Commodity exchange
The Warenbörs e ( English commodity exchange ) is a stock exchange where the trading objects goods of all kinds (especially commodities ) and energy are traded.
General
Exchanges differ in the objects traded on them. While at stock exchanges as trading objects securities (or more precisely, effects ) are are at commodity exchanges trade standardized objects raw materials and natural products such as oil , grain , metals , electric current or cotton . The commodity exchange in turn consists of two sub-types, the product exchanges and the energy exchanges ( electricity exchanges ). As business areas, the commodity exchanges know how the stock exchanges, the spot contract (at commodity exchanges also called Lokogeschäft) or commodity futures (including futures ), which both exchange transactions with commercial background and speculation allow.
history
The first exchanges emerged as commodity exchanges. The first is the Lucca commodity exchange , which has brought money changers and spice dealers together in the courtyard of the cathedral since 1111. The stock exchange, which took place in Bruges from 1409 in front of the house of the founding family van der Beurse, brokered absent goods and bills of exchange . The absence of goods made it necessary to standardize them by means of types of goods with a certain quality (commodities).
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 ( Amsterdam Stock Exchange ; 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 .
The stock exchange standardization of agricultural products originated in the USA . There the Chicago Board of Trade started a cash market for grain in April 1848 . In 1858, futures contracts - which were called differently at that time ( English "to-arrive contracts" ) - were standardized in particular to ensure the quality of grain. An excess supply of wheat triggered a price drop on the New York Commodity Exchange in August 1857. In October 1865 there were formal trade rules, particularly on the delivery obligations of the seller. The New York Cotton Exchange began in September 1870, followed by the Butter and Cheese Exchange of New York in May 1872, the predecessor of today's New York Mercantile Exchange (NYMEX); the Coffee, Sugar and Cocoa Exchange was established in March 1882. The first metal exchange opened in January 1877, the London Metal Exchange, which still exists today .
The Chicago Mercantile Exchange , originally founded in 1898 as the Chicago Butter and Egg Board , got its name in 1919. The Commodity Exchange was created in January 1933 through the merger of the National Metal Exchange , Rubber Exchange of New York , National Raw Silk Exchange and the New York Hide Exchange , which has been a subsidiary of NYMEX since 1994 . With metals, rubber and raw silk, it combined the most diverse base values in one exchange. In February 1968, the Commodity Exchange Act to livestock and livestock products ( pork bellies , English pork bellies ) in July 1968 to orange juice concentrates extended.
When the "State Product and Commodity Exchange" was set up in Nuremberg in August 1868, the German stock exchanges subsequently separated securities trading from commodity trading, so that in many places pure securities exchanges and commodity exchanges were founded. The First World War brought the closure of the German commodity exchanges; their business only got going again in the mid-twenties after the liberalization of foreign exchange and commodity management through the resumption of commodity futures trading. In September 1952, a circular issued by the German import industry allowed the conclusion of commodity futures transactions on foreign commodity exchanges; the Hamburg sugar futures exchange only opened in 1954, followed by the coffee futures exchange in 1956.
The Hanover commodity futures exchange was founded in July 1996 as a futures exchange for agricultural products and is the first fully computerized commodity futures exchange in Germany. In May 2000, some of the world's largest energy traders founded the Intercontinental Exchange (ICE). The European Energy Exchange (EEX) was established in March 2002 and is a marketplace for energy and energy-related products. The Leipzig EEX started gas trading in July 2007. Of the 22 commodity exchanges in Germany today, the most important are those in Bremen and Hamburg.
Legal issues
A legal definition for the stock exchange was only introduced in the Stock Exchange Act (BörsG) in November 2007 . In this context, the legislature also defined the stock exchanges and commodity exchanges. According to Section 2 (3) of the BörsG, the latter are stock exchanges on which goods and commodity futures are traded. Forward transactions for money market instruments ( Section 2 (2) No. 2 WpHG ) and the underlying assets can also be traded on commodity exchanges .
The goods traded on commodity exchanges must have certain basic properties in order to be tradable. This includes their standardized nature with uniform quality , fungibility , standardization and the determinability of the trading unit according to number, size or weight for contracts . This is the case with raw materials , agricultural products , food , natural products or minerals . Industrially manufactured products are not traded. The smallest tradable amount is the contract.
Web links
Individual evidence
- ^ Wilfried Fuhrmann, commodity futures exchange in Germany ; in: Business Studies - WiSt, Heft 3, 1997, p. 137
- ↑ Heinz Bremer, Fundamentals of German and Foreign Stock Exchange Law , 1969, p. 2
- ↑ Detlef Wienecke-Janz (ed.), Die Große Chronik-Weltgeschichte: 1204-1492 , Volume 9, 2008, p. 262
- ^ Herbert Rosendorfer, German History - An Attempt. Volume 4: The Thirty Years War , Munich 2007, p. 41
- ↑ Verlag Dr. Th. Gabler, Gabler Bank Lexikon , 1988, Sp. 1652
- ↑ Ted P. Schmidt, The Political Economy of Food and Finance , 2015, o. P.
- ↑ Ulrich Becker, Lexicon futures trading: Finanz und Rohstoff-Futures , 1994, p. 138
- ^ Society for social and economic history, The importance of communication for economy and society , 1989, p. 413
- ↑ Circular Foreign Trade No. 96/52, Federal Gazette No. 170 of September 3, 1952
- ↑ Heinz Bremer, Fundamentals of German and Foreign Stock Exchange Law , 1969, p. 49
- ^ Announcement Südwestdeutsche Warenbörsen eV ( Memento of December 2, 2007 in the Internet Archive )
- ↑ Ute Arentzen / Eggert Winter, Gabler Wirtschafts-Lexikon , 1997, p. 757
