I should have mentioned that the different exchanges may all have a different market maker (called Skonto holder over here). Some weeks ago their was an attempft to abolish the regional exchanges in order to facilitate the Xetra System - an electronic trading system - but the iniative failed and I tell you what - I like the diversity and sometimes you get some good prices in Berlin or Stuttgart and the exchanges like Berlin offer open order books for free. Bottom line is that competition may have some advantages for retail shareholders like us.
Lenni
aru and nup german bourse , page-16
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