15th ICCML Forum
The Future of Stock Exchange Listing in Germany and Europe (23 May 2025)

On 23 May 2025, the ICCML at the Bucerius Law School in Hamburg hosted the 15th Hamburg Forum underthe title “The Future of Stock Exchange Listing in Germany and Europe.” Bringing together representatives from academia and legal practice, the conference examined the development of stock exchange listings in Germany and across Europe—from access to the capital markets and the listing process itself to the future evolution of the legal and regulatory framework.

The conference was opened by Prof. Dr. Lisa Guntermann (Bucerius Law School), who welcomed the participants and introduced the forum’s central themes.

The first thematic session commenced with a presentation by PD Dr. Alexander Sajnovits (University of Mainz) on “Going and Staying Public” in Germany. He explored the challenges and obstacles associated both with conducting an initial public offering and with maintaining a stock exchange listing thereafter. Dr. Matthias Stötzel (Deutsche Börse AG, Frankfurt) subsequently examined the regulatory functions exercised by stock exchanges, exchange operators, and index providers.

The second session focused on alternative forms of financing and listing. Dr. Carsten Berrar (Sullivan & Cromwell LLP) opened with a presentation entitled “Private Capital – the Better Alternative to an IPO,” in which he contrasted private capital solutions with the traditional route of an initial public offering. Dr. Anna Schwander (Kirkland & Ellis LLP) then discussed IPOs by German companies in the United States and the opportunities and challenges associated with accessing U.S. capital markets.

Assistant Professor Dr. Anne-Marie Weber (University of Warsaw) broadened the perspective beyond Germany by presenting Poland as a financial and stock exchange hub, highlighting its development, current challenges, and future prospects.

The final session turned to the future development of the legal framework governing listed companies. In his presentation “The Listed Company Law of the Future: From Obstacle to ‘Enabling Law’?”, PD Dr. Alexander Wilhelm (University of Mainz) examined potential paths for the further evolution of listed company law. Concluding the conference programme, PD Dr. Kaspar Krolop (Federal Ministry of Finance) provided an outlook on future trends in the regulation and deregulation of capital markets and financial supervision.

The conference featured lively and insightful discussions throughout the day. The exchange between academic scholarship, regulatory perspectives, and legal practice proved particularly valuable in illuminating the challenges and opportunities facing European capital markets.

The forum concluded with closing remarks by Prof. Dr. Christoph Kumpan (Bucerius Law School), who summarized the key insights of the day and thanked the participants for their contributions.