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Wiener Börse

Coordinates: 48°12′54″N 16°22′00″E / 48.21500°N 16.36667°E / 48.21500; 16.36667
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Wiener Börse AG
TypeStock exchange
LocationVienna, Austria
Coordinates48°12′54″N 16°22′00″E / 48.21500°N 16.36667°E / 48.21500; 16.36667
Founded1771; 253 years ago (1771)
Key people
  • Christoph Boschan
  • Andrea Herrmann
  • Petr Koblic
IndicesAustrian Traded Index (ATX)
Websitewww.wienerboerse.at
Palais Caprara-Geymüller, site of the Wiener Börse

The Wiener Börse AG (also known as the Vienna Stock Exchange) is a bourse situated in Vienna, Austria. The exchange owns and operates the Prague Stock Exchange, and holds stakes in energy exchanges and clearing houses. It provides market infrastructure to other exchanges in Central, Eastern, and Southeastern Europe (Budapest, Zagreb, and Ljubljana), and collects and distributes stock market data and calculates the most important indices of the region.[1] The Austrian Traded Index (ATX), the leading index of Wiener Börse, tracks the price of its blue chips in real time. The ATX composition is updated every March and September, mainly based on a stock's capitalized free float and trading volumes.[2] The Vienna Stock Exchange also maintains a market for fixed income securities, with more than 13,000 active bonds from 38 countries and a total volume of €720bn as at May 2023.[3]

Market structure

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The Vienna Stock Exchange operates two markets: the Official Market and the Vienna MTF, a multilateral trading facility. The Official Market is the main regulated market operated by the Vienna Stock Exchange.

An issuer listing securities in the Official Market must adhere to the requirements of the Austrian Stock Exchange Act.[4] The listing application must be submitted in writing and also must also be signed by one member of the Vienna Stock Exchange. The application must include an excerpt not older than four weeks from the Austrian Business Register or equivalent in the case of a foreign issuer, a listing prospectus drawn in line with EU prospectus regulations, a current version of the issuer's articles of association or equivalent and at least one set of current audited financial statements.

The requirements of the Austrian Stock Exchange Act regarding the listing of securities in the Official Market and the accompanying obligations of issuers do not apply to financial instruments included in trading in the Vienna MTF. As such, the Vienna MTF is customarily used by foreign issuers of corporate bonds, small and medium-sized enterprises (SME) issuing equity and expanding young companies.[5] Although the requirements on issuers of securities traded in the Vienna MTF are lower, issuers still must comply with EU market abuse regulations, which were transposed into Austrian law through the Austrian Stock Exchange Act.[6]

History

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Wiener Börse is one of the world's oldest exchanges and was founded in 1771 during the reign of Empress Maria Theresa of Austria in order to provide a market for state issued bonds. She tried to rein in the illegal trade that took place in coffeeshops during that time.[7]

On 9 May 1873, the stock exchange crashed spectacularly ("Der Krach"), signalling the start of the Long Depression.[8]

In 1985, Jim Rogers triggered a bull market when he said the Austrian capital market had high potential.[9] He has been notable for his contributions to the Austrian stock market.[10]

In 2008, the Wiener Börse agreed to buy the Prague Stock Exchange for an undisclosed amount.[11] In the same year, the börse bought an 81% stake in Ljubljana Stock Exchange (Ljubljanske burze). In 2010, ATVP, the Slovene market regulator restricted the Wiener Börse's voting rights. The rights would be restored only by either purchasing full ownership or no more than 25% stake. The case was taken to the Slovene Supreme Court which upheld the ATVP ruling. The Wiener Börse bought the remaining shares.[12] In 2015, the Wiener Börse sold the Ljubljana Stock Exchange to the Zagreb Stock Exchange (Zagrebačka burza).[13][14]

In 2019, it opened a multilateral trading facility (the exchange-regulated "Vienna MTF"), a third market for over-the-counter transactions.[15]

In 2020, the Wiener Börse listed for the first time products denominated in the cryptocurrencies Bitcoin and Ethereum, making real-time prices available for trading between available between 9:15 am - 5:30 pm.[16]

In 2023 the company formed EuroCTP as a joint venture with 13 other bourses, in an effort to provide a consolidated tape for the European Union, as part of the Capital Markets Union proposed by the European Commission.[17]

See also

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References

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  1. ^ "Vienna, the city where east meets west". Financial Times. Retrieved 9 April 2024.
  2. ^ "The Rules for the Austrian Indices of the Vienna Stock Exchange". Wiener Börse. Retrieved 1 May 2024.
  3. ^ "NowCM and Wiener Börse to collaborate on listing debt securities". Delano News. Retrieved 1 May 2024.
  4. ^ "Austrian Stock Exchange Act" (PDF). Retrieved 1 May 2024.
  5. ^ "Vienna Stock Exchange | Overview of exchange". Baker McKenzie. Retrieved 1 May 2024.
  6. ^ "Market Abuse". Financial Market Authority (Austria). Retrieved 2 May 2024.
  7. ^ "250 Jahre Wiener Börse - ein Vierteljahrtausend Kapitalismus". Wiener Zeitung. Retrieved 1 May 2024.
  8. ^ Pieter M. Judson (1996). Exclusive Revolutionaries: Liberal Politics, Social Experience, and National Identity in the Austrian Empire, 1848-1914. University of Michigan Press. p. 166. ISBN 9780472107407.
  9. ^ "Investor Jim Rogers awakened interest • Vienna Stock Exchange". Vienna Stock Exchange. Retrieved 10 April 2024.
  10. ^ "World Renowned International Financier Jim Rogers Is Honorary Chairman at FAB Universal's Digital Media Financial Summit". Business Wire. 28 May 2013. Retrieved 9 April 2024.
  11. ^ "Wiener Boerse agrees to buy Prague stock exchange". Reuters. Retrieved 2 May 2024.
  12. ^ "Slovene court backs regulator in Vienna bourse bid". Reuters. 2 February 2010. Retrieved 8 May 2024.
  13. ^ "Zagrebačka burza stekla udio u Makedonskoj burzi". zse.hr (in Croatian). ZSE. 11 April 2020. Retrieved 5 May 2024.
  14. ^ "Ljubljana Stock Exchange Sold to Zagreb Counterpart". sloveniatimes.com. The Slovenia Times. 17 July 2015. Retrieved 7 May 2024.
  15. ^ "Fact Sheet - Third Market (MTF) of the Wiener Börse" (PDF). wienerborse.at. p. 4. Archived (PDF) from the original on 6 May 2020.
  16. ^ "21Shares brings first crypto-currency products on Bitcoin and Ethereum to the official market". 1 September 2020. Archived from the original on 3 September 2020.
  17. ^ "Deutsche Börse Group - European exchanges collaborate for the provision of a consolidated tape in the European Union". Deutsche Börse. Retrieved 9 April 2024.
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