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德国场外交易市场的发展经历了由独立市场到与主板市场相互整合的过程，并始终坚持以低门槛、低成本为本，为成长中的企业提供发展空间，同时，其自主研发的交易平台也能够为交易各方提供专业而高效的服务。本章通过回顾德国场外交易市场的发展历程，从入市规则、交易规则和监管规则三个方面归纳出其制度建设特点，最后得出德国场外交易市场在德国资本市场中的定位以及德国场外交易市场的特点。
<<At the beginning，the OTC market in Germany was independent of the the stock exchange. After being integrated with the stock exchange，the OTC market provides investors，financial institutions and companies access to capital markets. It offers private and institutional investors best execution on the fully electronic trading platform Xetra. This chapter reviews the history of the OTC market in Germany，generalizes the rules from entering the market，trading to regulating. Ultimately，summarizes the characteristics of the OTC market in Germany.
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