{
 "as_of": "2026-11-06",
 "cmr": "de-cm-kg/XETRA/EMH",
 "fence": "The page is the record's research on the issuer — no analyst, no rating, no view.",
 "markdown": "The page is the record's research on the issuer — no analyst, no rating, no view.\n\n# PFERDEWETTEN.DE AG NA ON (Xetra: EMH) — research page\n\nAs of 2026-11-06 · de-cm-kg · record version 1\n\n## Identity and listing\n\nThe issuer is PFERDEWETTEN.DE AG NA ON, listed on Xetra under ticker EMH, ISIN DE000A2YN777, LEI 391200QG00R11VCOUR60. The security type is Corporate and the segment is DEUTSCHLAND. The sector is not on the record, as the Xetra instruments file carries index membership and not a sector classification. The jurisdiction is Germany (Handelsregister HRB). The issuer is listed and not halted.\n\n## The disclosure read\n\nThe record holds 10 filings in the twelve months from 2025-11-06 to 2026-11-06, across 8 filing days. By type, the record holds 4 ad hoc filings, 4 corporate news filings and 2 major holder filings. The median gap between filing days is 8 days. The latest filing is dated 2026-10-31 and is of type major_holder, 6 days before the record date of 2026-11-06. On Xetra, the record holds 419 issuers with a median of 6 filings, a median cadence gap of 22.8 days and a median latency of 5.5 days. The sector median is not on the record for DE.\n\n## Auditor\n\nThe auditor is not on the record. The record carries the annual report link only, which is a source link and not a read. The auditor location and any auditor changes are not on the record, as this register has no lifecycle type map yet.\n\n## Events and halts\n\nThe listing, delisting, name change, domicile change and segment move events are not on the record, as this register has no lifecycle type map yet. The issuer is listed and not halted.\n\n## Orderability\n\nThe outcome is signal ACM-200 and determinable for each client category the chapter names: Professionelle Kunden, Privatkunden and Geeignete Gegenparteien. The rule version is acm-68000/de/mifid-ii-product-governance-produkt-berwachung/r1, and the chapter is as of 2026-11-04.\n\n## Coverage\n\nThe record finds 3 research houses named on the issuer's own investor relations page: Warburg Research, Montega AG and Pareto Securities.\n\n## Open research\n\nNo openly published research notes were found on the record.\n\n## Licensed\n\nLicensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.\n\n## As-of depth\n\nThe vintage of this market is not sealed. No issuer years are sealed, the market has no earliest sealed date, and the live record began on no date given.\n\n## Sources\n\n8 source pages are named on this page; every value above carries its own source page and read date in the numbers.\n\n- https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (identity.exchange)\n- https://api.gleif.org/api/v1/lei-records/391200QG00R11VCOUR60 (identity.jurisdiction)\n- https://mapping.gleif.org/api/v2/isin-lei/latest/download (identity.lei)\n- https://mcp.de-cm-kg.ai/events/XETRA/EMH (the disclosure lines)\n- https://www.cashmarket.deutsche-boerse.com/cash-en/Stay-Informed/current-regulatory-topics/mifid-ii-releases/4086638!suspension-list (the halt flag)\n- https://mcp.de-cm-kg.ai/book/aio.json (the orderability chapter)\n- https://www.pferdewetten.ag/investor-relations/research-coverage/ (coverage)\n- https://mcp.de-cm-kg.ai/record/XETRA/EMH (the record)\n",
 "market": "DE",
 "node": "de-cm-kg",
 "numbers": {
  "as_of_depth": {
   "issuer_years_sealed": [],
   "live_record_began": null,
   "node_history_from": null,
   "node_years_sealed": [],
   "note": "the DE vintage is not sealed; the record is the live record as of 2026-11-06",
   "record_version": 1,
   "sealed": false
  },
  "auditor": {
   "auditor": {
    "market": "DE",
    "reason": "Width 0 records the annual report link only (ORDER-015: source link, not a read)",
    "state": "not_on_record"
   },
   "auditor_firm_id": {
    "market": "DE",
    "state": "not_on_record"
   },
   "auditor_location": {
    "market": "DE",
    "state": "not_on_record"
   },
   "changes": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   }
  },
  "cmr": "de-cm-kg/XETRA/EMH",
  "coverage": {
   "count": 3,
   "houses": [
    {
     "analyst": "Felix Ellmann",
     "house": "Warburg Research",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.pferdewetten.ag/investor-relations/research-coverage/",
     "state": "sourced"
    },
    {
     "analyst": "Tim Kruse",
     "house": "Montega AG",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.pferdewetten.ag/investor-relations/research-coverage/",
     "state": "sourced"
    },
    {
     "house": "Pareto Securities",
     "read_by": "issuer IR page, fetched by this rail; each house name read on the page",
     "read_date": "2026-11-12",
     "source": "https://www.pferdewetten.ag/investor-relations/research-coverage/",
     "state": "sourced"
    }
   ],
   "pages_checked": [
    {
     "page": "https://www.pferdewetten.ag/investor-relations/research-coverage/",
     "result": "read: 3 of 6 named houses found on the page"
    }
   ],
   "read_by": "Perplexity sonar (search) · page read by this rail",
   "read_date": "2026-11-12",
   "since": "not stated on the page read",
   "state": "found"
  },
  "disclosure": {
   "against": {
    "exchange": {
     "issuers": 419,
     "median_cadence_gap_days": 22.8,
     "median_filings": 6,
     "median_latency_days": 5.5,
     "name": "Xetra"
    },
    "sector": {
     "market": "DE",
     "state": "not_on_record"
    }
   },
   "by_type": {
    "ad_hoc": 4,
    "corporate_news": 4,
    "major_holder": 2
   },
   "cadence_median_gap_days": 8,
   "filing_days": 8,
   "filings": 10,
   "latency_days": 6,
   "latest": [
    {
     "category": "voting-rights",
     "date": "2026-10-31",
     "source": "https://www.eqs-news.com/news/voting-rights/robus-capital-management-limited-london-united-kingdom/5087d120-91dc-473b-af81-841181425aaa_en",
     "title": "pferdewetten.de AG Robus Capital Management Limited, ...",
     "type": "major_holder"
    },
    {
     "category": "voting-rights",
     "date": "2026-10-30",
     "source": "https://www.eqs-news.com/news/voting-rights/tullna-ag-jena-germany/bc6b92bb-e963-4fb8-926a-cbb804e7b443_en",
     "title": "pferdewetten.de AG Tullna AG, Jena, Germany",
     "type": "major_holder"
    },
    {
     "category": "ad-hoc",
     "date": "2026-10-23",
     "source": "https://www.eqs-news.com/news/ad-hoc/pferdewetten-de-ag-vorstand-ordnet-segment-equity-neu/4d1085cc-f4e5-4ab2-8523-8e3607df6a3d_en",
     "title": "pferdewetten.de AG: Vorstand ordnet Segment Equity neu",
     "type": "ad_hoc"
    },
    {
     "category": "ad-hoc",
     "date": "2026-10-23",
     "source": "https://www.eqs-news.com/news/ad-hoc/pferdewetten-de-ag-vorstand-ordnet-segment-equity-neu/4d1085cc-f4e5-4ab2-8523-8e3607df6a3d_de",
     "title": "pferdewetten.de AG: Vorstand ordnet Segment Equity neu",
     "type": "ad_hoc"
    },
    {
     "category": "ad-hoc",
     "date": "2026-10-23",
     "source": "https://www.eqs-news.com/de/news/ad-hoc/pferdewetten-de-ag-vorstand-ordnet-segment-equity-neu/4d1085cc-f4e5-4ab2-8523-8e3607df6a3d_de",
     "title": "pferdewetten.de AG: Vorstand ordnet Segment Equity neu",
     "type": "ad_hoc"
    }
   ],
   "latest_filing_date": "2026-10-31",
   "read": "the node's event lines (list_events_since), as get_filings serves them",
   "source": "https://mcp.de-cm-kg.ai/events/XETRA/EMH",
   "window": {
    "from": "2025-11-06",
    "to": "2026-11-06"
   }
  },
  "identity": {
   "exchange": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "Xetra"
   },
   "isin": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "confirmed",
    "value": "DE000A2YN777"
   },
   "jurisdiction": {
    "read_by": "GLEIF LEI record (LEI per the LEI column) (registeredAs)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://api.gleif.org/api/v1/lei-records/391200QG00R11VCOUR60",
    "state": "sourced",
    "value": "Germany (Handelsregister HRB)"
   },
   "lei": {
    "read_by": "GLEIF ISIN-to-LEI mapping file (daily), LEI by exact ISIN",
    "read_date": "2026-11-09",
    "read_date_basis": "the field",
    "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download (ISIN DE000A2YN777)",
    "state": "sourced",
    "value": "391200QG00R11VCOUR60"
   },
   "name": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "PFERDEWETTEN.DE AG NA ON"
   },
   "sector": {
    "market": "DE",
    "reason": "the Xetra instruments file carries index membership, not a sector classification",
    "state": "not_on_record"
   },
   "security_type": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "Corporate"
   },
   "segment": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "DEUTSCHLAND"
   },
   "ticker": {
    "read_by": "Xetra all-tradable-instruments file (exchange list, daily) (Date Last Update:;11.09.2026)",
    "read_date": "2026-11-06",
    "read_date_basis": "the record version as_of",
    "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares (file allTradableInstruments.csv)",
    "state": "sourced",
    "value": "EMH"
   },
   "website": {
    "market": "DE",
    "state": "not_on_record"
   }
  },
  "licensed": {
   "columns": [
    "licensor",
    "entitlement",
    "title",
    "date",
    "source"
   ],
   "rows": [],
   "rule": "A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded."
  },
  "lifecycle": {
   "delisting": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "domicile_change": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "listing": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "name_change": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   },
   "segment_move": {
    "market": "DE",
    "reason": "no lifecycle type map for this register yet (SHELF-01: us and ca first)",
    "state": "not_on_record"
   }
  },
  "market": "DE",
  "node": "de-cm-kg",
  "numbers_hash": "sha256:16a9ce717f56a9fdcc5e9dfd85aea468ce6e8683481cd67d4931dd6cd1675555",
  "open_research": {
   "read_date": "2026-11-12",
   "rows": [],
   "state": "none_found"
  },
  "orderability": {
   "chapter_as_of": "2026-11-04",
   "client_categories": [
    "Professionelle Kunden",
    "Privatkunden",
    "Geeignete Gegenparteien"
   ],
   "outcomes": {
    "Geeignete Gegenparteien": {
     "determinable": true,
     "signal": "ACM-200"
    },
    "Privatkunden": {
     "determinable": true,
     "signal": "ACM-200"
    },
    "Professionelle Kunden": {
     "determinable": true,
     "signal": "ACM-200"
    }
   },
   "read": {
    "basis": "one live read per instrument class, halt state and client category on this market; this issuer's group",
    "chapter": "https://mcp.de-cm-kg.ai/book/aio.json",
    "door": "https://mcp.de-cm-kg.ai/mcp",
    "tool": "get_orderability"
   },
   "rule_version": "acm-68000/de/mifid-ii-product-governance-produkt-berwachung/r1",
   "section": "de.aio.v13"
  },
  "record": {
   "as_of": "2026-11-06",
   "url": "https://mcp.de-cm-kg.ai/record/XETRA/EMH",
   "version": 1
  },
  "schema": "research-numbers v0.1 (USR-01, 2026-11-11)",
  "status": {
   "read_date": "2026-11-09",
   "source": "https://www.cashmarket.deutsche-boerse.com/cash-en/Stay-Informed/current-regulatory-topics/mifid-ii-releases/4086638!suspension-list",
   "value": "listed, not halted"
  }
 },
 "numbers_hash": "sha256:16a9ce717f56a9fdcc5e9dfd85aea468ce6e8683481cd67d4931dd6cd1675555",
 "path": "/de/XETRA/EMH",
 "schema": "research-page v0.1 (USR-02, 2026-11-11)",
 "sections": [
  {
   "id": "identity",
   "text": "The issuer is PFERDEWETTEN.DE AG NA ON, listed on Xetra under ticker EMH, ISIN DE000A2YN777, LEI 391200QG00R11VCOUR60. The security type is Corporate and the segment is DEUTSCHLAND. The sector is not on the record, as the Xetra instruments file carries index membership and not a sector classification. The jurisdiction is Germany (Handelsregister HRB). The issuer is listed and not halted.",
   "title": "Identity and listing"
  },
  {
   "id": "disclosure",
   "text": "The record holds 10 filings in the twelve months from 2025-11-06 to 2026-11-06, across 8 filing days. By type, the record holds 4 ad hoc filings, 4 corporate news filings and 2 major holder filings. The median gap between filing days is 8 days. The latest filing is dated 2026-10-31 and is of type major_holder, 6 days before the record date of 2026-11-06. On Xetra, the record holds 419 issuers with a median of 6 filings, a median cadence gap of 22.8 days and a median latency of 5.5 days. The sector median is not on the record for DE.",
   "title": "The disclosure read"
  },
  {
   "id": "auditor",
   "text": "The auditor is not on the record. The record carries the annual report link only, which is a source link and not a read. The auditor location and any auditor changes are not on the record, as this register has no lifecycle type map yet.",
   "title": "Auditor"
  },
  {
   "id": "events",
   "text": "The listing, delisting, name change, domicile change and segment move events are not on the record, as this register has no lifecycle type map yet. The issuer is listed and not halted.",
   "title": "Events and halts"
  },
  {
   "id": "orderability",
   "text": "The outcome is signal ACM-200 and determinable for each client category the chapter names: Professionelle Kunden, Privatkunden and Geeignete Gegenparteien. The rule version is acm-68000/de/mifid-ii-product-governance-produkt-berwachung/r1, and the chapter is as of 2026-11-04.",
   "title": "Orderability"
  },
  {
   "id": "coverage",
   "text": "The record finds 3 research houses named on the issuer's own investor relations page: Warburg Research, Montega AG and Pareto Securities.",
   "title": "Coverage"
  },
  {
   "id": "open_research",
   "text": "No openly published research notes were found on the record.",
   "title": "Open research"
  },
  {
   "id": "licensed",
   "text": "Licensed research: none loaded. A licensed row is served only to an agent whose firm holds that licence (licensor, entitlement). No licensed row is loaded.",
   "title": "Licensed"
  },
  {
   "id": "depth",
   "text": "The vintage of this market is not sealed. No issuer years are sealed, the market has no earliest sealed date, and the live record began on no date given.",
   "title": "As-of depth"
  },
  {
   "id": "sources",
   "text": "8 source pages are named on this page; every value above carries its own source page and read date in the numbers.",
   "title": "Sources"
  }
 ],
 "sources": [
  {
   "for": "identity.exchange",
   "source": "https://www.xetra.com/xetra-en/instruments/shares/list-of-tradable-shares"
  },
  {
   "for": "identity.jurisdiction",
   "source": "https://api.gleif.org/api/v1/lei-records/391200QG00R11VCOUR60"
  },
  {
   "for": "identity.lei",
   "source": "https://mapping.gleif.org/api/v2/isin-lei/latest/download"
  },
  {
   "for": "the disclosure lines",
   "source": "https://mcp.de-cm-kg.ai/events/XETRA/EMH"
  },
  {
   "for": "the halt flag",
   "source": "https://www.cashmarket.deutsche-boerse.com/cash-en/Stay-Informed/current-regulatory-topics/mifid-ii-releases/4086638!suspension-list"
  },
  {
   "for": "the orderability chapter",
   "source": "https://mcp.de-cm-kg.ai/book/aio.json"
  },
  {
   "for": "coverage",
   "source": "https://www.pferdewetten.ag/investor-relations/research-coverage/"
  },
  {
   "for": "the record",
   "source": "https://mcp.de-cm-kg.ai/record/XETRA/EMH"
  }
 ],
 "title": "PFERDEWETTEN.DE AG NA ON (EMH) — research page",
 "writer": {
  "by": "Claude through the platform account, Haiku class; one pass; checked against the numbers",
  "engine": "claude-haiku-5-5"
 }
}