In general, an organized market in which negotiable items are regularly traded in accordance with established practices. A distinction is made according to the object of the traded goods – securities exchanges or securities exchanges, – commodity exchanges or product exchanges, – foreign exchange exchanges – insurance exchanges, – freight exchanges and – energy exchanges, such as electricity exchanges, gas exchanges; trading in crude oil belongs to the commodity exchange. Unless otherwise stated, in connection with the financial market, the securities exchange is generally meant. – There is no precise definition of the term “stock exchange” in German legal terminology, although this has been called for as a matter of urgency, especially in view of the increased use of alternative transaction and in-house systems by the major banks. – Section 1 of the Stock Exchange Act defines purely formally and, in addition, linguistically deficiently: “Stock exchanges are institutions under public law with partial legal capacity which, in accordance with the provisions of this Act, regulate and supervise multilateral systems which bring together or promote the bringing together of the interests of a large number of persons in the purchase and sale of economic goods and rights admitted to trading therein within the system in accordance with specified provisions in a manner which leads to a contract for the purchase of such trading objects.” – See algorithmic trading, exchange working booths, exchange functions, broker, foreign exchange, computerized, disintermediation, dual listing, dual trading, vacation calendar, chime business, high-frequency trading, in-house system, booths, node, use of space, ragion book, sanctions committee, sentiment, power exchange, pigeon money, securitization, representability. – Cf. ECB Monthly Bulletin, November 2007, p. 67 et seq.
(Structural changes in the stock market and consolidation of stock exchanges; detailed presentation), BaFin Annual Report 2008, p. 47 (IOSCO report on outsourcing at stock exchanges).
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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