Professional Documents
Culture Documents
The Asia Pacific Stock Exchange (APX) is a stock exchange with its
headquarters in Sydney, Australia. It is a wholly owned subsidiary of the
AIMS Financial Group, with a market license granted by the Australian
Securities & Investment Commission (ASIC) on 5 November 2013.
APX listed its first few companies on 6 March 2014. Asia Pacific
Exchange Pvt. Ltd. (APEX) (www.asiapacificex.com) is a derivatives
exchange incorporated in Singapore. APEX lists commodity and
financial derivatives traded by global market participants. Recognizing
the demand that global market participants have for products closely
related to the Chinese economy, APEX aims to provide a robust
platform with such exposure for international market participants. The
platform also serves Chinese and international market participants
seeking to manage their price risk. APEX’s clearing house, APEX Clear,
offers innovative clearing and settlement services across asset classes for
all of its exchange traded derivatives.
HISTORY
The NYSE was founded 17 May 1792 when 24 stockbrokers signed the
Buttonwood Agreement on Wall Street in New York City. Famously,
they met beneath a Buttonwood tree and formed a centralized exchanged
for the burgeoning securities market in the United States. The agreement
eliminated the need for auctioneers—used frequently for wheat, tobacco
and other commodities—and set a commission rate. The organization
made the Tontine Coffee House its headquarters and focused on
government bonds.
Between the late 1800s and the end of World War I, the NYSE struggled
in the wake of international turmoil. Then the stock market crashed 23
October 1929, causing an 89% drop in share prices. The crash led to
heavy regulation by the U.S. government. The NYSE subsequently
registered with the United States Securities and Exchange Commission.
On 19 October 1987 the Dow Jones Industrial Average dropped 508
points, the biggest crash since 1929.
NYSE TRADING:
Opening and closing bells are rung at the start and end of each trading
day; the NYSE’s hours of operation are Monday through Friday, 9:30
am to 4:00 pm ET. Since the 1870s, market participants have been
invited to ring the bell, included CEOs, celebrities and more.
NYSE Products:
The NYSE holds five regulated markets, including the New York Stock
Exchange, Arca, MKT and Amex Options. The NYSE lists medium and
large companies, with smaller companies listing on NYSE MKT. On the
NYSE, investors can trade several major asset classes: equities, options,
exchange-traded funds (NYSE Arca) and bonds (NYSE Bonds).
The NYSE is currently the world’s largest IPO provider, raising US$55
(Apple Inc.: AAPL). Some 20% of the industries represented are from
Bank of America
Ford Motor Co
Sprint Corp
General Electric Co
Twitter Inc.
Pfizer Inc.
October 1989: The prices on the NYSE exchange saw a 6.9% one-
day decline following a collapse of the junk bond market.
October 1997: The Dow Jones fell 7.2%, in response the outbreak
of the Asian Financial Crisis.
September 2001: In the wake of terror attacks in New York on
September 11, the NYSE was closed for four trading sessions. It
was only the third time since, March 1933 that the exchange was
closed for more than one session.
May 2010: The Dow Jones Industrial Average fell about 10%, its
largest intraday percentage drop since the October 19, 1987
decrease, in what was called the “Flash Crash.”
October 2012: The exchange was closed for two days due to
Hurricane Sandy. It was the first weather-related multi-day
shutdown since 1888.
July 8, 2015: The exchange halted trading for nearly four hours
due to technical issues that were initially suspected to be the result
of a cyber-attack. No evidence of a security breach was found.
After having long been situated closer to the Bank of England and the
building in Capel Court, Bartholomew Lane, and rules for the exchange
HISTORY:
For over 300 years, the London Stock Exchange has produced detailed
market information for companies and investors. Technological
innovations have transformed this service from a twice-weekly paper
publication for the London business community to a continuous flow of
electronic information to all the financial markets across the globe.
CAPITAL MARKETS
Our primary markets in London and Italy provide companies and other
issuers of equity and debt from around the globe with cost efficient
access to some of the world’s deepest and most liquid pools of capital.
Secondary market
Our systems provide fast and efficient trading, providing investors and
institutions access to UK and Italian equities, pan-European equities
(through Turquoise), international depositary receipts (on our
International Order Book), European corporate and government bonds
(fixed income) and equity and index derivatives (Italian, Norwegian,
Russian and UK).
Equities
The Group’s MTS, MOT, ORB and Euro TLX markets provide
platforms for the trading of European and US Government and corporate
bonds.
Derivatives
The London Stock Exchange enables companies from around the world
to raise money from outside investors. Its main aim is to provide
attractive, efficient and well-regulated markets for companies, investors
and intermediaries, such as stockbrokers.
The Exchange is one of the world’s oldest stock exchanges and can trace
its history back to the coffee houses of 17th century London. For many
decades, the Exchange provided a trading floor where members of the
Exchange could buy and sell shares. Today, share trading is almost
entirely done through computers and the Exchange offers this service
with state-of-the-art systems that can process over a million trades every
single day.
The Exchange is not only one of the oldest exchanges in the world, it is
also one of the most prestigious, supplying high-quality prices, news and
other information to the financial community, not just in the UK but
across the world.
The Exchange sends data to over 100,000 terminals in more than 100
countries. This data varies from live share prices to financial
announcements, made via the Regulatory Information Services.
For investors, the London Stock Exchange provides access to the shares
of thousands of UK and overseas companies, as well as other financial
securities, such as bonds.
The Hong Kong securities market can be traced back to 1866, but the
stock market was formally set up in 1891, when the Association of
Stockbrokers in Hong Kong was established. It was renamed The Hong
Kong Stock Exchange in 1914.
By 1972, Hong Kong had four stock exchanges in operation. There were
subsequently calls for the formation of a unified stock exchange. The
Stock Exchange of Hong Kong Limited (the Exchange) was
incorporated in 1980 and trading on the Exchange finally commenced on
2 April 1986. Since 1986, a number of major developments have taken
place. The 1987 market crash revealed flaws in the market and led to
calls for a complete reform of the Hong Kong securities industry. This
led to significant regulatory changes and infrastructural developments.
As a result, the Securities and Futures Commission (SFC) was set up in
1989 as the single statutory securities market regulator.
The Exchange Listing Rules have been made more comprehensive, and
other existing regulations have been improved or new regulations
introduced to enhance market development and investor protection.
Enhancements were also made to the system infrastructure, including the
launch of off-floor trading terminals in brokers’ offices in January 1996.
The third generation of the trading system, AMS/3, will be launched in
2000. It will provide enhanced functionality and a platform for a
straight-through transaction process.
In respect of market and product development, there are the listing of the
first derivative warrant in February 1988, the listing of the first China-
incorporated enterprise (H share) in July 1993; and the introduction of
regulated short selling in January 1994 and stock options in September
1995. Furthermore, the Exchange introduced the Growth Enterprise
Market (GEM) in November 1999 to provide fund raising opportunities
for growth companies of all sizes from all industries, and to promote the
development of technology industries in the region.
STRUCTURE
The securities listed at the SSE include the three main categories of
stocks, bonds, and funds. Bonds traded on SSE include treasury
bonds (T-bond), corporate bonds, and convertible corporate bonds.
SSE T-bond market is the most active of its kind in China. There
are two types of stocks being issued in the Shanghai Stock
Exchange: "A" shares and "B" shares.
“A” shares are priced in the local renminbi yuan currency, while B
shares are quoted in U.S. dollars. Initially, trading in A shares are
restricted to domestic investors only while B shares are available to
both domestic (since 2001) and foreign investors. However, after
reforms were implemented in December 2002, foreign investors
are now allowed (with limitations) to trade in A shares under the
Qualified Foreign Institutional Investor (QFII) program which was
officially launched in 2003. Currently, a total of 98 foreign
institutional investors have been approved to buy and sell A shares
under the QFII program. Quotas under the QFII program are
currently US$30 billion. There has been a plan to eventually merge
the two types of shares in the future.
The SSE is open for trading every Monday to Friday. The morning
session begins with centralized competitive pricing from 09:15 to
09:25, and continues with consecutive bidding from 09:30 to 11:30
The Korea Exchange was created through the integration of Korea Stock
Exchange, Korea Futures Exchange and KOSDAQ Stock Market under
the Korea Stock & Futures Exchange Act. The securities and derivatives
markets of former exchanges are now business divisions of Korea
Exchange: the Stock Market Division, KOSDAQ Market Division and
Derivatives Market Division. As of January 2015, Korea Exchange
had2,030 listed companies with a combined market capitalization of
$1.2 trillion. Sustainable Stock Exchanges .The exchange has normal
trading sessions from 09:00 am to 03:30 pm on all days of the week
except Saturdays, Sundays and holidays declared by the Exchange in
advance.