Which exchange recorded the first major stock-market crash of the 1873 Panic?

The Vienna Stock Exchange recorded the first major stock-market crash of the 1873 Panic.

On 9 May 1873, a collapse in Vienna followed years of speculative investment in railways, construction, and other businesses. The date became known as Black Friday in Austria and marked the beginning of a wider financial crisis.

The panic spread from Austria-Hungary to Germany and then across other economies, including the United States. In America, the failure of the banking firm Jay Cooke & Company in September 1873 helped turn financial stress into a major national depression.

The event is sometimes remembered only as an American crisis, but the first dramatic exchange collapse occurred in Vienna. It also helped end the speculative Gründerzeit boom and preceded a long period often called the Long Depression, although historians debate the exact boundaries of that term.