The stock exchange Munich (to 2003 Bavarian stock exchange) is a stock exchange with seat in Munich. One acts with shares, funds and pensions. The stock exchange Munich is homeland stock exchange for the corporations of BMW, Allianz, Munich back and Siemens.

History

1830 (16 December) admission of the trade at the Bavarian stock exchange. The first was the buyer room independent of the obligation to join a guild.

1869 (March) independent buyers bring the resident of Munich commercial association registered association into being.

1896 to 1898 Deutsche Bank let the building at the Lenbachplatz 2a establish after plans of Albert Schmid. It locks the place ensemble Karl place (Stachus) /Lenbachplatz toward northeast.

1963 drew the Bavarian stock exchange into the neobarocke building of the German bank.

2003 abolition of the operational readiness level obligation and dissolution of the parquet trade.

2003 (2. May) start electronic commercial system of the MAX-ONE

2005 (7 April) start of the new market segment M: ACCESS. M: ACCESS is an offer for small and middle entrepreneurs, who plan their procurement of capital over a stock exchange course. Before the background over on-board that bureaucracy in the capital market right are the entrance conditions for M: ACCESS clearly held.

2006 (2. May) admission of the fund trade.

Stock exchange in figures

• Gross income 2005:15,4 billion "€
• 91 market participants (credit institutes; Institutes for financial service;
• 9.098 noted securities, of it
  • 4,445 shares from 58 countries
  • 2,038 pensions
  • approx. 2,600 funds, of it
    • 1,500 share funds
    • 500 pension funds
    • 150 Geldmarktfonds
    • 30 Immobilenfonds
    • 300 mixing funds
    • 130 other funds (e.g. ETFs and guarantee funds)

Structure of the stock exchange Munich

The institution stock exchange Munich is, like all German stock exchanges, a part-legally responsible institute of the public right.

The personnel, material and financial means are ready placed to the Bavarian stock exchange AG by the economical carrier. Their task is to be ensured it the enterprise of the stock exchange Munich.

The Bavarian stock exchange AG is to 100% in the possession resident of Munich commercial association. Its members are emitters, credit and institutes for financial service.

Expiration of the trade

1. Decision

The investor must decide:

- which share (abh. of investor preference: Fundamental analysis, Chartanalyse, etc.)

- which quantity (abh. of depot size and risk structure, see Money management)

- which (abh. of the size of the Spreads, presence of a full remark warranty, existence of obligatory Quotes instead of taxes)

2. Distribution of the order

The investor gives he to his bank the order the share to buy. On-line Brokerage is the today usual form of the order distribution. This takes place over a computer system of the bank.

3. Plausibility check

Since the bank for the customer acts as a market express taker, it examines before each security business:

- an order to sell whether the shares are in the depot of the Auftragserteilers

- a purchase order whether the purchase price is covered by liquid means in the depot

subsequently, the order is continued to lead into the computer-assisted trade system of the stock exchange Munich MAX-ONE.

4. Stock exchange Munich

The computer-assisted commercial system MAX-ONE is the "“virtual parquet trade"” of the stock exchange Munich. The material parquet trade was stopped with abolition of the operational readiness level obligation in the year 2002. The task of the stock exchange Munich is the supply of this market place and the commercial monitoring. Coworkers of the stock exchange do not participate even actively in the trade.

5. Specialist

Differently as with purely order-driven commercial systems, like e.g. Xetra, the specialist than business partners always occurs Munich.

As specialists the Baader securities trading bank AG, the ICF stockbroker AG, the MWB securities trading house AG and the Wolfgang Steubing AG is certified in Munich.

If a private investor would like to buy a security, then this sells to him the specialist. If shares are sold in Munich, then the specialist buys these. Thus a full execution for order up to a certain volume is guaranteed.

5. Clearing

After the conclusion of a security business the data necessary for the clearing (buyers, salesmen, price and quantity) are communicated to the clearing company Clearstream in Frankfurt.

Commercial system MAX-ONE

MAX-ONE is the electronic commercial system of the stock exchange Munich. It functions similarly to the system Xetra of the German stock exchange AG.

There are three kinds of the price statement:

1. Continuous Trading: At high-liquid values the price statement takes place fully automatic and in fractions of a second.
2. Continuous Auction: At less liquid values an electronic remark monitoring with sequential auctions of the specialists is combined.
3. Single Auction: With not liquid shares and not variable bonds the specialists accomplish once daily auctions.

Characteristics

The stock exchange Munich offers a liquidity warranty for over 4.200 shares from approx. 60 countries. It offers the full remark warranty and adheres to the reference market principle.

For private investors on the visitor gallery the also following achievements are offered:

• Real time course information
• Internet terminal with free entrance
• Reuters Nachrichtenbildschirm
• Restaurant economics
• News station N24

In addition the stock exchange offers seminars for private investors.

Related links

• Internet appearance of the stock exchange Munich

Specialist at the residents of Munich stock exchange

• Baader securities trading bank AG
• ICF stockbroker AG
• MWB securities trading house AG
• Wolfgang Steubing AG

Other one left

• Cm-Equity (seminar partner of the stock exchange Munich)

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