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STOCK EXCHANGE

A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and dividends. Securities traded on a stock exchange include shares issued by companies, unit trusts, derivatives, pooled investment products and bonds. To be able to trade a security on a certain stock exchange, it must be listed there. Usually, there is a central location at least for record keeping, but trade is increasingly less linked to such a physical place, as modern markets are electronic networks, which gives them advantages of increased speed and reduced cost of transactions. Trade on an exchange is by members only. The initial offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market. Supply and demand in stock markets is driven by various factors that, as in all free markets, affect the price of stocks (see stock valuation). There is usually no compulsion to issue stock via the stock exchange itself, nor must stock be subsequently traded on the exchange. Such trading is said to be off exchange or over-the-counter. This is the usual way that derivatives and bonds are traded. Increasingly, stock exchanges are part of a global market for securities.

History

Among many other things, the Code of Hammurabi recorded interest-bearing loans. Securities markets took centuries to develop.[1] The idea of debt dates back to the ancient world, as evidenced for example by ancient Mesopotamian clay tablets recording interest-bearing loans. There is little consensus among scholars as to when corporate stock was first traded. Some see the key event as the Dutch East India Company's founding in 1602, while others point to earlier

there were societates publicanorum. in Malmendier's view.C. Participants in such organizations had partes or shares. Such arrangements. Venice's bonds traded at steep discounts for decades thereafter. solidifying the credibility of the new instruments. again with Italian city-states in the vanguard. it came to be seen as a valuable investment that could be bought and sold. Other blows to financial stability resulted from the Hundred Years War. suggests the instruments were tradable. Initially regarded with suspicion. Partnership agreements dividing ownership into shares date back at least to the 13th century. Cicero mentions "shares that had a very high price at the time. Economist Ulrike Malmendier of the University of California at Berkeley argues that a share market existed as far back as ancient Rome. In the Roman Republic. From 1262 to 1379. Some scholars place its origins as far back as ancient Rome. however. Tradable bonds as a commonly used type of security were a more recent innovation. In one speech. One such service was the feeding of geese on the Capitoline Hill as a reward to the birds after their honking warned of a Gallic invasion in 390 B. Bonds were traded widely in Italy and beyond. paid 5 percent interest per year and had an indefinite maturity date. it was at a lower interest rate. In 1171. often as a means of paying for warfare. a business facilitated by bankers such as the Medicis. known as prestiti. which existed for centuries before the Empire was founded. organizations of contractors or leaseholders who performed templebuilding and other services for the government. as most of their services were taken over by direct agents of the state. a concept mentioned various times by the statesman and orator Cicero. Venice never missed an interest payment. War between Venice and Genoa resulted in suspension of prestiti interest payments in the early 1380s. which caused monarchs of France and England to default on debts to Italian banks. which ravaged much of Europe. and when the market was restored. the authorities of the Republic of Venice. the idea of debt as a tradable investment endured." Such evidence. . and the Black Death. spearheaded by the Italian city-states of the late medieval and early Renaissance periods. As with bonds. with fluctuating values based on an organization's success.developments. concerned about their war-depleted treasury. the concept of stock developed gradually. The bond market had begun. typically extended only to a handful of people and were of limited duration. Such debt. The societas declined into obscurity in the time of the emperors. Other Italian city-states such as Florence and Genoa became bond issuers as well. as with shipping partnerships that applied only to a single sea voyage. Still. drew a forced loan from the citizenry.

operated as a colonial ruler in what's now Indonesia and beyond. the Dutch East India Company was formed as a joint-stock company with shares that were readily tradable. for the amount of 2. dating from 7 November 1623. an alliance of mercantile cities such as Bruges and Antwerp. The Hanseatic League." which has become synonymous with "stock market. which sought to wrest trade with Russia away from Hanseatic dominance. operated counting houses to expedite trade. A bond issued by the Dutch East India Company." arose in Bruges. Belgium. with ordinary shareholders not having much influence on management or even access to the company's accounting statements. The forefront of commercial innovation eventually shifted from Italy to northern Europe. formed to build up the spice trade. The Dutch East India Company.House Ter Beurze in Bruges. a purview that included conducting military operations against recalcitrant natives and competing colonial powers. Control of the company was held tightly by its directors. nobody's quite sure. British merchants were experimenting with joint-stock companies intended to operate on an ongoing basis. The term "bourse. In 1602. The next big step was in Amsterdam.400 florins. one such was the Muscovy Company. . either from a sign outside a trading center showing one or a few purses (bursa is Latin for bag) or because merchants gathered at the house of a man named Van der Burse. By the late 1500s. The stock market had begun.

shareholders were rewarded well for their investment. but their coordinated trading had only a modest impact in driving down share prices. The company paid an average dividend of over 16 percent per year from 1602 to 1650. English joint-stock companies began going public. including options. which tended to be robust throughout the 17th century. repos and margin trading. also known as Joseph Penso de la Vega and by other variations of his name. . In 1609." in which Dutch ruler William of Orange also ascended to England's throne. Soon thereafter. It was the earliest book about stock trading. and thus the kingdom's first government bonds were issued in 1693 and the Bank of England was set up the following year. William sought to modernize England's finances to pay for its wars. and de la Vega offered advice to his readers on such topics as the unpredictability of market shifts and the importance of patience in investment.[2] Joseph de la Vega. The year that de la Vega published also brought an event that helped spread financial techniques and talent from Amsterdam to London. in which contracts for the delivery of flower bulbs soared wildly and then crashed. New techniques and instruments proliferated for securities as well as commodities.However. Amsterdam's growth as a financial center survived the tulip mania of the 1630s. a shareholder and a philosopher. Financial innovation in Amsterdam took many forms. bringing a new issuer to the burgeoning securities market. the book described a market that was sophisticated but also prone to excesses. This was the "glorious revolution. By the 1620s. investors led by one Isaac Le Maire formed history's first bear syndicate. was an Amsterdam trader from a Spanish Jewish family and a prolific writer as well as a successful businessman in 17th-century Amsterdam. The Dutch West India Company was formed in 1621. taking the form of a dialogue between a merchant. the company was expanding its securities issuance with the first use of corporate bonds. His 1688 book Confusion of Confusions explained the workings of the city's stock market.

is a large sector in its own right. at the height of the mania. share prices were collapsing. purchase and sale of common stock. Yet the market survived. and by the 1790s shares were being traded in the young United States. In Paris." By the end of that same year. there was even an offering of "a company for carrying out an undertaking of great advantage. One of history's greatest financial bubbles occurred in the next few decades. London's first stockbrokers. Parliament passed the Bubble Act. but nobody to know what it is. materials. and whatever else was available. reportedly because of their rude manners. Those lists mark the beginning of the London Stock Exchange. Capital Formation o One of the most important objectives of a stock exchange is capital formation. operating out of Jonathan's Coffee House. were barred from the old commercial center known as the Royal Exchange. In 1720. Law was stripped of office and fled the country. 1. the world's first electronic stock exchange. was posting regular lists of stock and commodity prices. which stated that only royally chartered companies could issue public shares. Investors snapped up shares in both. however. labor. many of these projects would not be possible. Without corporate organization. This refers to the accumulation of vast quantities of money necessary to start large ventures. which accumulates capital (money) while dispersing ownership. computer chip manufacturers and many other endeavors require tens or hundreds of millions of dollars of investment before they can produce any profit. expertise and regulatory oversight allowing the issue. 1971. . The financial services industry. Stock trading was more limited and subdued in subsequent decades. who was acting in effect as France's central banker. owned and controlled. Common stock is the means by which publicly traded companies are funded. as it became clear that expectations of imminent wealth from the Americas were overblown. By 1698. set up in 1711 to conduct English trade with South America. The Objectives of the Stock Exchange Stock exchanges consist of the physical spaces. automobile production facilities. focused on commerce with France's Louisiana colony and touted by transplanted Scottish financier John Law. Instead. Power plants. NASDAQ. a broker named John Castaing. In London. The enormous growth in some industries would be impossible without their firms being organized as corporations and issuing common stock. On February 8. the new trade was conducted from coffee houses along Exchange Alley. including brokerages and others that deal directly with stock exchanges. At the center of it were the South Sea Company.NASDAQ was the first electronic stock exchange. and the Mississippi Company. started its operations.

They also obligate people who have entered into contracts to honor those contracts or face criminal prosecution. The Importance of the Stock Exchange Provided By www. Without a stock exchange in which people could quickly and easily trade assets. have designed and implemented laws and regulations determining how the system should function. Economic Indicator o Though not originally intended to function as such. . One of the advantages of corporate organization is that stakeholders may sell their interest to another party. This prevents a struggling stock from being shorted. brokers and other agents of the system work. Stock exchanges put in place the infrastructure necessary to connect these buyers and sellers. These rules are intended to protect the investor from unfair advantages taken by people possessing special knowledge.Connecting Traders o The stock exchange also facilitates trading. or even the global economy. at least incrementally. Other exchanges occupy no centralized physical location and operate through telecommunication and computer networks.org The stock exchange is a necessary aspect of commerce world-wide. Security o The operators of stock exchanges. Even a casual observation of the general trends on major stock exchanges can give some insight into the state of a national or regional economy. The goal of regulation is to allow people who may not always trust each other to do business with each other. because they trust the system. For example. Many stock exchanges occupy physical buildings in which traders. the "uptick rule" states that before a short contract (a "bet" that a stock will decline) can be written on a security.stockandbonds. in cooperation with their governments. the global economy would quickly grind to a halt. stock exchanges also work as instruments to quantify the state of an economy. which can decrease confidence in its strength and lead to more shorting and a further decline. hundreds or even thousands of individuals may wish to sell their shares of stock. the price must increase. while as many investors may wish to purchase the same security. At any one time. Some regulation is put in place to protect against unintended consequences of an unregulated market.

refine 90 percent of all the oil produced. would be heavily curtailed. Without disclosure of financial information. about 90 percent of these companies paid cash dividends in the last 12 months and almost 300 have paid dividends every single quarter for 20 years or more. How important are the 1. full and prompt disclosure of changes in property or business. As a general rule. As new securities become seasoned. In that year the Stock Exchange laid down its first requirement for listing—that it be notified of all stock issued and valid for trading. they pay their stockholders half of all the dividends disbursed. both institutional and individual investors. to liquidate their investment in a market place and to put the proceeds into another enterprise.Although a stock exchange is not in itself a source of new equity capital—of risk funds essential to developing new industries— it is true that the flow of new capital soon would slow to a trickle without it. they may qualify for listing. These companies produce practically all the automobiles and trucks made in this country. The philosophy behind the Stock Exchange's listing requirements is simply this: The investor or trader who owns. and maintenance of securities transfer offices.500 companies earn about half of all the net profits after taxes reported by all U. produce three quarters of all the electric power. when and if they wish. no one would invest in stocks Advantages:      Potential for high investment returns Tax-free investment options Long-term investment possible Flexible investment options Government monitored 'safer' stakeholder options . no matter how promising. buys or plans to purchase listed securities is entitled to information about the corporation which will help him to make his investment decisions intelligently. These are the investors willing to put their money into new enterprises. which have not yet developed a widespread public appeal. In the following years the Exchange added more requirements. Corporations listed on the Exchange provide jobs for more than 11 million workers. The list of Stock Exchange securities has grown with the country.500 companies with stock listed on the NYSE? Some measure of their importance may be got from these figures: these 1. companies. ship about seven eights of all the finished steel. and handle 95 percent of our railroad traffic and air passenger travel. including frequent earnings reports. That step makes the securities more attractive to more people and enables the holders. S. the number of investors in the company is still comparatively small. The investment banker buys an entire issue of securities from the new company and it is his job to sell the securities to the investing public. Up to 1869 listing on the Exchange was a highly informal action. If there were no stock exchange—no market place where people could sell their securities for cash—capital would soon become sluggish and the financing of new ventures. however. after the investment banker has made this primary distribution of securities. The investment-banking business has built up a highly efficient mechanism for the initial sale of securities issued by a new enterprise.

they need to start with the Initial Public Offering or the IPO. In case of an already listed public company. In both the cases these companies have to go through the stock market. That is reason that the government. This is the primary function of the stock exchange and thus they play the most important role of supporting the growth of the industry and commerce in the country.Disadvantages:      Money must often be left untouched long-term May be minimum deposit requirements May be high charges which reduce earnings from investment returns No guarantee of returns Risk of losing your money IMPORTANCE Stock market is an important part of the economy of a country. The stock market plays a play a pivotal role in the growth of the industry and commerce of the country that eventually affects the economy of the country to a great extent. industry and even the central banks of the country keep a close watch on the happenings of the stock market. Of course this is just the primary function of the stock market and just an half of the role that the stock market plays. It is the secondary market of the stock exchange where retail investors and institutional investors buy and sell the stocks. Whenever a company wants to raise funds for further expansion or settling up a new business venture. If a company wants to raise some capital for the business it can issue shares of the company that is basically part ownership of the company. they have to either take a loan from a financial organization or they have to issue shares through the stock market. In fact it is these stock market traders who raise the fund for the businesses by investing in the stocks. The stock market is important from both the industry’s point of view as well as the investor’s point of view. That is the reason that a rising stock market is the sign of a developing industrial sector and a growing economy of the country. they issue more shares to the market for collecting more funds for business expansion. For the companies which are going public for the first time. To issue shares for the investors to invest in the stocks a company needs to get listed to a stocks exchange and through the primary market of the stock exchange they can issue the shares and get the funds for business requirements. . The stock market is primarily the place where these companies get listed to issue the shares and raise the fund. In fact the stock market is the primary source for any company to raise funds for business expansions. The secondary function of the stock market is that the market plays the role of a common platform for the buyers and sellers of these stocks that are listed at the stock market. There are certain rules and regulations for getting listed at a stock exchange and they need to fulfill some criteria to issue stocks and go public.

Bombay Stock Exchange From Wikipedia. Unsourced material may be challenged and removed. The talk page may contain suggestions.) Please help improve this article if you can. (January 2011) Bombay Stock Exchange share . Once the buyer places a buy order in the stock market the brokers finds a seller of the stock and thus the deal is closed. The brokers basically act as a middle man between the buyers and sellers. Please help improve this article by adding citations to reliable sources. (Consider using more specific cleanup instructions. All these take place at the stock market and it is the demand and supply of the stock of a company that determines the price of the stock of that particular company. search This article may require cleanup to meet Wikipedia's quality standards. Brokers actually execute the buy and sell orders of the investors and settle the deals to keep the stock trading alive. (January 2011) This article needs additional citations for verification.For investing in the stocks or to trade in the stock the investors have to go through the brokers of the stock market. the free encyclopedia Jump to: navigation.

India Coordinates 18°55′47″N 72°50′01″E / 18.Bombay Stock Exchange Location of Bombay Stock Exchange in India Type Location Stock Exchange Mumbai.833589°E 1875 Founded .929681°N 72.

making it the 4th largest stock exchange in Asia and the 8th largest in the world.085 US$1.085 listed Indian companies and over 8.8 trillion (Dec 2010)[1] US$231 billion (Nov 2010) BSE SENSEX BSE Small Cap BSE Mid-Cap BSE 500 www. of listings MarketCap Volume Bombay Stock Exchange Limited Madhu Kannan (CEO & MD) Indian rupee ( ) 5. Though many other exchanges exist. there are over 5.[3] the Bombay Stock Exchange has a significant trading volume. The equity market capitalization of the companies listed on the BSE was US$1. share volume in NSE is typically two times that of BSE.Owner Key people Currency No.[1] The BSE has the largest number of listed companies in the world. Contents [hide]        1 Hours of operation 2 History 3 Timeline 4 Indices 5 Awards 6 See also 7 References .63 trillion as of December 2010.196 scrips on the stock exchange. Mumbai and is the oldest stock exchange in Asia. BSE and the National Stock Exchange of India account for the majority of the equity trading in India. The BSE SENSEX. While both have similar total market capitalization (about USD 1.[2] As of June 2011.com Indexes Website The Bombay Stock Exchange (BSE) (Marathi: मुंबई शेअर बाजार Bombay Śhare Bāzaār) (formerly. Bombay) is a stock exchange located on Dalal Street.bseindia. is a widely used market index in India and Asia. also called "BSE 30". The Stock Exchange.6 trillion).

16:05 16:05 .9:15 9:15 . Sundays and holidays declared by the Exchange in advance.15:50 15:50 . 8 External links [edit] Hours of operation Session Timing Beginning of the Day Session 8:00 .9:00 pre-open trading session Trading Session Position Transfer Session Closing Session Option Exercise Session Margin Session Query Session End of Day Session 9:00 . India.16:50 16:50 .[4] [edit] History . BSE's normal trading sessions are on all days of the week except Saturdays.15:30 15:30 . GMT +5:30) in Mumbai .17:35 17:30 The hours of operation for the BSE quoted above are stated in terms the local time (i.e.16:35 16:35 .

search This article includes a list of references. Fort area. the BSE became the first stock exchange to be recognized by the Indian Government under the Securities Contracts Regulation Act. (January 2011) National Stock Exchange . trading SENSEX futures contracts. National Stock Exchange of India From Wikipedia.[5] The BSE is currently housed in Phiroze Jeejeebhoy Towers at Dalal Street. The Bombay Stock Exchange is the oldest exchange in Asia. The group eventually moved to Dalal Street in 1874 and in 1875 became an official organization known as 'The Native Share & Stock Brokers Association'. The BSE has also introduced the world's first centralized exchange-based internet trading system. expanding the BSE's trading platform. screen-based trading platform called BSE On-line trading (BOLT) currently has a capacity of 8 million orders per day. The Bombay Stock Exchange developed the BSE SENSEX in 1986. Please help to improve this article by introducing more precise citations where appropriate. giving the BSE a means to measure overall performance of the exchange. Historically an open outcry floor trading exchange.The Phiroze Jeejeebhoy Towers house the Bombay Stock Exchange since 1980. In 1956. In 2000 the BSE used this index to open its derivatives market. when four Gujarati and one Parsi stockbroker would gather under banyan trees in front of Mumbai's Town Hall. This automated. It traces its history to the 1850s. the Bombay Stock Exchange switched to an electronic trading system in 1995. but its sources remain unclear because it has insufficient inline citations.in to enable investors anywhere in the world to trade on the BSE platform. The development of SENSEX options along with equity derivatives followed in 2001 and 2002. the free encyclopedia Jump to: navigation. It took the exchange only fifty days to make this transition. BSEWEBx. as the number of brokers constantly increased. The location of these meetings changed many times.co.

85972°E 1992 National Stock Exchange of India Limited Ravi Narain (MD) Indian rupee ( ) .06028°N 72.National Stock Exchange Location of National Stock Exchange in India Type Location Coordinates Founded Owner Key people Currency Stock Exchange Mumbai. India 19°3′37″N 72°51′35″E / 19.

insurance companies and other financial intermediaries in India but its ownership and management operate as separate entities. NSE is mutually-owned by a set of leading financial institutions. and between them are responsible for the vast majority of share transactions. cover more than 1500 cities across India. the NSE VSAT terminals. an index of fifty major stocks weighted by market capitalisation. known as the NSE NIFTY (National Stock Exchange Fifty).[8] Contents .[3] Though a number of other exchanges exist.[2] NSE has a market capitalization of around US$1. banks.com Indexes Website NSE building at BKC.59 trillion (Dec 2010)[1] S&P CNX Nifty CNX Nifty Junior S&P CNX 500 www. It is the 9th largest stock exchange in the world by market capitalization and largest in India by daily turnover and number of trades. NSE and the Bombay Stock Exchange are the two most significant stock exchanges in India.[6] NSE is the third largest Stock Exchange in the world in terms of the number of trades in equities. Mumbai The National Stock Exchange (NSE) (Hindi: राष्ट्रीय शेअर बाजार Rashtriya Śhare Bāzaār) is a stock exchange located at Mumbai.59 trillion and over 1. India. The NSE's key index is the S&P CNX Nifty. of listings MarketCap 1. Maharashtra. for both equities and derivative trading.[7] It is the second fastest growing stock exchange in the world with a recorded growth of 16.552 US$1.No.[4] There are at least 2 foreign investors NYSE Euronext and Goldman Sachs who have taken a stake in the NSE.6%. 2799 in total.552 listings as of December 2010.nse-india.[5] As of 2006.

it was recognized as a stock exchange under the Securities Contracts (Regulation) Act. setup in 1999 . in 1996. NSE has also launched the NSE-CNBC-TV18 media centre in association with CNBC-TV18. while operations in the Derivatives segment commenced in June 2000. solutions and services. NSE pioneered commencement of Internet Trading in February 2000. 1956. which led to the wide popularization of the NSE in the broker community.IT offers end-to-end Information Technology (IT) products. anonymous. The Capital market (Equities) segment of the NSE commenced operations in November 1994. first depository in India [9] Setting up of S&P CNX Nifty.[hide]            1 Origins 2 Innovations 3 Markets 4 Hours 5 Milestones 6 Indices 7 Exchange Traded Funds on NSE 8 Certifications 9 See also 10 References 11 External links [edit] Origins The National Stock Exchange of India was promoted by leading Financial institutions at the behest of the Government of India." in India. NSE. electronic limit order book (LOB) exchange to trade securities in India. is a 100% subsidiary of the National Stock Exchange of India. Co-promoting and setting up of National Securities Depository Limited. NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. particularly on an equity index. After four years of policy and regulatory debate and formulation. Setting up the first clearing corporation "National Securities Clearing Corporation Ltd. In April 1993. Being the first exchange that. [edit] Innovations NSE pioneering efforts include:          Being the first national. NSE. A Vertical Specialist Enterprise. proposed exchange traded derivatives. . in India. Since the success of the NSE. the NSE was permitted to start trading equity derivatives Being the first and the only exchange to trade GOLD ETFs (exchange traded funds) in India. and was incorporated in November 1992 as a tax-paying company. NSCCL was a landmark in providing innovation on all spot equity market (and later. derivatives market) trades in India. existent market and new market structures have followed the "NSE" model.IT Limited.

Incorporated in 1978. there is uniform response time of less than one second.[1] it has now over 350[2] Indian companies listed. The trading software used in CSBL is Multex. NSE (National Stock Exchange) was the first exchange in the world to use satellite communication technology for trading.[3] Contents [hide]          1 Facility 2 Trading 3 Demutualization Scheme 4 Cochin Stock Brokers Limited 5 CSE Institute 6 Economic Impact 7 Notes 8 See also 9 External links [edit] Facility Computerized trading was introduced in 1997. Traders are provided Meta Stock and ERS software. Base Minimum Capital required to be maintained is Rs. Cochin Stock Exchange From Wikipedia.[5] . CSBL a wholly owned subsidiary of CSE is a member of NSE and BSE. search The Cochin Stock Exchange Limited (CSE) is a capital stock market in Kochi. The new millennium saw the stock exchange building being shifted from the old structure in downtown Cochin to a brand new building in the Kaloor area in northern Kochi. the free encyclopedia Jump to: navigation. Kerala in India. using a client server based system called National Exchange for Automated Trading (NEAT). 2 lakhs. For all trades entered into NEAT system.[4] DP holdings are maintained by demat services like CDSL. [edit] Trading Trading hours historically used to begin late in the afternoon enabling access to traders from other regions of the state. trading terminals and optical fiber connections.The major back office system software used are NESS and BOSS respectively for NSE and BSE.

[edit] Economic Impact Industrialisation did not happen in Kerala to the extent as in other Indian states. but it has be due to the political climate and the lack of resources in a small state with such a large population density. The stock exchange is therefore an excellent channel for investment opportunities in the face of local problems.[6] [edit] Cochin Stock Brokers Limited Cochin Stock Brokers Limited (CSBL) a subsidiary of CSE is a corporate member of the National Stock exchang and Bombay Stock Exchange enabling CSBL users trading facilities in these listings.[edit] Demutualization Scheme The securities scam of the early nineties led the SEBI regulations on stock exchanges requires separation of ownership and trading rights and made it mandatory for majority ownership rests with the public. The reasons for the failure to attract manufacturing industries is unclear. As a result most Keralites do not invest in manufacturing entities. [edit] CSE Institute CSE institute provides training program on stock market for investors.[7] . those without any trading rights.

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