...Demutualization of Dhaka Stock Exchange According to ‘The Exchanges Demutualization Act, 2013’ demutualization means the process of separating ownership and management from the Trading Rights for a particular exchange under approved scheme of demutualization. More specifically demutualization is the process of making the exchange into a profit making organization which will be owned by its shareholders. Previously Dhaka Stock Exchange (DSE) was a mutual corporation which was owned by several members and it was not operating having any motive of profit making. As it has been demutualized recently by this new act, DSE has turned into a profit making company. In our financial market it has been expected to have a significant impact. Only separating ownership and trading rights is not the objective of demutualization. Two other major objectives are to ensure greater and improved governance, and to ensure efficiency and performance of the exchange. As major financial restructuring was shouted out, demutualization is implemented as one step towards that. After the demutualization the ownership structure has been changed. While previously the ownership was confined to the members of the DSE, now the shareholders will be the owner of the exchange. Another change is that DSE now has a different legal form as it is now a company not a mutual organization. Authorized capital of DSE is Tk. 25,000,000,000 which is divided into 2,500,000,000 shares having face value of Tk. 10 for each. Paid...
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...EXAM 1 Material Pure risk – when there is uncertainty as to whether loss will occur. No possibility of gain is presented by pure risk----only the potential for loss. Loss or no loss. Ex – the uncertainty of damage to property by fire or flood Not an example of pure risk? Fluctuations in the price of fuel Speculative risk - when there is uncertainty about an event that could produce either a profit or a loss. Loss or gain. Ex---business ventures and investment decisions. Gains as well as losses may occur. Exchange rate risk and Marketing campaign Not an example of speculative risk? Employee injury risk Static risks – can be either pure or speculative, stem from an unchanging society that is in stable equilibrium. More predictable Ex of pure static risks – uncertainties due to random events such as lightning, windstorms, and death. Ex of speculative static risks – business undertakings in a stable economy Dynamic risks – produced b/c of changes in society. Ex of dynamic risk – urban unrest, increasingly complex technology, and changing attitudes of legislatures and courts about a variety of issues. Political risks Political risk in developing countries is an example of = Dynamic risk Subjective risk – refers to the mental state of an individual who experiences doubt or worry as to the outcome of a given event. Is essentially the psychological uncertainty that arises from an individual’s mental attitude or state of mind...
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...Citation: 18 Duke J. Comp. & Int'l L. 151 2007-2008 Content downloaded/printed from HeinOnline (http://heinonline.org) Thu Oct 17 14:15:18 2013 -- Your use of this HeinOnline PDF indicates your acceptance of HeinOnline's Terms and Conditions of the license agreement available at http://heinonline.org/HOL/License -- The search text of this PDF is generated from uncorrected OCR text. -- To obtain permission to use this article beyond the scope of your HeinOnline license, please use: https://www.copyright.com/ccc/basicSearch.do? &operation=go&searchType=0 &lastSearch=simple&all=on&titleOrStdNo=1053-6736 EXCHANGE CONSOLIDATION AND MODELS OF INTERNATIONAL SECURITIES REGULATION Bo HARVEY* INTRODUCTION In recent years, globalization and a growing demand for capital have increased competition within the capital markets for the business of issuers and investors.! This has led stock and derivatives exchanges to change their business models from mutual business entities, run for the benefit of their members, to demutualized corporations, run for the benefit of shareholders Consequently, as for-profit corporations, exchanges have looked to position themselves more competitively in an internationalized securities market. Part of such positioning has included increasing exchange alliances and acquisitions on a global scale. This is highlighted by the recent merger between the New York Stock Exchange (NYSE) and Euronext (the new entity to be known as NYSE-Euronext). With financial markets...
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...b) No 4)What type of investors do you think are the most? a)Profit Takers b)Expert Long term Investors c) Institutional Investors 5)Which is the biggest debacle in the history of our capital market? a)1996 Debacle b) 2010-11 debacle 6)What do you think are the reasons of these debacles? 7)Do you think that the Govt has played its role properly during these debacles? a) Yes b)No. 8) If no,then please write the reason 9) Was the role of SEC during the last debacle (2011-12) satisfactory? a) Yes b)No 10) If no,then what should be done to let SEC play a proper role? a)Amend the SEC ordinance 1993 b)Hire neutral and honest people for SEC c)Other (Please Specify Below) 11)Do you think the demutualization of DSE and CSE will be beneficial to the share market? a) Yes b)No 12)If no,then please specify the reason for thinking so? 13) What is your opinion about the unique face value tk 10 and unique market lot of 500 shares? a) It will be beneficial to the market b) It will prevent manipulation c)Others (Please specify below) 14)What is your opinion about the roll of institutional investors in the market? 15)Will the inclusion of Govt company shares improve the present condition of the market? a)Yes b)No 16)Do you think that the share market can be a good source of money for the development of the infrastructure of Bangladesh? a)Yes b)No 17)Do you think the presence of...
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...1. INTRODUCTION TO INDIAN MARKETS THERE ARE TWO TYPES OF MARKETS IN INDIA MONEY MARKET Money market is a market for debt securities that pay off in the short term usually less than one year, for example the market for 90-days treasury bills. This market encompasses the trading and issuance of short term non equity debt instruments including treasury bills, commercial papers, bankers acceptance, certificates of deposits, etc. In other word we can also say that the Money Market is basically concerned with the issue and trading of securities with short term maturities or quasi-money instruments. The Instruments traded in the money-market are Treasury Bills, Certificates of Deposits (CDs), Commercial Paper (CPs), Bills of Exchange and other such instruments of short-term maturities (i.e. not exceeding 1 year with regard to the original maturity) CAPITAL MARKET Capital market is a market for long-term debt and equity shares. In this market, the capital funds comprising of both equity and debt are issued and traded. This also includes private placement sources of debt and equity as well as organized markets like stock exchanges. Capital market can be divided into Primary and Secondary Markets. PRIMARY MARKET In the primary market, securities are offered to public for subscription for the purpose of raising capital or fund. Secondary market is an equity trading avenue in which already existing/pre- issued securities are traded amongst investors. Secondary market could be...
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...RECENT TRENDS IN CAPITAL MARKET OF BANGLADESH: CRITICAL EVALUATION OF REGULATION by Syed Golam Shahjarul Alam A thesis submitted in partial fulfillment of the requirements for the degree of Professional Master in Banking and Finance Examination Committee: Dr. Sundar Venkatesh (Chairperson) Dr. Winai Wongsurawat Dr. Yuosre Badir Nationality: Previous Degree: Bangladeshi Master of Business Administration University of Dhaka Dhaka, Bangladesh Bangladesh Bank (Central Bank of Bangladesh) Scholarship Donor: Asian Institute of Technology School of Management Thailand May2012 ACKNOWLEDGEMENTS My greatest Gratitude is given to Dr. Sundar Venkatesh, my project advisor, for his deep insight in capital market, which helped me to accomplish the project paper. His dedication towards teaching, motivating and supervising influenced me greatly, leading to do my project work carefully and seriously. I wish to express my deepest gratitude and appreciation to Bangladesh Bank, My office, for granting me a scholarship, to pursue my Masters in banking and finance. I express my gratitude and deepest appreciation to my friend Ms. Senjuti binte rafiq, My Colleagues in Bangladesh Bank and DSE Library staffs who helped me by providing valuable suggestions and necessary data for my analysis. I am very much thankful to Dr. Winai Wongsurawat and Dr. Juthathip Jongwanich for their valuable suggestions regarding my project. I express my gratitude and deepest appreciation to Ms...
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...RECENT TRENDS IN CAPITAL MARKET OF BANGLADESH: CRITICAL EVALUATION OF REGULATION by Syed Golam Shahjarul Alam A thesis submitted in partial fulfillment of the requirements for the degree of Professional Master in Banking and Finance Examination Committee: Dr. Sundar Venkatesh (Chairperson) Dr. Winai Wongsurawat Dr. Yuosre Badir Nationality: Previous Degree: Bangladeshi Master of Business Administration University of Dhaka Dhaka, Bangladesh Bangladesh Bank (Central Bank of Bangladesh) Scholarship Donor: Asian Institute of Technology School of Management Thailand May2012 ACKNOWLEDGEMENTS My greatest Gratitude is given to Dr. Sundar Venkatesh, my project advisor, for his deep insight in capital market, which helped me to accomplish the project paper. His dedication towards teaching, motivating and supervising influenced me greatly, leading to do my project work carefully and seriously. I wish to express my deepest gratitude and appreciation to Bangladesh Bank, My office, for granting me a scholarship, to pursue my Masters in banking and finance. I express my gratitude and deepest appreciation to my friend Ms. Senjuti binte rafiq, My Colleagues in Bangladesh Bank and DSE Library staffs who helped me by providing valuable suggestions and necessary data for my analysis. I am very much thankful to Dr. Winai Wongsurawat and Dr. Juthathip Jongwanich for their valuable suggestions regarding my project. I express my gratitude and deepest appreciation to Ms...
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...A Research Paper Objective: This assignment gives you an opportunity to expand your knowledge by exploring an insurance topic not covered in class. You'll also have an opportunity to work with fellow class members and "pick each other's brains" as you research your topic. Here's what you need to do: 1. Form a group of 2 to 3 members. 2. Select a life/health insurance topic of your interest. If you are looking for suggested topics, here are a few research areas I would like to suggest: * Aging and society: economic, political and social issues * Securitization of longevity risk * Demutualization of life insurers * U.S. healthcare reforms * Medical malpractice insurance crisis in the 1970s and1980s, and current issues * Financial crisis and impact on the life/health industry * Managing longevity risk 3. Each group need to turn in selected paper topic and name of group members (the selection form on page 5) by March 25th. 4. Each group will present their paper in the last week of class. 5. Submit a full paper about 8-10 pages (double-spaced) and the PowerPoint of your presentation to ReggieNet by May 10th. 6. Each group member should submit a peer evaluation form electronically to ReggieNet by May 10th. 7. Late submission will result in one point deduction in grade each day. Requirements * Write professionally: succinctly, proper sentence structure, proper grammar, proper spelling, professional style, and...
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...Issue Date | Effective Date | Subject | 16-Jul-15 | 01-Aug-15 | Panel of Auditors of BSEC | 14-Jul-15 | 21-Jul-15 | BSEC makes amendments of Directive No. BSEC/Surveillance/2014-0840/683 dated July 14, 2015 | 08-Jul-15 | 08-Jul-15 | Amendment of the Order No. SEC/CMRRCD/2009-193/104/Admin/26 dated July 27, 2011 | 08-Jul-15 | 08-Jul-15 | Conversion guideline for close-end to open-end mutual fund | 30-Jun-15 | 30-Jun-15 | Order for Extension of Suspension of Rule 3(5) of the Margin Rules 1999 | 30-Jun-15 | 30-Jun-15 | Regarding the maintenance of provision against unrealized losses arising from investment in mutual fund units | 22-Jun-15 | 22-Jun-15 | Gazette of Bangladesh Securities and Exchange Commission (Alternative Investment) Rules, 2015 | 11-Jun-15 | 11-Jun-15 | Exemption to the foreign owned companies and the joint venture companies with foreign investment form the compliance of the Commission's Notification No. SEC/CMRRCD/2006-159/36/Admin/03-44 dated May 5, 2010 | 14-May-15 | 14-May-15 | Directive regarding distribution of dividend, fractional bonus share and rights share to the margin accountholders of the stock brokers | 13-May-15 | 17-May-15 | Order regarding circuit breaker (here it is given the upward and downward price limit of the reference price) | 04-Mar-15 | 04-Mar-15 | Repeal Directive No. SEC/SRMIC/2007-18/1178/270 dated October 12, 2011 | 02-Feb-15 | 02-Feb-15 | IPO approval Procedure | 27-Jan-15 | 27-Jan-15 | Directive No. BSEC/Enforcement/2137/2014/20 dated...
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...credit crunch, which stemmed from the sub-prime mortgage crisis in the US. The Bank of England has agreed to give emergency financial support to the Northern Rock and it avoided from going bust. I. History of the bank Northern Rock Building Society was formed in 1965 as a result of the merger of Northern Counties Permanent Building Society (established in 1850) and Rock Building Society (established in 1865). During the 30 years that followed, Northern Rock expanded by acquiring 53 smaller building societies, most notably the North of England Building Society in 1994. Along with many other UK building societies in the 1990s, Northern Rock chose to demutualize and float on the stock exchange in order to better expand their business. Demutualization is the process by which a customerowned mutual organisation changes legal form to a shareholder-owned public company. Throughout this period a concern against demutualisation was that the assets of a mutual society was built up by its members throughout its history not just the present members who would benefit, and that demutualisation was a betrayal of the community that the societies were created to serve. Northern Rock chose to address these concerns by founding the Northern Rock Foundation. From October 1997 until the government nationlisation the bank used the symbol NRK on the London Stock Exchange. The bank is based on a large site in Newcastle. Today it has nearly 6400 employees. Northern Rock has branches in Ireland, Denmark...
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...L e tte r o f T r a ns m itta l June 11, 2011 Dr. Md. Farid Ahmed Professor Department of Finance University of Dhaka Dear Sir, Here is the report on ‘Cause, Consequences and Cures of Stock Market Crash 2011: A Study on Dhaka Stock Exchange’ you asked us to conduct. Working on a practical field with theories helped us to build our theories strong and specific. We believe that this report will help the reader to know about the causes and consequences of the stock market crash. During preparing this report we have enforced our best effort. Surely, it enriches our knowledge and promotes our study. Thank you for giving us such an opportunity for working on the topic. We will be honored to provide you any additional information, if necessary. Respectfully, Taher Jamil (On behalf of the group) Executive Summary Between July and December 1996, the Bangladesh capital market experienced an unprecedented surge in market prices and volume of activity. It was not 1996 but 2011, which will be recalled for bubble burst of capital market. January 10, 2011 is another black day for capital market history of Bangladesh. For the first hour of trading, the DSE general index dropped to 660.43 points or a record 9.25 per cent, the highest single day fall of our capital market. CSE also observed similar fall in stock prices. Portfolios of most of the investors have been reduced significantly following such dripping...
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...CHAPTER 1 ATTITUDINAL HAZARD (MORALE): Carelessness to a loss CHANCE OF LOSS: Probability that an event will occur DIRECT LOSS: Financial loss from physical damage, destruction, or theft DIVERSIFIABLE RISK: Affects individual or small groups (can be reduced or eliminated) ENTERPRISE RISK: All major risks faced by business firms STRATEGIC RISK: Uncertainty regarding firm's financial goals OPERATIONAL RISK: Firm's operation results FINANCIAL RISK: Uncertainty of loss due to adverse changes ENTERPRISE MANAGEMENT RISK: Single program all major risks faced by business firms (PSSOF) HAZARD: Condition that increases the chance of loss HEDGING: transferring risk to a speculator INCORPORATION: Business firm transfers risk to creditors LEGAL HAZARD: Characteristics of legal system that increases frequency of loss LIABILITY RISKS: Possibility of being held legally liable for someone else (no max limit) LOSS EXPOSURE: Any situation where a loss is possible, whether a loss occurs or not LOSS PREVENTION: Activities to reduce frequency of loss MORAL HAZARD: Dishonesty in an individual that increases frequency of loss NONDIVERSIFIABLE RISK: Affects entire economy or large groups (can't be reduced or eliminated) NONINSURANCE TRANSFERS: Transfer risk to another party OBJECTIVE PROBABILITY: infinite observations and no change in underlying condition OBJECTIVE RISK: Relative variation of actual loss from expected loss PERIL: Cause of the loss PERSONAL RISK: Risk that directly...
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...Content: 1.0 Introduction---------------------------------------------2-3 2.0 Communication Patterns----------------------------4-6 2.1 Downward Communication--------------------4 2.2 Upward Communication------------------------4-5 2.3 Horizontal Communication---------------------5-6 3.0 Evaluation------------------------------------------------7-8 4.0 Conclusion-----------------------------------------------9 5.0 References-----------------------------------------------10 COMMUNICATION PATTERNS 1.0 Introduction Browse list China Vanke Co., Ltd. is a China-based company principally engaged in property development business. The Company mainly develops commodity housings, and provides property management services. During the year ended December 31, 2012, the Company sold out approximately 12.95 million square meters of properties. The Company's investment region consists of Guangshen region, including Guangzhou, Shenzhen,Dongguan, Foshan, Zhuhai, Xiamen and others; Beijing region, including Beijing, Tianjin, Tangshan, Shenyang, Dalian, Changchun, Qingdao and others; Shanghai region, including Shanghai, Nanjing, Suzhou, Jiaxing, Hangzhou, Wuxi, Hefei and others, and Chengdu region, including Chengdu, Wuhan, Chongqing, Guiyang, Kunming and others. Mr. WangSihi, male, born in 1951 in Guangxi province. In 1968, he joined the army, transferred to civilian work in 1973. Gathers after hydropower section at Zhengzhou railway. In 1978, graduated from...
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...SOMETHING ABOUT MICROBLOG MARKETING LET’S STRAT FROM NO.100 COFFEE STORE On the way to No.100 coffee store,I felt excited and nervous.That was the second time I visited there.I knew this coffee store through the sina microblog. Several days ago,I logged on my account then a new fan jumped out, named “No.100 coffee”. According to its marketing style I guessed it must be operated by a young guy who is creative and wants to do something special. However, something interesting appeared in the later concern. No.100 is located at Wudadao Sightseeing Street district, where is filled with historical and cultural atmosphere. Around the coffee store, the old-fashioned European buildings perfectly set the movie scene of a typical street-side coffee bar in Europe. Slowly step into the No.100, you can see the simple but cozy decoration, the soft fabric sofas in the living room, and the traditional Chinese tea set on the desk, and there is a large cabinet of personal collections from the shareholders’ donation. Besides, there is a wall displaying the colorful postcards sent by customers from all over the world. All these tiny details make this little coffee store more like a warm family house rather than a fancy bar. After walking around the rooms I chose a sofa by the window in the living room. Because I had visited here a few days ago and had a chat with the waiters, they remembered me and knew why I was here for the second time. However...
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...Report On Capital Market in Bangladesh ECO-101: Principle of Microeconomics Section No: 14 Prepared For: Kazi Abul Bashar Adjunct Faculty East West University Department of Economics Prepared By: A.F.M.Ahsan Ullah Id No: 2007-1-10-015 Department of Business Administration Date of Submission: April 20, 2011 EAST WEST UNIVERSITY 1.0 Introduction: The Dhaka Stock Exchange (DSE) is registered as a Public Limited Company and its activities are regulated by its Articles of Association rules & regulations and bye-laws along with the Securities and Exchange Ordinance, 1969, Companies Act 1994 & Securities & Exchange Commission Act, 1993. 1.1 Background of Dhaka Stock Exchange: • • • • East Pakistan Stock Exchange Ltd was finally named as Dhaka Stock Exchange (DSE) on 14 May 1964. Although incorporated in 1954, formal trading started in 1956. Prior to independence in 1971, the number of listed companies in DSE was 196 with a total paid up capital of Tk. 4 billion. The total number of listed securities is now 378. 1.2 Role of Capital Market: The primary role of the capital market is to raise long-term funds for governments, banks, and corporations while providing a platform for the trading of securities. This fund rising is regulated by the performance of the stock and bond markets within the capital market. 1.3 Policies of Dhaka Stock Exchange (DSE): • • • DSE can introduce automate monitoring systems that may control price manipulation, malpractices...
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