Agricultural Products Exchange
The stock exchange for agricultural products in Vienna , in short: product exchange , is a commodity exchange founded in 1869 with no forward transactions . It has been located since 1890 in a specially constructed building on Taborstrasse in Vienna- Leopoldstadt between 1887 and 1890 .
During the National Socialism in Austria (1938–1945) and due to the Market Organization Act from 1949 to 1994, the stock exchange was of no importance. When Austria joined the EU in 1995, the stock exchange was reactivated and the function of target pricing for the Austrian market was resumed by the most important market participants. The quotes are made weekly.
In addition, the Vienna Product Exchange has a court of arbitration that is responsible for all members and trading partners in the event of disputes.
history
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The grain trade in Austria has been a free business since 1812, grain is a commodity. With the development of trade, the Vienna Fruit and Flour Exchange was established in 1853 . This was initially still under the authority of the Viennese magistrate and only became independent on June 24, 1869. This was the year the Vienna Product Exchange was born. Its trade initially took place in the Café Produktebörse in Vienna's Leopoldstadt . With the increase in the volume of trading and the increase in the number of trading participants, the decision was made to build a separate exchange building. The order for this was given to the architect Karl König in 1887 , who erected the stock exchange building in Taborstrasse not far from the café in the neo-renaissance style. It was completed and trading began on August 23, 1890. The motto of the stock exchange was built into the facade in Latin letters: in usum negotiatorum cuiuscumque nationis ac linguae ("dedicated to the merchants of all peoples and every language").
Until the First World War , the stock exchange was the most important stock exchange for agricultural products of the Austro-Hungarian monarchy. After its downfall and the years of inflation, stock market trading experienced a major decline, from which the stock market only recovered in the mid-1920s.
In 1938, after the connection of Austria to Germany, the stock market was closed. During the Second World War , the stock exchange was hit in an air raid on Vienna, and the trading floor burned out. After the end of the war, reconstruction began. On November 10, 1948, the stock exchange chamber was reconstituted and on Wednesday, July 29, 1949, the first stock exchange meeting after the end of the war was held in the refurbished stock exchange building on Taborstrasse. However, the stock exchange was now largely meaningless due to the Market Regulation Act, which determined the price setting by the social partnership . It only served as a weekly meeting point for the most important market participants. From the 1980s the large hall was used by the Odeon Theater.
When Austria joined the EU in 1995, the Market Regulation Act had to be repealed. The product exchange was put together again and resumed its function as a place of target price determination by the most important market participants.
The Viennese product exchange played a key role in the creation of a uniform Italian-Austrian-German model contract for the grain trade.
Stock exchange trading
Merchandise
Actual trading does not take place on the product exchange. However, for the purpose of determining the target price of the traded goods, business transactions are recorded from a certain minimum volume, which varies depending on the goods, usually at least 100 tons. Exchange transactions essentially include all agricultural raw materials and semi-finished products grown in the region that are used for human and animal nutrition. Forestry products, spices, herbs and raw materials such as jute used in the manufacture of fabrics and webs are excluded from trading. Almost all “colonial goods”, i.e. sugar, coffee, tea, chocolate, cocoa and the like, are also excluded.
Trade practices
The customs of the Vienna Stock Exchange for agricultural products serve as a binding basis for the terms, terms and conditions, deadlines, processing modalities and trading practices that occur in business transactions . They are intended to prevent misunderstandings and misinterpretations and thus facilitate national and international trade.
In addition, special provisions stipulate what prerequisites quality or variety designations have to meet - for example “quality” or “premium wheat”.
Price quotation
The prices are quoted on the basis of actual trading, i.e. excluding futures such as options and futures that are not traded in Vienna, once a week on Wednesday at 1.30 p.m. Only large trade deals from a certain minimum quantity at the wholesale price are used for the assessment. The prices are ultimately determined by the price determination commission, which is under the supervision of the exchange commissioner. The prices are published in the official course sheet.
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Exchange Chamber
The Chamber of the Agricultural Products Exchange in Vienna is responsible for managing the agricultural products exchange . This is made up of 30 members named Exchange Councilors, who are each elected or appointed for four years. One third of these are appointed by the Ministry of Agriculture from persons proposed by the Austrian Chambers of Agriculture. The Chambers of Agriculture in Vienna, Lower Austria and Burgenland appoint a further three members. The remaining 17 members are elected by the exchange members, six of which must come from the milling industry, one from the flour processing industry or trade, and six from the grain trade. The other four can belong to other professional groups participating in stock exchange transactions. Another requirement for the 30 exchange advisors is that at least half of them have their place of residence in Vienna.
A management committee, the exchange committee and the exchange president with his three vice-presidents and the treasurer are also elected from the exchange councils for four years.
The stock exchange commissioner and his two deputies, who are provided by the Ministry of Agriculture and Economy, act as the supervisory body.
The four-person panel of arbitrators and the three-person panel of experts are also appointed by the Chamber of Commerce.
Previous Presidents of the Exchange Chamber:
- 1869–1872: Konstantin Dora
- 1872–1875: Roman Uhl
- 1876–1894: Wilhelm Naschauer
- 1895–1916: Paul Ritter von Schoeller
- 1917–1925: Fritz Mendl
- 1926–1928: Hugo Hauser
- 1929–1931: Hermann Reif
- 1932–1933: Jakob Handl
- 1934–1938: Josef Zwetzbacher
- 1948–1958: Josef Rupp
- 1959–1963: Alfred Fromm
- 1963–1976: Leopold Holzschuh
- 1976–1977: Hermann Grün
- 1978–1993: Ernst Polsterer
- 1994–1997: Kurt Engleitner
- since 1998: Rudolf Kunisch
Arbitration board
Members of the exchange are legally bound by trading practices. These also determine the recognition of the court of arbitration of the Vienna Stock Exchange for agricultural products as the competent court in the event of disputes or disagreements. This is not bound by the procedural rules of ordinary courts, which is why judgments by the arbitral tribunal cannot be appealed. The proceedings usually take less than a month and the judgments of the arbitral tribunal at the Vienna Stock Exchange are, in contrast to many other European stock exchanges, directly enforceable enforcement titles.
literature
- Statute of the stock exchange for agricultural products in Vienna . Publishing house of the stock exchange for agricultural products in Vienna, Vienna 1890, OBV .
- Viktor Kienboeck: The futures trading in grain, especially on the Vienna Stock Exchange for agricultural products . Lectures and papers of the Austrian Leo Society, Volume 8. Mayer, Vienna 1897, OBV .
- Annual report of the stock exchange for agricultural products in Vienna for the year ... Stock exchange for agricultural products, Vienna 1903 (1904) –1936 (1937), ZDB -ID 1017495-3 , OBV .
- Ingrid Eder: Development and importance of the exchange for agricultural products in Vienna . Thesis. Vienna University of Economics and Business, Vienna 1984, OBV .
- Directory of members of the stock exchange for agricultural products in Vienna. As of April 1, 1998 . Secretariat of the stock exchange for agricultural products in Vienna, Vienna 1998, OBV .
- Dagmar Herzner-Kaiser: The agricultural product exchange in Vienna and the Viennese exchange building in the 19th century . Thesis. University of Vienna, Vienna 1999, OBV .
Individual evidence
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^ Karl König, Heinrich Koechlin: Exchange for agricultural products in Vienna. In: Allgemeine Bauzeitung , year 1900, (LXV. Year), pp. 1–3. (Online at ANNO ). as well as
Karl König, Heinrich Koechlin: Exchange for agricultural products in Vienna. In: Allgemeine Bauzeitung , year 1900, (LXV. Year), pp. 1–6. (Online at ANNO ). .
Web links
- www.boersewien.at - Website of the Vienna Stock Exchange for Agricultural Products
Coordinates: 48 ° 12 ′ 50.7 " N , 16 ° 22 ′ 48.8" E