Market infrastructure - Austria
Institutions and organisation
Stock Exchanges and related institutions
- Wiener Börse AG (Vienna Stock Exchange) (www.wienerboerse.at)
Wiener Börse AG is the Austrian Stock Exchange and offers a wide range of services, including
Data Vendor and Consulting Services.
Wiener Börse AG, which uses the Xetra electronic trading system, is organised as an open
financial market place and is divided into three market segments:- Official Trading;
- Semi-Official Trading; and
- Unregulated Market.
The Wiener Börse AG is supervised by the Bundeswertpapieraufsicht (the Austrian Securities
Supervision Authority) and the Austrian Ministry of Finance.
CSD - OeKB CSD GmbH
The OeKB CSD performs following functions:
- Acts as the Austrian CSD via its Wertpapiersammelbank (WSB) division, by virtue of a decree of the Ministry of Justice dated 9 April 1965. The majority of circulating securities are deposited with the WSB.
- Acts as central clearing and settlement agent for the Wiener Börse AG (Arrangementbüro).
- Acts as principal paying agent for securities deposited with the WSB and as such collects interest, dividends and principals of bonds repaid at maturity.
In addition:
- OeKB CSD acts as the agency for the organisation and administration of domestic bond issues, in particular, bond offerings by the Republic of Austria.
- Under the Capital Markets Act, OeKB CSD is entrusted with the function of notification office and as such serves as the depository for prospectuses as well as information provider to facilitate compliance with the Act's provisions.
- OeKB CSD acts as general Clearing Member in the German market.
OeKB CSD account holders do not need to use a local German bank as OeKB CSD offers settlement and clearing services for trades performed on the German Stock Exchanges and Newex.
OeKB CSD is supervised by the Austrian Ministry of Finance.
Central Bank - The Österreichische Nationalbank (OeNB) (www.oenb.at)
The OeNB is a joint stock company, half owned by the Republic of Austria and half by the representatives of interests of entrepreneurs, employees, banks and insurance companies. The main tasks of the OeNB are as follows:
- Make decisions regarding fiscal policy;
- Realise the fiscal policy;
- Communicate the fiscal policy;
- Safeguard the stability of the financial markets.
Regulatory structure
Regulations
The regulation and supervision of the Austrian banking system is governed by a number of Acts,
including the following:
- The Banking Act 1993;
- The National Bank Act 1984;
- The Securities Supervision Act 1996;
- The Stock Exchange Act 1989;
- The Capital Market Act 1991.
The Austrian Ministry of Finance, advised by the OeNB, is responsible for the regulation and supervision of Austrian banks and branches of foreign banks in Austria. The Banking Act and the Securities Supervision Act grant the Minister of Finance comprehensive supervisory powers in respects of banks. Compliance with the Banking Act and other relevant legislation and regulations of the Austrian banks and financial institutions is monitored by the Ministry of Finance.
Supervision of Stock Exchanges
The proper conduct of securities trading in Austria is supervised by the Bundeswertpapieraufsicht (the Austrian Securities Supervision Authority) whose task is to ensure the proper processing and fairness of the securities trading in Austria as well as to supervise insider trading regulations.
Supervision of broker/dealers
Broker/dealers are supervised by the Bundeswertpapieraufsicht. Austrian banks often act as brokers and so are controlled by the Austrian Ministry of Finance.
Insider trading legislation
Insider trading is considered a crime and punished with heavy fines and/or imprisonment.