Glossary
- b (price addendum)
- B-shares
- Backwardation
- Balance-sheet analysis
- Bar chart
- Base currency
- Base interest rate
- Basis point
- Basis trade
- Basket certificate
- bB (price addendum)
- Bear Call Spread
- Bear flag
- Bear market
- Bear trap
- Bearer share
- Bears
- Benchmark
- Beta factor
- bG (price addendum)
- Bid
- Bid price
- Bid-ask spread
- Black-Scholes model
- Blue chips
- Bobl Future
- Bodies of the stock exchange
- Bond
- Bond index
- Bonus
- Bonus certificate
- Bonus shares
- Bonus thresholt
- Book-building
- Bookbuilding range
- Börsenordnung (Stock Exchange Rules and Regulations)
- Börsenrat (Exchange Council)
- Break-even point (warrants)
- Breakout gap
- Bridge capital
- Broker
- Brokerage commission
- Buffett indicator
- Bund Future
- Bundesanstalt für Finanzdienstleistungsaufsicht (BAFin)
- Business angel
- Business plan
- Buyback
Bearer share
In contrast to registered shares, the owner is not named on a bearer share and does not generally have to provide proof of legal ownership of the share.
Bearer shares are transferred informally by handover and agreement, without the need to make any changes to the certificate. This makes them highly exchangeable (fungible) and easily tradable.
According to Section 10 (1) sentence 1 AktG, registered shares are now the norm. The law states: “The shares are registered shares.”
This provision represents a change compared to the previous legal situation. Until the 2016 amendment to the German Stock Corporation Act, stock corporations were free to choose between bearer and registered shares. Today, however, registered shares are the standard form of securitization for shares.
Bearer shares can only be issued in two exceptional cases:
• If the company is listed on the stock exchange
• If, in the case of unlisted companies, the shareholder's right to individual securitization is excluded and the global certificate is deposited with a body specified in the law.
Deutsche Börse 
