...of the capital market in India dates back to the eighteenth century, one of the oldest in Asia; When East India Company securities were traded in the country. Until the end of the nineteenth century securities trading was unorganized and the main trading centres were Mumbai and Calcutta. Of the two, Bombay was the chief trading centre wherein bank shares were the major trading stock During the American Civil War (1860-61). Bombay was an important source of supply for cotton. Hence, trading activities flourished during the period, resulting in a boom in share prices. This boom, the first in the history of the Indian capital market lasted for a half a decade. The bubble burst on July 1, 1865 when there was tremendous slump in share prices. Trading was at that time limited to a dozen brokers; their trading place was under a banyan tree in front of the Town hall in Mumbai. These stock brokers organized informal association in 1897 – Native Shares and Stock Brokers Association, Bombay. The Stock exchanges in Calcutta ad Ahmedabad also industrial and trading centers, came up later. The Bombay Stock Exchange was recognized in May 1927 under the Bombay Securities Contracts Control Act, 1925. The capital market was not well organized and developed during the British rule because the British government was not interested in the economic growth of the country. As a result many foreign companies depended on the London capital market for funds rather than in the Indian capital market....
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...African Reserve Bank Working Papers are externally refereed. Information on South African Reserve Bank Working Papers can be found at http://www.resbank.co.za/Research/ResearchPapers/WorkingPapers/Pages/WorkingPapers-Home.aspx Enquiries Head: Research Department South African Reserve Bank P O Box 427 Pretoria 0001 Tel. no.: +27 12 313-3911 0861 12 SARB (0861 12 7272) © South African Reserve Bank All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means without fully acknowledging the author(s) and this Working Paper as the source. Contents 1. 2. 3. 3.1 3.2 4. 5. Figures 1. 2. Tables 1. 2. 3. 4. 5. Stock Markets in Selected Advanced and Emerging Economies ...................................... 5 Foreign Exchange Turnover, 2013 .................................................................................... 9 Currency Speculation (Forward Carry) Returns...
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...FIN 3103 FINANCIAL MARKETS AND INSTITUTIONS– SECTION 1A AN INTRODUCTION TO THE ASIAN EQUITY MARKET & ITS EXCHANGES SAMUEL TOW WEE YAP (A0102724U) LIEW KUANG CHEN JOEL (A0004624U) ANG CHUAN HWEN JEREMY (A0080928X) LIAW YIH HANG (A0091535E) WU GUIYAN (A0100395N) ZHAO CHUANYI (A0105563L) Contents 1. Introduction ..................................................................................................................................................................................................... 4 2. Objectives of the Stock Market ................................................................................................................................................................. 4 2.1 Capital Formation ......................................................................................................................................................................................... 4 2.2 Connecting Traders ...................................................................................................................................................................................... 4 2.3 Security............................................................................................................................................................................................................. 4 2.4 Economic Indicator ...................................................................................................
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...PORTFOLIO MANAGEMENT M.COM 2(B) ASSIGNMENT ON STOCK EXCHANGE SUBMITTED TO: SIR MUZAMMAL SUBMITTED BY: AYESHA TALAT REG # 29 SABA AKHTAR REG # 40 ASMA JAVEED REG # 71 ZARWA NOOR REG# 72 UNIVERSITY OF CENTRAL PUNJAB Stock Exchange General History of Stock Exchanges In 11th century people of France were concerned with managing and regulating debts of agriculture communities on behalf of the bank.They could be called the first broker in history Bourse come from the Latin “bursa” meaning a bag.In 13th century Bruges, the sign of a purse hung on front of the house where merchants meet latter in 13th century commodity traders gathered inside the house of a man called Van der Burse.And after that they institutionalized that house and became Bruges Bourse .The idea spread quickly in neighbor countries. The Dutch later started joint stock company, which let share holders invest in business ventures and get a share of their profits or losses.In 1602, the Dutch East Indian Company issued the first shares on the Amsterdam Stock Exchange.It was the first company to issue Stocks and bonds.In 1688, the trading of stocks began on a stock exchange in London. It was the first stock exchange in history. A stock exchange is a form of exchange which provides services for stock brokers and traders to buy or sell stocks, bonds, and other securities.Stock exchanges also provide facilities for issue and redemption of securities and other financial...
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...have by buying and selling stocks on exchange markets. The two most familiar exchanges are NYSE and NASDAQ. The New York Stock Exchange is a Euro-American national security exchange that operates multiple security exchanges. It maintains a leading position in global exchange products market. In 2011, NYSE-Euronext led the market in Exchange Traded Products with more than 450 new ETN listed. The market’s impressive growth has been a success from their rests of structuring nearly 85% of their leading venue for Exchange Traded Funds, Exchange Traded Notes, Exchange Traded Vehicles, and Warrant and Certificate trading. The product offering of the marketplace gives investors access of regulated listings as well as fast and innovative tools to quickly convert assets to cash. The trade of equities, futures, options, fixed-income and exchange-traded products comes from the company’s exchanges in Europe and the United States. NYSE Liffe is a derivative business operated by NYSE-Euronext, which offers comprehensive commercial technology along with connectivity, market data products and services. (NYSE-Euronext) NASADAQ is known as an American stock exchange market, which originally stands for National Association of Securities Dealers Automated Quotations. Other than NYSE, NASDAQ is the second-largest stock exchange by market capitalization in the world. It was founded and began trading in 1971, and ended up being the world’s first electronic stock market. It is a system set...
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...Information Systems Strategy at the Toronto Stock Exchange ! The exchange industry is undergoing a transformation brought about by globalization of financial markets, consolidation of exchanges, and the introduction of new competitive players due to technological advancements. The Toronto Stock Exchange (TSE) is Canada's largest equity market and has created and started to implement a plan to deal with these threats. Concurrently, the TSE has been recreating its technological platform, moving from its computer assisted trading system to the Torex system purchased from the Paris Bourse. Implementation problems have delayed the project from its original release date to three years later. During the time frame of this implementation, the TSE suffered several computer glitches causing closure of the exchange for temporary periods of time. The president and CEO needs to review the priorities of the TSE and consider what actions she should take to ensure the successful implementation of this new technology, and the long term alignment of information technology with TSE business strategies. The main issues for the Toronto Stock Exchang (TSE) company has been task of reconstructing the TSE to succeed in the face of significant industry and technological change. ! The recommendation for this case would be to focus on the security and the problems related to the system TOREX. Indeed, in this domain programs interruptions or issues with the system can make loose a lot of customers...
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...A stock market or equity market is a public entity (a loose network of economic transactions, not a physical facility or discrete entity) for the trading of company stock (shares) and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately. The size of the world stock market was estimated at about $36.6 trillion at the beginning of October 2008.[1] The total world derivatives market has been estimated at about $791 trillion face or nominal value,[2] 11 times the size of the entire world economy.[3] The value of the derivatives market, because it is stated in terms of notional values, cannot be directly compared to a stock or a fixed income security, which traditionally refers to an actual value. Moreover, the vast majority of derivatives 'cancel' each other out (i.e., a derivative 'bet' on an event occurring is offset by a comparable derivative 'bet' on the event not occurring). Many such relatively illiquid securities are valued as marked to model, rather than an actual market price. The stocks are listed and traded on stock exchanges which are entities of a corporation or mutual organization specialized in the business of bringing buyers and sellers of the organizations to a listing of stocks and securities together. The largest stock market in theUnited States, by market capitalization, is the New York Stock Exchange (NYSE). In Canada, the largest stock market is the Toronto Stock Exchange. Major European examples...
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...04 ▪ Capital market …………………………………… pg.04 Market infra structure 2. Stock exchange………………………………………………... pg.05 ▪ Introduction…………………………………….. pg.06 ▪ History………………………………………….. pg.06 ▪ Securities……………………………………….. pg.07 ▪ Types of operation……………………………… pg.08 ▪ Trading process in S.E………………………….. pg.09 ▪ Role of S.E……………………………………… pg.10 ▪ Listing of securities in S.E……………………… pg.12 ▪ Ownership of S.E……………………………….. pg.14 ▪ Future of S.E……………………………………. pg.14 ▪ Other types of S.E………………………………. pg.15 3. Functions of stock exchange………………………………. pg.16 4. World major S.E…………………………………………….. pg.21 5. Stock exchange of Pakistan…………………………….. pg.23 ▪ Karachi stock exchange (K.S.E)………………. pg.24 ▪ Lahore stock exchange (L.S.E)………………… pg.30 ▪ Islamabad stock exchange (I.S.E)……………… pg.32 1. Over view of market Over view of market 1. Market:- ▪ A public place where buyers and sellers make transactions, directly or via intermediaries. Also sometimes means the stock market. ▪ A market is a public place where provision and object are exposed for sale. 2...
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...he economy of India is the eleventh largest in the world by nominal GDP and the third largest by purchasing power parity (PPP) The country is one of the G-20 major economies and a member of BRICS. On a per capita income basis, India ranked 140th by nominal GDP and 129th by GDP (PPP) in 2011, according to the IMF. Currently the GDP of India worth 1.676$ trillion and the GDP growth rate was 6.5% for (fy) 2012. The Indian Equity market is divided in to two parts Primary market - where the share is first issued in the form of IPO (Initial Public Offering) and after issuing the share it is listed on exchange and share is traded on exchange where shares can be bought and sold this is secondary market. In India mainly there are two exchanges –NSE (National Stock Exchange) BSE-Bombay Stock Exchange. The BSE is the oldest exchange in India (started in 1875).NSE started operation on 1994. Today NSE outpaced BSE in volume of trade (2) IPO or Initial Public Offer is a way for a company to raise money from investors for its future projects and get listed to Stock Exchange. Or An Initial Public Offer (IPO) is the selling of securities to the public in the primary stock market. Company raising money through IPO is also called as company ‘going public'. From an investor point of view, IPO gives a chance to buy shares of a company, directly from the company at the price of their choice (In book build IPO's). Many a times there is a big difference between the price...
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...The functions and the structure of the JSE Limited ("JSE") The JSE is a listed company, governed by a Board of Directors. Its activities as an exchange are regulated by an Act of Parliament, namely the Securities Services Act, 30 of 2004. The JSE is licensed as anexchange in terms of these Act, but, in common with international practice, a philosophy of self-regulation bythe markets is practiced and applies to the JSE. The JSE members and their clients (investors), must comply with trading and other rules set by the JSE from time to time. The JSE acts as regulator of its members and ensures that markets operate in a transparent and fair manner ensuring investor protection. Similarly, issuers of securities must comply with the JSE Listings Requirements which are aimed at ensuring sufficient disclosure in the public interest of all information relevant to investors. The JSE's main function is to facilitate the raising of primary capital by re-channelling cash resources into productive economic activity thus building the economy while enhancing job opportunities and wealth creation. In addition, and from a derivatives perspective, the function is to provide an effective and efficient price determination facility and price risk management mechanism. It is an essential cog in the functioning of an economy and provides an orderly market for dealing in securities, thereby creating new investment opportunities in the country. The JSE performs the role of regulating...
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...STOCK EXCHANGES IN INDIA Module Objectives The main objective of this module is to explain the structure of organized exchanges for trading in stocks, commodities and derivatives. The features of derivative instruments like forwards, futures, options and swaps are also described. Module Contents 5.1. Stock Exchanges 5.2. Commodity Exchanges 5.3. Derivatives 5.4. Currency Futures in India 5.1 Stock Exchanges in India 5.1.1 History and Development Indian Stock Markets are one of the oldest in Asia. Its history dates back to nearly 200 years ago. The earliest records of security dealings in India are meagre and obscure. The East India Company was the dominant institution in those days and business in its loan securities used to be transacted towards the close of the eighteenth century. By 1830's business on corporate stocks and shares in Bank and Cotton presses took place in Bombay. Though the trading list was broader in 1839, there were only half a dozen brokers recognized by banks and merchants during 1840 and 1850. The 1850's witnessed a rapid development of commercial enterprise and brokerage business attracted many men into the field and by 1860 the number of brokers increased into 60. In 1860-61 the American Civil War broke out and cotton supply from United States of Europe was stopped; thus, the 'Share Mania' in India begun. The number of brokers increased to about 200 to 250. However, at the end of the American Civil War, in 1865, a disastrous slump began (for...
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...Get the inside scoop on investment banking careers in the Asia Pacific region! Read this extended excerpt of the all-new Vault Career Guide to Investment Banking, Asia Pacific Edition and get the inside story on investment banking careers, including: • An inside look at corporate finance, sales & trading, research and other major functions at investment banks. • An oveview of equity and debt markets in the region • A discussion of industry trends and corporate culture in Asia Pacific • Days in the life of investment bankers in Asia Pacific This PDF is an excerpted version of the full 198-page guide To get the complete guide: • Purchase your own print or e-Book version of the guide. Go to www.Vault.com/Asia. • More than 900 universities and MBA programs worldwide subscribe to the Vault Online Library, providing more than 4.5 million students worldwide with access to Vault's guides and career information. Contact your career center today to ask about access to the Vault Online Career Library. ABOUT VAULT Founded in 1996, Vault is the leading global media company focused on careers. With offices in North America, Europe, India and Asia, Vault provides graduates and young professionals worldwide with insider information on careers and education through its award-winning web sites and career guides. CAR E E RS VAU LT CA R E E R G U I D E TO INVESTMENT BAN KING A S I A P A C I F I C E D I T I O N INVESTMENT BANKING JUNG B. LEE, TOM LOTT and the staff of vault ...
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...m------------------------------------------------- Liberalization, Privatization and Globalization in India Overall Rating: [2/5]Total Votes [ 13 ] | Rate this page:12345 | | The economy of India had undergone significant policy shifts in the beginning of the 1990s. This new model of economic reforms is commonly known as the LPG or Liberalization, Privatization and Globalization model. The primary objective of this model was to make the economy of the seventh largest country in the world the fastest developing economy in the globe with capabilities that help it match up with the biggest economies of the world. The chain of reforms that took place with regards to business, manufacturing, and financial industries targeted at lifting the economy of the country to a more proficient level. These economic reforms had influenced the overall economic growth of the country in a significant manner. Liberalization Liberalization refers to the slackening of government regulations. The economic liberalization in India denotes the continuing financial reforms which began since July 24, 1991. Privatization and Globalization Privatization refers to the participation of private entities in businesses and services and transfer of ownership from the public sector (or government) to the private sector as well. Globalization stands for the consolidation of the various economies of the world. ------------------------------------------------- LPG and the Economic Reform...
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...zhouxb@mail.sysu.edu.cn Received: July 20, 2010 Accepted: January 13, 2011 doi:10.5539/ijef.v3n2p111 Abstract The empirical evidence suggests that the development of stock markets in China, USA, United Kingdom, Japan and Hong Kong have independently a strongly positive correlation with their economic growth. The result brings out an important theory to support for the proposition that the stock market development is one of the key drivers of economic growth in developed and developing countries, whatever the modes of their financial systems, stage of their economic development and types of economic system. Keywords: Development of Stock Market, Economic Growth, China, Japan, United Kingdom, USA, Hong Kong 1. Introduction Numerous studies have proposed that the development of stock market is able to improve growth performance through its positive effects on capital flows, diversification of investment risk and pooling funding for the long-term industrial projects and provision of adequate liquidity. Development of financial market drives financial innovation, greater resource allocation, efficiency, and technological advancement. Gregorio and Guidotti (1995), King and Levine (1993) have found a strong positive correlation between stock market development and economic growth. Does stock market development have any significant impact on gross output growth in...
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...BANGLADESH STOCK MARKET GROWING? KEY INDICATORS BASED ASSESSMENT M Khokan Bepari Assistant Professor Department of Cooperation and Marketing Faculty of Agricultural Economics & Rural Sociology Bangladesh Agricultural University, Mymensingh-2202, Bangladesh Phone: +88 01716601759 khokan552@yahoo.com Dr. Abu Mollik Senior Lecturer and Finance Discipline Leader School of Commerce and Marketing Division of Business and Informatics Central Queensland University abumollik@yahoo.com.au Abstract This paper focuses on the growth of Bangladesh stock market over time. The market trends in terms of market capitalization, market liquidity, market concentration, number of listings, volatility in the market index and foreign portfolio investment were considered. The study finds that key indicators are significantly correlated. Stock market growth index is constructed considering market capitalization ratio; turn over ratio, value traded to GDP ratio and volatility in market index. The findings of the study suggest that although Bangladesh stock market is growing over time, the growth has not yet assumed any stable and obvious trend. We conclude that Bangladesh stock market is still at an early stage of its growth path with a small market size relative to GDP and is characterized by poor liquidity and high market concentration. Introduction Demirguc-Kunt and Levine (1996), Singh (1997) and Levine and Zervos (1998) find that stock market growth plays an...
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