Börse Stuttgart
Börse Stuttgart is a German exchange group operating securities markets, structured-product venues, digital-asset infrastructure, and cryptocurrency services.
Last updated October 30, 2026
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Overview
Börse Stuttgart is a German financial-market group whose principal exchange is located in Stuttgart. Its history reaches back to 1860, when merchants in the Württemberg capital created an industrial and textile-oriented exchange association. The organization developed into a formal securities exchange and gradually broadened its role as the region’s economy shifted from textiles toward mechanical engineering, automotive manufacturing, chemicals, and electrical engineering. Today, Börse Stuttgart Group combines traditional capital-markets activities with digital-asset and cryptocurrency infrastructure. Its capital-markets business includes three exchange operators: Börse Stuttgart in Germany, Nordic Growth Market (NGM) in Sweden, and BX Swiss in Switzerland. Across those venues, the group provides listing and trading services for a broad range of securities. Börse Stuttgart is particularly associated with structured securities and corporate-bond trading in Germany, while NGM and BX Swiss extend the group’s geographical reach in Northern and Central Europe. The wider group also includes the Cats European trading network, the regulated German zero-fee trading platform TradeRebel, and Euwax AG, which acts internationally as a liquidity provider in securities and cryptocurrency markets. A major strategic development has been the expansion into digital assets. The group places its digital and cryptocurrency activities under the Börse Stuttgart Digital brand. For retail customers, the best-known offering is Bison, a cryptocurrency trading application launched in 2019. For institutional customers, Börse Stuttgart Digital provides brokerage, trading connectivity, and custody infrastructure intended for banks, brokers, and other financial institutions. Börse Stuttgart Digital Custody received a German crypto-custody licence in March 2023, and the digital business subsequently expanded through partnerships with financial institutions and technology providers. In January 2025, the group stated that its digital business had obtained an EU-wide MiCAR licence from BaFin. The group also operates Börse Stuttgart Digital Exchange, a regulated cryptocurrency trading venue launched in 2019 as a multilateral trading facility. Its institutional offering is designed to support bilateral over-the-counter digital-asset transactions as well as custody and brokerage services. Partnerships with DZ Bank, Profidata, and DekaBank illustrate the group’s effort to provide digital-asset infrastructure through established European banking channels rather than relying only on direct retail applications. Tokenized assets became a further strategic area in 2025. The group established Seturion as a pan-European settlement platform for tokenized assets, with an open architecture intended to connect banks, brokers, and trading venues. In Switzerland, BX Digital operates a distributed-ledger-technology trading system regulated by the Swiss Financial Market Supervisory Authority. These initiatives extend Börse Stuttgart’s role from operating conventional exchanges toward providing settlement, custody, and market infrastructure for blockchain-based financial instruments. Börse Stuttgart Group has expanded through acquisitions and partnerships. It acquired NGM in 2008, purchased a major stake in the Cats trading network in 2014, and acquired BX Swiss in stages between 2017 and 2018. Strategic investors including Axel Springer SE and SBI Digital Asset Holding deepened their involvement in the group’s digital and cryptocurrency activities in 2023. The group operates from locations including Stuttgart, Berlin, Frankfurt, Ljubljana, Milan, Madrid, Stockholm, and Zürich. Its overall positioning is that of a diversified European market-infrastructure provider linking regulated securities trading with emerging digital-finance services.
History
The institutional roots of Börse Stuttgart date to 1860, when merchants trading textiles met in Stuttgart’s Königsbau and formed the Industrie-Börsenverein. A formal Stuttgarter Börsenverein followed in February 1861, creating the direct predecessor of the modern exchange. In 1877, Charles I of Württemberg and the Stuttgart city council issued a decree recognizing exchange and brokerage rules. This helped establish legal recognition for prices formed at the exchange. Daily price information had already appeared in Württemberg newspapers from 1866, while the first official quotation sheet was issued in 1881. A telephone connection added in 1882 improved the speed of order processing. The exchange reflected the industrial transformation of Württemberg. Textiles initially played a central role, but mechanical and automotive engineering, chemicals, and electrical engineering later became more important sectors in the regional economy. Like other German exchanges, Börse Stuttgart ceased operations during the First World War and reopened in 1919. It closed for several months in 1931 amid the global economic crisis and severe market losses. Air raids forced a relocation in 1944. Trading resumed in November 1945 in the damaged building of the Württembergische Landeskreditanstalt. Following the 1948 currency reform and the reorganization of German securities markets, official exchange trading restarted. The exchange moved to new Stuttgart premises in 1969. Electronic processing of exchange transactions began in 1974, establishing an early foundation for the increasingly technology-driven market infrastructure that followed. In 1999, Börse Stuttgart created the Euwax segment for securitized derivatives. Euwax became an important specialization within the German market and helped define Börse Stuttgart’s profile in structured products. International expansion accelerated in the twenty-first century. In November 2008, Börse Stuttgart acquired Nordic Growth Market AB, Sweden’s second-largest exchange according to the referenced material. NGM’s derivatives activities later extended beyond Sweden into Finland, Norway, and Denmark. In 2014, Börse Stuttgart acquired 90 percent of the Cats over-the-counter trading network from Citigroup. It then expanded into Switzerland by acquiring a majority of BX Swiss in 2017 and completing the takeover in 2018. Digital assets became a major area of development after the group launched Bison in January 2019. The application was presented as a cryptocurrency trading service supported by a traditional stock exchange. Börse Stuttgart later built an institutional digital business, established Börse Stuttgart Digital Exchange as a regulated cryptocurrency venue, and consolidated its digital and crypto activities under the Börse Stuttgart Digital brand. Strategic investments from Axel Springer SE and SBI Digital Asset Holding deepened the group’s digital-asset focus in 2023. In the same year, Börse Stuttgart Digital Custody obtained a BaFin licence for crypto custody. The group also pursued tokenized securities and lower-cost securities trading. In 2022, tokenized securities were traded on BX Swiss in a blockchain-based proof of concept. The group entered the zero-fee securities segment through a Swiss BX Swiss offering and the German regulated platform TradeRebel. Easy Euwax followed in early 2023, offering structured-securities trading without exchange fees. A strategic partnership with Leonteq was announced in December 2023, including a 10 percent stake in BX Swiss. By 2024 and 2025, Börse Stuttgart Digital was expanding its infrastructure role through partnerships with DZ Bank, Profidata, and DekaBank. The group also established Seturion for pan-European settlement of tokenized assets and operated BX Digital in Switzerland as a regulated distributed-ledger trading system. Börse Stuttgart therefore evolved from a regional German exchange into a multi-market European group spanning securities trading, liquidity provision, cryptocurrency services, custody, and blockchain-based market infrastructure.
- 2025
Tokenized assets become a strategic business area
[2]The group established tokenized assets as a third strategic pillar and created Seturion as a pan-European settlement platform.
- 2023
Crypto custody licence granted
[1]Börse Stuttgart Digital Custody received a German crypto-custody licence from BaFin.
- 2022
Institutional digital business established
[1]Börse Stuttgart created an institutional digital-asset business and expanded into tokenized-securities experiments and zero-fee trading.
- 2019
Bison app launched
[1]The group launched Bison, a retail cryptocurrency trading application.
- 2018
BX Swiss takeover completed
[1]Börse Stuttgart completed its acquisition of BX Swiss after first taking a majority stake in 2017.
- 2014
Cats trading network stake acquired
[1]The group acquired 90 percent of the Cats over-the-counter trading network from Citigroup.
- 2008
Nordic Growth Market acquired
[1]Börse Stuttgart acquired NGM, expanding its exchange operations into Sweden and the wider Nordic region.
- 1999
Euwax derivatives segment established
[1]The exchange created Euwax as a specialized segment for securitized derivatives.
- 1974
Electronic transaction processing begins
[1]Börse Stuttgart began electronic processing of exchange transactions.
- 1945
Postwar trading resumes
[1]Business resumed in November 1945 in the damaged building of the Württembergische Landeskreditanstalt.
Products and positioning
A regulated European exchange and financial-market infrastructure group combining established securities markets with institutional digital-asset, cryptocurrency, and tokenized-asset services.
Securities exchange · 1861
Börse Stuttgart Digital Exchange
The group’s German exchange venue in Stuttgart provides trading and listing services across securities markets. It is particularly known for structured securities and corporate-bond trading, supported by market-making and liquidity services within the wider group. Börse Stuttgart Digital is the group brand for institutional and retail digital-asset activities. It provides brokerage, trading connectivity, and custody infrastructure to financial institutions while also supporting consumer cryptocurrency services through Bison. Börse Stuttgart Digital Exchange is a regulated cryptocurrency trading venue launched in 2019 as a multilateral trading facility. It is designed to support institutional digital-asset trading and related market infrastructure. Börse Stuttgart Digital Custody provides regulated custody services for digital assets. It received a crypto-custody licence from BaFin in March 2023 and is positioned as infrastructure for banks, brokers, and other institutional clients.
Structured-securities market · 1999
Euwax
Euwax is Börse Stuttgart’s specialized structured-products and securitized-derivatives segment. Established in 1999, it forms one of the exchange’s defining product areas and was later complemented by the Easy Euwax segment for trading without exchange fees.
Stock exchange
Nordic Growth Market
NGM is the Swedish exchange acquired by Börse Stuttgart in 2008. Its operations include securities and structured-product trading, with the NDX segment’s activities extending to Finland, Norway, and Denmark.
Stock exchange
BX Swiss
BX Swiss is the group’s Swiss exchange platform. Börse Stuttgart acquired a majority stake in 2017 and completed the takeover in 2018. The venue supports securities trading and has also been used for experiments involving tokenized securities.
Cryptocurrency application · 2019
Bison
Bison is a retail-facing cryptocurrency trading application launched by Börse Stuttgart in 2019. It represents the group’s consumer digital-asset proposition and is part of the broader Börse Stuttgart Digital offering.
Securities trading platform · 2022
TradeRebel
TradeRebel is a regulated German securities-trading platform positioned in the zero-fee segment. It forms part of Börse Stuttgart Group’s effort to broaden access to low-cost securities trading.
Tokenized-asset settlement · 2025
Seturion
Seturion is a pan-European settlement platform for tokenized assets. Its open architecture is intended to allow banks, brokers, and trading venues to connect to a shared settlement infrastructure.
DLT trading system
BX Digital
BX Digital is a Swiss distributed-ledger-technology trading system for tokenized assets. It is regulated by the Swiss Financial Market Supervisory Authority and extends the group’s Swiss market infrastructure into blockchain-based instruments.
Brand decisions
2025
Tokenized assets established as a third strategic areaStrategyBackground
Börse Stuttgart was extending its digital-asset work from trading and custody into settlement and tokenized financial instruments.
Action taken
The group established Seturion as a pan-European settlement platform and continued developing BX Digital in Switzerland.
Aftermath
Tokenized-asset settlement and distributed-ledger trading became a distinct strategic pillar alongside conventional capital markets and digital assets.
2023
Consolidation of digital and cryptocurrency activitiesStrategyBackground
Börse Stuttgart was building a unified business for retail and institutional digital-asset services.
Action taken
The group placed its digital and cryptocurrency operations under the Börse Stuttgart Digital brand and deepened investment relationships with Axel Springer SE and SBI Digital Asset Holding.
Aftermath
The unified brand supported the group’s positioning as a European digital-asset infrastructure provider rather than only a retail cryptocurrency app operator.
2023
Introduction of Easy EuwaxProduct launchBackground
The exchange was responding to demand for more price-competitive access to structured securities.
Action taken
Börse Stuttgart launched Easy Euwax, enabling trading in structured securities without exchange fees.
Aftermath
The initiative expanded the group’s zero-fee proposition into one of its established structured-products businesses.
2022
Expansion into zero-fee trading and tokenized securitiesStrategyBackground
The group was broadening its conventional securities business while testing blockchain-based market infrastructure.
Action taken
Börse Stuttgart introduced zero-fee trading initiatives through BX Swiss and TradeRebel and supported a BX Swiss proof of concept for tokenized securities settled through blockchain technology.
Aftermath
These initiatives established lower-cost trading and tokenization as continuing elements of the group’s product strategy.
2019
Launch of BisonProduct launchBackground
Börse Stuttgart was seeking to extend its regulated exchange expertise into retail cryptocurrency services.
Action taken
The group launched Bison, a cryptocurrency trading application backed by a traditional stock exchange.
Aftermath
Bison became the group’s principal consumer-facing digital-asset offering and part of the later Börse Stuttgart Digital brand.
Recent events
- 2025
Börse Stuttgart develops tokenized-asset infrastructure[2]
Product launch
The group identified tokenized assets as a third strategic business area and established Seturion as a pan-European settlement platform for tokenized assets.
- 2025
Börse Stuttgart Digital receives EU-wide MiCAR licence[2]
Regulation
Börse Stuttgart Digital stated that it received an EU-wide MiCAR licence from BaFin, supporting its regulated digital-asset offering across the European Union.
- 2025
Börse Stuttgart Digital partners with DekaBank for Sparkassen crypto offering[2]
Product launch
Börse Stuttgart Digital became a technology and infrastructure partner of DekaBank for a cryptocurrency offering aimed at retail customers of Germany’s savings-bank network.
- 2024
Börse Stuttgart Digital partners with DZ Bank[2]
Product launch
Börse Stuttgart Digital became an infrastructure partner of DZ Bank and the cooperative banking group for cryptocurrency brokerage and custody services.
- 2023
Börse Stuttgart Digital Custody receives crypto-custody licence[1]
Regulation · Product launch
Börse Stuttgart Digital Custody received authorization from BaFin to operate as a crypto custodian in Germany.
- 2023
Digital and cryptocurrency activities consolidated under Börse Stuttgart Digital[1]
M&A
Strategic investments by Axel Springer SE and SBI Digital Asset Holding accompanied the consolidation of the group’s digital and crypto operations under the Börse Stuttgart Digital brand.
- 2023
Börse Stuttgart launches Easy Euwax[1]
Product launch · Pricing
The Easy Euwax segment was introduced to enable trading in structured securities without exchange fees.
- 2023
Leonteq takes a stake in BX Swiss[1]
M&A
Börse Stuttgart and Swiss financial company Leonteq formed a strategic partnership under which Leonteq acquired a 10 percent stake in BX Swiss.
- 2022
Börse Stuttgart creates institutional digital-asset business[1]
Product launch
The group established an institutional digital business serving banks, brokers, and other financial institutions with digital-asset trading and related infrastructure.
- 2022
Börse Stuttgart enters zero-fee securities trading[1]
Product launch · Pricing
The group expanded into zero-fee securities trading through a BX Swiss offering in Switzerland and the regulated TradeRebel platform in Germany.
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