• The FWB is located in Frankfurt am Main, Germany, and is operated by Deutsche Boerse AG
• Deutsche Boerse AG is listed on the exchange under the ETR:DB1 ticker
• The FWB's market capitalization as of March 2023 was approximately EUR 1.7 trillion
• The FWB is not the only stock exchange in Germany. Other exchanges include Boerse Muenchen, Boerse Stuttgart, the Hamburg Stock Exchange, and Boerse Berlin
• The FWB has two main indices: the DAX (Deutscher Aktienindex) and the MDAX (Mid-Cap DAX)
• In addition to the DAX and MDAX, the FWB has several other indices, including the TecDAX (Technology DAX) and the SDAX (Small-Cap DAX)
• The FWB is home to the world's largest trading floor, which covers an area of more than 7,000 square meters
• The FWB is a member of the Federation of European Securities Exchanges (FESE) and the World Federation of Exchanges (WFE)
• Xetra is one of the most widely-used electronic trading platforms in Europe
• The FWB has three listing segments: Prime Standard, General, and Scale 

The Frankfurt Stock Exchange has a certain number of rules that companies need to meet in order to obtain and then maintain a spot on the exchange. Some of these rules and requirements include:

• Listing on the General or Prime Standard segments requires a BaFin-approved prospectus document
• Listings on the General or Prime Standard segments require a free float of at least 25%, while the Scale segment has a 20% threshold, with at least one million shares and 30 shareholders
• The issuing company must adhere to the IFRS reporting standards
• Companies must present annual financial statements, auditor certifications, and a company report for the past three business years
• Constituent companies must adhere to the German Corporate Governance Code

The Frankfurt Stock Exchange generates revenue by charging trading and listing fees, as well as by providing trading software, such as Xetra, to market participants. The revenue streams of the FWB include:

• Listing fees - the exchange charges one-time and annual listing fees for companies to obtain and maintain a spot on the FWB
• Index licensing - the exchange charges fees for the DAX, MDAX, and other indexes under its brand. Mutual funds and ETFs must pay a fee to use the index for their products
• Clearing and settlement - the FWB operates a clearing and settlement system that processes trades executed on its markets
• Technology services - the FWB offers a range of technology services, including Xetra, to market participants in exchange for a fee
• Market data - the exchange also charges fees for the real-time data it provides on the exchange, such as trading volume, market capitalization, etc

FWB Listing & Other Fees

The FWB is one of the most affordable large stock exchanges in the world. The fee structure can be broken down into initial listing and ongoing fees, which vary by listing segment. 

Initial listing:

• A EUR 12,000 base fee and a variable fee of up to EUR 77,000, depending on the market capitalization of the issuer on the Prime Standard and General segments:

• A EUR 20,000 base fee, as well as a variable fee (see table below):

The DAX Index (Deutscher Aktienindex) is the most followed index on the Frankfurt Stock Exchange and consists of the 30 largest and most liquid companies on the Frankfurt Stock Exchange. 

What Is The DAX Index?

The DAX is a market capitalization-weighted index, which means that the largest constituents have an outsized effect on the performance of the index. The DAX was launched on July 1, 1988, with a base value of 1,000. Its composition is reviewed quarterly to ensure that it accurately represents the performance of the German economy. The DAX also has other sub-indexes that focus on the specific sectors of the German economy. 

DAX Index Sector Weighting & Largest Members

The weights of DAX constituent companies by sector can be broken down into 10 categories:

Here are the 10 largest constituents of the DAX Index weighted by market capitalization:

The MDAX Index tracks 60 mid-cap companies on the Frankfurt Stock Exchange following the 30 DAX components in terms of market capitalization and order book volume.

What Is The MDAX Index?

The MDAX (Mid-Cap DAX) is a market capitalization-weighted index that measures companies that follow the DAX in terms of size. It is a popular benchmark for investors looking to gain exposure to mid-cap companies in Germany and Europe and is considered a reliable indicator of the overall health of the German economy. The index was officially launched in 1996 and has been the primary middle-cap index for the German economy ever since. 

MDAX Index Sector Weighting

This is how different sectors are represented in the MDAX by weight:

The DAX and MDAX indexes are not the only ones available on the FWB. Some other indexes include:

• SDAX (Small-Cap DAX) - This index tracks the performance of the 70 small-cap companies listed on the FWB, which are ranked 81 to 170 based on market capitalization
• TecDAX - This index tracks the performance of the 30 leading technology companies listed on the FWB, including software, hardware, and telecommunications companies
• DivDAX - This index tracks the performance of the 15 highest-yielding dividend stocks listed on the FWB, providing investors with exposure to companies that pay high dividends
• ÖkoDAX - This index tracks the performance of 10 companies in the renewable energy sector and was first published in 2007

Xetra is a fully electronic trading platform that was launched on the Frankfurt Stock Exchange in 1997. It is one of the largest and most advanced trading systems in the world, offering a high-speed and efficient platform for trading equities, bonds, funds, ETFs, and other securities.

Xetra uses a central order book, which aggregates all buy and sell orders into a single location to ensure that investors can buy at the lowest possible price. 

The system also supports algorithmic trading and allows traders to use pre-programmed strategies to automatically buy and sell securities. 

• The Frankfurt Stock Exchange is one of the oldest securities exchanges in the world and one of five operating stock exchanges in Germany
• The exchange is known for its sophisticated trading system, Xetra, which enables market participants to seamlessly conduct automated high-frequency trading
• The exchange is home to the DAX index, which tracks 30 of the largest companies listed on the FWB
• The FWB is one of the most affordable exchanges in terms of listing fees
• The exchange is open from 8:00 am to 10:00 pm (German time)
• FWB is known for having an investor-centric approach and rules to limit illicit activity on the market