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Nowadays, securities are primarily used in banking and stock exchanges as the collective term for fungible securities that can be traded on the capital market . In the past, “effects” generally referred to movable property .


Grammatically, the term is a plural tantum , i.e. a word that is used exclusively in the plural. The term “effects” has different contents, because in addition to banking and stock exchange, it is also synonymous with movable property , luggage or clothing .


The word is derived from French effets . The original content of the term initially referred to securities, later it extended to movable property. From the correspondence of the Fugger at the time of Otto Heinrich Fugger it emerges that in 1619 the creditor papers of the Spanish crown were referred to as "Effectos". In 1629, the Neapolitan Gian Donato Turbolo spoke of the “assets remaining with banks” ( Italian effetti restati nelli Banchi ). In 1658 Michael Caspar Lundorp speaks of the fact that merchants own goods and effects, "everyone and every merchant and trader ... samples their goods ... and effects". In 1684, the economist Philip Wilhelm von Hornick used the term “effects” in his main cameralistic work “Austria about everything when it only wants”. Here he calls for a ban on foreign factories: "Now the question is how the hereditary lands can manage to get their own domestic effects in the east-led four sorts of manufactories by issuing foreign pleasure, which is then the right knoden." He called Austria to set up their own factories to prevent the settlement of foreigners. In Bavaria in 1705 the farmers asked permission to flee to the castle with their cattle and their effects during the peasant uprising.

In France , the term appeared in July 1723 as an "arrangement on the royal property regarding the payment of municipal offices " ( French règle [d] es effets royaux qui seront reçus des Offices Municipaux ). In 1734 Jean-François Melon (1675–1738) mentioned "le commerce des effets publics" and meant the smooth flow of economic traffic. In 1787, Johann Jakob Landerer understood this to mean the assets of a merchant. The " Encyclopédie méthodique " by Charles-Joseph Panckoucke , published in 1784, designated all royal securities traded on the stock exchange, including the shares of the French East India Company , with "effets royaux" .

Since then, “effects” has generally been used to describe movable property. An announcement ordered the auction of the effects of Count Joseph Fugger von Babenhausen on the 15th Hornung in 1813. "The effects consist of various rings from Werth, other gold and silver work, very good rifles, clothes of all kinds, underwear and other equipment, finally in a small library of selected books from all subjects". A commercial lexicon from 1834 understood this to mean property that (with the exception of cash and capital) consists of movable items (devices, machines, jewelry, movables of all kinds), bills of exchange and securities, the trade of which is called “securities trading “Designated. Another dictionary from 1838 used it to mean belongings that someone actually has or carries with them. A state encyclopedia from 1852 defined them as “debt documents which do not circulate as a means of circulation like paper money, but merely as goods that can be bought and sold for money”.

Banking and stock exchange

The banking and stock exchange system took up the "effects" as securities for the first time in the late 18th century. A letter dated October 30, 1786 from the Honoré Gabriel de Riqueti, comte de Mirabeau, mentioned two types of "public effects" in France, namely interest-bearing government bonds and dividend- bearing stocks . In 1789 there was talk of the “other effects of the company”. The Vienna Effectenbank founded in January 1872 , the LA Hahn banking business , which was renamed Deutsche Effecten- und Wechselbank in June 1872 , the scandalous Rheinische Effectenbank founded on September 12, 1872 in Cologne by the 24-year-old Gustav Horn, or the operated as “Effectenbanken” Rotterdam Wissel- en Effectenbank (founded 1878).

Securities today are fungible securities traded on the capital market, namely stocks , bonds and investment certificates . All securities are thus securities, but not all securities are securities. For banks , the acquisition , custody , administration and sale of securities is a banking business according to Section 1 (1) No. 4 and 5 KWG . The technical termeffective pieces ” is not derived from effects, but actually describes physical effects (coat and sheet) that, in contrast to “non-denominated” value rights , can be handed over.

The effect business of banks extends to the adoption of securities orders ( effect Orders ), their disposition (in effect purchase : credit check / credit line ; in effect sale : availability of the effects in the securities account ), the possible provision of an effect Lombard advances up to the securities account business .

Other meanings

Movable goods and luggage

Effects originally referred to the general possession of movable objects , especially when traveling in the form of luggage . To this day, this term is z. B. in remand prisons , psychiatric clinics and clinics , if the detainees or patients admitted there have their valuables removed and kept in envelopes .

The personal effects is a technical term from the insurance industry . This identifies objects in or on a vehicle that are not part of the vehicle's accessories , but belong to the personal property of the driver or an occupant of the vehicle. The general insurance conditions (AVB) of the insurers contain the personal effects in the area of vehicle insurance .

Personal property

Personal items of clothing and items that prisoners , soldiers or inmates of institutions where the obligation to wear institution clothing or uniform was required to hand over when they were admitted are also referred to as effects . They were / will be received in a personal effects room by guards or cashiers and kept until they are released. Effect chambers existed / exist in prisons , barracks , workhouses , psychiatric hospitals , prisons and concentration camps .

Applications on uniforms

In this context, sewn-on applications are referred to as effects, which in the case of uniforms indicate, among other things, the type of weapon or the rank .

After the Obererzgebirgischen Posamenten- and effects plants and include: epaulettes , shoulder boards , epaulettes , underarm and shoulder cords , Protect cords , trip wires , cap cords , swallows , Tambour strings , Portepees .

Web links

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

Individual evidence

  1. Constant execution and report. 1615, p. 154.
  2. ^ Richard Ehrenberg : The age of the Fugger. 1990, p. 291, FN 2.
  3. ^ Gian Donato Turbolo: Discorso sopra le monete del Regno di Napoli. 1629, p. 28
  4. ^ Michael Caspar Lundorp: Acta publica and written acts. 1658, IV 337a.
  5. Philip Wilhelm von Hornick: Austria over everything, when it only wants. 1684, p. 153.
  6. ^ Siegmund Riezler, Karl von Wallmerich: files on the history of the Bavarian peasant uprising. Volume I, 1705, p. 65.
  7. ^ Richard James Brunt: The Influence of the French Language on the German Vocabulary: (1649-1735). 1983, p. 263 f.
  8. ^ Jean-François Melon: Essai politique sur le commerce. 1734, p. 264.
  9. ^ Johann J. Landerer: Handbook for Young Merchants. 1787, p. 452.
  10. ^ Charles-Joseph Panckoucke: Encyclopaedie méthodique. 1784, p. 256.
  11. Joseph Kösel: Königlich Baierisches intelligence sheet of the Iller circle. 1813, p. 91.
  12. Carl Courtin: General Key to Commercial Terminology. 1834, p. 260.
  13. Johann Baptist Bekk (ed.): Annals of the Grand Ducal Baden Courts. No. 34, August 25, 1838, p. 223.
  14. Hermann vom Busche: Staatslexicon: in one volume. 1852, p. 925.
  15. ^ Honoré-Gabriel de Riquetti de Mirabeau, Friedrich Wilhelm von Schütz: Secret history of the Berlin court or correspondence of a traveling French. Volume 2, 1789, p. 38 f.
  16. Benjamin Gottlob Hoffmann: Detailed history of the government of George the Third, King of Great Britain and Ireland. Volume 2, 1789, p. 157.
  17. ^ Otto Hintner: Stock exchanges. 1960, p. 52.