Wiener Borse

History of Wiener Borse

1771 – Foundation of Wiener Borse

Wiener Börse was founded in 1771 by Maria Theresia. In the initial years, the exchange served mainly as a marketplace for trading bonds, bills of exchange and foreign currencies. Special intermediaries, the Official Brokers (called “Sensale” in German), were responsible for the smooth operation of trading. The Official Brokers received a commission for each trade mediated. On some days, over 2000 persons met on the exchange floor for trading.

The 19th Century

Shares were traded for the first time in 1818. The first stock corporation to be listed on Wiener Börse was the Austrian National Bank. Due to the political and economic significance of the Habsburg monarchy at the time, Wiener Börse soon gained international recognition. Since its foundation, new regulations and stock exchange legislation had become necessary to help maintain an orderly market in the midst of very lively trading. The economic boom also brought a wave of highly speculative companies to the exchange. This trend was cut off abruptly by the stock market crash of May 1873. About 90% of all listed companies disappeared from the price list. It took decades for the stock exchange to recover from the shock.

Industrial companies switched from seeking financing through the stock market to taking out loans from the major banks who were to become one of the most important factors for the capital market and trading. Meanwhile, it became necessary to draft new exchange rules and laws to deal with the increasingly livelier trading. In 1875, the third Stock Exchange Act since the founding of Wiener Börse was passed that guarantees the complete autonomy of Wiener Börse and has ensured undisrupted trading ever since. The historic stock exchange building designed by Theophil von Hansen on Schottenring opened its door with an official inauguration ceremony in 1877.