2018 فينانشيال.
وتتعامل هذه المجموعة مع مجموعات أصحاب المصلحة معها، كما أنه من المسلم به أنه من خلال العمل على خلق بيئة يمكن فيها لأصحاب المصلحة أن يزدهروا ويسهموا فيها، فإن البورصة ستدعم قدرتها على الاستمرار في خلق القيمة لهؤلاء أصحاب المصلحة.
1. المساهمين المحدودة والمحللين المحدودة.
الأداء المالي جيس وكيف نخلق القيمة.
أغمس التقرير السنوي والتقرير المؤقت التفاعل المباشر إشعارات موزعة من خلال موقع سينس جس على شبكة الإنترنت يظهر الطريق الإذاعة والتلفزيون والمقالات الصحفية.
مجالات نمو الأداء استدامة الشركة التكاليف سياسة توزيع الأرباح خطط الأسهم آفاق.
عروض جس والأداء وكيفية التجارة.
إعلانات النتائج التقرير السنوي والتقرير المؤقت إشعارات موزعة من خلال موقع سينس جس على شبكة الإنترنت عروض الطريق البيانات الصحفية والمقابلات يعرض على الشركات المدرجة ندوات وعروض حول المنتجات الجديدة والجديدة موقع جيس.
مجالات نمو الأداء استدامة الشركة سياسة توزيع الأرباح خطط الأسهم الآفاق المعرفة المالية وتثقيف المستثمرين أسواق ومنتجات جسي جوانب عمل الشركة.
3.1. الشركات المصدرة.
متطلبات جلب المنتجات المتداولة في السوق.
مسؤولو علاقات العملاء في الموقع الإلكتروني منتديات العملاء شبكة خارجية مخصصة إعلانات السوق اجتماعات فردية.
خدمة العملاء توقعات العملاء.
3.2. أفراد.
ضمان فهم جس لتلبية احتياجات الأعضاء.
الخط الساخن للخدمات الموقع الإلكتروني الإعلانات النشرات الصحفية وسائل التواصل الاجتماعي علاقات العملاء موظفو المنتديات كوستومر إكسترانيت ماركيت نوتيسس اجتماعات فردية.
خدمة العملاء توقعات العملاء.
3.3. مجتمع المستثمرين.
فهم مجموعة من المنتجات الاستثمارية المتاحة من خلال جس وكيفية الاستثمار فيها.
تثقيف المستثمرين يعرض للشركات المدرجة ندوات عبر الإنترنت والعروض التقديمية حول المنتجات الجديدة والقائمة البيانات الصحفية والمقابلات الإذاعة والتلفزيون والمقالات الصحفية موقع جس.
محو الأمية المالية وتثقيف المستثمرين أسواق ومنتجات جسي جوانب الأعمال التجارية جس.
4. الموظفين.
استراتيجية الشركة والقيم والسياسات، وتعزيز المهارات والاحتفاظ بها وتحفيز المواهب.
اجتماعات الفريق تحليل احتياجات التدريب مراجعات الأداء جلسات التواصل إنترانت موقع اللجنة الإلكترونية لجان الموظفين البريد الإلكتروني المبلغون عن المخالفات & رسكو؛ الخط الساخن.
التطوير والتدريب الصحة والسلامة برامج العافية المكافآت والمزايا المساواة في العمل الأداء المالي قواعد السلوك والأخلاق برنامج مساعدة الموظفين برنامج التوجيه.
5. الموظفين المحتملين.
جس باعتبارها صاحب العمل المفضل.
التقرير السنوي موقع جيس سينس مقابلات مجلة جيه إس وكالات التوظيف معارض مهنية.
سياسة المكافآت تطوير الناس خيارات العمل.
6. الموردون.
تقييم الأداء؛ متطلبات الشركة.
الاجتماعات المقررة المفاوضات.
مراقبة أداء التقييمات تقييم التكاليف توقعات النمو وتطوير المنتجات والخدمات.
7 - الحكومة الوطنية والمحلية.
المجالات ذات الاهتمام المشترك (تشمل الجهات المعنية الخزانة الوطنية؛ وإدارة الزراعة؛ وإدارة المعادن والطاقة؛ ومصرف الاحتياطي في جنوب أفريقيا؛ وخدمات الإيرادات في جنوب أفريقيا)
الاجتماعات المخصصة عند الاقتضاء.
اإلطار التنظيمي للقطاع املالي كبس-إوسكو اإلمتثال مسائل الرقابة على البورصة القضايا الضريبية التي تؤثر على أسواق رأس املال وعملائنا اعتبارات هيكل السوق، ال سيما فيما يتعلق باملنتجات اجلديدة، حيث يكون الدعم التنظيمي أمرا بالغ األهمية.
8. جس منظم.
مجالات المصلحة التنظيمية المتبادلة.
وتعمل جس بشكل وثيق مع ممثلي فسب فسب حضور اجتماعات المجلس والإدارة من خلال دعوة ترتيبات مخصصة بشأن الموضوعات ذات الصلة.
سياسة الاستثمار المسائل التنظيمية تطوير المنتجات والخدمات المراقبة آليات حماية المستثمرين والسوق.
9 - الأفرقة والرابطات الخارجية.
اجتماعات مخصصة اللجان الاستشارية للجنة الرعاية الصحية والعضوية.
مختلف المبادرات الجارية خلال العام، والتي تتناول الخدمة والتوقعات والآفاق والاستراتيجيات والاستدامة والتنظيم.
10 - الجماعة.
الاستثمار الاجتماعي للشركات.
جس الموقع التعليم ضباط المواد في مختلف وسائل الإعلام مجلة جسي استراتيجية كسي.
مبادرات التعليم بما في ذلك: جس / ليبرتي إنفستمنت تشالنج مبادرات محو الأمية المالية & نداش؛ جيف الرعاية الصحية والتنمية المجتمعية الرعايات والتبرعات صندوق خير جيس.
1. المشاركة مع المساهمين والمحللين جس المحدودة.
يقوم مساهمو شركة جي إس إل المحدودة بتزويد المجموعة المدرجة برأس مال يمول عملياتها والإنفاق الرأسمالي. ويساعد المستثمرون المجموعة في دفع عجلة النمو على المدى الطويل. وقد عمل المجلس بجد للاقتراب من المساهمين والمحللين في شركة جي إس إس.
إن قسم عالقات المستثمرين معروف لدى كبار المستثمرين وتفاصيل االتصال الخاصة بهم متوفرة على الموقع اإللكتروني للشركة. يتم توزيع المعلومات من خلال قنوات مختلفة. ويتناول الموقع باستمرار استفسارات المحللين والمستثمرين والمساهمين المحتملين. يتم الحفاظ على أمن وسلامة المعلومات بعناية، مع ضمان وصول جميع المعلومات الهامة للمساهمين في وقت واحد.
يشارك الرئيس التنفيذي للشركة (سيو) والمدير المالي (كفو) ورئيس قسم علاقات المستثمرين مع المساهمين من خلال جلسات التواصل العادية والاجتماعات وغيرها من العمليات. وهم يجتمعون بانتظام مع المستثمرين والمحللين لتعزيز الحوار والتواصل مع استراتيجية جي إس إس والأداء.
ويتم تشجيع أعضاء مجلس الإدارة على حضور جميع الاجتماعات العامة. ويتم تشجيع المساهمين على الحضور وتقديم األسئلة. كما تتاح للمساهمين الفرصة عندما يرغبون في الاجتماع مع المديرين والإدارة.
لدى "جي إس إس" استراتيجية قوية للتواصل الإعلامي، وقد أقامت على مر السنين علاقات إعلامية وثيقة ومتكاملة لإدارة سمعتها وتصورات الجمهور حول البورصة. وتشكل وظيفة الإعلام والعلاقات العامة جزءا من قسم المصدر وعلاقات المستثمرين حيث يعمل الفريق بشكل مستمر مع وسائل الإعلام من خلال وسائل التواصل المختلفة بما في ذلك البيانات الصحفية، ومن خلال وجود متحدثين رسميين في جيس للتفاعل مع وسائل الإعلام في مختلف المؤتمرات والمناسبات التي تستضيفها JSE & # 160؛
ولدى المركز بوابة إعلامية على موقعه الشبكي حيث تتوفر جميع النشرات الإعلامية للجمهور على العنوان التالي: jse. co. za/About-Us/Media/Press-Releases. aspx.
ونظرا للطرق المتغيرة التي يستهلك بها المجتمع وسائل الإعلام والمعلومات، فإن الجامعة لديها حضور راسخ على مختلف منصات التواصل الاجتماعي، حيث تشرك باستمرار وسائل الإعلام والجمهور العام في عدد كبير من المواضيع مع تقديم معلومات عن البورصة.
يرجى متابعة:
وبما أن الشركة تعمل بشكل كبير في قطاع الخدمات، فإنها تشكل جزءا من نظام بيئي معقد يشارك فيه عدد من أصحاب المصلحة. وتركز الشركة باستمرار على بناء نموذج أعمال مستدام، مع العمق واتساع، مع التركيز على المنتجات، والبقاء على مقربة من العملاء ومنحهم الخدمات التي يحتاجونها.
وواصلت البورصة نمو مجموعة منتجاتها وأحجامها التجارية مع تقييد التكاليف والرسوم للعملاء. ويتحقق ذلك على الرغم من وجود بنية تحتية ذات تكلفة ثابتة إلى حد ما واستثمار كبير في التكنولوجيا، مما يتيح لبورصة البحرين أن تظل قادرة على المنافسة. يتيح موقع جس الإلكتروني، jse. co. za، للعملاء إمكانية الوصول إلى معلومات تفصيلية عن شركة جس.
3.1. الشركات المصدرة.
وتركز جس على جذب كبار مصدري الجودة ويضمن جودتها من خلال وضع وإنفاذ متطلبات قوائم ذات جودة عالية.
وتقوم الشركة بتشغيل كتاب إلكتروني مركزي آلي بالكامل لسوق أسهمها. وتوفر "جي سي إس" للمصدرين رؤية للمستثمرين المحليين والدوليين كل عام من خلال عروض المستثمرين وعروض الطرق. كما تسرد الشركة عددا من منتجات الصناديق المتداولة في البورصة، فضلا عن العقود الآجلة والخيارات.
3.2. أفراد.
تتفاعل جس مع أعضائها من خلال:
ادارة الحساب؛ جلسات منتدى الوسيط. طلبات الاجتماعات المخصصة؛ دورات تدريبية فردية؛ الدعم في الموقع في الأعضاء & # 39؛ مكاتب. جلسات الاتصال؛ مجموعات العمل الفنية؛ اللجان الاستشارية؛ والاتصالات الأخرى.
وأخيرا، تتفاعل "جيه إس إس" مع عملائها من خلال مكتب دعم العملاء في "جيه إس إس"، الذي يوفر دعم الأعمال والدعم الوظيفي للتطبيق للعملاء، فضلا عن أعضاء الأسهم & # 39؛ العمليات الأمامية والوسطى والمكتب الخلفي.
يقدم مكتب دعم العملاء أيضا الخدمات التالية:
دعم المستوى الأول لجميع مشتركي جس تدفع على جميع خدمات جس التي يشتركون فيها. تمكين العميل من خلال ضمان تمكين جميع أعضاء الأسهم الجديدة لخدمات الإنتاج والاختبار؛ تدريب المستخدم؛ إدارة الحوادث العميل التي من خلالها فريق الدعم الفني (جس) والفرق التجارية التواصل مع عملاء إكسهانج، وذلك باستخدام مختلف قنوات الاتصال (البريد الإلكتروني، والرسائل القصيرة، والرسائل الإذاعية). والخط الأول الدعم الفني لمشتقات الأسهم، مشتقات السلع وعملاء أسواق أسعار الفائدة.
3.3. مجتمع المستثمرين.
ويقيم المركز علاقاته مع المستثمرين من المؤسسات والمؤسسات الخاصة ويتبنى نهجا إيجابيا واستباقيا لضمان التعامل مع الاتصالات بشكل مناسب. هناك اتصال منتظم في اتجاهين مع مجتمع المستثمرين. وتشارك الجامعة في مبادرات محو الأمية المالية بشكل استباقي وبناء على طلبها.
4. الموظفين.
فلسفة.
وتشارك جس مع موظفيها بطرق عديدة، وهي ملتزمة بدعم تنمية شعبها. تفتخر البورصة بالشعب الذي توظفه، وبالتالي تشجع بيئة يشعر فيها الناس بالقدرة. ويتحقق ذلك من خلال سياسات الناس وممارسات الفريق، التي تركز على:
وتمكين الآخرين والنفس، ترتبط بالمساءلة؛ والاستثمار في الناس والتعلم المستمر؛ ثقافة عالية الأداء تحققت من خلال أفراد وفرق متنوعة؛ والمساواة والديمقراطية في مكان العمل.
وتقع جميع السياسات المتعلقة بالموظفين على عاتق المدير: الموارد البشرية.
إن ثقافة "جي إس إس" هي تشجيع المبتدئين المبتكرين من خلال تعزيز الجدارة ومكافأة الأداء الجيد. وتوجد سياسات تنموية مثل خطة الإنصاف في العمالة، وخطة المهارات الفردية، ووضع نظام حافز طويل الأجل والاحتفاظ بالموظفين لكبار الموظفين الرئيسيين. وتعمل الشركة في بيئة غير نقابية، ولكنها تعمل على تعزيز علاقات الموظفين الجيدة من خلال سياسات مفصلة والمشاركة. وبالتالي لم تكن هناك أيام إضراب ولا تكلفة مالية مرتبطة بها.
وتوفر الشركة بيئة آمنة لموظفيها والمستأجرين والعملاء والزوار. ولن يتسامح مع أي شكل من أشكال التحرش الجنسي أو غيره من أشكال التمييز أو التمييز في مكان العمل. وقد وضعت سياسات وإجراءات تأديبية وتظلم لضمان معايير عادلة ومنصفة عند تجاوز قواعد المنظمة.
الملف الشخصي للموظفين.
وكان الموظف مكملا من جس في 31 و # ديسمبر؛ ديسمبر & # 160؛ 2018 على النحو التالي، على أساس الشعب:
وتهدف سياسة الإنصاف في سوق العمل إلى القضاء على جميع أشكال التمييز وخلق الفرص لجميع الموظفين، مع التركيز بشكل خاص على الشخصية الديموغرافية للأعمال التجارية.
وقد نجحت الشركة في تحسين وضعها التمكين الاقتصادي الأسود المدقق من مستوى 5 & # 160؛ (2018) إلى مستوى 4 & # 160؛ (2018)، وبذلك حققت واحدة من أهداف سجل أداء الشركات لعام 2018. وقد تم التحقق من ذلك من قبل وكيل معتمد من نظام الاعتماد الوطني لجنوب أفريقيا (ساناس) في تشرين الأول (أكتوبر) 2018 بموجب قانون ميثاق القطاع المالي (فسك)، الذي تم نشره تحت القسم & # 160؛ 9 من التمكين الاقتصادي الأسود العريض القاعدة (ببي ) فعل. ويمكن الاطلاع على مزيد من المعلومات في التقرير السنوي المتكامل.
دوران الموظفين والتعيين.
وبلغ معدل دوران الشركة في عام 2018 ما نسبته 10.14٪. ومن بين حالات إنهاء الخدمة في عام 2018، كانت 44 حالة بسبب الاستقالة، وثلاثة حالات فصل، وواحدة للتقاعد.
التدريب والتطوير.
وتلتزم جس بدعم تنمية شعبها وجذب وتطوير والحفاظ على أفضل المواهب والمهارات.
وتعزز الجامعة ثقافة التعلم بين موظفيها، حيث تعتمد على معارفهم ومهاراتهم لتقديم أفضل الخدمات لعملائها وأصحاب المصلحة. وتوفر سياسة التعلم والتطوير مبادئ توجيهية يستطيع جميع موظفيها من خلالها تطوير الكفاءات اللازمة للنمو التجاري والفردي، بما في ذلك من خلال الدورات التي ترعاها الجامعة.
وفي عام 2018، أنفقت "جي إس إس" 4.3 مليون راند (2018: R4.8 مليون راند) على التدريب والتطوير، بما في ذلك الدورات التي ترعاها الجامعة.
كما يوجد لدى الشركة أيضا برنامج إرشادي داخلي يهدف إلى تطوير الموظفين، قدرات لتلبية احتياجات الأعمال التجارية في المستقبل وتسهيل التحول. وقد أكمل البرنامج اثنا عشر مرشدا ومعلما في عام 2018. وتتمثل الأهداف والغايات الرئيسية للبرنامج في:
ودعم استمرار التطوير الشخصي والإدارة؛ ترسيخ الثقافة التنظيمية والقيم الأساسية؛ تمكين جس لتطوير والاحتفاظ الناس ممتازة. وضمان أن يصبح جس منظمة التعلم.
الصحة و العافية.
ويوجد لدى الشركة العديد من الخدمات لتعزيز صحة الموظفين وسلامتهم وتوفير إشارات الإنذار المبكر وفقا للمعايير الدولية لبناء البنية التحتية وضمان السلامة. يلتزم السوق بقانون الصحة والسلامة المهنية لعام 1993 والأنظمة ذات الصلة. وتقع مسؤولية إدارة شؤون السلامة على عاتق فريق إدارة المبنى، الذي يقدم تقاريره إلى أمين سر المجموعة، وهو عضو في الإدارة التنفيذية للمؤسسة. لم تكن هناك أية غرامات أو حوادث أو حوادث اجتماعية مهمة أخرى خلال الفترة قيد المراجعة.
كما تم إجراء تقييم للمخاطر البيئية بما يتماشى مع متطلبات الصحة والسلامة المهنية في جس. وقد سلط هذا التقييم الضوء على مجالات التحسن في هيكل ونهج هيئة الأوراق المالية، فضلا عن تحسينات محددة في نقاط التداخل استنادا إلى عمليات تفتيش الموقع. وقد تم تنفيذ العديد من التحسينات المادية المحددة منذ الاستعراض. ويجري معالجة المجالات المتبقية من خلال تجديد التركيز على بعض عناصر المخاطر والتغيرات في المناطق المسؤولة.
وتلتزم اللجنة بتوفير بيئة خالية من جميع أشكال التمييز غير العادل، بما في ذلك التمييز ضد الأشخاص المصابين بفيروس نقص المناعة البشرية / الإيدز والأمراض الأخرى التي تهدد حياتهم والحفاظ عليها. وتقر اللجنة بأن وباء فيروس نقص المناعة البشرية / الإيدز سيؤثر على مكان عمله. ولديها سياسة مطبقة لتوفير مبادئ توجيهية لمعالجة هذا الوباء.
ويوجد في المركز برنامج للعافية يتضمن برنامج مساعدة الموظفين (إيب) الذي يقدم الدعم للموظفين وعائلاتهم المباشرة. يتم تشغيل إيب من قبل منظمة خارجية مستقلة تسمى إيكاس وهي متاحة على مجموعة من القضايا 24 ساعة في اليوم، 365 يوما في السنة. ويساعد البرنامج الموظفين وأسرهم على التعامل مع المواقف اليومية والمخاوف أكثر خطورة مجهول وسرية.
تم إنشاء لجنة Ђ "جي إس فوايس вЂ" لتنفيذ التحسينات اللازمة لتلبية الاحتياجات المحددة للموظفين والمنظمة. أهداف برنامج العافية الموظف هي تحسين الصحة العامة والرفاهية والإنتاجية والتعاون والمعنويات والمواقف.
5. الموظفين المحتملين.
وتهدف جس إلى أن يكون صاحب العمل المفضل، والانخراط مع الموظفين المحتملين في عدد من الطرق. بشكل غير مباشر، فإنه يفعل ذلك من خلال تقريرها السنوي، موقع جس، سنس البيانات والمقالات في وسائل الإعلام ومجلة جس. مباشرة، فإنه يشارك من خلال المقابلات، وإحالات الموظفين، وكالات التوظيف والتوظيف الإلكتروني.
وتشارك جس مع الموظفين المحتملين حول السوق نفسه وأنشطته، فضلا عن السياسات المتعلقة بالموظفين جس، بما في ذلك الأجور وتطوير الناس والخيارات الوظيفية.
وقد تحققت النجاحات التالية خالل عام 2018:
تحسين الاتصالات الداخلية. تم إدخال محادثات القيادة لتحسين قنوات التواصل بين اإلدارة العليا والسلطة التنفيذية. تحسين إدارة الأداء. تحسين الموظفين & # 39؛ القدرة على إدارة والتكيف مع التغيير. وبدأت التدخلات التي تتناول إدارة التغيير وستستمر في عام 2017.
6. الموردين & # 160؛
يتم اختيار الموردين من خلال تطبيق عملية اختيار موردي شركة جيس المناسبة على النحو المحدد في عملية اختيار جس. وتهدف هذه العملية املتوافقة مع أفضل املمارسات إىل ضمان الحصول عىل الخدمة أو املنتج املناسب بالسعر املناسب. ثم يتم دعم هذه العملية عن طريق التعاقد الرسمي، وضمان وجود شروط ومستويات الخدمة المناسبة في المكان. يتم التحكم في موافقة المورد المالي وعملية الدفع للموردين بإحكام وتشرف عليها إدارة المشتريات. وتوجھ سیاسة المشتریات ممارسات الشراء المناسبة للشرکة. يتم إدارة الموردين مقابل مستويات الخدمة المحددة تعاقديا المناسبة لنوع المنتج أو الخدمة المقدمة ويتم قياس الأداء من خلال اجتماعات مستوى الخدمة الرسمية والمنتديات الدورية. تتم إدارة الموردين الرئيسيين بشكل خاص ليس فقط على أساس مستوى الخدمة ولكن أيضا على المستوى الاستراتيجي لضمان الاستمرارية المناسبة لل جس. لدى جس عددا من الشركاء الإستراتيجيين في مجال الأعمال، ونحن نعترف بأهمية خدماتها في إدارة فعالياتها وفعاليتها.
7. الحكومة الوطنية والمحلية & # 160؛
وتحدث مشاركة جس مع السلطات الحكومية بشكل رئيسي على مستوى تنفيذي. إن االستجابات التنظيمية في األسواق العالمية الكبرى للمنافسين في بورصة جوهانسبرغ، بما في ذلك ما يتعلق بزيادة الشفافية وتنظيم أماكن التنفيذ البديلة والمنتجات غير المباشرة، لها آثار مباشرة على جنوب أفريقيا وجامعة البحرين. وينطبق ذلك أيضا على التوجه النهائي للسياسة العامة من الخزينة الوطنية فيما يتعلق بتنفيذ الانتقال إلى التنظيم الاحترازي وفيما يتعلق بتطوير الأسواق الفورية وأسعار الفائدة المشتقة. لا تشارك جس في المناقشات فحسب، بل تتخذ أيضا الخطوات اللازمة لتنفيذ الاستراتيجيات لتحقيق أفضل وضعية للمركز عندما تكون توجهات السياسة واضحة.
8. جس منظم.
وينظم مجلس الخدمات المالية قانون السوق المالية (فم) رقم 19 لعام 2018 من قبل مجلس الخدمات المالية (فسب). إن هيئة الرقابة المالية هي السلطة التنظيمية المكلفة بضمان أن تعمل الشركة أسواقها للأوراق المالية من أجل المصلحة العامة ووفقا للتشريع الذي يحكم عملية التبادل في جنوب أفريقيا. ويدعى المجلس إلى حضور جميع اجتماعات مجلس اإلدارة ومجلس اإلدارة.
ويتفاعل قسم تنظيم المصدر مع مكتب الخدمات المالية بالطرق التالية:
ويوجد لدى مجلس الخدمات المالية مقعد دائم في اللجنة االستشارية لتنظيم اإلصدار في بورصة دبي اإلسالمية ولجنة مشتقات أسعار الفائدة والسندات. ومن خلال هذه اللجان، يشارك البنك بصورة نشطة في عملية التشاور عندما تقترح تغييرات على متطلبات القوائم؛ وتجتمع اللجنة بانتظام مع فسب لتقديم المشورة لها من التطورات والمشاريع الجديدة التي فرق تطوير. ويشمل ذلك التغييرات المقترحة في القواعد وكذلك إدراج المنتجات الجديدة؛ ويدعى مجلس الخدمات المالية إلى اجتماعات لجنة الرقابة الذاتية التابعة للمنظمة (سرو)، حيث يتم مناقشة وتقييم الأنشطة التي تضطلع بها اللجنة الفرعية المعنية بالإدارة؛ وتجتمع جس بانتظام مع فسب لمناقشة المسائل المتعلقة القسم 81 من فما. ويتناول هذا الحكم بيانات كاذبة ومضللة.
وحتى الآن، منحت الهيئة الدولية للأوراق المالية أعلى مركز من قبل المنظمة الدولية لهيئات الأوراق المالية (إوسكو). جنوب أفريقيا هي واحدة من 36 بلدا فقط التي تمكنت من تأمين مذكرة تفاهم متعددة الأطراف مع الأسواق المتقدمة الأخرى. ويتيح ذلك للمصرف خيار التعاون وتبادل المعلومات عبر الحدود مع أسواق الأوراق المالية الأخرى.
9 - الأفرقة والرابطات الخارجية.
وهناك العديد من الجهات الفاعلة الأخرى في القطاع المحلي والدولي التي تتفاعل معها اللجنة بانتظام: المجلس الاستشاري للأسواق المالية، ولجنة تنظيم الأوراق المالية، ولجنة الملك، ووحدة الأعمال في جنوب أفريقيا (بوسا)، وقيادة الأعمال في جنوب أفريقيا، وبلسا)، والاتحاد العالمي للتبادلات (وف)، ولجنة أسواق الأوراق المالية للجماعة الإنمائية للجنوب الأفريقي، ومختلف لجان الصناعة / مجموعات الضغط.
مشاريع ترانسفارم أفريكا؛ (بالاشتراك مع المنتدى الاقتصادي العالمي)؛ وتنمية القيادة؛ برامج زراعية تأخذ صغار المزارعين إلى السوق في ملاوي وموزامبيق وزامبيا؛ (بالاشتراك مع المنتدى الاقتصادي العالمي وإدارة شؤون المياه في سا). وتطوير مشاريع البنية التحتية.
إشراك أصحاب المصلحة من خلال اللجان الاستشارية لجيس.
ومن خالل اللجان االستشارية التابعة للمركز، يمكن ألصحاب المصلحة مناقشة وتأثير نشاط الشركة، بما في ذلك التداول في جميع األسواق، والتصفية والتسوية، والمؤشرات ومتطلبات اإلدراج. وتنظر اللجان في المسائل المبدئية والتشغيلية وتقدم المشورة بشأنها، وتقترح، عند الاقتضاء، تعديلات على قواعد وتوجيهات شركة جي بي إس وشروطها.
يتم اعتماد تعيين جميع أعضاء اللجنة الاستشارية من قبل مجلس جس لضمان الجمع الصحيح من أصحاب المصلحة من الصناعة وتمثيل جس. يتم أيضا الموافقة على الولايات من قبل المجلس & # 160؛.
اللجنة الاستشارية.
والغرض الرئيسي من هذه اللجنة هو إسداء المشورة إلى مجلس اإلدارة بشأن جميع عناصر عمليات الشركة، وتقديم التوجيه لمجلس إدارة الشركة حول كيفية تنفيذ هذه التغييرات وتأثيرها. كما تقوم اللجنة مبراجعة اأي تعديالت مقرتحة على قواعد وتوجيهات جملس االإدارة اخلاسة بالتسوية وتسوية املشتقات.
وتجتمع اللجنة عادة مرة واحدة على األقل كل ربع سنة، ولكن يمكن طلب اجتماعات أكثر انتظاما كلما نشأت مسائل. يترأس الدورة ممثل اللجنة التنفيذية المسؤول عن الإدارة العامة ل سفكوم (المسؤول المسؤول) وهو مسؤول عن وضع جدول أعمال كل اجتماع. وتعرض المسائل ذات الأهمية على المجلس لمناقشتها، وتحيط علما على النحو الواجب بأي مناقشات وقرارات وتسجيلها. وعند الضرورة، يتم تقديم توصيات رسمية إما إلى لجنة مخاطر سفكوم أو مباشرة إلى مجلس اإلدارة.
وعقدت أربعة اجتماعات للجنة الاستشارية في سفكوم في & # 160؛ 2018.
التطورات / أبرز التطورات الهامة للجنة الاستشارية ل سفكوم في عام 2018.
التحقق من صحة نموذج سفكوم واختباره: تم االنتهاء من عملية فحص واختبار مستقلين في يناير 2018، مع التركيز على نماذج هامش واختبار اإلجهاد، باإلضافة إلى منهجية التقدير الكمي للصندوق. وقد قدمت نتائج هذه العملية إلى مجلس الأمن الاتحادي، الذي أعرب عن ارتياحه للعملية والنتائج. وقد تم تشغيل الاختبار الخلفي داخليا من قبل فريق إدارة المخاطر في جس. إدارة اإلجراءات االفتراضية لسفكوم: كجزء من األنشطة الجارية للحفاظ على امتثالها للشركة، قامت شركة سفكوم بإدخال إطار إجرائي رسمي إلدارة التقصير في سوق المشتقات المحلية. وقد تم اختبار هذه اإلجراءات خالل السنة) األولى داخليا وفيما بعد بالتزامن مع السوق (، قبل أن يتم إضفاء الطابع الرسمي عليها في الربع الثالث من عام 2018. خطوط السيولة لدى شركة سفكوم: كجزء من تقييمها لامتثال شركة سافكوم، أبرز بنك الاحتياطي الفيدرالي ضرورة قيام شركة سفكوم بدعم تأمين السيولة الخارجية لاستخدامها في أوقات الضائقة السوقية. وقد أنفق الكثير من عام 2018 على وضع خطوط السيولة هذه بدءا من التحليل الكمي لمخاطر السيولة لدى شركة سفكوم، والتفاوض على خطوط السيولة المطلوبة مع البنوك التجارية المحلية، وأخيرا تنفيذ التغييرات في بورصة الخليج ؛ دليل قواعد البيانات لتسهيل استخدام خطوط السيولة الجديدة. ومن المتوقع أن تكون الخطوط جاهزة بحلول أواخر كانون الأول (ديسمبر) 2018 / أوائل كانون الثاني (يناير) & # 160؛ 2017. منهجیة ھامش صافكوم: في عام 2018، أجرت شرکة سفكوم مراجعة لمنھجیتھا الھامشیة التي توجت بمقترح یتضمن تعویض ھوامش المحفظة. وقد أدت القيود المفروضة على النظام إلى عدم تنفيذ ذلك في عام 2018. وبدلا من ذلك، قبلت خطة لاستعراض المدخلات في المنهج الحالي J-سبان. وتمت الموافقة على المرحلة األولى من هذه المراجعة في الربع الرابع من عام 2018، ومن المقرر تنفيذها في الربع األول من عام 2017. ومن المتوقع أن يتم االنتهاء من المراحل المتبقية بنهاية الربع الثالث من عام 2017. صندوق صافكوم االفتراضي: في محاولة لتعزيز إدارة المخاطر في مساحة المشتقات، قامت شركة صافكوم بتأسيس صندوق افتراضي جديد) مستقل عن أي صناديق ضمان تم تأسيسها سابقا (. وشاركت اللجنة بشكل وثيق في المناقشات المتعلقة بتحجيم الصندوق وتشغيله. وقد اأدى ذلك اإىل عدد من التعزيزات التي مت تنفيذها يف عام 2018 م. االعرتاف بها من قبل الهيئة يف عام 2018، كان مطلوبا من سافكوم احلصول على اعتراف من الهيئة االأوروبية لالأوراق املالية واأسواقها لتمكينها من الستمرار يف تقدمي اخلدمات لأعساء املقاصة املحلية الذين كانوا إما فروع أو شركات تابعة لشركات قابضة مسجلة في أوروبا. وفي أيلول / سبتمبر، قدم طلب رسمي إلى الهيئة التنظيمية الأوروبية، ينبغي أن تنتهي نتائجه في السنة الجديدة.
وترأس اللجنة حاليا ليلى فوري، مديرة خدمات ما بعد التجارة.
اللجنة الاستشارية لأفريقيا.
خلال عام 2018، عملت جس على تأسيس وجودها في البلدان المستهدفة في القارة. وقد شاركت اللجنة الاستشارية لأفريقيا مشاركة وثيقة في هذه العملية.
تسھیل وصول شرکة جسب إلی أصحاب المصلحة الآخرین في السوق الأفریقیة. إسداء المشورة إلى جس على فرص قائمة جديدة للمجلس الرئيسي، ألتكس وسعر الفائدة السوق.
عقد مؤتمرات هاتفية منتظمة مع أعضاء اللجنة لمواكبة التطورات في الأسواق الأفريقية الأخرى. المساعدة والمشورة بشأن الأحداث والاجتماعات القطرية.
وكان التركيز الرئيسي ل جس هذا العام على الحصول على راسخة ومعروفة في السوق النيجيري. وأجريت رحلات عديدة. وقد كانت المشاركة خلال هذه الرحلات مع البورصة النيجيرية، مع أصحاب المصلحة في السوق ومع المصدرين. وقد قدمت اللجنة عددا من المنتديات تتناول قضايا مثل حوكمة الشركات وتنظيم أسواق الأسهم.
وفي الآونة الأخيرة، زار فريق جوهانسبورغ كينيا، واشترك مع سوق نيروبي للأوراق المالية، فضلا عن مختلف أصحاب المصلحة الآخرين في السوق الكينية.
وقد انخرط فريق فريق العمل في مؤتمرات فصلية مع اللجنة الاستشارية لأفريقيا. وشملت هذه المناقشات الاقتصادات الكلية للبلدان المستهدفة، والتنظيم والتشريع، والمسائل الأخرى ذات الأهمية.
وقد كانت مشورة اللجنة ومشاركتها النشطة ذات قيمة كبيرة خالل عام 2018. ولجميع أعضاء اللجنة معرفة عميقة بأسواقهم وأصحاب المصلحة الناشطين في تلك األسواق. وسوف تستمر تنمية الأعمال في التماس المشورة من اللجنة الاستشارية لأفريقيا، ويواصل فريق تطوير الأعمال الاتصال بانتظام مع رئيس اللجنة السيد ناثان مينته.
اللجنة الاستشارية للمشتقات الزراعية.
مناقشة وتقديم المشورة بشأن القضايا ذات الصلة بالمنتجات الزراعية المتداولة في سوق المشتقات السلعية. في كثير من الحالات، وهذا ينطوي على قضايا تمتد إلى سوق الحبوب المادية، مثل التخزين والدرجات.
السعي لضمان التشاور واسعة النطاق حول الموضوعات ذات الصلة مع المشاركين في السوق؛ ممثلي الصناعة الزراعية والأعضاء المسجلين، الذين يقدمون ردود الفعل نيابة عن عملائها. ولا تزال الإدارة التنفيذية للشركة هي الجهة النهائية التي تتخذ القرار، إذا لم تتمكن اللجنة من التوصل إلى اتفاق بشأن أي بند تمت مناقشته.
ومن المقرر عقد اجتماعات كل شهرين، ولكن اللجنة لا تجتمع إلا عند الاقتضاء. واجتمعت اللجنة خمس مرات في عام 2018.
التطورات الجوهرية / الضوء على اللجنة الاستشارية للمشتقات الزراعية في 2018:
ناقش اقتراح جنوب أفريقيا بشأن الحبوب بتعديل مواصفات عقد القمح، وهو ما أدى في جوهره إلى إزالة نقاط تسليم كيب الغربية من عقد راندفونتين وإبرام عقد منفصل للرأس دون أي فرق. وبعد التشاور المكثف والدراسة المتأنية، قررت شركة جس الحفاظ على الوضع الراهن. ناقش عدد من البنود المتعلقة بالتكنولوجيا، بما في ذلك زيادة في تجارة عالية التردد. تمت مناقشة واتفق علی تعدیل عملیة تسمیة العقود الآجلة إلی السوق لتشمل علاقات انتشار التقویم. دعم إدخال عقود السلع الأساسية، فضلا عن العقود الآجلة الكمية. ونوقشت أيضا إمكانية عقد وجبة فول الصويا والنفط. وباإلضافة إلى مناقشة هذه المنتجات الجديدة، تدعم اللجنة أيضا خيارات المحاصيل الجديدة قصيرة األجل، وهي عقد صغير قدره 10 أطنان لتمكين صغار المنتجين من الوصول إلى األدوات المتاحة وعقود الحبوب الزامبية. كما نوقش نقل السوق إلى الاقتباس المجهول. وهذا يعني في جوهره أن رموز الأعضاء لن تكون مرئية في النوافذ العميقة. بعد مشاورات مكثفة مع أعضاء، قررت جس عدم تغيير النموذج كما فوائد محدودة لجعل التغيير إلى التداول المجهول تم تسليط الضوء. ونوقشت لوائح تصنيف بذور عباد الشمس، وتم منح الدعم للانتقال إلى أساس نظيف اعتبارا من موسم التسويق الجديد. وقد نوقش التزام التجار تقرير، على غرار ذلك في الولايات المتحدة، بإسهاب. وأخيرا، تم الاتفاق على معايير دنيا محددة لعدد المشاركين في كل فئة وحجم المواقف. وبمجرد استيفاء هذه المعايير الدنيا، ستبدأ هيئة الأوراق المالية بنشر مثل هذا التقرير. ونوقشت منهجية لتوجيه حل الصفقات الخطأ أبلغت إلى جس. وقدمت اللجنة مدخلات في عتبات ومعايير الصفقات التي يمكن أن تكون مؤهلة على أنها تجارة خطأ، مع نية أن يتم تنفيذ ذلك في جميع أسواق المشتقات.
في عام 2018، ترأس اللجنة كريس ستورجس، مدير: المشتقات السلعية.
اللجنة الاستشارية لمشتقات العملات.
هيكلة وتعزيز سوق المشتقات بالعملات في بورصة القدس لصالح الأسواق المالية الكبرى.
وتؤكد اللجنة / توافق على نهج يتم تقديمه إلى اإلدارة التنفيذية لمبادرة اإلدارة التنفيذية للمناقشة. إذا لزم الأمر، يتم اتخاذ أي قضايا لم تحل إلى الإدارة التنفيذية جس لمزيد من التعليق، وعند الاقتضاء، ومناقشتها مع فسب.
ويتم ترتيب الاجتماعات كل ثلاثة أشهر ومخصصة حسب الاقتضاء. واجتمعت اللجنة مرتين في عام 2018.
التطورات / أبرز التطورات الهامة للجنة الاستشارية لمشتقات العملات في 2018:
وقد مت مراجعة عقد املشتقات الفائقة لتقدمي اخليارات، وقد قامت البورصة بتحقيق وبحث الباعة البديلين وخلصت إلى أن المشتقات الفائقة هي المصدر الأنسب. وبعد تلقي العديد من الطلبات من المشاركين في سوق المشتقات النقدية، اتفق على أن تقوم البورصة بنشر أسعار راند العملة الفورية في الساعة 11:00 بتوقيت جنوب أفريقيا و 10:00 بتوقيت نيويورك (الساعة 16:00 أو 17:00 بتوقيت سا). وبعد الحصول على طلب من وحدة الاستثمار الجماعي (سيس) تثق في أن تصبح أكثر انخراطا في سوق مشتقات العملات، تم رفع شرط لتحديد السعر في وقت مبكر في المستقبل. واتفق على أن تقوم البورصة بنشر سعر ثان لتثبيت سعر العملة في الساعة 15:00 بتوقيت جنوب أفريقيا. بلومبرغ و تومسون ريوترز في طور إجراء تغييرات النظام للسماح بالتقييمات المبكرة أعلاه لعرضها على صفحات المشتقات بالعملات الخاصة بها. The currency derivatives billing model was reviewed and changes were implemented in July 2018. The sliding scales for futures and options were amended. The on-screen market maker rebate incentive, off-screen and broker fee rebate incentives remained the same. Numerous requests were received to invert the Japanese yen, as it is normally traded in the inverse, namely ZAR/JPY, but the derivative markets work opposite and this is confusing for the general market. The JPY/ZAR was approved by the SARB and subsequently listed on the Currency Market. The composite currency futures page was created on Bloomberg and Reuters. Clients now have access to live currency future prices for the listed currency pairs in a central, easy-to-use location. The non-deliverable Chinese yuan contract was delisted and replaced with the deliverable Chinese renminbi contract in May 2018. The RAIN Index was reviewed by the committee and the re-weighting has been placed on hold pending further research. When the monthly rebates are calculated, trades that are included in statistics but not charged for are taken into account when calculating the value for monthly rebates. All members were informed and the impact to each member's rebates was analysed and provided to them. As from 1 December 2018, the trades are no longer included in the calculation. The quanto euro/US dollar contract was approved by the SARB and listed on 25 November 2018. Following on from the advisory meetings in 2018, the Exchange has proposed that the rule relating to the US dollar/rand trading in a minimum size of 201 contracts off screen be lowered to 100 contracts. This is currently with the committee for comment.
The committee is chaired by Graham Smale, Director: Bond and Financial Derivatives.
The Equity Derivatives Advisory Committee.
Ensure strategic communication and agreement between the JSE and Equity Derivative (ED) Market participants to ensure an efficient, transparent Equity Derivative Market with true price discovery and best execution. Create a forum where relationships are built between the JSE and market participants to grow the ED Market together in the interests of the South African derivatives market as a whole.
Four meetings were held in 2018.
Material developments/highlights for Equity Derivatives Advisory Committee in 2018:
The stability and technical issues experienced on the Equity Derivative Market were a consistent topic during most of the Equity Derivatives Advisory Committee meetings. The JSE used the meetings to provide feedback on system incidents and gather input on suggestions for stabilising the trading system. The committee approved of the proposal for replacing the Nutron Trading System with a solution from Millennium IT (the trading system provider currently used by the JSE's Equity Market). This project was later expanded, not only to upgrade the trading system, but also to upgrade the post-trading and clearing system. In order to get specialists involved in detailed product strategic discussions and decisions, two sub-committees to the Equity Derivatives Advisory Committee were created. Feedback from the sub-committees was provided and discussed during the Equity Derivatives Advisory Committee meetings: Options Advisory Sub-Committee – traders in this specialised product are not well represented on the main Equity Derivatives Advisory Committee. The sub-committee was used to agree product structural changes with the market to improve the liquidity of JSE listed options. Major decisions included: increasing the transparency of the traded volatilities, changing option exercise random allocations to pro-rata allocations and enhancing the daily options mark-to-market process. A committed market-maker for on-screen option trading was also introduced. CFD Advisory Sub-Committee – This new product was launched by the JSE during 2018. It saw the JSE using a more collaborative approach to design and implement the product, which required input from market participants. The sub-committee meetings were used to co-produce all aspects of this new product. A proposal for the introduction of a trade cancellation rule and directive for error trades was presented to the committee for input. The final rule and directive changes will be implemented during 2017. Feedback about the following products and initiatives to improve these products were also provided at the Equity Derivatives Advisory Committee meetings: Can-do product suite, international derivatives (IDX), dividend-neutral single-stock futures and MSCI products. This year saw much more collaboration between the JSE's Equity Derivative and Equity Markets. Feedback about initiatives in the various markets was provided at the advisory committee meetings. Feedback from the Equity Market at the Equity Derivatives Advisory Committee included: information about the new Equity Market billing model, co-location and high-frequency trading initiatives. It is anticipated that the 2017 Equity Derivatives Advisory Committee meetings will focus on market quality and billing model improvements.
The committee is chaired by Graham Smale, Director: Bond and Financial Derivatives.
Equities Trading Advisory Committee.
Consider and advise on principle and operational matters relating to equity trading. Propose amendments to the JSE Rules and directives governing equity trading.
The committee makes recommendations to the JSE executive on the basis of reasonable consensus. Where reasonable consensus on any issue considered by the committee cannot be reached, the conflicting views on the issue in question are referred to the JSE executive or, where appropriate, to the JSE Board for determination.
Meetings are held quarterly. The committee met four times in 2018.
Material developments/highlights for the Equities Trading Advisory Committee in 2018:
Billing model review. Trading transaction fees are now charged at 0.0053% of value traded and not per trade leg. This new methodology was implemented on 30 September 2018. Equity Market systems upgrade. This was implemented on 11 November 2018. Two new trading sessions were introduced: Closing price publication (CPP) session. This session facilitates the publication of the official closing price. Closing price cross (CPX) session. This session facilitates on-book continuous trading, after the closing auction, at the published closing price, for five minutes. This functionality is enabled for ZA01 only as a pilot phase. Colocation services. The JSE will be launching this offering with an initial build of 35 client racks, but can only accommodate 20 racks on go-live. There will be a two-month grace period before the next batch of clients can go live, with monthly take-on thereafter. The proposed go-live for co-location is the second quarter of 2017 and clients can commence installation of their infrastructure from end-February 2017. Review of the block trade (BT) rules. The JSE recognises that the block trade size requirements have not been revised since 2002. As trade sizes have decreased globally and value traded has increased substantially, it was agreed that the minimum size requirements for a block trade should be based on the average daily volume of a security. This revised rule should become effective in the first quarter of 2017.
For more information, visit the Equity Market bulletin board on the JSE extranet: jse. co. za/Extranet/Equity-Bulletin-Board. aspx.
The committee is chaired by Leanne Parsons, Director: Equity Market.
FTSE/JSE Advisory Committee.
Consider and advise on principles and operational matters relating to and proposed amendments to the ground rules governing the management of the FTSE/JSE Africa Index Series and the FTSE/JSE All Africa Index Series. Ensure that best practice is used in the construction and management of the index series. Review the selection methodology for constituent companies and the treatment of securities within the FTSE/JSE Africa Index Series and may make recommendations arising from this review to FTSE and the JSE.
The committee was set up by FTSE and the JSE. The committee operates independently of FTSE and the JSE, subject to the committee acting within its constitution and terms of reference. FTSE and the JSE will use their reasonable endeavours to implement the decisions of the committee regarding the operation of the FTSE/JSE Africa Index Series.
The committee met four times in 2018.
Material developments/highlights for the FTSE/JSE Advisory Committee in 2018:
All corporate actions with major impact on the index series were discussed in the context of their conformance to the ground rules. All technical outages impacting the index series were discussed in terms of their impact on the index series. Amendments and improvements were made to the FTSE/JSE ground rules document. Some end-of-day product modifications were made. A change in the index free float methodology was smoothly implemented in March 2018, whereby constituent free float changed from a banded to an actual basis. A change to the methodology used for the shareholder weighted indices (SWIX) was smoothly implemented in March 2018, whereby the free float calculation changed from nationality to a register location basis.
The membership of the committee, which operates differently from the other advisory committees as it is created under the JSE's joint venture with FTSE, is intended to be representative of the users of the FTSE/JSE Africa Index Series and should consist of representatives from domestic and international investors and investment banks as well as domestic and international actuaries.
The committee is chaired by Francois Oosthuizen, Sanlam.
Bond and Interest Rate Derivatives Committee.
The separate Bond and Interest Rate Derivatives (IR) committees were merged into a single committee in 2018. This was done because of the commonality of market participants and linkages between the product sets.
Create and be responsible for the secondary market trading of a diverse set of products, across the cash, repo/carry and derivatives markets.
The committee is to be able to canvass and converse with the members of the market about: amendments to trading and settlement rules. the development of new products. fees and changes to the billing model. subjects appropriate to the general evolution of the market, for example: pre - and post-trade transparency. electronic vs. reported trading. clearing (this is more specifically covered in the Safcom Risk Committee meetings, but aspects of clearing may have a direct relationship to trading). Endeavour to achieve reasonable consensus on topics of discussion. Where this is not possible, depending on the nature of the lack of consensus, it may be necessary to poll a wider set of opinions across the market or to refer the matter to the JSE executive management or the JSE Board for further consideration. Deliberations and decisions by the committee are not binding on the JSE, which retains full discretion as to whether to implement or go against a decision of the committee. In doing so, the JSE will take into account its regulatory duty to include the interests of the market as a whole and not only the interests as represented at the committees.
The committee met only once in 2018. This is less regular than normal because the discussion surrounding the electronic trading platform, which had previously been held through the Bond Advisory Committee, was externalised to a committee formed by National Treasury to address this issue. All follow-up meetings regarding this issue have now taken place at National Treasury.
Material developments and highlights of the Bond and Interest Rate Derivatives Committee in 2018:
An amendment to the mark-to-market (MTM) valuation rules was requested. The most recent set of MTM rules was put in place in 2005 and has not since been updated. The new MTM valuation strategy will target increasing the amount of data used in determining MTM valuations. Currently, MTMs are revalued very rarely (especially for corporate debt). By increasing the data set, the hope is to improve the stale MTM pricing. Since the advisory committee meeting, the MTM rules have been amended and agreed upon. It was raised that, with the daily turnover reports distributed to the market, it is possible (in certain scenarios) to identify who actioned certain trades. It was agreed that transparency is key in the market, but this is about "what" traded and not "who" traded. Following this, the JSE has implemented new turnover reports, whereby members can no longer identify who actioned trades. It was queried whether or not inter-dealer brokers (IDBs) can trade bond futures, given that there is currently an unwritten rule that IDBs should not deal directly with any buy-side clients (with regard to spot bond trading). Given that bond futures are a separate product, it was agreed that IBDs are allowed to trade bond futures.
The committee is chaired by Graham Smale, Director: Bond and Financial Derivatives.
Issuer Regulation Advisory Committee.
To consider and advise on proposed amendments to the JSE Listings Requirements. To consider objections and appeals in relation to the Listings Requirements.
Make recommendations to the JSE on the basis of reasonable consensus. Where reasonable consensus cannot be reached on any issue considered by the committee, the conflicting views on the issue in question shall be referred to the Issuer Regulation executive management or, where appropriate, to the Board for determination. Individual members of the committee may be requested to: assist the Issuer Regulation division in an advisory capacity; assist the Issuer Regulation division with objections from relevant parties; or serve on the Issuer Regulation Appeal Committee.
Meetings are arranged as and when required. The committee met formally during the year on 18 October 2018 about proposed changes to the Listings Requirements. Members are consulted on an ad hoc basis on many matters. In view of the Issuer Regulation division's regulatory responsibility for the debt market, it also has a separate Debt Issuer Advisory Committee with a similar mandate.
Both committees are chaired by John Burke, Director: Issuer Regulation.
JSE SRI Index Advisory Committee.
Consider and advise on principle and operational matters relating to and proposed amendments to the ground rules. Ensure that best practice is used in the construction and management of the JSE SRI Index. Review the selection methodology for constituent companies and the treatment of securities in the JSE SRI Index, and may make recommendations arising from this review to the JSE. Consider and advise on introducing new indices to the series. Oversee the annual reviews.
Make recommendations to the JSE on the basis of reasonable consensus. The JSE will use its reasonable endeavours to implement the recommendations of the advisory committee regarding the operation of the JSE SRI Index. Where reasonable consensus cannot be reached on any issue considered by the committee, the conflicting views on the issue in question shall be referred to the JSE executive management or, where appropriate, to the Board for determination. The JSE is responsible for the appointment of the members of the JSE SRI Index Advisory Committee. The committee operates independently of the JSE, subject to the committee acting within its terms of reference.
Meetings are arranged as and when required. The committee met three times in 2018.
Material developments/highlights for the JSE SRI Advisory Committee in 2018:
At the first meeting of the year, the JSE presented the findings from the strategic review conducted during 2018. The committee expressed its support for the proposed strategy and approved the changes for the 2018 annual index review. In September, the committee met with a delegation from the mining sector and the Chamber of Mines in a follow-up discussion to the 2018 decision to preclude the sector from the best performer category for the 2018 SRI Index. The meeting was aimed at discussing the developments in the sector and in individual companies with regard to labour issues following the incidents of 2018. During November, the annual assessment results were presented to the committee for confirmation and then announced publicly.
The membership of the committee is intended to be representative of the users of the SRI Index and of the sustainability industry.
The committee's membership therefore includes experts from the sustainability arena, investment professionals, academics and listed companies. The committee also invites the JSE SRI Index data provider to attend.
There was one change to the committee membership in January 2018, when the representative from the Government Employees Pension Fund was replaced by a colleague.
The committee is chaired by Raymond Ndlovu, Black Elephant Investment Holdings.
10. Community.
The JSE is committed to making a difference in the lives of South Africans by investing time, effort and money in various initiatives. The JSE also believes that this difference should be sustainable and should ensure that individuals benefit directly through positive and meaningful contributions.
In 2018, the JSE began the process of re-assessing its activities in this regard. This culminated in the executive approving a more focused strategy related to our corporate social investment (CSI). The strategy will focus our activities into areas that we believe are relevant to the country in which we operate as well as the business activities of the JSE. These activities may be of broader benefit to society in the manner in which we believe we are best able to make a meaningful contribution.
The areas that constitute the JSE's main focus in this regard are as follows:
National priority issues, such as poverty alleviation, job creation, youth and community development etc. as indicated by the National Development Plan and the Financial Sector Codes, among other key policy and development papers/legislation. Strategically aligned causes (areas that relate to the JSE's business) where the JSE is hence better suited to make meaningful contributions (such as enterprise development and financial literacy).
We will also be growing our emphasis on staff participation in CSI initiatives, thereby encouraging active citizenship.
The process of re-aligning our CSI spend to mirror the identified priority areas is an ongoing effort and is evolutionary in nature. We continue to priortise our activities, which are focused on education (see the following sections). This is reflected by the significant amount spent on related activities.
A summary of these initiatives is shown below:
*Does not affect JSE cash flow.
The JSE's educational initiatives are aimed at increasing understanding about the financial markets (particularly among high school learners and university students), encouraging investment among South Africans and growing the pool of potential employees in the financial markets. The JSE believes that this assists in growing the number of people who might become investors or businesses that might list.
JSE/Liberty Investment Challenge – Community Investment
Now in its 40th year, the challenge is a focused and far-reaching educational youth programme aimed at introducing South African high school learners and university students to the world of finance. The challenge coaches learners in the fundamentals of investment strategy and encourages them to research and strategise around the trading of JSE-listed shares by managing a virtual portfolio of R1 million.
Financial literacy activities.
We have not as yet conducted a formal social impact assessment or endeavoured to measure social return on investment, but we believe that the actions we have taken and programmes we have put in place not only demonstrate the JSE's continued commitment to contributing to a positive impact on communities, but will also enable the achievement or promotion of a number of positive outcomes, including the following:
Enhancing the financial literacy of the South African youth; Enhancing the South African youth's understanding of the securities market and its role in wealth generation; Equipping the South African youth with some of the financial skills that will assist them in realising employment opportunities and/or contributing to and participating in the country's economy in the future; Driving financial literacy in the youth market by educating them about the value of investing and exposing the learners/students to the investment fundamentals through the simulated trading of shares on the JSE; and Students will eventually be feeders into the financial sector.
Investment education through the curriculum at schools.
During 2018, the JSE partnered with the South African Reserve Bank (SARB), the Financial Planning Institute, the National Credit Regulator and the KZN Financial Literacy Association to promote the financial literacy of South Africa's youth.
Power Hour sessions and regional public seminars.
The Retail Development team continues to conduct Power Hour sessions in Durban, Cape Town and Sandton. In these sessions, the audience is provided with knowledge and skills related to investing and with product information. These sessions are also enhanced through webinars, which increase their reach to areas not visited. The regional public seminars are conducted in partnership with JSE divisions and retail broking firms in targeted areas.
In 2018, a new focus area was initiated, aimed at growing the investor market. As a result of this, a public game (virtual trading game) was introduced to offer a learning opportunity for aspiring investors.
The aim of the virtual trading game is:
to increase retail investors at the JSE by giving them an opportunity to try their investment skills in a risk-free environment. to influence people to educate themselves by playing this game before they try out investing their hard-earned cash.
The virtual trading game gives the participants an opportunity to experience the real market, develop their knowledge of the stock market, test their investment strategies, learn how to keep track of a share portfolio and practice trading in a risk-free environment. The virtual trading game will help participants to acquire investment skills and enable them to trade with real money in the stock market.
During 2018, plans were also made to develop learning modules for the public in an effort to enhance learning about the market. These modules will be self-paced and interactive and will enable participants to learn progressively, from basic to intermediate and advanced levels. They will cover all the JSE markets.
Another exciting initiative that began in 2018 was the development of a platform to enable stokvels and investment clubs to participate in educational forums aimed at growing their knowledge of investments on the JSE. This important component of the public currently has custody of community savings and presents an opportunity to grow investors on the market.
JSE Empowerment Fund (JEF) Trust.
The JEF Trust provides promising black students with the finance and support to acquire the appropriate qualifications and the opportunity to enter the financial services sector on completion of their university training.
Through the dividends received as a result of its shareholding, the JEF Trust is able to provide the financial assistance reflected in the table below and this financial assistance does not affect the JSE's cash flow.
In 2018, progress was as follows:
Community development and healthcare.
The JSE supports a number of worthy charities over and above our community efforts in education and financial literacy.
Each of these address important social and environmental issues. Here we comment on just a few of those:
Noah (nurturing Orphans of Aids for Humanity)
Noah was a non-profit organisation committed to building the capacity of South African communities to care for their own children made vulnerable by HIV/Aids as well as social and economic challenges. Approximately 5 500 children were registered with Noah and received support that ranged from feeding programmes to homework assistance, life skills training, daycare, aftercare and psychosocial services. Unfortunately, owing to a lack of funding, Noah was no longer able to continue operating and ceased its operations during 2018.The JSE continued to support Noah through it's wind-down process. We are saddened at the closure of Noah but are pleased to have been a part of their tremendous achievements.
During the past two years, the JSE and its employees have supported the operations of Noah through generous donations (both in kind and monetary) and sponsorships, such as CEO breakfasts, an annual gala dinner and book breakfasts. JSE employees have also supported the Freedom Park Ark (both while it was under Noah and after it became independent following the closure of Noah) through volunteer work and donations of cash and in kind.
In 2018, the JSE began contributing to Afrika Tikkun, which addresses the educational, health and social needs of underprivileged children as they are growing and developing, giving them the opportunity to grow into well rounded adults who are equipped to positively contribute to society. The majority of Afrika Tikkun's programmes are run though their Centres of Excellence. These facilities act as the hubs that positively affect the lives of underprivileged children and their families through schooling, healthcare, enterprise and skills development, and so on. There are currently six centres spread across the poorest areas of Gauteng and the Western Cape. In Gauteng, there are centres in Diepsloot, Alexandra, Orange Farm and Braampark, and in the Western Cape there are centres in Mfuleni and Delft. Further details on the work done by Afrika Tikkun can be found at afrikatikkun/what-we-do/#.UvDTcPmSxh4.
Constituted in 2001 by Sidney Frankel, one of the JSE's long-term stakeholders, to uplift the Manyeleti villages, the Buffelshoek Trust focuses on two needs of this poverty-stricken, rural community – education and healthcare. Located in Mpumalanga, adjacent to the Kruger National Park, this community has been identified as one of twenty-three rural and urban nodes by the South African government. These nodes represent the largest concentrations of poverty in the country. This municipal area has the smallest economy; a limited resource base; and contributes the least to the district and the provincial GDP. Growth of the agricultural and tourism sectors can make a meaningful contribution to the local economy. The area has great potential in creating economic growth and reducing unemployment. However, resources to initiate such growth are not easily accessible. The trust has contributed significantly toward improving healthcare and education in the community, details of which can be found at buffelshoektrust. co. za/att. asp.
Recent policy changes have introduced more generous levels of assistance.
Other sponsorships, donations and contributions.
The JSE sponsors and donates money to initiatives that it believes directly and indirectly improve the lives of ordinary South Africans and that contribute to constructively advancing the general business environment both in South Africa and on the African continent.
In 2018, the JSE invested (R1 million) (2018: R1.3 million) in the following initiatives, among others:
The Benevolent Fund, managed by the JSE, was set up by JSE stockbrokers and member firms to assist unemployed persons employed by the broking community and the JSE before November 1995 and who find themselves in dire financial circumstances because of their inability to find new employment.
At present, an aggregate of R442 600 (2018: R390 100) is distributed among about 156 beneficiaries per month. Beneficiaries are also offered non-financial assistance. The financial assistance described above does not affect the JSE's cash flow.
Recent policy changes have introduced more generous levels of assistance.
Community investment and relations as well as all sponsorships and contributions are the responsibility of Siobhan Cleary, Director: Strategy and Public Policy, JSE.
فيس بوك.
South African Institute of Financial Markets (SAIFM)
Vacancy - Broker Assistant/ Alternate Settlements Officer.
Job Description: Administrative Assistant in Fixed Income Bond Broking environment.
Location: Sandton Johannesburg.
Well established global Inter Dealer Broking company seeks a highly competent and experienced individual to provide operational/administrative support to brokers. This would include administrative and trading support, as well as providing a key co-ordination and communication point for both internal and external stakeholders. The individual would be required to work along-side the broking team in a noisy and vibrant environment and keep the same hours which can stretch to 12 hours a day.
• Input and manage the companies live trading screen.
• Capture trades into the JSE’s Neutron trading portal.
• Input trade details into the company’s internal booking system and reconcile trades with Neutron.
• Manage all aspects of the bond settlement process.
Experience in a Fixed income environment with an understanding of the bond market will be highly advantageous and receive preference.
Skills and knowledge.
• Preferred candidates would have already passed the JSE’s RPE exams for Settlement/Alternative settlements officer and or Bond dealer exam.
• Specialist in administration.
• Ability to multi-task and work under pressure.
• Excellent listening, communication and interpersonal skills.
• Prior work experience in Financial Services preferable.
• Candidate must have strong numeracy skills and attention to detail.
• Highly computer literate with strong Excel skills.
Package will be negotiable depending on experience with all the usual perks available. A starting salary of R250k per annum will be a guideline.
This position is available immediately.
Please forward your CV to Ian Mackinnon at imackinnon@tullettprebon and or nfitzgeorge@tullettprebon.
If you have not heard from me after 14 days of submission of your CV assume your application has been unsuccessful.
AVVENTO: The ITaC Solution.
2 فبراير 2017.
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جس المحدودة.
JSE Limited (previously the JSE Securities Exchange and the Johannesburg Stock Exchange ) [2] is the oldest existing and largest stock exchange in Africa. It is situated at the corner of Maude Street and Gwen Lane in Sandton, Johannesburg, South Africa; in 2003 the JSE had an estimated 472 listed companies and a market capitalisation of US$182.6 billion (€158 billion), as well as an average monthly traded value of US$6.399 billion (€5.5 billion). كما يف 31 ديسمرب 2018، بلغت الرسملة السوقية للسركة 1،007 مليار دولر اأمريكي.
History [ edit ]
The discovery of gold on the Witwatersrand in 1886 led to many mining and financial companies opening and a need soon arose for a stock exchange, the first share transactions on the Rand took place in a rustic canvas tent, with trade taking place on Sundays, as this was the only day when mining was not allowed, owing to a strictly enforced regulation prohibiting the entry of African workers to the gold reefs.
ذي جوهانسبورغ إكسهانج & أمب؛ تأسست شركة الغرف من قبل رجل أعمال لندن، بنيامين مينورس وولان ويقع في زاوية المفوض وشوارع سيموندز. Out of this the JSE was born on 8 November 1887. What immediately gave the JSE a clear advantage over exchanges such as Kimberley, Barberton, and, most importantly, London, was that listing of companies for a quotation on the Official List of the JSE was an easy and relatively cheap procedure, this relatively simple and non-restricting nature of the early Exchange promoted a wave of initial registrations on the Official List, with 68 companies by the end of November 1887. The Official List further expanded to more than 300 companies by the end of January 1890. [3]
By 1890 the trading hall became too small and had to be rebuilt but this too was outgrown. Trading then moved into the street, the Mining Commissioner closed off Simmonds Street between Market Square and Commissioner Street by means of chains.
In 1903, a new building was built for the JSE on Hollard Street, it was a storey building that took up an entire whole city block bounded by Fox and Main, Hollard and Sauer Streets.
After World War II, it became apparent that this building was again inadequate and in 1947 the decision was made to rebuild the stock exchange, it took 11 years before construction began and in February 1961 the second exchange at Hollard Street was officially opened. بحلول عام 1963، أصبحت جس عضوا في الاتحاد الدولي بورس دي فاليورس (فيبف).
في عام 1978، أخذت جس الإقامة في 17 شارع دياغونال بالقرب من شارع كيرك، جوهانسبرغ. شهد عام 1993 أن تصبح جس عضوا نشطا في رابطة البورصات الأفريقية. وبعد 108 سنوات، تغير نظام الاحتجاج المفتوح للتجارة إلى نظام إلكتروني في 7 حزيران / يونيه 1996.
في سبتمبر 2000، انتقلت بورصة جوهانسبرغ للأوراق المالية إلى موقعها الحالي في ساندتون، غوتنغ وغيرت اسمها الرسمي إلى بورصة سوق الأوراق المالية.
In 2001 an agreement was struck with the London Stock Exchange enabling cross-dealing between the two bourses [4] and replacing the JSE's trading system with that of the LSE. [5]
في عام 2009 استحوذت جس على بورصة السندات في جنوب أفريقيا ل 240 مليون R2 و أعيدت تسميته سوق الدين جي إس إس بإضافة حكومة جنوب أفريقيا وسندات الشركات، فضلا عن مشتقات أسعار الفائدة لمجموعة منتجاتها. [6] [7]
وفي 14 نيسان / أبريل 2017، أعادت شركة جي بي إس إعادة تصنيفها ليعكس هوية البورصة كسوق أفريقي حديث يربط المستثمرين بفرص النمو ليس فقط في جنوب أفريقيا ولكن على الصعيد العالمي. [9]
About the JSE [ edit ]
The JSE provides a market where securities can be traded freely under a regulated procedure, it not only channels funds into the economy, but also provides investors with returns on investments in the form of dividends.
ويؤدي التبادل بنجاح وظيفته الرئيسية - أي زيادة رأس المال الأولي - عن طريق إعادة توجيه الموارد النقدية إلى نشاط اقتصادي منتج، وبالتالي بناء الاقتصاد مع تعزيز فرص العمل وتكوين الثروات.
The exchange is directed by an honorary committee of 16 people, all with full voting rights, the elected stockbroking members, who cannot number less than eight or more than eleven, may appoint an executive president and five outside members to the committee. وتتولى اللجنة اتخاذ القرارات المتعلقة بالسياسات وتنفذها لجنة تنفيذية بدوام كامل يرأسها الرئيس التنفيذي.
The JSE is governed by its members but through their use of JSE services and facilities, these members are also customers of the Exchange, although there is only one stock exchange in South Africa, the Stock Exchanges Control Act (repealed by the Securities Services Act of 2004) does allow for the existence and operation of more than one exchange. وفي كل عام، يجب على وزارة العدل تقديم طلب إلى وزير المالية للحصول على ترخيص تشغيل الذي يسيطر على الرقابة الخارجية للتبادل في فسب.
JSE TradElect [ edit ]
The JSE's fully automated (electronic trading) trading system is called the Millennium Exchange, which replaced the JSE TradElect system in 2018, which in turn had replaced the JSE SETS system in April 2007, which had replaced the JSE JET system in May 2002.
The change to the Millennium Exchange involved moving the platform from London to a new platform housed in the JSE building in Johannesburg, thus speeding up the execution of transactions, the JSE operates an order-driven, central order book trading system with opening, intra-day and closing auctions.
Sens [ edit ]
في أغسطس 1997، أطلقت جس في الوقت الحقيقي خدمة أخبار البورصة (سينس) لتعزيز شفافية السوق وثقة المستثمرين. في البداية، كان اختياريا للشركات المدرجة في الخدمة لاستخدام الخدمة خلال فترة تجريبية لمدة شهرين.
من 15 أكتوبر، تضاف متطلبات الإدراج جس إلزام الشركات لنشر أي أخبار الشركات أو معلومات حساسة للسعر على الخدمة قبل استخدام أي منفذ وسائل الإعلام الأخرى. يتم تنفيذ حساس من قبل جميع الخدمات السلكية الرئيسية.
Strate [ edit ]
منذ تأسيسها منذ أكثر من عشر سنوات، أصبحت ستريت (بتي) لت المرخصة للإيداع المركزي للأوراق المالية في جنوب أفريقيا (كسد) للتسوية الإلكترونية للأدوات المالية في جنوب أفريقيا. والغرض الأساسي من سترات هو التخفيف من المخاطر وتحقيق الكفاءة في الأسواق المالية في جنوب أفريقيا وتحسين مكانتها كوجهة استثمارية.
Strate handles the settlement of a number of securities, including equities and bonds for the Johannesburg Stock Exchange (JSE), as well as a range of derivative products such as warrants, exchange-traded funds (ETFs), retail notes and tracker funds, it has now added the settlement of money market securities to its portfolio of services. وهي تقدم خدمات لمصدريها لمستثمريها من حيث قانون الشركات وقانون خدمات الأوراق المالية (سا)، 2004.
Hours [ edit ]
جلسات التداول العادية للشركة هي من الساعة 9:00 صباحا وحتى 5:00 مساء طوال أيام الأسبوع ما عدا أيام السبت والأحد والأعياد المعلن عنها مسبقا. [10]
Listed companies [ edit ]
Alternative Exchange [ edit ]
The Alternative Exchange is a stock exchange that was founded as a division of the JSE in order to accommodate small - and medium-sized high growth companies, its website is accessible from the front page of the JSE's main website. ويعرف التبادل البديل باسم ألتكس.
Ownership [ edit ]
The bourse is operated by JSE Limited, a company that listed on its own main board in June 2006. [11]
Fees and taxes [ edit ]
Securities Transfer Tax (STT) 0.25%. Applies to share purchases only, not share sales. Strate 0.006597% (excluding VAT) based on the value of the share transactions: Minimum R12.21 for trades with a value up to R185,000. Maximum R79.82 for trades with a value over R1,210,000. FSB Investor Protection Levy 0.0002% (excluding VAT) on all trades.
See also [ edit ]
Further reading [ edit ]
Lukasiewicz, Mariusz. "From Diamonds to Gold: The Making of the Johannesburg Stock Exchange, 1880–1890." Journal of Southern African Studies 43.4 (2017). pp. 715-732.
Klein, Harry. The story of the Johannesburg Stock Exchange: 1887-1947. Johannesburg: The Committee of the Johannesburg Stock Exchange. 1948.
Rosenthal, Eric. On 'Change Through the Years: A History of Share Dealing in South Africa. Cape Town: Flesch Financial Publications. 1968.
References [ edit ]
^ "JSE Composite Index" . Retrieved 27 November 2017 . & # 160؛ ^ "Corporate identity". جس المحدودة. Archived from the original on 6 February 2009 . Retrieved 9 January 2009 . & # 160؛ ^ Lukasiewicz, Mariusz. "From Diamonds to Gold: The Making of the Johannesburg Stock Exchange, 1880–1890." Journal of Southern African Studies 43.4 (2017). ص. 726 ^ English, Simon (3 April 2001). "LSE in deal with S Africa exchange". London: The Telegraph . Retrieved 11 September 2008 . & # 160؛ ^ "JSE, LSE sign development deal". The Namibian . Retrieved 11 September 2008 . & # 160؛ ^ "JSE Debt Market". JSE Limited . Retrieved 22 July 2017 . & # 160؛ ^ "Moves to make bond trading fairer to you". iol. co. za. 2018-10-30 . Retrieved 2018-08-20 . & # 160؛ ^ "Sustainable Stock Exchanges Initiative: Exchanges listing over 4,600 companies commit to promoting sustainability". Sustainable Stock Exchanges initiative . رويترز. Archived from the original on 13 May 2017 . Retrieved 13 May 2017 . & # 160؛ ^ "The JSE transforms its Brand Identity". JST Limited. 14 April 2017 . Retrieved 27 October 2017 . & # 160؛ ^ "List of Stock Exchanges". wikinvest . Retrieved 2017-09-01 . & # 160؛ ^ "JSE lists on itself". The Citizen. Archived from the original on 7 February 2009 . Retrieved 30 July 2008 . & # 160؛
External links [ edit ]
1. Stock exchange – A stock exchange or bourse is an exchange where stock brokers and traders can buy and/or sell stocks, bonds, and other securities. Stock exchanges may also provide facilities for issue and redemption of securities and other financial instruments, Securities traded on a stock exchange include stock issued by listed companies, unit trusts, derivatives, pooled investment products and bonds. Stock exchanges often function as continuous auction markets, with buyers and sellers consummating transactions at a central location, to be able to trade a security on a certain stock exchange, it must be listed there. Trade on an exchange is restricted to brokers who are members of the exchange, the initial public 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 are driven by various factors that, as in all free markets, affect the price of stocks. There is usually no obligation for stock to be issued via the exchange itself. Such trading may be off exchange or over-the-counter and this is the usual way that derivatives and bonds are traded. Increasingly, stock exchanges are part of a securities market. 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 Companys founding in 1602, economist Ulrike Malmendier of the University of California at Berkeley argues that a share market existed as far back as ancient Rome. 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. C. Participants in such organizations had partes or shares, a concept mentioned various times by the statesman, in one speech, Cicero mentions shares that had a very high price at the time. Such evidence, in Malmendiers view, suggests the instruments were tradable, the societas declined into obscurity in the time of the emperors, as most of their services were taken over by direct agents of the state. Tradable bonds as a used type of security were a more recent innovation, spearheaded by the Italian city-states of the late medieval. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fully fledged capital market, the Dutch East India Company became the first company to offer shares of stock. Control of the company was held tightly by its directors, with shareholders not having much influence on management or even access to the companys accounting statements. However, shareholders were rewarded well for their investment, the company paid an average dividend of over 16 percent per year from 1602 to 1650. Financial innovation in Amsterdam took many forms, by the 1620s, the company was expanding its securities issuance with the first use of corporate bonds.
2. Geographic coordinate system – A geographic coordinate system is a coordinate system used in geography that enables every location on Earth to be specified by a set of numbers, letters or symbols. The coordinates are chosen such that one of the numbers represents a vertical position. A common choice of coordinates is latitude, longitude and elevation, to specify a location on a two-dimensional map requires a map projection. The invention of a coordinate system is generally credited to Eratosthenes of Cyrene. Ptolemy credited him with the adoption of longitude and latitude. Ptolemys 2nd-century Geography used the prime meridian but measured latitude from the equator instead. Mathematical cartography resumed in Europe following Maximus Planudes recovery of Ptolemys text a little before 1300, in 1884, the United States hosted the International Meridian Conference, attended by representatives from twenty-five nations. Twenty-two of them agreed to adopt the longitude of the Royal Observatory in Greenwich, the Dominican Republic voted against the motion, while France and Brazil abstained. France adopted Greenwich Mean Time in place of local determinations by the Paris Observatory in 1911, the latitude of a point on Earths surface is the angle between the equatorial plane and the straight line that passes through that point and through the center of the Earth. Lines joining points of the same latitude trace circles on the surface of Earth called parallels, as they are parallel to the equator, the north pole is 90° N, the south pole is 90° S. The 0° parallel of latitude is designated the equator, the plane of all geographic coordinate systems. The equator divides the globe into Northern and Southern Hemispheres, the longitude of a point on Earths surface is the angle east or west of a reference meridian to another meridian that passes through that point. All meridians are halves of great ellipses, which converge at the north and south poles, the prime meridian determines the proper Eastern and Western Hemispheres, although maps often divide these hemispheres further west in order to keep the Old World on a single side. The antipodal meridian of Greenwich is both 180°W and 180°E, the combination of these two components specifies the position of any location on the surface of Earth, without consideration of altitude or depth. The grid formed by lines of latitude and longitude is known as a graticule, the origin/zero point of this system is located in the Gulf of Guinea about 625 km south of Tema, Ghana. To completely specify a location of a feature on, in, or above Earth. Earth is not a sphere, but a shape approximating a biaxial ellipsoid. It is nearly spherical, but has an equatorial bulge making the radius at the equator about 0. 3% larger than the radius measured through the poles, the shorter axis approximately coincides with the axis of rotation.
3. South African rand – The South African rand is the currency of South Africa. The rand is subdivided into 100 cents, unlike the US dollar, the decimal separator between a rand and cent is expressed by a comma. The ISO4217 code is ZAR, from Dutch Zuid-Afrikaanse Rand, the rand is the currency of the Common Monetary Area between South Africa, Swaziland, Lesotho, and Namibia. Historical users of the South African rand included South West Africa, the rand takes its name from the Witwatersrand, the ridge upon which Johannesburg is built and where most of South Africas gold deposits were found. The cent and rand was introduced in the then Union of South Africa on 14 February 1961, a Decimal Coinage Commission had been set up in 1956 to consider a move away from the denominations of pounds, shillings, and pence, submitting its recommendation on 8 August 1958. It replaced the South African pound as legal tender, at the rate of 2 rand to 1 pound, the government introduced a mascot, Decimal Dan, the rand-cent man. This was accompanied by a jingle, to inform the public about the new currency. By February 1985, it was trading over R2 per dollar, by the time that State President PW Botha made his Rubicon speech on 15 August 1985, it had weakened to R2.40 per dollar. The currency recovered somewhat between 1986–88, trading near the R2 level most of the time and even breaking beneath it sporadically. The recovery was short-lived, however, and by the end of 1989, a host of local and international events influenced the currency after that, most notably the 1994 democratic election which had it weaken to over R3. This sudden depreciation in 2001 led to an investigation, which in turn led to a dramatic recovery. By the end of 2002, the currency was trading under R9 to the dollar again, the currency softened somewhat in 2005, and was trading around R6.35 to the dollar at the end of the year. At the start of 2006, however, the currency resumed its rally, however, during the second and third quarters of 2006, the rand weakened significantly. In sterling terms, it fell from around 9. 5p to just over 7p, late in 2007, the rand rallied modestly to just over 8p, only to experience a precipitous slide during the first quarter of 2008. This downward slide could be attributed to a range of factors, South Africas worsening current account deficit, the rand depreciation was exacerbated by the Eskom electricity crisis, which arose from the utility being unable to meet the countrys rapidly growing energy demands. By the end of 2017, the rand had weakened to R15.05 per dollar, the rapid drop in value was stemmed when the President back-tracked and announced that the better-known previous Minister of Finance, Pravin Gordhan, would instead be appointed to the post. By mid-January, economists were speculating that the rand could expect to see further volatility for the rest of 2018, by 29 April, it reached its highest performance over the previous 5 months, exchanging at a rate of 14. Coins were introduced in 1961 in denominations of 1⁄2,1, 2 1⁄2,5,10,20, in 1965, 2-cent coins replaced the 2 1⁄2-cent coins.
4. Market capitalization – Market capitalization is used by the investment community in ranking the size of companies, as opposed to sales or total asset figures. It is also used in ranking the size of stock exchanges. In performing such rankings, the market capitalizations are calculated at some significant date, the total capitalization of stock markets or economic regions may be compared with other economic indicators. In 2017 and 2018, global market capitalization was US$68 trillion and US$67 trillion, respectively. Market cap is given by the formula M C = N × P, where MC is the capitalization, N is the number of shares outstanding. For example, if company has 4 million shares outstanding. If the closing price per share rises to $21, the cap becomes $84 million. If it drops to $19 per share, the cap falls to $76 million. This is in contrast to mercantile pricing where purchase price, average price, traditionally, companies were divided into large-cap, mid-cap, and small-cap. The terms mega-cap and micro-cap have also come into common use. Different numbers are used by different indexes, there is no definition of, or full consensus agreement about. The cutoffs may be defined as rather than in nominal dollars. Market cap reflects only the equity value of a company and it is important to note that a firms choice of capital structure has a significant impact on how the total value of a company is allocated between equity and debt. A more comprehensive measure is enterprise value, which gives effect to outstanding debt, preferred stock, for insurance firms, a value called the embedded value has been used.
5. United States dollar – The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common.
6. Africa – Africa is the worlds second-largest and second-most-populous continent. At about 30.3 million km² including adjacent islands, it covers 6% of Earths total surface area and 20.4 % of its land area. With 1.2 billion people as of 2018, it accounts for about 16% of the human population. The continent includes Madagascar and various archipelagos and it contains 54 fully recognized sovereign states, nine territories and two de facto independent states with limited or no recognition. Africas population is the youngest amongst all the continents, the age in 2018 was 19.7. Algeria is Africas largest country by area, and Nigeria by population, afarensis, Homo erectus, H. habilis and H. ergaster – with the earliest Homo sapiens found in Ethiopia being dated to circa 200,000 years ago. Africa straddles the equator and encompasses numerous climate areas, it is the continent to stretch from the northern temperate to southern temperate zones. Africa hosts a diversity of ethnicities, cultures and languages. In the late 19th century European countries colonized most of Africa, Africa also varies greatly with regard to environments, economics, historical ties and government systems. However, most present states in Africa originate from a process of decolonization in the 20th century, afri was a Latin name used to refer to the inhabitants of Africa, which in its widest sense referred to all lands south of the Mediterranean. This name seems to have referred to a native Libyan tribe. The name is connected with Hebrew or Phoenician ʿafar dust. The same word may be found in the name of the Banu Ifran from Algeria and Tripolitania, under Roman rule, Carthage became the capital of the province of Africa Proconsularis, which also included the coastal part of modern Libya. The Latin suffix - ica can sometimes be used to denote a land, the later Muslim kingdom of Ifriqiya, modern-day Tunisia, also preserved a form of the name. According to the Romans, Africa lay to the west of Egypt, while Asia was used to refer to Anatolia, as Europeans came to understand the real extent of the continent, the idea of Africa expanded with their knowledge. 25,4, whose descendants, he claimed, had invaded Libya, isidore of Seville in Etymologiae XIV.5.2. Suggests Africa comes from the Latin aprica, meaning sunny, massey, in 1881, stated that Africa is derived from the Egyptian af-rui-ka, meaning to turn toward the opening of the Ka. The Ka is the double of every person and the opening of the Ka refers to a womb or birthplace.
7. Sandton, Johannesburg – Sandton is an affluent area situated within the metro of Johannesburg, Gauteng, South Africa. It is well known for being the richest square mile in Africa, the name comes from the combination of two of its suburbs, Sandown and Bryanston. In 1969 Sandton was promulgated as a municipality in its own right, the remains of an Iron Age smelter was discovered in Lone Hill, a suburb of northern Sandton. One of the first Voortrekker parties to settle in the area were the Esterhuysen family on the farm Zandfontein, a monument to commemorate them may be found just off Adrienne Street in Sandown where the family cemetery is located. Zandfontein, Driefontein and Rietfontein encumbered what was to become Sandton, the municipal coat of arms of Sandton pays homage to the three farms with three round fountain barrels on its chevron. In the late 19th-century the Wilhelmi family of Hanover, Germany acquired the farm Driefontein No.3 while Rietfontein was owned by the Ehler family, the original Driefontein homestead, now within the confines of the Field & Study Centre, was looted during the Anglo-Boer War. The ruins are visible on the bank of the Klein Jukskei River. The Wilhemi family, upon return from Germany built the new 1906 Driefontein Farmhouse on what is present-day Fifteenth Street, the farmhouse served as the icon and headquarters for the now defunct Sandton Historical Foundation and is listed as a City of Johannesburg Owned Heritage Site. Sandton was established as a municipality in 1969 by the office of the Administrator of the Transvaal. It had formerly not formed part of Johannesburg but was managed, in part by the parent city, initially it was very much a residential area consisting mostly of small holdings with a rural horsey lifestyle attracting many of the upper-middle classes and Johannesburg elites. It was subsequently dubbed the mink and manure belt, Rivonia had previously been known as Edenburg and was changed to make itself distinct from Edenburg, Free State. It was named for the surname Riven, Sandton and its constituencies were traditionally relatively more liberal than surrounds. The construction of Sandton City marked a significant change for the Sandton area and it ushered in rapid commercialisation and industrialisation. Sandton came to symbolise the White Flight movement of Johannesburg and secured itself as Johannesburgs second Central Business District, despite this, Sandton is still unofficially earmarked as a distinct region of the city and operates as a macro-suburb. Urban decay in downtown Johannesburg caused many corporate offices to move from the Johannesburg Central Business District to Sandton in the 1990s and it has become the new financial district of South Africa and Johannesburgs premier business centre. Much of the focus of Johannesburg has shifted from the Central Business District to Sandton. However, three of South Africas four largest banks have kept their offices in downtown Johannesburg, along with Transnet. The other bank, Nedbank, has its headquarters in Sandton, a lot of the new money has moved north to Sandton, including investment banks, financial consultants and the like.
8. South Africa – South Africa, officially the Republic of South Africa, is the southernmost country in Africa. South Africa is the 25th-largest country in the world by land area and it is the southernmost country on the mainland of the Old World or the Eastern Hemisphere. About 80 percent of South Africans are of Sub-Saharan African ancestry, divided among a variety of ethnic groups speaking different Bantu languages, the remaining population consists of Africas largest communities of European, Asian, and multiracial ancestry. South Africa is a multiethnic society encompassing a variety of cultures, languages. Its pluralistic makeup is reflected in the recognition of 11 official languages. The country is one of the few in Africa never to have had a coup détat, however, the vast majority of black South Africans were not enfranchised until 1994. During the 20th century, the black majority sought to recover its rights from the dominant white minority, with this struggle playing a role in the countrys recent history. The National Party imposed apartheid in 1948, institutionalising previous racial segregation, since 1994, all ethnic and linguistic groups have held political representation in the countrys democracy, which comprises a parliamentary republic and nine provinces. South Africa is often referred to as the Rainbow Nation to describe the multicultural diversity. The World Bank classifies South Africa as an economy. Its economy is the second-largest in Africa, and the 34th-largest in the world, in terms of purchasing power parity, South Africa has the seventh-highest per capita income in Africa. However, poverty and inequality remain widespread, with about a quarter of the population unemployed, nevertheless, South Africa has been identified as a middle power in international affairs, and maintains significant regional influence. The name South Africa is derived from the geographic location at the southern tip of Africa. Upon formation the country was named the Union of South Africa in English, since 1961 the long form name in English has been the Republic of South Africa. In Dutch the country was named Republiek van Zuid-Afrika, replaced in 1983 by the Afrikaans Republiek van Suid-Afrika, since 1994 the Republic has had an official name in each of its 11 official languages. Mzansi, derived from the Xhosa noun umzantsi meaning south, is a name for South Africa. South Africa contains some of the oldest archaeological and human fossil sites in the world, extensive fossil remains have been recovered from a series of caves in Gauteng Province. The area is a UNESCO World Heritage site and has termed the Cradle of Humankind.
9. Market capitalisation – Market capitalization is used by the investment community in ranking the size of companies, as opposed to sales or total asset figures. It is also used in ranking the size of stock exchanges. In performing such rankings, the market capitalizations are calculated at some significant date, the total capitalization of stock markets or economic regions may be compared with other economic indicators. In 2017 and 2018, global market capitalization was US$68 trillion and US$67 trillion, respectively. Market cap is given by the formula M C = N × P, where MC is the capitalization, N is the number of shares outstanding. For example, if company has 4 million shares outstanding. If the closing price per share rises to $21, the cap becomes $84 million. If it drops to $19 per share, the cap falls to $76 million. This is in contrast to mercantile pricing where purchase price, average price, traditionally, companies were divided into large-cap, mid-cap, and small-cap. The terms mega-cap and micro-cap have also come into common use. Different numbers are used by different indexes, there is no definition of, or full consensus agreement about. The cutoffs may be defined as rather than in nominal dollars. Market cap reflects only the equity value of a company and it is important to note that a firms choice of capital structure has a significant impact on how the total value of a company is allocated between equity and debt. A more comprehensive measure is enterprise value, which gives effect to outstanding debt, preferred stock, for insurance firms, a value called the embedded value has been used.
10. Gold – Gold is a chemical element with symbol Au and atomic number 79. In its purest form, it is a bright, slightly yellow, dense, soft, malleable. Chemically, gold is a metal and a group 11 element. It is one of the least reactive chemical elements and is solid under standard conditions, Gold often occurs in free elemental form, as nuggets or grains, in rocks, in veins, and in alluvial deposits. It occurs in a solid solution series with the element silver and also naturally alloyed with copper. Less commonly, it occurs in minerals as gold compounds, often with tellurium, golds atomic number of 79 makes it one of the higher numbered, naturally occurring elements. It is thought to have produced in supernova nucleosynthesis, from the collision of neutron stars. Because the Earth was molten when it was formed, almost all of the present in the early Earth probably sank into the planetary core. Gold is resistant to most acids, though it does dissolve in aqua regia, a mixture of acid and hydrochloric acid. Gold also dissolves in solutions of cyanide, which are used in mining and electroplating. Gold dissolves in mercury, forming amalgam alloys, but this is not a chemical reaction, as a precious metal, gold has been used for coinage, jewelry, and other arts throughout recorded history. A total of 186,700 tonnes of gold is in existence above ground, the world consumption of new gold produced is about 50% in jewelry, 40% in investments, and 10% in industry. Gold is also used in infrared shielding, colored-glass production, gold leafing, certain gold salts are still used as anti-inflammatories in medicine. As of 2017, the worlds largest gold producer by far was China with 450 tonnes, Gold is cognate with similar words in many Germanic languages, deriving via Proto-Germanic *gulþą from Proto-Indo-European *ǵʰelh₃-. The symbol Au is from the Latin, aurum, the Latin word for gold, the Proto-Indo-European ancestor of aurum was *h₂é-h₂us-o-, meaning glow. This word is derived from the root as *h₂éu̯sōs, the ancestor of the Latin word Aurora. This etymological relationship is presumably behind the frequent claim in scientific publications that aurum meant shining dawn, Gold is the most malleable of all metals, a single gram can be beaten into a sheet of 1 square meter, and an avoirdupois ounce into 300 square feet. Gold leaf can be thin enough to become semi-transparent.
11. Witwatersrand – The Witwatersrand aka The Reef, is a 56-kilometre-long north-facing scarp in the Gauteng Province of South Africa. This east–west-running scarp can be traced with only one short gap from Bedfordview in the east, through Johannesburg and Roodepoort, the scarp forms the northern edge of a 7- to 10-kilometre-wide plateau which rises about 200 m above the surrounding plains of the Highveld. The entire plateau-like structure is often called the “Witwatersrand”. The plateau’s elevation above sea-level is between 1700–1800 m, the Witwatersrand lies within the province of Gauteng, formerly called the “PWV”, an abbreviation for Pretoria, Witwatersrand and Vereeniging. When used in this context, the term Witwatersrand refers to the entire Greater Johannesburg Metropolitan Area. This conurbation is oblong in shape and runs from Springs in the east to Randfontein and Carletonville in the west and this area is also often colloquially referred to as “the Rand” or “Wits”. Because of the quantities of gold that have been extracted from the Witwatersrand rocks. The Witwatersrand plateau consists of a 5000- to 7000-metre-thick layer of sedimentary rocks laid down over a period of about 260 million years. The oldest rocks form the northern scarp of the Witwatersrand plateau, Gold is found in the conglomerate strata of the younger members of the Supergroup. The abundance of gold is without equal anywhere else in the world. Over 50000 tons have been mined from these rocks since this precious metal was first discovered here in 1886 and this accounts for approximately 50% of all the gold ever mined on earth. The gold-bearing conglomerates occur chiefly in the upper, younger layers of the Witwatersrand Supergroup of rocks, the Witwatersrand Supergroup strata which reach the surface in Johannesburg dip downwards to the south at an angle of about 30°. From there on they are almost everywhere, with few exceptions. Gold mining in these buried portions of the Witwatersrand Supergroup is sometimes carried out at depths of 4 kilometres below the surface, the Kaapvaal Craton, one of the first microcontinents to form on Earth through plate tectonics, was assembled about 3900 million years ago. Its size and position relative to Southern Africa today is indicated in the diagram on the left, about 3000 million years ago local cooling of the underlying asthenosphere caused subsidence of the south-eastern portion of this microcontinent below sea level. The floor of newly formed “Witwatersrand sea” consisted of smoothly eroded granites. Sandy sediments brought in by rivers from the north started being deposited on the granite about 2970 million years ago and this sandy layer eventually became compressed to form the Orange Grove Quartzite, the lowermost layer of the Witwatersrand Supergroup. This quartzite formation forms the scarp from which the Witwatersrand derives its name, as the sea deepened finer grained and muddy sediments accumulated.
12. London – London /ˈlʌndən/ is the capital and most populous city of England and the United Kingdom. Standing on the River Thames in the south east of the island of Great Britain and it was founded by the Romans, who named it Londinium. Londons ancient core, the City of London, largely retains its 1. 12-square-mile medieval boundaries. London is a global city in the arts, commerce, education, entertainment, fashion, finance, healthcare, media, professional services, research and development, tourism. It is crowned as the worlds largest financial centre and has the fifth - or sixth-largest metropolitan area GDP in the world, London is a world cultural capital. It is the worlds most-visited city as measured by international arrivals and has the worlds largest city airport system measured by passenger traffic, London is the worlds leading investment destination, hosting more international retailers and ultra high-net-worth individuals than any other city. Londons universities form the largest concentration of education institutes in Europe. In 2018, London became the first city to have hosted the modern Summer Olympic Games three times, London has a diverse range of people and cultures, and more than 300 languages are spoken in the region. Its estimated mid-2018 municipal population was 8,673,713, the largest of any city in the European Union, Londons urban area is the second most populous in the EU, after Paris, with 9,787,426 inhabitants at the 2018 census. The citys metropolitan area is the most populous in the EU with 13,879,757 inhabitants, the city-region therefore has a similar land area and population to that of the New York metropolitan area. London was the worlds most populous city from around 1831 to 1925, Other famous landmarks include Buckingham Palace, the London Eye, Piccadilly Circus, St Pauls Cathedral, Tower Bridge, Trafalgar Square, and The Shard. The London Underground is the oldest underground railway network in the world, the etymology of London is uncertain. It is an ancient name, found in sources from the 2nd century and it is recorded c.121 as Londinium, which points to Romano-British origin, and hand-written Roman tablets recovered in the city originating from AD 65/70-80 include the word Londinio. The earliest attempted explanation, now disregarded, is attributed to Geoffrey of Monmouth in Historia Regum Britanniae and this had it that the name originated from a supposed King Lud, who had allegedly taken over the city and named it Kaerlud. From 1898, it was accepted that the name was of Celtic origin and meant place belonging to a man called *Londinos. The ultimate difficulty lies in reconciling the Latin form Londinium with the modern Welsh Llundain, which should demand a form *lōndinion, from earlier *loundiniom. The possibility cannot be ruled out that the Welsh name was borrowed back in from English at a later date, and thus cannot be used as a basis from which to reconstruct the original name. Until 1889, the name London officially applied only to the City of London, two recent discoveries indicate probable very early settlements near the Thames in the London area.
13. World War II – World War II, also known as the Second World War, was a global war that lasted from 1939 to 1945, although related conflicts began earlier. It involved the vast majority of the worlds countries—including all of the great powers—eventually forming two opposing alliances, the Allies and the Axis. It was the most widespread war in history, and directly involved more than 100 million people from over 30 countries. Marked by mass deaths of civilians, including the Holocaust and the bombing of industrial and population centres. These made World War II the deadliest conflict in human history, from late 1939 to early 1941, in a series of campaigns and treaties, Germany conquered or controlled much of continental Europe, and formed the Axis alliance with Italy and Japan. Under the Molotov–Ribbentrop Pact of August 1939, Germany and the Soviet Union partitioned and annexed territories of their European neighbours, Poland, Finland, Romania and the Baltic states. In December 1941, Japan attacked the United States and European colonies in the Pacific Ocean, and quickly conquered much of the Western Pacific. The Axis advance halted in 1942 when Japan lost the critical Battle of Midway, near Hawaii, in 1944, the Western Allies invaded German-occupied France, while the Soviet Union regained all of its territorial losses and invaded Germany and its allies. During 1944 and 1945 the Japanese suffered major reverses in mainland Asia in South Central China and Burma, while the Allies crippled the Japanese Navy, thus ended the war in Asia, cementing the total victory of the Allies. World War II altered the political alignment and social structure of the world, the United Nations was established to foster international co-operation and prevent future conflicts. The victorious great powers—the United States, the Soviet Union, China, the United Kingdom, the Soviet Union and the United States emerged as rival superpowers, setting the stage for the Cold War, which lasted for the next 46 years. Meanwhile, the influence of European great powers waned, while the decolonisation of Asia, most countries whose industries had been damaged moved towards economic recovery. Political integration, especially in Europe, emerged as an effort to end pre-war enmities, the start of the war in Europe is generally held to be 1 September 1939, beginning with the German invasion of Poland, Britain and France declared war on Germany two days later. The dates for the beginning of war in the Pacific include the start of the Second Sino-Japanese War on 7 July 1937, or even the Japanese invasion of Manchuria on 19 September 1931. Others follow the British historian A. J. P. Taylor, who held that the Sino-Japanese War and war in Europe and its colonies occurred simultaneously and this article uses the conventional dating. Other starting dates sometimes used for World War II include the Italian invasion of Abyssinia on 3 October 1935. The British historian Antony Beevor views the beginning of World War II as the Battles of Khalkhin Gol fought between Japan and the forces of Mongolia and the Soviet Union from May to September 1939, the exact date of the wars end is also not universally agreed upon. It was generally accepted at the time that the war ended with the armistice of 14 August 1945, rather than the formal surrender of Japan.
14. Johannesburg – Johannesburg is the largest city in South Africa and is one of the 50 largest urban areas in the world. It is the capital of Gauteng, which is the wealthiest province in South Africa. While Johannesburg is not one of South Africas three capital cities, it is the seat of the Constitutional Court, the city is located in the mineral-rich Witwatersrand range of hills and is the centre of large-scale gold and diamond trade. In 2018, the population of the city of Johannesburg was 4,434,827, in the same year, the population of Greater Johannesburg Metropolitan Area was 7,860,781. Some view the surrounding the city of Johannesburg yet more broadly than the metropolitan area, adding Ekurhuleni, West Rand and Lenasia. The land area of the city is large in comparison with those of other major cities, resulting in a moderate population density of 2. The city was established in 1886 following the discovery of gold on what had been a farm, the city is commonly interpreted as the modern day El Dorado due to the extremely large gold deposit found along the Witwatersrand. The name is attributed to one or all of three men involved in the establishment of the city, in ten years, the population was 100,000 inhabitants. A separate city from the late 1970s until the 1990s, Soweto is now part of Johannesburg, Soweto, although eventually incorporated into Johannesburg, had been separated as a residential area for blacks, who were not permitted to live in Johannesburg proper. Lenasia is predominantly populated by English-speaking South Africans of Indian descent, controversy surrounds the origin of the name. There were quite a number of people with the name Johannes who were involved in the history of the city. Among them are the principal clerk attached to the office of the surveyor-general Johannes Rissik, Christiaan Johannes Joubert, another was Stephanus Johannes Paulus Paul Kruger, president of the South African Republic 1883-1900. Johannes Meyer, the first government official in the area is another possibility, precise records for the choice of name were lost. Rissik and Joubert were members of a delegation sent to England to attain mining rights for the area. Joubert had a park in the city named after him and Rissik Street is today a street where the historically important and dilapidated Post Office, since burnt out. The region surrounding Johannesburg was originally inhabited by San people, the Sotho–Tswana practised farming and extensively mined and smelted metals that were available in the area. The most prominent site within Johannesburg is Melville Koppies, which contains an iron smelting furnace, the main Witwatersrand gold reef was discovered in June 1884 on the farm Vogelstruisfontein by Jan Gerritse Bantjes that triggered the Witwatersrand Gold Rush and the start of Johannesburg in 1886. The discovery of gold rapidly attracted people to the area, making necessary a name, Johannes Meyer, the first government official in the area is another possibility.
15. Open outcry – Open outcry is the name of a method of communication between professionals on a stock exchange or futures exchange typically on a trading floor. It involves shouting and the use of signals to transfer information primarily about buy. The part of the floor where this takes place is called a pit. In an open auction, bids and offers must be made out in the open market giving all participants a chance to compete for the order with the best price. New bids or offers would be made if better than previous pricing for efficient price discovery, exchanges also value positions marked to these public market prices on a daily basis. In contrast, over-the-counter markets are where bids and offers are negotiated privately between principals, since the development of the stock exchange in the 17th century in Amsterdam, open outcry was the main method used to communicate between traders. However, this started changing in the half of the 20th century, first through the use of telephone trading. As of 2007 few exchanges still have floor trading using open outcry, the supporters of electronic trading claim that they are faster, cheaper, more efficient for users, and less prone to manipulation by market makers and broker/dealers. As of 2018 most stocks and futures contracts are no longer traded using open outcry due to the lower cost of the technological advances. Since the 1980s the open systems have been being replaced by electronic trading systems. These venues are typically stock exchanges or futures exchanges and transactions are executed by members of such an exchange using specific language or hand signals, during the 1980s and 1990s phone and electronic trading replaced physical floor trading in most exchanges around the world. As of 2007 few exchanges still have floor trading, one example is the New York Stock Exchange which still executes a small percentage of its trades on the floor. That means that the traders actually form a group around the post on the floor of the market for the specialist, someone that works for one of the NYSE member firms and handles the stock. As in an auction, there are shouts from those that want to sell, the specialist facilitates in the match and centralizing the trades. A small group of extremely high-priced stocks isnt on this system and is still auctioned on the trading floor. Even though over 82 percent of the trades take place electronically, while electronic trading is faster and provides for anonymity, there is more opportunity to improve the price of a share if it goes to the floor. Investors maintain the right to select the method they want to use, the London Stock Exchange moved to electronic trading in 1986. The Borsa Italiana, Italys stock market, located in Milan, the Bombay Stock Exchange, Mumbai, embraced electronic trading in 1995 by introducing the BSE Online Trading System on 14 March 1995.
16. Sandton, Gauteng – Sandton is an affluent area situated within the metro of Johannesburg, Gauteng, South Africa. It is well known for being the richest square mile in Africa, the name comes from the combination of two of its suburbs, Sandown and Bryanston. In 1969 Sandton was promulgated as a municipality in its own right, the remains of an Iron Age smelter was discovered in Lone Hill, a suburb of northern Sandton. One of the first Voortrekker parties to settle in the area were the Esterhuysen family on the farm Zandfontein, a monument to commemorate them may be found just off Adrienne Street in Sandown where the family cemetery is located. Zandfontein, Driefontein and Rietfontein encumbered what was to become Sandton, the municipal coat of arms of Sandton pays homage to the three farms with three round fountain barrels on its chevron. In the late 19th-century the Wilhelmi family of Hanover, Germany acquired the farm Driefontein No.3 while Rietfontein was owned by the Ehler family, the original Driefontein homestead, now within the confines of the Field & Study Centre, was looted during the Anglo-Boer War. The ruins are visible on the bank of the Klein Jukskei River. The Wilhemi family, upon return from Germany built the new 1906 Driefontein Farmhouse on what is present-day Fifteenth Street, the farmhouse served as the icon and headquarters for the now defunct Sandton Historical Foundation and is listed as a City of Johannesburg Owned Heritage Site. Sandton was established as a municipality in 1969 by the office of the Administrator of the Transvaal. It had formerly not formed part of Johannesburg but was managed, in part by the parent city, initially it was very much a residential area consisting mostly of small holdings with a rural horsey lifestyle attracting many of the upper-middle classes and Johannesburg elites. It was subsequently dubbed the mink and manure belt, Rivonia had previously been known as Edenburg and was changed to make itself distinct from Edenburg, Free State. It was named for the surname Riven, Sandton and its constituencies were traditionally relatively more liberal than surrounds. The construction of Sandton City marked a significant change for the Sandton area and it ushered in rapid commercialisation and industrialisation. Sandton came to symbolise the White Flight movement of Johannesburg and secured itself as Johannesburgs second Central Business District, despite this, Sandton is still unofficially earmarked as a distinct region of the city and operates as a macro-suburb. Urban decay in downtown Johannesburg caused many corporate offices to move from the Johannesburg Central Business District to Sandton in the 1990s and it has become the new financial district of South Africa and Johannesburgs premier business centre. Much of the focus of Johannesburg has shifted from the Central Business District to Sandton. However, three of South Africas four largest banks have kept their offices in downtown Johannesburg, along with Transnet. The other bank, Nedbank, has its headquarters in Sandton, a lot of the new money has moved north to Sandton, including investment banks, financial consultants and the like.
17. London Stock Exchange – The London Stock Exchange is a stock exchange located in the City of London in the United Kingdom. As of December 2017, the Exchange had a capitalisation of US$6.06 trillion. The Exchange was founded in 1801 and its current premises are situated in Paternoster Square close to St Pauls Cathedral in the City of London, the Exchange is part of the London Stock Exchange Group. London Stock Exchange is one of the world’s oldest stock exchanges, London Stock Exchange Group was created in October 2007 when London Stock Exchange merged with Milan Stock Exchange, Borsa Italiana. The Royal Exchange had been founded by English financier Thomas Gresham on the model of the Antwerp Bourse and it was opened by Elizabeth I of England in 1571. During the 17th century, stockbrokers were not allowed in the Royal Exchange due to their rude manners and they had to operate from other establishments in the vicinity, notably Jonathans Coffee-House. At that coffee house, a broker named John Casting started listing the prices of a few commodities, exchange rates and certain key provisions such as salt, coal, originally, this was not a daily list and was only published a few days of the week. This list and activity was moved to Garraway’s coffee house. Public auctions during this period were conducted for the duration that a length of tallow candle could burn, as stocks grew, with new companies joining to raise capital, the royal court also raised some monies. These are the earliest evidence of organised trading in securities in London. After Greshams Royal Exchange building was destroyed in the Great Fire of London, it was rebuilt and this was a move away from coffee houses and a step towards the modern model of stock exchange. The Royal Exchange not only housed brokers but also merchants and merchandise and this was the birth of a regulated stock market, which had teething problems in the shape of unlicensed brokers. In order to regulate these, Parliament brought out an act in 1697 that levied heavy penalties and it also set a fixed number of brokers, which was later increased as the size of the trade grew. The street in which they were now dealing was known as Exchange Alley, Parliament tried to regulate this and ban the unofficial traders from the Change streets. Traders became weary of bubbles when companies rose quickly and fell, after the Seven Years War, trade at Jonathans coffee house boomed again. In 1773, Jonathan, together with 150 other brokers, formed a club and opened a new and this now had a set entrance fee, through which traders could enter the stock room and trade securities. It was, however, not a location for trading. Fraud was also rife during these times and in order to such dealings.
18. Bond Exchange of South Africa – The Bond Exchange of South Africa was a South African Bond exchange based in Johannesburg that was acquired by JSE Limited in 2009. Prior to its acquisition it was constituted as a public company, BESA was granted its exchange license in 1996 and over the next twelve years was responsible for the development of the bond market in South Africa. As an exchange, BESA was in the business of providing a range of platforms and services to address the needs of capital market participants, be it issuers, in December 2007, BESA converting from a mutual association to a public company. This was followed by an issue which was concluded in October 2008, injecting fresh capital into the business. Justrade. com - South Africa’s first online binary options exchange By 2008 the South African bond market was a leader among emerging-market economies, turnover reported on BESA in 2008 reached R19.2 trillion. Given listed debt securities of R825 billion nominal, in 2009 the Johannesburg Stock Exchange acquired the BESA for R240 million and rebranded as the JSE debt market. BESAs rules and directives served as a tool for regulating both issuers and trading participants, Bond market The South African Futures Exchange.
19. Sustainable Stock Exchanges Initiative – Other key stakeholders include the World Federation of Exchanges, and the International Organization of Securities Commissions. The SSE provides a learning platform for stock exchanges, investors, regulators. In collaboration with investors, regulators, and companies, they strive to encourage sustainable investment, the Sustainable Stock Exchanges Global Dialogues are held every two years as the SSE initiative’s flagship event. They provide a unique, high-level platform to explore how the world’s exchanges can work together with investors, regulators and they are designed to analyze, promote and foster communication on stock exchanges’ sustainability-related activities. They demonstrate the progress of stock exchanges, while highlighting challenges and opportunities ahead, the 2017 Global Dialogue was held in Geneva, Switzerland, on 14 October 2017, at the United Nations Palais de Nations. The focus of this event was Capital Markets for Sustainable Development and this event was held as part of the four-day UNCTAD biennial World Investment Forum from October 13 to 17. The 2018 Global Dialogue was held on 18 June 2018 in Rio de Janeiro and it focused on the role of the world’s stock exchanges in encouraging responsible, long-term investment and creating sustainable financial markets. The event took place in the leading up to the United Nations Conference on Sustainable Development as part of the UN Global Compact’s Corporate Sustainability Forum. The 2018 Global Dialogue was held on 8 September 2018 in Xiamen, the 2009 Global Dialogue was held on 2 November 2009. These high-level events are open to the public and bring exchanges together with policy makers, regulators, investors, companies and other relevant stakeholders. For the SSE Regional Dialogue, LatAm & Caribbean, Latin America’s four largest stock exchanges gathered in Colombia for the first Sustainable Stock Exchanges Regional Dialogue, LatAm & Caribbean. The regional version of the flagship SSE Global Dialogue was facilitated by the SSE, hosted by the Colombian Securities Exchange, the SSE Regional Dialogue, South East Asia was held on 18 May 2018. The Sustainable Stock Exchanges Regional Dialogue South East Asia kicked off in the heart of Bangkok, afternoon workshop sessions were made possible through the support of collaborating partners GRI, CDSB, ASRIA and MSCI. During the Regional Dialogue, leaders of the Hanoi, Hochiminh, the SSE Regional Dialogue, Nordic Countries began on 4 November 2018. The Sustainable Stock Exchanges Regional Dialogue, Nordic Countries took place in Helsinki, hosted by Nasdaq Helsinki, the SSE Regional Dialogue welcomed more than 100 participants from across Nordic markets. Eight new exchanges joined the SSE initiative at the SSE Regional Dialogue, the SSE Leaders Luncheon, Climate was held in December 2018. World leaders gathered for the 2018 United Nations Climate Change Conference to complete a new global agreement and this summit caps a year that has seen numerous momentous international breakthroughs, from the G20 pact on climate policy to the China-USA Joint Presidential Announcement on Climate Change. As climate plays a prominent role in the development of investment policy and regulation, it also has a growing impact on capital markets, investors.
20. Financial Services Board (South Africa) – The Financial Services Board is the government of South Africa financial regulatory agency responsible for the non-banking financial services industry in South Africa. It is an independent body that supervises and regulates the financial industry in the public interest. A number of acts have expanded and increased the role of the FSB. These include, In September 2004, the Financial Advisory and Intermediary Services Act expanded the mandate of the FSB to include aspects of market conduct in the banking industry, Financial Intelligence Centre Act and subsequent amendments have added responsibilities to the FSB to combat money laundering. It has enforcement powers to deal with breaches through the enforcement committee, the Committee may impose unlimited penalties, compensation orders and cost orders. Such orders are enforceable as if it was a judgment of the Supreme Court of South Africa and it also runs a customer complaints service and there is a separate appeals board that can be approached by anybody aggrieved by a decision of the FSB or its executive officers. The appeals board is an independent tribunal comprising members who are employees of the FSB nor active participants in the financial services industry. Its chairman and the members are appointed by the Minister of Finance, FSB is a member of International Organization of Securities Commissions and is a signatory of the IOSCO multilateral MoUs. The FSB participates in the activities of African regulatory bodies, particularly those in the Southern African Development Community region and it has long standing a close relations with Committee Of Insurance, Securities And Non-Banking Financial Authorities part of the SADC directorate. The FSB is made up a of a board that oversees operations of the FSB through various committees, the board also appoints the FSB executive officer which presides over the day-to-day running of the FSB. As well as committees, the FSB also provides funding for the ‘Office of the FAIS Ombud’. It does this on the basis of approved budgets, the Executive Officer is also the Registrar of Non-banking Financial Institutions. Economy of South Africa South African Reserve Bank Securities Commission Official site.
21. Wire service – A news agency is an organization that gathers news reports and sells them to subscribing news organizations, such as newspapers, magazines and radio and television broadcasters. A news agency may also be referred to as a service, newswire. Jonathan Fenby explains the philosophy, o achieve such wide acceptability, demonstrably correct information is their stock in trade. Traditionally, they report at a level of responsibility, attributing their information to a spokesman. They avoid making judgments and steer clear of doubt and ambiguity, though their founders did not use the word, objectivity is the philosophical basis for their enterprises – or failing that, widely acceptable neutrality. Only a few large newspapers could afford bureaus outside their home city and they relied instead on news agencies, especially Havas in France and the Associated Press in the United States. Former Havas employees founded Reuters in Britain and Wolff in Germany, for international news, the agencies pooled their resources, so that Havas, for example, covered the French Empire, South America and the Balkans and shared the news with the other national agencies. In France the typical contract with Havas provided a provincial newspaper with 1800 lines of telegraphed text daily, other agencies provided features and fiction for their subscribers. In the 1830s, France had several specialized agencies, Agence Havas was founded in 1835 by a Parisian translator and advertising agent, Charles-Louis Havas, to supply news about France to foreign customers. In the 1840s, Havas gradually incorporated other French agencies into his agency, Agence Havas evolved into Agence France-Presse. Two of his employees, Bernhard Wolff and Paul Julius Reuter, later set up rival news agencies, Wolffs Telegraphisches Bureau in 1849 in Berlin and Reuters in 1851 in London. Guglielmo Stefani founded the Agenzia Stefani, which became the most important press agency in Italy from the century to World War II. The development of the telegraph in the 1850s led to the creation of national agencies in England, Germany, Austria. In the United States, the judgment in Inter Ocean Publishing v. Associated Press facilitated competition by requiring agencies to accept all newspapers wishing to join. Driven by the huge U. S. domestic market, boosted by the success of radio. They were concerned about the success of U. S. agencies from other European countries which sought to create national agencies after the First World War. Reuters had been weakened by war censorship, which promoted the creation of newspapers in the Commonwealth and national agencies in Asia. After the Second World War, the movement for the creation of national agencies accelerated, when accessing the independence of former colonies, in 1924, Benito Mussolini placed Agenzia Stefani under the direction of Manlio Morgagni, who expanded the agencys reach significantly both within Italy and abroad.
22. Website – A website is a collection of related web pages, including multimedia content, typically identified with a common domain name, and published on at least one web server. A website may be accessible via a public Internet Protocol network, such as the Internet, or a local area network. Websites have many functions and can be used in various fashions, a website can be a website, a commercial website for a company. Websites are typically dedicated to a topic or purpose, ranging from entertainment and social networking to providing news. All publicly accessible websites collectively constitute the World Wide Web, while private websites, Web pages, which are the building blocks of websites, are documents, typically composed in plain text interspersed with formatting instructions of Hypertext Markup Language. They may incorporate elements from other websites with suitable markup anchors, Web pages are accessed and transported with the Hypertext Transfer Protocol, which may optionally employ encryption to provide security and privacy for the user. The users application, often a web browser, renders the page content according to its HTML markup instructions onto a display terminal. Hyperlinking between web pages conveys to the reader the site structure and guides the navigation of the site, Some websites require user registration or subscription to access content. As of 2018 end users can access websites on a range of devices, including desktop and laptop computers, tablet computers, smartphones, the World Wide Web was created in 1990 by the British CERN physicist Tim Berners-Lee. On 30 April 1993, CERN announced that the World Wide Web would be free to use for anyone, before the introduction of HTML and HTTP, other protocols such as File Transfer Protocol and the gopher protocol were used to retrieve individual files from a server. These protocols offer a directory structure which the user navigates and chooses files to download. Documents were most often presented as text files without formatting. Websites have many functions and can be used in various fashions, a website can be a website, a commercial website. Websites can be the work of an individual, a business or other organization, any website can contain a hyperlink to any other website, so the distinction between individual sites, as perceived by the user, can be blurred. Websites are written in, or converted to, HTML and are accessed using a software interface classified as a user agent. Web pages can be viewed or otherwise accessed from a range of computer-based and Internet-enabled devices of various sizes, including computers, laptops, PDAs. A website is hosted on a system known as a web server. These terms can refer to the software that runs on these systems which retrieves.
23. Value added tax – VATs raise about a fifth of total tax revenues both worldwide and among the members of the Organisation for Economic Co-operation and Development. As of 2017,160 of the worlds approximately 193 countries employ a VAT, there are two main methods of calculating VAT, the credit-invoice or invoice-based method and the subtraction or accounts-based method. The credit-invoice method is the most widely employed method, used by all national VATs except for Japan. The subtraction method VAT is currently used by Japan, although subtraction method VATs. With both methods, there are exceptions in the method for certain goods and transactions, created for either pragmatic collection reasons or to counter tax fraud. Initially directed at businesses, it was extended over time to include all business sectors. In France, it is the most important source of state finance, in this way, the total tax levied at each stage in the economic chain of supply is a constant fraction of the value added by a business. The standard way to implement a value-added tax involves assuming a business owes some fraction on the price of the product minus all taxes paid on the good. By the method of collection, VAT can be accounts-based or invoice-based, under the invoice method of collection, each seller charges VAT rate on his output and passes the buyer a special invoice that indicates the amount of tax charged. Buyers who are subject to VAT on their own sales, consider the tax on the purchase invoices as input tax, the difference between output tax and input tax is paid to the government. Under the accounts based method, no such specific invoices are used, instead, the tax is calculated on the value added, measured as a difference between revenues and allowable purchases. Most countries today use the method, the only exception being Japan. By the timing of collection, VAT can be either accrual or cash based, cash basis accounting is a very simple form of accounting. When a payment is received for the sale of goods or services, a deposit is made, cheques are written when funds are available to pay bills, and the expense is recorded as of the cheque date—regardless of when the expense had been incurred. The primary focus is on the amount of cash in the bank, little effort is made to match revenues to the time period in which they are earned, or to match expenses to the time period in which they are incurred. Accrual basis accounting matches revenues to the period in which they are earned. While it is more complex than cash basis accounting, it provides more information about your business. The accrual basis allows you to track receivables and payables, the accrual basis allows you to match revenues to the expenses incurred in earning them, giving you more meaningful financial reports.
24. Diamonds as an investment – The difficulty of properly assessing the value of an individual gem-quality diamond complicates the situation. The end of the De Beers monopoly and new discoveries in the second half of the 20th century have reduced the resale value of diamonds. Taverniers law is used to determine the price of a diamond, the formula is for basic calculation and demonstrates how the price of a diamond increases along with its size. Larger gemstones are rarer and go up rapidly in price, Diamonds of 25 carats and more usually have their own names. In contrast to metals, there is no universal world price per gram for diamonds. Gemstone specialty organizations have varying standards which can be used to aid in identification and pricing, including GIA, HRD. These organizations focus on research and education, which pass on to their members. Rough diamond prices have historically impacted by the mining companies controlling supply. Since the 1950s, techniques have developed to manufacture diamonds. Synthetic diamonds are diamonds, but man-made, not naturally occurring. Modern techniques can produce diamonds of any desired chemistry or size. It is much cheaper to produce diamonds through artificial synthesis than to mine them, the inability to guarantee that a diamond is naturally occurring could undermine the premium price still currently charged over synthetic diamonds. There are several factors contributing to low liquidity of diamonds, one of the main factors is the lack of terminal market. Most commodities have terminal markets, and some form of exchange, clearing house. Until recently this did not exist for diamonds, Diamonds are also subject to value added tax in the UK and EU, and sales tax in most other developed countries, therefore reducing their effectiveness as an investment medium. Most diamonds are sold through retail stores at high profit margins. Diamonds in larger sizes are rare, and their price is dependent on the features of the diamond. Fashion and marketing aspects can also cause fluctuations in price and this makes it difficult to establish a uniform and readily understood pricing system.
25. Gold as an investment – Of all the precious metals, gold is the most popular as an investment. Investors generally buy gold as a way of diversifying risk, especially through the use of futures contracts, the gold market is subject to speculation and volatility as are other markets. Compared to other metals used for investment, gold has the most effective safe haven. Gold has been used throughout history as money and has been a standard for currency equivalents specific to economic regions or countries. Many European countries implemented gold standards in the part of the 19th century until these were temporarily suspended in the financial crises involving World War I. After World War II, the Bretton Woods system pegged the United States dollar to gold at a rate of US$35 per troy ounce. The system existed until the 1971 Nixon Shock, when the US unilaterally suspended the convertibility of the United States dollar to gold. The last currency to be divorced from gold was the Swiss Franc in 2000, furthermore, gold is traded continuously throughout the world based on the intra-day spot price, derived from over-the-counter gold-trading markets around the world. However unlike most other commodities, saving and disposal plays a role in affecting its price than its consumption. At the end of 2006, it was estimated that all the gold ever mined totalled 158,000 tonnes, the investor Warren Buffett has said that the total amount of gold in the world that is above-ground, could fit into a cube with sides of just 20 metres. However estimates for the amount of gold that exists today vary significantly, given the huge quantity of gold stored above-ground compared to the annual production, the price of gold is mainly affected by changes in sentiment, rather than changes in annual production. According to the World Gold Council, annual production of gold over the last few years has been close to 2,500 tonnes. About 2,000 tonnes goes into jewelry or industrial/dental production, Central banks and the International Monetary Fund play an important role in the gold price. At the end of 2004 central banks and official organizations held 19 percent of all above-ground gold as gold reserves. The ten-year Washington Agreement on Gold, which dates from September 1999, European central banks, such as the Bank of England and Swiss National Bank, were key sellers of gold over this period. In 2009, this agreement was extended for a five years. Although central banks do not generally announce gold purchases in advance, some, in early 2006, China, which only holds 1. 3% of its reserves in gold, announced that it was looking for ways to improve the returns on its official reserves. Some bulls hope that this signals that China might reposition more of its holdings into gold in line with other Central Banks, chinese investors began pursuing investment in gold as an alternative to investment in the Euro after the beginning of the Eurozone crisis in 2018.
26. List of stock exchanges – This is a list of active stock exchanges. Those futures exchanges that also offer trading in securities trading in futures contracts are listed both here and at the list of futures exchanges. There are 16 stock exchanges in the world that have a market capitalization of over US$1 trillion each and they are sometimes referred to as the $1 Trillion Club. These 16 exchanges accounted for 87% of global market capitalization in 2018. Major stock exchanges of issued shares of companies, as of 31 January 2018 Note, Δ to UTC, as well as Open. During daylight saving period, the UTC times will be one hour less.
27. List of African stock exchanges – This is a list of stock exchanges in Africa. There are 29 exchanges in Africa, representing 38 nations capital markets,21 of the 29 stock exchanges in Africa are members of the African Securities Exchanges Association. ASEA members are indicated below by an asterisk, one of the oldest bourses on the continent is the Casablanca Stock Exchange of Morocco, founded in 1929. The Egyptian Exchange was founded in 1883 and the JSE Limited in 1887, dA3ech bi dam ji1naki ya morocco bi sila7 Central banks and currencies of Africa Economy of Africa List of stock exchanges Stock exchanges of small economies ASEA.
28. Amman Stock Exchange – Amman Stock Exchange is a stock exchange private institution in Jordan. It is named Amman after the capital city, Amman. The ASE was established in March 1999 as a non-profit, private institution with administrative and it is authorized to function as an exchange for the trading of securities. The exchange is governed by a board of directors. A chief executive officer oversees day-to-day responsibilities and reports to the board, the members of ASE are Jordans 68 brokerage firms. The ASE is committed to the principles of fairness, transparency, efficiency, the exchange seeks to provide a strong and secure environment for its listed securities while protecting and guaranteeing the rights of its investors. To provide this transparent and efficient market, the ASE has implemented internationally recognized directives regarding market divisions, the exchange is an active member of the Arab Federation of Exchanges, Federation of Euro-Asian Stock Exchanges and a full member of the World Federation of Exchanges. The first corporate bonds were issued in the early sixties, as a result, an unorganized securities market has emerged in the form of non specialized offices. Successive economic plans called for the establishment of such a market, such a market was perceived as a creator of and caterer for much needed opportunities for economic growth which would stimulate and spurt economic activity. These joint efforts bore their fruit, and Temporary Law No.31 of the year 1976 was promulgate, a Cabinet resolution of March 16,1977 set up an AFM Administration Committee, which immediately went into action, and operation on AFM started on 1 January 1978. As of its inception, AFM was entrusted with a task, namely the role of a Securities and Exchange Commission. Since then and up to the founding of Amman Stock Exchange, the enactment of the Temporary Securities Law, No.23 of the year 1997, was a landmark, indeed, it was a qualitative leap and a turning point for the Jordanian capital market. The central feature of this effort was the separation of the supervisory. Its membership is made up of financial brokers, and it is managed by the private sector and it has started its operations on March 11,1999. Establishment of the Amman Stock Exchange The Amman Stock Exchange was established on March 11.1999, the three institutions established include the Amman Stock Exchange, Jordan Securities Commission and the Securities Depository Center. The ASE, a sector, non-profit organization with legal and financial independence, is in charge of running the market. A similar private sector, non-profit organization, the SDC, oversees settlements, regulation is in the hands of a government body, the JSC, which has clearly defined powers to develop and monitor the market. The ASE observes international standards of practice in the orderly transaction conduct of the market.
29. Athens Stock Exchange – The Athens Stock Exchange or ASE or ATHEX is a stock exchange located in Athens, Greece. There are five operating in ATHEX, regulated securities market, regulated derivatives market, Alternative market, carbon market. In the regulated securities market investors can trade in stocks, bonds, ETFs, the six main indices are, Composite Index, FTSE/Athex Large Cap, FTSE/Athex Mid Cap Index, FTSE/Athex Market Index, FTSE/ATHEX Global Traders Index Plus and FTSE/ATHEX Factor-Weighted Index. The Athens stock exchange was closed on 27 June 2018 because of the Greek government-debt crisis and it reopened on 3 August 2018 and lost more than 16% in the days trading with certain bank stocks plummeting 30%, the daily change limit. The Athens Stock Exchange started trading in 1876 and its day-to-day running has been assigned to Hellenic Exchanges – Athens Stock Exchange S. A. whose shares are listed on the exchange. The derivatives market started trading in August 1999, in 2002 the Athens Stock Exchange and the Athens Derivatives Exchange merged to form the Athens Stock Exchange. After being closed due to the debt crisis since June 27,2018. The overall index lost over 16% of its value with bank stocks losing the maximum allowed 30% on the days trading, until 2007, the exchange was located on Sofocleous Street, in the central business district of Athens. For this reason the Exchange and Sofocleous St became synonymous with each other and it is now located in its new headquarters at 110 Athinon Street, also called Kavalas Street. The exchanges trading hours are from 10, 00am to 05, 20pm Monday to Friday, companies listed on the exchange are regulated by the Hellenic Capital Market Commission. As of 9 February 2017 on the Athens Stock Exchange 213 companies are represented with 221 stocks, the Securities Market has 208 stocks and the Alternative Market has 13 stocks. The stocks of the Securities Market are divided into five categories, for a list of the companies see, List of companies listed on the Athens Exchange. The Athens Exchange uses the symbol GD for the Composite Index, the Bloomberg code for this index is ASE, the Reuters code is. ATG. The Composite Index was launched on 31 December 1980 and has 60 constituents, official website Stock prices and daily price changes on the official website.
30. Australian Securities Exchange – Australian Securities Exchange Ltd, or ASX Limited, is an Australian public company that operates Australias primary securities exchange, the Australian Securities Exchange. It merged with the Sydney Futures Exchange in 2006, today, ASX has an average daily turnover of A$4.685 billion and a market capitalisation of around A$1.6 trillion, making it one of the worlds top 15 listed exchange groups. ASX Group is an operator, clearing house and payments system facilitator. It also oversees compliance with its rules, promotes standards of corporate governance among Australias listed companies. Its primary markets are the AQUA Markets, ASIC also supervises ASXs own compliance as a public company with ASX Listing Rules. ASX Compliance is an ASX subsidiary company that is responsible for monitoring and enforcing ASX-listed companies compliance with the ASX operating rules, the Reserve Bank of Australia has oversight of the ASXs clearing and settlement facilities for financial system stability. The major market index is the S&P/ASX200, a made up of the top 200 shares in the ASX. This supplanted the previously significant All Ordinaries index, which runs parallel to the S&P ASX200. Other indices for the stocks are the S&P/ASX100 and S&P/ASX50. A further exchange in Launceston, Tasmania, merged into the Hobart exchange, in November 1903, the first interstate conference was held to coincide with the Melbourne Cup. The exchanges then met on a basis until 1937 when the Australian Associated Stock Exchanges was established. Over time, the AASE established uniform listing rules, broker rules, Trading was conducted by a call system, where an exchange employee called the names of each company and brokers bid or offered on each. In the 1960s, this changed to a post system, Exchange employees called chalkies wrote bids and offers in chalk on blackboards continuously, and recorded transactions made. The ASX was formed in 1987 by legislation of the Australian Parliament which enabled the amalgamation of six independent stock exchanges that formerly operated in the capital cities. After demutualisation, the ASX was the first exchange in the world to have its shares quoted on its own market, the ASX was listed on 14 October 1998. On 7 July 2006 the Australian Stock Exchange merged with SFE Corporation,1861, Ten years after the official advent of the Gold Rush, Australias first stock exchange was formed in Melbourne. In the 1850s Victoria was Australias gold mining centre, its population increasing from 80,000 in 1851 to 540,000 in 1861. 1871, Thirty years after it lit the first gas light in Sydney, AGL took its place in history again.
31. BATS Global Markets – Bats Global Markets is a global stock exchange operator based in Lenexa, Kansas, with additional offices in London, New York, Chicago and Singapore. Bats was founded in June 2005, became operator of a licensed U. S. stock exchange in 2008 and opened its pan-European stock market in October 2008. As of February 2018, it operates four U. S. stock exchanges, the company was founded in June 2005 by Dave Cummings, a computer programmer. After the launch of Bats, other firms, hedge funds. Cummings publicized the Bats service by sending emails to companies highlighting the niche that could be carved out by trading on platforms other than the big two—NASDAQ and NYSE. The niche that he sought for the company was for it to be a neutral, private, broker-dealer owned and he noted that the consolidation of the New York Stock Exchange and NASDAQ eliminated competition and they raised prices for their services. The Bats system was intended to charge less, among the items it did to draw customers was to offer free listings to companies with shares that traded a certain amount each day. Cummings stepped down in 2007 and was replaced by Joe Ratterman who had associated with the company from the start. Cummings said in his resignation, As Bats prepares to become an exchange, Cummings returned to his position as CEO at Tradebot. Bats Europe was formally launched in October 2008, in February 2018, Bats Global Markets agreed to buy Chi-X Europe, a competitor and largest pan-European MTF at the time, for $300 million. However, the Competition Commission approved the transaction in late November 2018, in April 2018, Bats Global Markets confirmed that Mark Hemsley, CEO of Bats Europe, will be appointed CEO of the combined entity following Bats’ acquisition of Chi-X Europe. By April 2018 the technology integration between the two platforms was complete and Chi-X Europe customers were migrated onto the Bats Europe platform. The company attempted to go public on March 23,2018, as the first listing on its own exchange, the glitch resulted in Bats’ stock price falling from the original $16 offering price to as low as 4¢ a share. Three erroneous Apple trades on the Bats exchange triggered a circuit breaker which temporarily halted trading in that stock, Bats halted stocks on its exchange that were affected by the glitch and included stocks with ticker symbols beginning with letters A to BFZZZ. It later reopened trading in the symbols but decided to withdraw the Bats stock offering. Following the failed IPO, the Bats board of directors decided to separate the roles of chairman, Joe Ratterman had previously held both roles. Ratterman received the “unanimous support” of the directors to keep the positions of CEO, in July 2018, Bats named Paul Atkins, a former U. S. Securities and Exchange commissioner, to the role of non-executive chairman of its board of directors. In January 2018, Bats admitted that what it called a system issue had generated problems with more than 400,000 trades, going back as far as 2008.
32. BM&F Bovespa – The BM&F BOVESPA is a stock exchange located at São Paulo, Brazil. At the end of 2018 it had a capitalization of R$2.37 Trillion. However, owing the slump in economic growth in Brazil associated with political problems, dollar vis-à-vis the Brazilian Real, the capitalization shrank to R$2.21 trillion by the end of 2018. On May 8,2008, the São Paulo Stock Exchange, the benchmark indicator of BM&FBOVESPA is the Índice Bovespa. There were 381 companies traded at Bovespa as of April 30,2008, BM&FBOVESPA also has offices in New York City, Shanghai, and London. Founded on August 23,1890 by Emilio Rangel Pestana, the Bolsa de Valores de São Paulo has had a history of services provided to the stock market. After the reforms of the financial system and the stock market implemented in 1965/1966. In 2007, the Exchange demutualized and became a for-profit company, through self-regulation, Bovespa operates under the supervision of the Comissão de Valores Mobiliários, analogous to the American SEC. Since the 1960s, it has evolved with the help of technology such as the introduction of computer-based systems, mobile phones. In 1972, Bovespa was the first Brazilian stock market to implement a system for the dissemination of information online and in real-time. At the end of the 1970s, Bovespa also introduced a trading system in Brazil. At the same time, Bovespa developed a system of fungible safekeeping, in 1990, the negotiations through the Sistema de Negociação Electrônica - CATS was simultaneously operated with the traditional system of Pregão Viva Voz. Currently, BM&FBOVESPA is an electronic exchange. In 1997, a new system of trading, known as the Mega Bolsa, was implemented successfully. The Mega Bolsa extends the potential volume of processing of information, with the goal to increase popular access to the stock markets, Bovespa introduced in 1999 the Home Broker, an internet-based trading systems that allows individual investors to trade stocks. The system enables users to buy and sell orders online. The new listing segments mostly languished until 2004, when a number of newly public companies began to list on the Novo Mercado. From 2004 to 2018, the vast majority of new listings on the Bovespa were made by Novo Mercado, Level 2 and Level 1 companies.
33. Buenos Aires Stock Exchange – The Buenos Aires Stock Exchange is the organization responsible for the operation of Argentinas primary stock exchange located at Buenos Aires CBD. Founded in 1854, is the successor of the Banco Mercantil, citing BCBAs self-definition, It is a self-regulated non-profit civil association. At its Council sit representatives of all different sectors of Argentinas economy, the most important index of the Stock market is the MERVAL, which includes the most important papers. Other indicators are Burcap, Bolsa General and M. AR. and currency indicators Indol, the Stock Exchanges current, Leandro Alem Avenue headquarters was designed by Norwegian-Argentine architect Alejandro Christophersen in 1913, and completed in 1916. A modernist annex was designed by local architect Mario Roberto Álvarez in 1972, economy of Argentina List of stock exchanges List of American stock exchanges Official website MERVAL official page Burcap Bolseros.
34. Santiago Stock Exchange – On December 5,2017, the Santiago Stock Exchange announced it was joining the United Nations Sustainable Stock Exchanges initiative, becoming the 17th Partner Exchange of the initiative. The exchange trades in stocks, bonds, investment funds, stock options, futures, gold and silver coins minted by the Banco Central de Chile, the only floor trading conducted is the share market, concurrent with screen trading. The stock exchange works every day of the week, except weekends, the Board of Directors determines the schedule, and it generally is from 09,30 AM to 04,00 PM in winter and 05,00 in summer. Three stock market indices are published, the index was developed with a base level of 100 as of December 30,1980. The Selective Stock Price Index is composed of the 40 most heavily traded stocks, the Inter-10 Index is a volume weighted index of the 10 main Chilean stocks listed in foreign markets through ADRs, its stocks are selected from the IPSA and is revised quarterly. Futures are traded on the IPSA and the U. S. dollar.
35. Colombia Stock Exchange – The Colombia Stock Exchange was created as a result of merging three independent stock exchanges, Bogotá, Medellín and Occidente. It has offices in Bogotá, Medellín and Cali, furthermore, with the BVC Training Centers the company is located in 19 Colombian cities through agreements with universities and chambers of commerce. As an infrastructure provider and securities issuer, the BVC is overseen by the Superintendencia Financiera de Colombia and its main function is to be financing alternative for the productive system, through direct investment. The BVC does not have regulatory or oversight functions, the idea of a stock exchange in Colombia occurred originally in Medellín at the beginning of the 20th century with an initiative in 1901 and then in Bogotá in 1903 with an unsuccessful outcome. It was not only until the late 1920s when the political, on May 6,1929 the first board of trustees was elected. Among them Bank of Colombia currently branded as Bancolombia which is also a NYSE listed company, Bogotá Stock Exchange remained as Colombias only stock trading organization until the 1950s when Medellín created its own Stock Exchange. This was particularly useful for the trade since Colombias coffee markets original birthplace is the Department of Antioquia. Cali created its stock exchange in the mid-1970s, the main driving force of this stock exchanges was the economic growth it meant to their participants. However, the making of the original stock exchange and Colombias Bank of the Republic was archaic for todays standards. During 2001 it became necessary to merge the three stock exchanges into what it is known today as Bolsa de Valores of Colombia. Another highlight was the start-up of the Integrated Latin American Market on May 30,2018 and this was the result of an agreement signed between the Santiago Stock Exchange, the Colombia Stock Exchange, the Lima Stock Exchange and the Mexican Stock Exchange. At the same time, the Deceval, DCV and Cavali Central Securities Depositories were also set up to create a trading market for equity securities from the three MILA countries. On July 22,2017, the Colombia Stock Exchange became the 11th stock exchange to join the United Nations Sustainable Stock Exchanges initiative.
36. Lima Stock Exchange – The Bolsa de Valores de Lima is the stock exchange of Peru, situated in the capital Lima. The IGBVL is an index that tracks the performance of the largest and most actively traded stocks on the Lima Exchange. Other indices are ISBVL and ISP-15, the Lima Stock Exchange is a member of the United Nations Sustainable Stock Exchanges initiative. Economy of Peru List of stock exchanges List of American stock exchanges Bolsa de Valores de Lima.
37. Mexican Stock Exchange – The Mexican Stock Exchange, commonly known as Mexican Bolsa, Mexbol, or BMV, is the only stock exchange in Mexico. It is the second largest stock exchange in Latin America, only after Brazils BM&F Bovespa and it is also the fifth largest stock exchange in the Americas. The exchange platform is owned by BMV Group, which owns the derivative exchange MexDer. The exchange kept modernising until its introduction of an electronic system for trading which was consolidated in 1999. Afterwards, exclusive groups of shareholders and issuing company representatives would gather to negotiate behind closed doors in different places around the city. In 1894, Manuel Algara, Camilo Arriaga, and Manuel Nicolín pushed, among the most distinguished brokers of the time, the idea of a normative and institutionalised system to trade securities. With the increased backing and widespread support for his ideas, the Bolsa Nacional was founded on 31 October 1894 at 9 Plateros Street, later renamed Madero Street. Less than a later, another group of brokers, led by Francisco A. Llerena and Luis G. Necochea, formed a society named Bolsa de México. Because of coinciding objectives and links between members of the two institutions, leaders began discussing a union between them, on 3 September 1895, the merger was finalised, keeping the name Bolsa de México, and the administrative offices at the Plateros Street address. The company was inaugurated on 21 October 1895. Were approved, and on 5 September, the institution was incorporated and that same year, the National Securities Commission, later renamed National Banking and Securities Commission, was established to supervise the Bolsa de Valores de México. Soon after, businesses in Guadalajara started organising a third exchange, and in 1960. On 19 April 1990, the Centro Bursátil was finished on Paseo de la Reforma, five years later, the BMV completely modernised the centre, introducing a completely electronic system which was phased into the workings of the exchange, becoming fully operational by 1999. In 2001, Citigroup became the first foreign company to begin trading in the BMV, opening the door to new companies to do the same, especially from Central. The same year, the Securities Market Law was reformed according to the demutualisation of BMV, in 2003, the global market was made available through the BMV, allowing national investors access to foreign securities from within the country. In 2006, the Mexican securities market was opened to foreigners through the MexDer system, in 2018, the BMV signed an alliance with the worlds largest derivatives exchange, the Chicago Mercantile Exchange, putting Mexican derivatives within reach of international investors. The Mexican Stock Exchange, BMV, announced its first trade made as part of the Latin American Integrated Market on 2 December 2017, the trade on MIILA was a $1,415 purchase of 200 shares in Chilean retailer Falabella, executed by GBM Mexico through GBM Chile. The joint capitalization of the four bourses tops US$1.25 trillion, the move comes largely as step in the integration efforts between Mexico, Chile, Colombia, and Peru, as members of the Pacific Alliance.
38. Borsa Istanbul – The Borsa İstanbul is the sole exchange entity of Turkey combining the former Istanbul Stock Exchange, the Istanbul Gold Exchange and the Derivatives Exchange of Turkey under one umbrella. It was established as a company with a founding capital of 423,234,000 on April 3,2018. Its logo is the traditional Ottoman mark for Istanbul, the tulip, shareholders of Borsa İstanbul are, 49% Government of Turkey, 41% IMKB, 5% VOB, 4% IMKB members, 1% IMKB brokers and 0. 3% IAB members. It is planned that all the Government-owned shares will be offered for sale, the ISE was founded as an autonomous, professional organization in early 1986. It is situated in a building complex in the quarter of İstinye, on the European side of Istanbul. ISE is home to 320 national companies, trading hours are 09, 30–12,30 for the first session and 14, 00–17,30 for the second session, on workdays. All ISE members are incorporated banks and brokerage houses, ISE price indices are computed and published throughout the trading session while the return indices are calculated and published at the close of the session only. The ISE National-100 Index contains both the ISE National-50 and ISE National-30 Index and is used as an indicator of the national market. The origin of a securities market in Turkey has its roots in the second half of the 19th century. The first securities market in the Ottoman Empire was established in 1866 under the name of Dersaadet Securities Exchange following the Crimean War, Dersaadet Exchange also created a medium for European investors who were seeking higher returns in the vast Ottoman markets. Following the proclamation of the Turkish Republic, a new law was enacted in 1929 to reorganize the fledgling capital markets under the new name of Istanbul Securities, soon, the Bourse became very active and contributed substantially to the funding requirements of new enterprises across the country. During the industrial drive of the subsequent decades, there was a increase in the number and size of joint stock companies. Those mature shares faced a strong and growing demand from mostly individual investors, in 1981, the Capital Market Law was enacted. The next year, the regulatory body responsible for the supervision and regulation of the Turkish securities market. A new decree was issued in October 1983 foreseeing the setting up of securities exchanges in the country, in October 1984, the Regulations for the Establishment and Functions of Securities Exchanges was published in the Official Gazette. The regulations concerning operational procedures were approved in the parliament and the Istanbul Stock Exchange was formally inaugurated at the end of 1985, there is a magnificent, four-meter high marble statue of the Bull and Bear, in front of the ISE building’s protocol entrance. Created by one of Turkey’s foremost sculptors, Mehmet Aksoy, the statue symbolizes the behavior of the stock markets. Another group of statues, sculptured by Şermin Güner, made in the honor of all existing and deceased brokers, the Istanbul Stock Exchange makes contributions to the arts by organizing exhibitions and concerts as well as sponsoring important artistic events in Istanbul.
39. Casablanca Stock Exchange – The Casablanca Stock Exchange is a stock exchange in Casablanca, Morocco. It was established in 1929 and currently has 19 members and 81 listed securities with a market capitalisation of $75,5 billion in 2007. The exchange is relatively modern, having experienced reform in 1993, the CSE installed an electronic trading system, and is now organized as two markets, the Central Market and a Block Trade Market, for block trades. In 1997 the CSE opened a central depository, Maroclear. Originally, CSE had the Index de la Bourse des Valeurs de Casablanca as an index, IGB was replaced on January 2002 by two indexes, MASI, comprises all listed shares, allows to follow up all listed values and to have a long-term visibility. MADEX, comprises most active shares listed continuously with variations closely linked to all the market serves as a reference for the listing of all funds invested in shares. CFG25 consists of 25 stocks listed on the Casablanca Stock Exchange, the stock markets of Casablanca and Tunis are covered in a quarterly report on Arab stock exchanges established by the Abu Dhabi-based Arab Monetary Fund. The report includes individual indices for each market, as well as a weighted composite tracking four Middle Eastern and two North African stock exchanges.
40. Bombay Stock Exchange – The Bombay Stock Exchange is an Indian stock exchange located at Dalal Street, Kala Ghoda, Mumbai, Maharashtra, India. Established in 1875, the BSE is Asia’s first stock exchange and it claims to be the worlds fastest stock exchange, with a median trade speed of 6 microseconds. The BSE is the worlds 11th largest stock exchange with a market capitalization of $1.43 Trillion as of March,2018. More than 5500 companies are listed on the BSE. Unlike countries like the United States where 70% of the GDP is derived from larger companies and the corporate sector, of these, as of November 2018, there are only 7,800 listed companies of which only 4000 trade on the stock exchanges at BSE and NSE. Hence the stocks trading at the BSE and NSE account for only about 4% of the Indian economy, Bombay Stock Exchange founded by Premchand Roychand. He was one of the most influential businessmen in 19th-century Bombay, a man who made a fortune in the stockbroking business and came to be known as the Cotton King, the Bullion King or just the Big Bull. He was also the founder of the Native Share and Stock Brokers Association, the Bombay Stock Exchange is the oldest exchange in Asia. Its history dates back to 1855, when five stockbrokers would gather under banyan trees in front of Mumbais Town Hall, the location of these meetings changed many times to accommodate an increasing number of brokers. The group eventually moved to Dalal Street in 1874 and became an organization known as The Native Share & Stock Brokers Association in 1875. On August 31,1957, the BSE became the first stock exchange to be recognized by the Indian Government under the Securities Contracts Regulation Act, in 1980, the exchange moved to the Phiroze Jeejeebhoy Towers at Dalal Street, Fort area. In 1986, it developed the BSE SENSEX index, giving the BSE a means to measure the performance of the exchange. In 2000, the BSE used this index to open its derivatives market, the development of SENSEX options along with equity derivatives followed in 2001 and 2002, expanding the BSEs trading platform. Historically an open outcry floor trading exchange, the Bombay Stock Exchange switched to a trading system developed by CMC Ltd. in 1995. It took the exchange only 50 days to make this transition and this automated, screen-based trading platform called BSE On-Line Trading had a capacity of 8 million orders per day. The BSE has also introduced a centralized exchange-based internet trading system, the BSE is also a Partner Exchange of the United Nations Sustainable Stock Exchange initiative, joining in September 2018. Robert Owen was the first to start co operative society at year of 18441 March 2001 Corporatisation of Exchanges proposed by the Union Govt. e, date on which Corporatisaton and Demutualisation was achieved. BSEs normal trading sessions occur on all days of the week except weekends, the launch of SENSEX in 1986 was later followed up in January 1989 by the introduction of the BSE National Index.
41. Bursa Malaysia – Bursa Malaysia Berhad is an exchange holding company approved under Section 15 of the Capital Markets and Services Act 2007. It operates a fully integrated exchange, offering the complete range of exchange-related services including trading, clearing, settlement, on 18 May 2018, the MYX joined the United Nations Sustainable Stock Exchanges Initiative as part the SSEs regional dialogue in Bangkok hosted by the Stock Exchange of Thailand. Bursa Malaysia was known as Kuala Lumpur Stock Exchange from its founding in 1930 when the Singapore Stockbrokers Association was set up as an organisation dealing in securities in Malaya. The first formal securities business organisation in Malaysia was the Singapore Stockbrokers Association and it was re-registered as the Malayan Stockbrokers Association in 1937. The Malayan Stock Exchange was established in 1960 and the trading of shares commenced. The board system had trading rooms in Singapore and Kuala Lumpur, in 1964, the Stock Exchange of Malaysia was established. With the secession of Singapore from Malaysia in 1965, the Stock Exchange of Malaysia became known as the Stock Exchange of Malaysia and Singapore. The Kuala Lumpur Stock Exchange which was incorporated on 14 December 1976 as a limited by guarantee. It consisted of a Main Board, a Second Board and MESDAQ with total market capitalisation of MYR700 billion, in June 2006, Bursa Malaysia and FTSE Group jointly introduced FTSE Bursa Malaysia Index. On 7 November 2006, the index passed the 1,000 mark hurdle and it was partly boosted by the strong overnight close in the Wall Street. On 10 March 2008, trading on the exchange was suspended for one due to composite index fall by more than 10 percent or 130 points to 1166.32 points. This was largely by combination of such as the United States subprime mortgage crisis. Dealers expected the move was an over-reaction to the election results, the index gained 2. 1% the next day on the morning session as investor reinvest in plantation stocks and blue chips. On 3 July 2008, trading on the exchange was suspended for the day when it suffered multiple hardware glitches, the glitches only affected the equities market, not the bonds and commodity market. The FCPO, the global benchmark for the crude palm oil market, is a deliverable contract which is traded electronically on Bursa Malaysias trading platform. Crude palm kernel futures and crude oil futures are primarily traded on Bursa Malaysia in Malaysian Ringgit. Their codenames are FPKO, FCPO and FUPO, respectively, under the Bursa Suq Al-Sila concept, the bank buys a commodity from a supplier such as a CPO producer at a principal amount, and sells it to a customer at a profit. The customer then sells back the commodity to the market for cash.
42. CBOE Holdings – CBOE offers options on over 2,200 companies,22 stock indices, and 140 exchange-traded funds. The Chicago Board of Trade established the Chicago Board Options Exchange in 1973, the first exchange to list standardized, exchange-traded stock options began its first day of trading on April 26,1973, in a celebration of the 125th birthday of the Chicago Board of Trade. The CBOE is regulated by the Securities and Exchange Commission, in 2004, CBOE opened trading on the CBOE Futures Exchange for volatility and variance contracts. In 2007, CBOE launched a Reg NMS-compliant stock exchange called the CBOE Stock Exchange to compete with the NYSE, Nasdaq, the CBOE Stock Exchange ceased its trading operations on April 30,2017. Trading at CBOE is carried out by way of the exchanges Hybrid system, about 95 percent of CBOE orders are traded electronically, which equates to between 50 and 60 percent of the exchanges total business. The remaining transactions, traded via open outcry, typically are large or complex institutional orders that use the skills of floor brokers to work the order to gain potential price improvement. On March 11,2018 CBOE filed paperwork to launch a public offering. On June 2,2018 CBOE announced its acquisition of the LiveVol platform, on January 25,2018 CBOE announced it had purchased a majority stake in Vest Financial, an investment adviser specializing in options-centric products. In September 2018, it was announced that CBOE was purchasing BATS Global Markets, effective in early 2017, for approximately US$3.2 billion.
43. CME Group – CME Group Inc. is an American financial market company operating the worlds largest options and futures exchange. It owns and operates large derivatives and futures exchanges in Chicago, New York City and it also owns the Dow Jones stock and financial indexes, and CME Clearing Services, which provides settlement and clearing of exchange trades. It has been described by The Economist as The biggest financial exchange you have never heard of, the corporate world headquarters are in Chicago in The Loop. The corporation was formed by the 2007 merger of the Chicago Mercantile Exchange, on March 17,2008, CME Group announced it had acquired NYMEX Holdings, Inc. the parent company of the New York Mercantile Exchange and Commodity Exchange, Inc. The acquisition was completed on August 22,2008. The four exchanges now operate as designated contract markets of the CME Group, on February 10,2018, CME announced its purchase of 90% of Dow Jones Indexes, including the Dow Jones Industrial Average. Dow Jones Indexes subsequently became S&P Dow Jones Indices, in which CME has a 24. 4% ownership interest, on October 17,2018, CME announced it was acquiring the Kansas City Board of Trade for $126 Million in cash. KCBOT is the dominant venue for the sale of hard red winter wheat, the Chicago Board of Trade is the leading trade platform for soft red winter wheat.
44. Colombo Stock Exchange – The Colombo Stock Exchange is the main stock exchange in Sri Lanka. It is one of the exchanges in South Asia, providing a fully automated trading platform, the Colombo Stock Exchange has 296 companies representing 20 business sectors as at 3 August 2018, with a Market Capitalization of Rs.3115.52 Bn. Share trading in Sri Lanka was initiated in 1896 under Share Brokers Association, in 1904 SBA was renamed as Colombo Brokers Association. They started auctioning shares in an open land, later a competitor evolved, Stock Brokers Association and in 1985 Colombo Brockers & Stock Brokers merged and formed Colombo Securities Exchange. The establishment of a stock exchange took place in 1985 with the incorporation of the Colombo Stock Exchange. It currently has a membership of 15 institutions, all of which are licensed to operate as stockbrokers, in 1990, the business was renamed as Colombo Stock Exchange. CSE introduced Central Depository System and clearing was automated by that, in 1995 CSE headquarters was opened at WTC, Colombo.4 trillion rupees, which corresponds to approximately 1/3 of the Gross Domestic Product of the country. The trading activity was automated with the installation of the Automated Trading System in 1997, the CSE is currently in the process of introducing a debt securities trading system for trading of fixed income securities. As a modern exchange, the CSE now offers a trading platform for securities trading - including shares, corporate debt securities. World Federation of Exchanges The CSE was selected as a member of the World Federation of Exchanges in October 1998, the CSE is the 52nd Exchange to have been elected to membership of the Federation. South Asian Federation of Exchanges The CSE became a member of the SAFE in January 2000. SAFE consists of 17 Exchanges from India, Pakistan, Bangladesh, Sri Lanka, Nepal, companies listed on the CSE have seen a large increase in foreign investment following the ceasefire agreement signed by the Sri Lankan Government that brought an end to the 30-year-old civil war. Foreign investment in the market is freely permitted except in the case of a few companies where there are certain restrictions imposed. Investment in shares in Sri Lanka and repatriation of proceeds take place through Share Investment External Rupee Accounts opened with licensed commercial banks, income from investments such as interest, dividends and profit realized from such investments are not subject to Exchange Control Regulations by the Sri Lankan Government. After witnessing mediocre performance throughout the 1990s mainly due to the Sri Lankan Civil War, the All Share Price Index, which was hovering around the 500 mark in August 2001, has surpassed the 2000 mark after that. This led CSE to be dubbed as one of the best performing markets in the world. As of 2005 the CSE had recorded a consistent annual growth of over 30% in the All Share Price Index for the three years. It surpassed that in 2006, with the ASPI growing by 41. 6%, CSE recorded the highest point in history on 26 February 2007.
45. Cyprus Stock Exchange – The Cyprus Stock Exchange or CSE, is a European stock exchange located in Cyprus. The exchange has normal trading sessions from 10, 00am to 05, 00pm Eastern European Time and it was passed by the House of Representatives in April 1993. CSE commenced its operations on March 29,1996, in 2006, it launched a common platform with the Athens Stock Exchange. The Cyprus Stock Exchange allows private or public companies to list their bonds on the Emerging Companies Market, in both cases the CSE will also provide the ISIN code and have the prices beamed through Bloomberg and Reuters terminals as both are official financial data vendors. CySEC is responsible for the supervision and control of all CSE operations, List of European stock exchanges List of Mideast stock exchanges List of stock exchanges Homepage of the CSE.
46. Dalian Commodity Exchange – The Dalian Commodity Exchange is a Chinese futures exchange based in Dalian, Liaoning province, China. It is a non-profit, self-regulating and membership legal entity established on February 28,1993, Dalian Commodity Exchange trades in futures contracts underlined by a variety of agricultural and industrial produce on a national scale. Normal trading hours are Monday-Friday from 9am to 11, 30am and 1, the exchange has the deepest liquidity pool among all Chinese Commodity Futures Exchanges. According to the Futures Industry Association, DCE is the second largest agricultural futures bourse in the world, in 2007, total trading volume and turnover reached 371 million contracts and RMB11.97 trillion. As of November 2007, the exchange had 194 members – including 180 brokers, louis Dreyfus became the first foreign member in June 2006. At present, soybeans, soy meal, soy oil corn, palm oil, the introduction of LLDPE in 2007 also marks the first petrochemical futures contract in the country. On August 20,2007, China officially announced the Northeast Area Revitalization Plan, in this Plan, the Dalian Commodities Exchange was named as a key player in developing the fourth economic region in China. The northeast area is an untapped market space and is traditionally associated with an edge in natural resources such as crude oil, agricultural land, electricity. Shipbuilding, port logistics & distribution networks, utilities and agriculture are the most notable sectors in the region, in addition, DCE intends to increase its support to industries and develop corporate and institutional client group. He also is encouraging the government to let companies use money they borrow from banks for hedging in the future market, DCE shall provide assistance to members in technology upgrading so as to improve their technical trading system. Dalian Commodity Exchange was established on February 28,1993, since the establishment, it been an important player in the production and circulation of mainland soybeans. In the first few years after the introduction of commodity markets, new exchanges opened with wild abandon, soon a directive titled The Notice of Firmly Curbing the Blind Development of the Futures Market was launched. DCEs market share then ranked No.9 in China with Dry kelp as a pilot product, DCE traded soybeans and corn back then. Continued abuse in the market brought forth the Second Rectification in 1998, most of the surviving 15 futures exchanges were restructured, three national level future exchanges emerged, Shanghai Metal Exchange, Dalian Commodity Exchange, Zhengzhou Commodity Exchange. The number of contracts was cut back further to 12 from 35. Margins were standardized and regulations further toughened, trading on foreign futures exchanges was further restricted to a small number of large, global entities. Soybeans, soy meal and beer barley were traded at DCE, the post-rectification Chinese futures exchanges are financially independent of any government body. On July 17,2000, DCE restarted trading soy meal, until 2004, soy meal futures had been one of the most rapidly developing futures contract at Chinas futures market.
47. Dubai Financial Market – The Dubai Financial Market is a stock exchange located in Dubai, United Arab Emirates. It was founded on March 26,2000, as of 2017, there are 67 companies listed on DFM. Most of them are UAE-based companies and a few others are dual listings for companies based in other MENA region countries, foreign companies are from the following countries, Kuwait, Bahrain, Oman, and Sudan. Many companies allow foreigners to own their shares, during 2004 and 2005, there were significant increases in the volume of shares traded and the share prices of many companies. DFM is one of three exchanges in the UAE. Abu Dhabi Securities Exchange also lists mostly UAE companies and NASDAQ Dubai was set up to trade international stocks, DFM and ADX are both governed and regulated by the Securities and Commodities Authority. SCA has the authority to impose laws and standards in which DFM, sCA’s role is to ensure that the laws are followed by the exchanges as well as to protect investors’, brokers’ and listed companies’ rights. S. Unlike DFM and ADX, NASDAQ Dubai, located in Dubai International Financial Centre, is an exchange with no trading floor. As a matter of fact, DFM’s IPO has been oversubscribed by 118 times, like the revenue, DFM net profit dropped sharply from the period ended 2007 till 2018. In 2007, DFM profits reached 1,439.6 million including none operational profits coming from IPO of AED468 million, in 2008, profits are only 605 AED million. The next year, in 2009, the profit dropped even further, in 2018, another drop took place and profits reached AED79 million. Unfortunately, in 2018, DFM recorded a loss of AED6.45 million, from the trend, we can imply that the situation is not improving, but is deteriorating year after year. DFM BOD members, executives, and managers are working hard to get out DFM from this unforeseen dilemma, both AMLAK and TAMWEEL were suspended from trading since the November 23,2008 as they announced a merger action. Please note that as of July 27,2009, the symbol for the Islamic Arab Insurance company will be changed into SALAMA. Also, those listed on NASDAQ Dubai are included on the exchange.
48. Egyptian Exchange – Egypts Stock Exchange, now Egyptian Exchange, comprises two exchanges, Cairo and Alexandria, both governed by the same board of directors and sharing the same trading, clearing and settlement systems. Currently chaired by Dr. Mohamed Omran, the Alexandria Stock Exchange was officially established in 1883, with Cairo following in 1903. Both exchanges were very active in the 1940s, and the combined Egyptian Stock Exchange ranked fifth in the world, the central planning and socialist policies adopted in the mid-1950s led to the exchange becoming dormant between 1961 and 1992. Alexandria Stock Exchange During the 19th century, was one of the oldest in the world, Alexandria Stock Exchange was established in 1883. The first local recorded cotton transaction took place in 1885 in Alexandrias Café de lEurope on Place des Consuls which was later renamed Mohammed Ali Square. It was there that cotton merchants met and cut deals based on supply and demand for the long staple Karnak and Menouf or the short to medium staple Ashmouni, Giza, over the years, deals extended to cotton seed varieties such as Hull, Afifi and Sakellaridis. The first cotton deal-makers eagerly waited for the arrival of the news-sheets from Europe to guide future operations. Cotton growers who delivered on time were courted by exporters and received orders the following season. Timing and reliability was of the essence if profits were to be made, in 1899, during the reign of Khedive Abbas Hilmi II, AGPA moved to an imposing new building, henceforth called The Bourse on Mohammed Ali Square. The Alexandria Bourse became a city landmark featuring in postcards, books, in more ways than one, the bourse became the focal point of the citys financial community. The Associations old premises meanwhile, was transformed into a bank, so far, government intervention had been practically absent. On the other hand, the market of Minet al-Bassal was left alone until 1931. With ambitious plans in mind, the new company leased the premises for a period of six years at an annual rent of 400 Egyptian pounds. In the meantime, a competition was initiated for the design of a dedicated bourse to be situated at the center of Cairos European district. The prize for best design went in April 1907 to the French award-winning architect Raoul Brandon, the timing couldnt have been better, or so everyone thought. Emboldened by success and drunk on growth, the promoters of the Cairo bourse were in an excessive mood and it was public knowledge that when lumped together, the Cairo and Alexandria Bourses rated among the worlds top five Stock Exchanges. Egypts economy was at a high and the number of companies traded in the Cairo Bourse alone had reached 228 with a combined capital of 91 million pounds. Seventy-three brokers and intermediaries were on hand to care of the spiraling share trading.
49. Euronext – Euronext NV is a European stock exchange seated in Amsterdam, Brussels, London, Lisbon and Paris. In addition to cash and derivatives markets, the Euronext group provides listing market data, market solutions, custody and its total product offering includes equities, exchange-traded funds, warrants and certificates, bonds, derivatives, commodities and indices. As of 2017, Euronext was the largest in continental Europe with 1,300 issuers representing a €3 trillion market capitalization, Euronext merged with NYSE Group, Inc. on April 4,2007 to form NYSE Euronext. On November 13,2018 Intercontinental Exchange, completed acquisition of NYSE Euronext, in June 2017 Euronext completed an initial public offering making it a standalone company again. In December 2001, Euronext acquired the shares of the London International Financial Futures and Options Exchange, in 2002 the group merged with the Portuguese stock exchange Bolsa de Valores de Lisboa e Porto, renamed Euronext Lisbon. In 2001, Euronext became a company itself after completing its Initial Public Offering. Despite this, NYSE Group and Euronext penned an agreement, subject to shareholder vote. The initial regulatory response by SEC chief Christopher Cox was positive, the new firm, tentatively dubbed NYSE Euronext, would be headquartered in New York City, with European operations and its trading platform run out of Paris. In addition, the two hoped to add Borsa Italiana into the grouping. Deutsche Börse dropped out of the bidding for Euronext on 15 November 2006, a run-up of NYSE Groups stock price in late 2006 made the offering far more attractive to Euronexts shareholders. On 19 December 2006, Euronext shareholders approved the transaction with 98. 2% of the vote, only 1. 8% voted in favour of the Deutsche Börse offer. Jean-François Théodore, the Chief Executive Officer of Euronext, stated that expected the transaction to close within three or four months. Some of the agencies with jurisdiction over the merger had already given approval. NYSE Group shareholders gave their approval on 20 December 2006, the merger was completed on 4 April 2007, forming NYSE Euronext. In 2008 and 2009 Deutsche Börse made two attempts to merge with NYSE Euronext. Both attempts did not enter into advanced steps of merger, in 2018, Deutsche Börse and NYSE Euronext confirmed that they were in advanced merger talks. Such a merger would create the largest exchange in history, the deal was approved by shareholders of NYSE Euronext on July 7,2018, and Deutsche Börse on July 15,2018 and won the antitrust approved by the US regulators on December 22,2018. Deutsche Börse unsuccessfully appealed this decision, in 2018, Euronext announced the creation of Euronext London to offer listing facilities in the UK.
50. Ho Chi Minh City Stock Exchange – Ho Chi Minh City Stock Exchange, located in Ho Chi Minh City, is the largest stock exchange in Vietnam. Established in 2000 as the Ho Chi Minh City Securities Trading Center, it is an agency of the State Securities Commission. The stock exchange is located at 45-47 Ben Chuong Duong, District 1, Ho Chi Minh City, the current top executive of HSX, with the title of Deputy Chairman, is Mr. Tran Dac Sinh. On 8 August 2007, HoSTC was renamed and upgraded to the Ho Chi Minh Stock Exchange, on 18 May 2018, the HoSE joined the United Nations Sustainable Stock Exchanges initiative as part the SSEs regional dialogue in Bangkok hosted by the Stock Exchange of Thailand. The Ho Chi Minh City Securities Trading Center located in Ho Chi Minh City, was inaugurated on July 20,2000. Initially, two equity issues were listed, Refrigeration Electrical Engineering Joint Stock Corporation and Saigon Cable and Telecommunication Material Joint Stock Company, in the beginning, an overall foreign ownership limit of 20% for equities and 40% for bonds was implemented. In July 2003, in a bid to improve liquidity, the government raised the foreign ownership limit for equities to 30%, foreign participants on the Stock Trading Center of Vietnam must register through a custodian licensed to hold securities on behalf of foreigners. Once registered, a securities transaction code is issued to the investor that will permit securities trading. As of 2006, there are thirteen licensed securities companies, of these, nine have been licensed to conduct a full range of securities services including underwriting, brokerage, custody, research, portfolio management and trading. The minimum capital required to operate effectively as an investment bank was VND43b, at the end of 2006, combined market capitalization of both Ho Chi Minh City Securities Trading Center and Hanoi Securities Trading Center is 14 billion US dollars, or 22. 7% GDP of Vietnam. On 8 August 2007, HoSTC was renamed and upgraded to the Ho Chi Minh Stock Exchange and this is the largest stock exchange of Vietnam at the moment. As of July 2018, there were 247 companies listed on the HOSE with a capitalization of VND537.4 trillion. The exchange had 141 listings in January 2008, including 138 company stocks, Vietnam limits foreign ownership of listed companies to 49%. On 10 May 2017, HOSE had 342 listings, including 302 stocks,2 fund certificates and 38 bonds, the total listed volume was 30.415 billion, in which 99. 62% were stock shares. The market capitalization was 310.5 trillion VND, on the same date, HOSEs benchmark Vn Index ended 542.46, with the PE ratio of 12.16, the lowest compared to other South East Asia countries. The highest record of Vn Index was on 12 March 2007 at 1,170.67 points, the HOSE building, located at 16 Võ Văn Kiệt Avenue, District 1, Saigon, was originally the Chamber of Commerce building during the French colonial era before 1954. After 1955, the building was renamed Hội trường Diên Hồng, the Stock Trading Center of Vietnam is also the official mechanism through which new government bonds are issued, and it functions as the secondary market for a number of existing bond issues. All securities traded on the Stock Trading Center of Vietnam are denominated in Vietnamese dong, par value is standardized at VND10,000 for equities and VND100,000 for bonds.
51. Hong Kong Exchanges and Clearing – HKEx provides market data through its data dissemination entity, HKEx Information Services Limited. HKEx also owns the London Metal Exchange, which has a dominant global position in base metals trading, with a total market capitalisation of over US$3.9 trillion as of 10 April 2018, one of the largest exchanges in the world by market capitalisation of listed companies. As of the end of March 2018, there were 1,775 companies listed on HKExs securities market, Securities Market Reports of securities trading in Hong Kong date back to the mid-19th century. However, the first formal market, the Association of Stockbrokers in Hong Kong, was not established until 1891, the Association was renamed the Hong Kong Stock Exchange in 1914. A second exchange, the Hong Kong Stockbrokers Association was incorporated in 1921, the two exchanges merged to form the Hong Kong Stock Exchange in 1947 and re-establish the stock market after the Second World War. Rapid growth of the Hong Kong economy led to the establishment of three other exchanges - the Far East Exchange in 1969, the Kam Ngan Stock Exchange in 1971, and the Kowloon Stock Exchange in 1972. Pressure to strengthen market regulation and to unify the four exchanges led to the incorporation of SEHK, the four exchanges ceased business on 27 March 1986 and the new exchange commenced trading through a computer-assisted system on 2 April 1986. Prior to the completion of the merger with HKFE in March 2000, Hong Kong Securities Clearing Company Limited was incorporated in 1989. It created CCASS, the clearing and settlement system, which started operating in 1992. The clearing operation is based on the immobilisation of share certificates in a central depository, share settlement is on a continuous net settlement basis by electronic book entry to participants stock accounts in CCASS. Transactions between CCASS participants are settled on T+2, the trading day following the transaction. The company also offers nominee service, Derivatives Market Established in 1976, the Hong Kong Commodity Exchange is a derivatives leader in the Asia-Pacific region. The main products traded on the commodity exchange were cotton futures, sugar futures, soybean futures, the Hong Kong Commodity Exchange was renamed the Hong Kong Futures Exchange on 7 May 1985. HKFE launched on 6 May 1986 its flagship product, the HSI Futures, the derivatives market under HKEx trades a broad range of products, including equity index, stock and interest rate. OTC Clearing Hong Kong Limited was incorporated as a subsidiary of HKEx in May 2018 for the purpose of acting as the house for OTC derivatives in Hong Kong. HKEx continues to hold 100 per cent of the ordinary shares of OTC Clear. OTC Clear started offering OTC derivatives clearing services in November 2018, OTC Clear created OCASS, the OTC Clearing and Settlement System, for OTC Derivatives clearing and became the central counterparty for all clearing members. OTC Clear is currently providing clearing and settlement services interest rate swaps, base Metals Market In June 2018, HKEx announced its cash offer to acquire the London Metal Exchange, the worlds premier metal exchange since its founding in 1877, for GBP1.388 billion.
52. Indonesia Stock Exchange – Indonesia Stock Exchange is a stock exchange based in Jakarta, Indonesia. It was previously known as Jakarta Stock Exchange before its name changed in 2007 after merging with Surabaya Stock Exchange, as end of 2018, the Indonesia Stock Exchange had 462 listed companies with a combined market capitalisation of $426.78 billion. In mid September 2018, based on Single Identification Number there are 500,037 domestic investors which 487,713 are retail investors and 12,324 are institutional investors. On September 21,2018 total daily average is more than 250,000 transactions/day with average value Rp 6,400 billion/day. On October 20,2018 the bourse noted new record of 428,640 total number of transactions, the new record is also followed by other new records,39.04 billion unit stock transactions and involved 38,734 active investors. And Indonesia stock exchange market cap set the second highhest in the Southeast Asia with $446.41 billion below Singapore with $476.91 billion. Originally opened in 1912 under the Dutch colonial government, it was re-opened in 1977 after several closures during World War I, after being reopened in 1977, the exchange was under the management of the newly created Capital Market Supervisory Agency, which answered to the Ministry of Finance. Trading activity and market capitalisation grew alongside the development of Indonesias financial markets, on 13 July 1992, the exchange was privatised under the ownership of Jakarta Exchange Inc. As a result, the functions of Bapepam changed to become the Capital Market Supervisory Agency, on 22 March 1995 JSX launched the Jakarta Automated Trading System. In September 2007, Jakarta Stock Exchange and Surabaya Stock Exchange merged and named Indonesian Stock Exchange by Indonesian Minister of Finance. The current location of the Indonesian Stock Exchange is located in the IDX building in the Sudirman Central Business District, South Jakarta, both Jakarta Stock Exchange and the Surabaya Stock Exchange merged to form a new entity Indonesia Stock Exchange. After the merger, the new entity has seven directors, all times are based on the Jakarta Automated Trading System, currently in WIB Prior to 2018, the index opens from 08. 00-17. 1st session of all trading Lunch break 2nd session of trading Closing session, post-closing trade Negotiated market follows the same time as regular market, but extend to 16,15 on all weekdays. The trading hour was advanced 30 minutes earlier to accommodate traders from Central and Eastern Indonesia timezones that are one, the change is also meant to put it in line with other Asian markets, namely Singapore and Hong Kong stock exchanges. To increase transactions, starting on May 2,2018 Indonesia Stock Exchange introduced new tick price with a lot as 100 shares as before, the JII was established in 2002 to act as a benchmark in measuring market activities based on Sharia. Currently, there are approximately 30 corporate stocks listed on the JII, the FTSE/ASEAN Indices were launched by the five ASEAN exchanges and global index provider FTSE on 21 September 2005. The indices, covering the five ASEAN markets, are designed using international standards, free float adjusted, the indices comprise FTSE/ASEAN Benchmark Index and FTSE/ASEAN40 tradable index. The FTSE/ASEAN40 index is calculated on a basis from 9,00 a. م.
53. Intercontinental Exchange – Intercontinental Exchange is an American business and finance company founded on May 11,2000 by Jeffrey Sprecher, headquartered in Atlanta, Georgia. It owns exchanges and clearing houses for financial and commodity markets, ICE futures exchanges in the United States, Canada and Europe, Liffe futures exchanges in the US and Europe, New York Stock Exchange, Equity options exchanges, OTC energy, credit and equity markets. ICE also owns and operates 5 central clearing houses, ICE Clear Europe, ICE Clear Canada, ICE Clear Credit, and The Clearing Corporation. ICE has offices in New York, London, Chicago, Houston, Winnipeg, Amsterdam, Calgary, Washington, D. C. Sprecher, founder, chairman, and Chief Executive Officer, was a power plant developer who spotted a need for a market in natural gas used to power generators. In May 2000, ICE was founded by Sprecher and backed by Goldman Sachs, Morgan Stanley, BP, Total, Shell, Deutsche Bank, the new exchange offered the trading community better price transparency, more efficiency, greater liquidity and lower costs than manual trading. While the companys focus was energy products, acquisitions have expanded its activity into soft commodities, foreign exchange. Sprecher worked closely with the Federal Reserve to serve as its over-the-counter derivatives clearing house, US regulators were keen on the kind of clearing house for opaque over-the-counter derivatives as a risk management device. In the absence of a central counterparty - which would guarantee pay-outs should a party be unable to do so - there was a high risk of massive market disruption. The principal backers for ICE US Trust were the financial institutions most affected by the crisis. Sprechers clearing house cleared their global credit default swaps in exchange for sharing profits with these banks, by 2018, Intercontinental Exchange had cleared more than $10 trillion in credit default swaps through its subsidiaries, ICE Trust CDS. Since 2003, ICE has partnered with the Chicago Climate Exchange to host its electronic marketplaces, in April 2005, the entire ICE portfolio of energy futures became fully electronic and ICE closed International Petroleum Exchanges high profile and historic trading floor. ICE became a traded company on November 16,2005. The company expanded rapidly in 2007, acquiring the New York Board of Trade, in March 2007 ICE made an unsuccessful $9.9 billion bid for the Chicago Board of Trade, which was instead acquired by the Chicago Mercantile Exchange. IntercontinentalExchange Inc. the upstart Atlanta-based energy bourse purchased the privately held 120-year-old Winnipeg Commodity Exchange, known for its canola futures contract, the Winnipeg Commodity Exchange was renamed ICE Futures Canada as of January 1,2008. IntercontinentalExchange converted Winnipeg Commodity Exchange contracts to the IntercontinentalExchange platform, IntercontinentalExchange maintained an office and small core staff in Winnipeg, Manitoba. The Manitoba Securities Commission oversee its operations, in January 2008, ICE partnered with Canadas TSX Groups Natural Gas Exchange, expanding their offering to clearing and settlement services for physical OTC natural gas contracts. In April 2018, ICE acquired Climate Exchange PLC for 395 million pounds, exchange-traded emissions products were first offered by the European Climate Exchange, which was established in 2005, by listing products on the ICE Futures Europes trading platform.
54. International Securities Exchange – International Securities Exchange Holdings, Inc. is a wholly owned subsidiary of American multinational financial services corporation Nasdaq, Inc. It is a member of the Options Clearing Corporation and the Options Industry Council, founded in 2000, the ISE began its inception in 1997 with then-chairman of E-Trade, William A. Porter and his colleague, Marty Averbuch. They approached David Krell and Gary Katz about their concept and the four founded what is today the International Securities Exchange, launched as the first fully electronic US options exchange, ISE developed a unique market structure for advanced screen-based trading. ISE offers equity and index options, including proprietary index products, ISE also offers market data tools designed for sophisticated investors seeking information on investor sentiment, volatility, and other options data. In 2018, ISE strengthened its focus on ETF and Index development with Introduction of ISE ETF Ventures, in August 2008, ISE Stock Exchange announced a partnership with the electronic communication network Direct Edge. The deal made the ISE Stock Exchange a wholly owned subsidiary of Direct Edge, the International Securities Exchange operates three U. S. options exchanges, ISE, ISE Gemini, and ISE Mercury. List of stock exchanges List of stock exchanges in the Americas ise. كوم.
55. Irish Stock Exchange – The Irish Stock Exchange is Irelands main stock exchange, and has been in existence since 1793. The Irish Stock Exchange is a leader in the listing of debt and fund securities and is a European gateway exchange for companies seeking to access investors in Europe. With over 35,000 securities listed on its markets, the ISE is the exchange of choice for over 4,000 issuers from more than 85 countries to raise funds and access international investors. It also found that having a domestic securities industry centered on the Irish Stock Exchange generates €207m in estimated direct economic impact, in 2017, the ISE was named the #2 Best Medium Workplace in Ireland at the Great Place to Work Awards. In 2018, the ISE won a GPtW Inspiring Award for work it completed on its history and was ranked in the Top 50 Great Places to Work Europe, there are currently 50 companies with shares listed on the markets of the Irish Stock Exchange. New equity listings in 2018 came from Venn Life Sciences, Draper Esprit, and Dalata Hotel Group, three other IPOs took place in 2018 raising a further €650m, Applegreen, Permanent TSB and Hostelworld. These three companies raised a total of €484m at IPO. Total fund raisings in 2017 of listed companies was €1. 3bn, the second #IPOready programme will commence in 2017. The ISE’s electronic trading platform is called ISE Xetra and is provided in partnership with Deutsche Börse since the ISE closed its trading floor in Anglesea Street Dublin 2 on 6 June 2000. Shares trading on the ISE are settled by Euroclear UK & Ireland via the CREST system, the ISE is the main centre of liquidity in Irish shares. The company with the highest turnover on the ISE in 2018 was CRH and this was followed Ryanair, Paddy Power Betfair, Bank of Ireland and Kerry Group. Trading volumes on the exchange in 2018 were about a quarter of the 2007 peak, in June 2018, following the collapse of a stockbrokers, the Irish Independent asked Will there even be a stand-alone Irish equity market in five years time. The ISE is among the leading centres globally for the listing of securities with statistics showing debt listings growing by more than 7% in 2018 to reach over 29,000 securities. The ISE was ranked at #2 among global exchanges according to released by the World Federation of Exchanges at the end of December 2018. Global investment managers can choose one of two markets when listings funds, the MSM or GEM. Notable investment managers listing funds on ISE markets include Tideway, BNY Mellon, PIMCO, in 2017 the ISE launched isefundhub. com, an information portal for funds listed on the ISE and funds domiciled in Ireland. LEIs are codes designed to create a reference data system that uniquely identifies every legal entity or structure, in any jurisdiction. Businesses may apply for an LEI code through ISEdirect, lEIs were brought in by global regulators as part of the response to the global financial crisis.
56. Japan Exchange Group – Japan Exchange Group, Inc. is an Asian financial services corporation that operates multiple securities exchanges including Tokyo Stock Exchange and Osaka Securities Exchange. It was formed by the merger of the two companies on January 1,2018 and it is the worlds third largest and Asias largest bourse. November 22,2018 - TSE and OSE decided to merge into one, july 5,2018 - The Japan Fair Trade Commission approved the TSE-OSE merger. January 1,2018 - JPX was launched, January 4,2018 - JPX was listed at TSEs first section. JPX also assumed OSEs own ticker symbol.
57. Kazakhstan Stock Exchange – The Kazakhstan Stock Exchange is a stock exchange located in Almaty, Kazakhstan. The exchange was founded in 1993, on November 15,1993, Kazakhstan introduced its own currency, the tenge. The next day, November 17,1993, the National Bank of Kazakhstan and 23 local leading commercial banks took a decision to found a currency exchange, the previously existing Center for execution of inter-bank currency transactions used to be a structural unit of Kazakhstans National Bank. The main task assigned to the new exchange was to set up, the exchange was incorporated as a closed joint-stock company on December 30,1993 under the name Kazakhstan Inter-Bank Currency Exchange. On March 3,1994 the exchange was re-registered under the name Kazakhstan Interbank Currency Exchange due to the need to match the name to the current legislation. On October 2,1995 the exchange obtained license No.1 to carry stock exchange transactions, on April 12,1996 the exchange was re-registered under the name Kazakhstan Stock Exchange, since the current legislation banned the stock exchange from carrying out functions of a commodity exchange. On November 13,1996 the exchange obtained a license to operate securities trading from the National Commission of the Republic of Kazakhstan on Securities. As of September 1,1997 the trading in foreign currencies and futures contracts moved to the AFINEX trading floor, the exchange itself underwent a re-registration on July 1997 retaining its former name. The relevant decision was taken at a meeting of shareholders on January 6,1999. On December 15,2006 KASE was authorized as a trading floor of the regional financial center of Almaty. On August 23,2007 a general meeting of KASE shareholders took a decision to commercialize KASE, as part of KASE commercialization, the former voting principle one shareholder – one vote was scrapped and the traditional principle one share – one vote at the general meeting was adopted. The Exchange is an organization operating as a joint-stock company. Bodies of the Exchange are as follows, supreme body – general meeting of Exchange shareholders, governing body – Exchange Board of Directors, executive body – Management Board. 170 of the Agency of the Republic of Kazakhstan for Control and Supervision of the Financial Market and Financial Organizations dated October 29,2008, 6) Resolution No. 7) Resolution No. As of October 1,2018 KASE had 46 shareholders, including banks, brokerage firms, asset management companies, Single Accumulative Pension Fund JSC and other institutions. The total number of authorized shares of Kazakhstan Stock Exchange equals to 5,000,000 pieces,942,013 shares are outstanding, KASEs Articles of Incorporation stipulate a golden share, which is held by the National Bank of the Republic of Kazakhstan. It carries the right to decisions made by KASE bodies on issues of currency regulation and regulation of Kazakhstan government bonds market. KASE has three categories of membership, depending on the type of financial instruments an organization is interested to trade in, it can become a member of KASEs currency, stock or derivatives.
58. Malta Stock Exchange – The Malta Stock Exchange, originally known as the Casino della Borsa, is the stock exchange of the island nation of Malta. The investor base consists of over 75,000 individual investors and it has also invested heavily in the use of technology and uses the Xetra trading platform. The Chairman of the Board of the Malta Stock Exchange is Mr Joseph Portelli, the Exchange was established with the enactment of the Malta Stock Exchange Act in 1990, and commenced its trading operations on 8 January 1992. The Central Bank of Malta was originally appointed as the supervisor of the Exchange, in 1999, the Exchange moved into the former Garrison Chapel building in Castille Square, Valletta. This iconic building was built in 1857 on the designs of T. M. Ellis, the former church was then used for entertainment purposes, as a post office and as a naval school, before it was taken over and extensively renovated by the Exchange. It has been known then as the Exchange Building or The Borsa. The Exchange is located close to the Office of the Prime Minister at Auberge de Castille, the Malta Stock Exchange offers the following services, Admittance to listing on the MSE Main list or Alternative Companies List, subject to approval by the Maltese Regulator, the MFSA. Listed instruments have full passporting rights within the EU, listed companies can their instruments traded on their own national exchange, within the EU, or on the Malta Stock Exchange. Secondary market trading, The Secondary market is domestic, with 14 Maltese Members and 1 International Member trading on the Exchange’s Xetra platform. This platform is operated remotely from the Deutsch Bourse, in Frankfurt, the CSD also offers registrar services in respect of IPOs. It primarily targets issues of under €5 million, the Malta Stock Exchange is Maltas national numbering agency, issuing ISINs in respect of all securities issued in Malta. Book Malta Stock Exchange Web site.
59. Moscow Exchange – Moscow Exchange, the largest exchange group in Russia, operates trading markets in equities, bonds, derivatives, the foreign exchange market, money markets and precious metals. The Moscow Exchange Group also operates Russias central securities depository and the countrys largest clearing service provider, the exchange is a result of December 2018 merger of the Moscow Interbank Currency Exchange and the Russian Trading System. Both organisations had been formed in the 1990s and were the leading Russian exchanges for two decades with their MICEX Index and the RTS Index, the merger created a single entity and advanced Russias plans to turn Moscow into an international financial centre. The exchange rebranded in July 2018, the exchange completed its Initial Public Offering on 15 February 2018, raising 15 billion rubles. The IPO, at the time the largest ever held exclusively in Moscow, was more than twice oversubscribed, the Exchange’s shares were included in the MSCI Russia Index as of 26 November 2018. In July 2017 the Central Bank of Russia, the largest shareholder of the exchange, a Russian federal law requires the Central Bank to fully sell its stake in the exchange by 1 January 2018. and Da Vinci Capital Partners. Dmitry Shcheglov, COO, a veteran of Moscow Exchange and its predecessor MICEX, luis Vicente, Head of Risk & Clearing as of September 2018, former risk manager at Brazil’s BM&F Bovespa. Since 2018, the Supervisory Board consists of 12 instead of 15 members previously, alexei Kudrin, a former Russian Deputy Prime Minister and Finance Minister was elected Chairman of the Moscow Exchange Supervisory Board in June 2017. The Equity & Bond Market is a key platform for Russian businesses to raise capital and for domestic and international investors to access equity, the marketplace is the main trading venue for Russian stocks as well as government, municipal, and corporate bonds. In 2018-2017,16 companies placed stock via Moscow Exchange, raising a total of approximately RUB200 bln, on the fixed income side, more than 400 bond issues were placed, raising more than RUB3.4 trln for issuers. Moscow Exchange includes shares of many of Russia’s largest companies including Gazprom, Sberbank, Rosneft, Lukoil, most global investment banks began to provide their clients with DMA to the Russian market in 2018. As a result of changes, the international central securities depositories Euroclear and Clearstream now offer settlement services for Russian stocks. In addition to attracting international investors to trade on its platform, recent changes to the regulation of pension funds, together with changes to the listing rules, allow more assets of non-state pension funds to be invested into the market. Other legislative changes incentivise retail investors through reduced taxation to invest into stocks, Moscow Exchanges FX and Money Market is a key element of the Russian financial system. The Bank of Russia uses the Exchanges infrastructure to implement monetary policy and provide liquidity to the market through repo transactions, for its domestic and international clients, including banks and corporates, Moscow Exchange offers a range of products to manage liquidity and FX exposure. It is the centre of pricing for RUB and offers many RUB currency pairs, FX Market All transactions on the FX market are centrally cleared by National Clearing Centre. In September 2017, average daily trading volume across all currency pairs was USD22.4 bln, while RUB/USD and RUB/EUR remain the most traded currency pairs, Moscow Exchange also actively promotes trading in other currencies. In particular the RUB/CNY pair has been received by the market and trading in the GBP.
60. Muscat Securities Market – The Muscat Securities Market is the only stock exchange in Oman. After ten years of growth, there was a need for a better functioning of the market. Thus MSM has been restructured by two Royal Decrees and, the exchange is a governmental entity, financially and administratively independent from the regulatory but subject to its supervision. Thus the securities industry in Oman was well established to enhance investors confidence by developing and improving all the processes appertaining to the stock market, the former settlement mechanism was involving only three parties in the clearance and settlement, MSM, Muscat Clearing and Depository Company and the brokers. The newly introduced settlement formula is through a settlement bank with a Settlement Guarantee Fund, SGF has been established with the contribution of all intermediary companies. It aims to guarantee continuation of settlement processes among intermediaries, thus the settlement would be smoothly completed. The regular market has strict listing requirements, for listing on this market, companies must have a solid record of profitability. The parallel market has relatively fewer requirements, and is easier for companies to list on. The third market consists of companies that are facing financial difficulties, Muscat Securities Market Index was established in 1992, and the base date was June 1990. The number of included in the index sample has changed overtime to reach currently 30 companies. To achieve these objectives, the MSM30 has the features,1. Freely available shares for trading are included only, any shares which fall under the following will be excluded, Founders, Government holdings, Strategic holdings, Locked-in shares, which are not tradable for at least 3 months. A 10% capping is set to ensure representation of smaller companies in the index. The free float and capping has been revised on a quarterly basis, the revision is conducted quarterly, by end of March, June, September and December. The index sample amendment, on the hand, takes place in the beginning of July of each year. The sample is selected based on the selection criteria. The MSM30 index contains three-sub indices representing the three sectors, the new system ensures provision of the data and information immediately for the supervisory authorities, to enable them activating the regulatory role in trading. The new system is expected to make the information dissemination more efficient.
61. NASDAQ OMX Group – It is headquartered in New York City, and its president and chief executive officer is Adena Friedman. Its former CEO, Robert Greifeld, is now chairman, in December 2005, the London Stock Exchange Group rejected a £1.6 billion takeover offer from Macquarie Bank. The LSE described the offer as derisory and it then received a bid in March 2006 for £2.4 billion from NASDAQ, which was also rejected by the LSE.4 million shares, at £11.75 per share. NASDAQ also purchased 2.69 million additional shares, resulting in a stake of 15%. While the seller of shares was undisclosed, it occurred simultaneously with a sale by Scottish Widows of 2.69 million shares. The move was seen as an effort to force LSE to negotiate either a partnership or eventual merger, as well as to other suitors such as NYSE Euronext. Subsequent purchases increased NASDAQs stake to 29%, holding off competing bids for several months, however, only a further 0. 4% of shareholders accepted the offer by the deadline and therefore the offer was rejected on February 10,2007. On October 2,2007, NASDAQ purchased the Boston Stock Exchange, on November 7, NASDAQ announced an agreement to purchase the Philadelphia Stock Exchange. On May 25,2007, NASDAQ agreed to buy OMX, as of February 27,2008, the deal was completed. On June 18,2018, NASDAQ became a member of the United Nations Sustainable Stock Exchanges initiative on the eve of the United Nations Conference on Sustainable Development. On December 12,2018, NASDAQ OMX announced that it would acquire Thomson Reuters investor relations, public relations, NASDAQ OMX completed the purchase on June 3,2018. On June 29,2007, NASDAQ entered into an agreement to acquire DirectorsDesk. com, globeNewswire provides press release, editing and wire services. It was founded in 1998 and acquired by NASDAQ OMX in 2006, on July 27,2018, NASDAQ OMX Group, Inc. acquired SMARTS Group, the world-leading technology provider of market surveillance solutions to exchanges, regulators and brokers. SMARTS Group had been a company operating out of Sydney, Australia. By 2017 SMARTS remained the market surveillance software, and was employed by thirteen regulators on forty-five exchanges. NASDAQ OMX sold its stake in the Carpenter Moore D&O Insurance in 2009.
62. National Stock Exchange of India – The National Stock Exchange of India Limited is the leading stock exchange of India, located in Mumbai. NSE was established in 1992 as the first demutualized electronic exchange in the country. National Stock Exchange has a market capitalization of more than US$1.41 trillion. NSEs flagship index, the NIFTY50, the 51 stock index, is used extensively by investors in India, however, only about 4% of the Indian economy / GDP is actually derived from the stock exchanges in India. NSE was set up by a group of leading Indian financial institutions at the behest of the government of India to bring transparency to the Indian capital market. Based on the laid out by the government committee, NSE has been established with a diversified shareholding comprising domestic. The key domestic investors include Life Insurance Corporation of India, State Bank of India, IFCI Limited IDFC Limited and Stock Holding Corporation of India Limited. And the key global investors are Gagil FDI Limited, GS Strategic Investments Limited, SAIF II SE Investments Mauritius Limited, Aranda Investments Pte Limited, NSE offers trading, clearing and settlement services in equity, equity derivatives, debt and currency derivatives segments. It is the first exchange in India to introduce electronic trading facility thus connecting together the investor base of the entire country, NSE has 2500 VSATs and 3000 leased lines spread over more than 2000 cities across India. NSE commenced operations in the Wholesale Debt Market segment in June 1994, the capital market segment of the NSE commenced operations in November 1994, while operations in the derivatives segment commenced in June 2000. Of these only 7,800 companies are listed of which only 4000 trade on the stock exchanges at BSE and NSE. Hence the stocks trading at the BSE and NSE account for only around 4% of the Indian economy, NSE was mainly set up to bring in transparency in the markets. Instead of trading membership being confined to a group of brokers, NSE ensured that anyone who was qualified, experienced, in this context, NSE was ahead of its times when it separated ownership and management in the exchange under SEBIs supervision. The price information which could earlier be accessed only by a handful of people could now be seen by a client in a location with the same ease. The paper-based settlement was replaced by electronic depository-based accounts and settlement of trades was always done on time, one of the most critical changes was that a robust risk management system was set in place, so that settlement guarantees could protect investors against broker defaults. NSE was also instrumental in creating the National Securities Depository Limited which allows investors to hold and transfer their shares. It also allows investors to hold and trade in as few as one share or bond, the futures and options segment of NSE has made a global mark. In the Futures and Options segment, trading in NIFTY50 Index, NIFTY IT index, NIFTY Bank Index, NIFTY Next 50 index, trading in Mini Nifty Futures & Options and Long term Options on NIFTY50 are also available. The average daily turnover in the F&O Segment of the Exchange during the financial year April 2018 to March 2017 stood at ₹1.52236 trillion.
63. Nigerian Stock Exchange – The Nigerian Stock Exchange was established in 1960 as the Lagos Stock Exchange. In 1977, its name was changed from the Lagos Stock Exchange to the Nigerian Stock Exchange, as at March 7,2017, it has 176 listed companies with a total market capitalization of about N8.5 trillion. All listings are included in the Nigerian Stock Exchange All Shares index, in terms of market capitalization, the Nigerian Stock Exchange is the third largest stock exchange in Africa. The Nigerian Stock Exchange was founded in 1960 as the Lagos Stock Exchange, on September 15,1960, operations began officially on August 25,1961 with 19 securities listed for trading but informal operations had commenced earlier in June,1961. Operations were initially conducted inside the Central Bank building with the exchange having four firms as market dealers, Inlaks, John Holt, bowring and ICON (Investment Company of Nigeria]]. The volume for August,1961, was about 80,500 pounds, in December 1977 it became known as The Nigerian Stock Exchange, with branches established in some of the major commercial cities of the country. The Exchange has an automated trading System, data on listed companies performances are published daily, weekly, monthly, quarterly and annually. The Nigerian Stock Exchange has been operating an Automated Trading System since April 27,1999, the ATS has facility for remote trading and surveillance. Consequently, many of the members trade online from their offices in Lagos. The Exchange is in the process of establishing more branches for online real time trading, Trading on The Exchange starts at 9.30 a. m. every business day and closes at 2.30 p. m. In order to encourage investment into Nigeria, the government has abolished legislation preventing the flow of foreign capital into the country. This has allowed foreign brokers to enlist as dealers on the Nigerian Stock Exchange, Nigerian companies are also allowed multiple and cross border listings on foreign markets. The Nigerian Capital Market was deregulated in 1993, consequently, prices of new issues are determined by issuing houses and stockbrokers, while on the secondary market prices are made by stockbrokers only. The exchange has an automated trading System, data on listed companies performances are published daily, weekly, monthly, quarterly and annually. The Exchange maintains an All-Share Index formulated in January 1984, only common stocks are included in the computation of the index. The index is value-weighted and is computed daily, the highest value of 66,371.20 was recorded on March 3,2008. Also, The Exchange has introduced the NSE-30 Index, which is a sample-based capitalization-weighted index plus four sectorial indices, similarly, five sectoral indices have been introduced to complement existing indices. These are NSE-Food/Beverages Index, NSE Banking Index, NSE Insurance Index, NSE Industrial Index, the Nigerian Exchange is a member of the World Federation of Exchanges.
64. New Zealand Exchange – NZX Limited builds and operates capital, risk and commodity markets and the infrastructure required to support them. It also provides information, data and tools to business decision making. NZX is the registered securities exchange in New Zealand, and is also an authorised futures exchange. Its wholly owned subsidiary, New Zealand Clearing and Depository Corporation, is the operator of a settlement system under Part 5 of the Reserve Bank of New Zealand Act 1989. NZX has offices across New Zealand and Australia and its newest office is in Auckland, adjacent to the Britomart precinct. NZX’s Agri HQ is in Feilding and its Australian operation is based in Melbourne, at the end of February 2017, the NZX had a total of 304 listed securities with a combined market capitalisation of NZD$144.8 billion. NZX began life as a number of stock exchanges during the gold rush of the 1870s. Brokers’ Associations started in Dunedin Brokers’ Association in 1867, Otago in 1868, Auckland in 1872, the Dunedin Association became a Stock Exchange in 1893, Christchurch gained an exchange in 1900. Auckland, Christchurch, Dunedin, Thames and Wellington formed the Stock Association of New Zealand in 1915, joined by Taranaki in 1916, Invercargill in 1920, merger was investigated from 1976, Christchurch and Invercargill merged in 1978 and a national exchange was formed in 1983. In 1974 these regional exchanges were amalgamated to form one national stock exchange, on 24 June 1991, NZSE implemented a computerised trading system, and abolished the open outcry market. This computerised system was replaced with the FASTER trading system in September 1999, on 16 October 2002 the Member Firms of the New Zealand Stock Exchange voted in favour of demutualisation, and on 31 December 2002, NZSE became a limited liability company. On 30 May 2003, New Zealand Stock Exchange Limited formally changed its name to New Zealand Exchange Limited, trading as NZX, and on 3 June 2003 listed its own securities on its main equity market. The NZX Centre building in Wellington was originally constructed in 1907 for the C&A Odlin Timber Company, Mark Weldon was chief executive from 2002 to 2018. In December 2002, the New Zealand Stock Exchange, as it was then known and it officially changed its name to the New Zealand Exchange Limited around six months later and now trades as NZX. In 2009, NZX made a number of acquisitions in the sector, including a Feilding-based publications business. In May 2018 Tim Bennett replaced Mark Weldon as NZX’s CEO, in October 2018 Tim Bennett announced that he would step down from his position as CEO on 31 December 2018. The NZXs Head of Markets, Mark Peterson, will step in as interim CEO on January 12017 until a permanent replacement is found, NZX is the only registered securities exchange in New Zealand, and is also an authorised futures exchange. Its wholly owned subsidiary, New Zealand Clearing and Depository Corporation, is the operator of a settlement system under Part 5 of the Reserve Bank of New Zealand Act 1989.
65. Oslo Stock Exchange – Oslo Børs offers Norway’s only regulated markets for securities trading today. The stock exchange offers a product range including equities, derivatives. Oslo Børs is the only independent stock exchange within the Nordic countries, Oslo Børs is today an online market place where all trading is done through computer networks. Trading starts at 09, 00am and ends at 04, 30pm local time on all days of the week except weekends, established in 1819, first as an commodity exchange. Equities and bonds listed and traded from 1881, Oslo Axess was established in May 2007 as an alternative to Oslo Børs for listing and trading in shares. Nordic ABM was established in June 2005 as a bond market. Norwegian public limited companies and equivalent foreign companies can apply for their shares to be listed on Oslo Børs or Oslo Axess, to be listed the exchange includes strict requirements on the treatment of confidential information. Companies that meet the requirements for listing can much easier get access to capital through share issues, many investors only invest in securities listed on a stock exchange, because those papers are easier to sell. OBX – The index comprises the 25 most traded shares listed on Oslo Børs, the OBX index is tradable, meaning that you can buy and sell listed futures and options on the index. Put another way, you can get the exposure by purchasing an index product as if you buy all the shares included in the index. The rating is based on a trading period. The index is adjusted every third Friday in June and December, OSEBX – The Oslo Børs Benchmark Index is an investable index containing a representative selection of all listed shares on Oslo Børs. The OSEBX is revised on a year basis and the changes are implemented on December 1. Oslo Børs can offer an international position related to the industries of energy, shipping. The exchange is world leading and the/among the largest in the world within these sectors, Oslo Børs was established by a law of September 18,1818. Trading on Oslo Børs commenced on April 15,1819, in 1881 Oslo Børs became a stock exchange, which means securities were listed. The first listing of securities contained 16 bond series and 23 stocks, Oslo Børs cooperates with London Stock Exchange on trading systems. The exchange has also a partnership with the exchanges in Singapore.
66. Philippine Stock Exchange – The Philippine Stock Exchange, Inc. is the national stock exchange of the Philippines. The exchange was created in 1992 from the merger of the Manila Stock Exchange, including previous forms, the exchange has been in operation since 1927. The main index for PSE is the PSE Composite Index composed of thirty listed companies, the selection of companies in the PSEi is based on a specific set of criteria. There are also six additional sector-based indices, the PSE is overseen by a 15-member Board of Directors, chaired by José T. Pardo. On February 3,1936, the Securities and Exchange Commission announced that it had relinquished control of the Manila Stock Exchange, the Philippine Stock Exchange was formed on December 23,1992 from the merger of the Manila Stock Exchange and the Makati Stock Exchange. Both exchanges traded the same stocks of the same companies, on January 4,1993, the former Manila Stock Exchange started the computerization of its operations using the Stratus Trading System with a company called Equicom. On June 15, the former Makati Stock Exchange adopted the MakTrade trading system, both systems were linked on March 25,1994 to produce a One Price-One Market exchange. In October 2004, the Securities Clearing Corporation of the Philippines, the SCCP acts as the settlement coordinator and risk manager for broker transactions as well as administrator of the trade guaranty fund. The ODiSy provides a 24/7 online system access for the submission of all types of disclosures, on July 26,2018, the PSE launched its new trading system, PSEtrade, which replaced the MakTrade system. The system was acquired from the New York Stock Exchange, on June 22,2018, the PSE launch its new trading system, the PSEtrade XTS, which will replace the PSEtrade system acquired from the New York Stock Exchange. The new trading system will be acquired from the NASDAQ In 2018, on March 2,2018, the PSE Composite hits 5,000 mark the highest record close. However, in December 12,2018, almost ten months after, on January 7,2018, the PSE Composite gets to all-time record at 6,000 mark. In March it again broke another record by ending the day at 6,847.47 after Fitch Group upgraded the Philippines for the first time to investment grade status. On May 10,2018, it achieved its 29th record close for the closing at 7,262.38. In May 15,2018, the PSEi hit its 30th all-time high of 7403.65 and ending the day at 7,392.2 <Rappler, May 15,5,18 PM>. However, the tapering by the Federal Reserves in the United States caused the PSEi to end at 5,889.83. On April 6,2018, the PSE Composite hits the 8,000 mark, construction of the Philippine Stock Exchange office tower in Bonifacio Global City is expected to be completed by mid-2018. The remaining six indices are sector indices based on a main source of revenue.
67. Qatar Exchange – The Qatar Stock Exchange is the principal stock market of Qatar. QSE is a member of the World Federation of Exchanges and was recently upgraded by the MSCI. Established in 1995, the Doha Securities Market officially started operations in 1997, since then the exchange has grown to become one of the leading stock markets in the GCC region. The DSM was renamed the Qatar Stock Exchange on the conclusion of the deal, the Qatar Stock Exchange also provides the public with access to market information and ensures correct disclosure of information. Al Madha Trading Barwa Group -, Qatar Stock Exchange - Official Website.
68. Shanghai Stock Exchange – The Shanghai Stock Exchange, is a stock exchange that is based in the city of Shanghai, China. It is one of the two stock exchanges operating independently in the Peoples Republic of China, the other being the Shenzhen Stock Exchange. Shanghai Stock Exchange is the worlds 5th largest stock market by market capitalization at US$3.5 trillion as of February 2018, the current exchange was re-established on November 26,1990 after a 41-year hiatus and was in operation on December 19 of the same year. It is a non-profit organization directly administered by the China Securities Regulatory Commission, the formation of the International Settlement in Shanghai was the result of the Treaty of Nanking of 1842 and subsequent agreements between the Chinese and foreign governments. The Shanghai International Settlement was crucial to the development of trade in China. The market for trading in Shanghai began in the late 1860s. The first shares registrar appeared in June 1866, in 1891 during the boom in mining shares, foreign businessmen founded the Shanghai Sharebrokers Association headquartered in Shanghai as Chinas first stock exchange. In 1904 the Association applied for registration in Hong Kong under the provision of the Companies ordinance and was renamed as the Shanghai Stock Exchange, the supply of securities came primarily from local companies. In the early days, banks dominated private shares but, by 1880, only the Hong Kong, later in 1920 and 1921, Shanghai Securities & Commodities Exchange and Shanghai Chinese Merchant Exchange started operation respectively. An amalgamation eventually took place in 1929, and the combined markets operated thereafter as the Shanghai Stock Exchange, rubber plantations became the staple of stock trading beginning in the second decade of the 20th century. By the 1930s, Shanghai had emerged as the center of the Far East. The operation of Shanghai Stock Exchange came to a halt after Japanese troops occupied the Shanghai International Settlement on December 8,1941. In 1946, Shanghai Stock Exchange resumed its operations before closing again 3 years later in 1949, after the Cultural Revolution ended and Deng Xiaoping rose to power, China was re-opened to the outside world in 1978. During the 1980s, Chinas securities market evolved in tandem with the economic reform and opening up. On 26 November 1990, Shanghai Stock Exchange was re-established and operations began a few weeks later on 19 December,1866 - The first share list appeared in June. 1871 - Speculative bubble burst triggered by monetary panic,1883 - Credit crisis resulted speculation in Chinese companies. 1890 - Bank crisis started from Hong Kong,1891 - Shanghai Sharebrokers Association established. 1895 - Treaty of Shimonoseki opened Chinese market to foreign investors,1904 - Renamed to Shanghai Stock Exchange.
69. Shenzhen Stock Exchange – The Shenzhen Stock Exchange is one of Chinas three stock exchanges, alongside the Shanghai Stock Exchange and Hong Kong Stock Exchange. It is based in the Futian district of Shenzhen, Guangdong, with a market capitalization of its listed companies around US$2.285 trillion in 2018, it is the 8th largest stock exchange in the world, and 4th largest in East Asia and Asia. Many of the companies within this market are subsidiaries of companies in which the Chinese government maintains controlling interest, the exchange opened the ChiNext board, a NASDAQ-type exchange for high-growth, high-tech start-ups, on October 23,2009. Listed companies,1700 Market capitalization, RMB3521745,3 million The Shenzhen Stock Exchange building is a skyscraper with a height of 245.8 metres and 49 floors. Its construction started in 2008 and was finished in 2018. The building was designed by Rem Koolhaass firm, the building is located at 2018 Shennan Blvd.
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