exists today, was founded in 1884. Smaller exchanges were also created in Lausanne in 1873, in St. Gallen in 1887 and in Neuchâtel in 1905. The exchanges were subject by the Cantons to a value added tax. During the First World War, all Swiss exchanges were closed, with the exception of bond trading in the Geneva exchange. The depression of 1920–21 was followed by a bull market in the 1920s, during which a new exchange building (alte Börse, German for "old exchange") was constructed in Zurich at Bleicherweg 5, near Paradeplatz. The building is still standing, but no longer used as an exchange. After the Great Depression of the 1930s, a federal banking law was introduced. This law is still in effect today and, in its form as of 2020, requires permission by the FINMA to do banking activities, as well as due diligence and banking secrecy. An exchange law was also discussed, but not introduced. Finally, Swiss exchanges were required to unite under a securities exchange association in order to set up a registration office, so that the Swiss National Bank could have the desired influence. Post-war era After the Second World War, banking fees for trades on exchanges were unified in a broker conference. In the middle of the 1950s, the revenues of the exchanges reached new highs as in times before or between the wars until 1929. This development continued until the Kennedy Slide of 1962, which was triggered by measures against the economic slowdown, the New York crash, and the Cuban Missile Crisis. Following the deregulation and the termination of the Bretton Woods System (fixed exchange rates) by the United States, in the 1970s, a fundamental transformation of the economy and of the financial landscape started, which is still ongoing today. Fluctuating exchange rates carried new risks for the economy and a need for hedging solutions arose. Finance derivatives were introduced as a response to this need and in 1973, the Chicago Board Options Exchange was created as an exchange that only handles derivatives. With the oil crisis of 1974, the economy went through the biggest after-war recession since 1931. In Switzerland, the oil shock led to such a rush on investment money that it was considered to close the exchanges. New economy The Geneva Stock Exchange, the Basel Stock Exchange and the Zurich stock exchange merged into SWX Swiss Exchange in 1993. On 16 August