"Austria is falling out of time"
25 October 2025 | Nicole Stern | Die Presse
Vienna Stock Exchange CEO Christoph Boschan warns in an interview with "Die Presse" that Austria risks losing touch when it comes to capital markets. The population has already taken matters into its own hands – the securities ownership rate is rising “despite, not because of, politics." Boschan calls for structural reforms inspired by successful international models: partial capital funding in the pension system, tax incentives for private investment, and the creation of a sovereign wealth fund. Only such measures, he argues, can secure long-term prosperity and make the economy more resilient. Austria, despite its strong entrepreneurs, remains far below its potential. “There is a dormant growth reserve that only the capital market can unlock,” Boschan emphasizes.
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World Savings Day: Equities are the most profitable asset class in the long run
24 October 2025 | Kronen Zeitung
Ahead of World Savings Day, the Vienna Stock Exchange welcomed media for a press talk – reported on by the "Kronen Zeitung", among others. Austria remains a country of savers, with around 40 per cent of private assets held in low-interest accounts or as cash. During the press conference, CEO Christoph Boschan once again pointed to the unbeatable long-term investment class – shares. "Of course, you have to believe in global economic growth," Boschan emphasised. He personally invests in a broadly diversified global market portfolio on a regular basis and focuses on productive investments that create real value. "A company that has factories produces something – the chicken that lays eggs is a productive investment." He sees gold, on the other hand, as only a small addition: "A gold nugget is just a gold nugget that produces nothing." Over the past decade, investments in the ATX, including dividends, have yielded an annual return of 6.77 per cent. This confirms "that equity is twice as profitable in the long term as any other form of investment," Boschan was quoted as saying in the "Salzburger Nachrichten" newspaper.
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Boschan: Many European countries ignite "capital market rockets"
14 October 2025 | Sara Grasel | Selektiv
In an interview with "Selektiv" CEO Christoph Boschan criticises Austria's passivity on the subject of capital markets. While other countries are "igniting capital market rockets", Austria remains stuck in its "savings account shell" After ten years of political debate about a capital market or savings and investment union, there is still a lack of substance. Courageous decisions must therefore be made at the national level. "This is where the political responsibility for taxes and the pension system lies," explains Boschan. The CEO of the Vienna Stock Exchange calls for tax incentives for IPOs, a stronger link between the capital market and pension systems, and more support for start-ups. "What we really need are larger liquidity pools to finance innovation and growth," he emphasises. Examples from Poland, Greece and Bulgaria show what successful reforms could look like.
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Boschan and Marterbauer in a joint interview
7 July 2025 | Börsianer
In an interview with the magazine Börsianer, Christoph Boschan, CEO of the Vienna Stock Exchange, and Finance Minister Markus Marterbauer discuss the role of capital markets, the need for pension reform, and approaches to regulation. Boschan emphasizes the importance of private wealth for public prosperity: “There is no money other than private money. The original source is always private wealth.” He advocates for expanding the second pension pillar and introducing a capital-funded model similar to that used successfully in Sweden. Marterbauer affirms his support for the pay-as-you-go system but sees potential in occupational pension schemes, provided they are financially viable. On regulation, Boschan criticizes the growing bureaucracy at the EU level, while Marterbauer considers Austria’s regulatory system functional but is open to simplification. Both agree on the importance of improving financial literacy. “I would like students to be able to manage debt by the time they graduate and to distinguish a bet from speculation and investment,” says Boschan.
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“Stocks, What Else?”
3 June 2025 | Tiroler Tageszeitung
In an interview with the “Tiroler Tageszeitung” CEO Christoph Boschan emphasizes that despite current market turbulence, stocks remain the best long-term form of investment. Setbacks are temporary, as market laws ultimately prevail. This will also become evident in the context of U.S. tariff policy, which cannot permanently slow down the markets. ”Over the long term, stock returns have always been at least twice as high as all others, and that will remain the case”, says Boschan, referring to a hundred-year global inflation-adjusted stock return of over 5%. The fact that everyone can participate in the success of every publicly listed company is actually “an absolutely socialist approach”, and ownership in companies is “the core of prosperity.”
Boschan is optimistic about Europe and points to the fiscal stimulus package in Germany and a possible peace impulse in Ukraine. In Austria, he calls for tax relief for investors through the reintroduction of the retention period. A major economic policy breakthrough could be achieved through the establishment of a sovereign wealth fund like in Norway, mandatory occupational pension scheme like in Switzerland, and private pension schemes like in Sweden.
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CEE Exposure as the “extra something”
9 May 2025 | Börsen-Zeitung
In an interview with “Börsen-Zeitung” CEO Christoph Boschan highlights the positive performance of the Austrian market so far and offers an optimistic outlook. The ATX Total Return – which includes dividends – has outperformed the German DAX. According to Boschan, the main drivers were emerging prospects for peace and the German infrastructure programme, from which infrastructure providers in particular have benefited. The “extra something of Austrian listed companies” is the exposure to the Central and Eastern European growth region, as well as the still moderate valuation in an international context. Furthermore, Christoph Boschan emphasizes the planned and highly significant listing of Borouge Group International in Austria. One of “the largest chemical giants in Europe with headquarters here in Vienna” is being created.
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Equity Investment as a Key to Pension and Welfare Provision
26 April 2025 | Kleine Zeitung
Chairman of the Supervisory Board Heimo Scheuch and CEO Christoph Boschan speak in a joint interview about the strength of equity investment, negligible short-term fluctuations, and the importance of the capital market for pension and welfare provision. Boschan emphasizes: “Stocks fluctuate in the short term, but in the long run, they are the safest and by far the most profitable form of investment.” The sharply rising gold price is, for Boschan, a “barometer of fear”; he calls it “tragic” that a non-productive investment is so attractive. In order to secure retirement provision more broadly and efficiently, partial investment in stocks is necessary, examples like the funded models in Switzerland or Sweden demonstrate this successfully. Additionally, Scheuch and Boschan advocate for an Austrian sovereign wealth fund modeled after the Norwegian example.
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Europe in a position of relative strength
23 April 2025 | CNBC
On CNBC's "Squawk Box Europe" programme, Vienna Stock Exchange CEO Christoph Boschan spoke live about the impact of US tariff policy on European markets. Boschan sees Europe in a position of relative strength, due to moderate valuations, the 'main focus' of the tariffs on China and relatively low debt levels. The volatility associated with the tariff conflict is also reflected in significantly higher equity turnover. Boschan expects the volatile conditions to persist for some time. Regarding EU policy, Boschan calls for restraint with regard to consolidation measures affecting the capital market. These should be regulated by the market. It would be much more important to create framework conditions for large capital pools in Europe. Furthermore the stock exchange CEO highlighted the compelling investment opportunities in Austrian companies – especially given their strong ties to the high-growth CEE region, attractive P/E ratios of 7-8, and solid dividend strategies.
Volatility due to US tariff policy: equities remain the safest long-term investment
9 April 2024 | Ö1 Mittagsjournal | ZIB 13:00
In an interview with Austrian radio station Ö1 and in the news programme "Zeit im Bild", Vienna Stock Exchange CEO Christoph Boschan reassured investors amid the current market volatility, sparked by the US tariff policy: "In the long term, equities are the most successful and safest instrument." As a technical provider, the Vienna Stock Exchange has no direct influence on politics. Its main task is to keep the systems stable and ensure smooth operations. Boschan recalls the price setbacks in the wake of the COVID-19 pandemic, which were followed by a strong upward trend: "We had the same discussions back then, these incidents do happen." He says that it is irrelevant for lifelong equity savings whether there is a crash or not. There is no better investment alternative.
"Public money is always a derivative of private investment"
13 January 2025 | ARD
Christoph Boschan, CEO of the Vienna Stock Exchange, spoke as a live guest on the programme ‘Update Wirtschaft’ about the inappropriate comparison between the ATX and the DAX, share ownership in Austria and the burdensome tax situation for securities holders. In Austria, Germany and Europe in general, politicians must take action to activate private investment, says Boschan: “It is the great misunderstanding of our time to think that all could be done with public money. There is no public money, it is always only a derivative of private investment.” In this context, the CEO demands the reintroduction of a holding period for securities, the expansion of company pension schemes and the idea of a sovereign wealth fund. “Basically, it is generally about, at least in part, aligning social security systems with the capital market”, explains Boschan.
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