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The problem with Germany is that they have too many
regional stock exchanges. This forces institutionals and
active traders who need high volume to do their trades
firstly abroad (mostly US and London), and secondly with
foreign stocks instead of German.
The whole local trading in Germany is distributed over
at least the following 9 cities/systems:
1) Berlin Stock Exchange (BER)
2) Bremen Stock Exchange (BRE)
3) Dusseldorf Stock Exchange (DUS)
4) Frankfurt Stock Exchange (FRA)
5) Hamburg Stock Exchange (HAM)
6) Hanover Stock Exchange (HAN)
7) Munich Stock Exchange (MUN)
8) Stuttgart Stock Exchange (STU)
9) XETRA Stock Exchange (GER)
The volume with each is very low (compared to London, Paris, or Switzerland).
The XETRA system is a commission ripping system: for each splitted
order (and by default they mostly will split the order in smaller ones) one
has to pay commission!
Because of the low volume at each of these locations, German exchanges
are already only 3rd choice for investors and active traders, not only for
foreigners but also for German traders and institutionals.
The solution would be to close immediately all regional exchanges
except Frankfurt and XETRA, and modernize the fee structure of XETRA.
As a system tester you should not test your system on data from these
exchanges, since they are "not representative", each having low volume,
and it would be very difficult to apply the system in real at any German
exchange.
(An exception would be perhaps the 30 DAX titles, but a serious
and active trader needs IMO at least 500 high volume stocks each
day to pick from.)
The bottom line is: German money is mostly traded at foreign exchanges,
not in Germany itself because of the reasons above.
BTW, it would be not uncommon for this land after realizing these facts
that some dumb politicians will come up with paroles of wanting to
forbid, or make it practically impossible (taxes), investing abroad at all.
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