Baden-Württemberg’s Minister of Economic Affairs Ernst Pfister had some positive words to say in Stuttgart today about the hitherto efforts of the financial center initiative Stuttgart Financial. The initiative was started in March 2007 by Minister of Economic Affairs Ernst Pfister and the Vereinigung Baden-Württembergische Wertpapierbörse e.V. (Association of Baden-Württemberg Stock Exchanges) in close cooperation with the Stiftung Kreditwirtschaft (Credit Services Sector Foundation) of the University of Hohenheim. The objective of the initiative is to sustainably promote the competitiveness of the Baden-Württemberg financial center and showcase its strength.  In the meantime, Pfister reports that Stuttgart Financial has opened a branch in the building of the Stuttgart Exchange and has already successfully implemented numerous activities and measures.

The Initiative’s website, www.stuttgart-financial.de, has been up and running since June 2007. The website provides information about current projects of the financial center initiative and as well as a description and overview of the financial center. A “Living in Stuttgart” section was added especially to help “new Stuttgarters” get acquainted with the Swabian city.  “In order for Stuttgart to remain a viable city in the future, it must be attractive to top management,” says the Minister.

In July, three workshops were launched addressing the topics of location marketing, education and the price risks of industrial metals. These workshops are currently developing comprehensive concepts and a list of measurements to promote the Stuttgart financial center. Minister of Economic Affairs Pfister said the following about the workshops: "Stuttgart Financial is very rapidly developing into an effective communications platform, not only for the Stuttgart financial community but in specific topics also for other economic sectors in Baden-Württemberg. I find it particularly pleasing that economic and scientific experts are involved and are actively contributing to the initiative.”

Furthermore, the trading initiative Gate-M BW was started in July 2007 within the scope of Stuttgart Financial. The initiative is a voluntary commitment of the responsible QLP (Quality Liquidity Provider) Euwax to the Stuttgart Stock Exchange to adhere to specified spreads in the interest of private investors when trading shares of midsize companies headquartered in Baden-Württemberg. This should consequently increase the attractiveness of the shares to investors. The trading initiative Gate-M BW currently comprises 49 securities.

The Baden-Württemberg financial center is well-positioned. The state has efficient credit institutions and insurance companies, Europe’s leading exchange for certified derivatives, strong financial aid institutions, leading savings and loan associations and additional competent financial service providers. Its strengths lie in particular in the breadth of its financial services offer and its proximity to other relevant branches. These range from classic banking and insurance business to asset management, venture capital, and leasing and factoring financing.

Minister Pfister: “In view of the strong competition, it is crucial that we continue to strengthen and further develop the position of Stuttgart and Baden-Württemberg in the financial center competition."

Source: Ministry of Economic Affairs of Baden-Württemberg