Exchange supervision

from Wikipedia, the free encyclopedia

The operation of stock exchanges and the execution of stock exchange transactions are subject to state stock exchange supervision in most countries . The stock exchange supervision is carried out by a stock exchange supervisory authority. Typical competencies of the exchange supervisory authority are:

  • The admission (or closure) of the exchange
  • The monitoring of the regularity of the exchange operations and the settlement of exchange transactions
  • Ensuring compliance with stock exchange regulations

The stock exchange supervision is part of the financial services supervision . Other parts of financial service supervision are supervision of financial service providers (e.g. credit institutions ( banking supervision ) or insurance companies ) and securities supervision .

Stock exchange supervision in Germany

In Germany, stock exchange supervision is carried out by the economics or finance ministries or senate administrations of the federal states. The respective stock exchange supervisory authority monitors securities trading and all related tax issues.

The establishment of an exchange requires approval; it is subject to the supervision of the exchange supervisory authority, which is (still) a supreme state authority (usually the Ministry of Economic Affairs).

Securities trading is regulated and controlled at the federal level by the Federal Financial Supervisory Authority (BaFin) .

Legal basis

The legal basis for stock exchange supervision in Germany is the Stock Exchange Act and the Securities Trading Act .

Authority responsible for the exchange supervision

Stock exchange authority
(former) Bremen Stock Exchange Senator for Economy and Ports
Düsseldorf Stock Exchange Ministry of Finance of the State of North Rhine-Westphalia
Frankfurt Stock Exchange Hessian Ministry for Economy, Transport and State Development
Hamburg Stock Exchange Department of Economy and Labor
Hanover Stock Exchange Lower Saxony Ministry of Economics, Labor and Transport
Munich Stock Exchange Bavarian State Ministry for Economy, Infrastructure, Transport and Technology
Stuttgart Stock Exchange Baden-Württemberg Ministry of Economics, Labor and Housing
Tradegate Exchange and Börse Berlin Senate Department for Economy, Energy and Companies
European Energy Exchange (EEX) Saxon State Ministry for Economics, Labor and Transport


In Austria, the stock exchange supervision is incumbent on the financial market supervision for stock exchanges and the Federal Ministry of Economics and Labor (Austria) for commodity exchanges according to § 45 Stock Exchange Act .

The purpose of the exchange supervision is to ensure the relevant laws and the functionality of the exchange. Within the framework of stock exchange supervision, the supervisory authority can take suitable measures up to and including the closure of the stock exchange and the dismissal of the members of the stock exchange chamber.


Exchange supervision in Switzerland is based on Art. 1 Para. 1 lit. e Financial Market Supervision Act, FINMAG by the Swiss Financial Market Supervisory Authority (FINMA) (Art. 4 FINMAG).

FINMA grants ( Art. 3 SESTA ) and withdraws (Art. 36 SESTA) the approval to operate the stock exchange and makes the decisions necessary for the implementation of the Stock Exchange Act and its implementing provisions and monitors compliance with statutory and regulatory provisions.


In Italy stock exchange supervision is carried out by the Commissione Nazionale per le Società e la Borsa .

United States

In the USA , the stock exchange supervision is carried out by the United States Securities and Exchange Commission - usually called the SEC .


In Japan , the stock exchange supervision is carried out by the Kin'yū-chō ( 金融 庁 , English Financial Services Agency ). Market conformity checks are of its subordinate Shōken Torihikitō Kanshi iinkai ( 証券取引等監視委員会 , Eng. Securities and Exchange Surveillance Commission conducted SESC).

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