Lombard loans on the Deutsche Börse.
Private credit against Deutsche Börse / Frankfurter Wertpapierbörse-listed shares — pledged, not sold.
A Lombard loan against Deutsche Börse-listed shares is credit secured by a pledge of equity listed on the Deutsche Börse / Frankfurter Wertpapierbörse. The holder pledges the shares, draws cash against a fraction of their market value, retains ownership and dividends subject to structuring, and recovers the position on repayment.
- Facilities are arranged against equity listed on the Deutsche Börse / Frankfurter Wertpapierbörse (FWB), Frankfurt.
- The pledge preserves ownership, dividends, and the upside for the holder.
- Loan-to-value is set per line; funded in EUR or cross-currency.
- Structured under BaFin, with disclosure from 3%.
The venue
Continental Europe's deepest equity market, with Xetra as the dominant pan-European electronic trading venue. The WpHG voting-rights notification regime gives German positions a particularly granular disclosure footprint compared with peer markets.
Regulator and disclosure
The Deutsche Börse / Frankfurter Wertpapierbörse operates under Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin). Wertpapierhandelsgesetz Sections 33 et seq.: voting-rights notifications required at 3%, then 5%, 10%, 15%, 20%, 25%, 30%, 50%, 75%. A pledge over a substantial line is arranged with that reporting regime in view, so that the facility is both discreet and compliant, and so that positions near a control or takeover threshold are not disturbed.
Structuring a facility here
Lombard facilities against Deutsche Börse-listed shares are typically arranged for a tenor of twelve to thirty-six months, funded in EUR or another currency on a cross-currency basis, with the collateral held by a qualified custodian under bankruptcy-remote arrangements. Non-recourse, limited-recourse, and full-recourse structures are available; the choice interacts with the loan-to-value and the spread.
| Exchange | Deutsche Börse / Frankfurter Wertpapierbörse (FWB) |
|---|---|
| City · Country | Frankfurt · Germany |
| Regulator | Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) |
| Disclosure | From 3% |
| Principal indices | DAX, MDAX, SDAX, TecDAX |
| Segments | Prime Standard (full EU transparency); General Standard; Scale (growth segment) |
| Currency · Tenor | EUR · 12–36 months |
| Recourse | Non-recourse / limited-recourse / full-recourse |
Financing a position listed on the Deutsche Börse?
Request terms →See also the country overview: Lombard loans in Germany.
Other exchanges in the region.
On this market, specifically.
Liquidity and the index
Frankfurt is continental Europe's deepest equity pool, and Xetra is the electronic order book where most of that turnover forms. The DAX blue chips, with MDAX and SDAX beneath, give the leading names ample free float and daily volume — comfortable ground for a Lombard loan of real size, since our hedging and any unwind stay well inside normal trading. The Prime Standard segment, with its full EU transparency, dominates the institutional universe; liquidity is thinner on General Standard and the Scale growth segment, where we take a more cautious advance rate and size the facility accordingly.
Structuring notes
Settlement runs through Clearstream, Deutsche Börse's own depository, which makes a Lombard credit against German equity operationally straightforward: the shares are pledged into a controlled account while ownership, dividends and votes stay with the client. The defining local feature is disclosure depth — the WpHG step structure records voting-rights positions in fine detail — so where a holding approaches the lower thresholds we structure the facility and any collateral calls to avoid triggering a notification the client did not intend. Prime Standard listings bring the fullest transparency, which we factor into how a large position is financed.