Naples Stock Exchange: the locations and the historical events

Founding

In Naples, where the merchants had their own meeting places at least since the 16th century, the Exchange was established by royal decree on 22 June 1778 and placed under the self-government of the merchant class. When the French took control, the Naples Chamber of Commerce was instituted (10 March 1808) and the Exchange was reorganised according to French laws and placed under the direct control of the Chamber of Commerce. The Chamber of Commerce and the Exchange were maintained throughout the Bourbon Restoration and their institutional organisation did not undergo any significant changes, apart from the number of brokers.
When Naples was annexed to the Kingdom of Italy, its exchange fell under the Code of Commercial Laws of 1865 and under the law on brokerage of the same year. During the course of the 20th century, the Naples Stock Exchange continued to operate within the same institutional framework as the other Italian stock exchanges, closing down in the early 1990s as part of the market reform process.

The Market

Trading on the Naples Stock Exchange was intense and early compared to the other exchanges in the country, thanks to its port and stable international relations. Between the French period and the Restoration, the number of stockbrokers varied between 6 and 20, levelling out at 15 until the unification of Italy. During the subsequent period, the number of stockbrokers gradually increased, reaching 35, although not all these positions were actually filled. Between 1833 and 1845, around 30 share listings were traded, although only one of these was still active by 1860. The importance of the Naples Stock Exchange dwindled rapidly under the new unified state due to competition from Genoa and the gradual decline of the city's economic hinterland. The Naples Stock Exchange was historically specialised in trading state securities and a number of equity shares typical of the Neapolitan list.

Premises

The seat established in 1778 for the Stock Exchange meetings was in the cloister of the Church of Saint Thomas of Aquinas in Via Toledo. With the arrival of the French, it was abandoned for the new seat at the charitable institution of the Monte dei Poveri Vergognosi, which also provided a home for the Chamber of Commerce and the Stock Exchange. In spite of the return of the Bourbons and the restoration of the religious orders, the seat was kept there until 1826. On 4 October 1826, the new hall for the stock exchange was inaugurated in Palazzo San Giacomo, or Palazzo delle Finanze, where the Chamber of Commerce and the other financial offices of the Kingdom of Naples were housed along with the Stock Exchange.
Immediately after the unification of Italy, the matter of a new seat for the stock exchange came up once again when the King's representative donated 50,000 ducats for the construction of a new building. The project was realised only thirty years later, with the work taking place between 1894 and 1897. Between October 29 and 31, 1899, the new Palazzo della Borsa was inaugurated, housing the Chamber of Commerce, the Stock Exchange, the stockbrokers and the main banks. This building, which now houses the Chamber of Commerce, was the seat of the Naples Stock Exchange until the time of its closure.