Fund exchange Germany
| Fund exchange Germany Beteiligungsmakler AG
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| legal form | Corporation |
| founding | 1998 |
| Seat | Hamburg |
| management | Alex Gadeberg, Sven Marxsen |
| Branch | Exchanges |
| Website | www.zweitmarkt.de |
The Fund Exchange Germany is the largest trading platform on the secondary market for closed funds in Germany. Since 1998, shares with a nominal value of more than one billion euros have been traded on this marketplace under the umbrella brand Zweimarkt.de. The trading platform, which is independent of fund initiators, is operated by the Hamburg and Hanover stock exchanges . Investors can trade shares in around 5,000 listed closed-end funds (real estate, ship, life insurance, private equity and other special funds ). Trading is subject to strict market regulations and trading surveillance on the stock exchange.
The Fondsbörse Deutschland Beteiligungsmakler AG looks after the trading on the Fondsbörse Deutschland as exclusive broker and brings sellers and buyers together.
history
The predecessor company of today's fund exchange Germany Beteiligungsmakler AG, the DAI secondary market GmbH, participated in the development of the secondary market for closed funds in Germany since the beginning of 2000 . The subsidiary of the Danish market leader in trading with existing investments, DAI Holding, recognized the importance of tradability for the asset class of closed-end funds . At that time, it was usually difficult to exit before the end of the respective fund's term. Often the only way was through the trustee, who brokered the shares of investors willing to sell through personal contacts. Today there is a transparent and liquid secondary market on which shares in more than 5,000 listed funds are traded. From autumn 2008 until the end of 2015, the Munich Stock Exchange was also one of the operators of the German Fund Exchange . On October 1, 2014, the fund exchange Germany Beteiligungsmakler AG took over the German secondary market AG. With the connection of the two largest brokerage companies in the secondary market for closed investments, which complement each other in their strategic orientation, the Fund Exchange Germany further expanded its market share.
Structure and organization of the Fund Exchange Germany
The German fund exchange offers a trading platform for shares in closed-end funds at zwemarkt.de. The market is organized by the Hamburg and Hanover stock exchanges . Trading is subject to strict market regulations and is monitored by employees of the Hamburg and Hanover stock exchanges. All transactions are handled by Fondsbörse Deutschland Beteiligungsmakler AG (FDB) as broker. The service of the FDB consists in the mediation of orders to buy or sell shares in closed funds. This service is based on a brokerage and agency agreement to be concluded between the FDB and the client. The Fondsbörse Deutschland Beteiligungsmakler AG has a license to operate financial services (investment and contract brokerage in accordance with Section 1 (1a) sentence 2 No. 1 and No. 2 KWG) and, as a financial services institution, is subject to supervision by the Deutsche Bundesbank and the Federal Agency for Financial services supervision (BaFin) with the ID 129360.
Listed funds
Units in more than 5,000 listed funds are traded on the German stock exchange. These include around 2,300 closed-end real estate funds , 1,600 ship funds , 580 energy funds , 200 private equity funds , 100 secondary life insurance funds , 80 aircraft funds and more than 300 closed-end funds in other asset classes.
Trade turnover
In 2016, the Fondsbörse Deutschland Beteiligungsmakler AG achieved a nominal trading turnover of 264 million euros on the secondary market for closed investments and reported a new turnover record (2015: 254 million euros). The company brokered a total of 6,344 fund shares. In 2013, trading turnover on the secondary market of the Fund Exchange Germany was nominally 187 million euros, an increase of 28 percent compared to the previous year (2012: 146 million euros). The number of referrals also increased significantly by around 19 percent to 5,016 compared to 4,212 in the previous year. Since 1998, more than a billion euros in nominal trading volume have been turned over.
Trade settlement and pricing
Brokers act on the principle of most execution on the Fund Exchange Germany. This means that the price is chosen in such a way that the greatest possible turnover is achieved. The buyer who is most willing to pay wins the bid. In order to balance the interests between buyer and seller, the broker forms the mean value between the two highest purchase bids or, if there is only one executable bid, between the purchase and sale offers. The price determination is explicitly regulated in § 11 (3) of the market regulation of the Fund Exchange Germany: “The price is to be determined in such a way that the greatest possible turnover is achieved. Buy orders with the highest or sell orders with the lowest price limits (price priority) are executed. Several bids with the same limit must be executed in the order in which they are received (time priority). The order will be executed at the price that results from the mean of the two best executable purchase bids. If there is only one executable bid on the buy side, the price is determined using the mean of the buy and sell bids with the highest executable price limit. If the principles according to sentences 5 and 6 do not meet the principle of most execution, the price is to be set taking into account the interests of the parties. If the limits of the bids to be averaged deviate significantly from one another, the broker must inform the client of an estimate before the price is determined and give the client the opportunity to change the limit of the order placed. The mean is rounded to the next higher price level. ”All buy and sell orders are matched every trading day at 2:00 p.m. and then all negotiable orders are executed. If an order cannot be fully executed due to the market situation, partial execution will take place in the absence of instructions from the client to the contrary. After receipt of the purchase price in the trust account , the fund company or the trustee receives a copy of the purchase and transfer agreement for the description of the participation. As soon as the transfer has been made or there is an assignment or transfer notification, the purchase price minus commission, trustee and, if applicable, processing fees and third-party costs will be paid to the seller.
Cooperations
Banks and savings banks, like other financial services companies, can cooperate with the Fund Exchange Germany in order to offer their customers access to the secondary market for closed funds. Fund and trading information can be integrated into internal systems via a variety of interfaces.
Individual evidence
- ↑ Fund exchange: Other asset classes overtake ship funds Article on cash-online.de . Website of the cash. Magazine. Retrieved September 16, 2014.
- ↑ Investors are looking for material assets article in the Rheinische Post . Rheinische Post website. Retrieved September 16, 2014.
- ^ The concept of the DAI secondary market GmbH . Ines Freidank: The secondary market for shares of closed fund presentations and analysis of previous attempts, ebook (diploma thesis), 2003, p. 46
- ↑ 200 billion DM invested in closed funds - selling real estate investments is difficult . Handelsblatt website. Retrieved September 18, 2014
- ↑ "Preservation of both brands": Fund exchange takes over DZAG - contribution to cash. online . Website of the financial magazine Cash. Retrieved January 14, 2016.
- ↑ Fund Exchange Germany Beteiligungsmakler AG: Approval as a financial services institute - press release . Website of the Fund Exchange Germany. Retrieved January 14, 2016.
- ↑ Information on the Fund Exchange Germany . Börsen AG website. Retrieved July 24, 2014.
- ↑ Trading portal Fondsbörse Deutschland Fund lists . Website of the Fund Exchange Germany. Retrieved July 24, 2014.
- ↑ "Annual Report 2016" . Website of the Fund Exchange Germany. Retrieved July 25, 2017.
- ↑ Secondary market: retail sales increased Contribution to cash. online . Website of the financial magazine Cash. Retrieved July 24, 2014.
- ↑ Annual report 2012 . Website of the Fund Exchange Germany. Retrieved July 24, 2014.
- ↑ Market regulation of the Fund Exchange Germany Document . Börsen AG website. Retrieved September 18, 2014.
- ↑ Trading Guide of the German Fund Exchange Document . Website of the Fund Exchange Germany. Retrieved July 24, 2014.
- ↑ Relaunch of the trading platform Post on Cash. online . Website of the financial magazine Cash. Retrieved July 24, 2014.
- ↑ Fund exchange and iComps automate the integration of closed funds in asset controlling Article in DEAL magazine . Website of the financial magazine DEAL. Retrieved July 24, 2014.