Amsterdam Stock Exchange (AEX)

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Amsterdam Stock Exchange (AEX)

Overview

The Amsterdam Stock Exchange traces its roots to 1602 with the founding of the Dutch East India Company (VOC) and is widely regarded as the oldest continuously operating stock exchange. It emerged to provide a regulated marketplace where investors could buy and sell shares in joint-stock ventures that financed long-distance trade.

Today the exchange operates under Euronext Amsterdam and remains a central venue for Dutch equities and several major international companies.

Historical development

  • Originated in 1602 alongside the VOC as a place for trading shares in joint-stock enterprises.
  • The modern AEX index name was adopted after a 1997 merger with the European Options Exchange (EOE).
  • In 2000 the Amsterdam exchange merged with the Brussels and Paris exchanges to form Euronext Amsterdam.
  • Euronext later formed part of NYSE Euronext for a period and was spun off to become independent again in the 2010s.

Indexes and market segments

Euronext Amsterdam maintains three principal equity indexes:
* AEX — blue‑chip index of the most frequently traded Dutch companies.
* AMX — mid‑cap index.
* AScX — small‑cap index.

The AEX, introduced in 1983, typically includes a little more than 20 large Dutch companies. Notable constituents have included Unilever, ING Group, Philips, and Royal Dutch Shell. The AEX is one of the leading national indices within the Euronext group, alongside indices such as Belgium’s BEL 20, France’s CAC 40, and Germany’s DAX.

Index methodology and reviews

  • The AEX is market-capitalization weighted.
  • Individual company weightings are initially capped at 15%.
  • Weightings are calculated with reference to closing prices as of March 1.
  • The index composition is reviewed quarterly: a comprehensive review in March and interim reviews in June, September, and December.
  • Changes resulting from reviews take effect on the third Friday of the relevant month.
  • Before 2008, index changes were made only once per year in March.

Why it matters

The Amsterdam Stock Exchange is historically significant and remains a major European trading center. Its AEX index provides a liquid benchmark for large Dutch companies and is widely used by investors for exposure to the Netherlands’ corporate sector.