic Trading................................................................ 10

3.6. Connection of Order Routing Systems ............................................................................. 11

4. Technical Requirements ............................................................................................... 12

5. Hardware ........................................................................................................................ 13

5.1. Requirements .................................................................................................................. 13

5.2. Admissible hardware platforms ........................................................................................ 13

5.3. Approval of hardware configurations ................................................................................ 13

5.4. Responsibility for operation .............................................................................................. 13

6. Software ......................................................................................................................... 14

6.1. EEX software ................................................................................................................... 14

6.2. Member Operating System Software ............................................................................... 14

6.3. Registration of Third-Party Software ................................................................................ 14

6.4. Responsibility for using Third-Party Software ................................................................... 14

6.1. EEX TT Screen ................................................................................................................ 14

7. Authorisation Level of Data Transmission Equipment ............................................... 15

8. Transmission Alternatives for Telecommunications .................................................. 16
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Durchführungsbestimmung zu § 19 BO, Version 006b Page 3 

8.1. Leased Lines ................................................................................................................... 16

8.1.1. Responsibility for the leased lines .................................................................................... 16

8.1.2. Range of leased lines ...................................................................................................... 16

8.1.3. Access to the EEX Network ............................................................................................. 16

8.1.4. System reliability .............................................................................................................. 16

8.1.5. Number of leased lines .................................................................................................... 16

8.2. Member Access via the Internet ....................................................................................... 16

8.2.1. Responsibility of the trading participants .......................................................................... 16

8.2.2. Internet provider............................................................................................................... 17

8.2.3. Connection to the EEX Network ....................................................................................... 17

9. Network Parameters for the Connection Alternatives ................................................. 18

9.1. Realisation of trading participation ................................................................................... 18

9.2. Determination of network parameters for leased lines or the internet ............................... 18

9.3. Compliance with the network parameters ........................................................................ 18

9.4. Reservation of network areas .......................................................................................... 18

9.5. Node numbers/Node names ............................................................................................ 18

10. Emergency Plans ........................................................................................................... 19

10.1. Responsibility .................................................................................................................. 19

10.2. Emergency computer centre ............................................................................................ 19

10.3. Connection of two locations ............................................................................................. 19

11. Staff ................................................................................................................................ 20

12. Costs .............................................................................................................................. 21

12.1. Hard- and software .......................................................................................................... 21

12.2. Internet ............................................................................................................................ 21

12.3. Costs of EEX ................................................................................................................... 21

13. Technical Problems ....................................................................................................... 22

13.1. Measures ......................................................................................................................... 22

13.2. Information for the trading participants/Obligation of the trading participants to cooperate ............................................................................................................................ 22

13.3. Suspension of derivatives trading .................................................................................... 22

13.4. Alternative trading and clearing forms .............................................................................. 22

13.5. “Trading on Behalf” .......................................................................................................... 23

13.6. Information rights ............................................................................................................. 23

14. Liability ........................................................................................................................... 24

14.1. Force majeure.................................................................................................................. 24

14.2. General liability ................................................................................................................ 24

14.3. Liability in connection with the Trayport® Trading GatewaySM and the Trayport®

GlobalVision PortalSM Translator ...................................................................................... 24

14.4. Liability in connection with EEX TT Screen ...................................................................... 25

14.5. Commissioning of third parties ......................................................................................... 25

14.6. Third-party data and information ...................................................................................... 25
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Durchführungsbestimmung zu § 19 BO, Version 006b Page 4 

2. Definition 

2.1. Network in the Electronic Trading System 

 The Network of the electronic trading systems used by the European Energy Exchange (“EEX”) 

- EUREX T7, ComXerv of Deutsche Börse AG (DBAG) and the Trayport® Exchange Trading 

SystemSM (ETS) provided by Powernext (PXW) via the PEGAS cooperation - includes the entirety of all hardware elements gathered from each Network node as well as all necessary 

components for the connection of the Network nodes (leased lines for telecommunications, 

etc.) which form the technical basis for the implementation of trading on EEX. 

 If the trading participants select an alternative connection for their access to a system (cf. subsection 2.3), which is solely based on the internet or a combination of leased line and internet, 

the EEX Network shall not include the internet connections. 

2.2. EDP system 

 In addition to the network of the respective trading system, the EEX EDP system also comprises the operation-ready installed application of the exchange or corresponding components in 

the participant’s trading systems. 

2.3. Access alternatives 

 Access alternatives are options for the technical connections between the EEX network and 

the member front-end systems of the trading participants. The access alternatives outlined in 

this section can also be ordered and operated by the customer in combination with each other. 

2.3.1. Network access 

Trading participants can choose between the following alternatives for connection to the EEX 

trading systems: 

Depending on the respective system, EEX provides several network access types which can 

be used in combination with the corresponding connection options in order to ensure access to 

the exchange systems. 

 Access types: 

§ Leased lines: Connections are provided with service-oriented bandwidths on physical lines. 

§ iAccess (VPN): A point-to-point connection is established via the public internet with an IPSec encoded tunnel between the participant’s network and an access point of the exchange 

(virtual private network - VPN). 

§ Native Internet: The connection is established via an internet connection which is not encoded specifically and can be used in combination with services which use their own, selfcontained encryption mechanism for the data transfer (e.g.: Eurex Trader GUI, Common 

Report Engine) 
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Access options: 

§ Standard connection (2 leased lines): This access option will reasonably be switched with 

separate routes or, alternatively, it is leased from two different providers. 

§ Combined: In the case of the “combined” option, the trading participant’s access is established via a leased line and an internet back-up connection whose technical design corresponds to an internet connection with iAccess. In the event of a failure of the leased line, 

the internet is available as an alternative for the connection to the EEX system. Failover is 

effected automatically. 

§ iAccess: In the case of iAccess, the trading participant’s access is exclusively effected via 

the internet. The selection of the provider and the implementation of the connection lie within the responsibility of the trading participant. Availability and performance are determined 

and ensured by the internet provider selected by the trading participant. EEX will technically 

reduce the data throughput which is theoretically possible via the internet to the bandwidth 

of the other access alternatives in order to ensure comparable access times to the EEX 

system for all access alternatives. 

 A Member Front-End System has to be installed at the trading participant. EEX, in turn, ensures the internet accessibility of the exchange with a sufficient availability and corresponding 

security, authentication of the trading participants and a firewall infrastructure. 

 Trading participants with the clearing status of Direct Clearing Members (DCM) and General 

Clearing Members (GCM) are exclusively connected to the systems of EEX via the Standard or 

Combined options. 

2.3.2. Service-oriented channels on leased lines/VPN connections 

Depending on the trading system used, certain services are available with a specific bandwidth 

on leased lines and/or VPN connections with the help of separate, service-oriented channels. 

2.3.3. Access version for customers 

§ EUREX T7: The trading participant’s access to a graphical user interface (Eurex T7 Trader 

GUI, Eurex WebTrading Service) is established via the internet or the service-oriented 

channel on a leased line/VPN connection. At the trading participant, one work station is required for each workplace. This work station is connected to a multi-member front-end system operated by EEX via the internet. A firewall concept and a personal secure ID token, 

which has to be used at the trading participant and is provided to the trading participant by 

EEX for every trader, and the use of certificates protect the EEX trading system against unauthorised third-party access. If several users are connected to the trading system, one token per user is required for simultaneous access. This token is not specific to the work station. 

§ WebAccess to ComXerv: The trading participant is usually connected to the ComXerv frontend (Comtrader) via the internet. On the part of the trading participant, one work station is 

required for each workplace. This work station is connected to a multi-member front-end 

system operated by EEX via the internet. A firewall concept and a personal access code 

(RACF-ID with password), which EEX provides to the trading participant for every trader, 

protect the EEX trading system against unauthorised third-party access. 

§ EEX TT Screen with access to the DBAG trading systems: EEX can provide trading participants wishing to trade via EEX TT Screen with a simple access version. The EEX TT 

Screen is provided as SAAS solution in cooperation with Trading Technologies Incorporated, a world leading enterprise in the field of high performance trading platforms. The EEX 
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TT Screen is connected via an internet connection which the customer itself has to provide 

with the data processing centre of Trading Technologies which is directly connected with 

the trading systems of DBAG. 

§ EEX GlobalVision PortalSM with access to the DBAG trading systems: Customers operating 

their own Trayport® Trading GatewaySM can use the market integration into their Trayport®

Trading GatewaySM via the direct connection to the GlobalVision PortalSM provided centrally 

by Trayport®. Responsibility for the establishment, installation and configuration (e.g. product mapping) of the technical infrastructure consisting of the Trayport®

 Trading GatewaySM, 

the Trayport® Frontend, the Trayport® GlobalVision PortalSM Translator and the technical 

network connection rests exclusively with the trading participant. The EEX GlobalVision 

PortalSM is always cleared by Trayport® for defined versions of the Trayport® Trading GatewaySM Server and the Trayport®

 GlobalVision PortalSM Translator, separate clearance by 

EEX is not required. 

§ PEGAS Direct Screen and customer-operated (own) Trayport® Trading GatewaySM with access to the Trayport®

 Exchange Trading SystemSM (ETS): The corresponding rules and 

regulations of PWX apply with regard to the connection to the Trayport® Exchange Trading 

SystemSM (ETS) via the PEGAS Direct Screen. The connection is established directly with 

Powernext (system provider). 

§ Pegas OTC Registration: Powernext offers the Pegas customers a solution for the registration of transactions; the corresponding rules and regulations of PWX apply. 

2.3.4. Trayport® Trading GatewaySM

 Trayport® Trading GatewaySM is an application by Trayport Ltd. which permits trading via brokers or market platforms including the EEX Spot and Derivatives Market via a member frontend. In this context, the different markets can be integrated / aggregated within one screen for 

the trader. As an interface between the Trayport® Trading GatewaySM and the EEX trading systems (EUREX T7/ComXerv), the Software Trayport®

 GlobalVision PortalSM Translator software, 

which was developed by Trayport®, is required for connection to the GlobalVision PortalSM provided by EEX. 

2.3.5. Trayport® GlobalVision PortalSM

 Trayport® GlobalVision PortalSM is a Trayport Ltd. application operated by EEX which enables 

trading participants using the Trayport® Trading GatewaySM application to access the EEX trading systems (EUREX T7 / ComXerv). In this process, the connection to the EEX GlobalVision 

PortalSM is entirely created via Trayport® software products, product mapping for which is exclusively carried out in the Trayport®

 software products. 

2.4. Member Front-End Installation 

 A member front-end system consists of one or several computers (several workstations) facilitating trading and clearing on EEX and input devices and network components via which integration into the EEX network is effected. Furthermore, the member front-end installation comprises all the components required in order to maintain the member’s internal network connections (e.g. gateways, routers, etc.) in as far as such do not lie in a network area reserved for 

EEX (“logical network”). Further hardware elements are not part of the member front-end installation but can be connected to it in as far as these fulfil the interface requirements established 

by EEX and are registered at EEX in as far as required. 
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 Several trading participants can trade on EEX by means of a common Member Front-End System (Multi Member Front-End System). In such cases, EEX increases its requirements for 

availability. A Multi Member Front-End System must be installed as a 2-LAN configuration. The 

connection of workstations to a Multi Member Front-End System lies within the sole responsibility of the trading participant. EEX does not assume any responsibility for the availability and 

performance of the Multi Member Front-End System. 

2.5. Logical network 

 In addition to the EEX Network, the Logical Network of EEX includes all components at the exchange participant’s site which are connected to the Network for technical reasons provided 

they are located in a Network area reserved for EEX. 

2.6. Data transmission equipment 

 Telecommunication within the EEX Network is effected by means of data transmission equipment consisting of access points, routers and leased lines. The connection of a Member FrontEnd System or a Multi Member Front-End System shall always be made via an access point. 

2.7. Quote machines 

 Quote machines are automatic quotation systems for futures. On the basis of pricing information and additional parameters determined by the trading participant, quotes are automatically generated and channelled into the EDP system of EEX. 

2.8. Electronic Eyes 

 Electronic Eyes are computer programs which continuously receive market prices of products 

traded on the exchange from the EEX system and evaluate such market prices. As soon as the 

price of an order which is received by the Electronic Eye lies within the range previously set by 

the trading participant, the Electronic Eye automatically generates an order which is then channelled into the trading system of EEX through the programmable interfaces of EEX to facilitate 

its execution. 

2.9. Order Routing Systems 

 Order Routing Systems are electronic order forwarding systems which are used by trading participants to transmit exchange orders, i.e. exclusively for the entry, modification and deletion of 

exchange orders. Order Routing Systems may be connected to the Member Front-End System 

via a defined interface so that the orders transmitted via this system can be directly channelled 

into the EEX trading system. 

2.10. Systems for Algorithmic Trading 

Systems for algorithmic trading are computer algorithms that determine single order parameters 

automatically without being Quote Machines, Electronic Eyes or Order Routing Systems. Order parameters within the meaning of clause 1 are particularly decisions about whether the order is to be 
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initiated, the point in time, the price or the quantity of the order or how the order is adapted with 

limited or no involvement of humans at all, after its submission. 

2.11. Third-Party Software (“Third-Party-Software”) 

 Third-Party Software is software which is not provided by EEX and connected by a trading participant to the programmable interface of the Member Front-End System of EEX. 

2.12. Location 

 Location within the meaning of this provision means the entirety of all business premises occupied by a trading participant within a building in which Member Front-End Installations have 

been installed for the purpose of active trading on the EEX markets. Business premises in 

which Member Front-End Installations are only employed in emergencies or for the purpose of 

engaging in technical simulated tests are not deemed to constitute a location within the meaning of this provision. 
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3. Access to the EEX-System 

3.1. Requirements 

 Upon granting of admission to participation in energy trading, the trading participant is connected to the trading system in the case of the line-bound connection alternatives. 

 If the trading participant chooses a web-based access version, such trading participant, after 

having been granted admission to participate in the electronic trading system, may only be 

connected to the system of EEX after they have realised the connection via internet by means 

of an internet provider. 

 All connection alternatives to the trading system require compliance with the Exchange Rules 

and Regulations of EEX and with the technical standards of these Implementation regulations 

with respect to hardware, software, the Network and the configuration thereof and that by the 

establishment of such connection, the system of EEX – in particular trading and clearing - shall 

not be compromised, be it on the basis of location or any other technical grounds. 

 EEX can measure the load generated by the individual Member Front-End Installations on the 

EDP system of EEX and, if applicable, limit these with the help of technical measures if this is 

required for reasons of system security or other serious reasons. Each trading participant undertakes to ensure that its institution is entitled to connect a Member Front-End Installation at 

its location to the EEX system and to execute trading and clearing on EEX according to the national laws and regulations effective in the country of its location. 

3.2. Access to Member Front-End Installations 

 All Member Front-End Installations if not employed in emergencies or for the purpose of participating in technical simulations must, in principle, be installed at the locations of the trading participant and should be configured redundantly in order to increase failure safety. 

 Upon receipt of a written application from a trading participant or from an applicant for exchange admission, the EEX Management Board may permit the installation and operation of a 

Member Front-End Installation at the business premises of a third party engaged by the trading 

participant or applicant for exchange admission to operate such Member Front-End installation 

if the application of and compliance with the provisions of the Exchange Rules and Regulations 

of EEX and supplemental conditions thereto are ensured, in particular, in respect of such third 

party. By means of appropriate agreements concluded with the third party, the trading participant or applicant for exchange admission shall ensure that the third party grants EEX the right 

to inspect the business premises of such third party at all times for the purpose of determining 

compliance with the requirements for the installation and operation of a Member Front-End Installation. 

3.3. Access of several Member Front-End Systems 

 A trading participant may apply for the connection of several Member Front-End Installations. 

EEX may limit the number of Member Front-End Installations applied for by a trading participant to the extent that such action is necessary for reasons relating to system performance or 

for other serious reasons. 
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3.4. Access to Quote Machines / Electronic Eyes 

 Upon special application by a trading participant, the EEX Management Board may permit the 

connection of quote machines or Electronic Eyes to the EEX system through the programmable interfaces made available via the Member Front-End Installation provided that the trading 

participant continuously ensures that the quote machines and/or Electronic Eyes 

§ are installed at the locations of the trading participant admitted to derivatives trading and 

§ are given parameters which correspond to, at least, one person admitted to EEX for the 

trading participant (exchange trader) and 

§ are checked by at least one such person during the course of the trading day. 

3.5. Connection of Systems for Algorithmic Trading 

(1) Before connecting systems for algorithmic trading to the systems of EEX through the programmable interfaces made available via the Member Front-End Installation, the Management Board of the Exchange has to be notified by the respective exchange participant. 

The notification has to include a detailed and comprehensible description of functionalities 

used and the trading strategies pursued by the system for algorithmic trading. The notification has to state the names and the respective contact details of the exchange traders 

that will be responsible for the respective system for algorithmic trading. With the notification, the exchange participants have to confirm, 

§ that the respective system for algorithmic trading 

- is sufficiently resilient, come with sufficient capacity and are subject to adequate 

trading thresholds and upper trading limits; 

- avoid the submission of erroneous orders or a functionality of the system that causes dysfunctions of exchange trading or could contribute thereto; 

- cannot be used for a purpose that violates European or national laws against market 

abuse or the rules of the exchanges it is connected to; 

- is continuously parameterized by an exchange trader admitted for the exchange participant at the exchange and controlled by an exchange trader admitted for the exchange participant at the exchange, 

§ that the exchange participant 

- has efficient emergency arrangements at its disposal, to deal with unforeseen disruptions in its systems and safeguard, 

- has completely inspected and monitored its systems properly. 

- has safeguarded, that records about each change in the computer algorithm are 

kept. 

(2) The Management Board of the Exchange will permanently or temporarily, completely or 

partially prohibit the use a system as described in Sect. 2.10, if one of the prerequisites 

mentioned in paragraph 1 did not exist or ceased to exist afterwards, the exchange participant did not comply with the requirements according to paragraph 1 or the duty of disclo-
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sure according to Sect. 3 paragraph 4 sentence 4 Nr. 5 of the German Exchange Act, or a 

disturbance of the proper exchange trading or the proper execution of exchange trades 

impends for other reasons. The partial prohibition of the usage may be effected telephonically. The exchange participant has to turn-off immediately the system for algorithmic trading concerned if its use is prohibited permanently or temporarily, completely or partially. 

3.6. Connection of Order Routing Systems 

 After making written application and receiving approval thereof from the Management Board of 

EEX, a trading participant is entitled to connect an Order Routing System via a defined interface if: 

§ before being channelled into the trading system, the transmitted orders pass an electronic 

filter which is installed in the Member Front-End Installation, which checks and releases orders for further transmission according to parameters defined by the trading participant; 

§ the filter has been allocated an approved exchange trader who is responsible for the definition of parameters, the control and monitoring of the filter, and who can prevent the forwarding of orders at any time; 

§ the trading participant has informed the Management Board of EEX of the personal user ID 

of the allocated exchange trader in writing; 

§ the Order Routing System is used exclusively for the transmission of client orders, 

§ in those cases in which third parties not admitted to the exchange are able to enter orders 

using the Order Routing System, the number, operating location and the identity of the user 

of the input devices connected to the Order Routing System must have been communicated to the Market Surveillance of EEX. This also applies to changes with respect to such input devices. The trading participant must oblige the user to comply with the Exchange 

Rules and Regulations. Should the user fail to do so, the trading participant shall immediately prevent it from continuing to use the Order Routing System. 
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4. Technical Requirements 

The technical requirements presented in the context of these Implementation Regulations are 

binding on all trading participants; divergence from such regulations shall require the written 

consent of EEX. EEX may at any time examine the configurations and Network parameters of 

the trading participants and require the correction of divergent values. In the event that changes become necessary, the trading participant is required to institute such technical modifications to its Member Front-End Installation that may be laid down by EEX and to effect such 

changes within any timeframe that may be imposed by EEX. 

Upon request from EEX, the trading participant is obligated to grant EEX access to the technical infrastructure employed by it for establishing a connection with the EDP system of EEX to 

facilitate the execution of technical inspections by EEX. Such access and/or any right of inspection shall not extend to customer related data. 
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5. Hardware 

5.1. Requirements 

 EDP equipment which ensures the orderly execution of trading and clearing via the respective 

system has to be available for the trading participant. 

5.2. Admissible hardware platforms 

 EEX shall specify permitted hardware platforms for equipping the member front-end installation 

connected to the trading and/or clearing system. 

5.3. Approval of hardware configurations 

 All hardware configurations planned by a trading participant must be approved by EEX – after 

submission of the configurations questionnaire provided by EEX and to be filled out by the trading participant – prior to their installation; the same shall also apply with regard to modifications. 

5.4. Responsibility for operation 

 The operation of the member front-end installation and, if applicable, the Trayport Global Vision 

Gateway and the Trayport® GlobalVision PortalSM Translator lie within the sphere of responsibility of the trading participant. By means of the orderly operation of its member front-end or its 

Trayport® GlobalVisionSM installation, the trading participant shall guarantee that trading and 

clearing on EEX shall not be compromised either in its process or in its functionality on account 

of such operation. 

 The accesses to and the tools for the Pegas market are operated by Powernext, which also 

holds responsibility for these. The respective conditions of Powernext apply. 
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6. Software 

6.1. EEX software 

 EEX grants the trading participant a revocable, non exclusive right to use the application software. This right to use can be substantiated by further agreements between EEX and the trading participant, if applicable. A trading participant, or any third party contracted by the trading 

participant, must not modify the version of the application software as it is made available by 

EEX and must not alter or copy such software without the prior consent of EEX. The foregoing 

shall not apply to the production of copies of the application software if such copies are produced solely for data storage purposes. The trading participant must not delete or alter any 

proprietary notices (including but not limited to copyright and trademark notices). Every trading 

participant is responsible for the installation of the application software on the components of 

its Member Front-end Installation. 

6.2. Member Operating System Software 

 EEX shall specify each version of the operating system software valid at the time, including all 

necessary components used for operating the current version of the EEX software on the 

Member Front-End Installation. 

6.3. Registration of Third-Party Software 

 If trading participants intend to connect Third-Party Software to the programmable interface of 

the EEX system, these trading participants are required by EEX to assign an electronic identifier to this Third-Party Software before connecting it to the programmable interface, observing 

the instructions of EEX as to the systematic compositions of such identifier and to have the 

Third-Party Software as well as the EEX Universal Communicator registered at EEX. 

 The trading participants shall ensure that the identifier assigned to the Third-Party Software will 

be sent to the EEX system together with each transmission when the registered Third-Party 

Software communicates with the EEX system via the programmable interface. In case the EEX 

system is impaired by the Third-Party Software connected to the programmable interface, EEX 

may prohibit the connection of such software with immediate effect. 

6.4. Responsibility for using Third-Party Software 

 In as far as the application software made available by EEX shall include interfaces for front 

and back office systems, the trading participant itself is responsible for the programs which use 

these interfaces and shall ensure functioning of the software in line with the rules and regulations of EEX. 

6.1. EEX TT Screen 

 The access to the EEX TT Screen is provided by EEX. The terms of use stated in the End User 

Licence Agreement (EULA) agreed by the trading participant before installation of EEX TT 

Screen shall apply. 
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7. Authorisation Level of Data Transmission 

Equipment 

A trading participant may not use the data transmission equipment which serves the purpose of 

trading and clearing on EEX for any other purposes without the prior written approval of EEX. 

However, EEX reserves the right to also use its data transmission equipment for trading and 

clearing on other institutions. 
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8. Transmission Alternatives for Telecommunications 

8.1. Leased Lines 

8.1.1. Responsibility for the leased lines 

 EEX shall control the leased lines for the entire physical Network of EEX. Installation and operation of the leased lines for telecommunications which are necessary for the connection between the Member Front-End Installation and EEX shall be carried out by EEX or may be contracted out by EEX. 

8.1.2. Range of leased lines 

EEX shall make available a connection to the trading participant’s location. The precondition 

for this is that the transmission paths and types of connection supported by EEX are available 

for a trading participant, and can be established and operated at normal conditions and adequate expense while ensuring that the security and quality standards set forth by EEX are attained. 

8.1.3. Access to the EEX Network 

 In the case of Premium Access, Member Front-End Installations must be connected to the EEX 

network by means of at least two leased lines, while, in the case of Combined Access, they 

must be connected by means of one leased line. EEX decides to which access point a Member 

Front-end Installation shall be connected. 

8.1.4. System reliability 

 In order to increase failure safety trading participants can combine several connection alternatives for connection to the EEX Network. In the case of Premium Access, Member Front-End 

Installations can be connected to the EEX Network by means of more than two dedicated lines 

with the object to improve failure safety. 

8.1.5. Number of leased lines 

 In deviation from the above regulations, the EEX Management Board can set a minimum and 

maximum number in respect of the leased lines which a trading participant has applied for to 

have its Member Front-End Installation connected to the EEX system to the extent that such 

action is necessary for reasons relating to system performance or for other reasons. 

8.2. Member Access via the Internet 

8.2.1. Responsibility of the trading participants 

 If a member accesses the system via the internet, the trading participant itself is responsible for 

the selection of the internet provider as well as for the implementation of the connection to the 

EEX Network. EEX does not assume any responsibility for the availability and performance of 

the aforementioned connection alternatives. 

 This applies accordingly in case of the use of the EEX TT Screen. 
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8.2.2. Internet provider 

 Trading participants are obliged to choose an internet provider which provides, on the part of 

the participant, a suitable connection to the EEX Network via the internet. 

8.2.3. Connection to the EEX Network 

 If the connection to the EEX Network is made via the internet, EEX will decide to which access 

point such connection shall be made. 
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9. Network Parameters for the Connection Alternatives 

9.1. Realisation of trading participation 

 The software for the Member Front-End Installation made available or supplied by EEX and 

properly installed by the trading participant contains all necessary connections to effect exchange participation. 

9.2. Determination of network parameters for leased lines or the 

internet 

 EEX specifies Network parameters to ensure the security of the Network and to protect the 

Member Front-End Installation. In particular, EEX ensures that 

§ a trading participant’s computers which are not components of the Member Front-End Installation may only access the trading system of that particular trading participant and do 

not reach other computers within the Network of EEX, 

§ unauthorised access by a Member Front-End Installation to the computers of EEX is not 

possible, 

§ communication between various trading participants by means of the Network of EEX is not 

possible. 

9.3. Compliance with the network parameters 

 Upon installation of the Member Front-End systems and Network components, the trading participant shall set the network parameters specified by EEX for the respective connection alternative. 

9.4. Reservation of network areas 

 EEX reserves network areas for its Logical Network. The network areas selected by EEX must 

be used for participation in EEX. Within its own Network, each trading participant may use any 

network areas that are not reserved for EEX. 

9.5. Node numbers/Node names 

 EEX shall assign node numbers and node names for the entire Logical Network. Within the 

Network of EEX, only the nodes authorised by EEX by assignment of node numbers may 

communicate with the EEX trading system of EEX. 

 Consequently, no computer that has not received a corresponding node number from EEX may 

be connected by the trading participants in the Network areas reserved by EEX. The transfer of 

the assigned node number and the related node name to a computer with a function other than 

that as applied for is not permitted. 
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10. Emergency Plans 

10.1. Responsibility 

 Each trading participant is responsible for taking appropriate measures for emergency planning 

and management. 

10.2. Emergency computer centre 

 The establishment of an inactive emergency computer centre (computer back-up centre) and, if 

necessary, its connection to an access point via a leased line are optional for the trading participants. In such case, the costs incurred by EEX shall be charged to the trading participant. 

10.3. Connection of two locations 

 If a trading participant has two or more locations, it may equip any two locations with a connection in order to ensure breakdown protection in the event of a disruption of the connection between one location and an access point. 
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11. Staff 

 Each trading participant is obligated to maintain a sufficient number of qualified personnel at all 

times during the exchange trading and clearing hours and to guarantee the availability by telephone in order to ensure the orderly operation of the components of the EDP system of EEX 

which are in the control of the exchange participant, particularly, in order to be able to take the 

necessary measures at the instruction of EEX in the event of a technical disruption. In addition, 

EEX must be provided with the name of a person to be contacted in the event of a technical 

disruption or with proof of a service agreement with a third party. 
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12. Costs 

12.1. Hard- and software 

 The costs for the purchase, installation and maintenance of all hardware and software used by 

it shall be borne by the trading participant. The application software referred to in sec. 5 para. 1 

shall be made available by EEX at no additional cost. 

12.2. Internet 

 The internet is not a component of the Network of the electronic trading system. The trading 

participant itself is responsible for the selection of the internet provider as well as for the implementation of the connection. Correspondingly, the trading participant’s costs arising for the 

internet shall be borne by the trading participant. 

12.3. Costs of EEX 

 In accordance with the price list of EEX in its respectively valid version, EEX AG shall charge 

fees for the one-off and running costs for the establishment and operation of the telecommunications network of EEX, in particular, the expenses for the provision of the connection alternative selected by the respective trading participant concerned as per subsection 2.3. 
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13. Technical Problems 

13.1. Measures 

 In the case of technical problems, the EEX Management Board may suspend or restrict access 

to the EDP system for one, several or all trading participants regardless of whether such problems appear at EEX or at one, several or all trading participants. The EEX Management Board 

may resume or re-commence trading after an interruption even if one or several trading participants still do not have access to the EEX system if, in the opinion of the Board of Management 

of EEX, an orderly market continues to exist or is possible again. 

13.2. Information for the trading participants/Obligation of the trading participants to co-operate 

 Trading participants are obligated to inform themselves of technical requirements and changes 

by means of the media made available by EEX. EEX shall, to the extent possible, inform the 

trading participants of any technical problems without undue delay. In case of technical problems of the EEX system, trading participants are obligated to grant access to their locations in 

which Member Front-End Systems are installed to EEX or third parties commissioned by EEX 

for problem resolution. 

13.3. Suspension of derivatives trading 

 In the event of the suspension of trading on the basis of technical problems, EEX shall place 

the exchange system on “halt” status so that no more inputs can be effected by the trading participants in the system. 

 The resumption of trading after a trading suspension pursuant to the foregoing regulation shall 

begin with a new Pre-trading period. Subsequently, trading will proceed in line with the general 

provisions of the Trading Conditions. 

 EEX shall inform the trading participants of the further schedule for the trading period without 

delay. 

13.4. Alternative trading and clearing forms 

In the event that the EEX system is non-functional for a longer period of time, the EEX Management Board shall declare a technical emergency and shall, if necessary, determine alternative trading and clearing methods. Only in case of intentional misconduct or gross negligence 

shall EEX be liable for damage caused to a trading participant upon using alternative trading 

methods, particularly, for cases of damage due to an erroneous entry and/or processing of data effected by EEX or European Commodity Clearing AG (ECC) on behalf of trading participants when using alternative trading methods provided the damage results form a culpable infringement by EEX or ECC of fundamental duties incumbent on them/it when applying alternative trading and clearing methods. In such case, the liability of EEX or ECC in cases of ordinary negligence shall be limited to the amount of damage typical of such contract with regard 

to the provision of alternative forms of trading and clearing. 
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13.5. “Trading on Behalf” 

In the event of the default of the participant trading system or of other EDP systems of the 

trading participants, EEX can effect entering of data into the electronic trading system for such 

trading participant on its behalf. In this case, EEX will check the legitimation for entering data 

with the help of the active user code communicated to it. Section 14 shall apply accordingly 

with regard to the liability of EEX. 

13.6. Information rights 

EEX may require the exchange participants to provide information and submit documents if 

such measure is necessary in order to prevent or solve technical problems. 
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14. Liability 

14.1. Force majeure 

EEX is not liable for cases of damage caused by a disruption in its services as a result of any 

force majeure, riot, and events resulting from war or natural disasters, or resulting from other 

circumstances beyond the control of EEX (e.g. strikes, lock-outs, interruption of transport or 

orders of domestic or foreign governments). 

14.2. General liability 

With regard to cases of damage suffered by a trading participant in connection with its use of 

trading systems of EEX or the use of the connecting software or interfaces of EEX to its trading systems or the use of EDP devices of EEX (e.g. tokens), EEX shall only be liable to the extent that intentional misconduct or gross negligence of its bodies or third parties assisting in its 

performance can be proven unless such damage resulted from a culpable breach of its principal duties by EEX. In such case, the liability of EEX for cases of ordinary liability shall be limited to the amount of damage typically foreseeable upon the conclusion of the contract. 

Apart from this, EEX shall not be liable for the completeness, availability and recentness of data which are transmitted to the trading participants on the basis of the chosen connection alternative via internet. 

Beyond its scope of responsibility there is no liability of EEX on principle. EEX shall only be liable for cases of damage arising from an event originating from the sphere (hardware or thirdparty software) of a trading participant in as far as evidence of a culpable violation of essential 

obligations towards the respective trading participant on the part of its bodies or vicarious 

agents can be furnished. 

14.3. Liability in connection with the Trayport® Trading GatewaySM

and the Trayport® GlobalVision PortalSM Translator 

 EEX shall not be liable for Trayport® technical facilities and systems (hard- and software) which 

lie outside the logical network of EEX unless the trading participant is connected by means of 

the installation of the EEX GlobalVisionSM screen. In these cases, liability shall be based on 

sub-section 14.2. 

 EEX does not accept any liability for cases of damage which a trading participant sustains as a 

result of technical problems or of a partial or full non-usability of the Trayport® Trading GatewaySM and Trayport®

 GlobalVision PortalSM Translator or of the EDP devices used by it or in the 

event of disruptions of the data transfer. 

 The installation, set-up and configuration (such as e.g. product mapping) of the Trayport® Trading GatewaySM and Trayport®

 GlobalVision PortalSM Translator are carried out by each trading 

participant itself and at its own risk and under its own responsibility. 

 If an employee of EEX implements configuration settings on the participant’s front-end or on 

components connected with it at the express wish of the trading participants concerned, any liability on the part of EEX shall be excluded. The trading participant shall, in particular, test the 
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configuration settings sufficiently before commissioning. In the event of physical injury, this 

shall only apply in as far as evidence of intent or gross negligence of its bodies or vicarious 

agents can be furnished unless the damage results from a culpable breach of principal duties 

by EEX. 

14.4. Liability in connection with EEX TT Screen 

 EEX is not responsible for technical systems (hard- and software) of Trading Technologies with 

the exception of the EEX TT Screen. The liability in relation to EEX TT screen is ruled by the 

EULA, which is agreed between the trading participant or the respective user, respectively, and 

EEX. 

14.5. Commissioning of third parties 

 EEX may in full or in part delegate the performance of the obligations assigned to it to third parties when it deems such delegation justified taking into account the purposes of these Implementation Regulations. Should EEX so delegate its duties, its liability shall be limited to the 

careful selection and instruction of the third parties retained by it. EEX, however, shall at the 

request of the trading participant, transfer to such trading participant any existing claims 

against third parties retained by EEX. 

14.6. Third-party data and information 

 EEX shall not be liable for the accuracy, completeness, availability and up-to-date nature of the 

prices of underlying and other data it obtains from third parties.