Market supervision makes sure that trading takes place in a fair and orderly manner. Several institutions have a part in this: the Trading Surveillance Office (HÜSt) monitors trading and price fixing. The Exchange Supervisory Authority examines misconduct and violations of stock exchange law. The Federal Financial Supervisory Authority (BaFin) ensures the operability of the German securities and derivatives markets according to the Securities Trading Act (WpHG).

HÜSt – An independent exchange body monitors exchange trading

Topics

	HÜSt
	BaFin
	Exchange Supervisory Authority
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The statutory mandate of Market Surveillance (HÜSt) is regulated by § 4 para 1 of the German Stock Exchange Act: as an independent exchange body it monitors exchange trading and exchange settlements and conducts the necessary investigations in the event of infringements. The Exchange Supervisory Authority can give instructions to HÜSt and take over the investigations.

HÜSt monitors, amongst other things:

	the price quotation at FWB® Frankfurter Wertpapierbörse (the Frankfurt Stock Exchange) and on the derivatives exchange Eurex;
	the trading conduct of the exchange participants;
	compliance with the rules and regulations, non-violation of exchange provisions and instructions;
	that no other abuse exists which might impair the orderly execution of trading at the exchange or the settlement of exchange trades.

The role of HÜSt

Market Surveillance (HÜSt) records data from exchange trading and exchange settlement in a systematic and complete manner and then processes them. In addition, it has to carry out the necessary investigations.

HÜSt cooperates, as a matter of principle, with other exchanges and may transfer data on trades to the management and the market surveillance of another exchange if this is required for the other offices to comply with their tasks.

If Market Surveillance identifies irregularities, it informs the exchange management of FWB Frankfurter Wertpapierbörse (Frankfurt Stock Exchange) and the Exchange Supervisory Authority which may then initiate proceedings against the market participants concerned before the Sanctions Committee of the exchange. Among other things, the Sanctions Committee may impose fines and exclude the participants for up to 30 days from the exchange.

Hotline for private investors

Phone number

	0800-23 020 23 (free of charge within Germany) or
	+49-(0) 69-2 11-1 13 10.

If private investors have questions on the execution in floor trading, on Eurex or on Xetra, they will find some answers in our FAQ. If you suspect irregularities in quotations and exchange trading, you can contact HÜSt by phone.