Please wait…

History of the Frankfurt Stock Exchange

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

20. Jahrhundert: Krieg, Wiederaufbau, Computerzeitalter und grenzüberschreitendes Wachstum

The internationally oriented FWB® Frankfurter Wertpapierbörse (the Frankfurt Stock Exchange) was very hard hit by World War I and its consequences. Foreign shares and bonds were sold by German investors out of fear of instrumentalization by the warring states; freed up capital was invested mostly in government bonds. By the end of the war, all foreign securities had disappeared from German exchange lists, as a result of which Frankfurt lost its standing as an international stock exchange. By the end of the war, the international contacts of the Frankfurt Stock Exchange had been lost. Inflation set in and reached its peak in 1923. The stock exchange saw unprecedented losses in securities of monetary value. By contrast, demand for stocks as speculation objects sharply increased. In October 1929, however, stock exchange prices fell dramatically and 25 October 1929 made history as “Black Friday”. The world economic crisis ruled the following years. The economy only began to restabilize in 1932.

Stock exchange building badly damaged in 1944 
With the Nazi takeover in 1933, overall economic policy was incorporated into the general government and war policy. Stock exchange supervision was taken away from the states and made the domain of the central government, with the number of stock exchanges reduced from 21 to 9. The Frankfurt Stock Exchange incorporated the Mannheim Stock Exchange in 1935. The merged institution was called the Rhine-Main Stock Exchange. Although the Frankfurt Stock Exchange continued to function as a "domestic stock exchange", it had, in reality, no major function. Nazi economic controls constricted the development of the free market and stock market trading. By and large, potential capital assets were only supposed to benefit the war economy and could no longer be invested in larger bonds or shares. The Frankfurt Stock Exchange building was badly damaged during an allied air raid in 1944. Stock exchange meetings could therefore only be held in the cellar rooms of the building.
Reopening 1945 

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

It was only following the currency reform of 1948 and the growing consolidation of the German economy that the Frankfurt Stock Exchange gradually recovered its old significance. Beginning in 1956, the purchase of foreign securities was again permitted in Germany. Frankfurt was thus able to return to its tradition of international business and resume its leading position in Germany. The stock exchanges played an important role as capital intermediaries for the country's post-war reconstruction. Through their activity, they were also decisively involved in the subsequent "economic miracle" and the Federal Republic of Germany's achievement in becoming a major economic force in the world.

Introduction of the market indicator DAX 
DAX® was introduced in 1988. Today, it is one of the world’s most well-known blue-chip indices. Deutsche Börse AG was founded in 1993. It has since been the operating body of FWB® Frankfurter Wertpapierbörse, entity under public law, or, as it is better known outside of Germany, the Frankfurt Stock Exchange.
Deutsche Börse launches fully electronic trading on Xetra 
Its success in recent years is not due to the change in the company structure alone. As early as 1969, Deutsche Börse began processing some of its data electronically. With the launch of Xetra® in 1997, the company heralded a completely new exchange era. Since then, floor trading has diminished in importance. With fully electronic Xetra trading, the exchange is now wherever there are screens. Xetra has been established as one of the leading trading systems in the world, a synonym for electronic and international securities trading.
Subsidiaries drive growth 

In the course of the fundamental developments at the close of the twentieth century, the Group has evolved from a mere market-place organizer for share trading to an international service provider to the securities industry covering the entire process chain of exchange trading.Deutsche Börse Systems AG builds and operates the trading systems and has been supporting Deutsche Börse’s global network of participants since 1997.Eurex was established in 1998 with the merger of DTB Deutsche Terminbörse (the German derivatives exchange) and SOFFEX (Swiss Options and Financial Futures). As one of the world's largest derivatives exchanges and the leading clearing house in Europe, Eurex provides access to the benchmark futures and options market for European derivatives independent of where market participants are located. It offers a high-quality, cost-efficient and comprehensive trading and clearing value chain.In 2000, Deutsche Börse Clearing AG and Cedel International merged to create Clearstream International. The one hundred percent subsidiary of Deutsche Börse is Europe’s leading supplier of integrated services for the post-trading infrastructure for shares and bonds in national and international trading and securities custody.

History of the Frankfurt Stock Exchange

The following Disclaimer and Information has been prepared by Voltabox AG (the “Issuer”) for the purpose of publishing THE securities prospectus by the issuer. Deutsche Boerse AG does not assume any responsibility for the content of the issuer`s Disclaimer and information.


Important Information


The information contained on the following web pages is directed only at persons who are resident of or domiciled in the Federal Republic of Germany (“Germany”) or the Grand Duchy of Luxembourg (“Luxembourg”). The following information does not constitute an offer to sell or a solicitation of an offer to buy or subscribe for any securities. No offer of securities of the Issuer is being, or will be, made to the public outside Germany and Luxembourg. The offer in Germany and Luxembourg is being made solely on the basis of the securities prospectus (including any amendments thereto) which has been approved by the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and which has been published on the Issuer’s website. Any investment decision regarding the publicly offered securities of the Issuer should only be made on the basis of the securities prospectus. The securities prospectus is available free of charge from the Issuer (Artegastraße 1, 33129 Delbrück, Germany; Tel.: +49 (0)5250 9930-900; Fax: +49 (0)5250 9762-102) and on the Issuer’s website (

The information contained on the following web pages is not an offer of securities for sale or a solicitation of an offer to purchase securities in the United States of America (“United States”), Canada, Australia or Japan. The Issuer’s shares, and the securities offered in the course of the offer, have not been and will not be registered under the US Securities Act of 1933, as amended (“Securities Act”), or with any other securities regulatory authority of any state or other jurisdiction of the United States and may not be offered, sold or delivered within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Issuer does not intend to register the offer or parts thereof in the United States or make an offer to the public in the United States, Canada, Australia or Japan.

The information contained on the following web pages is not for distribution to persons who are located in the United States, Canada, Australia or Japan or any other jurisdiction where the offer of the securities to the public is not taking place. Any violation of these restrictions may constitute a breach of the securities laws of these countries. The copying, forwarding or other transmission of the content of the following web pages is prohibited.

By clicking the "I AGREE" button below, you warrant that (i) you have read and accepted the foregoing information and restrictions in full and (ii) you are a resident of or domiciled in Germany or Luxembourg, and (iii) you agree not to distribute or forward the information contained on the following web pages to any person who is not a resident of or domiciled in Germany or Luxembourg.


We regret that, due to regulatory restrictions, we are unable to provide you with access to the following web pages.