German/EU Lawyer for Market Making & Designated Sponsoring (Xetra)
Legal advice and representation of market makers, issuers and trading participants.
The law of market making and designated sponsoring is a specialised area within stock exchange and capital markets law. It operates in a strongly IT-driven environment of complex international trading and settlement structures. This is precisely the environment in which Kronsteyn is at home.
The German/EU law firm advises market makers, designated sponsors, other trading participants as well as issuers on all legal aspects of securities and derivatives trading across all platforms (Xetra, Eurex, etc.) – from licensing procedures and the legal design of trading infrastructures to stock exchange, trading and IT compliance. The firm establishes reliable governance, ensures sound legal documentation and represents clients before courts and the sanctions committee.
Legal opinions on complex legal issues
Licensing and authorisation procedures
Liquidity Provider agreements with issuers
Algorithmic Trading and High-Frequency Trading
Settlement and custody structures
Advisory on spot FX and FX derivatives
Cash penalties and CSDR compliance
Defence in sanctions proceedings
Insider law and market manipulation
Advisory on sanctions and AML compliance
Publications Relating to German and EU Securities Trading Law
Müller-Lankow, Legality of Stock Exchange Short Selling Bans (German: Rechtmäßigkeit börslicher Leerverkaufsverbote), in: Zeitschrift für Bank- und Kapitalmarktrecht (BKR) 2025, pp. 433-440. Müller-Lankow, Disruptions in securities transactions and their regulation under CSDR, SSR, stock exchange law, ICMA and BGB (German: Leistungsstörungen bei Wertpapiergeschäften und deren Regulierung nach CSDR, SSR, Börsenrecht, ICMA und BGB), in: Wertpapier-Mitteilungen (WM) 2024, pp. 1641-1649. Müller-Lankow, Market-making in the scope of collective asset management – a paradox? – At the same time comment on the judgement of the VGH Kassel of 21.11.2023 - 6 A 1658/18 (German: Market-Making im Rahmen der kollektiven Vermögensverwaltung – Ein Widerspruch? – Zugleich Anmerkung zum Urteil des VGH Kassel v. 21.11.2023 – 6 A 1658/18), in: Zeitschrift für Bank- und Kapitalmarktrecht (BKR) 2024, pp. 601-607. Müller-Lankow, How the regulation of settlement delays is putting securities trading to the test (German: Wie die Regulierung von Lieferverzögerungen den Wertpapierhandel auf die Probe stellt), in: Zeitschrift für Bank- und Kapitalmarktrecht (BKR) 2024, pp. 567-568. Müller-Lankow/Liebscher, Legal differences between e-money and asset-backed tokens (German: Rechtliche Unterschiede zwischen E-Geld- und vermögenswertereferenzierten Token), in: Wertpapier-Mitteilungen (WM) 2024, pp. 1152-1160. Kumpan/Müller-Lankow, Commentary on § 26b (Tick size) and 26c (Market making systems) of the German Stock Exchange Act (BörsG), in: Eberhard Schwark / Daniel Zimmer (eds.), Kapitalmarktrechts-Kommentar, 5th ed., München (C.H. Beck) 2020. Kumpan/Müller-Lankow, The Multilateral Single-dealer System – An Oxymoron under MiFID II?, in: Journal of International Banking Law and Regulation 34 (2019), issue 9, pp. 301-310. Müller-Lankow, Market-making: A regulatory analysis of market-making in multilateral and bilateral systems (German: Market-Making: Eine aufsichtsrechtliche Analyse des Market-Makings im Rahmen multilateraler und bilateraler Systeme), Baden-Baden (Nomos) 2018. Müller-Lankow, Differentiation between proprietary trading by market makers and proprietary trading by other liquidity providers (German: Abgrenzung des Eigenhandels durch Market-Maker vom Eigengeschäft durch sonstige Liquiditätsgeber), in: Wertpapier-Mitteilungen (WM) 2017, pp. 2335-2345. Kumpan/Müller-Lankow, Single-market maker systems in the new capital market regulation – differentiation between multilateral and bilateral systems (German: Ein-Market-Maker-Systeme in der neuen Kapitalmarktregulierung – Abgrenzung zwischen multilateralen und bilateralen Systemen) (together with Prof Dr Christoph Kumpan), in: Wertpapier-Mitteilungen (WM) 2017, pp. 1777-1786.
Why a Kronsteyn Lawyer
Particularly in the case of regulatory-sensitive trading structures, it is crucial to rely on legal advice that understands both the legal framework and the economic reality of securities and derivatives trading. The German/EU law firm’s practice has extensive experience in trading and exchange compliance and has built practical expertise through numerous projects for securities trading institutions and an international exchange group. Its approach is precise, solution-oriented and shaped by an economic perspective that takes into account the dynamics and constraints of day-to-day trading. Your contact: Attorney-at-law Dr Hendrik Müller-Lankow.
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