The first marketplaces appeared in Germany in the 16th century. Today, eight stock exchanges operate in the largest cities in the country. The largest of them, the Frankfurt Stock Exchange, is a part of Deutsche Börse AG, which calculates the country’s most important stock index – DAX. This is where the shares of Siemens, Deutsche Bank, Adidas, and about three dozen other major domestic corporate giants are being traded.
Despite the fact that the issuing companies technically represent the local market, the Frankfurt Stock Exchange has an international significance – it is among the world largest stock exchanges by market capitalization, averaging $1.8 trillion in 2017. In the same year, the Exchange tried to consolidate its status by merging with the London Stock Exchange, but the European Union firmly rejected the deal due to antimonopoly concerns.
The oldest stock exchange in the country located in Hamburg consists of 4 divisions specializing in grain trading with a virtually unchanged set of participants, real estate, investment funds’ shares, and insurance programs. Its clients are mostly small German companies. Other exchanges, like the Munich Stock Exchange which serves the interests of Bavaria, Stuttgart or Dusseldorf, are more likely to have regional significance.