Bremen Exchange
Native name | Bremer Börse |
|---|---|
| Company type | Stock exchange (former) |
| Industry | Financial services |
| Founded | early 1600s |
| Defunct | 2007 |
| Fate | Closed; operations merged and later ceased |
| Headquarters | Bremen , Germany |
| Products | Securities trading, stock exchange services |
The Bremen Exchange () located in Bremen was among the eight regional stock exchanges in Germany until its closure in 2007. It discontinued the Open outcry trading system in 2000 and ceased all remaining activities seven years later. Ownership of its parent company was transferred to the Foundation of the Bremen Stock Exchange (Stiftung Bremer Wertpapierbörse), a non-profit organization dedicated to supporting scholarships, research initiatives, and cultural projects.
Origins
During the late Middle Ages, the primary commercial hubs in Bremen were the Bremer Marktplatz and the passage known as Liebfrauenkirchhof. The exchange’s foundation dates back to the early 1600s when 28 small houses along Liebfrauenkirchhof passage were demolished (1613/14) to make way for the construction of 21 stone vaults intended for wine storage, a project that spanned six years. The open area above these vaults evolved into a central marketplace where most trading activities took place.
The Old Exchange
As the vaults deteriorated and trading volumes increased, the Senate of Bremen introduced the First Exchange Ordinance on 14 March 1682. Architect Jean Baptiste Broebes designed a Baroque-style single-story building above the cellar in 1687, followed by a second floor added by Giselher von Warneck between 1734 and 1736.
This structure, referred to as the Old Exchange (Alte Börse), contained a trading hall and lottery office on its ground floor, which was later repurposed as a bookstore. The upper floor housed a spacious banquet hall alongside smaller rooms used for concerts and receptions. Its vaulted cellar likely connected to the Bremen Ratskeller. Trading activities primarily involved real estate, goods, banking transactions, and stock exchanges.
During Napoleon Bonaparte’s occupation, French authorities temporarily shut down the Exchange, relocating commercial operations to Kramerhaus and the Town Hall. After Napoleon’s defeat in 1813, trading resumed at Liebfrauenkirchhof.
In response to difficult economic circumstances, the Merchants' Guild issued the Second Exchange Ordinance in 1816 with backing from the Senate; conditions improved by the 1820s. The Third Exchange Ordinance of 1849 placed oversight under a Chamber of Commerce, which from 1853 received support from the Bremen Exchange Association (Bremer Börsenverein). Additionally, several Bremen courts operated within this building.
Trading relocated to the New Exchange (Neue Börse) at Marktplatz in 1864. The Old Exchange was destroyed by fire in 1888; its remains were cleared away, while its vaulted cellar was integrated into the modern Bachuskeller located within the Bremer Ratskeller.
The New Exchange
In 1855, an agreement between the Bremen Chamber of Commerce and Exchange Organisation led to plans for a new facility. Between 1860 and 1863, seventeen old gabled houses along with the Wilhadi Chapel were demolished on the east side of Marktplatz. Construction of this new commercial center took place from 1861 until 1864 under architect Heinrich Müller, with its official opening on 5 November 1864.
Known as the New Exchange (Neue Börse), this expansive Neo-Gothic edifice featured two towers and included a passageway linking it to the Schütting, which housed the Bremen Chamber of Commerce. Its interiors showcased works by notable artists such as painters Arthur Fitger and P. Janssen and sculptor Diedrich Samuel Kropp. The building contained a grand hall, counting rooms, meeting spaces, and offices; it also served as a venue for sessions of the Bürgerschaft of Bremen. A restaurant located in its basement remains operational today.
At first, securities trading played a minor role; emphasis was placed on exchanging promissory notes and goods. This focus shifted during the 1890s when on 1 January 1890 a formal stock exchange was established for trading shares and securities under new regulations. The Bremen Stock Exchange grew in importance and developed links with other European financial institutions. Following enactment of the Imperial Stock Exchange Act on 23 June 1896, it became publicly funded. The foundation of an independent Bremen Cotton Exchange (Bremer Baumwollbörse) caused a sharp decline in goods trading at the New Exchange.
During the November Revolution in 1918, the New Exchange briefly assumed political significance when politician Alfred Henke proclaimed that power had been seized by a Worker's council, dissolving both the Bremen Senate and Bürgerschaft within its hall—marking the start of the short-lived Bremen Civic Republic. In 1934, securities trading operations ceased at this location and were transferred to Hamburg’s Hanseatic Exchange (Hanseatic Exchange).
New Exchange Annex
Exchange Court A (Börsenhof A), located at Am Dom No. 5 A, functioned as an extension of the New Exchange. Although Heinrich Müller's principal structure was destroyed during the heavy bombings of 1943, this particular counting house remained intact. Recognized as a cultural heritage site in 1992, it underwent restoration and enlargement between 2000 and 2001 under the guidance of Bremen architects Schomers and Schürmann.
World War II to Present
The primary building of the New Exchange was obliterated during an air raid on 20 December 1943, leaving only the eastern adjacent buildings standing. The Bremen Stock Exchange resumed operations on 16 February 1949 with consent from the American occupation authorities, initially functioning out of the Savings Bank and subsequently utilizing a space within the Schütting.
The remaining portion of the Old Exchange was refurbished and expanded, while the ruins of the New Exchange remained until their demolition in 1955. In 1957, ownership of the site transferred from the Chamber of Commerce to the city, where the Bürgerschaft of Bremen building, designed by Wassili Luckhardt, was erected between 1965 and 1966.
In 1980, the Exchange relocated to the Bremer Bank building on Domshof. A decade later, it moved again to Obernstraße near Marktplatz, occupying premises formerly held by Schröder-Bank.
The Bremen Exchange was among the first to implement computerized systems in securities trading. Beginning in 1990, software such as BIFOS supported trading activities, followed by systems like BOSS-CUBE, BÖGA (currently known as XONTRO), and IBIS (which was eventually superseded by Xetra). Efforts to attract retail investors included reducing continuous trading thresholds and extending trading hours. Additionally, the Exchange broadened its scope through subsidiaries engaged in emissions trading, securities dealings, and settlement services tailored for smaller credit institutions and brokers, which helped rejuvenate trading after 1990.
By the year 2000, electronic trading had entirely replaced open outcry methods. The Exchange moved into the Bundesbank building on Kohlhöker street, hosting approximately thirty securities dealers and brokers. In 2002, it acquired a 10% share in NASDAQ Deutschland AG alongside NASDAQ Europe AG (holding 50%), the Berlin Exchange (10%), comdirect (7.5%), Commerzbank (7.5%), and Dresdner Bank (15%), with the objective of establishing a German stock exchange modeled after NASDAQ USA. However, this initiative did not meet expectations.
In March 2003, Bremen Exchange merged with Berlin Exchange to form Exchange Bremen-Berlin (Börse Berlin-Bremen). Following the unsuccessful NASDAQ joint venture, its operating company was sold to the Swiss Exchange in 2005. The partnership with Berlin Exchange concluded in 2007. Thereafter, the Bremen Stock Exchange Foundation (Stiftung Bremer Wertpapierbörse) was created from company assets and has operated since September 2007 as a non-profit organization supporting scholarships, research projects, and cultural initiatives.
Bibliography
- Herbert Schwarzwälder, Bremen im Wandel der Zeiten. Carl Schünemann Verlag, Bremen 1970.
- Herbert Schwarzwälder, Das Große Bremen-Lexikon. Edition Temmen, 2003, .