v256.0 · stock markets · DE · verified 2026-04
Germany stock markets + capital markets
Stock markets in Germany — main exchanges, total market cap, major indices, listing requirements, trading hours, foreign-investor access, IPO market, dividend + capital-gains tax, regulator, custody + clearing.
Main exchanges
Frankfurt Stock Exchange (FSE, Deutsche Börse-operated) — primary · Xetra electronic trading platform · USD 2.5T+ market cap · Regional exchanges Berlin, Düsseldorf, Hamburg, Hannover, München, Stuttgart (smaller) · Tradegate Exchange (off-exchange OTC)
Market cap + indices
| Total market cap | USD 2.5T+ Frankfurt-listed companies · 3rd-largest in Europe after UK, France · DAX-40 USD 1.7T+ market cap |
| Major indices | DAX 40 (large-cap, 40 stocks since Sep 2021, was DAX 30) · MDAX (mid-cap, 50 stocks) · SDAX (small-cap) · TecDAX (tech focus) · DAXglobal · STOXX Europe 50/600 (broader European) |
Listing + trading mechanics
| Listing requirements | Prime Standard (highest): IFRS reporting, ad-hoc disclosure, quarterly + annual reports, German + English, EUR 1.25M market cap min · General Standard: less stringent · Scale (post-2017 SME segment) · Open Market (multilateral trading facility, light disclosure) · Some companies dual-list (Frankfurt + NYSE/NASDAQ) |
| Trading hours | Xetra: 9:00 AM - 5:30 PM CET · Frankfurt floor 8:00 AM - 8:00 PM (longer, but Xetra dominant) · Holidays per Deutsche Börse calendar · Closed Christmas + New Year + Good Friday + Easter Monday + Pentecost + German Unity Day |
Foreign investor access
Open · No restrictions for EU + most countries · Direct brokerage account · 26.375% capital-gains + dividend withholding (with treaty reductions for many countries, e.g., US 15%, UK 15%) · EU passport for EU brokerages · Pillar Two affecting multinationals
IPO market (2024)
EUR 2.2B raised 2024 IPOs (PitchBook) — significant decline from EUR 9.4B 2021 peak · 2024 IPOs: Renk Group (Feb), Schott Pharma (Sep 2023, sometimes counted 2024 traders), Springer Nature (Oct 2024 EUR 600M) · Many German tech companies dual-listing US for liquidity
Dividend + capital-gains tax
German residents: 26.375% flat tax on dividends + capital gains (Abgeltungsteuer) since 2009 · Includes 25% withholding + 5.5% Solidaritätszuschlag + church tax if applicable · Saver's allowance EUR 1,000 (couples EUR 2,000) · Pillar Two adoption affects multinationals
Regulator + custody/clearing
| Regulator | BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht) Federal Financial Supervisory Authority primary · Bundesbank for monetary + macroprudential · Deutsche Börse Group operates FSE + Xetra · ESMA + EU-level oversight |
| Custody + clearing | Clearstream (Deutsche Börse subsidiary) primary depository · Eurex Clearing for derivatives + repo · T+2 settlement (T+1 EU-wide planned by Oct 2027) · Deutsche Bank + Commerzbank major German custodians · Pan-European post-MiFID II |
Recent changes (2023-2026)
2024-25: Sondervermögen EUR 500B 2025 infrastructure-defense package indirectly boosting equity market · Springer Nature IPO Oct 2024 · DAX 40 (from DAX 30) implementation continuing since Sep 2021 · CSRD reporting commencing for 1,000+ employee companies 2025 · Pillar Two QDMTT effective
Source: official Germany securities regulator · Last verified 2026-04
See also: Germany country profile · stock markets atlas