Exchange (organized market)

In the twelfth century, foreign exchange dealers in France were responsible for controlling and regulating the debts of agricultural communities on behalf of banks.

[citation needed] The term bourse[note 1] is related to the 13th-century inn named "Huis ter Beurze" owned by Van der Beurze [nl] family in Bruges, Belgium, where traders and foreign merchants from across Europe, especially the Italian Republics of Genoa, Florence and Venice, conducted business in the late medieval period.

[3] Its managers became famous for offering judicious financial advice to the traders and merchants who frequented the building.

This service became known as the "Beurze Purse" which is the basis of bourse, meaning an organized place of exchange.

During the 18th century, the façade of the Huis ter Beurze was rebuilt with a wide frontage of pilasters.

[citation needed] In the thirteenth century, the Lombard bankers were the first to share state claims in Pisa, Genoa, and Florence.

The London Stock Exchange started operating and listing shares and bonds in 1688.

[citation needed] The development of information technology during the late part of the 20th century led to a new type of electronic exchange that replaced the more traditional physical markets.