German futures exchange

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The DTB German futures exchange from 1990 to 1998, a stock exchange for the exclusive trading of standardized financial derivatives.

It was the first new exchange that was founded in Germany after the Second World War . DTB Deutsche Terminbörse GmbH was responsible for the public German Terminbörse. In several respects you entered new territory in the Federal Republic:

Founding history

It is true that derivatives were also traded on other German stock exchanges before the DTB was founded. However, these - mostly warrants - were not standardized and the market liquidity was rather poor, especially in difficult market situations. The DTB Terminbörse should therefore be founded as a special exchange for the exclusive trading of standardized financial derivatives.

Jörg Franke , at that time managing director of the Berlin Stock Exchange, was commissioned to lead a team to design and implement the new futures exchange as a modern service company .


In contrast to the conventional floor exchanges at the time , trading on the DTB took place continuously, without the involvement of price brokers . Market makers committed to making binding offers to buy and sell at all times.

As the first electronic exchange in the Federal Republic of Germany, the DTB was able to bundle the entire market liquidity; there was no fragmentation on the various stock exchanges. In addition, the central electronic order book enabled optimal transparency that was the same for all participants .

It was also new that DTB Deutsche Terminbörse GmbH guaranteed the fulfillment of all transactions and thus the payment and delivery risk was eliminated. The processing of the transactions was integrated into the electronic system.

For the first time, with the DTB, a German stock exchange was designed as a branded item with its own branded products . Before the start of the stock exchange, Wilhelm Brandt set up a dedicated PR office .

Except for the integration of the settlement, these innovations were integrated into the later Deutsche Börse and its new Xetra system.


  • In 1988 the DTB Deutsche Terminbörse GmbH was founded. DTB GmbH was owned by 17 banks. DTB GmbH acted as the clearing house and carrier of the DTB Deutsche Terminbörse. Chairman of the supervisory board of the GmbH and chairman of the stock exchange was Rolf-E. Breuer , managing directors Jörg Franke and Friedrich W. Wahl.
  • DTB started trading on January 26, 1990. Initially, only options were traded, later also futures.
  • In 1993 DTB GmbH was incorporated into the newly founded Deutsche Börse AG.
  • In 1998 the Deutsche Terminbörse GmbH merged with SOFFEX to form today's Eurex .