Stock exchanges emerged in the period between the 13th and 15th centuries and trace their origins to the fairs in Venice, Genoa, Florence, Champagne, and Bruges. In Bruges, Flanders, trading was held in the square where the inn called Huis ter Beurze was located, whose coat of arms depicted three leather purses.

The gatherings of merchants in the square became known as Borsa, which means purse. It was there, on the territory of present-day Belgium, that the first stock exchange was established.

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