The Frankfurt Stock Exchange has amended its rules to allow securities transactions to be settled through registered Wertpapiersammelbank, lifting the exclusive status previously enjoyed by depository Clearstream.
The change was announced by Deutsche Börse, the company that operates the Frankfurt Stock Exchange, after the Exchange Council approved the amendment.
Wertpapiersammelbanken are specialized banks that administer securities in collective safe custody and carry out giro transactions, effecting electronic delivery of stocks in settlement of on- and off-exchange transactions.
Deutsche Börse has previously been heavily criticised by market bodies such as the European Securities Forum and the European Commission for operating a monopoly on the clearing of transactions in German stocks and shares through its wholly-owned subsidiary Clearstream.