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Organized Equity Markets in Germany Erik Theissen
No. 2003/17 Organized Equity Markets in Germany Erik Theissen Center for Financial Studies an der Johann Wolfgang Goethe-Universität C Taunusanlage 6 C D-60329 Frankfurt am Main Tel: (+49)069/242941-0 C Fax: (+49)069/242941-77 C E-Mail: [email protected] C Internet: http://www.ifk-cfs.de CFS Working Paper No. 2003/17 Organized Equity Markets in Germany Erik Theissen* March 2003 Abstract: The German financial system is the archetype of a bank-dominated system. This implies that organized equity markets are, in some sense, underdeveloped. The purpose of this paper is, first, to describe the German equity markets and, second, to analyze whether it is underdevel- oped in any meaningful sense. In the descriptive part we provide a detailed account of the microstructure of the German equity markets, putting special emphasis on recent develop- ments. When comparing the German market with its peers, we find that it is indeed underdeveloped with respect to market capitalization. In terms of liquidity, on the other hand, the German equity market is not generally underdeveloped. It does, however, lack a liquid market for block trading. JEL Classification: G 51 Keywords: Market size, liquidity, floor versus screen trading * Prof. Dr. Erik Theissen, Universität Bonn, BWL 1, Adenauerallee 24-42, 53113 Bonn, Germany Email: [email protected]. Forthcoming in: The German Financial System by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press, August 2003 Organized Equity Markets Erik Theissen, University of Bonn March 2003 I. Introduction ........................................................................................................................ 2 II. The German Equity Market................................................................................................ 2 III. The (micro)structure of the German equity markets......................................................... -
789398885.Pdf
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Burhop, Carsten; Lehmann-Hasemeyer, Sibylle H. Working Paper The geography of stock exchanges in Imperial Germany FZID Discussion Paper, No. 89-2014 Provided in Cooperation with: University of Hohenheim, Center for Research on Innovation and Services (FZID) Suggested Citation: Burhop, Carsten; Lehmann-Hasemeyer, Sibylle H. (2014) : The geography of stock exchanges in Imperial Germany, FZID Discussion Paper, No. 89-2014, Universität Hohenheim, Forschungszentrum Innovation und Dienstleistung (FZID), Stuttgart, http://nbn-resolving.de/urn:nbn:de:bsz:100-opus-9834 This Version is available at: http://hdl.handle.net/10419/98252 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu FZID Discussion Papers CC Economics Discussion Paper 89-2014 THE GEOGRAPHY OF STOCK EXCHANGES IN IMPERIAL GERMANY Carsten Burhop Sibylle H. -
The German Equity Trading Landscape
Peter Gomber The German Equity Trading Landscape White Paper No. 34 The paper was published in the Journal of Applied Corporate Finance, 27 (4), pp. 75‐80. SAFE Policy papers represent the authors‘ personal opinions and do not necessarily reflect the views of the Research Center SAFE or its staff. The German Equity Trading Landscape Peter Gomber1 February 2016 1. Introduction Securities markets are at the heart of modern economies. Their central function is to enable issuers to raise equity capital and investors to allocate their funds to the most profitable companies and projects. Besides this macroeconomic function, securities markets serve to protect investors by providing transparent and efficient transaction platforms. Clear and enforceable regulations shall treat all market participants equally and enable for non‐discriminatory access to markets and market data. Operational efficiency based on highly reliable processes and systems shall assure market availability close to 100% during trading hours. From a market microstructure perspective the most important function of securities markets is price discovery, i.e. the ability to aggregate heterogeneous information sets of different retail and institutional investors into one signal aggregating all that information: the securities price (Schwartz and Francioni, 2004). This paper describes cash equity markets in Germany and their evolution against the background of technological and regulatory transformation. The development of these secondary markets in the largest economy in Europe is first briefly outlined from a historical perspective. This serves as the basis for the description of the most important trading system for German equities, the Xetra trading system of Deutsche Börse AG. Then, the most important regulatory change for European and German equity markets in the last ten years is illustrated: the introduction of the Markets in Financial Instruments Directive (MiFID) in 2007. -
REGULATED MARKET for HIGHLY LIQUID TRADING Liquid
Xetra. The market. REGULATED MARKET FOR HIGHLY LIQUID TRADING Liquid. Regulated. Reliable. XETRA: BENEFITS 2 There are many things that make Xetra the ideal trading venue for investors worldwide: maximum liquidity, low transaction costs and maximum security. Plus the people who make sure this will still be the case tomorrow. XETRA: BENEFITS 3 TRADE ON THE NUMBER 1 VENUE FOR GERMAN EQUITIES Welcome to Xetra, the undisputed number 1 in Europe for German equities trading and – with a network spanning 18 countries – one of the world’s leading trading venues. Not only does Xetra® host over 200 of asset classes. Many also praise Xetra’s Xetra – all benefits at the most important trading players on the gapless service chain and efficient a glance: European capital market, it is also the straight-through processing, while still • high trading volumes for reference market for fixing the prices of others see the central counterparty, German equities German securities at many other trading which plays a crucial role in risk man- • low transaction costs venues. agement, as a very important factor. • international network of participants from Xetra: one trading venue – many But all of them swear by the trading sys- 18 countries benefits tem’s secure technology, which ensures • diversified product range If the around 4,000 traders on Xetra were that Xetra is not only fast but also ex- comprising equities, ETFs, asked why this venue is so successful tremely stable and reliable – with system ETNs and ETCs one would hear a wide range of answers. availability of nearly 100 per cent. • transparency of a Many would definitely point to the high regulated market liquidity and the resulting extremely low As you can see, there are many different • lower risk and anonymity transaction costs, while others would reasons why you should opt for Xetra. -
Financial Market Data for R/Rmetrics
Financial Market Data for R/Rmetrics Diethelm Würtz Andrew Ellis Yohan Chalabi Rmetrics Association & Finance Online R/Rmetrics eBook Series R/Rmetrics eBooks is a series of electronic books and user guides aimed at students and practitioner who use R/Rmetrics to analyze financial markets. A Discussion of Time Series Objects for R in Finance (2009) Diethelm Würtz, Yohan Chalabi, Andrew Ellis R/Rmetrics Meielisalp 2009 Proceedings of the Meielisalp Workshop 2011 Editor Diethelm Würtz Basic R for Finance (2010), Diethelm Würtz, Yohan Chalabi, Longhow Lam, Andrew Ellis Chronological Objects with Rmetrics (2010), Diethelm Würtz, Yohan Chalabi, Andrew Ellis Portfolio Optimization with R/Rmetrics (2010), Diethelm Würtz, William Chen, Yohan Chalabi, Andrew Ellis Financial Market Data for R/Rmetrics (2010) Diethelm W?rtz, Andrew Ellis, Yohan Chalabi Indian Financial Market Data for R/Rmetrics (2010) Diethelm Würtz, Mahendra Mehta, Andrew Ellis, Yohan Chalabi Asian Option Pricing with R/Rmetrics (2010) Diethelm Würtz R/Rmetrics Singapore 2010 Proceedings of the Singapore Workshop 2010 Editors Diethelm Würtz, Mahendra Mehta, David Scott, Juri Hinz R/Rmetrics Meielisalp 2011 Proceedings of the Meielisalp Summer School and Workshop 2011 Editor Diethelm Würtz III tinn-R Editor (2010) José Cláudio Faria, Philippe Grosjean, Enio Galinkin Jelihovschi and Ri- cardo Pietrobon R/Rmetrics Meielisalp 2011 Proceedings of the Meielisalp Summer Scholl and Workshop 2011 Editor Diethelm Würtz R/Rmetrics Meielisalp 2012 Proceedings of the Meielisalp Summer Scholl and Workshop 2012 Editor Diethelm Würtz Topics in Empirical Finance with R and Rmetrics (2013), Patrick Hénaff FINANCIAL MARKET DATA FOR R/RMETRICS DIETHELM WÜRTZ ANDREW ELLIS YOHAN CHALABI RMETRICS ASSOCIATION &FINANCE ONLINE Series Editors: Prof. -
Finland 1. Finland
Epicos 2016 Special Focus: Finland Volume 8 Number 04 – Wednesday, 27 January 2016 Part I: Finland 1. Finland: Future Defence Budget and Procurements 2. Finnish Defence Industry: Main Competences & Total Turnover 3. Epicos “Industrial Cooperation and Offset Projects” 4. Advanced Fiber Optics Cable Repair System 5. Comprehensive military shooting training system based on optoelectronic technology 6. News from our A&D Business Network Part II: Epicos Newsroom 1. ESA selects Airbus Defence and Space for two new Sentinel-2 satellites 2. Rockwell Collins technology aids in historic first KC-46A tanker refueling flight 3. SAAB Receives Order from EDA for Carl-Gustaf Ammunition 4. First China Airlines A350XWB takes shape in Airbus’ Final Assembly Line 5. Rheinmetall creates Europe’s leading producer of military vehicles © Epicos Informational Services Page 1 Epicos 2016 Special Focus: Finland Finland: Future Defence Budget and Procurements Finnish defence budget for 2016 is estimated to reach, according to the country’s authorities, 2886.3 million Euros, significantly augmented (227.5) compared to the 2015 defence budget. This is mainly a result of postponing the payment schedules of some earlier materiel projects. From this amount the biggest percentage, will be used to cover the payroll of the defence forces’ personnel, accounting for 783.5 million Euros (approximately 27.1% of the country’s defence budget), slightly decreased compared to 2015, when it reached 793.4 accounting for 29.8% of total defence budget. Operational expenses and procurement of materiel follow with 701.6 (accounting for 24.3% of the total budget) and 544.7 million (accounting for 18.9% of the total budget) respectively. -
Eads-Registration-Document-2012.Pdf
REGISTRATION DOCUMENT 2012 European Aeronautic Defence and Space Company EADS N.V. European Aeronautic Defence and Space Company EADS N.V. (the “Company” or “EADS” and together with its subsidiaries, the “Group”) is a Dutch company, which is listed in France, Germany and Spain. The applicable regulations with respect to public information and protection of investors, as well as the commitments made by the Company to securities and market authorities, are described in this Registration Document (the “Registration Document”). In addition to historical information, this Registration Document includes forward-looking statements. The forward-looking statements are generally identifi ed by the use of forward-looking words, such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan”, “project”, “predict”, “will”, “should”, “may” or other variations of such terms, or by discussion of strategy. These statements relate to EADS’ future prospects, developments and business strategies and are based on analyses or forecasts of future results and estimates of amounts not yet determinable. These forward-looking statements represent the view of EADS only as of the dates they are made, and EADS disclaims any obligation to update forward-looking statements, except as may be otherwise required by law. The forward-looking statements in this Registration Document involve known and unknown risks, uncertainties and other factors that could cause EADS’ actual future results, performance and achievements to differ materially from those forecasted or suggested herein. These include changes in general economic and business conditions, as well as the factors described under “Risk Factors” below. This Registration Document was prepared in accordance with Annex 1 of EC Regulation 809/2004, filed in English with, and approved by, the Autoriteit Financiële Markten (the “AFM”) on 3 April 2013 in its capacity as competent authority under the Wet op het financieel toezicht (as amended) pursuant to Directive 2003/71/EC. -
Documentation for the Annual General Meeting
Documentation for the Annual General Meeting on Thursday 31 May 2012 at 10:30 a.m. at Hotel Okura Amsterdam Ferdinand Bolstraat 333, 1072 LH Amsterdam, The Netherlands Agenda 2 Text of the resolutions proposed by the Board of Directors 3 Presentation of the resolutions proposed by the Board of Directors 6 Report of the Board of Directors 11 Financial Statements 2011 (included in a separate booklet) 59 Useful Information 60 1 2 3 4 5 6 4 Back to Contents Agenda 1 Opening and general introductory statements 2 Presentation by the Chairman and the Chief Executive Offi cer, including report by the Board of Directors in respect of the: 1. Corporate governance statement 2. Policy on dividend 3. Report on the business and fi nancial results of 2011 3 Discussion of all agenda items 4 Vote on the resolutions in respect of the: 1. Adoption of the audited accounts for the fi nancial year of 2011 2. Approval of the result allocation, distribution and payment date 3. Release from liability of the Members of the Board of Directors 4. Appointment of Mr Arnaud Lagardère as a Member of the Board of Directors 5. Appointment of Mr Thomas Enders as a Member of the Board of Directors 6. Appointment of Mr Dominique D’Hinnin as a Member of the Board of Directors 7. Appointment of Mr Hermann-Josef Lamberti as a Member of the Board of Directors 8. Appointment of Mr Lakshmi N. Mittal as a Member of the Board of Directors 9. Appointment of Sir John Parker as a Member of the Board of Directors 10. -
SAFE Financial History Data Projects
SAFE Financial History Data Projects Dr. Stéphanie Collet Research Center SAFE Goethe University Frankfurt IBF-Workshop 2018: Das Bankarchiv als Datenressource II Datenprojekte / datenbasierte finanzhistoriche Forschung Financial History Data Project @SAFE 1. German Stock Database in the Interwar Period Paper : „The Berlin Stock Exchange in the ´Great Disorder´ ” With Caroline Fohlin (Emory University) 2. German Firm-Level Database in the Interwar Period Paper: „Firms in Troubled Times: What does it Take to Survive?“ With Dennis Gram (SAFE Research Center, Goethe University) Other SAFE Paper: „Capital Structure in the Interwar Period: The Impact of Economic Crises on Managerial Risk-Taking” Marius Liebald and Uwe Walz 20/09/18 2 The Berlin Stock Exchange in the “Great Disorder” Stephanie Collet Research Center SAFE, Goethe University Caroline Fohlin Emory University Research Question Were German financial markets still functioning during the “Great Disorder”? How much are financial market able to bear? This paper provides: - First ever comprehensive daily stock price series for Germany 1920’s - First paper on the German stock market using information on the trades This paper is part of a project entitled “Financial History Database” which is funded by Research Center SAFE. The project and paper started mid 2017. 20/09/18 4 Stock Database in Germany Before WWI • GESIS: 16 historical studies based on stocks data • Some main sources: Donner (1934), Eube (1998), Fohlin (2000), Ronge (2002), Gelman and Burhop (2008) • Period covers: 1870-1914 with monthly data but also daily data on a limited number of stocks Interwar period • New SAFE project: Collet and Fohlin (2018) on daily or weekly data for all stocks traded in Berlin (1920-1930, we hope 1930-1940 in the future). -
We Pioneer Sustainable Aerospace for a Safe and United World
We pioneer sustainable aerospace for a safe and united world Airbus Corporate Presentation July 2021 Airbus is an international pioneer in the aerospace industry We are a leader in designing, manufacturing, and delivering aerospace products, services and solutions to customers on a global scale. Ambition to be the first to offer a zero-emission commercial aircraft by 2035 ZEROe concept aircraft powered by hydrogen Airbus Corporate Presentation A commercial aircraft manufacturer, with Defence and Space as well as Helicopters divisions Airbus is the largest aeronautics and space company in Europe and a worldwide leader. Airbus Corporate Presentation Airbus has built on its strong European heritage to become truly international The company has aircraft final assembly lines across Asia, Europe and the Americas. 180 12,000 locations direct suppliers globally Airbus Corporate Presentation Strength of diversification Airbus Airbus Airbus Defence commercial Helicopters and Space 863 471 660 5,947 422 565 EBIT Adjusted in millions 618 +12% +17% in 2020 in 2020 Lines, boxes, etc. are only illustrative 2019 2020 2019 2020 2019 2020 Consolidated Airbus 2020 FY revenues € 49.9 billion; FY EBIT Adjusted € 1.7 billion Airbus Corporate Presentation Our strategy Purpose: We pioneer sustainable aerospace for a safe and united world. Company strategy: 1. Continue to grow 2. Leverage European 3. Continue to invest 4. Lead transformation as an Aerospace & roots while pursuing for the future of the aerospace Defence leader a Global reach industry • Keep current portfolio • Leverage diversity of workforce • Ensure the right combination of • Lead the journey towards clean competitive. to address global market and growth, profitability and aerospace. -
Airbus Group
Defense & Aerospace Companies, Volume II - International Airbus Group Outlook · In March 2015, Airbus Group initiated a second divestment of its shares in Dassault Aviation · Airbus Group is riding the boom in the commercial aircraft market that has fueled a record backlog of EUR857 billion · Airbus D&S is being restructured via mergers and divestments; some 5,000 jobs will be eliminated, primarily in Europe · The company has consolidated its focus in India in hopes of winning upcoming contracts Headquarters Airbus Group SE In mid-2013, following a failed merger attempt with 4, rue du Groupe d'Or BAE Systems, EADS's ownership structure was BP 90112 drastically altered as shareholders changed a Franco- 31703 – Blagnac Cedex, France German ownership pact in favor of greater management Telephone: + 33 0 5 81 31 75 00 freedom. Under the plan, France and Germany now Website: http://www.airbus-group.com hold core stakes of 12 percent each, Spain holds 4 percent, and the rest is floated freely to investors. In 2014, the European Aeronautic Defence and Space Prior to the changes, the triumvirate of nations held over Company (EADS) rebranded itself as Airbus Group, 50 percent of the firm. As part of the changes, France after its largest operation. agreed to give up veto powers over the company's Originally, EADS was formed through Europe's post- industrial policy. Cold War consolidation efforts. At the time of its At the start of 2015, Airbus Group employed about formation in 2000, EADS comprised the activities of the 138,622 people around the world. founding partners Aerospatiale Matra SA of France, Construcciones Aeronáuticas SA (CASA) of Spain, and Note: For details on Airbus Group's major subsidiaries, DaimlerChrysler Aerospace AG (DASA) of Germany. -
REGISTRATION DOCUMENT 2011 11 Mm
REGISTRATION DOCUMENT 2011 11 mm Company” or “EADS Group”) is a Dutch company, which is listed in France, Germany and Spain. The applicable regulations with respect to public information and protection of investors, as well as the commitments made by the Company to securities and market authorities, are described in this Registration Document (the “Registration Document”). In addition to historical information, this Registration Document includes forward-looking statements. The forward-looking statements are generally identifi ed by the use of forward-looking words, such as “anticipate”, “believe”, “estimate”, “expect”, “intend”, “plan”, “project”, “predict”, “will”, “should”, “may” or other variations of such terms, or by discussion of strategy. These statements relate to EADS’ future prospects, developments and business strategies and are based on analyses or forecasts of future results and estimates of amounts not yet determinable. These forward-looking statements represent the view of EADS only as of the dates they are made, and EADS disclaims any obligation to update forward-looking statements, except as may be otherwise required by law. The forward-looking statements in this Registration Document involve known and unknown risks, uncertainties and other factors that could cause EADS’ actual future results, performance and achievements to differ materially from those forecasted or suggested herein. These include changes in general economic and business conditions, as well as the factors described in “Risk Factors” below. approved by, the Autoriteit Financiële Markten April 2012 in its capacity as competent authority under the Wet op het financieel toezicht (as amended) pursuant to Directive 2003/71/EC. This Registration Document may be used in support of a fi if it is supplemented by a securities note and a summary approved by the AFM.