Germany

Proposed delisting rules of Deutsche Borse AG

Uli Janssen. Linklaters Oppenhoff & Radler. E-mail: uli.janssen@linklaters.com. Dr. Frank Peter Regelin. Linklaters Oppenhoff & Radler. E-mail: frank.regelin@linklaters.com

Recently there has been discussion about the quality and reputation of the Neuer Markt, involving the Frankfurt Stock Exchange, companies listed on the Neuer Markt and financial advisors. As part of this debate it has been suggested that non-performing companies should be excluded from the Neuer Markt, in order to avoid any further negative impact on those companies performing well. The main reasons for this debate have been the fall in the Nemax All-Share Index from its all-time high of 8,559 on 10 March 2000 to around 1,000 in July 2001, the fact that a number of Neuer Markt companies now have a share price below €1 and that several Neuer Markt companies (9 as of 25 July 2001) have become insolvent.