!!!Börse, Wiener

Vienna Stock Exchange (Wiener Boerse): A public stock exchange was 
first founded through the Stock Exchange Patent granted by Maria 
Theresia in 1771. After the collapse of the market on May 8, 1873, due 
to ruthless speculation in the Age of Promotorism (Gruenderzeit) and 
the serious recession that ensued, a stock exchange commissioner was 
installed on April 1, 1875 to supervise stock exchange practices. The 
Stock Exchange nevertheless retained its independence, which is 
guaranteed by the Stock Exchange Chamber.

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 After being repeatedly moved (e.g. to Palais Ferstel), the Vienna 
stock exchange is now situated in the building on the Ringstrasse 
built by T. Hansen from 1874-1877. From 1938-1945 the sock exchange 
was subject to German law; it was closed form 1945-1948; in 1956 the 
interior burnt out and was renovated in modern style by E.  
Boltenstern.  It was re-opened in 1959. In 1998 the Vienna Stock 
Exchange relocated to Straussgasse in Vienna's 1st district.

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Since November 1999 all securities have been handled on the Volume 
Cash market by the Xetra%%sup ®/% electronic trading system. New 
market segmentation was introduced from the second quarter of 1999 on 
the basis of liquidity and market making.

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Business at the Vienna Stock Exchange is regulated by the Stock 
Exchange Act of 1989, which corresponds to the relevant EU-Directives. 
In 1993, the stock exchange was adapted to the standards for European 
capital movement. After movement in 1997 the Vienna Stock Exchange was 
turned into an Aktiengesellschaft (joint stock company) and at the 
same time fused with the OeTOB (Oesterreichische Termin- und 
Optionenboerse/Austrian Future- and Options Exchange), which was 
established in 1991 and fully privatised in 1998.

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After the Stock Exchange Chamber had been dissolved in 1998, its 
functions were also taken over by the Vienna Stock Exchange company 
(Wiener Boerse AG, WBAG). A cooperation agreement with the Frankfurt 
Stock Exchange was concluded in 1998. Their subsidiary, New Europe 
Exchange (NEWEX%%sup ®/%) has been trading  shares from Central- 
and Eastern Europe from Vienna since November 2000.


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