Operations of Deutsche Börse and the role of the German stock exchange in relation to several European stock exchanges


  • Rafał Czupryn Kazimierz Pulaski University of Technology and Humanities in Radom




capital market, stock exchange, financial instruments


This article analyzes the operation of the German stock exchange on the basis of applicable national regulations, directives of the European Parliament and the adopted manner of operation of the entity in accordance with the information contained on the official website of the stock exchange. The following part of the article presents a comparative analysis of fifteen European stock exchanges. The comparative criterion was the achieved results concerning the offered financial instruments. The study was conducted on the basis of data from the Federation of European Stock Exchanges covering the state at the end of January 2021.


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Act of 04.02.1937 on Law on the Safekeeping and Acquisition of Securities (Gesetz über die Verwahrung und Anschaffung von Wertpapieren ? Depotgesetz/ DepotG), as amended

Act of 06.09.1965 on Stock Corporation (Aktiengesetz ? AktG), as amended

Act of 09.09.1998 on Securities Trading (Gesetz u?ber den Wertpapierhandel? WpHG), as amended

Act of 22.04.2002 on the Federal Financial Supervisory Authority (Gesetz u?ber die Bundesanstalt fu?r Finanzdienstleistungsaufsicht? FinDAG), as amended

Act of 21.06.2002 on Stock Exchange (Börsengesetz ? BörsG), as amended

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Act of 05.01.2007 on Law implementing Directive 2004/109 / EC of the European Parliament and of the Council of December 15, 2004 on the harmonization of transparency requirements with regard to information about issuers whose securities are admitted to trading on a regulated market and amending Directive 2001 / 34 / EG (Gesetz zur Umsetzung der Richtlinie 2004/109/EG des Europäischen Parlaments und des Rates vom 15. Dezember 2004 zur Harmonisierung der Transparenzanforderungen in Bezug auf Informationen über Emittenten, deren Wertpapiere zum Handel auf einem geregelten Markt zugelassen sind, und zur Änderung der Richtlinie 2001/34/EG- Transparenzrichtlinie-Umsetzungsgesetz/ TUG), as amended

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How to Cite

Czupryn, R. (2021). Operations of Deutsche Börse and the role of the German stock exchange in relation to several European stock exchanges. Central European Review of Economics & Finance, 34(3), 13–32. https://doi.org/10.24136/ceref.2021.010