BÖAG stock exchanges

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BÖAG Börsen AG

legal form Corporation
founding January 1, 1999
Seat Hamburg and Hanover Germany
management Thomas Ledermann, Hendrik Janssen
Branch Exchanges
Website www.boersenag.de

The BÖAG exchanges Aktiengesellschaft is the sponsoring company and operates the stock exchanges Hamburg , Hanover and Dusseldorf , traces its stories to the 1558 (Hamburg), 1785 (Hannover) and 1841 (Dusseldorf). A wide range of tradable securities such as stocks , bonds and funds are available to investors on the three German regional stock exchanges . There are also platforms for trading closed funds. With the Mittelstandsbörse Deutschland, a new segment especially for medium-sized companies started in January 2011. In 2017 the turnover was 10.2 billion euros.


History of the Hamburg Stock Exchange

"Hamburg Stock Exchange" on Adolphsplatz around 1900
Rathausmarkt-Hof ,
seat of the Börsen AG in Hamburg

The Hamburg Stock Exchange is the oldest in Germany and the fourth oldest in Europe. In 1558, the city council gave Hamburg merchants permission to use a fenced-in area near the town hall for their daily open-air trading meeting.

Initially, the traders mainly dealt with goods, but the first insurances and securities were also traded. Trade increased in volume in the following centuries, not least due to the growing port and the associated trading activities. The first stock exchange building was completed on the stock exchange site at Trostbrücke as early as 1583. 250 years later, the company moved to the stock exchange building on Adolphsplatz that still exists today, where stock exchange operations began on December 4, 1841.

It is still the seat of the Hamburg Chamber of Commerce today , as well as some of the Hamburg Stock Exchange, which consists of other individual exchanges (insurance exchange, grain exchange). Since 2006, the Hamburg Stock Exchange has been trading in the newly acquired office building Rathausmarkt-Hof , which was completed in 1899 as the first building on this square after the completion of the town hall in 1897. All corporate units of the Hamburg Stock Exchange are now based there.

History of the Hanover Stock Exchange

Hannover Stock Exchange in the building of the Calenberg-Grubenhagen landscape

The Lower Saxony Stock Exchange in Hanover has its origins in the 18th century. In 1785 a stock exchange club was founded by merchants on the Leine with the intention of simplifying business activities in the region. In 1787 the club, which still exists as such, was founded by Georg III. recognized as a public institute. That was the hour of birth of the Hanover Stock Exchange, which was expanded into a trading association in 1815. The first share price note appeared in 1858. In 1867 the assets of the trading association and the stock exchange building were transferred to the trading guild, which expanded trading on the stock exchange. Since 1923 the stock exchange has been located in the building of the Calenberg-Grubenhagen landscape , which was built in Tudor style in 1846 and is now a listed building .

The Hamburg and Hanover stock exchanges today

Organization chart of Börsen AG

There are five different individual exchanges under the umbrella of the Hamburg Stock Exchange . In addition to a general exchange, these are the insurance exchange, the grain exchange, the coffee exchange (only formally) and the Hanseatic stock exchange.

On January 1, 1999, the two former sponsoring associations of the stock exchanges in Hamburg and Hanover, the association of members of the Hanseatic Stock Exchange in Hamburg and the association of the Lower Saxony Stock Exchange in Hanover founded BÖAG Börsen AG as a joint sponsoring company. Both exchanges enable institutional and private investors to trade a wide range of securities.

Today computer-aided brokerage is operated on the stock exchanges in Hamburg and Hanover. This means that the price is determined by the responsible broker (so-called lead broker ), who are supported by a number of technical systems (including quote machine , limit control systems and Xontro ).

Around 120 domestic and foreign credit institutions and financial services companies are involved in trading, and more than 11,000 securities are listed on the two stock exchanges (including stocks, open funds, warrants and participation certificates, certificates). In addition, closed funds are traded on the Fund Exchange Germany.

In the over-the-counter secondary market with closed funds, which has existed since 1998, the stock exchanges are market leaders and the stock exchange trading with open funds, which opened in 2002, is also running successfully.

Trading segments and trading rules

Stock trading

Trading time from 8 a.m. to 8 p.m.

Trading in stocks in the DAX , MDAX , TecDAX , SDAX , EURO STOXX 50 and DowJones on the Hamburg and Hanover stock exchanges is based on the reference market principle. This means that execution is guaranteed at least at a price that is as good as on the respective reference market; the price can also be better than there. For orders in shares of the MDAX, SDAX and TecDAX indices and for foreign shares up to a volume of up to 25,000 euros, no brokerage fee is charged; for orders in shares of the DAX-30, brokerage fees up to 50,000 euros are waived. Other orders are 0.08%, and orders in DAX 30 shares over 50,000 euros are 0.04%. Orders in all common index values ​​are executed within the scope of the order book depth of the reference market, even if there is no counter-order. The previous turnover is also irrelevant: the lead brokers provide liquidity guarantees for this ; in shares of the EURO STOXX 50 and the DAX-30, this amounts to 50,000 euros, for example.

Bond trading

From 8:00 a.m. to 5:30 p.m., bonds (also called bonds) are traded variably on the Hamburg and Hanover stock exchanges. This includes all listed Federal securities and issued by states bonds as well as bank and corporate bonds . Up to an order volume of 250,000 euros, trading takes place in all federal securities listed on the regulated market with a term of up to ten years with a maximum spread of 0.05%. The orders are executed on the basis of the respective bond futures or the current calculation of the issuer or market operator . Execution of all orders placed up to the start of trading at 11 a.m. is guaranteed at the spot rate of the Frankfurt fixing in any amount. In addition, all quoted corporate bonds up to an order volume of 50,000 euros are traded continuously.

Fund trading Hamburg

In 2002, the Hamburg Stock Exchange introduced on-exchange trading in investment funds . With a turnover of 1.3 billion euros in 2015, it is the market leader in this segment. Investors can currently trade more than 4200 open funds. In contrast to the classic fund order directly via the investment company, trading on the stock exchange is variable, and an execution price is set very quickly. Furthermore, there is often no front-end load.

Fund exchange Germany

BÖAG Börsen AG Hamburg-Hanover operates a secondary market for investments under the Fondsbörse Deutschland brand . Investors have the opportunity to sell holdings in more than 5200 real estate, ship and many other funds before the end of the term or to acquire “used” holdings. Trading in closed funds is based on stock exchange rules. Supply and demand set the price. The responsible broker, the Fondssbörse Deutschland Beteiligungsmakler AG, determines offer prices on a daily basis and publishes them at www.zweitmarkt.de. Employees of the trading surveillance office of the Hamburg Stock Exchange monitor the daily price determinations. Around 250 million euros were turned over in this segment in 2015. This corresponds to an increase of around 25 percent compared to the previous year.

Fund Service Hanover

Since 2011, investors have been able to buy investment funds via the Hannover Fund Service at the redemption price (NAV) of the capital management company (KVG). You receive the fund units without a front-end load. Regardless of the order volume, 15 euros per order are charged for execution on the Hannover Stock Exchange. Orders are placed via a bank or an online broker. The brokers at the stock exchange collect the orders up to the individual order acceptance deadline and execute them after the new NAV is published by the KVG. Redemption prices for funds are usually determined and published every trading day. In contrast to on-exchange fund trading, intra-day market fluctuations in the fund service have no influence on the execution price.

SME Exchange Germany

The Mittelstandsbörse is a trading segment established in 2011 in the open market of the Hamburg and Berlin stock exchanges, in which, similar to the Scale segment in Frankfurt, the m: access segment in Munich and the primary market in Düsseldorf, higher transparency standards apply than in the simple open market.

High Risk Market

The High Risk Market is a trading segment in the open market of the Hamburg Stock Exchange, in which mainly shares of companies are listed that are not admitted to trading on any domestic or foreign organized market. Trading and price determination are based on supply and demand; There is no quote obligation for the lead brokers for the values ​​listed in this segment.

Listing after delisting

Another special feature of the Hamburger Freiverkehr is the initiative listing of shares, the listing of which was discontinued at the request of the respective company. In Hamburg, for example, the shares of Deufol , Kabel Deutschland Holding AG , KWG Kommunale Wohnen and Sanacorp continue to be traded despite an official, Germany-wide delisting . BÖAG is thus competing with the established over-the-counter platforms Valora Effekten Handel and Schnigge Telefonhandel .

Savings bond exchange Germany

In February 2015, BÖAG Börsen AG introduced the Germany savings bond exchange . The trading platform enabled the anonymous brokerage of savings bonds denominated in euros. Anyone who needed the tied up liquidity before the maturity of their savings bond had expired could offer it for sale via the savings bond exchange in Germany. Sellers set a starting price and then waited five days for incoming bids. The transaction concluded through the broker who brokered the transaction was processed through an escrow account. The Germany savings bond exchange was discontinued in 2019.

Lang & Black Exchange

In August 2016, the Hamburg Stock Exchange launched the electronic trading system Lang & Schwarz Exchange in partnership with the market manager Lang & Schwarz TradeCenter AG & Co. KG . BÖAG Börsen AG, as the sponsoring company of the Hamburg and Hanover stock exchanges, is thus expanding its range of traditional stock exchange trading. Using this trading system, investors can currently trade around 8000 securities Monday to Friday between 7:30 a.m. and 11:00 p.m. using the quote request procedure.

Germany borrower's note exchange

From March 2017 to 2019, BÖAG Börsen AG offered institutional investors for the first time in Germany, for the first time in Germany, with the promissory note exchange in Germany, a supervised trading of promissory note loans. Buy and sell orders for promissory notes with a remaining term of between one and a maximum of ten years could be entered anonymously and free of charge via a service provider on the platform. Two brokerage alternatives were available for sellers: The "auction process", which ran for a maximum of five days, enabled the best possible sales price to be achieved; Timely execution was aimed for in "immediate trading". If a business was successfully brokered, a commission was charged.


German Gender Index

The Hannover Stock Exchange has been running the German Gender Index since April 2015. It comprises 50 shares in German companies that stand out in terms of corporate governance due to the balance between female and male executives on the board of directors and the supervisory board. Investors have the opportunity to participate in the development of the index via an equity fund that was launched when the index was launched.

Global Challenges Index (GCX)

In September 2007 the Hanover Stock Exchange launched the Global Challenges Index in cooperation with oekom research AG . This index is aligned to seven global challenges of this millennium. It consists of 50 companies. These are particularly committed to combating the causes and consequences of climate change, ensuring an adequate supply of drinking water, ending deforestation and promoting sustainable forest management, preserving biodiversity, dealing with population development, fighting poverty or the support of responsible management (governance) structures.

HASPAX share index

In cooperation with the Hamburger Sparkasse , the Hamburg Stock Exchange initiated the HASPAX in 1996 , the stock market index for 25 stock corporations from the Hamburg metropolitan region . This is designed as a performance index.

Stock index NISAX20

In 2002, Nord / LB introduced the NISAX20 share index . The 20 most important stock corporations in the state of Lower Saxony are included here. The prerequisite for admission is the head office in Lower Saxony and membership in at least the CDAX or a listing on the Hanover stock exchange in the regulated market .

Web links

Individual evidence

  1. press release. BÖAG Börsen AG, accessed on October 30, 2018 .
  2. ^ History of the Hanover Stock Exchange. qmedia GmbH, accessed on October 30, 2018 .
  3. Questions and answers on the Hanover Fund Service ( Memento from October 6, 2014 in the Internet Archive ) in: Company details , accessed on August 10, 2015
  4. Börsen AG press release, January 20, 2011 ( Memento of May 23, 2011 in the Internet Archive )
  5. ↑ Raising capital through shares. Retrieved May 30, 2017 .
  6. Hamburg's stock exchange wants to distinguish itself with the risk segment. In: Welt.de, accessed on August 10, 2015
  7. Hamburg Stock Exchange trades in savings bonds. In: Abendblatt.de, accessed on August 10, 2015
  8. Press release "Lang & Schwarz Exchange". Hamburg Stock Exchange, August 2, 2016, accessed on August 9, 2016 .
  9. Press release Schuldscheinbörse Germany. March 1, 2017, accessed March 1, 2017 .
  10. New Index for Gender Diversity in Welt.de, accessed on August 10, 2015 and New Fund reflects Gender in Merkur.de, accessed on August 10, 2015