20th century: War, reconstruction, computer age and cross-border growth

The First World War and its consequences hit the internationally oriented Frankfurt Stock Exchange very hard. Foreign shares and bonds were sold by German investors out of fear of being exploited by the enemy, and the capital released was mostly invested in government bonds. By the end of the war, all foreign securities had disappeared from German stock exchange lists, with Frankfurt losing its status as an international stock exchange. After the end of the war, the foreign contacts of the Frankfurt Stock Exchange were destroyed, and inflation set in. It reached its peak in 1923. At the stock exchange, securities expressing a monetary value fell into the bottomless pit. The stock, on the other hand, became a sought-after object of speculation. In October 1929, however, stock market prices fell dramatically; 25 October 1929 went down in history as "Black Friday". Over the next few years there was a global economic crisis, which was not replaced until 1932 by a recovery of the economy.

Serious damage to the Frankfurt Stock Exchange building 1944

With the assumption of power by the National Socialists in 1933, the entire economic policy was integrated into the general state and war policy. Stock exchange supervision was transferred from the Länder to the Reich and the number of stock exchanges was reduced from 21 to 9. In 1935, the Frankfurt Stock Exchange was renamed the Mannheim Stock Exchange and was henceforth known as the Rhine-Main Stock Exchange. Although the Frankfurt Stock Exchange still existed as its "home stock exchange", in fact it no longer assumed any important functions. The Nazi economic control hindered the development of the free market and thus also stock exchange trading. The potential investment capital was to largely benefit only the war economy and could therefore no longer be invested in larger bonds or share certificates. During an Allied air raid in 1944, the Frankfurt stock exchange building was severely damaged. The stock exchange meetings could therefore only be held in the basement of the building.

Reopening 1945

After the collapse of the Nazi regime in 1945, the stock exchange remained closed for six months. It was reopened in September 1945 as one of the first stock exchanges in Germany.

Only after the currency reform of 1948 and the growing consolidation of the German economy did the Frankfurt Stock Exchange gradually regain its former importance. From 1956, the purchase of foreign securities was again permitted in Germany. Frankfurt was thus able to turn its attention to its traditions of international business and regain its leading position in Germany. In post-war Germany, stock exchanges played an important role as capital brokers for the reconstruction of the country. Through their activities, they were also instrumental in the later "economic miracle" and in achieving a leading position in the world economy for the Federal Republic of Germany.

Introduction of the stock market barometer DAX

In 1988, the stock exchange introduced the DAX, which today is one of the world's best-known blue-chip indices. With such a successful index behind it, the publicly listed FWB® Frankfurter Wertpapierbörse (Frankfurt Stock Exchange) became Deutsche Börse AG in 1993, which has since acted as the parent company of the FWB.
 

Startschuss zum vollelektronischen Handel: Der neue Marktplatz Xetra

As early as 1969, the stock exchange began to process parts of its data electronically. With the introduction of Xetra in 1997, the company heralded a completely new stock market era. Since then, floor trading and floor trading have become less important, as fully electronic Xetra trading means that the stock exchange is wherever the screens are. Xetra has established itself as one of the world's leading trading systems. It is synonymous with the electronification and internationalisation of securities trading.

Subsidiaries drive growth forward

In the course of the fundamental developments at the end of the 20th century, the Group changed from a pure marketplace organizer for stock trading to an internationally positioned service provider for securities markets, integrating the entire process chain of stock exchange trading.

Deutsche Börse Systems AG builds and operates the trading systems and has been managing Deutsche Börse's global participant network since 1997.

Eurex emerged in 1998 from the merger of DTB (Deutsche Terminbörse) and SOFFEX (Swiss Options and Financial Futures Exchange). As one of the world's largest derivatives exchanges and Europe's leading clearing house, Eurex offers location-independent access to the European derivatives market. It represents a cost-efficient and comprehensive value chain for trading and clearing.

In 2000, Deutsche Börse Clearing AG merged with Cedel International to form Clearstream International. The wholly-owned subsidiary of Deutsche Börse is Europe's leading provider of integrated services for the settlement of securities transactions in national and international trading and the custody of securities with the associated services.

May 2019, © Deutsche Börse AG