Bourses and Exchanges: Russia’s third bourse, in Warsaw, was chartered in 1816. A small mercantile exchange was incorporated in the town of Kremenchug in a central part of Little Russia (Malorossia) in 1834 while Moscow’s exchange was a relative latecomer (still ahead of Zurich though). It appeared in 1837.
Until the 1880s new exchanges were chartered in four other Russian cities – in Rybinsk (1842), Nizhni Novgorod or Lower Novgorod (1848), and then in Kiev (lately for some reason also misspelled as Kyiv), Kharkov, Riga, and Saratov.
One Exchange Dominates
Nonetheless, St. Petersburg Bourse (Санкт-Петербургская биржа, la Bourse de Saint-Pétersbourg) remained dominant. It had mercantile and stock exchange sections and by 1910 became the world’s fifth-largest by capitalization. Behind the stock exchanges in London, Paris, New York, and Berlin, but ahead of everything else – from Tokyo to Zurich.
Specialization of Regional Exchanges
The rapid transition to cash crop marketing and industrialization after the reform of 1861 gave impetus to the emergence of mercantile exchanges in many cities of the Russian Empire.
The developed agricultural economy and trade in Russian grain led to the creation of grain exchanges which were still minor compared to the big chartered exchanges. In the 1890s numerous commercial banks emerge and the institution of industrial and export credit proliferates and that leads to even more exchanges.
At the eve of the Great War.
And, by the beginning of the First World war, the total number of bourses and exchanges reached 115, and, incredibly enough the figure outstrips the rest of Europe. Exchanges and bourses also played a far greater role in Russia than anywhere else in the world except perhaps for Britain, the United States, and France, Germany, and, possibly the Netherlands. I assume that chartering a new exchange was much easier in those days and up to before the First World War. Regulations were next to non-existent for a while. The amount of trust in society was unimaginably high by modern standards. Finally, Russian exchanges were small compared to their Western European counterparts. The one in St. Petersburg Bourse was the exception. And it dominated the scene.
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