The Baden-Württemberg stock exchange has separated the technical operation of the stock exchange,
in particular the operation of the trading platform, from the public duties of the stock exchange.
A team from CMS Hasche Sigle under the leadership of Stuttgart partner, Dr Thomas Meyding, advised
Vereinigung Baden-Württembergische Wertpapierbörse e.V. and boerse-stuttgart AG on the
restructuring which is without equal in Germany.
As part of these measures the sponsorship of the Baden-Württemberg stock exchange was
transferred to a company created for this purpose, Baden-Württembergische Wertpapierbörse GmbH.
boerse-stuttgart AG thereby became an operating company which will concentrate solely on providing
services to the stock exchange, investors, trading partners and issuers. This organisational
division will avoid conflicts between the stock exchange law responsibility, principally with
regard to trading regulation, and the economic interests associated with operating the stock
exchange. This serves to ensure the neutrality of the stock exchange which particularly for private
investors -- the declared target group of the Baden-Württemberg stock exchange as a retail stock
exchange -- constitutes a vital quality of the stock exchange. The new structure makes
boerse-stuttgart AG more flexible for corporations and partnerships and creates the preconditions
required for further innovation under stock exchange law. The Stuttgart stock exchange will
therefore be able to offer tailor-made services principally in its trade with certificated
derivatives and thus extend its qualitative advantage over other trading systems and other regional
Dr Thomas Meyding, partner (lead partner)
Dr Axel Funk, Partner (IT law, stock exchange law)
Dr Gregor Zeifang, associate (IT law, stock exchange law)
Dr Martin Kolbinger, associate (corporate, stock exchange law)
Contact CMS Hasche Sigle:
Dr Thomas Meyding
Tel.: +49 (0)711 9764-388
CMS Hasche Sigle is one of the leading German law firms with more than 420 lawyers. It covers
the entire area of commercial law and provides legal advice to major German and international
companies from a wide spectrum of industry.
CMS Hasche Sigle operates at all the major business centres. It has offices in Berlin,
Cologne, Duesseldorf, Frankfurt, Hamburg, Leipzig, Munich, Stuttgart, Chemnitz, Dresden, Brussels,
Belgrade, Moscow, Prague and Shanghai.
CMS Hasche Sigle is a partnership of lawyers and tax consultants; for register details / list
of partners see
CMS Hasche Sigle is a member of CMS, an alliance of leading European law firms. With over 575
partners, a total of 2,000 lawyers and tax consultants and around 3,800 support staff we advise our
clients in 24 countries in Europe and further afield on legal and tax issues.
Local strength and legal tax advice tailored to the requirements of the market combined with
a substantial amount of business and organisational integration form the basis for high-quality
international legal advice.
In addition to CMS Hasche Sigle, the following firms are also members of the CMS alliance:
CMS Adonnino Ascoli & Cavasola Scamoni (Italy), CMS Albiñana & Suárez de Lezo (Spain), CMS
Bureau Francis Lefebvre (France), CMS Cameron McKenna LLP (Great Britain), CMS DeBacker (Belgium),
CMS Derks Star Busmann (the Netherlands), CMS von Erlach Klainguti Stettler Wille (Switzerland) and
CMS Reich-Rohrwig Hainz (Austria). CMS has 57 offices in 24 countries in Western and Central
Europe, North and South America, Asia and North Africa.
For further information on CMS Hasche Sigle see
www.cms-hs.com and on the CMS alliance see