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Boerse_Berlin_Equiduct

BSX has three market segments, the Regulated Market, the Open Market and the Berlin Second Regulated Market (BSRM). The market segments do not differ in regard to trading but in regard to admission – the rules for trading and price determination are the same in all three of them. Also, trading on all three market segments is monitored in real time by Market Surveillance (see page 25). The MIC-Codes are only related to the market segments. Whether the order is admitted to the HybridBook or PartnerEx is irrelevant. Instruments allocated to the Berlin Second Regulated Market (BSRM) have to be admitted for trading on a Regulated Market in terms of MiFID. Therefore the Berlin Second Regulated Market qualifies as a Regulated Market although it is part of the Open Market. AdmissionClearingMonitoringMarketModelAdmission

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