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Encyclopedia > Stock exchange
Financial markets

Bond market
Fixed income
Corporate bond
Government bond
Municipal bond
Bond valuation
High-yield debt
This article does not cite any references or sources. ... Download high resolution version (480x640, 110 KB)Blockade in front of NYSE. Picture taken in April 2004. ... The bond market, also known as the debit, credit, or fixed income market, is a financial market where participants buy and sell debt securities usually in the form of bonds. ... This article does not cite any references or sources. ... A corporate bond is a bond issued by a corporation. ... A government bond is a bond issued by a national government denominated in the countrys own currency. ... In the United States, a municipal bond or muni is a bond issued by a state, city or other local government, or their agencies. ... Bond valuation is the process of determining the fair price of a bond. ... In finance, a high yield bond (non-investment grade bond, speculative grade bond or junk bond) is a bond that is rated below investment grade at the time of purchase. ...

Stock market
Stock
Preferred stock
Common stock
Stock exchange
A stock market is a market for the trading of company stock, and derivatives of same; both of these are securities listed on a stock exchange as well as those only traded privately. ... For other uses, see Stock (disambiguation). ... Preferred stock, also called preferred shares or preference shares, is typically a higher ranking stock than common stock, and its terms are negotiated between the corporation and the investor. ... Common stock, also referred to as common shares, are, as the name implies, the most usual and commonly held form of stock in a corporation. ...

Foreign exchange market
Retail forex
The foreign exchange (currency or forex or FX) market exists wherever one currency is traded for another. ... The Retail forex (Retail Currency Trading or Retail Forex or Retail FX) market is a subset of the larger Foreign exchange market. ...

Derivative market
Credit derivative
Hybrid security
Options
Futures
Forwards
Swaps
A derivatives market is any market for a derivative security, that is a contract which specifies the right or obligation to receive or deliver future cash flows based on some future event such as the price of an independent security or the performance of an index. ... // A credit derivative is a financial instrument or derivative (finance) whose price and value derives from the creditworthiness of the obligations of a third party, which is isolated and traded. ... Definition A hybrid security, as the name implies, is a security that combines two or more different financial instruments. ... In finance options are types of derivative contracts, including call options and put options, where the future payoffs to the buyer and seller of the contract are determined by the price of another security, such as a common stock. ... In finance, a futures contract is a standardized contract, traded on a futures exchange, to buy or sell a certain underlying instrument at a certain date in the future, at a specified price. ... A forward contract is an agreement between two parties to buy or sell an asset (which can be of any kind) at a pre-agreed future point in time. ... For the Thoroughbred horse racing champion, see: Swaps (horse). ...

Other Markets
Commodity market
OTC market
Real estate market
Spot market
Chicago Board of Trade Futures market Commodity markets are markets where raw or primary products are exchanged. ... Over-the-counter (OTC) trading is to trade financial instruments such as stocks, bonds, commodities or derivatives directly between two parties. ... Real estate is a legal term that encompasses land along with anything permanently affixed to the land, such as buildings. ... Template:The Spot Market The Spot Market or Cash Marketis a commodities or securities market in which goods are sold for cash and delivered immediately. ...


Finance series
Financial market
Financial market participants
Corporate finance
Personal finance
Public finance
Banks and Banking
Financial regulation
Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. ... This article does not cite any references or sources. ... There are two basic financial market participant catagories, Investor vs. ... Domestic credit to private sector in 2005 Corporate finance is an area of finance dealing with the financial decisions corporations make and the tools and analysis used to make these decisions. ... Personal finance is the application of the principles of finance to the monetary decisions of an individual or family unit. ... This article does not cite any references or sources. ... For other uses, see Bank (disambiguation). ... Financial supervision is government supervision of financial institutions by regulators. ...

 v  d  e 

A stock exchange, share market or bourse is a corporation or mutual organization which provides facilities for stock brokers and traders, to trade company 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). For other uses, see Corporation (disambiguation). ... A mutual organization (or society) is a cooperative organization (which is often, but not always, a company or business) based on the principle of mutuality. ... A stock market is a market for the trading of publicly held company stock and associated financial instruments (including stock options, convertibles and stock index futures). ... In finance, a trader is someone who buys and sells financial instruments such as stocks, bonds and derivatives. ... For other uses, see Stock (disambiguation). ... For security (collateral), the legal right given to a creditor by a borrower, see security interest A security is a fungible, negotiable instrument representing financial value. ... It has been suggested that ex-dividend date be merged into this article or section. ... See stock (disambiguation) for other meanings of the term stock A stock, also referred to as a share, is commonly a share of ownership in a corporation. ... A unit trust is a form of collective investment constituted under a trust deed. ... For alternative meanings, see bond (a disambiguation page). ... Electronic Communications Network (ECN) is a term used primarily in technology arm of financial and banking institutions, e. ... An investor is any party that makes an investment. ... The primary is that part of the capital markets that deals with the issuance of new securities. ... The secondary market is the financial market for trading of securities that have already been issued in an initial private or public offering. ... A stock market is a market for the trading of company stock, and derivatives of same; both of these are securities listed on a stock exchange as well as those only traded privately. ... A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... There are several methods used to value companies and their stocks. ...


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. Over-the-counter (OTC) trading is to trade financial instruments such as stocks, bonds, commodities or derivatives directly between two parties. ... For alternative meanings, see bond (a disambiguation page). ...

Contents

History of stock exchanges

In 11th century France the courratiers 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. Geography Country Belgium Community Flemish Community Region Flemish Region Province West Flanders Arrondissement Bruges Coordinates , , Area 138. ...


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. For other uses, see Venice (disambiguation). ... Events End of the reign of Emperor Suko of Japan, third of the Northern Ashikaga Pretenders Start of the reign of Emperor Go-Kogon of Japan, fourth of the Northern Ashikaga Pretenders May 1 Zürich joins the Swiss Confederation. ... Leaning Tower of Pisa. ... This article is about the city in Italy. ... For other uses, see Genoa (disambiguation). ... This article is about the city in Italy. ...


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. A joint stock company (JSC) is a type of business partnership in which the capital is formed by the individual contributions of a group of shareholders. ... A shareholder or stockholder is an individual or company (including a corporation) that legally owns one or more shares of stock in a joint stock company. ... This article is about the trading company. ... A bond from the Dutch East India Company, dating from 7 November 1623, for the amount of 2,400 florins The Amsterdam Stock Exchange (AEX) is a European stock exchange, based in Amsterdam, the Netherlands. ... For other uses, see Stock (disambiguation). ... For alternative meanings, see bond (a disambiguation page). ... This article is about the capital of England and the United Kingdom. ...


The role of stock exchanges

Stock exchanges have multiple roles in the economy, this may include the following:[1][2] Image File history File links Download high resolution version (500x664, 65 KB) The Bombay Bombay Stock Exchange in Mumbai. ... Image File history File links Download high resolution version (500x664, 65 KB) The Bombay Bombay Stock Exchange in Mumbai. ... The Bombay Stock Exchange The Bombay Stock Exchange Limited (Marathi:मुंबई शेयर बाजार) (formerly, The Stock Exchange, Mumbai; popularly called The Bombay Stock Exchange, or BSE) is the oldest stock exchange in Asia. ... Image File history File linksMetadata Download high resolution version (896x600, 262 KB) From w:de:Bild:Boerse Frankfurt front. ... Image File history File linksMetadata Download high resolution version (896x600, 262 KB) From w:de:Bild:Boerse Frankfurt front. ... The Frankfurt Stock Exchange (outside) The DAX chart (inside) The Frankfurt Stock Exchange (German: FWB® Frankfurter Wertpapierbörse) is a stock exchange located in Frankfurt, Germany. ... Image File history File linksMetadata Download high-resolution version (1200x1600, 389 KB) File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Stock exchange Exchange Square (Hong Kong) User:Terence Ong/Gallery/Central Metadata This file contains additional information, probably... Image File history File linksMetadata Download high-resolution version (1200x1600, 389 KB) File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Stock exchange Exchange Square (Hong Kong) User:Terence Ong/Gallery/Central Metadata This file contains additional information, probably... The Hong Kong Stock Exchange (traditional Chinese: , also 港交所; abbreviated as HKEX; SEHK: 0388) is the stock exchange of Hong Kong. ... Image File history File links Download high resolution version (1600x1200, 1400 KB) Paternoster Square, City of London, England - the new home of the London Stock Exchange and next door to St Pauls Cathedral. ... Image File history File links Download high resolution version (1600x1200, 1400 KB) Paternoster Square, City of London, England - the new home of the London Stock Exchange and next door to St Pauls Cathedral. ... The Source by Greyworld, in the new LSE building Paternoster Square. ... Image File history File links BolsaMadrid. ... Image File history File links BolsaMadrid. ... Bolsa de Madrid (Madrid Stock Exchange) is the largest and most international of Spains four regional stock exchanges in Barcelona, Bilbao, and Valencia that trade shares and convertable bonds and fixed-income securities, both government and private-sector debt. ... Image File history File linksMetadata Download high-resolution version (960x1280, 212 KB) Montréal - Tour de La Bourse 2005-03-10 Denis Jacquerye File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Stock exchange Tour de la Bourse Metadata... Image File history File linksMetadata Download high-resolution version (960x1280, 212 KB) Montréal - Tour de La Bourse 2005-03-10 Denis Jacquerye File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): Stock exchange Tour de la Bourse Metadata... The Bourse de Montréal (Montreal Stock Exchange) began in 1832 as an informal stock exchange at the Exchange Coffee House in Montreal, Canada. ... Download high resolution version (480x640, 110 KB)Blockade in front of NYSE. Picture taken in April 2004. ... Download high resolution version (480x640, 110 KB)Blockade in front of NYSE. Picture taken in April 2004. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Image File history File linksMetadata Download high-resolution version (1881x2822, 2566 KB) 大阪市中央区北浜1丁目の大阪証券取引所ビル。2004å¹´11月竣工。地上24階、地下2階。高さ116. ... Image File history File linksMetadata Download high-resolution version (1881x2822, 2566 KB) 大阪市中央区北浜1丁目の大阪証券取引所ビル。2004å¹´11月竣工。地上24階、地下2階。高さ116. ... Osaka Securities Exchange Building in Chuo-ku, Osaka The Osaka Securities Exchange Co. ... Image File history File links Monument_To_Immortality. ... Image File history File links Monument_To_Immortality. ... Fountain area inside the Philippine Stock Exchange Plaza, along Ayala Avenue in Makati City, Philippines The Philippine Stock Exchange (Filipino: Pamilihang Sapi ng Pilipinas) (PSE: PSE) is one of the two stock exchanges in the Philippines, the other one being the Philippine Dealing Exchange. ... Nickname: Motto: Makati, Mahalin Natin, Atin Ito (literally, Makati, We Love It, This Is Ours) Map of Metro Manila showing the location of Makati City Coordinates: 14° 33 N, 121°02, E Country Region Province none (It is formerly on Rizal province from its foundation until 1975) Districts 1st and... Image File history File linksMetadata Download high resolution version (480x640, 111 KB) Summary Sao Paulo stock exchange at night Licensing File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Image File history File linksMetadata Download high resolution version (480x640, 111 KB) Summary Sao Paulo stock exchange at night Licensing File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Bold textLink title ... Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... The Shanghai Stock Exchange (SSE) (Simplified Chinese: ; Traditional Chinese: ; pinyin: ) is a Chinese stock exchange based in the city of Shanghai, with a market capitalization of nearly US$2. ... Image File history File links Download high-resolution version (3209x2139, 2568 KB) Börse Zürich, Schweiz siehe auch: Image:Zuerich alte Boerse. ... Image File history File links Download high-resolution version (3209x2139, 2568 KB) Börse Zürich, Schweiz siehe auch: Image:Zuerich alte Boerse. ... SWX Swiss Exchange, Zurich SWX Swiss Exchange is Switzerlands stock exchange, based in Zürich. ... Image File history File links Metadata Size of this preview: 313 × 600 pixelsFull resolution (415 × 795 pixel, file size: 313 KB, MIME type: image/jpeg) Portrait image of Taipei 101 from Hsinyi Road, Taipei, Taiwan. ... Image File history File links Metadata Size of this preview: 313 × 600 pixelsFull resolution (415 × 795 pixel, file size: 313 KB, MIME type: image/jpeg) Portrait image of Taipei 101 from Hsinyi Road, Taipei, Taiwan. ... The Taiwan Stock Exchange Corporation (TSEC) is a financial institution, located in Taiwan, Republic of China, located at 17 Po-Ai Road, Taipei, Taiwan. ... Download high resolution version (670x750, 116 KB) Wikipedia does not have an article with this exact name. ... Download high resolution version (670x750, 116 KB) Wikipedia does not have an article with this exact name. ... The Tokyo Stock Exchange ), or TSE, is one of the largest stock exchange markets in the world by monetary volume located in Tokyo, Japan, second only to the New York Stock Exchange. ... Image File history File links Download high resolution version (600x800, 107 KB) Summary Picture taken outside of the former Toronto Stock Exchange Downtown Toronto. ... Image File history File links Download high resolution version (600x800, 107 KB) Summary Picture taken outside of the former Toronto Stock Exchange Downtown Toronto. ... “TSX” redirects here. ...


Raising capital for businesses

The Stock Exchange provides companies with the facility to raise capital for expansion through selling shares to the investing public. The term company may refer to a separate legal entity, as in English law, or may simply refer to a business, as is the common use in the United States. ... Capital has a number of related meanings in economics, finance and accounting. ... See stock (disambiguation) for other meanings of the term stock A stock, also referred to as a share, is commonly a share of ownership in a corporation. ... Investment is a term with several closely related meanings in finance and economics. ...


Mobilizing savings for investment

When people draw their savings and invest in shares, it leads to a more rational allocation of resources because funds, which could have been consumed, or kept in idle deposits with banks, are mobilized and redirected to promote business activity with benefits for several economic sectors such as agriculture, commerce and industry, resulting in a stronger economic growth and higher productivity levels. This article does not cite any references or sources. ... For other uses, see Bank (disambiguation). ... In economics, a business is a legally-recognized organizational entity existing within an economically free country designed to sell goods and/or services to consumers, usually in an effort to generate profit. ... This article does not cite any references or sources. ... World GDP/capita changed very little for most of human history before the industrial revolution. ...


Facilitating company growth

Companies view acquisitions as an opportunity to expand product lines, increase distribution channels, hedge against volatility, increase its market share, or acquire other necessary business assets. A takeover bid or a merger agreement through the stock market is one of the simplest and most common ways for a company to grow by acquisition or fusion. Product lining is the marketing strategy of offering for sale several related products. ... Market share, in strategic management and marketing, is the percentage or proportion of the total available market or market segment that is being serviced by a company. ... This article is about the business definition. ... A takeover in business refers to one company (the acquirer, or bidder) purchasing another (the target). ... The phrase mergers and acquisitions (abbreviated M&A) refers to the aspect of corporate strategy, corporate finance and management dealing with the buying, selling and combining of different companies that can aid, finance, or help a growing company in a given industry grow rapidly without having to create another business... A stock market is a market for the trading of company stock, and derivatives of same; both of these are securities listed on a stock exchange as well as those only traded privately. ...


Redistribution of wealth

Stocks exchanges do not exist to redistribute wealth although casual and professional stock investors through stock price increases (that may result in capital gains for the investor) and dividends get a chance to share in the wealth of profitable businesses. A Stock Trader or Stock Investor is a securities professional or firm, who buys and sells securities, such as stocks and bonds. ... See stock (disambiguation) for other meanings of the term stock In financial terminology, stock is the capital raised by a corporation, through the issuance and sale of shares. ... In finance, a capital gain is profit that results from the appreciation of a capital asset over its purchase price. ... It has been suggested that ex-dividend date be merged into this article or section. ...


Corporate governance

By having a wide and varied scope of owners, companies generally tend to improve on their management standards and efficiency in order to satisfy the demands of these shareholders and the more stringent rules for public corporations imposed by public stock exchanges and the government. Consequently, it is alleged that public companies (companies that are owned by shareholders who are members of the general public and trade shares on public exchanges) tend to have better management records than privately-held companies (those companies where shares are not publicly traded, often owned by the company founders and/or their families and heirs, or otherwise by a small group of investors). However, some well-documented cases are known where it is alleged that there has been considerable slippage in corporate governance on the part of some public companies (Pets.com (2000), Enron Corporation (2001), One.Tel (2001), Sunbeam (2001), Webvan (2001), Adelphia (2002), MCI WorldCom (2002), or Parmalat (2003), are among the most widely scrutinized by the media). For other uses, see Management (disambiguation). ... Economic efficiency is a general term for the value assigned to a situation by some measure designed to capture the amount of waste or friction or other undesirable economic features present. ... Literally a public company is a company owned by the public. ... A privately-held corporation is one whose ownership shares are not publicly traded. ... Corporate governance is the set of processes, customs, policies, laws and institutions affecting the way in which a corporation is directed, administered or controlled. ... This article is about the Pets. ... Enron Corporation was an energy company based in Houston, Texas. ... One. ... Sunbeam Products is an American company that has produced electric home appliances since 1910. ... Webvan logo as seen on an orphaned shipping bin Webvan was an online credit and delivery grocery business that went bankrupt in 2001. ... Adelphia Communications Corporation, named after the Greek word brothers, was the fifth largest cable company in the United States before filing for bankruptcy in 2002 due to internal corruption. ... MCI logo MCI, Inc. ... Parmalat logo. ...


Creating investment opportunities for small investors

As opposed to other businesses that require huge capital outlay, investing in shares is open to both the large and small stock investors because a person buys the number of shares they can afford. Therefore the Stock Exchange provides the opportunity for small investors to own shares of the same companies as large investors. A Stock Trader or Stock Investor is a securities professional or firm, who buys and sells securities, such as stocks and bonds. ...


Government capital-raising for development projects

Governments at various levels may decide to borrow money in order to finance infrastructure projects such as sewage and water treatment works or housing estates by selling another category of securities known as bonds. These bonds can be raised through the Stock Exchange whereby members of the public buy them, thus loaning money to the government. The issuance of such municipal bonds can obviate the need to directly tax the citizens in order to finance development, although by securing such bonds with the full faith and credit of the government instead of with collateral, the result is that the government must tax the citizens or otherwise raise additional funds to make any regular coupon payments and refund the principal when the bonds mature. Securities are tradeable interests representing financial value. ... For alternative meanings, see bond (a disambiguation page). ...


Barometer of the economy

At the stock exchange, share prices rise and fall depending, largely, on market forces. Share prices tend to rise or remain stable when companies and the economy in general show signs of stability and growth. An economic recession, depression, or financial crisis could eventually lead to a stock market crash. Therefore the movement of share prices and in general of the stock indexes can be an indicator of the general trend in the economy. In economics, a muppet is a theoretical model in which buyers and sellers interact to optimize certain variables such as utility or profit. ... A recession is usually defined in macroeconomics as a fall of a countrys Gross National Product in two successive quarters. ... A financial crisis hello is a situation when money demand quickly rises relative to money supply. ... Black Monday (1987) on the Dow Jones Industrial Average A stock market crash is a sudden dramatic decline of stock prices across a significant cross-section of a stock market. ... A stock market index is a listing of stocks, and a statistic reflecting the composite value of its components. ...


Stock Exchange


Major stock exchanges

Twenty Major Stock Exchanges In The World: Market Capitalization & Year-to-date Turnover at the end of October 2007

Region Stock Exchange Market Value
(trillions of US dollars)
Total Share Turnover
(trillions of US dollars)
Africa Johannesburg Securities Exchange $0.940 $0.349
Americas NASDAQ $4.39 $12.4
Americas São Paulo Stock Exchange $1.40 $0.476
Americas Toronto Stock Exchange $2.29 $1.36
Americas/Europe NYSE Euronext $20.7 $28.7
Asia-Pacific Australian Securities Exchange $1.453 $1.003
Asia-Pacific Bombay Stock Exchange $1.61 $0.263
Asia-Pacific Hong Kong Stock Exchange $2.97 $1.70
Asia-Pacific Korea Exchange $1.26 $1.66
Asia-Pacific National Stock Exchange of India $1.46 $0.564
Asia-Pacific Shanghai Stock Exchange $3.02 $3.56
Asia-Pacific Shenzhen Stock Exchange $0.741 $1.86
Asia-Pacific Tokyo Stock Exchange $4.63 $5.45
Europe Frankfurt Stock Exchange (Deutsche Börse) $2.12 $3.64
Europe London Stock Exchange $4.21 $9.14
Europe Madrid Stock Exchange (BME Spanish Exchanges) $1.83 $2.49
Europe Milan Stock Exchange (Borsa Italiana) $1.13 $1.98
Europe Moscow Interbank Currency Exchange (MICEX) $0.9652 $0.4882
Europe Nordic Stock Exchange Group OMX1 $1.38 $1.60
Europe Swiss Exchange $1.33 $1.58

Note 1: includes the Copenhagen, Helsinki, Iceland, Stockholm, Tallinn, Riga and Vilnius Stock Exchanges
Note 2: latest data available is at the end of June 2007
Note 3: latest data available is at the end of September 2007
The Johannesburg Securities Exchange (JSE) is the largest stock exchange in Africa and one of the ten largest in the world. ... NASDAQ in Times Square, New York City. ... Bovespa - São Paulo Stock Exchange (Portuguese: Bolsa de Valores de São Paulo). ... “TSX” redirects here. ... NYSE Euronext, Inc. ... The Australian Securities Exchange (ASX) is the primary stock exchange in Australia. ... The Bombay Stock Exchange The Bombay Stock Exchange Limited (Marathi:मुंबई शेयर बाजार) (formerly, The Stock Exchange, Mumbai; popularly called The Bombay Stock Exchange, or BSE) is the oldest stock exchange in Asia. ... The Hong Kong Stock Exchange (traditional Chinese: , also 港交所; abbreviated as HKEX; SEHK: 0388) is the stock exchange of Hong Kong. ... Korea Exchange (KRX) was created through the integration of the three existing Korean spot & futures exchanges (Korean Stock Exchange, Korean Futures Exchange & KOSDAQ) under the Korea Stock & Futures Exchange Act. ... The National Stock Exchange of India Limited (NSE), is a Mumbai-based stock exchange. ... The Shanghai Stock Exchange (SSE) (Simplified Chinese: ; Traditional Chinese: ; pinyin: ) is a Chinese stock exchange based in the city of Shanghai, with a market capitalization of nearly US$2. ... Shenzhen Stock Exchange building Shenzhen Stock Exchange building Shenzhen Stock Exchange (深圳交易所) is one of the Peoples Republic of Chinas three stock exchanges. ... The Tokyo Stock Exchange ), or TSE, is one of the largest stock exchange markets in the world by monetary volume located in Tokyo, Japan, second only to the New York Stock Exchange. ... The Frankfurt Stock Exchange (outside) The DAX chart (inside) The Frankfurt Stock Exchange (German: FWB® Frankfurter Wertpapierbörse) is a stock exchange located in Frankfurt, Germany. ... Deutsche Börse Group LSE: DHE is a marketplace organizer for the trading of shares and other securities. ... The Source by Greyworld, in the new LSE building Paternoster Square. ... Bolsa de Madrid Bolsa de Madrid (Madrid Stock Exchange) is the largest and most international of Spains four regional stock exchanges located in Barcelona, Bilbao, and Valencia that trade shares and convertible bonds and fixed income securities, both government and private-sector debt. ... The Borsa Italiana S.p. ... The Moscow Interbank Currency Exchange (MICEX) is the largest, most liquid and best organized financial exchange operating in the Russian Federation. ... OMX AB is a Swedish-Finnish financial services company, formed in 2003 through a merger between OM AB and HEX plc. ... SWX Swiss Exchange is Switzerlands stock exchange, based in Zürich. ...

  • Sources: World Federation of Exchanges - Statistics/Monthly
  • Remarks: There are 2 pending major mergers: NASDAQ with OMX; and London Stock Exchange with Milan Stock Exchange

The main stock exchanges in the world include:

See also: Category:Stock exchanges The American Stock Exchange (AMEX) is an American stock exchange situated in New York. ... The Australian Securities Exchange (ASX) is the primary stock exchange in Australia. ... The Bermuda Stock Exchange (BSX), established in 1971, is now the world’s leading fully electronic offshore securities market, with a current market capitalization (excluding mutual funds) in excess of US$300 billion. ... The Bolsa Mexicana de Valores or BMV is Mexicos main stock exchange. ... The Bombay Stock Exchange The Bombay Stock Exchange Limited (Marathi:मुंबई शेयर बाजार) (formerly, The Stock Exchange, Mumbai; popularly called The Bombay Stock Exchange, or BSE) is the oldest stock exchange in Asia. ... The Casablanca Stock Exchange (French: ) is an stock exchange in Casablanca, Morocco. ... A bond from the Dutch East India Company, dating from 7 November 1623, for the amount of 2,400 florins The Amsterdam Stock Exchange is the former name for the stock exchange based in Amsterdam. ... Euronext N.V. is a pan-European stock exchange based in Paris[1] and with subsidiaries in Belgium, France, Netherlands, Portugal and the United Kingdom. ... Euronext Lisbon is a Portuguese stock exchange headquartered in Lisbon. ... Euronext Paris is Frances securities market, formerly known as the Paris Bourse, which merged with the Amsterdam and Brussels exchanges in September 2000 to form Euronext NV, which is the second largest exchange in Europe behind the London Stock Exchange. ... The Frankfurt Stock Exchange (outside) The DAX chart (inside) The Frankfurt Stock Exchange (German: FWB® Frankfurter Wertpapierbörse) is a stock exchange located in Frankfurt, Germany. ... The Ghana Stock Exchange (GSE) was incorporated in July 1989 with trading commencing in 1990. ... For the numeral system, Hex, see Hexadecimal For Wikipedias help pages, see Help:Contents. ... The Hong Kong Stock Exchange (traditional Chinese: , also 港交所; abbreviated as HKEX; SEHK: 0388) is the stock exchange of Hong Kong. ... The Istanbul Stock Exchange (ISE) ( Turkish: Ä°stanbul Menkul Kıymetler Borsası, Ä°MKB) is the only corporation in Turkey for securities exchange established to provide trading in equities, bonds and bills, revenue-sharing certificates, private sector bonds, foreign securities and real estate certificates as well as international securities. ... Bursa Efek Jakarta (BEJ) or Jakarta Stock Exchange (JSX) is a stock exchange based in Jakarta, Indonesia. ... The JASDAQ Securities Exchange ) is a securities exchange headquartered in Tokyo, Japan. ... The Johannesburg Securities Exchange (JSE) is the largest stock exchange in Africa and one of the ten largest in the world. ... The Karachi Stock Exchange (Guarantee) Limited (colloquially known as the Karachi Stock Exchange) is the largest stock exchange in Pakistan. ... Korea Stock Exchange is the traditional stock market division of Korea Exchange. ... The Kuwait Stock Exchange (KSE) is the national stock market of Kuwait. ... This organization, company, or building article needs to be wikified. ... The Source by Greyworld, in the new LSE building Paternoster Square. ... Bolsa de Madrid (Madrid Stock Exchange) is the largest and most international of Spains four regional stock exchanges in Barcelona, Bilbao, and Valencia that trade shares and convertable bonds and fixed-income securities, both government and private-sector debt. ... The Bursa Malaysia or Malaysia Exchange, MYX previously known as Kuala Lumpur Stock Exchange (KLSE, Bursa Saham Kuala Lumpur in Malay) dates back to 1930 when the Singapore Stockbrokers Association was set up as a formal organisation dealing in securities in Malaya. ... The Borsa Italiana S.p. ... Nagoya Stock Exchange (NSE) is a stock trading market in Nagoya, Japan. ... The National Stock Exchange of India Limited (NSE), is a Mumbai-based stock exchange. ... NASDAQ in Times Square, New York City. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... Osaka Securities Exchange Building in Chuo-ku, Osaka The Osaka Securities Exchange Co. ... Fountain area inside the Philippine Stock Exchange Plaza, along Ayala Avenue in Makati City, Philippines The Philippine Stock Exchange (Filipino: Pamilihang Sapi ng Pilipinas) (PSE: PSE) is one of the two stock exchanges in the Philippines, the other one being the Philippine Dealing Exchange. ... Bold textLink title ... The Shanghai Stock Exchange (SSE) (Simplified Chinese: ; Traditional Chinese: ; pinyin: ) is a Chinese stock exchange based in the city of Shanghai, with a market capitalization of nearly US$2. ... Singapore Exchange (SGX) is the stock exchange in Singapore. ... The Stockholm Stock Exchange is a stock exchange located in Stockholm, Sweden. ... The Taiwan Stock Exchange Corporation (TSEC) is a financial institution, located in Taiwan, Republic of China, located at 17 Po-Ai Road, Taipei, Taiwan. ... The Tokyo Stock Exchange ), or TSE, is one of the largest stock exchange markets in the world by monetary volume located in Tokyo, Japan, second only to the New York Stock Exchange. ... “TSX” redirects here. ... SWX Swiss Exchange is Switzerlands stock exchange, based in Zürich. ...


Listing requirements

Listing requirements are the set of conditions imposed by a given stock exchange upon companies that want to be listed on that exchange. Such conditions sometimes include minimum number of shares outstanding, minimum market capitalization, and minimum annual income.


Requirements by stock exchange

Companies have to meet the requirements of the exchange in order to have their stocks and shares listed and traded there, but requirements vary by stock exchange:

  • London Stock Exchange: The main market of the London Stock Exchange has requirements for a minimum market capitalization (£700,000), three years of audited financial statements, minimum public float (25 per cent) and sufficient working capital for at least 12 months from the date of listing.
  • NASDAQ Stock Exchange: To be listed on the NASDAQ a company must have issued at least 1.25 million shares of stock worth at least $70 million and must have earned more than $11 million over the last three years ([1]).
  • New York Stock Exchange: To be listed on the New York Stock Exchange (NYSE), for example, a company must have issued at least a million shares of stock worth $100 million and must have earned more than $10 million over the last three years ([2]).
  • Bombay Stock Exchange: Bombay Stock Exchange (BSE) has requirements for a minimum market capitalization of Rs.250 Million and minimum public float equivalent to Rs.100 Million ([3]).

The Source by Greyworld, in the new LSE building Paternoster Square. ... NASDAQ in Times Square, New York City. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... The Bombay Stock Exchange The Bombay Stock Exchange Limited (Marathi:मुंबई शेयर बाजार) (formerly, The Stock Exchange, Mumbai; popularly called The Bombay Stock Exchange, or BSE) is the oldest stock exchange in Asia. ...

Ownership

Stock exchanges originated as mutual organizations, owned by its member stock brokers. There has been a recent trend for stock exchanges to demutualize, where the members sell their shares in an initial public offering. In this way the mutual organization becomes a corporation, with shares that are listed on a stock exchange. Examples are Australian Stock Exchange (1998), Euronext (merged with New York Stock Exchange), NASDAQ (2002) and the New York Stock Exchange (2005). A mutual organization (or society) is a cooperative organization (which is often, but not always, a company or business) based on the principle of mutuality. ... “IPO” redirects here. ... The Australian Securities Exchange (ASX) is the primary stock exchange in Australia. ... Euronext N.V. is a pan-European stock exchange based in Paris[1] and with subsidiaries in Belgium, France, Netherlands, Portugal and the United Kingdom. ... NASDAQ in Times Square, New York City. ... The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ...


Other types of exchanges

In the 19th century, exchanges were opened to trade forward contracts on commodities. Exchange traded forward contracts are called futures contracts. These commodity exchanges later started offering future contracts on other products, such as interest rates and shares, as well as options contracts. They are now generally known as futures exchanges. A forward contract is an agreement between two parties to buy or sell an asset (which can be of any kind) at a pre-agreed future point in time. ... The word commodity has a different meaning in business than in Marxian political economy. ... In finance, a futures contract is a standardized contract, traded on a futures exchange, to buy or sell a certain underlying instrument at a certain date in the future, at a specified price. ... In finance options are types of derivative contracts, including call options and put options, where the future payoffs to the buyer and seller of the contract are determined by the price of another security, such as a common stock. ... The introduction to this article provides insufficient context for those unfamiliar with the subject matter. ...


The future of stock exchanges in the United States

The future of stock trading appears to be electronic, as competition is continually growing between the remaining traditional New York Stock Exchange specialist system against the relatively new, all Electronic Communications Networks, or ECNs. ECNs point to their speedy execution of large block trades, while specialist system proponents cite the role of specialists in maintaining orderly markets, especially under extraordinary conditions or for special types of orders. The New York Stock Exchange (NYSE), nicknamed the Big Board, is a New York City-based stock exchange. ... A market maker is a person or a firm which quotes a buy and sell price in a financial instrument or commodity hoping to make a profit on the turn or the bid/offer spread. ... Electronic Communications Network (ECN) is a term used primarily in technology arm of financial and banking institutions, e. ...


The ECNs contend that an array of special interests profit at the expense of investors in even the most mundane exchange-directed trades. Machine-based systems, they argue, are much more efficient, because they speed up the execution mechanism and eliminate the need to deal with an intermediary.


Historically, the 'market' (which, as noted, encompasses the totality of stock trading on all exchanges) has been slow to respond to technological innovation. Conversion to all-electronic trading could erode/eliminate the trading profits of floor specialists and the NYSE's "upstairs traders." A stock market is a market for the trading of company stock, and derivatives of same; both of these are securities listed on a stock exchange as well as those only traded privately. ...


William Lupien, founder of the Instinet trading system and the OptiMark system, has been quoted as saying "I'd definitely say the ECNs are winning... Things happen awfully fast once you reach the tipping point. We're now at the tipping point."


Congress mandated the establishment of a national market system of multiple exchanges in 1975. Since then, ECNs have been developing rapidly.[citation needed]


One example of improved efficiency of ECNs is the prevention of front running, by which manual Wall Street traders use knowledge of a customer's incoming order to place their own orders so as to benefit from the perceived change to market direction that the introduction of a large order will cause. By executing large trades at lightning speed without manual intervention, ECNs make impossible this illegal practice, for which several NYSE floor brokers were investigated and severely fined in recent years.[citation needed] Under the specialist system, when the market sees a large trade in a name, other buyers are immediately able to look to see how big the trader is in the name, and make inferences about why s/he is selling or buying. All traders who are quick enough are able to use that information to anticipate price movements. Front Running is the unethical practice of a broker trading an equity based on information from the analyst department before his or her clients have been given the information. ...


ECNs have changed ordinary stock transaction processing (like brokerage services before them) into a commodity-type business. ECNs could regulate the fairness of initial public offerings (IPOs), oversee Hambrecht's OpenIPO process, or measure the effectiveness of securities research and use transaction fees to subsidize small- and mid-cap research efforts. OpenIPO is an innovative auction process pioneered by the investment bank WR Hambrecht + Co for distributing stock in an initial public offering to individuals and institutions through an efficient and equitable process. ...


Some[attribution needed], however, believe the answer will be some combination of the best of technology and "upstairs trading" — in other words, a hybrid model.


Trading 25,000 shares of Lucent stock (recent[when? ] quote: $2.80; recent[when? ] volume: 49,069,700) would be a relatively simple e-commerce transaction; trading 100 shares of Berkshire Hathaway Class A stock (recent quote: $88,710.00; recent volume: 450) may never be. The choice of system should be clear (but always that of the trader), based on the characteristics of the security to be traded. In 1996, AT&T spun off its Systems and Technology units, along with the famous Bell Laboratories, to form a new company named Lucent Technologies (NYSE: LU). ... Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. ...


Even with ECNs forming an important part of a national market system, opportunities presumably remain to profit from the spread between the bid and offer price. That is especially true for investment managers that direct huge trading volume, and own a stake in an ECN or specialist firm. For example, in its individual stock-brokerage accounts, "Fidelity Investments runs 29% of its undesignated orders in NYSE-listed stocks, and 37% of its undesignated market orders through the Boston Stock Exchange, where an affiliate controls a specialist post." Fidelity Investments is a group of privately held companies in the financial services industry. ... The Boston Stock Exchange is a regional stock exchange located in Boston, Massachusetts. ...


Fidelity says these arrangements are governed by a separate brokerage "order-flow management" team, which seeks to obtain the best possible execution for customers, and that its execution is highly rated.[citation needed]


References

  1. ^ ROLE OF THE EXCHANGE IN THE ECONOMY, NAIROBI STOCK EXCHANGE, source: Nairobi Stock Exchange website, accessed February 2007
  2. ^ The Role of a Stock Market in a General Equilibrium Model with Technological Uncertainty, Peter A. Diamond, The American Economic Review, Vol. 57, No. 4 (Sep., 1967), pp. 759-776, source: JSTOR website, accessed February 2007

To meet Wikipedias quality standards, this article or section may require cleanup. ... JSTOR®, begun in 1995, is an online system for archiving academic journals. ...

See also

Look up bourse, stock exchange in Wiktionary, the free dictionary.

Wikipedia does not have an article with this exact name. ... Wiktionary (a portmanteau of wiki and dictionary) is a multilingual, Web-based project to create a free content dictionary, available in over 150 languages. ... This article needs additional references or sources for verification. ... The capital market is the market for securities, where companies and the government can raise long-term funds. ... A commodities exchange is an exchange where various commodities and derivatives products are traded. ... Securities are tradeable interests representing financial value. ... A shareholder or stockholder is an individual or company (including a corporation) that legally owns one or more shares of stock in a joint stock company. ... A Stock Trader or Stock Investor is a securities professional or firm, who buys and sells securities, such as stocks and bonds. ... A stock market is a market for the trading of company stock, and derivatives of same; both of these are securities listed on a stock exchange as well as those only traded privately. ... In finance, a trader is someone who buys and sells financial instruments such as stocks, bonds and derivatives. ...

Lists


  Results from FactBites:
 
Stock exchange - Wikipedia, the free encyclopedia (2705 words)
A stock exchange or bourse is a corporation or mutual organization which provides facilities for stock brokers to trade company 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.
In “Does an electronic stock exchange need an upstairs market?” in the July, 2003 issue of Journal of Financial Economics, the authors find that a large proportion of institutional trading in electronic exchanges is executed away from the centralized book in the informal 'upstairs market', thus presenting new challenges.
Toronto Stock Exchange - Wikipedia, the free encyclopedia (605 words)
The Toronto Stock Exchange became formally incorporated by an Act of the Legislative Assembly of Ontario in 1878.
In 2001, the Toronto Stock Exchange acquired the Canadian Venture Exchange, which was renamed the TSX Venture Exchange in 2002.
Toronto Stock Exchange is one of the largest exchanges in the world, in terms of market capitalization and trading volume.
  More results at FactBites »

 
 

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