EEX as an Exchange 

    Liquidity, transparency and fairness in pricing are the factors which characterise EEX and create the trading participants’ confidence in this exchange. Ensuring this is the central task of EEX and its exchange bodies. 

    EEX is an exchange under the German Exchange Act and a regulated market within the context of MiFID. EEX has the following executive bodies: the Exchange Council, the Management Board of the Exchange, Market Surveillance and the Sanctions Committee. 

    For this reason, EEX has established a set of Exchange Rules, which is based on the German Exchange Act and binding both for itself and for all trading participants. This set of rules and regulations comprises the Exchange Rules, the Trading Conditions, the Contract Specifications, the Admission Rules as well as the Code of Conduct. 

    In addition to the Management Board of the Exchange, the Sanctions Committee and Market Surveillance, the Exchange Council is one of the four executive bodies of the exchange. As such, it is in charge of three fields of tasks: the legislative competence, supervision of the Management Board and the human resources competence.

    Michael Bonde Dominique Both
    Jan Brübach Marco Centofanti
    Paul Dawson Torsten Frank
    Stela Gerova Feridoun Kademi
    Manfred Knabl Edgar Lange
    Cedric Le Tallec Vincent van Lith
    Igal Madar Thomas Nilsson
    Tim Pirnay David Poupě
    Dr. Marco Saalfrank Giacomo Schiro
    Stefan Sewckow Adrian Simionescu
    Dominic Vincent Ursino Dr. Bernhard Walter
    Dr. Jens Wimschulte  

    For all questions regarding the election and currently vacant positions please contact



    The Management Board of the Exchange manages the business operations of the exchange on its own responsibility. The management function is limited on account of the participation requirements on the part of the Exchange Council and the exchange supervisory body. With certain exceptions, its function corresponds to that of the Management Board as established in German company law.

    Timothy Neil Greenwood
    Steffen Köhler
    Wolfgang von Rintelen

    For example, the Management Board of the Exchange is in charge of the decisions on which products are to be launched on the exchange, whereas the Exchange Council is responsible for adopting the contract specifications according to art. 12 BörsG [German Exchange Act].

    In art. 2 paragraph 2 of the Exchanges Rules both the Exchange Council and the Management Board of the Exchange have each been granted the right to request the human, material and financial resources required for the operation of EEX from the supporting institutions of the exchange, on the basis of their own respective rights.

    The Market Surveillance Office (HÜSt) is an independent and autonomous body of the exchange according to the Exchange Act, which is only subject to instructions by the Saxon State Ministry of Economic Affairs, Labour and Transport.

    Tasks of Market Surveillance

    • Ensures that trading processes and pricing are carried out on a fair and manipulation-free basis.
    • Records all data regarding exchange trading and the settlement of exchange transactions on a daily basis for analyses and required investigation activities. Can be requested to carry out special investigations by the Management Board of the exchange.
    • Carries out special investigations on its own initiative or upon an instruction to this end by the exchange supervisory authority.
    • Reports to the exchange supervisory authority and the Management Board of the exchange on a regular basis or for specific reasons
    • Informs the Exchange Council of its activities at the Exchange Council meetings
    • Supports various national, European and international authorities, in particular, in the fields of exchange and financial market supervision, energy regulation and competition supervision

    The exchange supervisory authority, the Saxon State Ministry for Economic Affairs, Labour and Transport, is in charge of the legal supervision of the exchange and its bodies and of market supervision of the trading participants according to the German Exchange Act.

    The most important tasks of the exchange supervisory authority include the following:

    • supervision of the Exchange, in particular through the Exchange Council, the Management Board of the Exchange, the Sanctions Committee and the Market Surveillance Department (bodies of the exchange) as well as the company operating the exchange
    • supervision of the companies licensed to trade on the exchange in co-operation with the Market Surveillance Department of the exchange and the investigation of violations of provisions and orders under exchange law,
    • compliance with the provisions and instructions under exchange law, the proper execution of trading on the exchange as well as proper settlement of the exchange transactions
    • participation in legislation procedures and in the field of exchange policy.

    Saxon State Ministry of Economic Affairs, Labour and Transport Exchange Supervisory Authority

    Visitor address:
    Wilhelm-Buck-Str. 2
    01097 Dresden

    Postal address:
    01073 Dresden

    Further information
    Exchange supervisory authority at the Saxon State Department for Economic Affairs, Labour and Transport:
    Exchange supervisory authorities of the federal states:
    Exchange Act: BörsG Date of issue: 16 July 2007

    Supervision according to the German Securities Trading Act
    The supervision according to the provisions of the German Securities Trading Act is exercised by the Federal Financial Supervisory Authority (BaFin).

    The most important tasks of this institution in the field of the German Securities Trading Act (WpHG) comprise the following:
    •    supervision of the ban on insider trading according to art. 14 ff. of WpHG,
    •    supervision of the ban on market price manipulations according to art. 20a WpHG.

    Federal Financial Supervisory Authority
    Securities Supervision

    Visitor address:
    Lurgiallee 12
    60439 Frankfurt

    Postal address:
    PO box 50 01 54
    60391 Frankfurt

    Phone: 0228 / 4108 - 0
    Fax: 0228 / 4108 - 123

    Further information


    The Sanctions Committee is the youngest exchange body of EEX. An ordinance by the Saxon Ministry of Economic Affairs and Labour of 19 January 2009 paved the way for its establishment. According to the German Exchange Act, the Sanctions Committee can penalise a trading participant with a reprimand, a fine of up to EUR 250,000 or exclusion from the exchange when the trading participant violates regulatory provisions under exchange legislation.

    At the moment, the Sanctions Committee of EEX has 1 chairmen and 6 committee members, who carry out their tasks on a voluntary basis and who are neither members of other bodies of the exchange nor employees of the Exchange Supervisory Authority. The Sanctions Committee takes action at the request of the Management Board of the Exchange or of the Exchange Supervisory Authority and establishes the facts and circumstances of the respective case ex officio.

    The Sanctions Committee’s independence is also safeguarded by a far-reaching provision regarding conflicts of interest, which e.g. establishes that members of the Sanctions Committee are not allowed to participate in decisions in the event that they are affected by such or that they are involved in the matter on which such decision is based.

    The punishment accorded as the result of a given behaviour by the Sanctions Committee does not preclude further prosecution under criminal, regulatory or civil law. The Sanctions Committee exclusively discharges the tasks assigned to it in the public interest.

    Chairing Member:
    Jutta Klingspor

    Deputy Chairing Member:
    Friedrich Schmitt

    Panel Members:
    Pierre Chevalier
    Dr. Jan Haizmann
    Edgar Lange
    Volker Lischke
    Dr. Bernhard Walter