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Basics

What is an Exchange? Tasks, management and control
Was ist die Börse? Aufgaben, Steuerung und Kontrolle

 

The stock exchange is an organized market, in which supply and demand for securities are brought together. A differentiation is made between the cash and forward markets. Equities and bonds are traded on the cash markets. They offer investors the opportunity to take part in the economic progress of corporations. Risks that arise from price fluctuations in the cash markets are hedged in the options and futures markets through trading in options and futures contracts – so-called derivative financial products.

The stock market fulfills a central function in the economy, bringing together savers and investors (providers of capital) on the one hand with companies and the state (borrowers) on the other. Without this "mediator", the capital providers and borrowers would have to negotiate directly, which would generate heavy search and information costs. Whereas companies and the state often require large sums of long-term capital, most of the savers and investors want to provide small amounts for relatively shorter time periods. The stock market makes possible an optimal and efficient reconcilement of interests between these groups. Savers and investors can buy and sell securities on the exchange at any time, without directly affecting the companies. For this reason, the stock market is also known as a circulating market (secondary market). It is also an issuers' market in which new issues can be placed (primary market).

Central functions and responsibilities of a stock market
 
  • making available cost-effective trading platforms
  • bundling of liquidity by concentrating supply and demand
  • guaranteeing the fungibility, or interchangeability, as well as the identical structuring of a particular category of security
  • ensuring the greatest possible transparency for investors
  • providing information on prices and volume

Management and Control
 

The market surveillance ensures orderly trading. Several institutions are involved. The Trading Surveillance Office (HÜSt) with direct contact to the market, monitors the price determinations. The Securities and Exchange Commission investigate violations against the securities law. The Bundesanstalt für Finanzdienstleistungsaufsicht, short BaFin, ensures the functioning of the German markets for securities and derivatives according to the Securities Trading Act (WpHG).

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 (www.voltabox.ag).



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