The Berlin Bourse in the London mirror: An asymmetric comparison of microstructures and the role of Germany's large banks in securities trading, c. 1860-1914

Michael Buchner

No 01-18, IBF Paper Series from IBF – Institut für Bank- und Finanzgeschichte / Institute for Banking and Financial History, Frankfurt am Main

Abstract: This article provides the first in-depth account on the organisational history of the Berlin Bourse based on archival evidence. It demonstrates that the microstructures of the Berlin Bourse basically corresponded to the needs and activities of the largest commercial banks and, consequently, argues that these large banks played a 'gatekeeping' role in securities trading. Moreover, the Berlin example perfectly illustrates the close ties which existed between banks and financial markets and the resulting amalgamation of banking and stock-broking activities in imperial Germany. The comparison to the London Stock Exchange also shows that both stock exchanges fulfilled different economic roles within the overall financial system.

JEL-codes: N20 N23 (search for similar items in EconPapers)
Date: 2018
New Economics Papers: this item is included in nep-his
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:ibfpps:0118

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