INTERDUCTION OF INDIAN STOCK

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

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

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

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

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

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

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)

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.