Commodity Exchanges in Germany

Abstract

C OMMODITY markets in Germany are no younger than in other civilized European countries, but exchanges in the actual sense of the word have developed comparatively recently. The oldest of these, perhaps, is the Berlin Grain Exchange, which has been quoting current prices of futures since about the forties of the nineteenth century. In addition, the markets in Hamburg had enjoyed decided significance since rather early times; however, the organization of actual exchanges in Hamburg, with transactions in futures and all other trading arrangements, dates only to the eighties of the nineteenth century. In 1892 the so-called Exchange Inquiry Commission was appointed, in consequence of certain disagreeable occurrences observed in the field of commodity speculation in futures, as well as in security dealings and in deposit manipulation of banks. Its findings led to the enactment of the first German exchange law. This law was dated June 22, 1896 and went into effect January 1, 1897. It was modified in certain details in 1908, especially in those pertaining to commodity transactions, but its basic features still hold today, and from present indications will continue to do so for some time to come.