Securities trading

Securities trading takes place on the stock exchanges. Mainly shares, bonds, Pfandbriefe, municipal bonds, convertible bonds, industrial and bank bonds are traded here. Stock exchanges exist in the Federal Republic of Germany in Hamburg, Bremen, Berlin, Hanover, Düsseldorf, Frankfurt, Munich and Stuttgart. Trading in securities takes place in three types of market:
Official trading takes place under the supervision of the Exchange Board and with the participation of sworn brokers in specially approved securities.

The Regulated Unofficial Market includes trading in securities that are not admitted to official trading. A distinction must be made between:

- the regulated Regulated Unofficial Market, in which securities are traded, the price of which is set by special Open Market Brokers and a Regulated Unofficial Market Committee advises on their admission to trading.

- Unregulated trading in securities that are neither officially listed nor included in the open market. The paper is mainly traded by telephone between the banks.

Die Kurse (Preise) der Wertpapiere bilden sich täglich nach supply and demand. Die an einer Börse zugelassenen Börsenmakler erhalten ihre Kauf- oder Verkaufaufträge von den Kreditinstituten, die diese entweder in eigenem Namen oder im Namen von Kunden erteilen. Der amtlich notierte Kurs an der Börse wird von einem Kursmakler anhand der Kaufaufträge und Verkaufaufträge so festgesetzt, dass ein möglichst großer Umsatz erreicht wird. Die Notierungen als Angabe für die Kurse der Wertpapiere werden unterschiedlich angegeben:
- For fixed-income securities, the percent quotation has prevailed. The market value of a security is given as a percentage.

- For shares, on the other hand, the unit quotation has become established. The price of a share is given per share, regardless of whether its nominal value is EUR 50 or EUR 100.

The price determined is published daily in the official price sheet. In general, the daily newspapers print the most important quotations in the official trade.

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