Valora Effekten Handel AG

Valora Effekten Handel AG (VEH) is a German securities trading house based in Germany and, according to its own description and German Wikipedia, the oldest exchange-independent (börsenunabhängig) trading house for unlisted securities in the country. Founded in 1988, the company specializes in shares, bonds and investment funds that are not traded on a legally regulated stock exchange. It also trades blocks of shares for which no securities sales prospectus exists (so-called "investor packages") and "Nachbesserungsrechte" — supplementary claims arising from share compensation payments whose adequacy is still subject to judicial review (Spruchverfahren). VEH is a small, specialized operation. German Wikipedia notes that it quotes prices for roughly 150 securities and generates annual revenues in the range of 2 to 6 million euros with only four employees. Its sole management board member (Alleinvorstand) since the company's founding has been Klaus Helffenstein. The company's own shares are traded on the Börse Stuttgart in the regulated market and on several other German exchanges in the Freiverkehr (open market). Its quoted prices are also published via the stock portal Ariva. The company's greatest success came during the New Economy boom around the year 2000, when speculation in so-called "pre-IPO" shares — possible candidates for a stock exchange listing — reached unprecedented levels. During that period VEH briefly achieved annual revenues and profits in the low double-digit millions. This was followed by several loss-making years. Since 1 June 2012, trading in shares of closed-end funds has been subject to the German Banking Act (Kreditwesengesetz, KWG). Because VEH already held all necessary KWG licenses, it quickly opened a new trading segment, the "Zweitfondsmarkt" (secondary fund market). The company also launched an "Ökoportal," a website presenting ecologically oriented companies that could qualify as trading partners for its "Ökoaktie" (eco-share) category. As a participant in the non-regulated and non-supervised financial markets, VEH is exposed to criticism: some of the issuers whose shares it trades have been questioned for their seriousness or have attracted negative headlines, and companies like VEH that trade such sometimes questionable securities can themselves become subject to criticism. The company positions itself around reliability and seriousness (Zuverlässigkeit und Seriosität), emphasizing its large customer base and excellent relationships. It also provides a range of investor information, including annual reports, half-year reports, disclosure reports and interim announcements, as well as current news on the companies in its trading list.

Valora Effekten Handel AG was founded in 1988 and has offered securities trading services since then. It describes itself as Germany's oldest exchange-independent securities trading house and, since the insolvency of competitor AHAG Wertpapierhandelsbank, also the most significant exchange-independent trading house for "unlisted" securities — that is, shares, bonds and investment funds not traded on any legally regulated stock exchange. In addition to these instruments, VEH trades blocks of shares for which no securities sales prospectus exists (so-called "investor packages") and Nachbesserungsrechte, supplementary claims arising from share compensation payments whose adequacy is still the subject of pending judicial review proceedings (Spruchverfahren). The company's greatest successes came during the New Economy boom around the year 2000, when speculation in so-called "pre-IPO" shares — possible candidates for a stock exchange listing — reached unprecedented dimensions. During this period VEH briefly achieved annual revenues and profits in the low double-digit millions. These boom years were followed by several loss-making years. A significant regulatory change occurred on 1 June 2012, when trading in shares of closed-end funds became subject to the German Banking Act (Kreditwesengesetz, KWG). This legal change signaled an ongoing reorganization of the market. Because VEH already held all necessary licenses under the KWG, it was able to open a new trading segment, the "Zweitfondsmarkt" (secondary fund market), at short notice. As a further offering, the company launched the so-called "Ökoportal," a website for presenting ecologically oriented companies that could qualify as trading partners for the "Ökoaktie" (eco-share) category. Throughout its history, Klaus Helffenstein has served as the company's sole management board member (Alleinvorstand) since its founding. VEH's own shares are traded on the Börse Stuttgart in the regulated market and on several other German exchanges in the Freiverkehr (open market). The company quotes prices for approximately 150 securities and generates annual revenues in the order of 2 to 6 million euros with only four employees. Its prices are also published via the stock portal Ariva. The company maintains a large customer base and, according to its own statements, excellent relationships, and it provides investor information including annual reports, half-year reports, disclosure reports and interim announcements, as well as current news about the companies in its trading list. Because VEH operates in non-regulated and non-supervised financial markets, it is exposed to criticism: some of the issuers whose shares it trades are of questioned seriousness or have made negative headlines, and companies like VEH that trade such sometimes questionable securities can themselves become subject to potential criticism.

• 2013

  In October 2013, the Bundesgerichtshof paves the way for simplified delisting, opening opportunities for VEH's delisting share trading.

• 2012

  On 1 June 2012, trading in closed-end fund shares becomes subject to the KWG; VEH opens the new Zweitfondsmarkt trading segment.

• 2000

  During the New Economy boom, VEH briefly achieves annual revenues and profits in the low double-digit millions through speculation in pre-IPO shares.

• 1988

  Valora Effekten Handel AG founded; begins offering securities trading services.

Germany's oldest exchange-independent trading house for unlisted securities, emphasizing reliability and seriousness since 1988.

• Off-exchange trading in unlisted securities

  Trading in shares, bonds and investment funds not listed on a regulated exchange.

• Delisting share trading

  Trading in shares of companies that have left the stock exchange following delisting.

• Zweitfondsmarkt

  Trading segment for shares of closed-end funds, opened after the KWG change in 2012.

• Ökoportal

  Website presenting ecologically oriented companies as potential trading partners for the Ökoaktie category.

• Investor packages

  Blocks of shares for which no securities sales prospectus exists.

• Nachbesserungsrechte

  Supplementary claims arising from share compensation payments whose adequacy is still under judicial review.

1. 1VALORA EFFEKTEN HANDEL AG | Handel von unnotierten Wertpapierenveh.de
2. 2Valora Effekten Handel — Wikidatawikidata.org
3. 3Valora Effekten Handel — Wikipedia (German)de.wikipedia.org