Stock broker

from Wikipedia, the free encyclopedia
Exchange trader on the Tel Aviv Stock Exchange

Stockbrokers (also Kursmakler ; English broker ) were to June 2002, commercial broker who at German stock exchanges professionally mediated exchange transactions between broker-dealers. The lead brokers have taken over their function since July 2002 .


Since the Fourth Financial Market Promotion Act of July 2002, stockbrokers are no longer legally brokers , but are referred to as lead brokers. Only their job title is sometimes still stock exchange or price broker, especially since laypeople are more likely to imagine the profession here. Therefore, the term stockbroker will continue to be used because of the fluency. Today they are only required in floor trading because business deals are concluded on computer stock exchanges through the electronically controlled combination of buy and sell orders ( automated trading ). These stock brokers brokered the buy and sell orders of the stock exchange traders and were involved in the quotation .

Exchange traders, in turn, are the representatives and employees of the credit institutions who hand over their customers' security orders to the stockbrokers or lead brokers so that they can find a counterparty for the counter-transaction . The previously in the former "official trading" active Kursmakler (stockbroker) was abolished as well as the "official market quotation". The term broker has been replaced by lead broker, his public law appointment is no longer applicable .

Stock exchanges in Germany are institutions under public law ( Section 2 (1) BörsG ), so that the stockbrokers were in a public-law relationship with the stock exchange. The lead brokers, on the other hand, are self-employed or employed by a financial service provider .

Legal issues

Stock brokers have been legally referred to as lead brokers since July 2002 ( Section 2 (8) BörsG). Your appointment and dismissal will be carried out by the exchange supervisory authority after hearing the exchange management board. As legal entities, lead brokers can choose between the legal forms of sole trader or, as managing directors of a financial services institution (AG or GmbH) as a course brokerage company. You are entitled to conduct your own transactions if there are no limit orders close to the market.

According to Section 27 BörsG, the management of a stock exchange can, upon application, entrust companies admitted to trading with the determination of stock exchange prices on this stock exchange (admission as lead broker). The applicant must have the reliability required for lead brokerage and be suitable for lead brokerage based on their professional and economic performance. The management has to admit persons who are to be authorized to trade for a lead broker in lead brokerage (lead brokers), if these persons are exchange traders and have the professional qualifications required for lead brokerage. The management has to revoke the admission as lead broker after hearing the exchange supervisory authority, except in accordance with the provisions of the Administrative Procedure Act , if the lead broker is guilty of a gross breach of his obligations. The management can revoke the approval if the BaFin has taken measures to ensure the fulfillment of the lead broker's obligations to his creditors. In urgent cases, the management can provisionally prohibit a lead broker from participating in stock market trading with immediate effect, even without his or her hearing; Objections and actions for rescission have no suspensive effect. If there is a well-founded suspicion that one of the prerequisites did not exist or has subsequently ceased to exist, the management can order the suspension of the admission of a lead broker for a maximum of six months. BaFin must inform the management immediately if it has taken measures to ensure that the lead broker's obligations to his creditors are met.


Until July 2002, according to Section 29 (1) BörsG and Section 30 (1) BörsG (old version), the broker was responsible for brokering stock exchange transactions and officially determining the stock exchange prices. They were considered to § 93 HGB as commercial broker for whom the brokerage law of § § 652 et seq. BGB was. According to § 30 Para. 2 BörsG a. F. are appointed who had the reliability and professional qualifications necessary for the activity, provided security in accordance with Section 32 Paragraph 6 BörsG and demonstrated equity in accordance with Section 7 Paragraph 4 No. 4 BörsG.

Since July 2002, according to § 28 BörsG, the lead broker has had to work towards an orderly market development and to carry out lead brokerage neutrally. He has to take appropriate organizational measures to ensure compliance with his duties. When determining the price, he must act without instructions. Duties must be carried out in such a way that effective monitoring of compliance with duties is guaranteed. The lead broker must treat all orders available at the time of price determination equally when executing them, taking into account the special regulations existing on the exchange.

The lead brokers determine the official price quotation for the securities they are responsible for in official trading on the basis of the securities orders that are listed on the stock exchange via the banks as the standard price . Since lead brokers are also allowed to carry out limited proprietary transactions in accordance with Section 36 BörsO, Section 6 BörsG regulates possible conflicts of interest when acquiring significant investments ( Section 1 Paragraph 9 KWG ; 10% or more), which, like insider trading ( front running ), are carried out by the trading surveillance office ( Section 7 BörsG) are to be monitored.


Today, a distinction must be made between the lead broker and the independent broker . Lead brokers are approved and sworn in by the respective state government. This happens because the state has its own interest that stock exchange prices reflect actual market developments and are reliable. Independent brokers are approved by the stock exchange and determine security prices exclusively in the open market. They are subject to the supervision of the stock exchange supervisory authority.

Stock exchange language

To avoid misunderstandings, stockbrokers and stock exchange traders speak their own protocol-like language ( stock exchange jargon ) in combination with gestures with individual fingers and / or the whole hand, which makes the verbally expressed synchronously understandable.

The bidirectional communication always consists of an action (purchase, sale, etc.) and a confirmation from the respective counterpart. A purchase with the exclamation from you is always followed by an to you so that the transaction is legally effective. In addition to the main types of business, additional information and restrictions are also communicated. Incorrect use of the broker's language can have serious consequences, i.e. losses, price differences or differences in securities accounts.

The finger gestures are therefore central because it must be assumed that not all market participants can understand the offers acoustically due to the noise level . Often there is only visual contact between the individual dealers. In order to still conclude trades over longer distances of over 5 meters , nothing is heard acoustically, but only settled with hand signals . The show of hands is considered binding and absolutely equivalent to a trade that has been concluded verbally. Each trade (buy or sell) is then noted either by the trader himself or by the stockbroker. After the end of trading, the positions are matched by the stock exchange administrators of the banks or brokers, often until late at night, until the securities accounts and individual positions are correct. This coordination takes place by telephone or in person; often with the traders among themselves over a beer after work.

Main types of business

  • "From you" - buy
  • "To you" - sell
  • Money - buying rate
  • Letter - selling rate


  • Siemens at 90.50 : Dealer: With 90.5 1000 from you! → Broker: 1000 to you with 90.5
  • UBS 252 money! : Merchant has money and pays a provider for UBS titles, e.g. B. 252, -
  • CS 120 letter! : Dealer seeks buyer for Credit-Suisse title at 120.00
  • Being in the money : Overall, the dealer is currently in the profit zone
  • Three-Ten : index change or price change of 30%; Three tenths
  • Apply 20 : Follow-up purchase, stocking up, buying in addition to z. B. 130, -
  • How are Daimler?, 50 up, 55! Good for 500? Yes. Ok 500 with, 55 from you ... to you!


In Switzerland, the Zurich Sensalenordnung of May 13, 1663 regulated the organization of stockbrokers ("Sensalen"), in 1884 the "Act on the Trades of Securities Selling and Stock Agents" placed all Swiss stock exchanges under state supervision . Today's securities dealers at SIX Swiss Exchange are people who commercially “ buy and sell securities on the secondary market for their own account for short-term resale or for the account of third parties , offer them publicly on the primary market or create and publicly offer derivatives themselves ” ( Art. 2 d SESTA ). These are the so-called ring banks, a small group of selected banks whose name comes from the ring-like tables in the center of the stock exchange. You alone have the right to buy and sell on the stock exchange.

In Austria, there are members of the Vienna Stock Exchange who are made up of credit institutions or other financial service providers and employ certified stock exchange traders ( sic ).

The participants of the New York Stock Exchange (NYSE) are market makers ( English specialists ) and distributors ( English dealer ) that limit orders can grant that (with quotations English quotes ) of "specialists" must compete, so the NYSE not a pure market-maker trading is but a mixed form with the continuous auction ( English continuous auction ) represents. In contrast to the stockbroker or lead broker , the broker may act in his own name.


In an investigation of cooperation behavior in 2013, researchers in Switzerland came to the conclusion that stock market traders behave significantly more selfishly and asocially than the normal population and even as people with a disrupted personality profile.

See also

Individual evidence

  1. Alpmann Brockhaus, Fachlexikon Recht , 2005, p. 286
  2. BT-Drs. 14/8017 of January 18, 2002, draft of a law for the further development of the financial center Germany (Fourth Financial Market Promotion Act) , p. 63
  3. BT-Drucksache 14/8017 of January 18, 2002, draft of a law for the further development of the financial center Germany (Fourth Financial Market Promotion Act) , p. 72
  4. BT-Drucksache 14/8017 of January 18, 2002, draft of a law for the further development of the financial center Germany (Fourth Financial Market Promotion Act) , p. 84
  5. ^ Wolfgang Gerke: Gerke Börsen Lexikon . 2002, p. 497
  6. ^ Wolfgang Gerke: Gerke Börsen Lexikon . 2002, p. 517 f.
  7. ^ Dennis Winkler: crash course stocks . 2009, p. 54
  8. Term Freimakler. bö economic lexicon
  9. ^ Albert Maag: The development and organization of the Swiss securities exchanges . 1915, p. 28
  10. ^ Ernst-Uwe Winteler: Capital investments in Switzerland . 1980, p. 52
  11. ^ Erik Theissen: Organizational forms of securities trading . 1998, p. 10
  12. to the investigation with stock exchange traders. Spiegel Online , March 6, 2013