This paper is a slightly revised version of a presentation that was given at the celebration of the Center for Financial Studies at Goethe University Frankfurt on the occasion of the 80th birthday of Dr. Rolf-E. Breuer on November 30, 2017. It illuminates the development of the exchange environment and the exploration of the events in capital markets from the end of the 1970s to the beginning of the 1990s, that is the period in which Breuer had already made a name for himself as director of the exchange department at Deutsche Bank, before he was appointed to the Management Board of Deutsche Bank in 1985, and took over the chair of the Supervisory Board at Deutsche Börse in 1993. During this period Breuer made decisive contributions to the development of an efficient German capital market; he was the catalyst and driver of the emergence of an exchange environment.
Bernd Rudolph, Ludwig-Maximilians-Universität München