STOCK EXCHANGE

National Stock Exchange of India Limited

2010-05-12T18:43:00.000-07:00

The National Stock Exchange of India Limited (Hindi: राष्ट्रीय शेअर बाजार) is a Mumbai-based stock exchange. It is the largest stock exchange in India in terms of daily turnover and number of trades, for both equities and derivative trading.[1]. NSE has a market capitalization of around Rs 47,01,923 crore (7 August 2009) and is expected to become the biggest stock exchange in India in terms of market capitalization by 2009 end.[2]Though a number of other exchanges exist, NSE and the Bombay Stock Exchange are the two most significant stock exchanges in India, and between them are responsible for the vast majority of share transactions. The NSE's key index is the S&P CNX Nifty, known as the Nifty, an index of fifty major stocks weighted by market capitalisation.
NSE is mutually-owned by a set of leading financial institutions, banks, insurance companies and other financial intermediaries in India but its ownership and management operate as separate entities[3]. There are at least 2 foreign investors NYSE Euronext and Goldman Sachs who have taken a stake in the NSE.[4] As of 2006[update], the NSE VSAT terminals, 2799 in total, cover more than 1500 cities across India [5]. In October 2007, the equity market capitalization of the companies listed on the NSE was US$ 1.46 trillion, making it the second largest stock exchange in South Asia. NSE is the third largest Stock Exchange in the world in terms of the number of trades in equities.[6]It is the second fastest growing stock exchange in the world with a recorded growth of 16.6%.[7]NSE has remained in the forefront of modernization of India's capital and financial markets, and its pioneering efforts include:
Being the first national, anonymous, electronic limit order book (LOB) exchange to trade securities in India. Since the success of the NSE, existent market and new market structures have followed the "NSE" model.
Setting up the first clearing corporation "National Securities Clearing Corporation Ltd." in India. NSCCL was a landmark in providing innovation on all spot equity market (and later, derivatives market) trades in India.
Co-promoting and setting up of National Securities Depository Limited, first depository in India[2].
Setting up of S&P CNX Nifty.
NSE pioneered commencement of Internet Trading in February 2000, which led to the wide popularization of the NSE in the broker community.
Being the first exchange that, in 1996, proposed exchange traded derivatives, particularly on an equity index, in India. After four years of policy and regulatory debate and formulation, the NSE was permitted to start trading equity derivatives
Being the first and the only exchange to trade GOLD ETFs (exchange traded funds) in India.
NSE has also launched the NSE-CNBC-TV18 media centre in association with CNBC-TV18.
NSE.IT Limited, setup in 1999 , is a 100% subsidiary of the National Stock Exchange of India. A Vertical Specialist Enterprise, NSE.IT offers end-to-end Information Technology (IT) products, solutions and services.

NSE's normal trading sessions are conducted from 9:00 am India Time to 3:30 pm India Time on all days of the week except Saturdays, Sundays and Official Holidays declared by the Exchange (or by the Government of India) in advance.[8] The exchange, in association with BSE (Bombay Stock Exchange Ltd.), is thinking of revising its timings from 9.00 am India Time to 5.00 pm India Time.
There were System Testing going on and opinions, suggestions or feedback on the New Proposed Timings are being invited from the brokers across India. And finally on Nov 18, 2009 regulator decided to drop their ambitious goal of longest Asia Trading Hours due to strong opposition from its members.
On Dec 16, 2009, NSE announced that it would pre-pone the market opening at 9am from Dec 18, 2009. So NSE trading hours will be from 9:00 am till 3:30 pm India Time.
However, on Dec 17, 2009, after strong protests from brokers, the Exchange decided to postpone the change in trading hours till Jan 04, 2010.
NSE new market timing from Jan 04, 2010 is 9:00 am till 3:30 pm India Time.

Bombay Stock Exchange

2010-05-12T18:29:00.001-07:00

Bombay Stock Exchange is the oldest stock exchange in Asia What is now popularly known as the BSE was established as "The Native Share & Stock Brokers' Association" in 1875.Over the past 135 years, BSE has facilitated the growth of the Indian corporate sector by providing it with an efficient capital raising platform.Today, BSE is the world's number 1 exchange in the world in terms of the number of listed companies (over 4900). It is the world's 5th most active in terms of number of transactions handled through its electronic trading system. And it is in the top ten of global exchanges in terms of the market capitalization of its listed companies (as of December 31, 2009). The companies listed on BSE command a total market capitalization of USD Trillion 1.28 as of Feb, 2010.The BSE Index, SENSEX, is India's first and most popular Stock Market benchmark index. Exchange traded funds (ETF) on SENSEX, are listed on BSE and in Hong Kong. Futures and options on the index are also traded at BSE. BSE continues to innovate:
Became the first national exchange to launch its website in Gujarati and Hindi and now Marathi
Purchased of Marketplace Technologies in 2009 to enhance the in-house technology development capabilities of the BSE and allow faster time-to-market for new products
Launched a reporting platform for corporate bonds christened the ICDM or Indian Corporate Debt Market
Acquired a 15% stake in United Stock Exchange (USE) to drive the development and growth of the currency and interest rate derivatives markets
Launched 'BSE StAR MF' Mutual fund trading platform, which enables exchange members to use its existing infrastructure for transaction in MF schemes.
BSE now offers AMFI Certification for Mutual Fund Advisors through BSE Training Institute (BTI)
Co-location facilities for Algorithmic trading
BSE also successfully launched the BSE IPO index and PSU website
BSE revamped its website with wide range of new features like 'Live streaming quotes for SENSEX companies', 'Advanced Stock Reach', 'SENSEX View', 'Market Galaxy', and 'Members'
Launched 'BSE SENSEX MOBILE STREAMER' With its tradition of serving the community, BSE has been undertaking Corporate Social Responsibility (CSR) initiatives with a focus on Education, Health and Environment. BSE has been awarded by the World Council of Corporate Governance the Golden Peacock Global CSR Award for its initiatives in Corporate Social Responsibility (CSR).Other Awards:
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 technology Drawing 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.

2010-05-02T07:51:00.001-07:00

Shortly after taking office, President de la Madrid allowed the establishment of private brokerage houses with wide latitude to conduct financial transactions in domestic capital markets. That action laid the foundation for the first significant stock market in Mexican history, the Mexican Stock Exchange (Bolsa Mexicana de Valores--BMV). Following several years of dynamic growth, the BMV's leading index fell sharply as a result of the October 1987 United States stock market crash. The BMV recovered slowly in 1988, then surged ahead from 1989 through 1991. By the early 1990s, the BMV had become one of the world's fastest growing stock exchanges. During 1991 the index of traded stocks rose 128 percent in new peso terms and 118 percent in United States dollar terms. Analysts attributed the stock market's buoyancy to increased confidence in the economy and to expectations of lower interest rates and approval of NAFTA.
In 1992, 199 companies were listed as trading on the stock exchange. A total of 11 trillion new pesos were traded, and the exchange had a total capitalization of US$139 billion and a price-to-earnings ratio of more than thirteen. The total value of stocks traded increased by US$191 billion between 1987 and 1993. Treasury bills, bank acceptances, and commercial paper were the most common instruments traded. At the end of 1993, Mexican investors held about 75 percent of the equities traded. Although the value of Mexican-owned stocks rose by about US$143 billion between 1987 and 1993, only 0.2 percent of all Mexicans had brokerage accounts at the end of 1992.
The BMV's market value stood at about US$200 billion at the end of 1993. Analysts attributed the rise partly to expectations of higher profits resulting from a 1 percentage point reduction in the corporate tax rate, lower energy prices for industrial users, and euphoria over the passage of NAFTA. Despite a setback induced by the January 1994 Zapatista rebellion in the state of Chiapas, the BMV continued its strong growth in early 1994. Beginning in March, however, the market was buffeted by a series of political shocks--including two high-profile political assassinations, revelations of high-level corruption in President Salinas's entourage, and continued unrest in Chiapas--that contributed to its high volatility throughout the rest of the year.
The stock market was further buffeted by the collapse of the new peso in early 1995, causing the stock index to fall to less than 1,500 points in February of that year. The main stock index gradually recovered to just under 3,000 points by the end of 1995 and had reached 3,300 by September 1996. Mexican stocks gained 24 percent in dollar terms during the first eight months of 1996. Mexico's stock market had a US$70 billion capitalization in September 1996, according to Morgan Stanley Capital International indices.
Exchange Rate
From December 1982 until November 1991, the Mexican peso had two rates of exchange against the United States dollar--the controlled or "official rate" and the "free rate." The controlled rate applied to income from most merchandise exports, to funds used by maquiladora (see Glossary) assembly industries for local expenditure other than fixed assets, to nearly all import payments, and to principal and interest payments and other credit expenses. The free rate applied to most other transactions, such as tourism and profit remittances.
In November 1991, the government eliminated all exchange controls, thereby unifying the various peso exchange rates. The regime freed the peso to float within a band, the bottom of which was fixed at 3,051 pesos per dollar and the top of which was devalued by 0.2 pesos per day. Renewed pressure on the peso forced the authorities in October 1992 to raise the average daily depreciation to 0.4 pesos per dollar, increasing the peso's annual rate of devaluation to less than 5 percent. The peso continued to appreciate in real terms, however, because Mexico's inflation rate exceeded that of the United States by some 8 percentage points. The government was reluctant to devalue the peso to the full extent of the inflation differential with the United States because it feared that a large devaluation would exacerbate domestic inflation and undermine public confidence in the stability of the government's macroeconomic policy. It preferred to compensate for the less competitive position of the peso by increasing productivity within Mexico. In January 1993, the government introduced the new peso, worth 1,000 of the old and divided into 100 centavos, to simplify foreign exchange.
Intense international demand for Mexican stocks and high-yielding two-year treasury certificates, known as cetes , kept the new peso at a stable level of 3.1 new pesos per dollar for most of 1993. Uncertainty about NAFTA's passage drove the new peso down to 3.3 per dollar in November 1993, although it soon rallied to 3.1 per dollar as interest rates rose and NAFTA's prospects of ratification appeared to improve. By late 1993, the capital influx had overvalued the new peso against the dollar by some 30 percent, leading some investors to avoid Mexican currency for fear that the new peso's overvaluation would compel the government to impose a large devaluation that would sharply reduce the dollar return of cetes . Some leading private-sector figures favored devaluation, expecting it to help reduce the trade deficit, Mexico's need for foreign capital, and thus interest rates.
Political considerations deterred the government from imposing a devaluation that would lower living standards, jeopardize investor confidence, and promote capital flight in the months prior to the August 1994 presidential and congressional elections. The slowdown of capital inflows exerted steady downward pressure on the new peso throughout the year. By late 1994, the government was drawing heavily on international reserves to prop up the new peso.
The almost complete disappearance of Mexico's reserves forced the new Zedillo government to bolster the currency's value. On December 20, 1994, the government raised the ceiling on the exchange rate band from 3.4 to 4.1 new pesos per dollar. However, continued pressure on the new peso, combined with mounting investor concern about the government's intentions, forced the administration two days later to let the currency float. The new peso ended 1994 at 5.3 per dollar. It continued to weaken during early 1995, as investors doubted the government's ability to repay the US$29 billion in short-term tesebono debt that would fall due during that year. In 1995 the exchange rate fell to 6.5 new pesos per dollar, and in January 1996 it stood at 7.4 new pesos per dollar.
The average monthly interest rate on twenty-eight-day cetes rose from 14 percent in 1995 to 49 percent in 1996. When the new peso came under heavy speculative pressure in late 1995, Mexico's monetary authorities reacted by raising interest rates sharply. Mindful of the need to restore investor confidence in Mexico's early economic recovery, the authorities allowed interest rates to fall at the end of 1995.

Mexico Stock Exchange

2010-05-02T07:48:00.000-07:00

Mexico Stock Exchange
Shortly after taking office, President de la Madrid allowed the establishment of private brokerage houses with wide latitude to conduct financial transactions in domestic capital markets. That action laid the foundation for the first significant stock market in Mexican history, the Mexican Stock Exchange (Bolsa Mexicana de Valores--BMV). Following several years of dynamic growth, the BMV's leading index fell sharply as a result of the October 1987 United States stock market crash. The BMV recovered slowly in 1988, then surged ahead from 1989 through 1991. By the early 1990s, the BMV had become one of the world's fastest growing stock exchanges. During 1991 the index of traded stocks rose 128 percent in new peso terms and 118 percent in United States dollar terms. Analysts attributed the stock market's buoyancy to increased confidence in the economy and to expectations of lower interest rates and approval of NAFTA.
In 1992, 199 companies were listed as trading on the stock exchange. A total of 11 trillion new pesos were traded, and the exchange had a total capitalization of US$139 billion and a price-to-earnings ratio of more than thirteen. The total value of stocks traded increased by US$191 billion between 1987 and 1993. Treasury bills, bank acceptances, and commercial paper were the most common instruments traded. At the end of 1993, Mexican investors held about 75 percent of the equities traded. Although the value of Mexican-owned stocks rose by about US$143 billion between 1987 and 1993, only 0.2 percent of all Mexicans had brokerage accounts at the end of 1992.
The BMV's market value stood at about US$200 billion at the end of 1993. Analysts attributed the rise partly to expectations of higher profits resulting from a 1 percentage point reduction in the corporate tax rate, lower energy prices for industrial users, and euphoria over the passage of NAFTA. Despite a setback induced by the January 1994 Zapatista rebellion in the state of Chiapas, the BMV continued its strong growth in early 1994. Beginning in March, however, the market was buffeted by a series of political shocks--including two high-profile political assassinations, revelations of high-level corruption in President Salinas's entourage, and continued unrest in Chiapas--that contributed to its high volatility throughout the rest of the year.
The stock market was further buffeted by the collapse of the new peso in early 1995, causing the stock index to fall to less than 1,500 points in February of that year. The main stock index gradually recovered to just under 3,000 points by the end of 1995 and had reached 3,300 by September 1996. Mexican stocks gained 24 percent in dollar terms during the first eight months of 1996. Mexico's stock market had a US$70 billion capitalization in September 1996, according to Morgan Stanley Capital International indices.
Exchange Rate
From December 1982 until November 1991, the Mexican peso had two rates of exchange against the United States dollar--the controlled or "official rate" and the "free rate." The controlled rate applied to income from most merchandise exports, to funds used by maquiladora (see Glossary) assembly industries for local expenditure other than fixed assets, to nearly all import payments, and to principal and interest payments and other credit expenses. The free rate applied to most other transactions, such as tourism and profit remittances.
In November 1991, the government eliminated all exchange controls, thereby unifying the various peso exchange rates. The regime freed the peso to float within a band, the bottom of which was fixed at 3,051 pesos per dollar and the top of which was devalued by 0.2 pesos per day. Renewed pressure on the peso forced the authorities in October 1992 to raise the average daily depreciation to 0.4 pesos per dollar, increasing the peso's annual rate of devaluation to less than 5 percent. The peso continued to appreciate in real terms, however, because Mexico's inflation rate exceeded that of the United States by some 8 percentage points. The government was reluctant to devalue the peso to the full extent of the inflation differential with the United States because it feared that a large devaluation would exacerbate domestic inflation and undermine public confidence in the stability of the government's macroeconomic policy. It preferred to compensate for the less competitive position of the peso by increasing productivity within Mexico. In January 1993, the government introduced the new peso, worth 1,000 of the old and divided into 100 centavos, to simplify foreign exchange.
Intense international demand for Mexican stocks and high-yielding two-year treasury certificates, known as cetes , kept the new peso at a stable level of 3.1 new pesos per dollar for most of 1993. Uncertainty about NAFTA's passage drove the new peso down to 3.3 per dollar in November 1993, although it soon rallied to 3.1 per dollar as interest rates rose and NAFTA's prospects of ratification appeared to improve. By late 1993, the capital influx had overvalued the new peso against the dollar by some 30 percent, leading some investors to avoid Mexican currency for fear that the new peso's overvaluation would compel the government to impose a large devaluation that would sharply reduce the dollar return of cetes . Some leading private-sector figures favored devaluation, expecting it to help reduce the trade deficit, Mexico's need for foreign capital, and thus interest rates.
Political considerations deterred the government from imposing a devaluation that would lower living standards, jeopardize investor confidence, and promote capital flight in the months prior to the August 1994 presidential and congressional elections. The slowdown of capital inflows exerted steady downward pressure on the new peso throughout the year. By late 1994, the government was drawing heavily on international reserves to prop up the new peso.
The almost complete disappearance of Mexico's reserves forced the new Zedillo government to bolster the currency's value. On December 20, 1994, the government raised the ceiling on the exchange rate band from 3.4 to 4.1 new pesos per dollar. However, continued pressure on the new peso, combined with mounting investor concern about the government's intentions, forced the administration two days later to let the currency float. The new peso ended 1994 at 5.3 per dollar. It continued to weaken during early 1995, as investors doubted the government's ability to repay the US$29 billion in short-term tesebono debt that would fall due during that year. In 1995 the exchange rate fell to 6.5 new pesos per dollar, and in January 1996 it stood at 7.4 new pesos per dollar.
The average monthly interest rate on twenty-eight-day cetes rose from 14 percent in 1995 to 49 percent in 1996. When the new peso came under heavy speculative pressure in late 1995, Mexico's monetary authorities reacted by raising interest rates sharply. Mindful of the need to restore investor confidence in Mexico's early economic recovery, the authorities allowed interest rates to fall at the end of 1995.

History of the French Stock Exchange

2010-04-25T06:04:00.000-07:00

History of the French Stock Exchange
The history of the French stock exchange is a long and volatile one. The actual location where stocks are exchanged in France has changed over the years. However, Paris has traditionally been the seat of French financial interests. After 2000, the stock exchange has officially been dubbed the Euronext Paris and is the second-largest European exchange following the London Stock Exchange.
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History
Before the 1800s, the French stock market was exchanged at different times on Quincampoix Street, Vivienne Street near the Palais Royal and the Paris opera house, Opera Garnier.
Significance
In the early 19th century, the Parisian stock market was shifted to the Paris Bourse to offer a stable location to trade stocks. This location would remain the French stock exchange through modern times.
Considerations
In an effort to control the actions of stockbrokers, elected members of the market's council established the Compagnie des agents de change in the late 1800s. This was a group of 60 citizens who acted as brokers and followed strict guidelines.
Features
The Paris Bourse operated under the same guidelines until the late 1980s. In 1986, electronic exchange systems were implemented, ultimately creating a fully automated system.
Effects
The European Union consolidated its Paris, Amsterdam, Lisbon and Brussels exchanges in 2000 under one location in the Paris Bourse. The stock market was dubbed the Euronext Paris.

2010-04-25T05:38:00.001-07:00

History of the Brazilian Capital Market
S-N Investimentos S.A. : This company was the first full-service securities broker-dealer in Brazil that met rigorous international standards for internal controls and accounting procedures.
Aron Birmann, founder of the Crefisul Group from Rio Grande do Sul, provided the capital for S-N Investimentos
This firm was organized in 1964 by John Oswin Schroy and financed after 1965 by Aron Birmann of the Crefisul Group of Rio Grande do Sul (the Sirotsky-Birmann families).
Before S-N Investimentos, official stock brokers in Brazil had small offices, with daily trades of usually less than a few thousand dollars.
Brokers did not maintain securities ledgers or offer professional custodial services.
S-N Investimentos dramatically raised the bar for brokerage services, opening offices in five floors in a building directly facing the Rio Stock Exchange on Rua do Mercado 7.
Cross-section of the S-N Investimentos offices, in front of the Rio Stock Exchange, in 1968. (From the firm's advertisement in Time Magazine)
S-N Investimentos set standards for broker-dealer operations in this new market at international levels by introducing practices, generally not followed by other broker-dealers at the time:
Formal account relationships with clients, with contracts and signature cards;
Time stamped order slips, with trades approved by a margin clerk before being sent for execution;
Segregation of customer securities in a high security vault and strong room;
Monthly account statements;
Free and automatic collection of dividends and administration of other corporate actions;
Separate securities ledgers with daily interlocks to the cash accounts, with books closed and balanced daily;
Full insurance on all securities in transit;
A full-time internal auditor and internal controls program;
Rigorous segregation of accounting functions, order handling, credit approval, and trade executions.
S-N Investimentos, before electronic quote boards were available in 1968.
Although S-N Investimentos charged full commissions, while most brokers gave a 50% rebate, the firm became the largest broker within six months.
After 1966, the name of the firm was changed to S-N Crefisul and operated on the Rio de Janeiro and São Paulo stock exchanges.
In 1964 and 1965, this firm was the largest trader in the developing market for Readjustable Government Bonds and after 1966, the firm was the leading trader in interbank, overnight money.
S-N Investimentos managed four mutual funds, including Conta Garantia, the first money market fund.
Until 1971, the firm was managed by John Oswin Schroy, at which time he sold his interests.
As S-N Crefisul, this company continued to be a leading broker-dealer in the Brazilian securities market for a generation.
According to André Pires de Oliveira Dias (Banco Geral do Comércio, São Paulo), writing in "The World's Emerging Stock Markets", S-N Crefisul was still the leading broker in 1991, with 3.6% of trading volume.

NEPAL STOCK EXCHANGE NEPSE

2010-01-28T08:47:00.000-08:00

Introduction
Nepal Stock Exchange, in short NEPSE, is established under the company act, operating under Securities Exchange Act, 1983. The basic objective of NEPSE is to impart free marketability and liquidity to the government and corporate securities by facilitating transactions in its trading floor through member, market intermediaries, such as broker, market makers etc. NEPSE opened its trading floor on 13th January 1994. Government of Nepal, Nepal Rastra Bank, Nepal Industrial Development corporation and members are the shareholders of NEPSE. HistoryThe history of securities market began with the floatation of shares by Biratnagar Jute Mills Ltd. and Nepal Bank Ltd. in 1937. Introduction of the Company Act in 1964, the first issuance of Government Bond in 1964 and the establishment of Securities Exchange Center Ltd. in 1976 were other significant development relating to capital markets. Securities Exchange Center was established with an objective of facilitating and promoting the growth of capital markets. Before conversion into stock exchange it was the only capital markets institution undertaking the job of brokering, underwriting, managing public issue, market making for government bonds and other financial services. Nepal Government, under a program initiated to reform capital markets converted Securities Exchange Center into Nepal Stock Exchange in 1993. MembersMembers of NEPSE are permitted to act as intermediaries in buying and selling of government bonds and listed corporate securities. At present, there are 23 member brokers and 2 market makers, who operate on the trading floor as per the Securities Exchange Act, 1983, rules and bye-laws. Besides this, NEPSE has also granted membership to issue and sales manager securities trader (Dealer). Issue and sales manager works as manager to the issue and underwriter for public issue of securities whereas securities trader (Dealer) works as individual portfolio manager. At present there are 11 sales and issue manager and 2 dealers (Secondary market). Click here to get information of NEPSE members. The tenure of the membership is one year. The license should be renewed within 3 months after the closure of the fiscal year. If not, it can be done within another three months by paying 25% penalty.
Trading
NEPSE the only Stock Exchange in Nepal introduced fully automated screen based trading since 24th August, 2007.
The NEPSE trading system is called ‘NEPSE Automated Trading System ‘(NATS) is a fully automated screen based trading system, which adopts the principle of an order driven market.
Market Timings
Trading on equities takes place on all days of week (except Saturdays and holidays declared by exchange in advance). On Friday only odd lot trading is done.
The market timings of the equities are:-
Market Open: - 12:00 HoursMarket Close: - 15:00 Hours
Odd Lot Trading is done on Fridays. For Odd Lot Trading Market Timings are

2009-11-19T07:35:00.000-08:00

1903
Sep 20, 1903 - 50.000 shares of its stock were issued to the Government of Colombia. The Government is therefore a. very- large shareholder. It now demands that in any disposition that shall be made of the assets of the company it shall receive different and more advantageous treatment than other ... From DICK TURPIN IN BOGOTA. - Related web pagesselect.nytimes.com/gst/abstract.html?res ...
1928
Apr 3, 1928 - Representing 40000 full-paid and non-assessable shares of stock of the par value of 20 Colombian dollars each. of Mortgage Bank of Colombia to be deposited with The New York Trust Company, as Depositary,. or its agent in Bogota, under the Deposit Agreement dated as of March 26, 1928. ... From Display Ad 30 -- No Title - Related web pagespqasb.pqarchiver.com/latimes/access/465338562 ...
1997
Jan 1, 1997 - Article: Colombia Stock Exchange Chooses Tibco To Power Messaging, Integration And Soa Efforts; Software Solutions to Drive Agility and Scalability of ... Inc: Colombia Stock Exchange Chooses Tibco...in High Growth Market(C)1994-2007 M2...that the Colombia Stock Exchange (Bolsa de ... From Alternative Investment Market Definition of Alternative Investment … - Related web pageswww.highbeam.com/doc/1O20 ...
1998
Dec 1998 - The original version was written in English while the author was teaching at Universidad Javeriana in Bogotá, Colombia in December, 1998. Keywords: Stocks, stock markets, inflation, Colombia, Colombian stock market, financial history, real returns on stocks ...The original version was written in English while the author was teaching at Universidad Javeriana in Bogotá, Colombia in December, 1998. Keywords: Stocks, stock markets, inflation, Colombia, Colombian stock market, financial history, real returns on stocks, nominal returns on stocks, non-measurable returns, Colombian firms, CAPM, risk free rate of return, risk premium.
Show more
Show lessFrom SSRN-The Colombian Stock Market: 1930-1998 (El Mercado De Acciones … - Related web pagespapers.ssrn.com/sol3/papers.cfm?abstract_id ...
1999
May 7, 1999 - (This Week In History).(stock market crash on Black Monday, various executives describe impact on their companies)(Brief Article) ... At various times in the United States' history the stock market has risen and fallen, sometimes...Black Monday, Oct. 19, the stock market fell ... From Greenspan Warns of Economic 'Imbalances' Fed Chairman Sees … - Related web pageswww.highbeam.com/doc/1P1-21587851.html?refid ...
2001
May 1, 2001 - Colombian Stock Exchange. ... find Latin Trade articles. COLOMBIA'S stock exchanges in Bogota, Cali and Medellin merged to create the Colombian Stock Exchange, which will ... From Colombian Stock Exchange. Article from Latin Trade HighBeam … - Related web pageswww.highbeam.com/doc/1G1-75211244.html?refid ...
2004
Nov 22, 2004 - História da Bolsa de Valores do Rio de Janeiro [History of the Rio de Janeiro Stock Exchange] Magazine article from: Business History Review; October 1, ... Colombia Stock Exchange Chooses Tibco To Power Messaging, Integration And Soa Efforts; Software Solutions to Drive Agility and ... From Argentina: Bolsa de Comercio expects IPOs to resume in 2005. Article … - Related web pageswww.highbeam.com/doc/1G1-125058698.html?refid ...
2006
Jun 12, 2006 - The Colombian benchmark stock index fell 10.5 percent to 6749.74, its biggest decline since the exchange was opened in 2001. ... Foreign and national investors have snapped up Colombian stocks in recent years to take advantage of the stock market's exceptional returns. ... From Colombia's stock market suffers largest one-day plunge in history. - Related web pageswww.accessmylibrary.com/premium/0286/0286 ...
2007
Aug 22, 2007 - BOGOTA, Aug 22 (Reuters) - When Diana Marcela Pena called a stock broker last week about buying shares, it was something she had never dreamed ... to Colombian investors, the biggest financial deal in the country's history, was too much for the 34-year-old graphic designer to resist. ... From Ecopetrol deal to deepen Colombian stock market - Related web pageswww.reuters.com/article/bondsNews ...
2008
Jan 28, 2008 - Most stocks in Colombia fell as investors took the opportunity to sell after the index rose the most in five months last week, Juan Antonio ... Colombia may sell a 56 percent stake in the electricity company in the second half of this year, Finance Minister Oscar Ivan Zuluaga told ...

100 year stock history

2009-08-19T22:37:00.000-07:00

New York Stock Exchange
Until about 1920, most stock trading took place outside. New York Stock Exchange traders met on Wall Street and traded in an open "street market." In 1921, the traders moved indoors. NYSE was established as a highly regarded exchange because it brokered only the exchange of large, established companies. In 2007, NYSE merged with Euronext, creating a global exchange group.
American Stock Exchange
The American Stock Exchange started as the New York Curb Exchange. In the 1950s, AMEX grew quickly by attracting young, entrepreneurial companies, doubling the value of listed shares from $12 billion to $23 billion by 1960. In 2008, AMEX joined NYSE Euronext.
Nasdaq
The Nasdaq exchange started in 1971. At the time, it was the first electronic exchange in the world and eventually became known for smaller companies and especially technologically driven firms. In 1998, Nasdaq joined with AMEX, though they continued to operate as separate exchanges.
Great Depression
The worst crisis in the history of the stock market was the Great Crash of Oct. 28-29,1929, that essentially started the Great Depression. This was caused mostly by the overuse of margin accounts in which everyday investors bought shares at a 10-to-1 ratio. The resulting losses, including bank failures, created massive unemployment and lowered productive capacities for more than a decade.
Gains and Losses
The stock market has gone through many ups and downs, as represented by the chart provided, but the overall trend is positive, reflecting greater productivity and growth in the overall economy.
Globalization
Globalization, or increasing interconnectedness of markets, has had a tremendous influence, especially in the past 20 to 30 years. As technology advances, the world becomes smaller in the sense that goods and services can be exchanged over great distances quickly and with fewer costs. This allows investors more opportunities to diversify internationally. For example, it is common for the Japanese to buy U.S. Treasury bonds and for U.S. investors to purchase shares in Asian companies.
Financial Crisis
The 2008 financial crisis precipitated from a bursting of the real estate market in the U.S., causing a global economic downturn. Many stock exchanges worldwide showed historically significant declines. The S&P 500 index in the U.S. lost more than half of its value between December 2007 and March 2009.

History of Stock Exchange in Cyprus

2009-06-23T00:54:00.000-07:00

1974
Aug 20, 1974 - Investors concern over the inflationary trend and the unsettled situation in Cyprus sent prices down sharply yesterday on the American Stock Exchange and the over-the-counter market. Market Summary AMERICAN EXCHANGE Monday Awdst 19, 1974 (Volume 1205.650 shares) Monday F Total Issues ... From LOSSES ARE SHARP ON AMEX AND OTC; Inflation and Cyprus Strife Continue as … - Related web pagesselect.nytimes.com/gst/abstract.html?res ...
1993
Apr 1993 - The Cyprus Stock Exchange or CSE (Greek: Χρηματιστήριο Αξιών Κύπρου or ΧΑΚ) is a stock exchange located in Nicosia, Cyprus. It was established under the Cyprus Securities and Stock Exchange Law which provides for the development of the securities market in ...The Cyprus Stock Exchange or CSE (Greek: Χρηματιστήριο Αξιών Κύπρου or ΧΑΚ) is a stock exchange located in Nicosia, Cyprus. It was established under the Cyprus Securities and Stock Exchange Law which provides for the development of the securities market in Cyprus and for the establishment and operation of the Cyprus Stock Exchange, and was passed by the House of Representatives in April 1993.
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Show lessFrom Cyprus Stock Exchange - Wikipedia, the free encyclopedia - Related web pagesen.wikipedia.org/wiki/Cyprus_Stock_Exchange
1996
Mar 29, 1996 - The inauguration of the official Cyprus Stock Exchange on 29 March 1996 and the enactment of the Cyprus Securities and Stock Exchange Law1 marked a new era in the Cypriot securities industry. The new Stock Exchange, successor to the unofficial 'over-the ...The inauguration of the official Cyprus Stock Exchange on 29 March 1996 and the enactment of the Cyprus Securities and Stock Exchange Law1 marked a new era in the Cypriot securities industry. The new Stock Exchange, successor to the unofficial 'over-the-counter' market, is modelled on current international securities rules and practices, and it aspires to consolidate Cyprus' position as a regional business and financial services centre and to boost the growth of capital markets ...
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Show lessFrom International Securities Law and Regulation [2007] - I - Related web pagesbooks.google.com/books?id=wNY9eQ2BCMkC&pg ...
1999
Aug 12, 1999 - The Cyprus stock exchange has become an eerie place. Last week it rose by 4.6% - the highest increase worldwide. On one day in late July prices surged by 18.6%. Since the onset of the year, gains have risen by over 200%. Only the sky, say investors (who include everyone from ... From Share surge turns Cyprus into the hot spot as shares surge - Related web pageswww.guardian.co.uk/business/1999/aug/12/cyprus ...
2000
Nov 2, 2000 - The company said it would withdraw plans to list on the Cyprus Stock Exchange, launching a virulent attack on authorities who, it said, had dragged their feet on an application filed seven months ago. The Cyprus exchange, concerned about what it considered to be the high risk nature of ... From Haji-Ioannou aborts plan to list shipping group in Cyprus - Related web pageswww.independent.co.uk/news/business/news ...
2002
Oct 9, 2002 - It said the insiders made at least $80 million selling the shares, which were listed on the New York Stock Exchange during part of the period that the SEC said the fraud existed. ACLN was a Cyprus corporation operating from Belgium that said it was growing rapidly in two related ... From Market Place; A Car Shipper Sold Shares; SEC Implies It Sold Illusions - Related web pagesselect.nytimes.com/gst/abstract.html?res ...
2004
Feb 16, 2004 - Prices on the Cyprus Stock Exchange, which has been languishing for months, surged 5.64 percent Monday following hopes that the war-divided island could join the European Union as a united nation on May 1. Turnover exceeded 3 million pounds (US$6 million), three times the average of ... From Cyprus Stock Exchange rises on settlement expectation. - Related web pageswww.accessmylibrary.com/premium/0286/0286 ...
2005
Feb 21, 2005 - The Athens Stock Exchange (ASE) and Cyprus Stock Exchange (CSE) are in discussions over how to allow member firms access to each other's trading platforms, which could open the door for Greek custodian banks to expand their business to the Greek side of the island. ... From Athens and Cyprus in Talks for Tie-In.(Athens Exchange SA, Cyprus Stock Exchange … - Related web pageswww.accessmylibrary.com/premium/0286/0286 ...
2006
Nov 20, 2006 - Preparing for expansion beyond their home markets, the Athens Exchange (Athex) and Cyprus Stock Exchange (CSE) have moved to a common ... A new holding company structure and new management have helped to overcome a history plagued by a lack of transparency and insider-trading scandals. ... From … , Cyprus Exchanges Unify Platform.(Athens Exchange and Cyprus Stock Exchange) - Related web pageswww.accessmylibrary.com/premium/0286/0286 ...
2007
Jan 26, 2007 - ATHENS (AFX) - The Greek Capital Markets Commission will seek a clear decision from the Cypriot Stock Exchange on whether the bid by ... The Cypriot Stock Exchange had said earlier this month Piraeus' intention to bid could not stop another company from bidding, referring to Marfin. ... From Greek regulator awaits Cyprus Exchange decision on Marfin/Piraeus bids - sources - Related web pageswww.forbes.com/markets/feeds/afx/2007/01/26 ...

History of Brussels stock exchanges

2009-06-23T00:37:00.000-07:00

History of Brussels stock exchanges
The history of the Brussels Stock Exchange begins in the early days of the nineteenth century.
The first exchange – the Bourse de Fonds Publics de Bruxelles – was established by decree on 13 Messidor An IX (2 July 1801) under the government of Napoleon in Belgium. The former Saint Augustine Convent on the Rue Fossé-aux-Loups was chosen for the original premises. Following the sale of the convent buildings, the stock exchange was permitted to do business in the national mint, the Hôtel des Monnaies. When the mint re-opened in 1820, the brokers rented a house on the Rue Guillaume, now called the Rue Léopold.
By 1858, the bourse was flourishing as a result of the economic and industrial boom, and had outgrown the Rue Guillaume premises. So the brokers and traders urged the municipality of Brussels to build a new stock exchange. The project was given top priority. Among the architects bidding for the commission was Léon Suys who, with support from various petitions, won over the city council.
The new exchange was built on the site of the 13th-century Récollets Convent. Construction started in October 1869, and the inauguration ceremony was attended by King Léopold II and Queen Marie-Henriette. The building was finally completed in 1874. The ruins of the Récollets Convent have been preserved in an underground museum on the Rue de la Bourse.
The stock markets
1801 to 1867: the French system
Belgium was under French rule from 1795 to 1814. It became a fully independent country in 1831, but retained much of the French system. Throughout this period, agents de change, or brokers, were ministerial officials. They had a monopoly on trading in government securities (a system that remained in force in France until 1987) but were not permitted to deal for own account.
1867 to 1935: the free-market system
Under the free-market philosophy of the time, the stockbroking profession and stock exchanges were fully deregulated (although the municipal authorities were responsible for maintaining law and order during trading sessions!)
Belgian stock market legislation
1935 to 2000
Royal decree no. 84 (30 January 1935)
To remedy the lack of regulation during the free-market period – but particularly in reaction to the Great Depression of 1929-1935 – an attempt was made to regulate brokerages by royal decree. This was part of a broader plan to stimulate the economy and the capital markets.
Royal decree no. 61 (10 November 1967)
This royal decree, passed under special powers, was instigated by the De Voghel Commission, a government body set up to examine ways to finance economic expansion.
Act of 4 December 1990
Known as the Financial Transactions and Markets Act, this piece of legislation was initiated by the finance minister, Philippe Maystadt. It was chiefly intended to modernise Belgium's stock markets and make them more competitive internationally.
Act of 6 April 1995
This Act transposed the EU Investment Services Directive – whereby approved European financial intermediaries and bankers can operate Europe-wide – into Belgian law. An independent management committee was set up to administer and supervise the securities markets.
Royal decree of 11 April 1999
This decree officially established Brussels Exchanges (BXS), an integrated market operator comprising Belfox (Belgian Futures and Options Exchange), Bourse de Bruxelles (Brussels stock exchange) and CIK (the central securities depository).
Royal decree of 17 September 2000
This decree authorised Brussels Exchanges to merge with ParisBourse and Amsterdam Exchanges to form Euronext, the first pan-European exchange.
Established on 22 September 2000, Euronext is the first fully integrated cross-border market in equities and derivatives. From the regulatory standpoint, companies traded on Euronext are listed on their home markets, but their shares are now traded on a single platform spanning all participating countries. Listing requirements have been harmonised, and efforts are now underway to harmonise derivatives trading platforms, clearing systems and settlement systems.

AUSTRIA STOCK EXCHANGE

2009-06-16T22:15:00.000-07:00

1859 S&H opens a branch office in Vienna (which remains in operation until 1864). 1879S&H Berlin sets up a technical office in Vienna. 1890s Siemens builds power stations and electric tramways in numerous cities. 1904Österreichische Siemens-Schuckertwerke AG (ÖSSW) is founded. S&H’s facility in Vienna assumes responsibility for the low-voltage power business. 1939The cable plant in Vienna is transformed into a stock company called Wiener Kabel- und Metallwerke AG (WKM). A technical office is opened in Vienna under the name S&H AG, Vienna branch office. 1946ÖSSW and S&H’s Vienna facility are nationalized, forming Siemens-Schuckertwerke Ges. m. b. H. and Siemens Halske Ges. m. b. H., respectively. 1958Emcolux takes over 60% of WKM’s capital stock. The remaining 40% is held by the Austrian SSW company and S&H-Ges. m. b. H. 1967WKM founds Siemens Ges. m. b. H. 1970An electronic components production plant is opened in Villach, Carinthia. 1971WKM, Siemens Ges. m. b. H Wien and NTW (Nachrichtentechnische Werke) merge to form Siemens AG Österreich. 1992Siemens installs the world’s first fully digitized, networked radiological imaging system at Vienna’s Donauspital hospital. As of 1994 The company gradually assumes responsibility for the CEE (Central and Eastern European) business region. 1998The "Siemens Literature Prize" is awarded for the first time; with prize money of EUR 10,000 it is one of Austrians richests literature awards.2000The contract to deliver 400 locomotives by 2006 to the Austrian national railway is Siemens’ biggest locomotive order in its history2001Siemens AG Austria becomes a wholly owned subsidiary of the Siemens Group 2004Siemens Austria wins Germany’s PR Prize 2004 for its “Academy of Life” event series2005Siemens merges with the Austrian company VA Technologie AG (VA Tech) and consolidates its leading position in the world markets of metallurgy, power transmission and -distribution2006The e-card system developed by Siemens creates a country-wide network for Austria’s healthcare system2006Siemens is technology partner for Austria’s EU Council Presidency 2006

HISTORY OF IRAQ

2009-06-16T07:22:00.000-07:00

Iraqi fans stock up on petrol and ammunition

Iraqi fans have been stocking up on petrol and ammunition in preparation for their national soccer team's Asian Cup semi-final against South Korea on Wednesday.
Ibrahim al-Musawi said he had already brought 20 litres of petrol to make sure he could fuel his small generator to watch the whole match as Iraq's national power grid provides electricity for only a few hours a day

He shoots he scores: Iraqis will be gunning for their national side
"This is one of the strongest Iraqi sides ever and they fill us with pride," Musawi said.
"We are tired of the sadness that always surrounds us. I sometimes wish we are always playing in international tournaments so we can remain happy."
A convincing 3-1 victory over pre-tournament favourites Australia helped Iraq top Group A before a 2-0 victory knocked out Vietnam, one of the four co-hosts, in the quarter-finals.
Each time Iraq have played the streets back home have almost emptied with a scattering of pedestrians left outside standing to watch at the nearest shop displaying the game on small televisions. Each time the final whistle has triggered euphoric, ear-shattering celebrations.
Youths drape themselves and their cars in large Iraqi flags and parade around the streets to loud music and dancing.Others prefer the tribal tradition of firing their weapons into the air in deafening, often deadly barrages.
Three people died and about 50 were wounded when bullets fired in celebration of Iraq's victory over Vietnam on Saturday came back down at lethal speed.
The enthusiasm and optimism back home will increase the pressure on the Iraq team ahead of the showdown with twice Asian champions South Korea, with the players hoping to bring some much-needed relief to their chaotic homeland.
Goalkeeper Noor Sabri Abbas said the players were aware of the football fever gripping their country after contacting friends and relatives.
"We really want to do well for the people of Iraq," he said.
"We have a really good chance to make history for Iraqi football and the whole country is behind us."

History of Paris Stock Exchange

2009-06-06T04:32:00.000-07:00

The Paris Stock Exchange is now known as the NYSE Euronext (NYX) with the merger of equals between the leading U.S. and pan-European securities trading exchanges the holding company of the New York Stock Exchange and Euronext N.V., the Paris-based first European integrated stock exchange that was formed in September 2000 by the merger of the Paris, Brussels, and Amsterdam exchanges.
This merger came through only after Euronext N.V., the reformed Paris Stock Exchange , which is the largest exchange in Europe following the London Stock Exchange, rejected a proposal by German rival Deutsche Börse for a cash-and-stock merger with an offer of more than €8.5bn ($11bn).
With the total market capitalization of companies listed on the Paris Stock Exchange as well as the Stock Exchanges of New York, Amsterdam and Brussels taken together, that is, NYSE Euronext (NYX) amounting to much more than €21 ($28) trillion and an average daily trading value in the range of €92 ($123) billion as reported in the first quarter of 2007, NYSE Euronext seeks to provide the best quality and integrity available in the market in addition to advanced products and services to investors, issuers, and all those who make use of its markets.
The Paris Stock Exchange controls the MATIF futures exchange and MONEP besides equities, index futures and options. The NSC system is employed in the electronic trading of products. LCH.Clearnet is used to close all dealings.
The CAC 40 is the stock market index of the Paris Stock Exchange . The CAC 40 is composed of French companies however shares in the vicinity of 50 percent, that is almost half, of these companies is owned by foreign investors.
The equities market of the Paris Stock Exchange is divided into the following sections:
The Premier Marché, previously known as the Official List - large French and foreign companies, and most Bond issues are included.
The Second Marché - medium-sized companies are enlisted.
Nouveau or New Marché - companies that are new on the block and require capital to support rapid expansion, get enlisted on this market which is associated with the European equity growth market, Euro.nm.
Marché Libre is an additional market that is controlled by Euronext Paris for transactions in securities not listed on the other three markets. This market is however not regulated.

World Economy - Global Economic Profile

The world economy grew 5.2% in 2007 powered by growth in China (11%), India (9%) and Russia (8%). The global economy faces a real risk of 1970s style stagflation however, with resource constraints tighter than ever before. Things could scarcely have looked rosier for the world economy at the start of 2007. The Emerging Markets, led by the giants of China, India, Russia and Brazil (the BRIC countries) had been posting 7%-10% grow rates for years. Property and stock market booms had brought consistent growth in North America and Europe. Investment was bringing economic development to much of the Middle East and Africa, and even Japan was recovering from its deflationary 'Lost Years'.Economic conditions within these countries play a major role in setting the economic atmosphere of less well-to-do nations and their economies. In many aspects, developing and less developed economies depend on the developed countries for their economic wellbeing. Theories were even circulating that thanks to the growth of the developing world, we might enjoy years of unfettered growth, as new markets would go through successive growth spurts and counter the effects of slowing growth elsewhere. It was suggested that Asia was 'decoupling' from the US and able to grow under its own steam thanks to its two 'Awakening Giants'.

Histor of Singapore Stock Exchange

2009-06-05T21:54:00.000-07:00

About the Singapore Exchange :With Singapore now a leading financial center in the Asia-Pacific, the Singapore Exchange has become one of the premier exchanges in its region. The SGX has approximately 659 companies listed on its exchange, and has a market capitalization of $398.4 billion. It is a highly international exchange, with 40 percent of its market capitalization coming from foreign companies.
The SGX divides its company listings into the SGX Mainboard and the SGX SESDAQ. The Mainboard lists companies that meet certain requirements including market capitalization, pre-tax profits, and operating track record. The SESDAQ, on the other hand, is for newer companies and there are no quantitative requirements for listing. Companies listed on the SESDAQ may apply to be moved to the Mainboard if they have been listed for at least two years and meet the minimum quantitative requirements.
The Singapore Exchange is a fully electronic exchange, using the Central Limit Order Book (CLOB). Brokers place orders online and when a buy and sell order match, the system automatically executes the order and notifies the brokers. Trades that are not executed by the end of the day are terminated. Shares are typically traded in lots of 1000.
The Singapore Exchange is also well known for its trading in a variety of derivative securities via SGX-DT. It was the first exchange in Asia to offer equity index futures, and now offers the world's widest range of Asian index futures.

The Singapore Exchange was created in 1999, when the Stock Exchange of Singapore (SES) and the Singapore International Monetary Exchange (SIMEX) merged into one. The SIMEX had been a futures exchange, started in 1984, while the SES had traded in stocks. At the end of 1998, the SES listed 307 companies and had a total market capitalization of S$263 billion. Before the merger, both companies were privately owned by the member firms of the exchanges.
In 2000, the Singapore Exchange became the first publicly held stock exchange in the Asia-Pacific, and listed its shares on its own exchange

Top 100 companies on the Singapore Exchange :
C31
Capitaland

D05
Dbs

Z74
Singtel

F34
Wilmar

U11
Uob

N03
Nol

O39
Ocbc Bk

C09
Citydev

C6L
S I A

F83
Coscocorp

BN4
Kep Corp

G13
Gen Int

K17
Kepland

S68
Sgx

AJ1
Straitsasia

S51
Sembmar

BS6
Yangzijiang

O32
Olam

N21
Noble Grp

C38U
Capitamall

579
TR Networks,Listed on Sesdaq

5DN
Ezra

H23
Globalvoice,Listed on Sesdaq

U96
Semb Corp

H78
Hkland US$

J10
Jaya Hldg

Z25
Yanlord

5JS
Indoagri

CC3
Starhub

T39
Sph

AK3
Swiber

578
KS Energy

530
Jade,Listed on Sesdaq

5FH
Advsct

5EN
Midas

S63
ST Engg

J36
Jmh 400US$

I98
IS Msci India 100US$

5GJ
Ausgroup

A16
Allgreen

C52
Comfortdelgro

A17U
Ascendasreit

S99
Spc

532
Equation,Listed on Sesdaq

F99
F & N

S53
Smrt

BR9
China Hongx

5FA
Alantac,Listed on Sesdaq

C07
Jardine C&C

AM3
Gems Tv

T35
Sunning Tech

J85
Cdl Htrust

P27
Parkway

S08
Singpost

E13
Ellipsiz

B22
Bio-Treat

Y02
Yongnam

576
Magnus,Listed on Sesdaq

B20
Biosensors

V03
Venture

E15
Engwah

H13
HO Bee

P11
Pac Andes

A50
Rowsley

U14
Uol

S59
Sia Engg

Z75
Synear

J37
Jsh 500US$

5EK
Armarda,Listed on Sesdaq

A10
Aem

5BM
Mfs Tech

P30
Unifiber

A33
Adroit

H24
Abterra

C56
Celestial

M22
Lottvis

5AJ
Ei-Nets,Listed on Sesdaq

S58
Satsvcs

A0G
Chinaenergy

5BH
Lantrovis,Listed on Sesdaq

600
Hyflux

G05
Goodpack

F20
Federal

H17
Hi-P

C8R
Jiutian Chemical Grp. Limited

M09
Mediaring

U16
Ultro

E90
China Sky

C14
Cwt

M41
Macqintinfra

K50
Kim Eng

U06
Uic

R01
Rafflesmg

T03
Tat Hong

DC9
Fuxing China Grp. Limited

A78
Asiatiger

A48U
Allcoreit

589
Sapphire,Listed on Sesdaq

M35
Wheelock

R07
Rotary

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MONEY & MARKETS JAPAN

2009-06-04T06:21:00.000-07:00

IBM moves

in General
IBM announced that it is going to lay off 5,000 U.S. workers and shift many of those jobs to India.
Did you know that 71% of IBM’s 400,000 employees work outside of North America? That ups from 65% in 2007.
Getting computer nerd training was a sure-fire way to a successful technology career a few years ago. Today’s nerds are competing against similarly trained, English-speaking nerds in India.
Very few jobs in America are immune from cheap foreign competition. The next time you read any Reuters or Associated Press stories, check the byline and you will find that many of the personal finance and business stories you read were written by people across the ocean.
And it is why you should keep an eye on Indian technology outsource companies like Infosys (INFY: 35.28 0.00 0.00%).

Business crashes at Taiwan chip testing company
by Tony Sagami on March 26, 2009
in Asian Market
Taiwan-based ChipMOS, a company I visited it during my last trip to Taiwan, is a chip testing company. The last thing you want your new computer to do is not work when you take it out of the box. ChipMOS (IMOS: 0.69 0.00 0.00%) makes sure that doesn’t happen.
Business stinks though. Q4 sales dropped by 50% to $93 million from the same period in 2007 and a fell by 30% from the previous quarter.
ChipMOS reported a loss of $178.2 million compared to a loss of $26.7 million the previous quarter.
One of ChipMOS’s largest customers is Intel. Connect the dots folks.

China: Architecture in Recession
by Tony Sagami on March 26, 2009
in General, Investing in Gold Stock
Skidmore, Owings & Merrill, one of the world’s largest architectural firrm and a big beneficiary of the China building boom, is laying off people because of the lack of work in China. “Six months ago we were turning down work,” says Silas Chiow, SOM’s China director, and “the next six months are going to be very, very uncomfortable.”
If SOM is right, you should connect the dots to China Architechtural Engineering (CAEI: 1.70 0.00 0.00%), the largest Chinese architectual firm.
Japan exports drop by 50% in February
by Tony Sagami on March 25, 2009
in General
Japan just won the World Baseball Classic yesterday but its exporting companies are conquering anything.
The Japanese Finance Ministry reported that exports shrunk by 49.4% in in February from the previous year. That is, by the way, the biggest drop in two decades.
That puts Japan on course for its worst depression since WWII.
By the way, the biggest drop in exports was to the U.S. and that should tell you something about the U.S. economy.

MOBILE STOCK EXCHANGE

2009-06-02T20:29:00.000-07:00

Stock Exchange by Unicom CDMA mobile phone

Look for market situation at any time, which does not delay work and financing!

With the sharp rising of key looks, do you feel anxious when there is no convenient device? If you have CDMA mobile phone, you can transact stocking by mobile phone! Without computer and net twine, you needn’t run for transaction hall and you can exchange stock by CDMA mobile phone. You can use CDMA mobile phone to investigate stock situation and understand the latest information, purchase and sell shares timely, without being restricted by time and place, which does not delay work and financing!

Service advantages: ·Fast speed: speed of CDMA mobile phone accessing to internet is fast. Real-time transaction can be completed instantly.
· Professional information: various hour tendencies, K line chart and cycle indicators are obvious.
· High safety: it adopts encryption technology to directly connect transaction network. Its safety exceeds stocking in internet.
· Low expenses: it can help you to make transaction and look for market situation. The information charge is only 30 Yuan per month and you can also choose flow package.
· Wide cooperation: CDMS Mobile Stock Exchange service supports most securities.

Open method of CDMA Mobile Stock Exchange

Step 1: purchase the CDMA mobile phone and CDMA number card (prepayment or post-payment) which support Mobile Stock Exchange function
Step 2: press CDMA mobile phone Xuan key and enter “U-Magic” to download “Mobile Stock Exchange Diamond Edition”
Step 3: Enter “Mobile Stock Exchange Diamond Edition” and input security account number and password, and you can start Mobile Stock Exchange

Charge standard:
Information fee of Mobile Stock Exchange diamond edition is 30 Yuan /month (communication fee is executed based on the current charge standard of Beijing Unicom)
Note: if there is any change to information fee of Mobile Stock Exchange, the charge indicated by the supplier shall be executed.

Security companies which support Mobile Stock Exchange, 38 companies in total

Ever Bright Securities, Donghai Securities, Qilu Securities, Merchants Securities, Guoxin Securities, Haitong Securities, Guotai Junan, Han-Tang Securities, Galaxy Securities, Xiangcai Securities, Caida Securities, Industrial Securities, Changjiang Securities, Chase Securities, Guoyuan Securities, Huatai Securities, Orient Securities, China Securities, United Securities, China Construction, Dongguan Securities, Hengtai Securities, Essence Securities, Founder Securities, Fortune Securities, Western Securities, Huaan Securities, China Bank International Securities, Shanxi Securities, Taiyang Securities, Great Wall Securities, Citic Wantong Securities, Huachuang Securities, Liaoning Securities, Jianghai Securities, Northeast Securities, Datong Securities

Magic stock (market situation available by mobile phone), Mobile HK stock (market situation available by mobile phone)
Mobile option (market situation available by mobile phone), Security Company Named Version (support transaction by mobile phone)

Attachment 1: Performance Parameter Schedule of Mobile Phones on Sales which can Support Mobile Stock Exchange Service
Attachment 2: All Mobile phones which can support Mobile Stock Exchange
Attachment 3: Contact Telephone for “Mobile Stock Exchange” of Beijing Unicom’s Various Business Halls
China Unicom Beijing Branch

INTERDUCTION OF INDIAN STOCK

2009-05-30T04:03:00.000-07:00

Introduction Stock markets refer to a market place where investors can buy and sell stocks. The price at which each buying and selling transaction takes is determined by the market forces (i.e. demand and supply for a particular stock).Let us take an example for a better understanding of how market forces determine stock prices. ABC Co. Ltd. enjoys high investor confidence and there is an anticipation of an upward movement in its stock price. More and more people would want to buy this stock (i.e. high demand) and very few people will want to sell this stock at current market price (i.e. less supply). Therefore, buyers will have to bid a higher price for this stock to match the ask price from the seller which will increase the stock price of ABC Co. Ltd. On the contrary, if there are more sellers than buyers (i.e. high supply and low demand) for the stock of ABC Co. Ltd. in the market, its price will fall down. In earlier times, buyers and sellers used to assemble at stock exchanges to make a transaction but now with the dawn of IT, most of the operations are done electronically and the stock markets have become almost paperless. Now investors dont have to gather at the Exchanges, and can trade freely from their home or office over the phone or through Internet.
History of the Indian Stock Market - The OriginOne of the oldest stock markets in Asia, the Indian Stock Markets have a 200 years old history.
18th Century
East India Company was the dominant institution and by end of the century, busuness in its loan securities gained full momentum
1830's
Business on corporate stocks and shares in Bank and Cotton presses started in Bombay. Trading list by the end of 1839 got broader
1840's
Recognition from banks and merchants to about half a dozen brokers
1850's
Rapid development of commercial enterprise saw brokerage business attracting more people into the business
1860's
The number of brokers increased to 60
1860-61
The American Civil War broke out which caused a stoppage of cotton supply from United States of America; marking the beginning of the "Share Mania" in India
1862-63
The number of brokers increased to about 200 to 250
1865
A disastrous slump began at the end of the American Civil War (as an example, Bank of Bombay Share which had touched Rs. 2850 could only be sold at Rs. 87)
Pre-Independance Scenario - Establishment of Different Stock Exchanges
1874
With the rapidly developing share trading business, brokers used to gather at a street (now well known as "Dalal Street") for the purpose of transacting business.
1875
"The Native Share and Stock Brokers' Association" (also known as "The Bombay Stock Exchange") was established in Bombay
1880's
Development of cotton mills industry and set up of many others
1894
Establishment of "The Ahmedabad Share and Stock Brokers' Association"
1880 - 90's
Sharp increase in share prices of jute industries in 1870's was followed by a boom in tea stocks and coal
1908
"The Calcutta Stock Exchange Association" was formed
1920
Madras witnessed boom and business at "The Madras Stock Exchange" was transacted with 100 brokers.
1923
When recession followed, number of brokers came down to 3 and the Exchange was closed down
1934
Establishment of the Lahore Stock Exchange
1936
Merger of the Lahoe Stock Exchange with the Punjab Stock Exchange
1937
Re-organisation and set up of the Madras Stock Exchange Limited (Pvt.) Limited led by improvement in stock market activities in South India with establishment of new textile mills and plantation companies
1940
Uttar Pradesh Stock Exchange Limited and Nagpur Stock Exchange Limited was established
1944
Establishment of "The Hyderabad Stock Exchange Limited"
1947
"Delhi Stock and Share Brokers' Association Limited" and "The Delhi Stocks and Shares Exchange Limited" were established and later on merged into "The Delhi Stock Exchange Association Limited"
Post Independance ScenarioThe depression witnessed after the Independance led to closure of a lot of exchanges in the country. Lahore Estock Exchange was closed down after the partition of India, and later on merged with the Delhi Stock Exchange. Bnagalore Stock Exchange Limited was registered in 1957 and got recognition only by 1963. Most of the other Exchanges were in a miserable state till 1957 when they applied for recognition under Securities Contracts (Regulations) Act, 1956. The Exchanges that were recognized under the Act were:
Bombay
Calcutta
Madras
Ahmedabad
Delhi
Hyderabad
Bangalore
Indore Many more stock exchanges were established during 1980's, namely:
Cochin Stock Exchange (1980)
Uttar Pradesh Stock Exchange Association Limited (at Kanpur, 1982)
Pune Stock Exchange Limited (1982)
Ludhiana Stock Exchange Association Limited (1983)
Gauhati Stock Exchange Limited (1984)
Kanara Stock Exchange Limited (at Mangalore, 1985)
Magadh Stock Exchange Association (at Patna, 1986)
Jaipur Stock Exchange Limited (1989)
Bhubaneswar Stock Exchange Association Limited (1989)
Saurashtra Kutch Stock Exchange Limited (at Rajkot, 1989)
Vadodara Stock Exchange Limited (at Baroda, 1990)
Coimbatore Stock Exchange
Meerut Stock Exchange At present, there are twenty one recognized stock exchanges in India which does not include the Over The Counter Exchange of India Limited (OTCEI) and the National Stock Exchange of India Limited (NSEIL). Government policies during 1980's also played a vital role in the development of the Indian Stock Markets. There was a sharp increase in number of Exchanges, listed companies as well as their capital, which is visible from the following table:
S. No.
As on 31st December
1946
1961
1971
1975
1980
1985
1991
1995
1
No. of Stock Exchanges
7
7
8
8
9
14
20
22
2
No. of Listed Cos.
1125
1203
1599
1552
2265
4344
6229
8593
3
No. of Stock Issues of Listed Cos.
1506
2111
2838
3230
3697
6174
8967
11784
4
Capital of Listed Cos. (Cr. Rs.)
270
753
1812
2614
3973
9723
32041
59583
5
Market value of Capital of Listed Cos. (Cr. Rs.)
971
1292
2675
3273
6750
25302
110279
478121
6
Capital per Listed Cos. (4/2) (Lakh Rs.)
24
63
113
168
175
224
514
693
7
Market Value of Capital per Listed Cos. (Lakh Rs.) (5/2)
86
107
167
211
298
582
1770
5564
8
Appreciated value of Capital per Listed Cos. (Lak Rs.)
358
170
148
126
170
260
344
803
Trading Pattern of the Indian Stock MarketIndian Stock Exchanges allow trading of securities of only those public limited companies that are listed on the Exchange(s). They are divided into two categories:
Types of TransactionsThe flowchart below describes the types of transactions that can be carried out on the Indian stock exchanges:
Indian stock exchange allows a member broker to perform following activities:
Act as an agent,
Buy and sell securities for his clients and charge commission for the same,
Act as a trader or dealer as a principal,
Buy and sell securities on his own account and risk.
Over The Counter Exchange of India (OTCEI)Traditionally, trading in Stock Exchanges in India followed a conventional style where people used to gather at the Exchange and bids and offers were made by open outcry.This age-old trading mechanism in the Indian stock markets used to create many functional inefficiencies. Lack of liquidity and transparency, long settlement periods and benami transactions are a few examples that adversely affected investors. In order to overcome these inefficiencies, OTCEI was incorporated in 1990 under the Companies Act 1956. OTCEI is the first screen based nationwide stock exchange in India created by Unit Trust of India, Industrial Credit and Investment Corporation of India, Industrial Development Bank of India, SBI Capital Markets, Industrial Finance Corporation of India, General Insurance Corporation and its subsidiaries and CanBank Financial Services.
Advantages of OTCEI
Greater liquidity and lesser risk of intermediary charges due to widely spread trading mechanism across India
The screen-based scripless trading ensures transparency and accuracy of prices
Faster settlement and transfer process as compared to other exchanges
Shorter allotment procedure (in case of a new issue) than other exchanges
National Stock ExchangeIn order to lift the Indian stock market trading system on par with the international standards. On the basis of the recommendations of high powered Pherwani Committee, the National Stock Exchange was incorporated in 1992 by Industrial Development Bank of India, Industrial Credit and Investment Corporation of India, Industrial Finance Corporation of India, all Insurance Corporations, selected commercial banks and others. NSE provides exposure to investors in two types of markets, namely:
Wholesale debt market
Capital market Wholesale Debt Market - Similar to money market operations, debt market operations involve institutional investors and corporate bodies entering into transactions of high value in financial instrumets like treasury bills, government securities, commercial papers etc.Trading at NSE
Fully automated screen-based trading mechanism
Strictly follows the principle of an order-driven market
Trading members are linked through a communication network
This network allows them to execute trade from their offices
The prices at which the buyer and seller are willing to transact will appear on the screen
When the prices match the transaction will be completed
A confirmation slip will be printed at the office of the trading member Advantages of trading at NSE
Integrated network for trading in stock market of India
Fully automated screen based system that provides higher degree of transparency
Investors can transact from any part of the country at uniform prices
Greater functional efficiency supported by totally computerized network

INTRODUCTION OF GERMAN STOCK

2009-05-26T11:50:00.000-07:00

Becoming Old Stock:The Paradox of German-American
Book Description Reviews Table of Contents
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Introduction
More Americans trace their ancestry to Germany than to any other country, according to the federal census.1 Arguably, by this measure, people of German descent form the nation's largest ethnic group. Yet that fact could easily elude the casual observer of American life. Today, comparatively few signs remain of the once formidable political clout, organizational life, and ethnic consciousness of German Americans. Over the twentieth century, the ethnicity that went by that label underwent what the historian Kathleen Conzen calls a "thorough submergence."2
This ethnic eclipse is reflected publicly in the calendar of American holidays and, more privately, in survey research. There is no nationally recognized tribute to German ethnicity to compete with St. Patrick's Day or Columbus Day. On a regional level, the Midwest, which drew the greatest concentrations of nineteenth-century German immigrants, does seem more willing to display its German ethnic roots, as a visitor to Cincinnati's annual Downtown Oktoberfest might note. Yet in the mid-Atlantic--the focus of eighteenth-century German settlement and a close second to the Midwest as a destination for nineteenth-century German newcomers--German ethnicity has a remarkably low profile. In the popular imagination, the descendants of eighteenth-century Rhenish immigrants who populated the Pennsylvania backcountry are known as "Pennsylvania Dutch," a usage that evokes the Netherlands. The region's cities yield barely a sign that they once hosted some of the nation's largest populations of German immigrants.
Such ethnic quiescence is brought into sharp focus when one compares it with local manifestations of Irish identity. The bulk of Irish and German immigrants to the United States arrived at roughly the same time, in waves running from the 1830s to the 1890s. Survey research carried out in the mid-1980s in the Albany, New York, area, however, found that while Irish and German ancestries were each claimed by roughly one-third of native-born whites, only some 20 percent of respondents saw themselves as "German," compared with 31 percent who asserted an "Irish" identity.3 One can see a similar contrast in how Philadelphia celebrates these two ethnicities. The city's annual Steuben Day parade in September draws scattered onlookers to the Benjamin Franklin Parkway, but a visitor strolling through other downtown sections might never know that the day was dedicated to a German immigrant who became a Revolutionary War hero. On March 17, that same pedestrian would find it impossible to miss the fact that Philadelphia was honoring St. Patrick. At the most prosaic level, she or he could not walk down Center City's Walnut Street for more than two blocks without having to maneuver around a line of people snaking out of a bar with green plastic hats on their heads.
The eclipse of German-American identity today is all the more startling, given its condition at the beginning of the twentieth century. Then, German Americans were perhaps the best-organized, most visible, and most respected group of newcomers in the United States. Germans, whose migration to America peaked in the 1880s, made up the largest single nationality among the foreign-born during the 1910s, greater in number than the Poles, Italians, and other southern and eastern Europeans of the "new immigration." The National German-American Alliance, a federation of ethnic associations, laid claim by 1914 to more than two million members. Before the First World War, the Germans were widely esteemed as "one of the most assimilable and reputable of immigrant groups"; a group of professional people surveyed in 1908 ranked German immigrants ahead of English ones and, in some respects, above native-born whites.4

German Americans, in other words, present an unsettling paradox. If ours is an age of multiculturalism--as many Americans like to think--then how is it that the nation's largest ethnic group has gone missing from the national scene and in regions like the mid-Atlantic? How do scholars square this awkward fact with the depictions of an enduring American pluralism that have dominated the historical literature on immigration and ethnicity since the 1960s? The German-American case thus forces us to confront the much larger question of assimilation.
Assimilation as a topic was largely neglected by historians in the 1970s and early 1980s, as I have argued elsewhere,5 and it remains controversial. By the early 1960s, notions of assimilation and Americanization cast ethnic Americans as remaking themselves to fit an Anglo-American core culture. Such ideas did not survive the decade; their underlying assumptions were torpedoed by cultural and political upheaval. The Vietnam War discredited "the Anglo-American establishment," antiwar and civil rights protests cast doubt on the virtue of a uniform American national culture, and a resurgent black separatism fueled more general affirmations of pluralism and group identities. For many immigration historians, mindful of the very real, coercive side of early twentieth-century Americanization efforts, assimilation and Americanization became "myths" to be "vanquished."6 Those scholars instead stressed ethnic persistence within a pluralistic society.
Historians in the 1970s and 1980s produced many intriguing and sophisticated studies of particular ethnic and racial groups. Yet rejecting assimilation hindered, rather than aided, their understanding of pluralism, for those two phenomena are deeply intertwined.7 The study of pluralism requires examining not just ethnic groups but also the relations among them, and those relations can have an assimilative effect in drawing groups or their members closer to one another. Postwar theorists such as Will Herberg and Milton Gordon understood this; they depicted many European Americans as submerging their specific ethnic identities in the broader religious ones of Protestant, Catholic, and Jew.8
Since the early 1980s, an interest in pluralism has helped lead a number of historians toward a cautious reexamination of assimilation. They have revisited the topic without resurrecting the idea of an Anglo-American core. Some immigration historians now view assimilation, in essence, as one of a number of processes operating historically within a pluralist order that itself has evolved.9 They and other historians have come to understand that process as one by which European ethnics of different national backgrounds found common ground with one another or with longer-settled Americans. These scholars have described assimilation along class lines, via an industrial unionism that united an ethnically split working class in the 1930s; along lines of race, with European immigrants learning to adopt a common "white" racial identity; and, relatedly, through an emerging mass culture and a brand of American nationalism that allowed those newcomers to join an "imagined community" of specifically white Americans.10
These works have shaped my own understanding of assimilation and ethnic identity. I use "assimilation" to refer to processes that result in greater homogeneity within a society. Such processes may operate at different levels: among individuals, between groups, or between groups and a dominant group in the society. They may operate within different arenas, with individuals or groups drawn together in terms of culture or intermarriage or shared institutions or shared elements of identity, such as "whiteness." And they may operate to varying degrees within and across different arenas. In the immigrant context, I find it most useful to see assimilation as referring to processes that generate homogeneity beyond the level of the ethnic group.11 "Ethnic group" itself refers, in Milton Gordon's sense, to a group with "a shared feeling of peoplehood" tied to a specific Old World ancestry.12 "Identity" in its most basic sense refers to an individual's sense of self,13 a construct to some extent both volitional and ascribed. In the words of one historian, identity "concerns how individuals understand their place in the social world as well as how others view them." Key to the concept is the insight that individuals hold multiple identities in the form of socially recognized categories: a particular person can see herself at one and the same time as, for example, a middle-class professional, a woman, a white, an American, and someone of German descent.14 Such an individual may partake of various collective or group identities, each of which, on its own terms, seems singular. Collective identity "tends to appear homogeneous and based on clear boundaries for the sake of expression beyond the group."15 But for the individual, changes in how one views oneself can be accomplished by emphasizing one collective identity over another, by introducing new elements to the mix of identities one holds, or by holding a collective identity that itself is changing internally. The different identities of any one person ebb, flow, and interact in complex ways that can result, over time, in a significantly different self-image.
Like other historians revisiting assimilation, I seek to understand its operation within particular historical contexts and its long-term social and political consequences. Here, the German-American experience cries out for study. As John Higham noted, that experience represents the most "spectacular case of collective assimilation" in the last century.16 Historians of German America certainly never neglected assimilation, and they have long offered explanations for why the group's ethnic profile fell so dramatically. The most obvious relates to the contingencies of twentieth-century history. That century saw the United States fight two world wars against Germany and witnessed the genocide perpetrated by the Third Reich; it therefore left Americans with few incentives to identify with a German ancestry. Even before those events, institutional German America--which encompassed everything from secular gymnastic and singing societies to German Lutheran congregations and German Catholic national parishes--was unraveling. Historians such as John Hawgood once pointed to the intense nativist backlash that accompanied American intervention in World War I as the key to the destruction of this ethnic world.17 More recently, Guido Andre Dobbert, James Bergquist, and other scholars have portrayed German ethnic institutions as suffering a long-term decline beginning in the 1890s.18
Yet, while we know much about the erosion of German America, we know little of the fate of those who left it. If many Americans of German background were leaving German ethnic circles at the beginning of the twentieth century, where did they then go? What kind of Americans did most German Americans become once their ethnic identity was so strikingly submerged? Did they reshape their multiple identities in ways that reflect or that go beyond the findings of assimilation's reappraisers? Specifically, what role did class, gender, religion, mass culture, nation, and race play in their redefinitions? Did German Americans, for example, find refuge in the "monolithic whiteness" that Matthew Jacobson sees as flattening "racial" distinctions among European immigrants after the 1920s? Did they take to the powerful and often exclusive American nationalism that Gary Gerstle depicts as dominating much of American life between the First World War and the 1960s?19 Or did they find other routes away from German America?

HISTORY IN THE UAE STOCK

2009-05-25T03:34:00.000-07:00

Stocks in the UAE, Qatar: the madness of crowds?
The Aabar IPO entered the UAE history books this week with a $107 billion oversubscription, a total subscription exceeding the nation's entire annual GDP. But the UAE stock market is not alone. The Doha Securities Market has also douNothing can justify this sort of ramping upwards of stock market valuations. This is purely the madness of crowds with investors chasing valuations higher and higher. First quarter profit rises from the banks and companies listed in Abu Dhabi, Dubai and Doha are impressive. But look a little behind those Q1 profits and you note that more than half of those bumper profits are actually from stock market trading. So the market is fuelling itself. This is the classic dangerous spike for investors, lured by the prospect of double-digit gains in a single day. The problem is that when the market falls back to more reasonable levels, it will do so suddenly, and all the money that has been made will be lost, and then some. For speculators also tend to be big borrowers. Imagine what would have happened if the Aaber IPO had failed. Borrowers would then have been liable to the banks for the huge amounts borrowed to support $107 billion in share applications; this level of leverage could break the banking system of the UAE. It is not impossible for a big IPO to fail. Remember that the British Petroleum privatization years ago was a big embarrassment for the UK Government. Things can and do go bump in the night! Besides who really wins in the Aaber IPO? Share allocations will be so small that investors will be lucky to cover the costs of borrowing the money for their applications; the banks and IPO promoters will be the only winners, this time. But stepping back to earth, a dangerous price spike has developed in the UAE and Qatar with investors taking leave of their senses and chasing share prices to unsustainable levels. Barbers in Doha are passing on share tips to clients, and the biggest meetings in town are now on the stock trading floors of Dubai, Abu Dhabi and Doha. It's a scene that has been repeated many times in the history of investment, and there has only ever been one conclusion. bled in value in less than four months

HISTORY OF CHINA STOCK

2009-05-25T02:39:00.000-07:00

Chinese stocks plummeted nearly seven percent on Wednesday after the Ministry of Finance announced a hike in the stamp tax on stock trading to 0.3 percent from 0.1 percent.
The benchmark Shanghai Composite Index lost 6.50 percent to close at 4,053.09 points after opening 5.78 percent lower. The Shanghai and Shenzhen 300 index fell 6.76 percent to 3,886.46.
More than 1,200 stocks fell on the Shanghai and Shenzhen stock exchanges, with over 800 tumbling to their daily limits of 10 percent. Only 66 stocTrading was heavy, with turnover in the Shanghai Stock Exchange hitting 271.29 billion yuan, while volume reached 135.84 billion yuan in Shenzhen. That means the government raked in 2.44 billion yuan in stamp taxes in a single day.
Shares of brokerages were hardest hit due to concerns the tax would lead to decreased market turnover, which in turn will affect brokerage revenue. CITIC Securities and Hong Yuan Securities both opened the daily limit of 10 percent lower.
That marked the sharpest fall since February 27 when the Shanghai Composite Index nosedived nearly nine percent, which was partly blamed for a global sell-off.
The tumble came after the Ministry of Finance announced Tuesday night the stamp tax on stock trading will rise to 0.3 percent from 0.1 percent starting from Wednesday. It was the authorities' latest move to cool down the country's hot equity market.
A ministry official said the measure is intended to help promote the healthy development of the securities markets.
Analysts said the tax hike could dampen the market in the short term, but would not cause a crash or reverse a long-term upward trend.
Ha Jiming, chief economist of China International Capital Corporation said the hike will increase investors' transaction costs and is expected to curb short-term speculative activities. But the influence on long-term investment is limited.
"The hike will neither reverse the upward trend of the stock market, nor lead to consistent downfalls," he said. Ha added the hike was good news for the long-term healthy development of China's capital market.
The policy will help the market become more rational, he said. However, to return full sobriety to the market, the government needs to come out with more policies.
He Qiang of Central University of Finance and Economics deemed the new policy's influence largely "psychological".
"Currently, the investors' return from the stock market is high," he said. "The stamp tax hike will increase the transaction costs, but is unlikely to bring about a substantial reduction to the high returns."
The fiscal measure came after a series of monetary tools issued by the central bank failed to produce marked results in cooling down the market. The Shanghai Composite Index, the most widely watched indicator of the mainland's stock market has soared more than 60 percent so far this year on top of a 130 percent rally in 2006.
This year, China's central bank has raised interest rates twice and bank reserve requirement four times. However, the stock market ignored these signals and the index rose on the first trading day after each tightening.
The boom is partly driven by the flood of new investors. The number of stock accounts, including A-, B-shares and closed-end funds in the Shanghai and Shenzhen stock exchanges reached 100.27 million on Monday, according to statistics from the China Securities Depository and Clearing Corporation.
The stock market frenzy has aroused concerns that a bubble is mounting, from both home and abroad. The latest warning came from former chairman of the US Federal Reserve Alan Greenspan who warned last week China's stock market was clearly unsustainable and faced a dramatic contraction.
Greenspan's remarks followed comments from Asia's richest man, Li Ka-shing who said China's stock valuations "must be a bubble" and prices are likely to decline. Central Bank governor Zhou Xiaochuan also expressed concerns earlier this month.
Some analysts have been advocating the adoption of fiscal measures, including the hike of the stamp tax, which is calculated based on transaction turnover and is levied on both sellers and buyers.
History of stamp tax
In the 17-year history of China's stock market, a stamp tax hike usually led to a slump in the market.
China started collecting a stamp tax on the Shenzhen Stock Exchange in July, 1990, but only levied on sellers at 0.6 percent. Four months later, buyers were also subjected to the tax.
The tax triggered a downturn in the Shenzhen market, forcing authorities to cut it in half to 0.3 percent in October 1991. At the same time, the Shanghai Stock Exchange also began collecting duty on both sides of trades.
On May 10, 1997, the tax rate was upped to 0.5 percent, which may have caused a bear market that lasted until mid-1999. The rate was lowered to 0.4 percent in June, 1998 before being adjusted to 0.3 percent one year later and then to 0.2 percent in 2001.
Regulators further lowered the duty in January 2005 to 0.1 percent in order to boost stock prices during a market slump lasting from 2001 to 2005. ks rose in the two bourses.

HISTORY OF CHINA

2009-05-25T00:41:00.000-07:00

History of Ancient China
History-of-China.com provides the essence of China History. The ancient history of China reflects the beauty of Chinese ancient culture and morality. With more than 5000 years of history, China has a wonderful culture and splendid civilization.
From the oldest resident in China and the oldest dynasty, Xia dynasty, there have been millions of prominent people who made great contributions to the unity and development of Chinese civilization. They include emperors like Qin Shihuang(Qin dynasty emperor), Hanwudi (Emperor of Han dynasty) and Li Shimin (emperor of Tang dynasty), and Kangxi Emperor in Qing dynasty. There were also famous scholars like Confucius (Great educator in Spring and Autumn Period), and scientists like Zhu Chongzhi and Zhangheng. Besides them, there were also thousands of heros in Chinese history who were remembered by modern Chinese. They are like a shining stars that living in all the heart of Chinese. It is their great contributions that made China today attractive and lovely.
5000 years have passed. The Chinese nation and society are welcoming much development in the 21st century. With the combined efforts of 1.3 billion people, China will enter a new phase in the 21st century and create a miracle for its people and the world. The Prehistoric Times refer to the period from about 1,700,000 years ago to the establishment of the Xia Dynasty in the 21 century BC. During this stage, great culture and civilization were achieved by the prehistoric Chinese.
The age of prehistoric was also called Stone age. It is because people who lived during this period developed the use of stone tools. According to the different implements people used then, the age is divided into two periods: the Paleolithic Age and the Neolithic Age.
With the development of Paleolithic age and Neolithic Age, great culture and civilization were achieved in these two period. They are Banpo culture and Huandi culture, Yangshao culture and Longshan culture. These culture made an important role in the establishment of Chinese spirit. Until today, Chinese worship Huangdi and believe Huangdi was Chinese common ancestor.

THE HISTORY OF CURRENCY TRADING

2009-05-18T02:04:00.000-07:00

The History of Currency Trading
Each day around the world, massive sums of currency are exchanged, seemingly with nothing more than a click of a computer mouse or a brief satellite-connected telephone conversation between traders on different continents. Technology has helped to evolve the foreign exchange industry a long way from its rather humble beginnings. Developing an appreciation for how this system developed over time – as well as an understanding of the modern analytical tools at a trader’s disposal – can greatly aid in investment decision-making.
The foundations of modern foreign exchange
The beginnings of modern currency trading can be traced back to the origins of money itself. A key tenet of foreign exchange theory involves a shared belief that various forms of money have value, and can be readily exchanged for products, services and other commodities. Currency has a long history of being backed by the value of various precious metals, including silver and gold. During the nineteenth century, most of the currencies in worldwide circulation were backed by stores of gold bullion, a concept first initiated by the government of England. But global turmoil in the twentieth century gradually led to a rescinding of the gold standard. Recognition of the United States of America as a global economic superpower meant that the U.S. dollar was almost universally accepted around the world as a medium for barter and trade. Today, the U.S. dollar continues its dominance by playing a role in an astounding 70% of all foreign exchange transactions.
Money makes the world go round
The origins of coin-based currency date back as far as 2000 BC. The age of modern metal-based coins is believed to have begun in Asia Minor sometime during the seventh century B.C. The first coins were struck from naturally occurring metals such as electrum and silver. Later, other minerals and alloys such as bronze, copper, lead and gold were utilized. Due to the fact that these metals were prized for their rarity, the coins minted from them had intrinsic value. Bearers of these coins could literally carry their wealth with them at all times. In fact, many coins from the Roman era had center-punch holes so that they could be strung on a cord for easier transport.
Paper currency is generally believed to have been introduced in China around 806 AD. Unlike coins of the era, paper currency was created as a system of stored value, backed by a known commodity and the credibility of the issuer. In addition to creating an orderly means of trading, the use of paper currency eliminated the need for individuals to haul large quantities of coin – or worse, heavy ingots or bullion – in order to engage in trade. As might be expected, the introduction of paper currency also gave rise to the first incidences of counterfeiting, and the struggle to create highly-unique, non-reproducible bank notes – a challenge that continues to this very day – was first born

HISTORY OF NEWYORK STOCK EXCHANGE

2009-05-18T00:49:00.000-07:00

New York Stock Exchange is an equity (stock) exchange located at 11 Wall Street in lower Manhattan, New York, USA). It is the largest stock exchange in the world by dollar value of its listed companies' securities.^[3] As of October 2008, the combined capitalization of all domestic New York Stock Exchange listed companies was US$10.1 trillion.^[4]

The NYSE is operated by NYSE Euronext, which was formed by the NYSE's 2007 merger with the fully-electronic stock exchange Euronext. The NYSE trading floor is located at 11 Wall Street and is composed of four rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978,^[5] as was the 11 Wall Street building.^[2]^[6]^[7]

History

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

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

The volume of stocks traded increased sixfold in the years between 1896 and 1901, and a larger space was required to conduct business in the expanding marketplace.^[8] Eight New York City architects were invited to participate in a design competition for a new building; ultimately, the Exchange selected the neoclassic design submitted by architect George B. Post. Demolition of the Exchange building at 10 Broad Street, and adjacent buildings, started on May 10, 1901.

The new building, located at 18 Broad Street, cost $4 million and opened on April 22, 1903. The trading floor, at 109 x 140 feet (33 x 42.5 m), was one of the largest volumes of space in the city at the time, and had a skylight set into a 72-foot (22 m)-high ceiling. The main façade of the building features six tall Corinthian capitals, topped by a marble sculpture by John Quincy Adams Ward, called “Integrity Protecting the Works of Man”. The building was listed as a National Historic Landmark and added to the National Register of Historic Places on June 2, 1978.^[9]

In 1922, a building for offices, designed by Trowbridge & Livingston, was added at 11 Broad Street, as well as a new trading floor called "the garage". Additional trading floor space was added in 1969 and 1988 (the "blue room") with the latest technology for information display and communication. Yet another trading floor was opened at 30 Broad Street in 2000. As the NYSE introduced its hybrid market, a greater proportion of trading came to be executed electronically, and due to the resulting reduction in demand for trading floor space, the NYSE decided to close the 30 Broad Street trading room in early 2006. As the adoption of electronic trading continued to reduce the number of traders and employees on the floor, in late 2007, the NYSE closed the rooms created by the 1969 and 1988 expansions.

The Stock Exchange Luncheon Club was situated on the seventh floor from 1898 until its closure in 2006. ^[10]

INTRODUCTION OF KARACHI STOCK EXCHANGE(KSE)

2009-05-18T00:42:00.000-07:00

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.

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.

KSE POSITIONED TO BE A HUB OF CAPITAL FORMATION IN THE REGION

South Asian Federation of Exchanges (SAFE)

Vice Chairmanship of the South Asian Federation of Exchanges 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 Markets Abu Dhabi Securities Market Shanghai Stock Exchange

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 portages towards positions of greater responsibility and influence.

Promoting a performance driven culture where ‘high performers’ are recognized for their exceptional contributions.