Frankfurt, financial center of continental Europe, is home to the European Central Bank (ECB) and the Deutsche Bundesbank (the German central bank) as well as to Deutsche Börse AG (German stock exchange). Most of the important German private banks have their headquarters there, and many banks from abroad have established their subsidiaries in Frankfurt. Besides, the biggest German and international law firms have their largest German offices in the financial district of the City. Unsurprisingly, the Johann Wolfgang Goethe-Universität, one of the biggest universities in Germany, has used this advantage of location for building up and expanding its research and teaching program in Business Law and Economics. Both located in the University, the Institut für Ausländisches und Internationales Wirtschaftsrecht – AIW (Institute for Foreign and International Business Law) and the Center of Financial Studies, which is internationally well-known for its research on financial markets, financial intermediaries and monetary economics, are highly reputed.