Die Verantwortung des Börsenträgers bei der Gestaltung alternativer Marktsegmente

As a result of diverse stipulations in capital markets law, it is difficult to finance medium-sized companies via the public-sector stock exchange. Therefore, German stock exchanges set up so-called SME markets for the trading of bonds at the level of the less-regulated "Freiverkehr", with the consequence that the essential regulation of these markets lies with private-law stock exchange operators.
The aim of this study is to examine the responsibility of these stock exchange organisations in ensuring a sensible balance between the interests of the investing public, issuers and other trading participants. In doing so, it deals with the abstract demands of shaping the market by means of private law legislation and analyses the concrete policies of stock exchange organisations. It also examines to what extent entrusting such responsibilities to stock exchange organisations that are subject to private law is a sensible way of organising particular areas of the stock market.