The New York Stock Exchange traces its origins to 1792, when 24 New York City stockbrokers and merchants signed the Buttonwood Agreement. This agreement set in motion the NYSE’s unwavering commitment to investors and issuers.
Now NYSE Euronext welcomes the historic American Stock Exchange into the world’s largest and most liquid exchange group.
Originally called the "curb market" because its brokers traded outdoors in the street, the Amex has been at the forefront of the U.S. financial markets over the course of two centuries.
Wednesday, November 25, 2009
KSE
Introduction
Vision
To be a leading financial institution, offering efficient, fair and transparent securities market in the region and enjoying full confidence of the investors.
KSE POSITIONED TO BE A HUB OFCAPITAL FORMATION IN THE REGION
Chairman South Asian Federation of Exchanges (SAFE)
Vice Chairmanship of the South Asian Federation of Exchanges (SAFE) - 2008
Member Federation of Euro-Asian Exchanges (FEAS)
Affiliate Member of the World Federation of Exchanges (WFE)
Affiliate Member of International Organization of Securities Commissions (IOSCO)
Agreements with other Exchanges
Dubai Financial Market
Abu Dhabi Securities Market
Shanghai Stock Exchange
Mission
To strive to provide quality and value-added services to the capital market in an efficient, transparent and orderly manner, compatible with international standards and best practices.
To provide state-of-the-art technology and automated trading operations, driven by a team of professionals in accordance with good corporate governance.
To protect and safeguard the interests of all its stakeholders, i.e. members, listed companies, employees and the investors at large.
To reflect the country’s economic health and behavior and play its role for the growth, development and prosperity of Pakistan.
OUR CUSTOMERS
Issuers (Listed Companies)
Brokers and Members
Investors
THE JOURNEY
OUR FUTURE SUCCESS WILL DEPEND ON THE QUALITY OF OUR HUMAN RESOURCES
A spirit of youthful energy, high intellect and superior skills characterizes our people.
Our workforce consists of a combination of youth and experience – perfectly suitable to the organization’s current requirement and future challenges.
KSE employs the best available human resource from the capital market and financial industry.
Candidates are selected based on their individual energy, quick thinking ability, confidence, decision making ability, integrity and professionalism – attributes that define the person’s compatibility with KSE culture.
The key to our long-term success is the creative genius of our people and their drive towards excellence.
Our employees are exposed to an organizational commitment to continuous personal and professional development.
Our people get involved in various initiatives ranging from management skills, development and personal improvement, to technology advancement and process enhancement.
On a regular basis, some of our best performers are selected for our Mentoring Program, where seasoned mentors groom their protégé towards positions of greater responsibility and influence.
Promoting a performance driven culture where ‘high performers’ are recognized for their exceptional contributions.
OUR TECHNOLOGY
Our Information Technology Group forms the Core of our Business Operations
Development, implementation and monitoring of state-of-the-art trading system known as Karachi Automated Trading System (KATS), introduced in 2002 with a capacity of 1 million trades a day and unlimited number of users.
Disaster Recovery Management and Business Continuity Programs database backups.
Software Development, Testing and Training.
Customer Services Support.
Caters to member’s complaints regarding computer network and trading systems.
Administration and Maintenance of servers and operating systems.
Partnerships with Microsoft, Oracle and Unisys for I.T. infrastructure.
Vision
To be a leading financial institution, offering efficient, fair and transparent securities market in the region and enjoying full confidence of the investors.
KSE POSITIONED TO BE A HUB OFCAPITAL FORMATION IN THE REGION
Chairman South Asian Federation of Exchanges (SAFE)
Vice Chairmanship of the South Asian Federation of Exchanges (SAFE) - 2008
Member Federation of Euro-Asian Exchanges (FEAS)
Affiliate Member of the World Federation of Exchanges (WFE)
Affiliate Member of International Organization of Securities Commissions (IOSCO)
Agreements with other Exchanges
Dubai Financial Market
Abu Dhabi Securities Market
Shanghai Stock Exchange
Mission
To strive to provide quality and value-added services to the capital market in an efficient, transparent and orderly manner, compatible with international standards and best practices.
To provide state-of-the-art technology and automated trading operations, driven by a team of professionals in accordance with good corporate governance.
To protect and safeguard the interests of all its stakeholders, i.e. members, listed companies, employees and the investors at large.
To reflect the country’s economic health and behavior and play its role for the growth, development and prosperity of Pakistan.
OUR CUSTOMERS
Issuers (Listed Companies)
Brokers and Members
Investors
THE JOURNEY
OUR FUTURE SUCCESS WILL DEPEND ON THE QUALITY OF OUR HUMAN RESOURCES
A spirit of youthful energy, high intellect and superior skills characterizes our people.
Our workforce consists of a combination of youth and experience – perfectly suitable to the organization’s current requirement and future challenges.
KSE employs the best available human resource from the capital market and financial industry.
Candidates are selected based on their individual energy, quick thinking ability, confidence, decision making ability, integrity and professionalism – attributes that define the person’s compatibility with KSE culture.
The key to our long-term success is the creative genius of our people and their drive towards excellence.
Our employees are exposed to an organizational commitment to continuous personal and professional development.
Our people get involved in various initiatives ranging from management skills, development and personal improvement, to technology advancement and process enhancement.
On a regular basis, some of our best performers are selected for our Mentoring Program, where seasoned mentors groom their protégé towards positions of greater responsibility and influence.
Promoting a performance driven culture where ‘high performers’ are recognized for their exceptional contributions.
OUR TECHNOLOGY
Our Information Technology Group forms the Core of our Business Operations
Development, implementation and monitoring of state-of-the-art trading system known as Karachi Automated Trading System (KATS), introduced in 2002 with a capacity of 1 million trades a day and unlimited number of users.
Disaster Recovery Management and Business Continuity Programs database backups.
Software Development, Testing and Training.
Customer Services Support.
Caters to member’s complaints regarding computer network and trading systems.
Administration and Maintenance of servers and operating systems.
Partnerships with Microsoft, Oracle and Unisys for I.T. infrastructure.
South Africa
The deregulation of the agricultural market in South Africa led to the establishment of a viable futures market. In early 1995 the Safex Agricultural Markets Division (AMD), with a start-up capital of R 4.2 million, listed its first commodity on the exchange- a physical settled beef contract. This was shortly followed with a potato contract. A limited number of 84 seats were issued. The new Marketing of Agricultural Products Act in South Africa has created an environment in which farmers, traders and processors are able to react positively to transparent prices which are market related. Agricultural futures and options are essentially a means of spreading risk and a source of obtaining price insurance.
Although the physically settled beef contract and the potato contract were delisted due to inactivity, the white and yellow maize contracts listed in 1996 resulted in an enormous growth in the volumes that have traded on the exchange. The maize industry in South Africa has benefited from the transparent prices generated in the futures market. Wheat has traded since November 1997 allowing this industry the opportunity to manage their price risk. A sunflower seeds contract was introduced in early 1999. The introduction of options contracts on all the above, has further advanced price risk management for all market participants.
South African producers have experienced a steep learning curve with regard to marketing their produce in a free market. The Safex Agricultural Products Division continues to actively market the use of the exchange through presentations directly to interested parties and the placement of advertisements to increase the exposure of the APD in the agricultural sector.
Growth continues to be most encouraging as the exchange trades on average 200 000 tons of maize a day and options on these are increasing daily. Over 1.8 million contracts have traded since 1995 with the bulk of the trades arising from the white maize contract. The percentage physical deliveries are on the decline, thereby indicating that the market is using the futures exchange as a hedging facility and not as a pure delivery mechanism. The use of the transferable Safex silo receipt has added to the efficient trading of the commodities to such a degree that many of the financial institutions have begun accepting it as collateral. As the market grows it will attract the interest of more and more banks, and others outside the agricultural sector.
The Safex Agricultural Products Division will continue to provide the entire Southern Africa with a highly cost efficient trading system where price risk can be managed to the optimal. The free market has created the correct environment for farmers and processors to use price risk management policies in their everyday management of their business.
In May 2001 Safex and JSE Securities Exchange members agreed to a buyout of Safex by the JSE. The Effective date of the was 6 August 2001. The JSE agreed to retain the Safex branding and moved the Agricultural Products business into a division within itself known as Safex Agricultural Products Division (APD).
Although the physically settled beef contract and the potato contract were delisted due to inactivity, the white and yellow maize contracts listed in 1996 resulted in an enormous growth in the volumes that have traded on the exchange. The maize industry in South Africa has benefited from the transparent prices generated in the futures market. Wheat has traded since November 1997 allowing this industry the opportunity to manage their price risk. A sunflower seeds contract was introduced in early 1999. The introduction of options contracts on all the above, has further advanced price risk management for all market participants.
South African producers have experienced a steep learning curve with regard to marketing their produce in a free market. The Safex Agricultural Products Division continues to actively market the use of the exchange through presentations directly to interested parties and the placement of advertisements to increase the exposure of the APD in the agricultural sector.
Growth continues to be most encouraging as the exchange trades on average 200 000 tons of maize a day and options on these are increasing daily. Over 1.8 million contracts have traded since 1995 with the bulk of the trades arising from the white maize contract. The percentage physical deliveries are on the decline, thereby indicating that the market is using the futures exchange as a hedging facility and not as a pure delivery mechanism. The use of the transferable Safex silo receipt has added to the efficient trading of the commodities to such a degree that many of the financial institutions have begun accepting it as collateral. As the market grows it will attract the interest of more and more banks, and others outside the agricultural sector.
The Safex Agricultural Products Division will continue to provide the entire Southern Africa with a highly cost efficient trading system where price risk can be managed to the optimal. The free market has created the correct environment for farmers and processors to use price risk management policies in their everyday management of their business.
In May 2001 Safex and JSE Securities Exchange members agreed to a buyout of Safex by the JSE. The Effective date of the was 6 August 2001. The JSE agreed to retain the Safex branding and moved the Agricultural Products business into a division within itself known as Safex Agricultural Products Division (APD).
FTSE
FTSE Group calculates over 120,000 indices covering more than 77 countries and all major asset classes.
We provide an evolving range of index products to help investors make more informed investment decisions with confidence.
We constantly strive to meet the changing needs of the market through innovative index design, and customized index solutions, and have been the partner of choice for many exchanges worldwide.
Our established index standards - encompassing independent committee governance, liquidity screening, free float adjustment and country classification, create clear transparent methodology and governance to ensure all our indices are investable and straightforward to track.
We provide an evolving range of index products to help investors make more informed investment decisions with confidence.
We constantly strive to meet the changing needs of the market through innovative index design, and customized index solutions, and have been the partner of choice for many exchanges worldwide.
Our established index standards - encompassing independent committee governance, liquidity screening, free float adjustment and country classification, create clear transparent methodology and governance to ensure all our indices are investable and straightforward to track.
Swiss Exchange
Milestones
The SIX Swiss Exchange goes back more than 150 years. In 1996, fully electronic trading replaced the traditional floor trading system at the stock exchanges of Geneva (founded in 1850), Zurich (1873) and Basle (1876).
The recent history of the SIX Swiss Exchange is marked by the following highlights:
2009
The SIX Swiss Exchange goes back more than 150 years. In 1996, fully electronic trading replaced the traditional floor trading system at the stock exchanges of Geneva (founded in 1850), Zurich (1873) and Basle (1876).
The recent history of the SIX Swiss Exchange is marked by the following highlights:
2009
- Trading in the 32 Swiss blue chip stocks (i.e. the shares included in the Swiss Market Index and Swiss Leader Index), which today is operated on SWX Europe in London, will be relocated to SIX Swiss Exchange in Zurich by mid 2009. This measure will simplify the regulation and compliance for issuers, market participants and SIX Swiss Exchange itself.
- SIX Swiss Exchange launches SWXess, the sucessor to its previous trading platform, offering substancially increased capacity, lower latency and a tailor-made connectivity service for member banks.
2008
- SIX Swiss Exchange launches a new information portal in November. The website are geared also to private investors.
- In October 2008 SIX Swiss Exchange and SWX Europe cut trading fees by a massive 30%.
- SWX Swiss Block, the non-displayed liquidity service and first "Dark Pool" in Europe, was established by SWX Europe, SWX Group's London based exchange.
- The SMI® stock exchange barometer celebrated its 20th year of existence. The Swiss Market Index (SMI®) was published for the first time on 30 June 1988 at an initial level of 1500 points.
- In April SIX Swiss Exchange and SWX Europeintroduced a new simplified and transparent tariff model and a fee cut of 15%
- In January 2008, the three Swiss financial market infrastructure providers SWX Group, SIS Group and Telekurs Group merged to become Swiss Financial Market Services AG. In
- August 2008, the new company was rebranded SIX Group.
2007
- Scoach Switzerland Ltd, the exchange for securitised derivatives, commences operation
- Introduction of a Central Counterparty (CCP) for SWX Swiss Exchange
2006
- SWX Group and Deutsche Börse found SWX Quotematch AG exchange
- Turnover hits new all-time high
- Prof. Dr. Gomez succeeds Dr. Reto Francioni as Chairman of the Board
2005
- Quotematch: launch of a new high-performance system for trading in securitised derivatives
- First listing of an international bond under the SWX's new additional rules
- "EU-compatible" listing segment for Swiss blue chips
- Sponsored Segment at the SWX Swiss Exchange
- VSMI® - Volatility Index on the SMI®
- Acquisition of Bremer Wertpapierbörse
2004
- Introduction of the SXI® Family. This family of indices offers domestic and foreign companies a venue for industry- and size-specific sectors
- The SWX Swiss Exchange launches the indices SMIM® and the SMI Expanded®
- New regulations for disclosure of management transactions on SWX Swiss Exchange
2003
- virt-x is fully taken over by the SWX Swiss Exchange
- Agreement with Eurex is extended by 10 years
- Publication of sanctions imposed by the Executive Committee of the Admission Board on the SWX Swiss Exchange website
2002
- ETFs, previously only traded on the SWX Platform, are also admitted to trading on virt-x
- The SWX Swiss Exchange changes its legal status from an association to a joint-stock company
- Dr. Reto Francioni replaces Dr. Jörg Fischer as chairman of the Board
- The Directive on Corporate Governance enters into force
- Introduction of Internet Based Listing (IBL)
2001
- The SWX Group (SWX Swiss Exchange, Eurex, virt-x, STOXX, EXFEED) is established
- Launch of the virt-x blue-chip exchange on 25 June
- Launch of EXFEED, the European provider of raw financial data, on 25 June
- Introduction of TIF
- Introduction of the SIX Swiss Exchange Local Caps and Real Estate Companies segments
2000
- Launch of SNMI, the SWX New Market Index
- The SWX Swiss Exchange and Tradepoint enter into exclusive negotiations on cooperation
- Trading in SWX Eurobonds denominated in GBP and JPY
- virt-x project for the first pan-European blue-chip exchange is unveiled to the public.
- Cooperation agreements are signed
- Existing SPI sector breakdown is supplemented with an industry group classification like that of the Dow Jones STOXX indices
- SWX Repo is integrated into Eurex
- Maximum number of SMI stocks is increased from 25 to 30
- New SWX organisational structure: a Group management is created to coordinate the activities and strategy of the SWX Swiss Exchange and its associated companies
- Launch of the ETF segment
- Record turnover of CHF 1,324,512 million
- 28 IPOs
1999
- Admission of participants from Germany, the United Kingdom and France
- First foreign branch abroad is opened in London
- Inauguration of SWX Repo, the world's first fully integrated, electronic repo trading platform
- Start of the SWX New Market segment for growth companies
- EUR-denominated bonds first traded on SWX Eurobonds
- Eurex is the world's largest options and futures exchange
- Introduction of the name "SWX Swiss Exchange"
1998
- Merger of the Swiss and German derivatives markets (SOFFEX and DTB) to form Eurex, the first transnational derivatives exchange
- Foundation of STOXX Limited, a joint venture of SWX, Deutsche Börse AG and Dow Jones & Company
- SWX, Deutsche Börse AG, ParisBourseSBF and Dow Jones & Company launch DJ STOXX Indices, the European index family for equities
- Trading starts in SWX Eurobonds in USD-denominated bonds
- The Investment Companies segment is introduced
- 17 IPOs
- The Disclosure Office commences operations
- The Investment Companies segment is introduced
1997
- A record year: the SMI rises by 59 %
- 1,000 new securities are listed
- 12 IPOs; turnover tops CHF 1,000 billion
- SESTA enters into effect
1996
- Electronic trading in Swiss equities and options is introduced on 2 August, that in bonds on 16 August; floor trading is discontinued
- Inauguration of the fully automated trading, clearing and settlement system
- Considerable increase in liquidity
- The bid/ask spreads for blue chips narrow from 0.2 to 0.15 percentage points
- Ad hoc publicity is introduced
1995
- Switzerland's three stock exchanges in Geneva, Basle and Zurich are merged to form the SWX
- Electronic trading in foreign equities is introduced on 8 December
- SESTA is adopted by the Federal Assembly of the Swiss Confederation
NYSE Euronex
NYSE Euronext, the holding company created by the combination of NYSE Group, Inc. and Euronext N.V., was launched on April 4, 2007. NYSE Euronext (NYSE/New York and Euronext/Paris: NYX) operates the world ' s largest and most liquid exchange group and offers the most diverse array of financial products and services. NYSE Euronext, which brings together six cash equities exchanges in seven countries and eight derivatives exchanges, is a world leader for listings, trading in cash equities, equity and interest rate derivatives, bonds and the distribution of market data.
Kansas City Board of Trade
A Century of Tradition
When the original members of the Kansas City Board of Trade met on the banks of the Missouri River to develop a more organized method of buying and selling grain they could not have foreseen the far-reaching impact of their vision.
More than a century later, more than 10 billion bushels of wheat would change hands on the exchange in one year, and grain producers and users around the globe would look to Kansas City for the fair price of hard red winter wheat, the primary ingredient in the world's bread.
Over time, the exchange's leadership would extend into other markets. Indeed, it was at the Kansas City Board of Trade that stock index futures, hailed as the most innovative financial instrument of the 1980s, were born.
The Kansas City Board of Trade was founded in 1856 by a group of Kansas City merchants. It served a function similar to a Chamber of Commerce. The Kansas City Board of Trade was formally chartered in 1876. Located on the northern border between Kansas and Missouri and the junction of two rivers, Kansas City is situated in one of the most productive wheat-growing regions of the world.
Early trading at the exchange was primarily in cash grains. Today, grain elevators, exporters, millers and producers use the exchange to protect their cash positions by buying or selling futures and options. Stock market investors also utilize KCBT products. Nonetheless, cash grain trading is still the core business of many of KCBT's members.Throughout its development, the Kansas City Board of Trade has prided itself on its Midwestern heritage. Integrity and service are the cornerstones upon which the Board of Trade was founded, and they remain as important today as then.
When the original members of the Kansas City Board of Trade met on the banks of the Missouri River to develop a more organized method of buying and selling grain they could not have foreseen the far-reaching impact of their vision.
More than a century later, more than 10 billion bushels of wheat would change hands on the exchange in one year, and grain producers and users around the globe would look to Kansas City for the fair price of hard red winter wheat, the primary ingredient in the world's bread.
Over time, the exchange's leadership would extend into other markets. Indeed, it was at the Kansas City Board of Trade that stock index futures, hailed as the most innovative financial instrument of the 1980s, were born.
The Kansas City Board of Trade was founded in 1856 by a group of Kansas City merchants. It served a function similar to a Chamber of Commerce. The Kansas City Board of Trade was formally chartered in 1876. Located on the northern border between Kansas and Missouri and the junction of two rivers, Kansas City is situated in one of the most productive wheat-growing regions of the world.
Early trading at the exchange was primarily in cash grains. Today, grain elevators, exporters, millers and producers use the exchange to protect their cash positions by buying or selling futures and options. Stock market investors also utilize KCBT products. Nonetheless, cash grain trading is still the core business of many of KCBT's members.Throughout its development, the Kansas City Board of Trade has prided itself on its Midwestern heritage. Integrity and service are the cornerstones upon which the Board of Trade was founded, and they remain as important today as then.
Minneapolis Grain Exchange
HISTORY IN THE MAKING
Founded as the Minneapolis Chamber of Commerce in 1881, the Minneapolis Grain Exchange has served producers, processors and millers for 126 years. The Minneapolis Chamber of Commerce opened as a regional cash marketplace to promote fair trade and to prevent trade abuses in wheat, oats and corn. Before the development of this centralized marketplace, farmers in the region had no way of knowing if they were receiving the best price for their grain. Most farmers harvested and sold their crops at the same time, so the subsequent glut of grain into the market set the supply and demand curve askew.
In 1883, just two years later, the Chamber of Commerce introduced its first futures contract: hard red spring wheat. This contract was launched to address price risk management needs of buyers and sellers of spring wheat and still trades today, as it has continuously since its launch.
For over 60 years, the Exchange operated as the Minneapolis Chamber of Commerce. However, by 1946, the term “Chamber of Commerce” had become associated with organizations devoted mainly to civic and social issues. So, in 1947, the Minneapolis Chamber of Commerce became the Minneapolis Grain Exchange, and the new Minneapolis Chamber of Commerce developed as the business and civic organization it is today.
Founded as the Minneapolis Chamber of Commerce in 1881, the Minneapolis Grain Exchange has served producers, processors and millers for 126 years. The Minneapolis Chamber of Commerce opened as a regional cash marketplace to promote fair trade and to prevent trade abuses in wheat, oats and corn. Before the development of this centralized marketplace, farmers in the region had no way of knowing if they were receiving the best price for their grain. Most farmers harvested and sold their crops at the same time, so the subsequent glut of grain into the market set the supply and demand curve askew.
In 1883, just two years later, the Chamber of Commerce introduced its first futures contract: hard red spring wheat. This contract was launched to address price risk management needs of buyers and sellers of spring wheat and still trades today, as it has continuously since its launch.
For over 60 years, the Exchange operated as the Minneapolis Chamber of Commerce. However, by 1946, the term “Chamber of Commerce” had become associated with organizations devoted mainly to civic and social issues. So, in 1947, the Minneapolis Chamber of Commerce became the Minneapolis Grain Exchange, and the new Minneapolis Chamber of Commerce developed as the business and civic organization it is today.
Saturday, November 21, 2009
CBOE
CBOE History
1973
- CBOE is founded as first U.S. options exchange and trading begins on standardized, listed options.
April 26, the first day of trading, sees 911 contracts traded on 16 underlying stocks.
1975
- Computerized price reporting was introduced.
The Options Clearing Corporation was formed.
The Black-Scholes model was adopted for pricing options.
1977
- Trading in put options begins.
SEC places a moratorium on options expansion pending an in-depth review of the rapidly growing derivative securities market.
1980
- The CBOE and Midwest Stock Exchange consolidate their options businesses.
1981
- CBOE breaks ground in April on new 350,000 square foot building with 45,000 square foot trading floor.
1983
- CBOE continues to revolutionize the options industry by introducing options on broad-based stock indexes.
On March 11, 1983, CBOE launched the CBOE-100 Index, which was later renamed the S&P 100 Index (OEX) and on July 1, 1983, options trading on the S&P 500 Index (SPX) was launched.
1984
- As volume accelerated rapidly, CBOE quickly outgrew its trading facilities in the Chicago Board of Trade and in February 1984, moved into its current 10-story building across the street from the CBOT and next to the Chicago Stock Exchange.
Annual volume at CBOE exceeds 100 million contracts for the first time.
CBOE launches its Retail Automatic Execution System (RAES) to facilitate electronic order execution.
1985
- CBOE forms The Options Institute, whose mission is to educate investors around the world about options.
Options on NASDAQ stocks are listed.
The New York Stock Exchange begins listing equity options.
1987
- Stock market crashes in October and interest in derivatives wanes.
1989
- CBOE begins trading options on interest rate products.
CBOE introduces EBook, the first electronic customer limit order book.
1990
- CBOE creates Long-term Equity AnticiPation Securities, or LEAPSSM, which are long-term dated options and give investors more flexibility in using options in their portfolios.
1992
- The Options Industry Council is formed as an industry body devoted to the expansion of investor education.
Sector indexes begin trading at CBOE.
1993
- CBOE introduces FLEX® options, which allow investors to create certain specifications on options contracts.
Market makers on the CBOE trading floor use electronic, hand-held terminals.
CBOE unveils the CBOE Volatility Index® (VIX®), a key measure of market expectations of near-term volatility conveyed by S&P index option prices.
1997
- CBOE introduces options on the Dow Jones Industrial Average (DJX).
Myron Scholes and Robert Merton are awarded the Nobel Prize in Economics for their development of the Black-Scholes model for pricing options.
CBOE acquires NYSE options trading business, New York options traders move to Chicago and the CBOE's "Green Room" - an auxiliary trading floor off of the main trading floor that became the home for many transplanted NYSE traders.
Istanbul Stock Exchange
ABOUT US
The Istanbul Stock Exchange was established on December 26, 1985 for the purpose of ensuring that securities are traded in a secure and stable environment, and commenced to operate on January 3, 1986. The ISE has contributed to the development of Turkish capital markets and Turkish economy since the date of its establishment.
Established as per the Governmental Decree in Force of Law (KHK) No.91, the ISE is a public corporation operating as an autonomous and professional institution. The ISE is entitled to issue legal regulations related to the subjects and fields within the scope of its authority.
The General Assembly comprising of the ISE Members is the supreme decision making body. The Executive Council of the ISE comprises of the Chairman and four members. While the Chairman is appointed as per a tripartite decree, members of the Executive Council and auditors are elected by the General Assembly of ISE.
Hüseyin ERKAN was appointed Chairman&CEO of the ISE on November 2, 2007.
The Istanbul Stock Exchange was established on December 26, 1985 for the purpose of ensuring that securities are traded in a secure and stable environment, and commenced to operate on January 3, 1986. The ISE has contributed to the development of Turkish capital markets and Turkish economy since the date of its establishment.
Established as per the Governmental Decree in Force of Law (KHK) No.91, the ISE is a public corporation operating as an autonomous and professional institution. The ISE is entitled to issue legal regulations related to the subjects and fields within the scope of its authority.
The General Assembly comprising of the ISE Members is the supreme decision making body. The Executive Council of the ISE comprises of the Chairman and four members. While the Chairman is appointed as per a tripartite decree, members of the Executive Council and auditors are elected by the General Assembly of ISE.
Hüseyin ERKAN was appointed Chairman&CEO of the ISE on November 2, 2007.
TGE
The Exchange, in accordance with the Commodity Exchange Act, lists futures,options on futures and cash settled futures agricultural products (Soybeans, Azuki Bean, Corn, Coffee and Raw Silk) and the sugar products (Refined and Raw), along with providing trading facility for selected physical products.
October 10, 1952
Yen 312,900,000 as of March 2009
109 (36 Brokerage, 73 Regular Members)36 Firms in Agricultural Markets, 26 in Sugar(as of March 31, 2009)
WATANABE, Yoshiaki
1-12-5 Nihonbashi Kakigara-choChuo-ku,Tokyo 103-0014 JAPAN TEL 813-3668-9311
October 10, 1952
Yen 312,900,000 as of March 2009
109 (36 Brokerage, 73 Regular Members)36 Firms in Agricultural Markets, 26 in Sugar(as of March 31, 2009)
WATANABE, Yoshiaki
1-12-5 Nihonbashi Kakigara-choChuo-ku,Tokyo 103-0014 JAPAN TEL 813-3668-9311
Warsaw Stock Exchange
Warsaw Stock Exchange operates on the basis of three acts dated July 29, 2005:
- On Public Offering, Conditions Governing the Introduction of Financial Instruments to Organised Trading, and Public Companies;
- On Trading in Financial Instruments;
- On Capital Market Supervision.
The capital market tradition in Poland dates back to 1817, when the first Mercantile Exchange was founded in Warsaw. In its present form,
the Exchange began operating on 16 April 1991, from the outset organising securities trading in electronic form.The Exchange is a joint-stock company founded by the State Treasury. The company has share capital of PLN 41,972,000 which is divided into 15,187,200 A serie registered shares and 26,784,800 B serie registered shares. At the end of 2008, its shareholders included 35 entities. These were banks, brokerage firms, an Exchange company and the State Treasury. The State Treasury's stake was 98.82%.
The task of the WSE is to organise public trading in securities. The Exchange provides a concentration of buy and sell offers in one place and time in order to designate prices and execute transactions.
The trading system of the Warsaw Stock Exchange is order-driven. This means that to determine the price of a security, a list of sell and buy orders is drawn up in a form of public order book. These orders are matched according to strict rules and transactions are executed during trading sessions. To improve the liquidity of trading brokerage firms can fulfil the function of market animator by placing buy and sell orders on the public order book (pursuant to an appropriate agreement with the Exchange).
The following instruments are traded on the Warsaw Exchange: shares, bonds, subscription rights, allotment certificates, investment certificates, and derivative instruments: futures, options and index participation units.
The Warsaw Stock Exchange operates trading in financial instruments on two markets:
- The WSE Main List operates since the WSE began trading on 16 April 1991. The market is supervised by the Polish Financial Supervision Authority and notified to the European Commission as a regulated market.
- NewConnect is a market organised and operated by the WSE as an alternative trading system. It was established for young growing companies, particularly in the high-tech sector.NewConnect was launched on 30 August 2007. Trading in the alternative system may include shares, allotment certificates, subscription rights, depository receipts, and other equities.
The WSE is currently pursuing a growth strategy aimed at strengthening the attractiveness and competitiveness of the Polish market and creating a Central and Eastern European financial centre in Warsaw.The WSE is now an important European capital market and a CEE leader, leveraging the growth potential of the Polish economy and the dynamic rise of the Polish capital market.
Wiener Borse
History of Wiener Borse
1771 – Foundation of Wiener Borse
Wiener Börse was founded in 1771 by Maria Theresia. In the initial years, the exchange served mainly as a marketplace for trading bonds, bills of exchange and foreign currencies. Special intermediaries, the Official Brokers (called “Sensale” in German), were responsible for the smooth operation of trading. The Official Brokers received a commission for each trade mediated. On some days, over 2000 persons met on the exchange floor for trading.
The 19th Century
Shares were traded for the first time in 1818. The first stock corporation to be listed on Wiener Börse was the Austrian National Bank. Due to the political and economic significance of the Habsburg monarchy at the time, Wiener Börse soon gained international recognition. Since its foundation, new regulations and stock exchange legislation had become necessary to help maintain an orderly market in the midst of very lively trading. The economic boom also brought a wave of highly speculative companies to the exchange. This trend was cut off abruptly by the stock market crash of May 1873. About 90% of all listed companies disappeared from the price list. It took decades for the stock exchange to recover from the shock.
Industrial companies switched from seeking financing through the stock market to taking out loans from the major banks who were to become one of the most important factors for the capital market and trading. Meanwhile, it became necessary to draft new exchange rules and laws to deal with the increasingly livelier trading. In 1875, the third Stock Exchange Act since the founding of Wiener Börse was passed that guarantees the complete autonomy of Wiener Börse and has ensured undisrupted trading ever since. The historic stock exchange building designed by Theophil von Hansen on Schottenring opened its door with an official inauguration ceremony in 1877.
1771 – Foundation of Wiener Borse
Wiener Börse was founded in 1771 by Maria Theresia. In the initial years, the exchange served mainly as a marketplace for trading bonds, bills of exchange and foreign currencies. Special intermediaries, the Official Brokers (called “Sensale” in German), were responsible for the smooth operation of trading. The Official Brokers received a commission for each trade mediated. On some days, over 2000 persons met on the exchange floor for trading.
The 19th Century
Shares were traded for the first time in 1818. The first stock corporation to be listed on Wiener Börse was the Austrian National Bank. Due to the political and economic significance of the Habsburg monarchy at the time, Wiener Börse soon gained international recognition. Since its foundation, new regulations and stock exchange legislation had become necessary to help maintain an orderly market in the midst of very lively trading. The economic boom also brought a wave of highly speculative companies to the exchange. This trend was cut off abruptly by the stock market crash of May 1873. About 90% of all listed companies disappeared from the price list. It took decades for the stock exchange to recover from the shock.
Industrial companies switched from seeking financing through the stock market to taking out loans from the major banks who were to become one of the most important factors for the capital market and trading. Meanwhile, it became necessary to draft new exchange rules and laws to deal with the increasingly livelier trading. In 1875, the third Stock Exchange Act since the founding of Wiener Börse was passed that guarantees the complete autonomy of Wiener Börse and has ensured undisrupted trading ever since. The historic stock exchange building designed by Theophil von Hansen on Schottenring opened its door with an official inauguration ceremony in 1877.
TMX Group
TMX Group exchanges are leaders in Cleantech
TMX Group provides growth-oriented cleantech issuers with a dynamic market to access North American and global capital. TMX Group is unique in the world with our full service exchange, financing cleantech companies from $1 million to $1 billion, with a special emphasis on small to mid-size financings. In fact, we are the global experts in supporting early-stage companies.
TMX Group provides growth-oriented cleantech issuers with a dynamic market to access North American and global capital. TMX Group is unique in the world with our full service exchange, financing cleantech companies from $1 million to $1 billion, with a special emphasis on small to mid-size financings. In fact, we are the global experts in supporting early-stage companies.
Friday, November 20, 2009
NZX Group
Average daily trades in August were up 9% on the same period last year. Average daily value traded was $109 million, which is the highest value since September 2008.
Total capital raised in 2009 is $5.02 billion, a 91% increase on the same period last year. Total equity raised is up 280% on the same period last year and total debt raised year to date is up 56%. Real Time Data Terminals are down this month. Losses continue to be predominately from one data vendor. The NZX 50 Index is up 15% year to date.
Link Market Services recently won the mandate to manage the capital restructuring of Silver Fern Farms, whereby the cooperative's 20,000 investors have been offered the chance to exchange their current supplier shares for tradeable shares. Link also recently completed a $90 million retail bond offering for Manukau City Council, and is now assisting them to raise a further $100 million.
Total capital raised in 2009 is $5.02 billion, a 91% increase on the same period last year. Total equity raised is up 280% on the same period last year and total debt raised year to date is up 56%. Real Time Data Terminals are down this month. Losses continue to be predominately from one data vendor. The NZX 50 Index is up 15% year to date.
Link Market Services recently won the mandate to manage the capital restructuring of Silver Fern Farms, whereby the cooperative's 20,000 investors have been offered the chance to exchange their current supplier shares for tradeable shares. Link also recently completed a $90 million retail bond offering for Manukau City Council, and is now assisting them to raise a further $100 million.
National Stock Exchange of India
The Organisation
The National Stock Exchange of India Limited has genesis in the report of the High Powered Study Group on Establishment of New Stock Exchanges, which recommended promotion of a National Stock Exchange by financial institutions (FIs) to provide access to investors from all across the country on an equal footing. Based on the recommendations, NSE 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 unlike other stock exchanges in the country.
On its recognition as a stock exchange under the Securities Contracts (Regulation) Act, 1956 in April 1993, NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. The Capital Market (Equities) segment commenced operations in November 1994 and operations in Derivatives segment commenced in June 2000.
The National Stock Exchange of India Limited has genesis in the report of the High Powered Study Group on Establishment of New Stock Exchanges, which recommended promotion of a National Stock Exchange by financial institutions (FIs) to provide access to investors from all across the country on an equal footing. Based on the recommendations, NSE 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 unlike other stock exchanges in the country.
On its recognition as a stock exchange under the Securities Contracts (Regulation) Act, 1956 in April 1993, NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. The Capital Market (Equities) segment commenced operations in November 1994 and operations in Derivatives segment commenced in June 2000.
Malayan Stock Exchange
History
The first formal securities business organisation in Malaysia was the Singapore Stockbrokers' Association, established in 1930. It was re-registered as the Malayan Stockbrokers' Association in 1937. The Malayan Stock Exchange was established in 1960 and the public trading of shares commenced. The board system had trading rooms in Singapore and Kuala Lumpur, linked by direct telephone lines.
In 1964, the Stock Exchange of Malaysia was established. With the secession of Singapore from Malaysia in 1965, the Stock Exchange of Malaysia became known as the Stock Exchange of Malaysia and Singapore. In 1973, currency interchangeability between Malaysia and Singapore ceased, and the Stock Exchange of Malaysia and Singapore was divided into the Kuala Lumpur Stock Exchange Berhad and the Stock Exchange of Singapore. The Kuala Lumpur Stock Exchange which was incorporated on December 14, 1976 as a company limited by guarantee, took over the operations of the Kuala Lumpur Stock Exchange Berhad in the same year.
On April 14, 2004, we changed our name to Bursa Malaysia Berhad, following our demutualization exercise, the purpose of which was to enhance our competitive position and to respond to global trends in the exchange sector by making us more customer-driven and market-oriented. We are focused on various initiatives aimed at improving our product and service offerings, increasing the liquidity and velocity of our markets, improving the efficiency of our businesses and achieving economies of scale in our operations.
On 18 March 2005, Bursa Malaysia was listed on the Main Board of Bursa Malaysia Securities Berhad.
We accomplished double achievements when the exchange received certifications for conformance to the ISO 9001:2000 Quality Management System and ISO 14001:2004 Environmental Management System standards on 5 October 2007.
In Dec 2008, we launched a new trading platform, Bursa Trade Securities, which enables faster processing and execution of orders and provides wider trading functions and features. Bursa Trade Securities followed on from the implementation of Bursa Trade Derivatives two years earlier.
The first formal securities business organisation in Malaysia was the Singapore Stockbrokers' Association, established in 1930. It was re-registered as the Malayan Stockbrokers' Association in 1937. The Malayan Stock Exchange was established in 1960 and the public trading of shares commenced. The board system had trading rooms in Singapore and Kuala Lumpur, linked by direct telephone lines.
In 1964, the Stock Exchange of Malaysia was established. With the secession of Singapore from Malaysia in 1965, the Stock Exchange of Malaysia became known as the Stock Exchange of Malaysia and Singapore. In 1973, currency interchangeability between Malaysia and Singapore ceased, and the Stock Exchange of Malaysia and Singapore was divided into the Kuala Lumpur Stock Exchange Berhad and the Stock Exchange of Singapore. The Kuala Lumpur Stock Exchange which was incorporated on December 14, 1976 as a company limited by guarantee, took over the operations of the Kuala Lumpur Stock Exchange Berhad in the same year.
On April 14, 2004, we changed our name to Bursa Malaysia Berhad, following our demutualization exercise, the purpose of which was to enhance our competitive position and to respond to global trends in the exchange sector by making us more customer-driven and market-oriented. We are focused on various initiatives aimed at improving our product and service offerings, increasing the liquidity and velocity of our markets, improving the efficiency of our businesses and achieving economies of scale in our operations.
On 18 March 2005, Bursa Malaysia was listed on the Main Board of Bursa Malaysia Securities Berhad.
We accomplished double achievements when the exchange received certifications for conformance to the ISO 9001:2000 Quality Management System and ISO 14001:2004 Environmental Management System standards on 5 October 2007.
In Dec 2008, we launched a new trading platform, Bursa Trade Securities, which enables faster processing and execution of orders and provides wider trading functions and features. Bursa Trade Securities followed on from the implementation of Bursa Trade Derivatives two years earlier.
The JSE Ltd (“JSE”)
The JSE Ltd (“JSE”) is licensed as an exchange under the Securities Services Act, 2004 and Africa’s premier exchange. It has operated as a market place for the trading of financial products for nearly 120 years. In this time, the JSE has evolved from a traditional floor based equities trading market to a modern securities exchange providing fully electronic trading, clearing and settlement in equities, financial and agricultural derivatives and other associated instruments and has extensive surveillance capabilities. The JSE is also a major provider of financial information. In everything it does, the JSE strives to be a responsible corporate citizen.
Jamaica Stock Exchange
HISTORY
The Jamaica Stock Exchange was incorporated as a private limited company in August 1968.
There were four founding members:
Mr. Willard Samms - Annett & Company Limited
Mr. Raglan I. Golding - Capital Market Services (Ja) Ltd
.Mr. Edward E. Gayle - Edward Gayle & Company Ltd.
Mr. Anthony Lloyd - Pitfield Mckay Ross & Co Ltd.
Its principal objectives are:-
to promote the orderly development of the stock market and the Stock Exchange in Jamaica;
to ensure that the stock market and its Broker-members operate at the highest standards practicable;to develop, apply and enforce rules designed to ensure public confidence in the stock market and its Broker-members;to provide facilities for the transaction of stock market business;to conduct research, disseminate relevant information and maintain local and international relationships calculated to enhance the development of the Jamaica Stock Market.
The Stock Market commenced operations on Monday February 3,1969. Stocktrading is restricted to Broker-members who trade both as agents and as principals. In the latter capacity, certain restrictions apply to transactions between a Broker and his own client.
The Exchange is governed by a Board of Directors which has the following composition:
The Governor of the Central Bank ( Bank of Jamaica ) or his nominee.
A representative of the Ministry of Finance.Three persons other than seatholders.Up to ten seatholders representing members.
The Jamaica Stock Exchange was incorporated as a private limited company in August 1968.
There were four founding members:
Mr. Willard Samms - Annett & Company Limited
Mr. Raglan I. Golding - Capital Market Services (Ja) Ltd
.Mr. Edward E. Gayle - Edward Gayle & Company Ltd.
Mr. Anthony Lloyd - Pitfield Mckay Ross & Co Ltd.
Its principal objectives are:-
to promote the orderly development of the stock market and the Stock Exchange in Jamaica;
to ensure that the stock market and its Broker-members operate at the highest standards practicable;to develop, apply and enforce rules designed to ensure public confidence in the stock market and its Broker-members;to provide facilities for the transaction of stock market business;to conduct research, disseminate relevant information and maintain local and international relationships calculated to enhance the development of the Jamaica Stock Market.
The Stock Market commenced operations on Monday February 3,1969. Stocktrading is restricted to Broker-members who trade both as agents and as principals. In the latter capacity, certain restrictions apply to transactions between a Broker and his own client.
The Exchange is governed by a Board of Directors which has the following composition:
The Governor of the Central Bank ( Bank of Jamaica ) or his nominee.
A representative of the Ministry of Finance.Three persons other than seatholders.Up to ten seatholders representing members.
Borsa Italiana
Borsa Italiana S.p.A. is responsible for the organisation and management of the Italian stock exchange. The Company, founded in 1997 following the privatisation of the exchange, has been operational since January 2nd, 1998.
Borsa Italiana is now part of the London Stock Exchange Group, following the agreement signed in June 2007.
Borsa Italiana's primary objective is to ensure the development of the markets, maximising their liquidity, transparency and competitiveness while pursuing high levels of efficiency.
Borsa Italiana is now part of the London Stock Exchange Group, following the agreement signed in June 2007.
Borsa Italiana's primary objective is to ensure the development of the markets, maximising their liquidity, transparency and competitiveness while pursuing high levels of efficiency.
Main responsibilities of Borsa Italiana are to:
- oversee transaction activities;
- define the rules and procedures for admission and listing on the market for issuing companies
- define the rules and procedures for admission for intermediaries
- supervise listed companies' disclosure.
Its current privatised structure configures Borsa Italiana as a market management body operating with autonomy and flexibility. Among the principles that enshrine this structure, fundamental are the entrepreneurial character of the market organisation and management activities and the separation of responsibility for supervision (Consob and Banca d'Italia) from that of regulation and market management (Borsa Italiana).
Borsa Italiana organises and manages the Italian stock market with the participation of domestic and international brokers who operate in Italy or from abroad through remote membership, using a fully electronic trading system for the real-time execution of trades.
In addition, Borsa Italiana controls 6 companies which perform organisational, commercial and promotional activities aimed at developing high value-added services for the financial community: BIt Systems, Cassa di Compensazione e Garanzia, Monte Titoli, MTS Group, Piazza Affari Gestione & Servizi, Servizio Titoli.
Ghana Stock Exchange
The idea of establishing a Stock Exchange in Ghana lay on the drawing board for almost two decades prior to its implementation. In February 1989, the issue of establishing a stock exchange moved a higher gear when a 10 - member National Committee, under the Chairmanship of Dr. G.K. Agama, then Governor of the Bank of Ghana, was set up by the Government. Other members of the Committee were:
- Dr. Kobina Erbynn - Former Chief Executive, GIPC
- Mr. N. K. Kudjawu - Kudjawu & Co, Accra
- Nana Wereko Ampem II (Late) - Former Chairman, Barclays Bank of Ghana Ltd
- Mr. Afare Donkor - Former Managing Director, CAL Bank
- Mrs. S.Beata-Ansah - Ex Managing Director, HFC Bank Ltd
- Mr. E. J. A. Aryee (Late) - Former Managing Director, NTHC Ltd
- Dr. J. K. Richardson - Former Managing Director, BAT Ghana
- Mr. S. Y. Osafo-Maafo - Former Managing Director, National Investment Bank
- Mr. Yeboa Amoa - Who became the Exchange's first Managing Director
The work of the committee was to consolidate all previous work connected to the Stock Exchange project and to fashion out modalities towards the actual establishment of the Exchange. As a result of the work of the committee, the Stock Exchange was established in July 1989 as a private company limited by guarantee under the Companies Code of 1963. It was given recognition as an authorized Stock Exchange under the Stock Exchange Act of 1971 (Act 384) in October 1990. The Council of the Exchange was inaugurated on November 12, 1990 and trading commenced on its floor the same day. The Exchange, changed its status to a public company limited by guarantee in April 1994.
Bulgarian Stock Exchange
Bulgarian Stock Exchange – Sofia was officially licensed by the State Securities and Exchange Commission to operate as a stock exchange on October 9, 1997 and is currently the only functioning stock exchange in Bulgaria. The object of the Exchange includes the following:
1. Organization of trading in securities and other financial instruments;
2. Organization and maintenance of an information system for trading in securities;
3. Creation and maintenance of a clearing system guaranteeing the obligations assumed under
the transactions in securities effected on the Exchange.
The mission of the Exchange is to facilitate the establishment and development of an organized capital market which would guarantee the members of the Exchange and the clients of the said members equal access to market information and equal conditions for participation in securities trading.
The main strategic objectives of BSE-Sofia are to improve the liquidity of the capital market. The main strategic goals before the Exchange are connected with increasing the number, volume and variety of the traded financial instruments and attracting more local and international investors.
BSE-Sofia is a leading institution in the efforts for achieving a sustainable change as regards the public policies of Bulgaria's market economy as well as the transparency and openness of the capital market. The efforts of the Management are focused on maintaining high operational standards, constant pursuit of market development and generation of changes.
1. Organization of trading in securities and other financial instruments;
2. Organization and maintenance of an information system for trading in securities;
3. Creation and maintenance of a clearing system guaranteeing the obligations assumed under
the transactions in securities effected on the Exchange.
The mission of the Exchange is to facilitate the establishment and development of an organized capital market which would guarantee the members of the Exchange and the clients of the said members equal access to market information and equal conditions for participation in securities trading.
The main strategic objectives of BSE-Sofia are to improve the liquidity of the capital market. The main strategic goals before the Exchange are connected with increasing the number, volume and variety of the traded financial instruments and attracting more local and international investors.
BSE-Sofia is a leading institution in the efforts for achieving a sustainable change as regards the public policies of Bulgaria's market economy as well as the transparency and openness of the capital market. The efforts of the Management are focused on maintaining high operational standards, constant pursuit of market development and generation of changes.
Boston Stock Exchange
NASDAQ OMX has acquired all of the outstanding membership interests in the Boston Stock Exchange (BSE). With the acquisition, NASDAQ has obtained a second equities trading license allowing for a separate Regulation NMS protected quote, which will be called NASDAQ OMX BX (BX). NASDAQ OMX also has acquired two BSE wholly-owned subsidiaries, Boston Options Regulation, LLC (BOXR) and the BSE Clearing Corporation (BSECC).
NASDAQ OMX has not acquired an interest in BSE’s options trading facility, the Boston Options Exchange (BOX). Instead, BSE’s ownership interest in Boston Options Exchange Group, LLC, the operator of BOX, has been transferred to MX US 2, a wholly-owned subsidiary of the Montreal Exchange Inc. However, BX, through BOXR, will operate as the regulatory services provider to BOX.
NASDAQ OMX has not acquired an interest in BSE’s options trading facility, the Boston Options Exchange (BOX). Instead, BSE’s ownership interest in Boston Options Exchange Group, LLC, the operator of BOX, has been transferred to MX US 2, a wholly-owned subsidiary of the Montreal Exchange Inc. However, BX, through BOXR, will operate as the regulatory services provider to BOX.
Bombay Stock Exchange
Bombay Stock Exchange is the oldest stock exchange in Asia with a rich heritage, now spanning three centuries in its 133 years of existence. What is now popularly known as BSE was established as "The Native Share & Stock Brokers' Association" in 1875.
BSE is the first stock exchange in the country which obtained permanent recognition (in 1956) from the Government of India under the Securities Contracts (Regulation) Act 1956. BSE's pivotal and pre-eminent role in the development of the Indian capital market is widely recognized. It migrated from the open outcry system to an online screen-based order driven trading system in 1995. Earlier an Association Of Persons (AOP), BSE is now a corporatised and demutualised entity incorporated under the provisions of the Companies Act, 1956, pursuant to the BSE (Corporatisation and Demutualisation) Scheme, 2005 notified by the Securities and Exchange Board of India (SEBI). With demutualisation, BSE has two of world's best exchanges, Deutsche Börse and Singapore Exchange, as its strategic partners.
Over the past 133 years, BSE has facilitated the growth of the Indian corporate sector by providing it with an efficient access to resources. There is perhaps no major corporate in India which has not sourced BSE's services in raising resources from the capital market.
Today, BSE is the world's number 1 exchange in terms of the number of listed companies and the world's 5th in transaction numbers. The market capitalization as on December 31, 2007 stood at USD 1.79 trillion . An investor can choose from more than 4,700 listed companies, which for easy reference, are classified into A, B, S, T and Z groups.
The BSE Index, SENSEX, is India's first stock market index that enjoys an iconic stature , and is tracked worldwide. It is an index of 30 stocks representing 12 major sectors. The SENSEX is constructed on a 'free-float' methodology, and is sensitive to market sentiments and market realities. Apart from the SENSEX, BSE offers 21 indices, including 12 sectoral indices. BSE has entered into an index cooperation agreement with Deutsche Börse. This agreement has made SENSEX and other BSE indices available to investors in Europe and America. Moreover, Barclays Global Investors (BGI), the global leader in ETFs through its iShares® brand, has created the 'iShares® BSE SENSEX India Tracker' which tracks the SENSEX. The ETF enables investors in Hong Kong to take an exposure to the Indian equity market.
The first Exchange Traded Fund (ETF) on SENSEX, called "SPIcE" is listed on BSE. It brings to the investors a trading tool that can be easily used for the purposes of investment, trading, hedging and arbitrage. SPIcE allows small investors to take a long-term view of the market.
BSE provides an efficient and transparent market for trading in equity, debt instruments and derivatives. It has a nation-wide reach with a presence in more than 359 cities and towns of India. BSE has always been at par with the international standards. The systems and processes are designed to safeguard market integrity and enhance transparency in operations. BSE is the first exchange in India and the second in the world to obtain an ISO 9001:2000 certification. It is also the first exchange in the country and second in the world to receive Information Security Management System Standard BS 7799-2-2002 certification for its BSE On-line Trading System (BOLT).
BSE continues to innovate. In recent times, it has become the first national level stock exchange to launch its website in Gujarati and Hindi to reach out to a larger number of investors. It has successfully launched a reporting platform for corporate bonds in India christened the ICDM or Indian Corporate Debt Market and a unique ticker-cum-screen aptly named 'BSE Broadcast' which enables information dissemination to the common man on the street.
In 2006, BSE launched the Directors Database and ICERS (Indian Corporate Electronic Reporting System) to facilitate information flow and increase transparency in the Indian capital market. While the Directors Database provides a single-point access to information on the boards of directors of listed companies, the ICERS facilitates the corporates in sharing with BSE their corporate announcements.
BSE also has a wide range of services to empower investors and facilitate smooth transactions:
BSE is the first stock exchange in the country which obtained permanent recognition (in 1956) from the Government of India under the Securities Contracts (Regulation) Act 1956. BSE's pivotal and pre-eminent role in the development of the Indian capital market is widely recognized. It migrated from the open outcry system to an online screen-based order driven trading system in 1995. Earlier an Association Of Persons (AOP), BSE is now a corporatised and demutualised entity incorporated under the provisions of the Companies Act, 1956, pursuant to the BSE (Corporatisation and Demutualisation) Scheme, 2005 notified by the Securities and Exchange Board of India (SEBI). With demutualisation, BSE has two of world's best exchanges, Deutsche Börse and Singapore Exchange, as its strategic partners.
Over the past 133 years, BSE has facilitated the growth of the Indian corporate sector by providing it with an efficient access to resources. There is perhaps no major corporate in India which has not sourced BSE's services in raising resources from the capital market.
Today, BSE is the world's number 1 exchange in terms of the number of listed companies and the world's 5th in transaction numbers. The market capitalization as on December 31, 2007 stood at USD 1.79 trillion . An investor can choose from more than 4,700 listed companies, which for easy reference, are classified into A, B, S, T and Z groups.
The BSE Index, SENSEX, is India's first stock market index that enjoys an iconic stature , and is tracked worldwide. It is an index of 30 stocks representing 12 major sectors. The SENSEX is constructed on a 'free-float' methodology, and is sensitive to market sentiments and market realities. Apart from the SENSEX, BSE offers 21 indices, including 12 sectoral indices. BSE has entered into an index cooperation agreement with Deutsche Börse. This agreement has made SENSEX and other BSE indices available to investors in Europe and America. Moreover, Barclays Global Investors (BGI), the global leader in ETFs through its iShares® brand, has created the 'iShares® BSE SENSEX India Tracker' which tracks the SENSEX. The ETF enables investors in Hong Kong to take an exposure to the Indian equity market.
The first Exchange Traded Fund (ETF) on SENSEX, called "SPIcE" is listed on BSE. It brings to the investors a trading tool that can be easily used for the purposes of investment, trading, hedging and arbitrage. SPIcE allows small investors to take a long-term view of the market.
BSE provides an efficient and transparent market for trading in equity, debt instruments and derivatives. It has a nation-wide reach with a presence in more than 359 cities and towns of India. BSE has always been at par with the international standards. The systems and processes are designed to safeguard market integrity and enhance transparency in operations. BSE is the first exchange in India and the second in the world to obtain an ISO 9001:2000 certification. It is also the first exchange in the country and second in the world to receive Information Security Management System Standard BS 7799-2-2002 certification for its BSE On-line Trading System (BOLT).
BSE continues to innovate. In recent times, it has become the first national level stock exchange to launch its website in Gujarati and Hindi to reach out to a larger number of investors. It has successfully launched a reporting platform for corporate bonds in India christened the ICDM or Indian Corporate Debt Market and a unique ticker-cum-screen aptly named 'BSE Broadcast' which enables information dissemination to the common man on the street.
In 2006, BSE launched the Directors Database and ICERS (Indian Corporate Electronic Reporting System) to facilitate information flow and increase transparency in the Indian capital market. While the Directors Database provides a single-point access to information on the boards of directors of listed companies, the ICERS facilitates the corporates in sharing with BSE their corporate announcements.
BSE also has a wide range of services to empower investors and facilitate smooth transactions:
- Investor Services: The Department of Investor Services redresses grievances of investors. BSE was the first exchange in the country to provide an amount of Rs.1 million towards the investor protection fund; it is an amount higher than that of any exchange in the country. BSE launched a nationwide investor awareness programme- 'Safe Investing in the Stock Market' under which 264 programmes were held in more than 200 cities.
- The BSE On-line Trading (BOLT): BSE On-line Trading (BOLT) facilitates on-line screen based trading in securities. BOLT is currently operating in 25,000 Trader Workstations located across over 359 cities in India.BSEWEBX.com: In February 2001, BSE introduced the world's first centralized exchange-based Internet trading system, BSEWEBX.com. This initiative enables investors anywhere in the world to trade on the BSE platform.
- Surveillance: BSE's On-Line Surveillance System (BOSS) monitors on a real-time basis the price movements, volume positions and members' positions and real-time measurement of default risk, market reconstruction and generation of cross market alerts.BSE Training Institute: BTI imparts capital market training and certification, in collaboration with reputed management institutes and universities. It offers over 40 courses on various aspects of the capital market and financial sector. More than 20,000 people have attended the BTI programmesAwards
- The World Council of Corporate Governance has awarded the Golden Peacock Global CSR Award for BSE's initiatives in Corporate Social Responsibility (CSR).
The Annual Reports and Accounts of BSE for the year ended March 31, 2006 and March 31 2007 have been awarded the ICAI awards for excellence in financial reporting.
The Human Resource Management at BSE has won the Asia - Pacific HRM awards for its efforts in employer branding through talent management at work, health management at work and excellence in HR through technologyDrawing from its rich past and its equally robust performance in the recent times, BSE will continue to remain an icon in the Indian capital market.
Beirut Stock Exchange
Beirut Stock Exchange
In June 1999, a cooperation agreement was signed between BSE and Bourse de Paris in order to replace the outdated fixing price system and provide BSE with a state of the art electronic trading system, the NSC-UNIX-EURONEXT, allowing for a continuous trading.
On October 12, 2000, the BSE adopted a new temporary trading system, based on a combined continuous-fixing price trading, until the new European NSC-UNIX –EURONEXT system is set.Another important amendment was introduced to the BSE bylaw in 2000, allowing to list and trade new forms of securities on BSE: GDR (Global Depository Receipt), investment funds shares, preferred stocks, priority shares and any other tradable derivatives.In 2002, the BSE moved its headquarters to the Lazarieh building in Down Town Beirut (Solidere).On July 7, 2003, the BSE launched the new European trading system designed by the European capital markets software “Atos Euronext” market solutions, branded NSC-Unix-EURONEXT
By the end of 2006, the BSE launched a new REMOTE TRADING SYSTEM , allowing the brokers to trade with the securities listed on the BSE “remotely” from their own offices.
On February 13, 2008, the BSE decided to approve the use of E-trading on the BSE via the internet, and that exclusively through the authorized brokers at the stock exchange.
(BSE) is the second oldest stock market in the region; it was established in 1920, by a decree of the French Commissioner. Initially, trading was restricted to gold and foreign currencies. In the early 30s, trading was expanded to encompass shares of private companies set up under the French mandate to operate and manage some public services and sectors (railways, communications, post…). It was then tantamount to privatization. Some of theses corporate securities and shares were listed on both BSE and Bourse de Paris at the same time.
In the 1950s and 1960s, the Lebanese economy witnessed a significant activity; various industrial, banking and services companies listed their stocks on the BSE, thus prompt it at the forefront of the regional markets, totaling 50 listed bonds.In 1975, at the onset of the security turmoil in Lebanon, the trading activity in the BSE draws back and was conclusively halted in 1983. The suspension extended until 1996.In 1994, the prevailing stability and security in the country induced the Lebanese government into appointing a new administrating committee to re-launch the BSE. The committee set up a new internal bylaw, re-structured and streamlined mechanisms and trading systems, with the collaboration of the Bourse de Paris. A new electronic brokers system (automated order) was set in place, based on the fixing price instead of the traditional OTC voice brokers.
On January 22, 1996, the BSE re-launched the trading activity in its hall, following a thirteen-year compulsory suspension.
On January 22, 1996, the BSE re-launched the trading activity in its hall, following a thirteen-year compulsory suspension.
On October 12, 2000, the BSE adopted a new temporary trading system, based on a combined continuous-fixing price trading, until the new European NSC-UNIX –EURONEXT system is set.Another important amendment was introduced to the BSE bylaw in 2000, allowing to list and trade new forms of securities on BSE: GDR (Global Depository Receipt), investment funds shares, preferred stocks, priority shares and any other tradable derivatives.In 2002, the BSE moved its headquarters to the Lazarieh building in Down Town Beirut (Solidere).On July 7, 2003, the BSE launched the new European trading system designed by the European capital markets software “Atos Euronext” market solutions, branded NSC-Unix-EURONEXT
By the end of 2006, the BSE launched a new REMOTE TRADING SYSTEM , allowing the brokers to trade with the securities listed on the BSE “remotely” from their own offices.
On February 13, 2008, the BSE decided to approve the use of E-trading on the BSE via the internet, and that exclusively through the authorized brokers at the stock exchange.
BSE
In 1999, the BSE installed the Automated Trading System (ATS) to carry out all the exchange’s transactions. The Automated Trading System at the BSE is one of the most advanced trading systems used in capital markets worldwide. Such system ensures accuracy, speed, and fairness in executing transactions providing greater flexibility to operate several markets at once and list various instruments. The mechanism of the ATS can be controlled according to the rules and regulations of the BSE.
Before launching the automated trading system at the BSE, trading was done manually known as “written bidding” system. Using this system, the broker had to write the bid and offer orders that they receive from the investor on the trading boards at the trading floor. The transaction takes place when the prices of the bid and offer match.
Markets supported by the Automated Trading System
The automated trading system installed in 1999 supports 5 markets:
Before launching the automated trading system at the BSE, trading was done manually known as “written bidding” system. Using this system, the broker had to write the bid and offer orders that they receive from the investor on the trading boards at the trading floor. The transaction takes place when the prices of the bid and offer match.
Markets supported by the Automated Trading System
The automated trading system installed in 1999 supports 5 markets:
- The Regular Market.
- The IPOs Market: The market in which shares of a company are traded for the first time following its listing on the exchange.
- The Special Orders Market (Min. BD 500,000).
- Bonds Market: This market is specialized for the trading in bonds and Islamic Sukuk.
- Mutual funds market: This market is specialized for the trading in mutual funds.
Trading Mechanisms
During the pre-opening period (9.15a.m.-9.30a.m.), brokers input the bids and offers they receive from investors into the system until they match. The mechanism for which the price of equities is determined is as follows:
- The best price (price priority): The transaction is executed for the best price.
- Type of order:If an order is conditional, precedence of execution is given to orders that are un-conditional. For example, if there are two orders with the same price, the system will give precedence to the un-conditional order.
- Source of order: The sources of order are given precedence of execution as follows:-
-Priority 1: client’s order, foreign investor’s order, market control’s order
-Priority 2: mutual fund’s order, the issuing company’s order, specialist’s order
- Priority 3: insider’s order
- Time of order priority: In case the price and type are the same, precedence is given to the orders entered into the system first.
- Cross priority: Cross priority is implemented if the one with the priority is on the active side. Trading in cross priority takes precedence over other house, then against the same house order.
- Random factor priority: In case two orders are received in the same time, precedence is given to the random factor.
Trading Session
The trading session is from 9.30a.m. to 12.30 noon, from Sundays to Thursdays excluding the official holidays.
Price Fluctuations
During one trading session, the price fluctuation is fixed to a maximum of 10% either way from the last closing. i.e. If the closing price of a company was 500 fils the previous day, the maximum price it can reach the next day is 550 fils and the minimum is 450 fils.
Bidding Units
The change is calculated by one fils and its multiples regardless of the price share. If the trading is in US dollars, the change is calculated according to the below schedule:
Share’s Price Unit Price
0 – 50 cents 0.005 cents
51 cents and above 0.01 cent
The Exchange’s and Brokers’ Commission
The Brokers’ Commission is 0.275% i.e. 0.00275 of the total value calculated based on the total value of buy and sell transactions for each investor and issue within the same trading session with a minimum amount of BD3. The Exchange calculates its commission at the rate of 20% of the brokers’ total commission.
Bonds and Islamic Sukuk
Value of Transaction (Bahraini Dinar)* Commission
Minimum one Dinar 0.0005
* US$ 1 = BD 0.377
ASX Limited
As one of the world’s top 10 listed exchange groups, measured by its market capitalisation, ASX group was created through the merger of the Australian Stock Exchange and the Sydney Futures Exchange.
ASX group operates under the brand, Australian Securities Exchange.
ASX group operates under the brand, Australian Securities Exchange.
NYSE
The New York Stock Exchange traces its origins to 1792, when 24 New York City stockbrokers and merchants signed the Buttonwood Agreement. This agreement set in motion the NYSE’s unwavering commitment to investors and issuers.
Now NYSE Euronext welcomes the historic American Stock Exchange into the world’s largest and most liquid exchange group.
Originally called the "curb market" because its brokers traded outdoors in the street, the Amex has been at the forefront of the U.S. financial markets over the course of two centuries.
Learn more about the American Stock Exchange’s long and colorful history. (pdf)
NYSE Euronext Merger
The historic combination of NYSE Group and Euronext in 2007 marked a milestone for global financial markets. It brought together major marketplaces across Europe and the United States whose histories stretch back more than four centuries. The combination was by far the largest of its kind and the first to create a truly global marketplace group.
Discover how NYSE Euronext grew to become the global marketplace of today.
Now NYSE Euronext welcomes the historic American Stock Exchange into the world’s largest and most liquid exchange group.
Originally called the "curb market" because its brokers traded outdoors in the street, the Amex has been at the forefront of the U.S. financial markets over the course of two centuries.
Learn more about the American Stock Exchange’s long and colorful history. (pdf)
NYSE Euronext Merger
The historic combination of NYSE Group and Euronext in 2007 marked a milestone for global financial markets. It brought together major marketplaces across Europe and the United States whose histories stretch back more than four centuries. The combination was by far the largest of its kind and the first to create a truly global marketplace group.
Discover how NYSE Euronext grew to become the global marketplace of today.
Lahore Stock Exchange
Lahore Stock Exchange was established in October 1970 and is the second largest stock exchange in the country with a market share of around 12-16% in terms of daily traded volumes. LSE has 519 companies, spanning 37 sectors of the economy, that are listed on the Exchange with total listed capital of Rs. 555.67 billion having market capitalization of around Rs. 3.64 trillion. LSE has 152 members of whom 81 are corporate and 54 are individual members.
Activities of Lahore Stock Exchange (LSE) have increased significantly in all operational areas since its inception. Over the years, LSE has successfully met various challenges and has now emerged, fully geared and positioned to aggressively compete with its fellow Exchanges, contributing towards the growth of Capital Markets in Pakistan.
Important Developments over the Past Years
A number of significant initiatives have been taken to improve the regulatory regime and the trading environment for the benefit of Institutional Investors as well as listed companies. Although the list of such initiatives is exhaustive, below some of these incentives are touched upon;
Activities of Lahore Stock Exchange (LSE) have increased significantly in all operational areas since its inception. Over the years, LSE has successfully met various challenges and has now emerged, fully geared and positioned to aggressively compete with its fellow Exchanges, contributing towards the growth of Capital Markets in Pakistan.
Important Developments over the Past Years
A number of significant initiatives have been taken to improve the regulatory regime and the trading environment for the benefit of Institutional Investors as well as listed companies. Although the list of such initiatives is exhaustive, below some of these incentives are touched upon;
- LSE was the first Exchange in the country to undertake automation of trading at the exchanges in 1994. LSE has made large investments in technology & automation to keep pace with globalization of securities trading. The Exchange is fully committed to providing a transparent, efficient, fair and investor friendly environment for the benefit of Investors and Issuers. The goal is to bring LSE up to international standards in operational, technical, regulatory and quality management areas and to ensure that not only domestic but also foreign investors are attracted.
- LSE has made direct investment in Pakistan Credit Rating Agency (Pvt) Ltd. (PACRA), Central Depository Company Ltd. (CDC), National Clearing Company of Pakistan Ltd. (NCCPL), and National Commodity Exchange Ltd. (NCEL), all of which play a central role in developing the infrastructure around the financial markets of Pakistan. In addition, LSE is an active member of the Federation of Euro-Asian Stock Exchanges (FEAS) and the South Asian Federation of Exchanges (SAFE), helping to expand its outreach, presence and profile beyond the boundaries of Pakistan.
- LSE was the first Exchange in Pakistan to offer Internet based trading to its members in the year 2001. It enables the brokers to reach out to the untapped retail markets. Currently, more than 50% of the total trading volume at the LSE originates from Internet trading terminals. The aim of this measure is to transform the LSE from a regional to a national player over a period of time.
- LSE has increased its geographical outreach by establishing its branches in other cities of the Province. Two such branch offices have become operational in Faisalabad and Sialkot. Similar Offices in other cities are also being contemplated. LSE’s trading system has already been modified to connect branch offices in real-time fashion. There is a growing need for remote trading terminals reflecting the confidence of traders in the use of stable Internet Trading Systems.
- LSE has improved the quality of operations and upgraded them to modern international standards. This has included upgrading LSE’s IT infrastructure, updating regulations and procedures to incorporate existing and expected technological changes, as well as reorganizing and restructuring the workforce. As a result, LSE’s capabilities as both a front-line regulatory body and a service organization have been significantly enhanced.
- LSE has successfully launched Unique Identification Number (UIN) System with an objective to bring more efficiency and transparency to the stock business and to improve the surveillance and monitoring capacity of the Exchange.
- LSE has implemented a regular timetable for the Broker System Audit, in order to build investors’ confidence. Also, LSE has taken effective risk and exposure management measures including the implementation of a fully automated in-house developed Trade Risk Filter (TRF) to efficiently monitor members’ pre-trading exposures on a real time basis. This has been a quantum leap for LSE in improving its risk management systems.
- A visible trend at the LSE has been the increasing number of corporate members. It is heartening to note that part of this increase has been due to the entry of investment banks/financial institutions (or their subsidiaries) as members of the Exchange. An overview of this trend over the past years is as follows:
About Karachi Stock Exchange
Introduction
Vision
To be a leading financial institution, offering efficient, fair and transparent securities market in the region and enjoying full confidence of the investors.
KSE POSITIONED TO BE A HUB OFCAPITAL FORMATION IN THE REGION
Chairman South Asian Federation of Exchanges (SAFE)
Vice Chairmanship of the South Asian Federation of Exchanges (SAFE) - 2008
Member Federation of Euro-Asian Exchanges (FEAS)
Affiliate Member of the World Federation of Exchanges (WFE)
Affiliate Member of International Organization of Securities Commissions (IOSCO)
Agreements with other Exchanges
Dubai Financial Market
Abu Dhabi Securities Market
Shanghai Stock Exchange
Mission
To strive to provide quality and value-added services to the capital market in an efficient, transparent and orderly manner, compatible with international standards and best practices.
To provide state-of-the-art technology and automated trading operations, driven by a team of professionals in accordance with good corporate governance.
To protect and safeguard the interests of all its stakeholders, i.e. members, listed companies, employees and the investors at large.
To reflect the country’s economic health and behavior and play its role for the growth, development and prosperity of Pakistan.
OUR CUSTOMERS
Issuers (Listed Companies)
Brokers and Members
Investors
Vision
To be a leading financial institution, offering efficient, fair and transparent securities market in the region and enjoying full confidence of the investors.
KSE POSITIONED TO BE A HUB OFCAPITAL FORMATION IN THE REGION
Chairman South Asian Federation of Exchanges (SAFE)
Vice Chairmanship of the South Asian Federation of Exchanges (SAFE) - 2008
Member Federation of Euro-Asian Exchanges (FEAS)
Affiliate Member of the World Federation of Exchanges (WFE)
Affiliate Member of International Organization of Securities Commissions (IOSCO)
Agreements with other Exchanges
Dubai Financial Market
Abu Dhabi Securities Market
Shanghai Stock Exchange
Mission
To strive to provide quality and value-added services to the capital market in an efficient, transparent and orderly manner, compatible with international standards and best practices.
To provide state-of-the-art technology and automated trading operations, driven by a team of professionals in accordance with good corporate governance.
To protect and safeguard the interests of all its stakeholders, i.e. members, listed companies, employees and the investors at large.
To reflect the country’s economic health and behavior and play its role for the growth, development and prosperity of Pakistan.
OUR CUSTOMERS
Issuers (Listed Companies)
Brokers and Members
Investors
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