German stock exchange markets, namely 'Deutsche Börse' and regional bourses are institutional manifestations of the so-called Alpine or Rhineland model of capitalism. Although established as state institutions, they not only readily adapted to the transformations in world economy, but are also becoming more and more instrumental in implementing them. This is especially true of the 'Deutsche Börse', formerly the Frankfurt Stock Exchange, which in 2003 issued its own 'IPO' (Initial Public Offering). At the end of the 1990s this institution, along with the Swiss Options and Financial Futures Exchange created the 'EUREX' exchange. This resulted in the emergence of the biggest market of exchange-traded derivatives in the world. Following two unsuccessful attempts (in 2001 and 2005) at uniting with the 'London Stock Exchange', the 'Deutsche Börse' decided to stick to organic development and cooperation with other smaller stock exchange markets. The currently ongoing cooperation with the capital markets of China and India seems to be especially promising.