Český finanční a účetní časopis 2006(2):153-164 | DOI: 10.18267/j.cfuc.166

Historical Excursion into World and Czech Exchange Business

Jitka Veselá
Ing. Jitka Veselá, Ph.D. - odborná asistentka; Katedra bankovnictví a pojišťovnictví, Fakulta financí a účetnictví, Vysoká škola ekonomická v Praze, nám. W. Churchilla 4, 130 67 Praha 3; <veselaj@vse.cz>.

Exchanges, as a specific type of market appeared in Italian towns Luca, Genoa, Florence, Venice and Milan in the 12th and 13th centuries. Importance of the first Exchange was only local and they were mostly based on bill, debenture and coins trades. The first important Exchange building was built in Antwerp in 1531. The beginning of the period, in which modern Exchange emerged, goes back to the Amsterdam Exchange, which from 17th century started to apply modern speculative trades with bonds and especially with stocks. The importance of the local Exchange was declining in the 20th century and the importance of large, international Exchange in the same time was growing. The new common trading systems, Exchange alliances and groups were created. The new financial instruments, as for example derivatives, DR, ETF´s and others, were emerged. The turn of 20th and 21st century is directly linked to the capital market globalisation process. The history of Czech Exchange business is very short, but rich. The Prague Commodity and Securities Exchange worked from 1871 to 1938. The tradition of the Czech Exchange business found its continuation in the 1990s. Trading on the Prague Stock Exchange was started 6th April 1993.

Keywords: Exchange; Prague Commodity and Securities Exchange; Prague Stock Exchange.
JEL classification: G10, G19

Published: June 1, 2006  Show citation

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Veselá, J. (2006). Historical Excursion into World and Czech Exchange Business. Czech Financial and Accounting Journal, 2006(2), 153-164. doi: 10.18267/j.cfuc.166
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