Stock exchange

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An exchange is a market for standardized trading objects organized according to certain rules .


For example, securities (such as stocks , bonds ), foreign exchange , certain commodities (e.g. agricultural products , metals and other raw materials ) or with rights derived therefrom can be traded . The exchange brings together supply and demand - mediated by stockbrokers or lead brokers (during fixed # trading hours ) - and balances them out by (official) fixing of prices ( stock exchange prices ). The determination of the courses or prices of the traded objects is continuously based on supply and demand.

Image section with the inscription ter buerze

An exchange serves the temporal and local concentration of the trading of fungible items with supervised pricing . The goals are increased market transparency for effects , an increase in efficiency and market liquidity , a reduction in transaction costs and protection against manipulation . In contrast to over-the-counter trading (also called OTC trading from English over the counter ), stock exchange trading is controlled by state supervisory authorities (in Germany: the Federal Financial Supervisory Authority (BaFin)) and by the trading surveillance offices of the stock exchanges.

The controlled in ISO 10383 market identification code each exchange is just like any other trading platform world clearly identifiable. For buyers and sellers of financial products, the exchanges take on the important function of the central counterparty .


There are various literary opinions about the origin of the word. The Burse was a community that lived from a common fund , as was the name given to its accommodation. The word stands for “leather bag, sack of money” ( Latin bursa ), which in turn goes back to ancient Greek βύρσα (býrsa) for a peeled animal skin or fur. Some historians associate the term with Byrsa , a hill with a walled fortress over the port of the ancient city of Carthage in what is now Tunisia .

A version of the origins of the name that has been handed down for centuries says that the Bruges- based merchant family Van ter Beurze (Buerze, Buerse) , whose name first appeared in 1257 and whose house has been mentioned very often since 1285 as "ter Buerse" or "ter ouder Buerse", regularly held business meetings with - mainly Italian - businessmen in her house. Her coat of arms showed three purses. From 1409 this exchange brokered absent goods and bills of exchange . The Flemish surname was transferred from the house to the meeting itself in the Dutch word for purse ( Dutch beurs ) and was also adopted in other European languages ​​in the following years, where it still occurs today, for example, German  stock exchange , French bourse , Italian borsa or Danish børs .


From Bruges, commodity exchanges spread worldwide, in 1414 in Antwerp , 1531 in France ( Toulouse , French bourse de commerce ; 1549 in Lyon , French la Change ; 1550 in Rouen , French convention ) and Germany ( Augsburg Stock Exchange ), 1571 in England ( London ; English exchange ) or 1611 in the Netherlands ( Amsterdamer Börse ; as a commodity exchange Dutch goederenbeurs ). The first commercial Paris stock exchange existed in 1639 when the functions of the commodity and stock exchange were separated. A decree of April 2, 1639 gave the dealers the designation stock traders ( French agents de change ), whose official trade was given the designation "parquet" ( French parquet ). Since then, every trading floor has been referred to as floor and trading therein as floor trading .


Important types of exchanges broken down by type of trading item are:

  • Commodity Exchange : These exchanges for trading goods , products and raw materials - originally mainly imported and domestic agricultural products - were the first type of exchange. Product exchanges and special exchanges that specialized in certain world goods such as precious metals or coffee were later created.
  • Futures exchange or commodity futures exchange: these are the exchanges where commodity futures are transacted and derivatives are traded.
  • Stock exchange or stock exchange: These stock exchanges for trading stocks and bonds are the most important type of exchange today, which is why the general term stock exchange is often used as a synonym for stock exchanges.

Other types of exchanges or similarly organized markets are:

Exchanges can also be differentiated according to whether they have an organized trading system that is organized according to a pure auction system (such as secondary stocks and open market on Deutsche Börse ), a market maker system such as NASDAQ, or a mixed system such as the NYSE disposes. Market-maker systems ( English quote driven system ) are characterized in that the continued presence of market makers daily for the execution of all securities orders ensures by buying or such orders even from its own stocks for each quota sold. The auction principle ( English order driven system ) requires the existence of corresponding orders for the specified market price and the corresponding quantity for every transaction . For a buy order, there must be a corresponding sell order or vice versa, in which the counterparty's price and quantity requests can be met for at least one counterparty.

Exchange forms

The classic form of the exchange was the floor exchange (also called floor trading ). There the brokers met in person and concluded their deals through talks. Computers moved in in the 1990s, order routing has been electronic ever since, and trading is supported by programs.

With computer exchanges such as the fully electronic Xetra trading platform , a computer program takes over the calculations and communication. Here entries are made via dialog windows; the computer system processes the trade and calculates the rates (e.g. the daily average). The majority of sales are currently processed worldwide via computer-aided stock exchanges, with the brokers themselves sometimes sitting at their screens.

For the processing of delivery and payment, some non-codified (uncommitted) practices have developed between the market participants . In addition, instructions from the Federal Financial Supervisory Authority ( Bundesanstalt für Finanzdienstleistungsaufsicht) on the minimum requirements for trading in securities (for example, shares and bonds) have been published in Germany recently .

Forms of trade

A distinction is made according to the type of transaction:

Legal issues

Like any market , the exchange also requires a market regime that subjects exchange trading to written legal norms and unwritten customary law . In Germany there is a written legal norm of the Stock Exchange Act (BörsG) and the stock exchange regulations issued by regional stock exchanges . In accordance with Section 1 (1) of the BörsG, the BörsG contains regulations in particular on the operation and organization of stock exchanges, the admission of trading participants , financial instruments , rights and assets to stock exchange trading, the determination of stock exchange prices, the responsibilities and powers of the competent highest state authority (stock exchange supervisory authority) and to punish violations. According to the legal definition of Section 2 (1) BörsG, stock exchanges are public-law institutions with partial legal capacity that regulate and monitor multilateral systems that protect the interests of a large number of people in buying and selling objects within the system that are admitted to trading there according to non-discretionary provisions Bringing together or promoting the bringing together in a manner that results in a contract for the purchase of these merchandise. Organs of the stock market are to § 3 para. 1 of the Exchange Act, the Exchange Management Board , the Exchange , the Sanctions Committee and the Market Surveillance Office . The establishment and operation of an exchange requires the written permission of the exchange supervisory authority ( Section 4 (1) BörsG). To visit the stock exchange, to participate in stock exchange trading and for persons who are to be authorized to trade on the stock exchange for a company admitted to participate in stock exchange trading ( stock exchange trader ), approval by the management is required ( Section 19 (1) BörsG) . Trading objects that are to be traded on the stock exchange and are not admitted to trading on the regulated market or included in the regulated market or in the open market require admission to trading by the management in accordance with Section 23 (1) BörsG. General admission standards for securities are regulated in § 32 ff. BörsG. According to § 37 BörsG, government bonds such as federal securities or state bonds of the federal states and government bonds of states of the European Economic Area do not require approval . Prices that are determined on an exchange during the trading hours are stock exchange prices in accordance with Section 24 (1) BörsG . These must come about properly and correspond to the actual market situation of stock exchange trading (Section 24 Paragraph 2 BörsG). According to Section 25 (1) BörsG, the management is authorized to suspend trading . The management of a stock exchange permits lead brokers in accordance with Section 27 (1) of the BörsG .

In addition, special unwritten trading customs , so-called stock exchange usages , which are based on voluntary and continuous actual practice, apply on the stock exchanges . In contrast to normal transactions, it should be possible to obtain immediate legal certainty in fast-moving stock exchange trading , so that the subsequent cancellation of securities transactions ( cancellation ) due to e.g. B. Errors are only possible within a very limited period of time (customarily between 30 minutes and 2 trading hours) (see Mistrade for deadlines for mistrade applications).

Stock exchange reports

Various capital market rules require the publication of certain events that are relevant to stock market events. Listed companies and securities issuers must publish these announcements in the mandatory sheets of the relevant stock exchanges. Pursuant to Section 32 (5) of the Stock Exchange Act, the admission office of a stock exchange determines at least three domestic daily newspapers with supraregional distribution as supraregional stock exchange reports . In addition, it can name other (regional) mandatory stock exchange papers.

The Munich Stock Exchange has set the following mandatory stock exchange gazettes for the years 2021 to 2022:

Supraregional stock exchange reports:

regional stock exchange reports:

Trading hours

Exchanges are open on trading days . When it comes to trading hours (or trading hours ) on all stock exchanges, a distinction is made between floor trading and computer trading (such as Xetra). Smaller exchanges often only have floor trading. Floor trading begins on the Frankfurt and Stuttgart stock exchanges at 8:00 a.m. local time (based on Germany), and also at 8:00 a.m. on the Berlin, Düsseldorf and Munich stock exchanges, it ends at 8:00 p.m. local time and in Stuttgart at 10:00 p.m. 00 o'clock. Xetra starts at 9:00 a.m. and ends at 5:30 p.m. local time. The trading hours of NASDAQ , the largest electronic exchange in the United States, and the NYSE are 9:30 am to 4:00 pm New York time (EST), which is 3:30 pm to 10:00 pm German time ( CET ).

The Tokyo Stock Exchange has its trading hours from 9:00 a.m. to 11:30 a.m. and 12:30 p.m. to 3:00 p.m. local time (corresponds to 1:00 a.m. to 3:30 a.m. and 4:30 a.m. to 7:00 a.m. CET) .

Important trading venues

Are internationally significant stock exchanges

The world's largest stock exchanges (by trading volume )
The world's largest stock exchanges (by market capitalization )
Stock exchange city country
New York City United StatesUnited States United States
London United KingdomUnited Kingdom United Kingdom
Tokyo JapanJapan Japan
Shanghai China People's RepublicPeople's Republic of China People's Republic of China
NetherlandsNetherlands Netherlands France Portugal Belgium
Frankfurt am Main GermanyGermany Germany
Milan ItalyItaly Italy
Hong Kong Hong KongHong Kong Hong Kong
Toronto CanadaCanada Canada
Zurich SwitzerlandSwitzerland Switzerland
Singapore SingaporeSingapore Singapore
Sydney AustraliaAustralia Australia
São Paulo BrazilBrazil Brazil

By market capitalization and trading volumes measured is the main trading network for the CEE region , the CEE Stock Exchange Group . This is followed by the Polish Warsaw Stock Exchange, which is already larger than the Vienna Stock Exchange in terms of market capitalization - if you look at it independently.

With a daily transaction volume of around 2 trillion US dollars, the world's stock exchanges are  a decisive factor in the global economy.

Stock exchange Germany

Interior view of the Frankfurt Stock Exchange
Price board in the Hamburg Stock Exchange

In Germany there are eight stock exchanges, one power exchange ( EEX ) and one futures exchange ( Eurex ).

The most important stock exchange in Germany is the Frankfurt Stock Exchange (FWB), including the Xetra and Frankfurt Stock Exchange . A large part of stock trading in Germany is carried out via the Xetra and Frankfurt Stock Exchange (March 2008: share of trading in German stocks around 98 percent, with foreign stocks around 84 percent.) Based on trading in currency and bills of exchange in the 16th and 17th centuries. In the 19th century and with stock trading starting in 1820, the FWB has since developed into one of the leading international stock exchanges for stocks and bonds. Deutsche Börse AG is the sponsor and operator .

In addition, there are seven other stock exchanges in Germany (which apart from gettex, Tradegate and EEX are also referred to as regional exchanges ). Among these, the Stuttgart Stock Exchange (Baden-Württembergische Wertpapierbörse) is the second largest trading center with an average share of 34 percent of the order book turnover in German floor trading. The trading of securitized derivatives such as warrants (trading segment Euwax) is of particular importance . Fund trading is very important on the Hamburg / Hanover stock exchange, which ranks third among the German stock exchanges under the joint sponsoring and operating company Börsen AG .

After the Bremen Stock Exchange was dissolved in 2007, the following German stock exchanges existed in addition to the Frankfurt Stock Exchange:

In 1897 there were still the following stock exchanges in Germany: Berlin, Breslau, Danzig , Düsseldorf, Elbing, Essen, Frankfurt am Main, Gleiwitz, Halle an der Saale, Königsberg, Magdeburg, Memel, Posen, Stettin (all Prussia), Munich, Augsburg ( Bavaria), Leipzig, Dresden, Zwickau, Chemnitz (Saxony), Stuttgart (Württemberg), Mannheim (Baden), Mulhouse, Strasbourg (Alsace-Lorraine), Bremen, Hamburg, Lübeck.

Of the Nazis in 1934 so far 21 German stock exchanges were combined into nine stock exchanges: Berlin, Breslau, Hanover, Stuttgart, Hamburg (Bremen and Lübeck went to this stock exchange on), Saxon or Central German stock exchange in Leipzig (Dresden, Zwickau, Halle and Chemnitz went on this stock exchange), the Rhenish-Westphalian stock exchange in Düsseldorf (Essen and Cologne went on this stock exchange), the Rhein-Mainische stock exchange in Frankfurt (with Mannheim) and the Bavarian stock exchange in Munich (with Augsburg).

USA stock exchange

The major stock exchanges in the United States are the NYSE Amex (formerly the American Stock Exchange), the Chicago Mercantile Exchange (CME), the National Association of Securities Dealers Automated Quotations ( NASDAQ ), the New York Mercantile Exchange (NYMEX), and the New York Stock Exchange (NYSE). The oldest American stock exchange is the Philadelphia Stock Exchange, founded in 1790 .

Dark Trade

The majority of trading takes place over the counter. Around half of the total volume in Germany and around two thirds in the USA. A significant part of the transactions are covert and not public. Dark pools are a special form of trading venues that are used to darken the order backlog and market participants. This lack of transparency is particularly in the interests of institutional investors. In the USA, the share of pure dark pools in the volume handled almost doubled from 8% to 15% between 2008 and 2014. Since this type of trading corresponds to a customer need, dark pools are also offered on the regular exchanges. The Swiss Exchange SIX operates Liquidnet Service and the Deutsche Börse Xetra Midpoint . Big banks like UBS and Credit Suisse also operate their own dark pools.

Historical development

In 12th century France, the courretiers de change were active in managing and regulating the debts of agricultural communities on behalf of the banks concerned. Because these men also dealt in debt, they can be called the first brokers. According to a widespread misconception, commodity traders met in Bruges in the late 13th century in the house of a man named Van der Beurze, from whom the Brugse Beurse is said to have emerged in 1409 . Until then it was an informal meeting, but actually the Van der Beurze family had a building in Antwerp where these meetings took place.

Founding of individual stock exchanges

The first exchange was founded in Bruges in 1409 . It was an exchange exchange, an institutionalized trading place for long-distance traders for bills of exchange . In 1531 a centrally located permanent building was built, which was named "Byrsa Brugensis" (Bruges Stock Exchange) in contemporary city maps.

The stock exchanges in Augsburg and Nuremberg were the first to be established in Germany in 1540. In southern Germany, however, the term “stock exchange” was not used for a long time; people spoke of “space”.

The world's first official stock exchange building opened in Amsterdam in 1613 .

country Name of the exchange Founding year (source) Remarks
Belgium Bruges Stock Exchange 1409 There has also been a permanent building since 1531
Belgium Antwerp Stock Exchange 1460
France Lyon Stock Exchange 1540 (approx)
Germany Augsburg Stock Exchange 1540 Commodity and foreign exchange exchange in the open air at the Perlach tower, since 1549 in a drinking room at the town hall
Germany Nuremberg Stock Exchange 1540
Germany Cologne Stock Exchange 1553
Germany Hamburg Stock Exchange 1558
Great Britain London Stock Exchange 1571, January 23 founded as Royal Exchange (London)
Germany Frankfurt Stock Exchange 1585
Germany Bremen Stock Exchange 1620 First documentary mention; from 1682 stock exchange closed in 2007
Netherlands Amsterdam Stock Exchange 1612 Decision to build the stock exchange in 1607, opening in 1611 as a commodity exchange, from 1612 on a stock exchange
Denmark Copenhagen Stock Exchange 1639 was built by King Christian the Fourth in 1639
Germany Leipzig Trade Exchange 1679
France Paris Stock Exchange 1724, September 24th
Russia St. Petersburg Stock Exchange (Birzha) 1731 Wooden building, new stone building in 1810
Germany Berlin Stock Exchange 1731
Portugal Lisbon Stock Exchange 1769, January 1st
Austria Vienna Stock Exchange 1771
United States New York Stock Exchange 1792, May 17th
Ireland Irish Stock Exchange 1793
Belgium Brussels Stock Exchange 1801, July 2nd
Italy Milan Stock Exchange 1808, February 15
Poland Warsaw Stock Exchange 1817, May 12th
Norway Oslo Stock Exchange 1819
Germany Munich Stock Exchange 1830
Spain Madrid Stock Exchange 1831, September 10th
India Calcutta Stock Exchange 1830s
United States American Stock Exchange 1842
Brazil Rio de Janeiro Stock Exchange 1845
Mexico Bolsa Mexicana de Valores 1850 first trade in 1850
Switzerland Geneva Stock Exchange 1850
Argentina Buenos Aires Stock Exchange 1854
Switzerland Zurich Stock Exchange 1855
Czech Republic Prague Stock Exchange 1861 First trade in the product hall
Colombia Bolsa de Valores de Colombia 1861
Hungary Budapest Stock Exchange 1864
Switzerland Basel Stock Exchange 1866
Turkey İstanbul Menkul Kıymetler Borsası 1866 founded as Dersaadet Securities Exchange
Canada Montreal Exchange 1832
Greece Athens Stock Exchange 1876 Predecessor institute founded in 1870
Romania Bucharest Stock Exchange 1882
United States Chicago Stock Exchange 1882, March 21
Switzerland Bern Exchange Association 1884, November 10th
South Africa Johannesburg Stock Exchange 1887
Egypt Alexandria Stock Exchange 1888
Brazil São Paulo Stock Exchange 1890
Spain Bilbao Stock Exchange 1890
Chile Bolsa de Comercio de Santiago 1893
Serbia Beogradska Berza 1894
Egypt Cairo Stock Exchange 1903
Canada Vancouver Stock Exchange 1907
Finland Helsinki Stock Exchange 1912
Luxembourg Luxembourg Stock Exchange 1929
Venezuela Bolsa de Valores de Caracas 1947
Japan Tokyo Stock Exchange 1949, April 1st
Nigeria Nigeria Stock Exchange 1960
Colombia Medellin Stock Exchange 1961
United States NASDAQ 1971, February 8th
Peru Bolsa De Valores De Lima (BVL) 1971
Bermuda Bermuda Stock Exchange (BSX) 1971
Mauritius Mauritius Stock Exchange 1978
Slovenia Ljubljanska borza 1989, December 26th
Hungary Budapest Stock Exchange 1990
China Shanghai Stock Exchange (SSE) 1990, November 26th
Republic of Malta Malta Stock Exchange 1991, January 24th
Jordan Amman Stock Exchange 1999, January
Cyprus Cyprus Stock Exchange 1996, March 29th
Germany Tradegate Exchange 2009, January 1st
Germany gettex 2015, January 19th

Mergers and acquisitions

  • 1973: All British stock exchanges merge to form the London Stock Exchange .
  • 1995: Merger of the Geneva, Basel and Zurich stock exchanges to form SIX Swiss Exchange (excluding the Bern stock exchange ).
  • 1995: Merger of the London Stock Exchange with the Irish Stock Exchange.
  • December 1, 1999: Singapore Exchange Limited (SGX) is established through the merger of the Stock Exchange of Singapore (SES) and Singapore International Monetary Exchange (SIMEX) .
  • December 2006: The NYSE takes over Euronext and changes its name to NYSE Euronext .

Significant stock market events

  • In 1929, the biggest row on Wall Street happened on "Black Monday" - Monday, October 28, 1929. The Dow Jones Industrial Average fell from 298.97 to 260.64 points. There were many black days on Wall Street in October 1929, but there was no Black Friday. Friday, October 25, 1929, is often incorrectly referred to as " Black Friday "; on the day, however, the Dow Jones Industrial Average gained 1.75 points.
  • In 1997 the Asian crisis occurred. The emerging markets artificially kept the value of their currency high until the system collapsed and losses on the Hong Kong stock exchange were around 40%. The crisis started with the devaluation of the Thai currency.
  • By March 2000, stocks in the so-called new economy sector rose. From this point on, the “ dot-com bubble ” burst , causing shareholders to lose more than 200 billion euros.
  • Due to the financial crisis from 2007 and several bank failures, there were significant price slides in September 2008. In addition to suspending individual values, the Russian Stock Exchange, among other things, completely suspended trading several times.
  • On October 16, 2017, the German share index ( DAX ) closed above 13,000 points for the first time (at 13,003.70). The index started on July 1, 1988 at 1,163.52 points.

See also


  • Sven Grzebeta: Ethics and Aesthetics of the Stock Exchange . Wilhelm Fink, Paderborn 2014, ISBN 978-3-7705-5680-9 .
  • Johann-Günter König, Manfred Peters: The stock exchange. Shares and actors . Suhrkamp, ​​Frankfurt am Main 2002, ISBN 3-518-12215-0 .

Web links

Wiktionary: Börse  - explanations of meanings, word origins, synonyms, translations

Individual evidence

  1. Ursula Hermann, Knaurs etymologisches Lexikon , 1983, p. 79
  2. ^ Ivar Lissner, The Riddles of Great Cultures , 1964, p. 58
  3. Heinz Bremer, Fundamentals of German and Foreign Stock Exchange Law , 1969, p. 3
  4. Detlef Wienecke-Janz (ed.), Die große Chronik-Weltgeschichte: 1204-1492 , Volume 9, 2008, p. 262
  5. Exchange. In: Wolfgang Pfeifer: Etymological Dictionary of German.
  6. DUDEN - German Universal Dictionary. Retrieved March 24, 2015 .
  7. ^ Herbert Rosendorfer, German History - An Attempt. Volume 4: The Thirty Years War , Munich 2007, p. 41
  8. Verlag Dr. Th. Gabler, Gabler Bank Lexikon , 1988, Sp. 1652
  9. Rolf Bühner (Ed.), Management-Lexikon , 2001, p. 21
  10. Wolfgang Gerke, Gerke Börsen Lexikon , 2002, p. 77
  11. Section 32 (5) BörsG (date of issue: July 16, 2007).
  12. Announcements , accessed on January 12, 2021
  13. Deutsche Börse press release ( Memento of May 12, 2008 in the Internet Archive ) of March 3, 2008.
  14. Bernd Wirtz: IPO Management: Structures and Success Factors . 1st edition. Gabler, Wiesbaden 2001, ISBN 3-409-11835-7 , pp. 20 ( limited preview in Google Book search).
  15. Hans Pohl et al. (Ed.): German stock exchange history. 1992, ISBN 3-7819-0519-5 , pp. 270-280.
  16. Michael Rasch: Stock trading seeps into dark channels. In: Neue Zürcher Zeitung . May 16, 2014, accessed September 19, 2015 .
  17. BOURSE DE BRUGES. In: Encyclopædia Universalis. (French)
  18. ^ Joseph Antoine, Marie-Claire Capiau-Huart, H. Olivier, H. Carpentier: Titres et Bourse. vol. 1: Valeurs mobilières. 2nd Edition. De Boeck Université, coll. "Comptabilité, Contrôle & Finance", Bruxelles 1997. (French)
  19. Oude Beurs. Belgian source, accessed June 24, 2013.
  20. a b c d Christine Bortenlänger, Ulrich Kirstein: Exchange for dummies. Weinheim 2013, p. 32.
  21. ^ FAZ: How the first stock exchange came into being 600 years ago .
  22. a b Euronext Paris Stock Exchange founding dates ( memento of July 23, 2012 in the Internet Archive )
  23. Datev magazine 7/2018
  24. ^ First exchange rules of March 14, 1682 .
  25. Founding dates of the Lisbon Stock Exchange ( Memento from March 15, 2012 in the Internet Archive )
  26. ^ Founding dates of the Brussels Stock Exchange ( Memento from May 26, 2011 in the Internet Archive )
  27. ^ History of the Warsaw Stock Exchange ( Memento from December 16, 2007 in the Internet Archive ).
  28. ^ History of the Madrid Stock Exchange. (No longer available online.) Archived from the original on September 24, 2006 ; accessed on March 24, 2015 .
  29. ^ History of the Bovespa. (No longer available online.) Archived from the original on February 23, 2009 ; accessed on March 24, 2015 .
  30. ^ History of the Santiago Stock Exchange ( Memento of November 10, 2006 in the Internet Archive )
  31. Overview of BSX (English).
  32. ^ History of the ASX (English).
  33. Profiles. History. Cyprus Stock Exchange, accessed September 28, 2016 .
  34. Overview SGX / SES ( Memento from May 1, 2015 in the Internet Archive ) (English)