Börses

Börses are organized, regulated marketplaces where buyers and sellers trade financial instruments such as stocks, bonds, and derivatives. The term derives from Börse, the German word for exchange, and in many contexts refers to the systems that coordinate price discovery and liquidity in capital markets. Börses provide a centralized venue for issuing securities, continuous trading, and post-trade clearing and settlement.

They operate under a legal framework established by national securities regulators. Issuers meet listing requirements to access public capital, while investors gain access through licensed brokers. Transactions are typically executed on trading floors or electronic platforms and are settled through a clearinghouse or central counterparty, reducing counterparty risk and ensuring delivery of securities and cash.

Most Börses host multiple market segments, including an equity market for stocks, a debt market for bonds, and increasingly segments for ETFs, derivatives, and structured products. Markets may be organized as order-driven, where trades occur based on posted bids and offers, or hybrid, combining electronic matching with human oversight. Transparency and disclosure standards require regular reporting of financial results and material information.

Stock exchanges have origins in Europe during the Middle Ages and expanded with industrialization. Today, Börses play a central role in capital formation, corporate governance, and price discovery. They face challenges such as market volatility, liquidity fluctuations, regulatory changes, and evolving trading technologies. In many regions, Börses operate alongside alternative trading systems and electronic venues, contributing to global market connectivity.

Major Börses include the New York Stock Exchange and NASDAQ in the United States, the London Stock Exchange in the United Kingdom, the Tokyo and Osaka exchanges in Japan, and Borsa Istanbul in Turkey. Other notable Börses include Frankfurt Stock Exchange, Euronext, and SIX Swiss Exchange.