The long-awaited reorganization of the German stock exchanges is beginning. When it’s complete, Germany’s eight provincial stock exchanges will be parts of a whole rather than individual fiefs. But the changes the German exchanges are making are far from sweeping. It’s essentially a series of small changes having a mighty impact.
Last year investors complained that they had the impression that the prices of major German stocks were being determined more in London than in Frankfurt, In one month in the spring more Siemens shares were traded in London than on all the German stock exchanges put together.
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