Vienna Stock Exchange

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Vienna Stock Exchange AG

logo
legal form Corporation
founding 1771
Seat Vienna , Austria
management Christoph Boschan, Petr Koblic
Number of employees 160 (2019)
Website www.wienerboerse.at

Seat of the Vienna Stock Exchange in the Palais Caprara-Geymueller

The Vienna Stock Exchange was founded by Maria Theresia in 1771 as one of the first stock exchanges in the world and today it operates the Vienna and Prague stock exchanges.

It serves as a trading platform for stocks , bonds , certificates , ETFs and warrants . In addition to its market function, the Vienna Stock Exchange also calculates and publishes indices. The most important share index in Austria is the ATX (Austrian Traded Index). In addition, around 150 indices are calculated. The most important indices in Central and Eastern Europe include the CECE, RDX, EETX, etc. In addition, the Vienna Stock Exchange operates the central IT stock exchange system for 5 markets and collects and distributes price data for a dozen markets in the region.

The stock exchanges in Budapest, Zagreb and Ljubljana also use the IT services of the Vienna Stock Exchange. It is also involved in other energy exchanges and clearing houses in the region.

history

The Vienna Stock Exchange was founded by Maria Theresia in 1771 and is one of the oldest stock exchanges in the world. Initially, only bonds, bills of exchange and foreign exchange were traded. In 1818, the Oesterreichische Nationalbank was the first public limited company to be listed on the Vienna Stock Exchange.

In the middle of the 19th century, increasing industrialization led to a tremendous economic boom and many companies financed themselves with share issues on the stock exchange. On April 8, 1869, the shares in Porr AG and a week later those in Wienerberger AG were launched. The two are thus among the two oldest stocks that are still traded today. A liberal economic policy favored hasty and sometimes unsound start-ups. These factors triggered a wave of speculation that ended abruptly on May 9, 1873 with the Vienna stock market crash . About half of the stock corporations disappeared again from the price sheet. It took years for the Vienna Stock Exchange to recover from this setback.

Former stock exchange building on Börseplatz
25 shilling coin (1971)

New regulations and stock exchange laws had become necessary in order to be able to handle the increasingly lively trade in an orderly manner. In 1875, the third stock exchange law since the existence of the Vienna Stock Exchange was enacted, which guaranteed the complete autonomy of the Vienna Stock Exchange and a smooth trading process. On March 14, 1877, the stock exchange building on the Schottenring, designed by Theophil von Hansen and Carl Tietz in classical Renaissance forms, was inaugurated.

From the end of the 19th century until the outbreak of World War I , the situation on the capital market continued to consolidate. The stock exchange was closed during the First World War. Official share trading was not resumed until the end of 1919, and the Vienna Stock Exchange again experienced a strong influx and a bull market that ended abruptly with a crash in March 1924. Share prices in Vienna only recovered slowly in the following years. However, the fall in the New York Stock Exchange in October 1929 did not have any significant impact on Vienna.

Although the position of the Vienna Stock Exchange as a financial center had been severely diminished by the collapse of the monarchy , it continued to be important for Southeastern Europe . Of the 205 shares that were traded on the Vienna Stock Exchange in 1937, 75 were from other successor states.

With the "Anschluss" of Austria to the German Reich in 1938, the Vienna Stock Exchange lost its independence and was subject to German stock exchange law. Securities trading itself - albeit severely restricted - continued until shortly before the end of the Second World War. In 1948 the stock exchange was reopened. The stock market suffered a narrowing after the war due to the nationalization of individual branches of industry. The bond market, on the other hand, had recovered after the currency reform in 1952.

A major fire on April 13, 1956 destroyed part of the stock exchange building. The building reopened in December 1959.

While the bond market on the Vienna Stock Exchange grew steadily, share trading continued to lead a shadowy existence. The big turning point came in 1985 when an American analyst triggered a bull market by drawing attention to the extremely high potential of the Austrian capital market. After around two decades of stagnating prices, prices rose by an average of 130%. Sales increased sixfold. That changed the hitherto rather cautious attitude of economic policy towards the stock market. A number of large companies went public in the following years, such as RHI , OMV (1987); Austrian Airlines , Verbund (1988), EVN (1989). From mid-1988 onwards, the Vienna Stock Exchange started another bull market that lasted until August 1990.

In December 1997 the Vienna Stock Exchange was merged with the Austrian Futures and Options Exchange (ÖTOB) to form the new Wiener Börse AG.

In January 1998, the Vienna Stock Exchange moved to the OeKB premises at Strauchgasse 1–3 and Wallnerstrasse 8, 1014 Vienna.

After the decision to privatize Wiener Börse AG, the Chamber of Commerce was dissolved in June 1999 and the owner's shares (50% of the shares) were offered for sale to Austrian issuers (with the exception of banks).

Since November 1999, trading in securities has been carried out using the fully electronic trading system Xetra .

At the end of 2001, Wiener Börse AG moved to the Palais Caprara-Geymüller , Wallnerstrasse 8, 1010 Vienna.

The Vienna Stock Exchange was spared the market slumps that the major international stock exchanges experienced at the end of 2002. In 2003 the cash market of the Vienna Stock Exchange began to revive. Austrian companies managed to position themselves well in Eastern Europe after the EU expansion, which had a positive effect on the development of the ATX. The upswing of the Vienna Stock Exchange increased the interest of both domestic and international investors in the Austrian capital market.

An Austrian consortium, consisting of Austrian banks, Wiener Börse AG, and OeKB, acquired the majority on the Budapest Stock Exchange in 2004 . This partnership was the cornerstone for a stock exchange network, which has been steadily expanded through cooperation agreements with numerous stock exchanges in the south-east European region such as Bucharest, Zagreb, Belgrade, Sofia, Sarajevo, Montenegro, Banja Luka and Macedonia.

In July 2004 the ATX , which represents the 20 largest listed companies in Austria, climbed above the 2000 point mark for the first time, in June 2005 it reached the 3000 point mark and in May 2006 the ATX broke through the 4000 point mark. In July 2007 the ATX even scored over 5000 points. However, that was the point at which the bubble burst. The ATX only reached this high because of massive overvaluations caused by an enormous osteurophory. Analysts said that the ATX should have been at 3000 points under normal valuation standards. In 2008 the Vienna Stock Exchange was unable to escape the turbulence in the international financial centers. In the second half of the year in particular, the ATX benchmark index suffered heavy losses and closed at the end of 2008 at 1750.83 points. At the beginning of 2009, the financial and economic crisis, which had reached its peak in the previous year, started a rally from mid-March after further sharp price losses. The upswing on the Vienna Stock Exchange was even above average compared to other international financial centers, and although the ATX trended sideways in the last few months of the year, it closed 2009 with a plus of around 42.5% at 2495.56 points. After declines below 2000 points in 2011 and 2014, the ATX closed 2016 at 2618.43 points and exceeded the 3000 mark again in 2017.

After acquiring majority stakes in the three neighboring stock exchanges Budapest, Ljubljana and Prague in June 2008, the Vienna Stock Exchange devoted itself to the establishment of the stock exchange holding CEESEG AG in 2009. In 2020, a simplification of the group structure was decided. Wiener Börse AG was merged with the former group holding company CEESEG AG to reduce expenditure and costs. The Prague Stock Exchange is thus a 99.54 percent subsidiary of Wiener Börse AG. As an infrastructure provider, the exchange group provides the most modern systems, market data and IT services. It offers investors the fastest and most cost-effective trading and maximum transparency. Domestic listed companies enjoy the greatest liquidity and maximum visibility on their national exchange. The Vienna Stock Exchange operates the central market data feed for Central and Eastern Europe (CEE) and has established itself in the calculation of indices for the region. It cooperates with over ten exchanges in CEE.

Corporate structure

The Wiener Börse AG belongs to 52% Austrian banks and 48% Austrian companies.

Largest securities issues

Biggest IPOs :

  1. 2017: Bawag PSK , € 1,932 million
  2. 2007: Strabag SE , € 1,325.4 million
  3. 2005: Raiffeisen International , € 1,113.8 million
  4. 2000: Telekom Austria , € 1,008 million
  5. 2003: Bank Austria Creditanstalt , € 957.9 million
  6. 2006: Austrian Post , € 651.7 million

Largest capital increases :

  1. 2006: Erste Bank , € 2,918 million
  2. 2007: Immoeast , € 2,835 million
  3. 2014: Raiffeisen International , € 2,778 million
  4. 2006: Immoeast , € 2,752 million
  5. 2009: Erste Group , € 1,740 million

Indices

The Vienna Stock Exchange calculates and distributes a number of indices , including several Eastern European indices which are known under the name "CECE Indices".

The most important index calculated by the Vienna Stock Exchange is the flow trading index ATX ( Austrian Traded Index ), which comprises the 20 most liquid Viennese stocks.

There are CEE share indices for the Czech Republic (CTX - Czech Traded Index ), Hungary (HTX - Hungarian Traded Index ), Poland (PTX - Polish Traded Index ), Croatia, Romania, Serbia, Bosnia-Herzegovina and Bulgaria as well as indices for the entire region ( CECE Composite Index , SETX, CECExt, CECE MID, NTX). The 14 CIS indices are also significant. Particularly noteworthy here is the RDX USD (Russian Depository Index in USD), which includes the most liquid Russian depository receipts of the LSE IOB Markets, on which standardized derivatives (futures contracts and options) can be traded on EUREX Frankfurt.

The ATX50 was calculated until December 28, 2002. Its successor, the ATX Prime , has been calculated since January 2, 2002 and includes all stocks from the prime market segment. This segment contains all equity securities that are admitted to official trading or regulated unofficial market and meet additional requirements such as minimum capitalization and increased transparency criteria.

literature

  • Johann Schmit: The history of the Vienna Stock Exchange. A quarter of a millennium of securities trading. Why stocks have always had a hard time in Vienna. Bibliophile Edition, Vienna 2003, ISBN 3-9500956-4-0 .

Web links

Commons : Vienna Stock Exchange  - Collection of images, videos and audio files

Individual evidence

  1. ↑ STOCK MARKET ANNIVERSARY: 150 years of PORR shares on finanzen.at on April 8, 2019, accessed on April 8, 2019.
  2. ↑ Börse (building) in the Vienna History Wiki of the City of Vienna ; Retrieved on Aug. 22, 2017
  3. ↑ Vienna Stock Exchange simplifies group structure. Retrieved May 11, 2020 .
  4. ↑ orf.at: Largest IPO in a decade . Article dated October 25, 2017, accessed October 25, 2017.
  5. ↑ flow trade index ATX
  6. ↑ ATX Prime . Retrieved March 22, 2016.

Coordinates: 48 ° 12 ′ 54 ″  N , 16 ° 22 ′ 0 ″  E