Munich Stock Exchange
| Munich Stock Exchange
|
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|---|---|
 |
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| legal form | Dependent institution under public law |
| founding | December 16, 1830 |
| Seat |
Munich , Germany
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| management | Robert Ertl, Andreas Schmidt |
| Number of employees | 30th |
| Branch | Stock exchange |
| Website | www.boerse-muenchen.de |
At the Munich Stock Exchange are stocks , mutual funds , bonds , exchange-traded funds (ETFs) and exchange-traded commodities (ETCs) traded. The Munich Stock Exchange is the home exchange u. a. for the DAX - public companies BMW , Allianz , Munich Re , Infineon , Siemens and Linde . It was founded on December 16, 1830 and has been based at Karolinenplatz in Munich since 2009 . The carrier is the Bayerische Börse Aktiengesellschaft.
offer
The Munich Stock Exchange offers more than 4,000 credit institutions and issuers in German-speaking countries access to the primary and secondary market. More than 220,000 securities of various classes from over 60 countries are traded. With m: access , the Munich Stock Exchange has been operating a quality segment for medium- sized companies since 2005 .
history
The origins of the Munich Stock Exchange go back to 1830, when regular trading in securities was started in the Munich “Kaufmannsstube”. The dawning industrial age brought mobility, new technologies open up new markets. Bavaria played a leading role in this: On December 7, 1835, the first German railroad ran from Nuremberg to Fürth; the rail network was soon expanded nationwide. The Munich Stock Exchange also made the boom of those years possible. The young companies sought capital for new investments and founded public companies that were listed on the stock exchange. Back then, every investor could still place orders on the stock exchange himself. From 1840 onwards banks were increasingly obliged to act as "intermediaries" between the stock exchange and investors. In March 1869, independent merchants founded the Münchener Handelsverein recognized association , which became the sponsor of the Munich Stock Exchange. He ensures the public service operation of the exchange.
In 1901 the rooms on Theatinerstraße / corner Maffeistraße became too small, and the stock exchange moved to the newly built Art Nouveau splendid building on Maximiliansplatz , the house for trade and commerce . Today the IHK Munich is located there . During the First World War (1914-1918) the exchange remained closed.
In the course of the synchronization, the Munich Stock Exchange was forcibly merged with the Augsburg Stock Exchange to form the Bavarian Stock Exchange in 1935. During the Second World War, the stock exchange was only interrupted from April 27 to August 10, 1945. The Bavarian Stock Exchange was the first to start trading again after the war.
In 1963 the stock exchange moved to the new Baroque building on Lenbachplatz ( Neue Börse ), which was built in 1898 and was its headquarters until October 2007. In 2000, the Bavarian Stock Exchange was reorganized, restructured and converted into a stock corporation, the sole shareholder of which is the Münchener Handelsverein Holding GmbH & Co. KG of the Münchener Handelsverein. MAX-ONE, the electronic trading system of the Munich Stock Exchange, was launched on May 2, 2003. The new slogan of the Munich Stock Exchange is “Demand everything. Order Munich. ”On December 16, 2005, the Munich Stock Exchange celebrated its 175th anniversary. On May 2, 2006, on-exchange trading in investment funds began with no sales charge.
Since June 2009 the Munich Stock Exchange has been located directly on Karolinenplatz in the former Hutschenreuther Villa. This building was commissioned by the porcelain manufacturer Viktor Hutschenreuther in 1894; the architect was Ludwig Deiglmayr. After a devastating fire in December 1944, the building was renovated in the 1950s.
In January 2015, the Bavarian Stock Exchange launched gettex, an additional trading system that is specifically aimed at cost-conscious private investors. In addition to stocks, bonds and funds, mainly certificates are traded on gettex. These structured securities are looked after by market makers (usually the issuers of these products) by constantly setting buy and sell prices. With the help of a special certificate finder, tradable products can be found according to base values, issuers, product types, strategies and key figures and traded via affiliated banks.
Since then, the Munich Stock Exchange has been operating a specialist model (Munich Stock Exchange / MAX-ONE 2.0) and a market maker model (gettex).
Structure and organization
The Munich Stock Exchange has a private-law sponsor, Bayerische Börse AG, and carries out public-law tasks with the organization of stock exchange trading. There are issuers , credit and financial services institutions and lead brokers involved. This enables market participants and customers to influence strategic decisions.
trade
The price of a share is based on the home market (reference market). This means that the buyer in Munich always gets the best price available on the market. The Munich Stock Exchange serves as a reference market, the market with the highest turnover in Germany and abroad. For Deutsche Bank shares, for example, this is Xetra , for Telefonica the Madrid Stock Exchange or for Dell the NASDAQ ; this market is generally considered to be the most liquid market - with the narrowest bid-ask spreads. The Munich Stock Exchange ensures that the order is executed at least as well as on the reference market itself.
Trading on the Munich Stock Exchange has been running since 2003 using its own MAX-ONE system, a fully electronic trading system that automatically executes all orders against one another. At the same time, "specialists" (including lead brokers ) can take corrective action in the fully electronic matching process. The system guarantees the principle of "Best Execution" (German: Best Execution Principle). In July 2015 the release change to MAX-ONE 2.0 took place.
Exchange hours
The trading hours of the Munich Stock Exchange are:
- 8:00 a.m. to 10:00 p.m. for stocks, funds, warrants and certificates
- 8:00 a.m. to 5:30 p.m. for pensions
There is no trading on the Munich Stock Exchange on public holidays.
Specialists of the stock exchange
Specialists are securities trading banks that operate on the model of the New York Stock Exchange (NYSE). You ensure the following services at the Munich Stock Exchange:
- Full execution of orders
- Comprehensive liquidity, even in bad market conditions
- Determination of the best price based on global stock exchange comparisons.
The less turnover takes place in a security, i.e. the less liquid it is, the more important the specialists are. You then set binding buying and selling prices and thus guarantee the continuous and immediate tradability of the securities traded in Munich. Since they always act as the counterparty, short-term market imbalances are offset.
m: access
m: access is the market segment of the Munich Stock Exchange for medium-sized companies. It is designed as a cross-segment, exchange-regulated market. Entry takes place via IPO , listing or switching from another segment. The admission requirements and follow-up obligations are tailored to the needs of medium-sized businesses. The companies listed in m: access offer their investors a higher level of transparency and security through the follow-up obligations imposed by the stock exchange.
Web links
- Website of the Munich Stock Exchange
- Website of gettex
- Early documents and newspaper articles on the Munich Stock Exchange in the 20th Century press kit of the ZBW - Leibniz Information Center for Economics .
Individual evidence
- ↑ Ulrich Segna : The legal form of German stock exchanges , accessed on February 13, 2015 (PDF; 97 kB).
- ^ History. Munich Stock Exchange, accessed on October 26, 2018 .
- ↑ Ludwig Railway. With the eagle from Nuremberg to Fürth. www.nuernberginfos.de, accessed on October 30, 2018 .
- ↑ certificate-kostenlos-handeln.de. Bayerische Börse AG, accessed on December 5, 2019 .
- ↑ Tobias Lill: Bayerische Börse expands trading significantly. Münchner Merkur , January 22, 2015, accessed on April 21, 2015 .
- ↑ ivestor Smart Search. Retrieved December 23, 2019 .
- ↑ gettex.de. Bayerische Börse AG, accessed on December 5, 2019 .
- ↑ Market participants. Munich Stock Exchange, accessed on October 26, 2018 .
- ↑ Public holiday regulation at the Munich Stock Exchange. In: Munich Stock Exchange. Retrieved October 30, 2018 .
- ↑ Follow-up obligations. m: access, accessed October 26, 2018 .
Coordinates: 48 ° 8 ′ 40.6 ″ N , 11 ° 34 ′ 12.6 ″ E