ICF Bank

What ICF Bank does

ICF BANK AG is a Frankfurt-headquartered German Wertpapierhandelsbank (securities trading bank) founded in November 1997 by eleven official brokers of the Frankfurt Stock Exchange. The bank operates as a bank-independent neutral partner providing integrated capital markets services spanning Equity & Debt Capital Markets (IPO advisory, capital increases, corporate bonds, mezzanine financing, convertible bonds, share buybacks), Designated Sponsoring on Xetra and the Vienna Stock Exchange, Market Making and Specialist functions across the Frankfurt, Düsseldorf, and Quotrix exchanges (covering equities, bonds, funds, ETPs, and structured products), and Brokerage/Global Markets execution services for institutional investors. Customized Indices — built on proprietary index calculation software — rounds out the offering, supported by ICF Bank's status as a BaFin-registered EU Benchmark Administrator in the ESMA register.

The business is underpinned by proprietary technology developed and maintained through wholly-owned subsidiaries ICF Systems AG and Novis Software GmbH. Core systems include ICFOMS (a fully electronic order routing and management platform with STP, smart routing, and access to 60+ global exchanges across 36 countries) and ICF X-WATCH (a specialist limit-control system providing real-time executable-order reporting and decentralized price determination). Designated Sponsoring consistently achieves Deutsche Börse's AA-rating, and the bank was a registered Deutsche Börse Listing Partner and Capital Market Partner. The bank also published daily Morning News and weekly outlooks as a thought-leadership channel.

ICF Bank generates revenue primarily through transaction-based fees across its capital markets, market-making, sponsoring, and execution services. Customer segments include listed and capital-market-oriented small/mid-cap companies (primary segment), institutional investors (fund companies, pension funds, asset managers, family offices), and the stock exchanges themselves. Geographic reach covers Germany, Switzerland, Austria, UK, Luxembourg, and Scandinavia, with execution access globally. With approximately 100 employees and three offices (Frankfurt HQ, Düsseldorf, Munich), ICF Bank operates as a focused specialist in the German mid-cap capital markets segment. Since April 2020, BÖAG Börsen AG has held a majority stake, providing strategic ownership and stability.

Name

ICF Bank

Legal name

ICF BANK AG

Website

https://icfbank.de

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

1–10 employees

Short description

ICF BANK AG is a Frankfurt-based German Wertpapierhandelsbank offering ECM/DCM advisory, designated sponsoring, market making, and institutional brokerage services for small/mid-cap issuers and investors across Europe, supported by proprietary ICFOMS and ICF X-WATCH trading technology.

Ownership category

akta.pro rank

Product category

Investment Banking & Securities Trading

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Securities and Commodity Exchanges (5232)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC)

akta.pro secondary industries

Debt Advisory & Financing Advisory (FSAEAGAD), Capital Raising Advisory (Debt/Equity/Private Capital) (BPAHADAG)

Keywords

• Capital markets advisory
• Designated sponsoring
• Market making services
• Institutional brokerage
• Securities trading bank

Headquarters

HQ city

Frankfurt

HQ country

Germany

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Capital Markets Services: Fees from IPO advisory, capital increases, bond issuances, and listing projects. Revenue generated as Sole Lead Manager, Bookrunner, Co-Manager, or Capital Market Partner in various transactions.
2. Market Making: Revenue from providing liquidity and pricing services for equities, bonds, funds, ETPs, and derivatives on Frankfurt Stock Exchange, Düsseldorf Stock Exchange, Quotrix, and Frankfurt Zertifikate.
3. Designated Sponsoring: Fees for providing secondary market support, liquidity, and advisory services to listed companies on Xetra (Deutsche Börse) and Vienna Stock Exchange.
4. Brokerage Services: Execution services for institutional investors including sales trading, execution services, and global trading across 60+ exchanges worldwide.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

ICF BANK AG is a Frankfurt-based Wertpapierhandelsbank (securities trading bank) offering capital markets advisory (ECM/DCM, IPOs, capital increases, bond issuances), designated sponsoring on Xetra and Vienna Stock Exchange, market making across Frankfurt/Düsseldorf/Quotrix exchanges, institutional brokerage and execution across 60+ global exchanges, and customized index administration as a BaFin-registered EU Benchmark Administrator. Services are enabled by proprietary technology including ICFOMS order management system and ICF X-WATCH limit control system, developed and maintained by group subsidiaries ICF Systems AG and Novis Software GmbH.

Product overview

ICF Bank operates as a securities trading bank (Wertpapierhandelsbank) offering an integrated suite of financial market services. The core technology products include ICFOMS (order management and routing system) and ICF X-WATCH (limit control system), both developed in-house. Service offerings span Capital Markets (ECM/DCM, IPO support, designated sponsoring), Brokerage Services (Global Markets execution, sales trading), Market Making (across Frankfurt, Düsseldorf, Quotrix exchanges), and Customized Indices. The company publishes daily Morning News and weekly previews for market participants. With approximately 100 employees and IT subsidiaries ICF Systems AG and Novis Software GmbH, ICF Bank positions itself as a leading provider of securities trading solutions in Germany.

Differentiator

Problem solved

Functional benefit

Products and services

• Capital Markets Services (Equity & Debt Capital Markets) ECM/DCM advisory and execution for listed and capital-market-oriented companies, including IPOs, capital increases, mezzanine financing, corporate bonds, designated sponsoring, and corporate finance advisory. Delivered in roles spanning Sole Lead Manager, Joint Bookrunner, Co-Manager, and Capital Market Partner. For companies raising equity, issuing debt, or executing share buybacks and employee stock option programs.
• Brokerage Services (Global Markets) Execution and sales trading services for institutional investors covering global markets across 4 continents, 36 countries, and over 60 exchanges, including sales trading, block trading, basket trading, and fundamental/technical analysis. For asset managers, pension funds, and family offices.
• Market Making Market making services across Frankfurt Stock Exchange (FWB), Düsseldorf Stock Exchange (DDF, Quotrix), and derivatives on Börse Frankfurt Zertifikate. Provides pricing in equities, bonds, funds, ETPs, and structured products. The Frankfurt Certificates (structured products) business held over 45% market share as of 2017.
• Designated Sponsoring Secondary market support, liquidity provision, and advisory services for listed companies on Xetra (Deutsche Börse) and Vienna Stock Exchange. Consistently achieves AA-rating from Deutsche Börse, and ranks among the leading designated sponsor providers in Germany together with DZ BANK and LBBW. Active across 50+ sponsored companies.
• Customized Indices Development, calculation, and administration of customized indices using proprietary index solution software. ICF Bank is registered as an EU Benchmark Administrator by BaFin and entered in the ESMA register. For issuers, ETF sponsors, and structured product providers requiring tailored index methodology.
• ICFOMS (ICF Order Management System) Fully electronic order routing and management system providing direct access to German and international trading venues (over 60 exchanges), with STP (straight-through-processing) technology, smart routing for best execution, and electronic settlement. Used for both retail and institutional order flow and a key operational backbone of the brokerage services franchise.
• ICF X-WATCH Limit-Control-System developed by the ICF Group to support the work of specialists. Ensures every executable order is reported to the specialist in real time, displays possible executions against multiple price sources, supports decentralized price determination, includes a tax generator module, and provides STP processing for efficiency and quality. Supports market making across the bank's specialist activities on Frankfurt, Düsseldorf, and Quotrix exchanges.
• Sales Trading Fixed Income Sales trading service for fixed income instruments focused on clients in Germany, Austria, and Switzerland. Complements the bond market-making specialist activities on Frankfurt Stock Exchange.
• Investor Relations Services Shareholder information portal for issuers and listed companies, including annual general meeting coordination, investor-buyer matching through confidential lists, and broader IR support for shareholders.

Quantifiable outcome

• 45%+ market share in Frankfurt Certificates market (2017)
• +2 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• Cantor FitzgeraldminorChannel Partner/ Reseller/ Distributor · 9 March 2026Acted as bookrunner for Gabler Group AG listing on Scale segment of Frankfurt Stock Exchange.
• B. Metzler seel. Sohn & Co.minorChannel Partner/ Reseller/ Distributor · 9 March 2026Acted as bookrunner for Gabler Group AG listing on Scale segment of Frankfurt Stock Exchange.
• DZ BANK AGcoreStrategic or Co-development PartnerCooperation partner for Designated Sponsoring services on Xetra platform of Deutsche Börse. Together with DZ BANK and LBBW, ICF Bank ranks among leading providers in Germany.
• LBBW Landesbank Baden-WürttembergcoreStrategic or Co-development PartnerCooperation partner for Designated Sponsoring services. Together with DZ BANK and ICF Bank, ranks among leading designated sponsor providers in Germany.
• ICF Systems AGcoreTechnology or IntegrationIT systems integrator and subsidiary of ICF Group, providing technology solutions for the constantly evolving challenges of domestic and international financial markets.
• Novis Software GmbHcoreTechnology or IntegrationSoftware developer subsidiary of ICF Group, developing and maintaining proprietary trading and index calculation systems.
• Deutsche Börse AGcoreStrategic or Co-development PartnerOfficial Listing Partner, Capital Market Partner, and exclusive fund trading partner on Xetra. ICF Bank provides market making and designated sponsoring services.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• DZ BANK AG: Germany's central institution for the cooperative banking sector and one of the largest banks by assets — cooperation partner with ICF Bank for designated sponsoring services on Xetra, and a broader incumbent offering capital markets, lending, and treasury services.
• LBBW Landesbank Baden-Württemberg: Major German Landesbank with significant capital markets franchise — cooperation partner with ICF Bank for designated sponsoring, and a broader incumbent in ECM/DCM advisory, market making, and institutional brokerage.

Emerging players

• Quirin Privatbank AG: Smaller German private bank with ECM advisory capabilities — competing with ICF Bank in the sub-EUR 100M capital markets deal segment, though with less market making and trading infrastructure.

Direct peers

• B. Metzler seel. Sohn & Co. German private bank with capital markets franchise — channel partner with ICF Bank on transactions like the Gabler Group AG listing, and a competing advisor for German ECM mandates.
• Lang & Schwarz Aktiengesellschaft: German bank and leading market maker for certificates and structured products on German exchanges, competing head-to-head with ICF Bank in the Frankfurt Certificates market where ICF holds 45%+ market share.
• Cantor Fitzgerald: Global financial services firm active in capital markets — channel partner with ICF Bank on transactions, and a competing advisor/bookrunner for European small/mid-cap ECM mandates.
• HSBC Trinkaus & Burkhardt AG: German subsidiary of HSBC offering ECM/DCM advisory, institutional brokerage, and market making — competing with ICF Bank for capital markets mandates and institutional execution services in Germany.
• ODDO BHF AG: German/French private bank with strong capital markets franchise, providing ECM/DCM advisory, institutional brokerage, and market making services — overlapping significantly with ICF Bank's mid-market German focus.
• M.M.Warburg & CO (Bankhaus): Independent German private bank providing ECM/DCM advisory, sales trading, and institutional brokerage services — directly competing with ICF Bank for small/mid-cap German capital markets mandates.
• Baader Bank AG: German securities trading bank specializing in capital markets services, market making, and designated sponsoring — directly competing with ICF Bank in Frankfurt Stock Exchange specialist activities, equities/derivatives trading, and ECM/DCM advisory for small/mid-cap issuers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCZi8YYOy2jS_acWtFNVoa3Q
• Facebookfacebook.com/profile.php?id=100091146219174
• LinkedInlinkedin.com/company/icf-bank-ag
• Instagraminstagram.com/icfbank

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ICF Bank