Information About Stock Exchange

Briefing.com Intraday Commentary

2009-05-10T13:28:00.000-07:00

BRIEFING.COM] The major indices settled with solid gains on Friday, as financial institutions rallied after the government released the results of its stress test. Meanwhile, the number of job losses in April slowed, another indication that the pace of economic contraction is decelerating.
Eight of the ten economic sectors posted a gain. Financials led the way, surging 8.3%. The energy sector also had a strong showing, climbing 4.2%, after crude prices rose 3.1% to $58.47. Defensive sectors underperformed, with telecom (-0.4%) falling into the red after shares of AT&T (T 25.25, -0.20) slid on reports that the company is near a deal to buy $2.5 billion in Alltel assets from Verizon (VZ 29.85, -0.01).
The strength in financials came after the close Thursday when the government announced the findings of its much anticipated stress test on 19 major financial institutions. The government has instructed 10 financial institutions to raise more capital by June 8. The $75 billion in new capital requirements includes: Bank of America (BAC 14.17, +0.66), $33.9 billion; Wells Fargo (WFC 28.18, +3.42), $13.7 billion; GMAC, $11.5 billion; Citigroup (C 4.02, +0.21), $5.5 billion and Morgan Stanley (MS 28.20, +1.06), $1.8 billion.
The remaining five banks that need more capital are regional banks: Regions Financial (RF 6.53, +1.30), $2.5 billion; SunTrust Banks (STI 20.77, +2.25), $2.2 billion; KeyCorp (KEY 6.97, +0.19), $1.8 billion, Fifth Third Bancorp (FITB 8.49, +3.14), $1.1 billion; PNC Financial Services (PNC 53.08, +8.61), $600 million.
The companies are utilizing several ways to increase their common equity ratios, including common stock offerings, converting preferred shares and selling assets.
BofA plans to raise $17 billion in a common stock issue, with the remaining coming from preferred stock to equity conversion and asset sales. Wells Fargo is issuing common stock (~$7.5 bln announced this morning), retaining earnings and utilizing other internally generated sources. Citigroup will expand its previously announced conversion of preferred to common. GMAC said it may issue new common equity, issue mandatory convertible preferred shares or convert existing equity into a form of Tier 1 common equity. In addition, Morgan Stanley, which was directed to raise $1.8 billion by the government, priced 146 million shares of its stock, and a 21.9 million over-allotment, at $24 per share.
In other notable corporate news, shares of McDonald's (MCD 54.94, +1.55) rose 2.9% after the fast food giant reported that April same-store sales rose 6.9%, the 72nd consecutive monthly increase. In economic news, released at 10:00 ET, wholesale inventories dropped 1.6% in March, after falling 1.7% in February. The decline was worse than the consensus estimate that called for a 1.0% decline. The major indices gave up some gains after the release, but the market managed to trend higher throughout the session, eventually climbing above pre-release levels.
Separately, the April employment report was released at 8:30 ET. The April decline in payrolls of 539,000 was better than the expected decline of 600,000, but still represents bad economic news. Part of the smaller decline is explained by a 72,000 jump in government payrolls, compared to the sharp drop in the private sector, including a 149,000 decline in manufacturing and 110,000 in construction. Also on the negative side, several prior months were revised lower, and the unemployment rate jumped to 8.9% from 8.5%, as expected. The stock market had a relatively muted response in premarket trade compared to the typical response to this release. For the week, the Dow, Nasdaq, S&P 500 rose 4.4%, 1.2% and 5.9%, respectively. Financials spiked 23% on the week.
[BRIEFING.COM] Energy commodities continued their recent strong performance this session.
Natural gas rose significantly and closed at $4.29 per contract, up 4.7%. The natural gas contracts have ended the session higher everyday so far this month; they are now up over 27% over that time period.
Crude oil finished near session highs. The June contracts netted a 2% gain to close at $57.85 per barrel. The June futures contracts are now up ~14% for the month.
Precious metals finished modestly lower.
June gold futures contracts hit lows in the morning at $905.50 per ounce. The contracts were able to recover, however, and finished down just a fraction at $914.90 per ounce.
July silver also hit session lows in the morning. The contracts traded in negative territory for most of the session and closed down a modest 0.6% at $13.96 per ounce.

[BRIEFING.COM] The major indices pick up some momentum going into the final hour of the trading week. The Dow and S&P are extending their advance, while the Nasdaq is climbing toward session highs.

SIX Swiss Exchange

2009-04-03T12:41:00.000-07:00

Swiss Exchange (formerly SWX Swiss Exchange), based in Zürich, is Switzerland's principal stock exchange (the other being Berne eXchange). SIX also trades other securities such as Swiss government bonds and derivatives such as stock options.
The main stock market index for the SIX Swiss Exchange is the SMI, the Swiss Market Index. The index consists of the 20 most significant equity-securities based on the free float market capitalisation.
The Swiss Exchange was the first stock exchange in the world to incorporate a fully automated trading, clearing and settlement system in 1995. The exchange is controlled by an association of 55 banks. Each of these banks have equal voting rights in the matter of decision making concerning the management and regulation of the exchange.
SIX is the joint owner of Eurex, the world's largest futures and derivatives exchange along with their German partners Deutsche Börse. In July 2004 however the SIX rejected a merger proposal from the German company, that analysts anticipated as profitable for many small companies enlisted on the SIX.
The exchange has a blue-chip index as its principal stock market index. The Swiss Market Index (SMI) comprises a maximum of twenty of the largest and most liquid large and mid-cap SPI stocks.

History:

Replacement of floor trading systems at Geneva (est.1850), Basel (est.1876) and Zürich (est.1873) stock exchanges by fully automated system SWX (1995)
World's first fully automated trading, clearing and settlement system (est.1995)
Purchased virt-x cross-border electronic exchange in 2002, which it later renamed SWX Europe.[1]

Hours:

The exchange's normal trading sessions are from 09:00am to 05:30pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.[2]

See also:

List of stock exchanges

References:

^ virt-x changes its name to SWX Europe. March 3, 2008, retrieved July 5, 2008.
^ Market Hours, SWX Swiss Exchange via Wikinvest

External links:

Official site

This article about stock exchanges is a stub. You can help Wikipedia by expanding it.

This Swiss corporation or company article is a stub. You can help Wikipedia by expanding it.

Retrieved from "http://en.wikipedia.org/wiki/SIX_Swiss_Exchange"

Karachi Stock Exchange

2009-04-03T12:38:00.000-07:00

The Karachi Stock Exchange or KSE is a stock exchange located in Karachi, Sindh, Pakistan. Founded in 1947, it is Pakistan's largest and oldest stock exchange, with many Pakistani as well as overseas listings. Its current premises are situated on Stock Exchange Road, in the heart of Karachi's Business District.

History:

Karachi Stock Exchange is the biggest and most liquid exchange in Pakistan. It was declared the “Best Performing Stock Market of the World for the year 2002”. As on May 30, 2008, 654 companies were listed with a market capitalization of Rs. 3,746.203 billion (US$ 56.334 billion) having listed capital of Rs. 705.873 billion (US$ 10.615 billion). The KSE 100TM Index closed at 12130.51 on May 30, 2008.

[edit] Business

[edit] Trading
The exchange has pre-market sessions from 09:15am to 09:30am and normal trading sessions from 09:30am to 03:30pm. It is the second oldest stock exchange in South Asia.[1] The karachi stock exchange has undergone a considerable deal of downturn partly due to global financial crisis and partly on account of domestic troubles. It remained suspended in excess of 4 months and resumed normal trading only on December 15,2008. The KSE 100 Index and KSE 30 Index after hitting the low around mid january has now rebounced and recovered 20-25% till March 12th 2009.

[edit] Growth
The KSE is the biggest and most liquid exchange in Pakistan and in 2002 it was declared as the “Best Performing Stock Market of the World” by Business Week. As of December 20, 2007, 671 companies were listed with the market capitalization of Rs. 4364.312 billion (US$ 73 Billion) having listed capital of Rs. 717.3 billion (US$ 12 billion). On December 26, 2007, the KSE 100 Index reached its ever highest value and closed at 14,814.85 points.
Foreign buying interest had been very active on the KSE in 2006 and continued in 2007. According to estimates from the State Bank of Pakistan, foreign investment in capital markets total about US$523 Million. According to a research analyst in Pakistan, around 20pc of the total free float in KSE-30 Index is held by foreign participants.
KSE has seen some fluctuations since the start of 2008. One reason could be that it is the election year in Pakistan, and stocks are expected to remain dull. KSE has set an all time high of 15,000 points, before settling around the 14,000 mark.
Karachi stock exchange Board of Directors has recently (2007) announced plans to construct a 40 story high rise KSE building, as a new direction for future investment.
Disputes between investors and members of the Exchange are resolved through deliberations of the Arbitration Committee of the Exchange.
KSE began with a 50 shares index. As the market grew a representative index was needed. On November 1st, 91 the KSE-100 was introduced and remains to this day the most generally accepted measure of the Exchange. Karachi Stock Exchange 100 Index (KSE-100 Index) is a benchmark used to compare prices overtime, companies with the highest market capitalization are selected. To ensure full market representation, the company with the highest market capitalization from each sector is also included.
In 1995 the need was felt for an all share index to reconfirm the KSE-100 and also to provide the basis of index trading in future. On August the 29th, 1995 the KSE all share index was constructed and introduced on September 18, 1995.

[edit] 2008 Karachi Stock Exchange Crisis
April 20 : Karachi Stock Exchange achieved a major milestone when KSE-100 Index crossed the psychological level of 15,000 for the first time in its history and peaked 15,737.32 on 20 April, 2008. Moreover, the increase of 7.4 per cent in 2008 made it the best performer among major emerging markets.[2] [3]
May 23: Record high inflation in the month of May, 2008 resulted in the unexpected increase in the interest rates by State Bank of Pakistan which eventually resulted in sharp fall in Karachi Stock Exchange.[4] [5]
July 17 :Angry investors attacked the Karachi Stock Exchange in protest at plunging Pakistani share prices. [6] [7]
July 16 : KSE-100 Index dropped one-third from an all-time high hit in April, 2008 as rising pressure on shaky Pakistan's coalition government to tackle Taliban militants exacerbates concern about the country's economic woes. [8]
August 18: KSE 100 Index rose more than 4% after the announcement of the resignation of President Pervez Musharraf but Credit Suisse Group said that Pakistan's Post-Musharraf rally in Stock Exchange will be short-lived because of a rising fiscal deficit and runaway inflation. [9] [10]
August 28 :Karachi Stock Exchange set a floor for stock prices to halt a plunge that has wiped out $36.9 billion of market value since April. [11]
December 15: Trading resumes after the removal of floor on stock prices that was set on August 28 to halt sharp falls. [12]

[edit] See also
KSE 100 Index.
Lahore Stock Exchange.
Islamabad Stock Exchange.
Economy of Pakistan
Economy of Karachi
List of Pakistani companies
List of stock exchanges

[edit] References
^ Market Hours, Karachi Stock Exchange via Wikinvest
^ Karachi Stock Exchange reaches record high - Gulf News
^ Monster & Critics
^ Pakistan Stocks Slump, Led by Banks, After Unexpected Rate Rise - Bloomberg
^ Billions wiped off on KSE’s ‘black Friday’ - Dawn.com
^ Protest over Pakistan share slump - BBC News
^ Pakistani Investors Stone Exchange as Stocks Plunge - Bloomberg
^ Forbes.com
^ Pakistan shares up on resignation - BBC News
^ Pakistan's Post-Musharraf Rally Will Falter, Credit Suisse Says - Bloomberg
^ Pakistan Stock Index Is Little Changed; Trading Limits Remain Bloomberg
^ Pakistan’s Stock Index Falls to 2-Year Low After Lifting Curbs - Bloomberg

[edit] External links
Karachi Stock Exchange Website
Fund Managers Resource
A Memorable Year for Pakistani bourses, Dawn, Dec. 31, 2002
Who parented the stock market boom?, Dawn, Jan. 20, 2003

Australian Securities Exchange

2009-04-03T12:34:00.000-07:00

The Australian Securities Exchange (ASX) is the primary stock exchange in Australia. The ASX began as separate state-based exchanges established as early as 1861. Today trading is all-electronic and the exchange is a public company, listed on the exchange itself.
The Australian Securities Exchange as it is now known resulted from the merger of the Australian Stock Exchange and the Sydney Futures Exchange in December 2006.
The biggest stocks traded on the ASX, in terms of their market capitalisation, include BHP Billiton, Commonwealth Bank of Australia, Telstra Corporation, Rio Tinto, National Australia Bank and Australia and New Zealand Banking Group. As at 31-Dec-2006 the three largest sectors by market cap were financial services (34%), commodities (20%) and listed property trusts (10%).
The major market index is the S&P/ASX 200, an index made up of the top 200 shares in the ASX. This supplanted the previously significant All Ordinaries index, which still runs parallel to the S&P ASX 200. Both are commonly quoted together. Other indices for the bigger stocks are the S&P/ASX 100 and S&P/ASX 50.
The ASX is a public company, and its own shares are traded on the ASX. However, the corporation's charter restricts maximum individual holdings to a small fraction of the company.
While the ASX regulates other listed companies listed on the ASX, it cannot regulate itself, and is regulated by the Australian Securities and Investments Commission (ASIC).
The current managing director Robert Elstone was appointed in July 2006. Prior to the merger of ASX with the Sydney Futures Exchange (SFE), Robert Elstone was the CEO of the SFE.

History:

The exchange began as six separate exchanges established in the state capitals Melbourne (1861), Sydney (1871), Hobart (1882), Brisbane (1884), Adelaide (1887) and Perth (1889).[3] An exchange in Launceston merged into the Hobart exchange too.
The first interstate conference was held in 1903 at Melbourne Cup time. The exchanges then met on an informal basis until 1937 when the Australian Associated Stock Exchanges (AASE) was established, with representatives from each exchange. Over time the AASE established uniform listing rules, broker rules, and commission rates.
Trading was conducted by a call system, where an exchange employee called the names of each company and brokers bid or offered on each. In the 1960s this changed to a post system. Exchange employees called "chalkies" wrote bids and offers in chalk on blackboards continuously, and recorded transactions made.

[edit] Timeline of significant events
In 1969 there was a mining boom, triggered by Poseidon NL discovering nickel in Western Australia. See the Poseidon bubble article.
In 1976 the Australian Options Market was established, trading call options.
In 1980 the separate Melbourne and Sydney stock exchange indices were replaced by Australian Stock Exchange indices.
In 1984 broker's commission rates were deregulated. Commissions have gradually fallen ever since, with today rates as low as 0.12% or 0.1% from discount internet-based brokers.
In 1987, following work begun in 1985, the separate exchanges merged to form the ASX. Also in 1987 the all-electronic SEATS trading system (below) was introduced. It started on just a limited range of stocks, progressively all stocks were moved to it and the trading floors were closed in 1990.
In 1990 the warrants market (below) was established.
In 1993 fixed interest securities were added (see interest rate market below). Also in 1993 the FAST system of accelerated settlement was established, and the following year the CHESS system (see settlement below) was introduced, superseding FAST.
In 1994 the Sydney Futures Exchange announced futures over individual ASX stocks. The ASX responded with Low Exercise Price Option (see below). The SFE went to court,[4][5] claiming LEPOs were futures (certainly their effect is like futures) and therefore the ASX could not offer them. But the court held they were options and so LEPOs were introduced in 1995.
In 1995 stamp duty on share transactions was halved from 0.3% to 0.15%. The ASX had agreed with the Queensland State Government to locate staff in Brisbane in exchange for the stamp duty reduction there, and the other states followed suit so as not to lose brokerage business to Queensland. In 2000 stamp duty was abolished in all states as part of the introduction of the GST.
In 1996 the exchange members (brokers etc) voted to demutualise. The exchange was incorporated as ASX Limited and in 1998 the company was listed on the ASX itself. The ASX arranged with the Australian Securities and Investments Commission to have it enforce listing rules for ASX Limited.
In 1997 a phased transition to the electronic CLICK system for derivatives began.
In 2006 the ASX announced a merger with the Sydney Futures Exchange, the primary derivatives exchange in Australia.

[edit] ASX regulation
ASX and the Australian Securities and Investments Commission (ASIC) "co-regulate" ASX. There are at least 20 examples of co-regulation:
As a licensed market, ASX has legal obligations under Corporations Act 2001 (Cth) (s792A, Part 7.2, Div 3) to run a market which is "fair, orderly and transparent".
ASX must give information to ASIC regarding listed companies: s 792C.
ASX must assist ASIC: s 792D.
ASX must give ASIC access to the market: s 792E.
ASX can "refer" matters to ASIC for further investigation.
ASX must lodge an annual compliance report with ASIC: s 792F.
ASX's Operating Rules are binding in contract: s 793B.
ASIC must be informed of any changes to ASX Operating Rules: s 793D.
ASX's Operating Rules may be disallowed by the Minister (Treasury): s 793E.
ASIC has oversight of all market licensees including ASX.
ASX must notify ASIC of disciplinary actions it takes against participants: s 792B.
ASX's Operating Rules are enforceable by ASIC, the market licensee (ASX), clearing house or "a person aggrieved": s 793C.
The Minister can give directions to ASX: s 794A.
The Minister can call for a report on specified matters regarding ASX: s 794B.
ASIC must complete an annual assessment of ASX's compliance with the law: s794C.
ASIC can give ASX directions to suspend dealings or some other direction to ensure a fair and orderly market: s 794D.
The Minister may impose conditions on ASX's Australian Market Licence: s 796A.
Since ASX is itself a public company listed on ASX, ASIC regulates ASX.
There are limits on the control of ASX (max 15% ownership by one person): Part 7.4, Div 1
ASX Markets Supervision Pty Ltd, a subsidiary of ASX, is responsible for supervising market operations. It was created to address the perceived conflict between ASX’s regulatory and commercial functions.
ASIC can investigate ASX: Part 3, ASIC Act 2001 (Cth)

[edit] SEATS/ITS
Since 2 October 2006, trading of shares, warrants, fixed-interest securities and company-issued options and rights has been conducted on the Click-XT system, also known as the Integrated Trading System (ITS). The Integrated Trading System provides new opportunities for contingent trading and new order types, can process more transactions per second than the older Stock Exchange Automated Trading System (SEATS), and allows multi-order transactions (up to 5 orders per transaction), however it must be realised that as the ITS system is in effect four separate systems 'side by side' contingencies are limited as orders cannot be span separate ITS market 'partitions'.
SEATS was an all-electronic order matching system, based on time and price priority. Two types of orders were accepted,
Market order, to buy or sell at market.
Limit order, to buy at no more than a given price, or to sell at no less than a given price.
Limit orders are the most common. Limit orders not immediately filled are held in the system to be matched against a later order. Such orders remain until a specified expiry date, or until the order is completed, or cancelled. The exchange automatically cancels orders when a stock goes ex-dividend or ex other entitlements.
Unlike the ITS system the SEATS system accepted orders with an Undisclosed Quantity. In SEATS orders with an undisclosed quantity would trade from the undisclosed portion of the order until the whole order was fully filled - without loss of time priority - this was not common international practice and in ITS it was intended to replace this function with the 'Iceberg Order' - an order that automatically refilled the disclosed quantity when exhausted until the intended quantity was traded. As of December 2007 technical and performance problems at the ASX have prevented this implementation, and as such there are no undisclosed orders of any type offered on ITS in the main Australian equity market.
There is a minimum price unit for quotations and trades in the system. This creates a minimum spread of that amount between the limit orders of buyers and sellers sitting in the market. For interest rate market securities (below), except redeemable preference shares, the minimum unit is 0.1 cent. For other securities the unit is based on the share price, [2]

National Stock Exchange of India

2009-04-03T12:31:00.000-07:00

The National Stock Exchange of India Limited (NSE), is a Mumbai-based stock exchange. It is the largest stock exchange in India in terms of daily turnover and number of trades, for both equities and derivative trading.[1]. Though a number of other exchanges exist, NSE and the Bombay Stock Exchange are the two most significant stock exchanges in India, and between them are responsible for the vast majority of share transactions. The NSE's key index is the S&P CNX Nifty, known as the Nifty, an index of fifty major stocks weighted by market capitalisation.
NSE is mutually-owned by a set of leading financial institutions, banks, insurance companies and other financial intermediaries in India but its ownership and management operate as separate entities[2]. There are at least 2 foreign investors NYSE Euronext and Goldman Sachs who have taken a stake in the NSE.[3] As of 2006[update], the NSE VSAT terminals, 2799 in total, cover more than 1500 cities across India [4]. In October 2007, the equity market capitalization of the companies listed on the NSE was US$ 1.46 trillion, making it the second largest stock exchange in South Asia. NSE is the third largest Stock Exchange in the world in terms of the number of trades in equities.[5]It is the second fastest growing stock exchange in the world with a recorded growth of 16.6%.[6]

Origins:

The National Stock Exchange of India was promoted by leading Financial institutions at the behest of the Government of India, and was incorporated in November 1992 as a tax-paying company. In April 1993, it was recognized as a stock exchange under the Securities Contracts (Regulation) Act, 1956. NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. The Capital Market (Equities) segment of the NSE commenced operations in November 1994, while operations in the Derivatives segment commenced in June 2000.

Innovations:

NSE has remained in the forefront of modernization of India's capital and financial markets, and its pioneering efforts include:
Being the first national, anonymous, electronic limit order book (LOB) exchange to trade securities in India. Since the success of the NSE, existent market and new market structures have followed the "NSE" model.
Setting up the first clearing corporation "National Securities Clearing Corporation Ltd." in India. NSCCL was a landmark in providing innovation on all spot equity market (and later, derivatives market) trades in India.
Co-promoting and setting up of National Securities Depository Limited, first depository in India[2].
Setting up of S&P CNX Nifty.
NSE pioneered commencement of Internet Trading in February 2000, which led to the wide popularization of the NSE in the broker community.
Being the first exchange that, in 1996, proposed exchange traded derivatives, particularly on an equity index, in India. After four years of policy and regulatory debate and formulation, the NSE was permitted to start trading equity derivatives
Being the first and the only exchange to trade GOLD ETFs (exchange traded funds) in India.
NSE has also launched the NSE-CNBC-TV18 media centre in association with CNBC-TV18, a
it is the one of the most important stock exchange in the world

[edit] Markets
Currently, NSE has the following major segments of the capital market:
Equity
Futures and Options
Retail Debt Market
Wholesale Debt Market
Currency futures

[edit] Hours
NSE's normal trading sessions are from 09:55am to 03:30pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.[7]

[edit] Indices
NSE also set up as index services firm known as India Index Services & Products Limited (IISL) and has launched several stock indices, including [8] :
S&P CNX Nifty
CNX Nifty Junior
CNX 100 (= S&P CNX Nifty + CNX Nifty Junior)
S&P CNX 500 (= CNX 100 + 400 major players across 72 industries)
CNX Midcap (introduced on 18 July 2005 replacing CNX Midcap 200)

[edit] Certifications
NSE also conducts online examination and awards certification, under its programmes of NSE's Certification in Financial Markets (NCFM)[3]. Currently, certifications are available in 19 modules, covering different sectors of financial and capital markets. Branches of the NSE are located throughout India.
See also: Bombay Stock Exchange
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Korea Exchange

2009-04-03T12:29:00.000-07:00

Korea Exchange (KRX) was created through the integration of the three existing Korean spot & futures exchanges (Korea Stock Exchange, Korea Futures Exchange and KOSDAQ) under the Korea Stock & Futures Exchange Act.The securities and futures markets of former exchanges are now operated as the business divisions of the KRX: the Stock Market Division, KOSDAQ Market Division and Derivatives Market Division. As of 31 December 2007, the Korea Exchange had 1,757 listed companies with a combined market capitalization of $1.1 trillion.[1] The exchange has normal trading sessions from 09:00am to 03:00pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.[2]

Traded Instruments:

Stock Market Division (former Korea Stock Exchange)
Stocks
Bonds
Exchange Traded Funds (ETFs)
Real Estate Investment Trusts (REITs)
KOSDAQ Market Division (former KOSDAQ Stock Market, Inc.)
Stocks
Derivatives Market Division (former Korea Futures Exchange)
Index Instruments: KOSPI 200 Index Futures, KOSTAR Futures, KOSPI 200 Options
Single Stock Futures on 15 underlying stocks
Equity Options on 30 alternative underlying stocks
Interest Rate Instruments: 3-Years KTB Futures, 5-Years KTB Futures, 3-Years KTB Futures Options, MSB Futures
Foreign Exchange(FX) Instruments: USD/KRW Futures, JPY/KRW Futures, EUR/KRW Futures, USD/KRW Options
Commodity Instruments: Gold Futures, Lean Hog Futures

[edit] References
^ Number of Listed Companies and Total Market Cap, Korea Exchange page on Wikinvest
^ Market Hours, Korea Exchange via Wikinvest

[edit] External links
Korea Exchange Website

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London Stock Exchange

2009-04-03T12:25:00.000-07:00

The London Stock Exchange or LSE is a stock exchange located in London, United Kingdom. Founded in 1801, it is one of the largest stock exchanges in the world, with many overseas listings as well as British companies. The LSE is part of the London Stock Exchange Group.
Its current premises are situated in Paternoster Square close to St Paul's Cathedral in the City of London.

History:

Origin of share trading
The trade in shares in London began with the need to finance two voyages: The Muscovy Company's attempt to reach China via the White Sea north of Russia, and the East India Company voyage to India and the east.
Unable to finance these costly journeys privately, the companies raised the money by selling shares to merchants, giving them a right to a portion of any profits eventually made.

[edit] Exchange
The idea soon caught on (one of the earliest was the Earl of Bedford's scheme to drain the fens). It is estimated that by 1695, there were 140 joint-stock companies. The trade in shares was centred around the City's Change Alley in two coffee shops: Garraway's and Jonathan's. The broker, John Castaing, published the prices of stocks and commodities called The Course of the Exchange and other things in these coffee shops.

[edit] Licensing of brokers
In 1697, a law was passed to "restrain the number and ill-practice of brokers and stockjobbers" following a number of insider trading and market-rigging incidents. It required all brokers to be licensed and to take an oath promising to act lawfully.

[edit] The South Sea Bubble
The Change Alley exchange thrived. However, it suffered a set-back in 1720.
Much excitement was caused by the South Sea Company, stoked by brokers, the company's owner John Blunt and the government. Having set up the unprofitable company nine years previously, the government hoped to wipe out the large debts accumulated by offering shares to the public.
Shares in the company, which had started at £128 each at the start of the year, were soon fetching as much as £1,050 by June. The bubble inevitably burst, with share prices plunging to £175, then £124.
The incident caused outcry, forcing the government to pass legislation to prevent another bubble, and it took a long time for the stock exchange to recover.

[edit] Threadneedle Street and Capel Court
Jonathan's burnt down in 1748, and this, plus dissatisfaction with the overcrowding in the Alley, made the brokers build a New Jonathan's on Threadneedle Street, as well as charging an entrance fee. The building was soon renamed the Stock Exchange, only to be renamed again as the Stock Subscription Room in 1801, with new membership regulations.

However, this too proved unsatisfactory, and the exchange moved to the newly built Capel Court in the same year. The exchange had recovered by the 1820s, bolstered by the growth of the railways, canals, mining and insurance industries (there were, however, problems with stags and dividend payments). Regional stock exchanges were formed across the UK. Bonds (or gilt-edged securities) also began to be traded.

[edit] Coat of Arms
It received its own Coat of Arms in 1923. Its motto is dictum meum pactum, "My word is my bond".[1]

[edit] The Stock Exchange Tower
The former Stock Exchange Tower, based in Threadneedle Street/Old Broad Street was opened by Queen Elizabeth II in 1972 and housed the Trading Floor where traders would traditionally meet to conduct business.
This became largely redundant with the advent of the Big Bang on 27 October 1986, which deregulated many of the Stock Exchange's activities. It eliminated fixed commissions on security trades and allowed securities firms to act as brokers and dealers. It also enabled an increased use of computerised systems that allowed dealing rooms to take precedence over face to face trading.

[edit] IRA bomb
On 20 July 1990 a bomb planted by the IRA exploded in the men's toilets behind the visitors' gallery. The area had already been evacuated and nobody was injured.[2] The long term trend towards electronic trading had been reducing the Exchange's status as a visitor attraction and, although the gallery reopened, it was closed permanently in 1992.

Tokyo Stock Exchange

2009-04-03T12:22:00.000-07:00

The Tokyo Stock Exchange (東京証券取引所 ,Tōkyō Shōken Torihikisho?), or TSE, located in Tokyo, Japan, is the second largest stock exchange market in the world by market value, second only to the New York Stock Exchange. As of 31 December 2007, the the Tokyo Stock Exchange had 2,414 listed companies with a combined market capitalization of $4.3 trillion.[1]

Structure:

The TSE is incorporated as a kabushiki kaisha with nine directors, four auditors and eight executive officers. Its headquarters are located at 2-1 Nihombashi Kabutocho, Chūō, Tokyo, Japan. Its operating hours are from 9:00 to 11:00 am, and from 12:30 to 3:00 pm. From April 24, 2006, the afternoon trading session started at its usual time of 12:30 p.m.
Stocks listed on the TSE are separated into the First Section (for large companies), the Second Section (for mid-sized companies), and the "Mothers" section (for high-growth startup companies). As of March 2006, there are 1,721 First Section companies, 489 Second Section companies and 156 Mothers companies.
The main indixes tracking the TSE are the Nikkei 225 index of companies selected by the Nihon Keizai Shimbun (Japan's largest business newspaper), the TOPIX index based on the share prices of First Section companies, and the J30 index of large industrial companies maintained by Japan's major broadsheet newspapers.
89 domestic and 19 foreign securities companies participate in TSE trading. See: Members of the Tokyo Stock Exchange
Other TSE-related institutions include:
The exchange's press club, called the Kabuto Club (兜倶楽部 ,Kabuto kurabu?), which meets on the third floor of the TSE building. Most Kabuto Club members are affiliated with the Nihon Keizai Shimbun, Kyodo News, Jiji Press, or business television broadcasters such as Bloomberg LP and CNBC. The Kabuto Club is generally busiest during April and May, when public companies release their annual accounts.
On 15 June 2007, the TSE paid $303 million to acquire a 4.99% stake in Singapore Exchange Ltd. [1]

History:

Prewar history
The Tokyo Stock Exchange was established on May 15, 1878, as the Tokyo Kabushiki Torihikijo (東京株式取引所) under the direction of then-Finance Minister Okuma Shigenobu and capitalist advocate Shibusawa Eiichi. Trading began on June 1, 1878.
In 1943, the exchange was combined with ten other stock exchanges in major Japanese cities to form a single Japanese Stock Exchange (日本証券取引所 ,Nippon Shōken Torihikisho?). The combined exchange was shut down and reorganized shortly after the bombing of Nagasaki.

[edit] Postwar history
The Tokyo Stock Exchange reopened under its current Japanese name on May 16, 1949, pursuant to the new Securities Exchange Act.
The TSE runup from 1983 to 1990 was unprecedented, in 1990 it accounted for over 60% of the world's stock market capitalization (by far the world's largest) before falling precipitously in value and rankings today, but still remains one of the 3 largest exchanges in the world by market capitalization of listed shares.
The trading floor of the TSE was closed on April 30, 1999, and the exchange switched to electronic trading for all transactions. A new facility, called TSE Arrows (東証アローズ ,Tōshō Arrows?), opened on May 9, 2000.
In 2001, the TSE restructured itself as a stock company: before this time, it was structured as an incorporated association (社団法人 ,shadan hōjin?) with its members as shareholders.

[edit] I.T. issues
The exchange was only able to operate for 90 minutes on November 1, 2005, due to bugs with a newly installed transactions system, developed by Fujitsu, which was supposed to help cope with higher trading volumes. The interruption in trading was the worst in the history of the exchange. [2] Trading was suspended for four-and-a-half hours.
During the initial public offering of J-Com on December 8, 2005, an employee at Mizuho Securities Co., Ltd. mistakenly typed an order to sell 610,000 shares at 1 yen, instead of an order to sell 1 share at 610,000 yen. Mizuho failed to catch the error; the Tokyo Stock Exchange initially blocked attempts to cancel the order, resulting in a net loss of 347 million US dollars to be shared between the exchange and Mizuho. Both companies are now trying to deal with their troubles: lack of error checking, lack of safeguards, lack of reliability, lack of transparency, lack of testing, loss of confidence, and loss of profits. On 11 December, the TSE acknowledged that its system was at fault in the Mizuho trade. On 21 December, Takuo Tsurushima, chief executive of the TSE, and two other senior executives resigned over the Mizuho affair. [3]

Shanghai Stock Exchange

2009-04-03T12:19:00.000-07:00

The Shanghai Stock Exchange (SSE) (simplified Chinese: 上海证券交易所; traditional Chinese: 上海證券交易所; pinyin: Shànghǎi Zhèngquàn Jiāoyìsuǒ) is a Chinese stock exchange or bourse that is based in the city of Shanghai. It is one of the three stock exchanges operating independently in the People's Republic of China, the other two are the Shenzhen Stock Exchange and the Hong Kong Stock Exchange. Unlike the Hong Kong Stock Exchange, the Shanghai Stock Exchange is still not entirely open to foreign investors[1] due to tight capital account controls exercised by the Chinese mainland authorities.[2]
At the end of 2007, the Shanghai Stock Exchange had 860 listed companies with a combined market capitalization of US$3.7 trillion[3], making it the largest in mainland China and sixth largest in the world. The current exchange was re-established on November 26, 1990 and was in operation on December 19 of the same year. It is a non-profit organization directly administered by the China Securities Regulatory Commission (CSRC).

History:

The formation of the International Settlement (foreign concession areas) in Shanghai as a result of the Treaty of Nanking of 1842 (which ended the First Opium War) and subsequent agreements between the Chinese and foreign governments are crucial to the development of foreign trade in China and of the foreign community in Shanghai. The market for securities trading in Shanghai begins in the late 1860s. The first share list appeared in June 1866 and by then Shanghai's International Settlement had developed the conditions conducive to the emergence of a share market: several banks, a legal framework for joint-stock companies, and an interest in diversification among the established trading houses (although the trading houses themselves remained partnerships).
In 1891 during the boom in mining shares, foreign businessmen founded the "Shanghai Sharebrokers' Association" headquartered in Shanghai as China's first stock exchange. In 1904 the Association applied for registration in Hong Kong under the provision of the Companies ordinance and was renamed as "Shanghai Stock Exchange". The supply of securities came primarily from local companies. In the early days, banks dominated private shares but, by 1880, only the Hong Kong and Shanghai local banks remained.
Later in 1920 and 1921, "Shanghai Securities & Commodities Exchange" and "Shanghai Chinese Merchant Exchange" started operation respectively. An amalgamation eventually took place in 1929, and the combined markets operated thereafter as the "Shanghai Stock Exchange". Shipping, insurance, and docks persisted to 1940 but were overshadowed by industrial shares after the Treaty of Shimonoseki of 1895, which permitted Japan, and by extension other nations who had treaties with China, to establish factories in Shanghai and other treaty ports. Rubber plantations became the staple of stock trading beginning in the second decade of the 20th century.
By the 1930s, Shanghai had emerged as the financial center of the Far East, where both Chinese and foreign investors could trade stocks, debentures, government bonds, and futures. The operation of Shanghai Stock Exchange came to an abrupt halt after Japanese troops occupied the Shanghai International Settlement on December 8, 1941. In 1946, Shanghai Stock Exchange resumed its operations before closing again 3 years later in 1949, after the Communist revolution took place.
After the Cultural Revolution ended and Deng Xiaoping rose to power, China was re-opened to the outside world in 1978. During the 1980s, China's securities market evolved in tandem with the country's economic reform and opening up and the development of socialist market economy. On 26 November 1990, Shanghai Stock Exchange was established again and began operation a few weeks later on 19 December.

Hong Kong Stock Exchange

2009-04-03T12:17:00.000-07:00

The Hong Kong Stock Exchange (traditional Chinese: 香港交易所, also 港交所 (HKEX), SEHK: 0388) is the stock exchange of Hong Kong. The exchange has predominantly been the main exchange for Hong Kong where shares of listed companies are traded. It is Asia's third largest stock exchange in terms of market capitalization, behind the Tokyo Stock Exchange and the Shanghai Stock Exchange. As of 31 December 2007, the Hong Kong Stock Exchange had 1,241 listed companies with a combined market capitalization of $2.7 trillion.[1] Hong Kong Exchanges and Clearing is the holding company for the exchange.

History:

The history of the securities exchange began formally in the late 19th century with the first establishment in 1891, though informal securities exchanges have been known to take place since 1861[2]. The exchange has predominantly been the main exchange for Hong Kong despite co-existing with other exchanges at different point in time. After a series of complex mergers and acquisitions, HKSE remains to be the core. From 1947 to 1969 the exchange monopolized the market.
Association of Stockbrokers in Hong Kong (Founded 1891)

(1914) Renamed to Hong Kong Stock Exchange

(1947) A merger is made after World War II with Hong Kong Stock Exchange retaining the name

Hong Kong Stockbrokers Association (Founded 1921)

Hong Kong Stockholders Association Ltd (Founded 1978) allow info sharing between HKSE and other exchanges

Far East Exchange Ltd (Founded 1969)

Kam Ngan Stock Exchange Ltd (Founded 1971)

Kowloon Stock Exchange Ltd (Founded 1972)

(1986) HKSE merges with other exchanges and retain the name but also presented as Stock Exchange of Hong Kong

(2000) Hong Kong Exchanges and Clearing becomes the holding company for Hong Kong Stock Exchange

Hong Kong Futures Exchange Ltd (Founded 1976)

Hong Kong Securities Clearing Company Ltd (Founded 1989)

Bombay Stock Exchange

2009-04-03T12:15:00.000-07:00

The Bombay Stock Exchange Limited (Marathi/Hindi: मुंबई शेयर बाज़ार Mumbaī Śeyar Bāzār) (formerly, The Stock Exchange, Mumbai; popularly called The Bombay Stock Exchange, or BSE) has the greatest number of listed companies in the world, with 4700 listed as of August 2007.[1] It is located at Dalal Street, Mumbai, India. On 31 December 2007, the equity market capitalization of the companies listed on the BSE was US$ 1.79 trillion, making it the largest stock exchange in South Asia and the 12th largest in the world.[2]
The Bombay Stock Exchange was established in 1875. Around 6,000 Indian companies list on the stock exchange,[3] and it has a significant trading volume. The BSE SENSEX (SENSitive indEX), also called the "BSE 30", is a widely used market index in India and Asia. Though many other exchanges exist, BSE and the National Stock Exchange of India account for most of the trading in shares in India.

Bombay Stock Exchange history:

Following is the timeline on the rise and rise of the Sensex through Indian stock market history.
1830's Business on corporate stocks and shares in Bank and Cotton presses started in Bombay.
1860-1865 Cotton price bubble as a result of the American Civil War
1870 - 90's Sharp increase in share prices of jute industries followed by a boom in tea stocks and coal

[edit] 1900s
1978-79 Base year of Sensex, defined to be 100.
1986 Sensex first compiled[5]using a market Capitalization-Weighted methodology for 30 component stocks representing well-established companies across key sectors.

[edit] Since 1990
1000, July 25, 1990 On July 25, 1990, the Sensex touched the magical four-digit figure for the first time and closed at 1,001 in the wake of a good monsoon season and excellent corporate results.
July 1991 Rupee devalued by 18-19 %[6]
2000, January 15, 1992 On January 15, 1992, the Sensex crossed the 2,000-mark and closed at 2,020 followed by the liberal economic policy initiatives undertaken by the then finance minister and current Prime Minister Dr Manmohan Singh.
3000, February 29, 1992 On February 29, 1992, the Sensex surged past the 3000 mark in the wake of the market-friendly Budget announced by the then Finance Minister, Dr Manmohan Singh.
4000, March 30, 1992 On March 30, 1992, the Sensex crossed the 4,000-mark and closed at 4,091 on the expectations of a liberal export-import policy. It was then that the Harshad Mehta scam hit the markets and Sensex witnessed unabated selling.
5000, October 8, 1999 On October 8, 1999, the Sensex crossed the 5,000-mark as the BJP-led coalition won the majority in the 13th Lok Sabha election.
6000, February 11, 2000 On February 11, 2000, the infotech boom helped the Sensex to cross the 6,000-mark and hit and all time high of 6,006.
6151, Feb 14, 2000 Tops. Index declines until Sept 2001 and loses half the value. Coincides with dot-com bubble burst.
2595, Sept 21, 2001 Bottoms.
7000, June 20, 2005 On June 20, 2005, the news of the settlement between the Ambani brothers boosted investor sentiments and the scrips of RIL, Reliance Energy, Reliance Capital, and IPCL made huge gains. This helped the Sensex crossed 7,000 points for the first time.
8000, September 8, 2005 On September 8, 2005, the Bombay Stock Exchange's benchmark 30-share index -- the Sensex -- crossed the 8000 level following brisk buying by foreign and domestic funds in early trading.
9000, November 28, 2005 The Sensex on November 28, 2005 crossed the magical figure of 9000 to touch 9000.32 points during mid-session at the Bombay Stock Exchange on the back of frantic buying spree by foreign institutional investors and well supported by local operators as well as retail investors.
10,000, February 6, 2006 The Sensex on February 6, 2006 touched 10,003 points during mid-session. The Sensex finally closed above the 10K-mark on February 7, 2006.
11,000, March 21, 2006 The Sensex on March 21, 2006 crossed the magical figure of 11,000 and touched a life-time peak of 11,001 points during mid-session at the Bombay Stock Exchange for the first time. However, it was on March 27, 2006 that the Sensex first closed at over 11,000 points.
12,000, April 20, 2006 The Sensex on April 20, 2006 crossed the 12,000-mark and closed at a peak of 12,040 points for the first time.
13,000, October 30, 2006 The Sensex on October 30, 2006 crossed the magical figure of 13,000 and closed at 13,024.26 points, up 117.45 points or 0.9%. It took 135 days for the Sensex to move from 12,000 to 13,000 and 123 days to move from 12,500 to 13,000.
14,000, December 5, 2006 The Sensex on December 5, 2006 crossed the 14,000-mark to touch 14,028 points. It took 36 days for the Sensex to move from 13,000 to the 14,000 mark.
15,000, July 6, 2007 The Sensex on July 6, 2007 crossed the magical figure of 15,000 to touch 15,005 points in afternoon trade. It took seven months for the Sensex to move from 14,000 to 15,000 points.
16,000, September 19, 2007 The Sensex scaled yet another milestone during early morning trade on September 19, 2007. Within minutes after trading began, the Sensex crossed 16,000, rising by 450 points from the previous close. The 30-share Bombay Stock Exchange's sensitive index took 53 days to reach 16,000 from 15,000. Nifty also touched a new high at 4659, up 113 points.
The Sensex finally ended with a gain of 654 points at 16,323. The NSE Nifty gained 186 points to close at 4,732.
17,000, September 26, 2007 The Sensex scaled yet another height during early morning trade on September 26, 2007. Within minutes after trading began, the Sensex crossed the 17,000-mark . Some profit taking towards the end, saw the index slip into red to 16,887 - down 187 points from the day's high. The Sensex ended with a gain of 22 points at 16,921.
18,000, October 09, 2007 The BSE Sensex crossed the 18,000-mark on October 09, 2007. It took just 8 days to cross 18,000 points from the 17,000 mark. The index zoomed to a new all-time intra-day high of 18,327. It finally gained 789 points to close at an all-time high of 18,280. The market set several new records including the biggest single day gain of 789 points at close, as well as the largest intra-day gains of 993 points in absolute term backed by frenzied buying after the news of the UPA and Left meeting on October 22 put an end to the worries of an impending election.
19,000, October 15, 2007 The Sensex crossed the 19,000-mark backed by revival of funds-based buying in blue chip stocks in metal, capital goods and refinery sectors. The index gained the last 1,000 points in just four trading days. The index touched a fresh all-time intra-day high of 19,096, and finally ended with a smart gain of 640 points at 19,059.The Nifty gained 242 points to close at 5,670.
20,000, October 29, 2007 The Sensex crossed the 20,000 mark on the back of aggressive buying by funds ahead of the US Federal Reserve meeting. The index took only 10 trading days to gain 1,000 points after the index crossed the 19,000-mark on October 15. The major drivers of today's rally were index heavyweights Larsen and Toubro, Reliance Industries, ICICI Bank, HDFC Bank and SBI among others. The 30-share index spurted in the last five minutes of trade to fly-past the crucial level and scaled a new intra-day peak at 20,024.87 points before ending at its fresh closing high of 19,977.67, a gain of 734.50 points. The NSE Nifty rose to a record high 5,922.50 points before ending at 5,905.90, showing a hefty gain of 203.60 points.
21,000, January 8, 2008 The sensex peaks. It crossed the 21,000 mark in intra-day trading after 49 trading sessions. This was backed by high market confidence of increased FII investment and strong corporate results for the third quarter. However, it later fell back due to profit booking.
15,200, June 13, 2008 The sensex closed below 15,200 mark, Indian market suffer with major downfall from January 21,2008
14,220, June 25, 2008 The sensex touched an intra day low of 13,731 during the early trades, then pulled back and ended up at 14,220 amidst a negative sentiment generated on the Reserve Bank of India hiking CRR by 50 bps. FII outflow continued in this week.
12,822, July 2, 2008 The sensex hit an intra day low of 12,822.70 on July 2nd, 2008. This is the lowest that it has ever been in the past year. Six months ago, on January 10th, 2008, the market had hit an all time high of 21206.70. This is a bad time for the Indian markets, although Reliance and Infosys continue to lead the way with mostly positive results. Bloomberg lists them as the top two gainers for the Sensex, closely followed by ICICI Bank and ITC Ltd.
11801.70, Oct 6, 2008 The sensex closed at 11801.70 hitting the lowest in the past 2 years.
10527, Oct 10, 2008 The Sensex today closed at 10527,800.51 points down from the previous day having seen an intraday fall of as large as 1063 points. Thus,this week turned out to be the week with largest percentage fall in the Sensex.

New York Stock Exchange

2009-04-03T12:11:00.000-07:00

New York Stock Exchange is an equity (stock) exchange located at 11 Wall Street in lower Manhattan, New York, USA). It is the largest stock exchange in the world by dollar value of its listed companies' securities.[1] As of October 2008, the combined capitalization of all domestic New York Stock Exchange listed companies was US$10.1 trillion.[2]
The NYSE is operated by NYSE Euronext, which was formed by the NYSE's 2007 merger with the fully-electronic stock exchange Euronext. The NYSE trading floor is located at 11 Wall Street and is composed of four rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978,[3] as was the 11 Wall Street building.[4][5][6]

History:

The origin of the NYSE can be traced to May 17, 1792, when the Buttonwood Agreement was signed by 24 stock brokers outside of 68 Wall Street in New York under a buttonwood tree on Wall Street. On March 8, 1817, the organization drafted a constitution and renamed itself the "New York Stock & Exchange Board". Anthony Stockholm was elected the Exchange's first president. (For other presidents, see List of presidents of the New York Stock Exchange.)

The first central location of the Exchange was a room, rented in 1817 for $200 a month, located at 40 Wall Street. After that location was destroyed in the Great Fire of New York (1835), the Exchange moved to a temporary headquarters. In 1863, the New York Stock & Exchange Board changed to its current name, the New York Stock Exchange. In 1865, the Exchange moved to 10-12 Broad Street.

The volume of stocks traded increased sixfold in the years between 1896 and 1901, and a larger space was required to conduct business in the expanding marketplace.[8] Eight New York City architects were invited to participate in a design competition for a new building; ultimately, the Exchange selected the neoclassic design submitted by architect George B. Post. Demolition of the Exchange building at 10 Broad Street, and adjacent buildings, started on May 10, 1901.
The new building, located at 18 Broad Street, cost $4 million and opened on April 22, 1903. The trading floor, at 109 x 140 feet (33 x 42.5 m), was one of the largest volumes of space in the city at the time, and had a skylight set into a 72-foot (22 m)-high ceiling. The main façade of the building features six tall Corinthian capitals, topped by a marble sculpture by John Quincy Adams Ward, called “Integrity Protecting the Works of Man”. The building was listed as a National Historic Landmark and added to the National Register of Historic Places on June 2, 1978.[9]
In 1922, a building for offices, designed by Trowbridge & Livingston, was added at 11 Broad Street, as well as a new trading floor called "the garage". Additional trading floor space was added in 1969 and 1988 (the "blue room") with the latest technology for information display and communication. Yet another trading floor was opened at 30 Broad Street in 2000. As the NYSE introduced its hybrid market, a greater proportion of trading came to be executed electronically, and due to the resulting reduction in demand for trading floor space, the NYSE decided to close the 30 Broad Street trading room in early 2006. As the adoption of electronic trading continued to reduce the number of traders and employees on the floor, in late 2007, the NYSE closed the rooms created by the 1969 and 1988 expansions.
The Stock Exchange Luncheon Club was situated on the seventh floor from 1898 until its closure in 2006. [10]

Toronto Stock Exchange

2009-04-03T12:08:00.000-07:00

The Toronto Stock Exchange (TSE) now known publicly as the "TMX" is the largest stock exchange in Canada, the third largest in North America and the seventh largest in the world by market capitalization. Based in Canada's largest city, Toronto, it is owned and operated by TMX Group for the trading of senior equities. A broad range of businesses from Canada, the United States, Europe, and other countries are represented on the exchange. In addition to conventional securities, the exchange lists various exchange-traded funds, split share corporations, income trusts and investment funds. The TMX is a leader in the mining and oil & gas sector. More mining and oil & gas companies are listed on the TMX than any other exchange in the world.[1]

History:

The Toronto Stock Exchange likely descended from the Association of Brokers, a group formed by Toronto businessmen on July 26, 1852. No official records of the group's transactions have survived. On October 25, 1861, twenty-four men gathered at the Masonic Hall to officially create the Toronto Stock Exchange.[2] The exchange was formally incorporated by an act of the Legislative Assembly of Ontario in 1878.
The TSE grew continuously in size and in shares traded, save for a three month period in 1914 when the exchange was shut down for fear of financial panic due to World War I. In 1934, the Toronto Stock Exchange merged with its key competitor the Standard Stock and Mining Exchange. The merged markets chose to keep the name Toronto Stock Exchange. In 1977, the TSE introduced CATS (Computer Assisted Trading System), an automated trading system that started to be used for the quotation of less liquid equities.
On April 23, 1997, the TSE's trading floor closed, making it the second-largest stock exchange in North America to choose a floorless, electronic (or virtual trading) environment. In 1999, the Toronto Stock Exchange announced the appointment of Barbara G. Stymiest to the position of President & Chief Executive Officer.

Through a realignment plan, Toronto Stock Exchange became Canada's sole exchange for the trading of senior equities. The Bourse de Montréal/Montreal Exchange assumed responsibility for the trading of derivatives and the Vancouver Stock Exchange and Alberta Stock Exchange merged to form the Canadian Venture Exchange (CDNX) handling trading in junior equities. The Canadian Dealing Network, Winnipeg Stock Exchange, and equities portion of the Montreal Exchange later merged with CDNX.
The TMX Group is the leader in the oil & gas sector - more oil & gas companies are listed on Toronto Stock Exchange (TMX) and TMX Venture Exchange than any other exchange in the world. At the end of June 30, 2007, there were 434 oil & gas companies with a total market capitalization of $544.9 billion listed on Toronto Stock Exchange and TMX Venture Exchange. Oil & gas companies continue to raise equity on these exchanges with $5.56 billion raised in the first half of 2007, and $10.5 billion raised in 2006. Over 10 billion oil & gas shares, valued at $169.2 billion, traded on Toronto Stock Exchange and TMX Venture Exchange in the first half of 2007.

BM&F Bovespa

2009-04-03T12:05:00.000-07:00

The BM&F Bovespa (IPA: [bo.'ves.pa]; Portuguese: Bolsa de Valores de São Paulo) is a São Paulo-based stock exchange. It is the fourth largest stock exchange in the The Americas in terms of market capitalization, behind NYSE, Nasdaq, and Toronto Stock exchange. It is also the thirteenth largest in the world in terms of market capitalization (see list of stock exchanges). On May 8, 2008, the São Paulo Stock Exchange (Bovespa) and the Brazilian Mercantile and Futures Exchange (BM&F) merged, creating the new BM&F Bovespa.[1] The BM&F Bovespa is linked to all Brazilian stock exchanges, including Rio de Janeiro's Boverj (BVRJ), where only government bonds are traded. The benchmark indicator of Bovespa is the 50-stock Índice Bovespa. There were 450 companies traded at Bovespa as of April 30, 2008 [2].
On May 20, 2008 the iBovespa index reached its 10th consecutive record mark closing at 73,516 points, with a traded volume of USD 4.2 billion or BRL 7.4 billion.[3

History:

Founded on August 23, 1890 by Emilio Rangel Pestana, the "Bolsa de Valores de São Paulo" (São Paulo Stock Exchange, in English) has had a long history of services provided to the stock market and the Brazilian economy. Until the mid-1960s, Bovespa and the other Brazilian stock markets were state-owned companies, tied with the Secretary of Finances of the states they belonged to, and brokers were appointed by the government.
After the reforms of the national financial system and the stock market implemented in 1965/1966, the Brazilian stock markets had assumed the institutional role that it keeps until today, changing to a non-profit civil association, with administrative, financial and patrimonial autonomy. The old individual figure of the broker of government securities was substituted by the commercial broker.
Through self-regulation, Bovespa operates under the supervision of the "Comissão de Valores Mobiliários" (CVM or Commission of Movable Assets, in English), analogous to the American SEC. Since the 1960s, it has constantly evolved with the help of technology such as the introduction of computer-based systems, mobile phones and the internet. In 1972, Bovespa was the first Brazilian stock market to implement an automated system for the dissemination of information on-line and in real time, through an ample network of computer terminals.
At the end of the 1970s, Bovespa also introduced a telephone trading system in Brazil; the "Sistema Privado de Operações por Telefone" or "SPOT" (Private System of Telephone Trading, in English). At the same time, Bovespa developed a system of fungible safekeeping and online services for brokerage firms.
In 1990, the negotiations through the Sistema de Negociação Electrônica - CATS (Computer Assisted Trading System) was simultaneously operated with the traditional system of "Pregão Viva Voz" (open outcry). Currently, the Bovespa is a completely electronic market, as all trades are performed via the electronic system.
In 1997, a new system of electronic negotiation of the Bovespa, the Mega, was implemented successfully. The Mega extends the potential volume of processing of information and allows that Bovespa to increase its overall volume of activities.
With the goal to increase popular access to the stock markets, Bovespa introduced in 1999 the "Home Broker" and "After-Market", both electronic trading systems allowing small and medium-size investors to participate in trading. The Home Broker system allows users to immediately execute sell and buy orders inside the stock exchange remotely using the internet. The "After-Market" is an evening trading service, where trades are performed even after the market has closed.
On May 8, 2008, Bovespa Holding announced the merger of the São Paulo Stock Exchange (Bovespa) and the Brazilian Mercantile and Futures Exchange (BM&F), creating the world's third largest stock exchange.[4]
As a result of an early 2008 stock swap, Chicago's CME Group owns an approximate 5% stake in BM&F Bovespa, and in turn, BM&F owns a 1.7% stake in CME Group. [1]

NASDAQ

2009-04-03T12:02:00.000-07:00

The NASDAQ (acronym of National Association of Securities Dealers Automated Quotations) is an American stock exchange. It is the largest electronic screen-based equity securities trading market in the United States. With approximately 3,200 companies, it has more trading volume per hour than any other stock exchange in the world.[1]
It was founded in 1971 by the National Association of Securities Dealers (NASD), who divested themselves of it in a series of sales in 2000 and 2001. It is owned and operated by the NASDAQ OMX Group, the stock of which was listed on its own stock exchange in 2002, and is monitored by the Securities and Exchange Commission (SEC). With the completed purchase of the Nordic-based operated exchange OMX, following its agreement with Borse Dubai, NASDAQ is poised to capture 67% of the controlling stake in the aforementioned exchange, thereby inching ever closer to taking over the company and creating a trans-atlantic powerhouse.[2] The group, now known as Nasdaq-OMX, controls and operates the NASDAQ stock exchange in New York City -- the second largest exchange in the United States. It also operates eight stock exchanges in Europe and holds one-third of the Dubai Stock Exchange. It has a double-listing agreement with OMX, and will compete with NYSE-Euronext group in attracting new listings.

Quote availability:

NASDAQ quotes are available at three levels:
Level 1 shows the highest bid and lowest offer — the inside quote.
Level 2 shows all public quotes of market makers together with information of market makers wishing to sell or buy stock and recently executed orders.[3]
Level 3 is used by the market makers and allows them to enter their quotes and execute orders.

JSE Securities Exchange

2009-04-03T11:51:00.000-07:00

History:

The discovery of gold on the Witwatersrand in 1886 led to many mining and financial companies opening and a need soon arose for a stock exchange.
The Johannesburg Exchange & Chambers Company was established by a London businessman, Benjamin Minors Woollan and housed at the corner of Commissioner and Simmonds Streets. Out of this the JSE Securities Exchange was born on November 8, 1887. By 1890 the trading hall became too small and had to be rebuilt but this too was outgrown. Trading then moved into the street. The Mining Commissioner closed off Simmonds Street between Market Square and Commissioner Street by means of chains.
In 1903, a new building was built for the JSE on Hollard Street. It was a storey building that took up an entire whole city block bounded by Fox and Main, Hollard and Sauer Streets.
After World War II, it became apparent that this building was again inadequate and in 1947 the decision was made to rebuild the stock exchange. It took 11 years before construction began and in February 1961 the second exchange at Hollard Street was officially opened. By 1963, the JSE became a member of the Federation International Bourses de Valeurs (FIBV).
In 1978, the JSE took up residence at 17 Diagonal Street near Kerk Street, Johannesburg. 1993 saw the JSE become an active member of the African Stock Exchanges Association. After 108 years, the open outcry system of trading was changed to a new era of high-tech computer trading on June 7, 1996.
In September 2000, the Johannesburg Securities Exchange moved to its present location in Sandton, Gauteng and changed its official name to the JSE Securities Exchange.
In 2001 an agreement was struck with the London Stock Exchange enabling cross-dealing between the two bourses[2] and replacing the JSE's trading system with that of the LSE

About the JSE:

The JSE provides a market where securities can be traded freely under a regulated procedure. It not only channels funds into the economy, but also provides investors with returns on investments in the form of dividends.
The exchange successfully fulfils its main function - the raising of primary capital - by rechannelling cash resources into productive economic activity, thus building the economy while enhancing job opportunities and wealth creation.
The exchange is directed by an honorary committee of 16 people, all with full voting rights. The elected stockbroking members, who may not number less than eight nor more than eleven, may appoint an executive president and five outside members to the committee. Policy decisions are made by the committee and carried out by a full-time executive committee headed by the executive president.
The JSE is governed by its members but through their use of JSE services and facilities, these members are also customers of the Exchange. Although there is only one stock exchange in South Africa, the Stock Exchanges Control Act does allow for the existence and operation of more than one exchange. Each year the JSE must apply to the Minister of Finance for an operating license which vests external control of the exchange in the FSB.
The JSE makes use of fully automatic electronic trading on the JET System (Johannesburg Equities Trading). The System is an order-driven automated trading system acquired from the Chicago Stock Exchange, which has successfully installed the system at several other exchanges around the world.
The system was modified to suit the JSE's specialized needs. The order book is organized on the principle of "price/time" priority where orders registered in the book are ranked first at the best price and then in time sequence of the entry. The JET System has already resulted in significant improvements in transparency, price formation liquidity and cost of trading on the JSE.
In August 1997, the JSE launched the real-time Stock Exchange News Service (Sens) to enhance the market transparency and investor confidence. Initially, it was optional for listed companies to use the Service during its two-month trial period. From October 15, augmented JSE listing requirements oblige companies to disseminate any corporate news or price-sensitive information on the Service prior to using any other media outlet. Sens is carried by all the major wire services.
A Memorandum of Understanding was signed between the banks (represented by BankServ) and the JSE on 2 May 1996, to establish an electronic settlement system for the South African equities market. Known as STRATE (Share Transactions Totally Electronic), this development will be enabled through the dematerialization of equity scrip in a Central Securities Depository. This will facilitate settlement and the transfer of ownership by electronic book entry. The electronic system is vital to enhance the security of settlement in the market and bring South Africa in line with international practice.

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A stock exchange, securities exchange or (in Europe) bourse is a corporation or mutual organization which provides "trading" facilities for stock brokers and traders, to trade stocks and other securities. Stock exchanges also provide facilities for the issue and redemption of securities as well as other financial instruments and capital events including the payment of income and dividends. The securities traded on a stock exchange include: shares issued by companies, unit trusts and other pooled investment products and bonds. To be able to trade a security on a certain stock exchange, it has to be listed there. Usually there is a central location at least for recordkeeping, but trade is less and less linked to such a physical place, as modern markets are electronic networks, which gives them advantages of speed and cost of transactions. Trade on an exchange is by members only. The initial offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market. Supply and demand in stock markets is driven by various factors which, as in all free markets, affect the price of stocks (see stock valuation).
There is usually no compulsion to issue stock via the stock exchange itself, nor must stock be subsequently traded on the exchange. Such trading is said to be off exchange or over-the-counter. This is the usual way that bonds are traded. Increasingly, stock exchanges are part of a global market for securities.

In 11th century France the courtiers de change were concerned with managing and regulating the debts of agricultural communities on behalf of the banks. As these men also traded in debts, they could be called the first brokers.
Some stories suggest that the origins of the term "bourse" come from the Latin bursa meaning a bag because, in 13th century Bruges, the sign of a purse (or perhaps three purses), hung on the front of the house where merchants met.

However, it is more likely that in the late 13th century commodity traders in Bruges gathered inside the house of a man called Van der Burse, and in 1309 they institutionalized this until now informal meeting and became the "Bruges Bourse". The idea spread quickly around Flanders and neighbouring counties and "Bourses" soon opened in Ghent and Amsterdam.
In the middle of the 13th century, Venetian bankers began to trade in government securities. In 1351, the Venetian Government outlawed spreading rumors intended to lower the price of government funds. There were people in Pisa, Verona, Genoa and Florence who also began trading in government securities during the 14th century. This was only possible because these were independent city states ruled by a council of influential citizens, not by a duke.
The Dutch later started joint stock companies, which let shareholders invest in business ventures and get a share of their profits—or losses. In 1602, the Dutch East India Company issued the first shares on the Amsterdam Stock Exchange. It was the first company to issue stocks and bonds. In 1688, the trading of stocks began on a stock exchange in London.
On May 17, 1792, twenty-four supply brokers signed the Buttonwood Agreement outside 68 Wall Street in New York underneath a buttonwood tree. On March 8, 1817, properties got renamed to New York Stock & Exchange Board. In the 19th century, exchanges (generally famous as futures exchanges) got substantiated to trade futures contracts and then choices contracts.

History

The Exchange traces its roots back to colonial times, when stock brokers created outdoor markets in New York City to trade new government-issued securities. The AMEX started out in 1842 as such a market at the curbstone on Broad Street near Exchange Place. The curb brokers gathered around the lamp posts and mail boxes, resisting wind and weather, putting up lists of stocks for sale. As trading activity increased so did the volume of the transactions; the shouting reached such a high level that stock hand signals had to be introduced so that the brokers could continue trading over the din. In 1921 the market was moved indoors into the building at 86 Trinity Place, Manhattan, where it still resides. The hand signals remained in place for decades even after the move, as a means of covenient communication. The building was declared a National Historic Landmark in 1978.[2][8]

Market

AMEX's core business has shifted over the years from stocks to options and Exchange-traded funds, although it continues to trade small to mid-size stocks. An effort in the mid-1990s to initiate an Emerging Company Marketplace ended in failure, as the reduced listing standards (beyond the existing lenient AMEX standards) caused penny stock promoters to move their scams to a national exchange. In the mid 1990s the exchange was dogged by allegations of trading scandals, which were highlighted by BusinessWeek in 1999.[9] In 1998, the American Stock Exchange merged with the National Association of Securities Dealers (operators of NASDAQ) to create "The Nasdaq-Amex Market Group" where AMEX is an independent entity of the NASD parent company. After tension between the NASD and AMEX members, the latter group bought out the NASD and acquired control of the AMEX in 2004.
Out of the three major American stock exchanges, the AMEX is known to have the most liberal policies concerning company listing, as most of its companies are generally smaller compared to the NYSE and NASDAQ. The Amex also specialises in the trading of ETFs, and hybrid/structured securities. The majority of U.S. listed ETFs are traded at the AMEX including the SPDR and most Powershares.
In 2006, the AMEX attempted to popularize an American implementation of the Canadian income trust model. Listed Equity Income Hybrid Securities, (more commonly known as Income Deposit Securities) listed on the AMEX are B & G Foods Holding Corp. (BGF), Centerplate, Inc. (CVP), Coinmach Service Corp. (DRY), and Otelco Inc. (OTT). Recently Coinmach Service Corp, has been attempting to restructure itself away from being an income trust.
As of 31 December 2007, the AMEX had 592 listed companies with a combined market capitalization of $258 billion.[10]
The AMEX also produces stock market indices; perhaps the most notable of these is an index of stocks of internet companies now known as the http://en.wikipedia.org/w/index.php?title=Inter@ctive_Week&action=edit&redlink=1 Internet Index. Recently, the AMEX has also developed a unique set of indices known as Intellidexes, which attempt to gain alpha by creating indices weighted on fundamental factors. The AMEX Composite, a value-weighted index of all stocks listed on the exchange, established a record monthly close of 2,069.16 points on November 30, 2006.