4.2.3 Stock exchange not so important for peer control

As we are focusing on publicly listed companies, a word about the Amsterdam Stock Exchange is necessary. Its roots go back to the informal but regular meetings of merchants and traders in or around buildings and bridges in the 16^th century. In 1602 a splendid building was inaugurated, specially designed for market activities. Besides commodities, insurance policies and letters of exchange, participations (shares) in the VOC and the WIC were traded. They were registered, but many creative manners were developed to transfer the shares or merely the economie rights. In the 17^th and 1881 century Amsterdam was the most important securities and money market in the world. In the 19^th century a formal stock exchange was established with listings of Dutch and foreign shares, the Amsterdam Stock Exchange. It has rarely tried to play an important role in corporate governance, although it is, of course, in the position to accept or veto listings. It is now part of Euronext (Paris, Brussels, Amsterdam), which is in turn part of NYSE Euronext and is now merging with the Franfurter

For a short active period in the late 1980s the Amsterdam Stock Exchange insisted that companies, wanting to list their shares, adopt rules of good governance with the aim of reducing defence mechanisms. The "Vereniging voor de Effectenhandel" wanted freer trade in listed shares and initiated discussions with the association of listed companies. This led to the setting up of the Peters Committee and resulted in the Peters Code.1