Vienna Stock Exchange
From MarketsWiki
| Vienna Stock Exchange (Wiener Börse) | |
| |
| Founded | 1771 |
|---|---|
| Headquarters | Vienna, Austria |
| Key People | Michael Buhl and Heinrich Schaller, joint CEOs; Rudolf Gruber, supervisory board chairman |
| Products | Cash equities, bonds and structured products and futures and options on |
| Web site | http://en.wienerborse.at/ |
The Vienna Stock Exchange is a multi-asset class electronic platform formed from the 1997 merger of the country’s cash market and derivatives exchange, offering trading, clearing settlement of equities, bonds and futures and options. Derivatives volumes rose 25.5 per cent in 2006 to 1.3m contracts[1].
The privately-owned Wiener Börse holding company has been positioned as a trading hub for central and eastern Europe, and has an equity stake in the Budapest Stock Exchange and co-operation agreements with eight other regional exchanges.
Contents |
History and Ownership
The general Commodity Exchange founded in 1872 was joined with the Vienna Stock Exchange to form the Vienna Stock and Commodity Exchange in 1876. The OTOB was founded in 1989 by five banks, trading index futures and options, single-stock options and bond futures. [2]
The exchange ownership is split 50:50 between its listed companies and large domestic banks, led by Bank Austria Creditanstalt (11.7 per cent), Erste Bank (9.4 per cent) and Raiffeisen (6.1 per cent) [3]. The exchange said in May 2007 that it had turned down takeover approaches from private equity groups[4]. In May 2004, Wiener Börse acquired a 14 per cent stake (current stake is 12.5 per cent) in the Budapest Stock Exchange as part of an Austrian consortium of bidders.
Structure and Regulation
The exchange offers venues for the trading of cash equities, futures and options, structured products and bonds. The clearing and settlement of Austrian securities had been done by Oesterreichische Kontrollbank (OeKB). As of January 2005, CCP Austria, a company owned jointly by Wiener Börse AG and OeKB, started operations for the clearing and settlement of all cash market and derivatives trades.
The Xetra platform is used for cash equities, with OMex used for derivatives. Trading hours are 09.00am-5.30pm. The exchange has 78 members, split evenly between domestic and overseas institutions
The legacy commodity exchange was revived in March 2002 with the introduction of electricity trading - with emissions trading following in June 2005 - and restructured as the EXAA.
Product Development
The cash market – which includes the benchmark ATX indexes, generated 77 per cent of revenues in 2006, with derivatives contributing 6.2 per cent. The equities segment includes a prime market for large-cap stocks and a mid-cap offering, while public sector and corporate bonds are also listed, alongside structured products such as exchange-traded funds.
The derivatives complex includes futures and options on the ATX and the ATX Five large-cap index, as well as single-stock futures and options on 21 companies. The exchange also lists a number of central European-focused indexes including: futures and options on the CECE Composite Index, CECExt Extended Index, CTX Czech Trade Index, HTX Hungarian Traded Index, PX Polish Traded Index, NTX New Europe Blue Chip Index, RTX Russian Traded Index and RDX Russian Depositary Index[5].
References
- ↑ Volume Growth Accelerates. Futures Industry magazine. Retrieved on December 17, 2007.
- ↑ Case Study: OM Financial Derivative Exchanges. Australian National University. Retrieved on December 17, 2007.
- ↑ Shareholders. Wiener Börse. Retrieved on December 17, 2007.
- ↑ Vienna turns down private equity offers. Financial Times. Retrieved on December 17, 2007.
- ↑ Derivatives Market. Wiener Börse. Retrieved on December 17, 2007.
Annual Report 2006. Wiener Borse. Retrieved on December 17, 2007.
