Our history 

1860 - 1900

4 February 1860
Establishment of the Stuttgart industrial stock exchange association (Stuttgarter Industriebörsenverein)

12 March 1860
The commodities exchange opens, primarily for the trading of products like cotton, dyes and chemicals. The commodities exchange presents itself to the public under the name Stuttgarter Industriebörsenverein (Stuttgart industrial stock exchange association). In 1880, the commodities exchange expands into the industrial and trading exchange (Industrie- und Handelsbörse). The provincial product exchange (Landesproduktenbörse) is established in

1860
for the wholesale trading of cereals. This is independent of the industrial stock exchange. One month after its foundation it already has 184 members enrolled.

11 February 1861
This is the actual birth date of Boerse Stuttgart: the formation of the Stuttgart stock exchange association (Stuttgarter Börsenverein) and the opening of the predecessor of today’s Baden-Wuerttemberg stock exchange (Baden-Württembergische Wertpapierbörse), which functions as a day exchange. It takes on the function of an exchange for bills, investment fund units and cash. The sessions of the industrial exchange and the day exchange are held in the historic Königsbau building. The two exchanges have a common committee during the first twenty years of their existence.
The sessions of the stock exchange are opened by ringing a bell at 2 o’clock. They end after one hour of trading. The day exchange is constituted on the initiative and with the support of banks from Stuttgart and other areas. Among the most important names that can be mentioned are Doertenbach & Co, Kaulla & Co, Pflaum, G. H. Keller’s Söhne and Stahl & Federer.
Just a few days after the stock exchange opens its doors, 71 securities are listed on the first unofficial financial page of the Schwäbische Merkur newspaper. The securities in question are mainly German and international bonds. The shares of Württembergische Cattun-Manufaktur, Heidenheim, and Esslinger Maschinenfabrik, Esslingen, are included in trading shortly after the stock exchange’s foundation. Government bonds issued by the state of Wuerttemberg also play an important role

1865
Creation of the legal basis for stock exchanges in the then Kingdom of Wuerttemberg (governmental journal of the Kingdom of Wuerttemberg no. 27 of 4 August 1965, page 215, IV von den Börsen, Article 12).

From 1866
a stock exchange list is published every day.

By 1874
24 stock corporations have been formed in Wuerttemberg since the day that the stock exchange was set up and their shares have been placed with the public.

25 Mai 1877 The Stuttgart stock exchange association is recognised as a public stock exchange association (governmental journal no. 15 of 22 June 1877, page 143). From now on the Stuttgart courts also recognise the prices listed on the stock exchange.
1880 Industrial development comes to a standstill at the end of the 1870s. This has such a dramatic impact on trading volumes that the day exchange has payment problems. The members of the industrial stock exchange and the members of the day exchange now go separate ways and the industrial stock exchange becomes independent under the name industrial and trading stock exchange. From now on its meetings are held at the Liederhalle culture and congress centre.

13 January 1881
Publication of the first official stock exchange list with 44 listed securities. It includes German securities, with only two exceptions.

1881
Move to the Gewerbehalle (industrial hall) which is occupied together with the industrial stock exchange.

1886
The industrial stock exchange and the day exchange finally go separate ways. The day exchange moves to a small building at Kronprinzstrasse 12.

1890
As a result of a crisis among a number of Swabian textile companies and the liquidation of the Stuttgart chamber of crafts (Stuttgarter Handwerkskammer), membership numbers of the Stuttgart stock exchange association decline to 96.
Formation of Daimler Motoren AG in Untertürkheim and Stuttgarter Straßenbahnen AG, which emerges from the Stuttgarter Pferdebahngesellschaft.

1896

Securities trading is given a clear organisational structure of the stock exchange associations with the Stock Market Act (Reichsbörsengesetz).

1897
The day exchange changes its name from Stuttgart stock exchange association to Stuttgart securities exchange (Stuttgarter Effektenbörse).

1900
The stock exchange moves to a private building at Kronprinzstrasse 3.

1903 - 1936

1903
Municipal and provincial bonds and bank securities are the securities most popular with the public. The municipal bonds are mainly those of Stuttgart and other towns and cities in the region. In 1903 railway shares start to lose the prominent role they have enjoyed for many decades due to increasing nationalisation. A new feature in Stuttgart are the shares of electricity utilities whose trading volumes are high.

1910
Return to the historic Königsbau building. Before the First World War, the stock exchange list contains 129 securities.

1914
59 official securities listed.

3 August 1914 to 7 January 1919
The Stuttgart securities exchange remains closed during the First World War, like nearly all German stock exchanges. Bonds are not traded again until 1 September 1919.

1923
The stock exchange leaves its original domicile once again and moves to the recently modernised building of the Stuttgart Chamber of Commerce at Kanzleistrasse 35.

1926
After many companies have their shares admitted to the Stuttgart stock exchange between 1921 and 1925, the number of officially listed securities rises to 68 and the number traded on the open market to 94.

1 May 1928
Introduction of futures trading at the Stuttgart stock exchange, originally covering 11 securities.

1930
There are now 21 stock exchanges in Germany. In 1933 the number is reduced to nine as a consequence of the stock exchange reform.

1931
As a result of the catastrophic effects of the world economic crisis, the Stuttgart stock exchange is forced to close down from the middle of 1931 until April 1932.

1933
Another move to Augustenstrasse 28, but shortly afterwards the stock exchange moves back to Kanzleistrasse 35.

1936

In compliance with the stock exchange regulations of 1 September 1936, the name is altered to Wuerttemberg stock exchange (Wuerttembergische Wertpapierbörse).


1939 - 1969

1939
Move to Schellingstrasse 6, the building of the Wuerttemberg art association (Württembergischer Kunstverein). The building is destroyed in 1944 as an effect of the war.

1944
The stock exchange is accommodated on the premises of the Stuttgart discount association (Stuttgarter Rabattverein) at Schellingstrasse 4. Shortly afterwards, the home of the stock exchange is destroyed again and it moves to the premises of Commerzbank on Königstrasse.

1945
From 20 April until 5 November no stock exchange sessions are held due to the Second World War and the occupation of Stuttgart.

5 November 1945
The stock exchange reopens with the approval of the military government in Stuttgart and the first session after the Second World War is held. Initially, however, securities are only traded on the unregulated open market. The stock exchange moves back to Schellingstrasse 15, the largely burnt out building of Württembergische Landeskreditanstalt.

1949
The next move takes the stock exchange to the premises of Württembergische Hypothekenbank on Buechsenstrasse. It is renamed as ‘the stock exchange in Stuttgart’ (Wertpapierbörse in Stuttgart).

1950
Official trading after the Second World War is not started until the autumn of 1950.

From 1951
Two official brokers (Makler) are working at the stock exchange.

6 February 1956
Move to the new premises of Württembergische Hypothekenbank at Heustrasse 1.
The number of official brokers has risen to 3.

1961
140 shares representing a capital of DM 6.8 billion are listed on the stock exchange, along with 550 fixed-income securities.

June 1965
Due to the extension of the stock exchange premises, the idea of a seated exchange is gradually abandoned. From 4 June 1969 bonds can also be traded standing up.

17 October 1966
Start of unit-based quotations, as with all German stock exchanges

16 June 1969
After efforts of more than ten years, the stock exchange is able to move to new premises at Hospitalstrasse 12. The seated exchange finally disappears after this move.

1974 - 1999

1974
Introduction of electronic data processing at the stock exchange. Starting from 1 December transactions are all processed and settled by means of EDP.

30 November 1979
The stock exchange council decides to alter the name to Baden-Wuerttemberg stock exchange in Stuttgart (Baden-Württembergische Wertpapierbörse zu Stuttgart).

1986
The number of banks that are members of the Stuttgart stock exchange grows to 37. 146 shares and around 1,500 bonds are listed.

1 July 1991
Move to the historical Königsbau location. Computer-supported trading is introduced.

1995
Introduction of the Best Price principle. In addition to the orders in the broker’s order book, consideration is also given to the external market situation when determining the stock exchange price. In Stuttgart investors always get at least the best possible market price and perhaps an even better one if the spread can be divided up between buyer and seller.

1997 I
ntroduction of the Best Size principle; the minimum order size in continuous trading is reduced to one unit. These two innovations of

1995 and 1997
make Stuttgart the second biggest stock exchange in Germany after Frankfurt (it formerly occupied fifth place). The trading innovations are gradually imitated by all German stock exchanges.
With the amendment of the Stock Exchange Act (Börsengesetz) in 1997, official brokers (Kursmakler) are subject to more rigorous rules and regulations with regard to supervision and equity requirements. Consequently, the official brokers form companies that act as order book brokers (Skontroführer). Their task is to determine prices for the securities they are allocated for price fixing.

March 1998
Entry of the Baden-Württembergische Wertpapierbörse e.V. association in the commercial register as the new administrating and operating institution of the stock exchange organisation with extended functions. According to its constitution, this association not only has the task of operating the Baden-Wuerttemberg stock exchange, but also of promoting the status of Stuttgart as a region and of the federal state of Baden-Wuerttemberg as an attractive location for the financial services industry.

February 1999
Formation of Euwax Broker AG by a former official broker (name changed to Euwax AG in 2003)

1 July 1999
Foundation of the trading segment for securitised derivates, Euwax (European Warrant Exchange). Boerse Stuttgart thus lays the foundation for its rapid advance to become Europe’s premier trading place for securitised derivatives, certificates and warrants. The automated limited control system, developed by Boerse Stuttgart itself, becomes increasingly more widespread. This means that orders can be processed much faster than at other stock exchanges.

2000 - today

2000
The average number of orders reaches a new record of almost 900,000 each month. Due to the steep rise in the volume of business, the stock exchange association spins off the economic activities associated with the administration and operation of the stock exchange to Boerse Stuttgart AG, a wholly owned stock corporation better suited to the task. The association remains the administrator and operator of the stock exchange organisation in Stuttgart, but now indirectly through its subsidiary.

14 June 2002
Official inauguration of the new stock exchange building on Schlossstrasse (now known as Börsenstrasse). The trading floor is 800 square metres in size and twice as large as in the previous building.

December 2002
The association decides to gradually acquire a qualified majority (75 percent + 1 share) in Euwax Broker AG, which has in the meantime subsumed all other official brokerage companies at the stock exchange.

1 January 2003
Trading commences in the two new trading segments at Stuttgart’s stock exchange. The rules and regulations of Bondx, the segment for fixed-income securities, and 4x, the segment for international shares, concentrate on the particular features of trading in the special securities classes and on the needs of private investors.

In 2004
follows the introduction of the commission cap for various
product groups (now known as transaction fee cap). The Stuttgart stock exchange is the first German stock exchange to set a cap on commission.

2005
To increase neutrality, transfer of the administration and operation of the stock exchange organisation from Boerse Stuttgart AG to a newly formed subsidiary of the association, a limited liability company under German law (GmbH) known as Baden-Württembergische Wertpapierbörse GmbH, which concentrates exclusively on the task of administrating and operating the stock exchange. This is the first and so far only stock exchange in Germany to draw a line between the public role of the stock exchange and its private enterprise substructure.

2007
Introduction of the new Stuttgart market model with electronic trading for securitised derivatives, investment funds, bonds and German equities. At the same time, responsibility for price fixing shifts from the previous order book brokers to the stock exchange, which uses its electronic trading system for this purpose. Euwax AG changes from order book broker to quality liquidity provider (QLP). With a trading volume of around EUR 185 billion, Boerse Stuttgart achieves the highest annual trading volume in its entire history. Formation of Boerse Stuttgart Holding GmbH, in which the Baden-Württembergische Wertpapierbörse e.V. association brings its strategic private enterprise interests in Boerse Stuttgart AG (= operating company) and Euwax AG (QLP services) under the same management. Then there is Baden-Württembergische Wertpapierbörse GmbH, the administrating and operating institution which serves the public interest and, as the new holder of the stock exchange licence, is entrusted with the regulation and surveillance of trading at the Baden-Wuerttemberg stock exchange, an institution under public law with partial legal capacity (= trading place). The holding acquires the remaining 7.4 percent of the shares in Euwax AG, which are still held by its two founding members. The holding now owns 82.4 percent of the shares.

2008
The switchover to electronic trading for all asset classes is brought to a conclusion with the inclusion of international equities and participation certificates. In Stuttgart, Baaderbank AG now acts as QLP as well.
The new Stuttgart market model combines the advantages of electronic trading, such as automation and top-speed execution, with the strengths of expert-assisted trading (QLP service), namely the provision of liquidity, better trading and price quality, and plausibility control. Investors therefore benefit from the best that both floor trading and electronic trading have to offer.
In the context of its Focus Baden-Wuerttemberg initiative, the stock exchange launches the BWX 15 and the BWX M, two new leading indices for Baden-Wuerttemberg. These focus the attention of investors more closely on the equities of companies in Baden-Wuerttemberg. The BWX 15 is made up of the equities of the 15 biggest companies, in terms of market capitalisation, that are domiciled or have their main business in Baden-Wuerttemberg. The BWX M index is composed of the equities of medium-sized companies.

Takeover of the second biggest Swedish stock exchange, Nordic Growth Market NGM AB (NGM), by Boerse Stuttgart Holding GmbH. NGM will play a key role in Boerse Stuttgart’s planned entry into the markets of northern Europe. The main focus will be on transparency at all trading levels, providing private investors with information and knowledge, and developing both the trading platform and the market model.

At EUR 154 billion, Boerse Stuttgart has achieved the second largest trading volume in its history. Boerse Stuttgart has confirmed its position as Europe’s trading place of choice for private investors. Some 400,000 securities can be traded here. The average order number lies at more than 1.5 million a month.

2009
Since 1 January 2009 Boerse Stuttgart Holding GmbH has assumed the leading function for the operative parts of the Boerse Stuttgart Group.