Börse Berlin
Börse Berlin is a historic German stock exchange based in Berlin and operated by Börse Berlin AG.
Last updated October 16, 2026
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Overview
Börse Berlin, also known as the Berlin Stock Exchange, is a securities exchange based in Berlin, Germany. Its institutional origins date to an edict issued by Elector Friedrich Wilhelm in 1685, making it one of Germany’s oldest stock exchanges. Although the exchange was established in the seventeenth century, securities trading began later, in 1739. Over the following centuries, it developed from a local merchants’ marketplace into one of Germany’s most important venues for trading shares, bonds, and commodities. The exchange’s early operations were conducted in central Berlin, initially in the upper floor of the Neues Lusthaus in the Lustgarten area. After that building was demolished, a replacement exchange building was erected in 1798. Operational control changed several times: the United Stock Exchange Corporation assumed responsibility in 1803, and in 1820 it was replaced by the Berlin Merchants’ Association, known as the Berliner Kaufmannschaft. A purpose-built exchange designed by Friedrich Hitzig opened on Burgstraße in 1863. The building and the institution became closely associated with the address, which gave rise to the informal name “Die Burgstraße.” Before the First World War, the Berlin exchange was Germany’s largest stock exchange and ranked among the world’s significant stock, bond, and commodity markets. Trading was interrupted in 1914 after the outbreak of war and did not resume normally until 1917, under extensive government controls. In 1920, ownership passed to the Berlin Chamber of Commerce after the Berlin Merchants’ Association merged with it. The exchange also played a role in the development of German market statistics: in 1922, the Statistical Office created an index based on the average prices of approximately 300 representative Berlin-listed shares. The interwar period was marked by severe volatility and structural decline. On May 13, 1927, the Berlin market index fell 31.9 percent in the event later known as Black Friday, following Reichsbank President Hjalmar Schacht’s attempts to curb financial speculation. The number of listed public companies fell from 917 in 1926 to 659 by the end of 1932, and to around 450 by 1943. Trading was eventually suspended during the Second World War. An air raid in 1944 severely damaged the Burgstraße building, and its ruins were demolished in 1957 and 1958. Trading resumed in West Berlin in 1952, initially in temporary premises on Emser Straße. In 1955, a new exchange building designed by Franz Heinrich Sobotka and Gustav Müller was inaugurated on Fasanenstraße. In the 1990s, the exchange responded to increasing internationalization by expanding its range of foreign shares and bonds. Later, it became linked to the electronic trading marketplace Equiduct through Börse Berlin AG’s majority investment in EASDAQ NV in 2007. The Equiduct marketplace launched in 2009, the same year a strategic financing and technology partnership was established with Citadel Securities. Equiduct was associated with the Berlin Second Regulated Market. In 2019, Tradegate Exchange GmbH acquired 100 percent of the shares in Börse Berlin AG, the operating company of the traditional exchange and Equiduct. Since then, Börse Berlin, Tradegate Exchange, and Equiduct have operated under a common ownership structure. The exchange appointed Friederike von Hofe as managing director in 2020. After leaving the Ludwig-Erhard-Haus in June 2022, Börse Berlin moved its headquarters to Kurfürstendamm.
History
Börse Berlin traces its foundation to June 29, 1685, when Elector Friedrich Wilhelm authorized the establishment of a Berlin exchange. The first securities transactions, however, were not recorded until February 25, 1739. Early trading took place in the Neues Lusthaus in the Lustgarten, close to Berlin Cathedral and the former royal palace. A new building replaced the original premises in 1798. The institution’s administration evolved as Berlin’s commercial economy expanded. The United Stock Exchange Corporation took over operations in 1803, but in 1820 responsibility passed to the Berliner Kaufmannschaft, an association representing Berlin merchants. Between 1859 and 1863, Friedrich Hitzig designed a large new exchange on Burgstraße, across the Spree from the earlier site. Opened on October 1, 1863, the building became known informally as “Die Burgstraße.” By the years immediately before the First World War, the Berlin exchange had become Germany’s leading securities market and a major international venue for stocks, bonds, and commodities. The First World War interrupted this growth. Trading closed in July 1914 following Russia’s mobilization and the subsequent declaration of war by the German Empire. It did not reopen until November 1917, and activity then operated under strict state controls. In 1920, the Berlin Merchants’ Association merged with the Berlin Chamber of Commerce, transferring ownership of the exchange to the chamber. The exchange also supported the development of organized financial information. In 1922, the Statistical Office introduced an index calculated from roughly 300 representative shares traded in Berlin. The 1920s and 1930s brought both institutional change and market contraction. On May 13, 1927, the exchange index dropped 31.9 percent in the collapse later called Black Friday. The decline followed measures associated with Reichsbank President Hjalmar Schacht to curb speculation and became part of the broader deterioration in German financial markets before the Great Depression. The number of listed public companies fell from 917 in 1926 to 659 by the end of 1932. Under the Nazi regime, political control, economic restructuring, and wartime priorities did not restore the market’s earlier breadth; by 1943, only around 450 companies were listed. Trading was suspended that year as the war economy intensified. An air raid on May 24, 1944, burned the Burgstraße exchange building. The ruins were demolished in 1957 and 1958, although fragments remained visible for decades. In postwar West Berlin, official trading resumed on March 11, 1952, in temporary facilities on Emser Straße. A new building at Fasanenstraße was designed by Franz Heinrich Sobotka and Gustav Müller and inaugurated on June 18, 1955. The postwar exchange was much less significant than its prewar predecessor because Berlin’s political division, wartime destruction, and the fragmentation of German capital markets reduced its reach. During the internationalization of financial markets in the 1990s, Börse Berlin broadened its trading activity to include more foreign shares and bonds. Its later strategy increasingly incorporated electronic market infrastructure. In September 2007, Börse Berlin AG acquired a majority stake in EASDAQ NV, which operated under the Equiduct name. Equiduct’s marketplace launched on March 20, 2009. In July of that year, Equiduct entered a strategic partnership with Citadel Securities, which provided funding for platform development. Equiduct was operated by Börse Berlin as part of the Berlin Second Regulated Market, established in 2009. Ownership changed decisively in 2019. Tradegate Exchange GmbH acquired 100 percent of Börse Berlin AG, the operator of the traditional Berlin Stock Exchange and Equiduct. The Verein Berliner Börse, the former owner, received an interest in Tradegate Exchange as part of the transaction. The three businesses have since been operated under a common ownership arrangement. In 2020, Friederike von Hofe became managing director of Börse Berlin and joined the executive board of Börse Berlin AG. The organization remained at the Ludwig-Erhard-Haus on Fasanenstraße until June 2022, when it moved to Kurfürstendamm.
- 2022
Headquarters move to Kurfürstendamm
[1]The exchange moved from the Ludwig-Erhard-Haus on Fasanenstraße to Kurfürstendamm.
- 2020
Friederike von Hofe appointed managing director
[1]Von Hofe became managing director of Börse Berlin and joined the operating company’s executive board.
- 2019
Tradegate Exchange acquires Börse Berlin AG
[1]Tradegate Exchange GmbH completed a transaction for all shares in Börse Berlin AG.
- 2009
Equiduct marketplace launched
[1]The electronic Equiduct marketplace began operations.
- 2007
Majority stake in EASDAQ acquired
[1]Börse Berlin AG acquired a majority stake in EASDAQ, associated with Equiduct.
- 1955
New Fasanenstraße building inaugurated
[1]A new exchange building designed by Sobotka and Müller opened on June 18.
- 1952
Postwar trading resumes
[1]Official trading reopened in West Berlin in temporary premises on Emser Straße.
- 1944
Historic exchange building destroyed
[1]An air raid caused the Burgstraße building to burn down.
- 1927
Black Friday market collapse
[1]The Berlin index fell 31.9 percent on May 13 amid measures to restrict financial speculation.
- 1922
Berlin stock index introduced
[1]The Statistical Office calculated an index using approximately 300 representative shares traded on the exchange.
Products and positioning
A historic regional German exchange with a modern electronic-market presence through Equiduct and a broad orientation toward domestic and international securities.
Stock exchange · 1685
Börse Berlin securities trading
The core Börse Berlin offering is an organized marketplace for securities trading. Historically, the exchange has handled equities, bonds, and commodities, while its later activity has included domestic and foreign shares and bonds. Its importance has changed over time in response to war, the division of Germany, market consolidation, and the growth of electronic trading.
Electronic trading marketplace · 2009
Equiduct
Equiduct is the electronic trading marketplace associated with Börse Berlin. Börse Berlin AG acquired a majority stake in EASDAQ NV in 2007, and the Equiduct marketplace was launched in 2009. It forms the principal modern electronic-market component of the Börse Berlin operating structure.
Regulated market · 2009
Berlin Second Regulated Market
The Berlin Second Regulated Market, established in 2009, provided the regulatory and market context in which Börse Berlin operated Equiduct. It represents the exchange’s effort to combine its established Berlin identity with newer electronic trading infrastructure.
Brand decisions
2020
Appoint Friederike von Hofe as managing directorOtherBackground
Following the change in ownership, Börse Berlin formalized its management structure.
Action taken
The Exchange Council appointed Friederike von Hofe as managing director, and the supervisory board of Börse Berlin AG appointed her to the company’s executive board.
Aftermath
Von Hofe became the identified executive leader of the exchange and its operating company.
2019
Sell Börse Berlin AG to Tradegate ExchangeM&ABackground
The transaction reflected continuing consolidation among exchange operators and market-infrastructure businesses.
Action taken
Tradegate Exchange GmbH acquired 100 percent of the shares in Börse Berlin AG, including the operating company of the traditional Berlin Stock Exchange and Equiduct.
Aftermath
Börse Berlin, Tradegate Exchange, and Equiduct were placed under common ownership and operated jointly. The former owner, Verein Berliner Börse e.V., received a stake in Tradegate Exchange GmbH.
2009
Launch the Equiduct marketplaceProduct launchBackground
Börse Berlin sought to expand beyond its traditional exchange operations through an electronic trading platform.
Action taken
The Equiduct marketplace began operations on March 20, 2009.
Aftermath
Equiduct became part of Börse Berlin’s modern market-infrastructure offering and operated in connection with the Berlin Second Regulated Market.
2009
Enter a strategic partnership with Citadel SecuritiesStrategyBackground
Equiduct required additional resources to develop its electronic trading platform.
Action taken
Börse Berlin and Citadel Securities entered a strategic partnership under which Citadel Securities provided funding for Equiduct’s development.
Aftermath
The partnership supported the continued development of Equiduct under Börse Berlin’s operation.
2007
Acquire a majority stake in EASDAQM&ABackground
Börse Berlin pursued a broader electronic and international-market presence as securities trading became more consolidated and technology-driven.
Action taken
Börse Berlin AG acquired a majority stake in EASDAQ NV, which operated under the Equiduct brand.
Aftermath
The transaction positioned Equiduct as an important electronic-market initiative associated with Börse Berlin.
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