Archive for May 31st, 2008
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May 31st, 2008
The Canadian Stock Exchange consists of mainly four Stock Exchanges concentrated in the southern parts of Canada, along the US border. This is because large portions of Canada fall under the biting cold Tundra region, towards the north of the country.The Canadian Stock Exchange is made up of the following major Stock Exchanges:
The Toronto Stock Exchange (TSX)
The Montreal Exchange (Bourse de Montréal, known as Montreal Stock Exchange until 1982)
The Winnipeg Commodity Exchange TSX Venture Exchange (formerly known as The Canadian Venture Exchange) The Toronto Stock Exchange (TSX) is the largest Canadian Stock Exchange concerned only with the trade of senior equities. Owned and managed by the TSX Group, this Canadian Stock Exchange ranks 6th in the world. Merging with its arch rival the Standard Stock and Mining Exchange in 1934, an Act of the Legislative Assembly of Ontario in 1878 resulted in the official incorporation of this Canadian Stock Exchange formed in 1861. Computer Assisted Trading System or CATS, a machine-driven trading system was introduced in 1977 in order to quote the less liquid equities. This Canadian Stock Exchange became fully automated in 1997 when its trading floors were closed and it began to function in an electronic medium.
- Futures contracts, options and other such derivatives are exclusively traded in the Montreal Exchange making it the sole Canadian Derivatives Exchange. This Canadian Stock Exchange became fully automated by the end of 2001. The Montreal Exchange provides the Boston Option Exchange (BOX) in the US with electronic trading systems and support from February 2000 onwards and as a result earns a huge revenue besides owning a 31.4 % stake.
- The Winnipeg Commodity Exchange was originally the Winnipeg Grain & Produce Exchange, established in 1887. A derivatives market dealing electronically in feed wheat, western barley and rape seed as the forms of futures exchange and options contracts, making it the only commodity futures exchange in Canada.
- The now defunct Canadian Venture Exchange (CDNX), known as the TSX Venture Exchange since 2001, after the TSX Group overtook it. This Canadian Stock Exchange was actually formed through the merger of the Vancouver Stock Exchange (VSE) and the Alberta Stock Exchange (ASE) in order to mainly deal with smaller companies which were too small to be listed on the Toronto Stock Exchange. The organizations that later merged with the CDNX are
- Canadian Dealing Network
- Winnipeg Stock Exchange
- equities division of the Montreal Exchange
May 31st, 2008
In the year 1987 the Bahrain Stock Exchange was founded by Amiri Decree and the Bahrain Stock Exchange officially started its operations on 17th June 1989. At the start of the Bahrain Stock Exchange there were 29 listed companies and now there are nearly 50 companies listed in it. The Bahrain Stock Exchange is monitored by an independent board of directors governed by The Central Bank of Bahrain Governor. The Bahrain Stock Exchange is an autonomous body in itself.
The Bahrain Stock Exchange has three indexes. They are:
- The Bahrain All Share Index
- The Dow Jones Bahrain Index
- The Estirad Index
The foreign investors can also buy sale and own properties and bonds,units of mutual fund and warrant of domestic joint stock companies in the Bahrain Stock Exchange . Foreigners who have lived in Bahrain for more than a year get the permission to buy sale and trade nearly up to 49% of the equities of any domestic joint stock company although only one percent of the company’s total capital can be owned by a foreigner. The foreign investors are given all the facilities that a domestic investor enjoys in the Bahrain Stock Exchange . They even have rights to vote while taking an important decision for the company. They are also entitled for dividends without being taxed .
There are nearly ten companies which accept foreign investment openly. Some of the major companies are:
- Al Salam Bank
- Bahrain Shamil Bank
- Investcorp Bank
- Ithmaar Bank
- Bahrain Middle East Bank
- Arab Banking Corporation
- Arab Insurance Group
The ownership settlement and transfer of joint stock securities is done by the Bahrain Stock Exchange through plain and simple methods. The buying and selling of a security produces a kind of attaching agreement on the seller’s part. And for the buyer the rule forces him to pay the money on the day settled earlier(T+2). It is the duty of the Bahrain Stock Exchange management to continuously look into the market and its laws. It also decides upon the existing laws and ways of transactions, and changes them in need and looks to enhance the economy of Bahrain.
May 31st, 2008
In the year 1999, Amman Stock Exchange was founded as an administrative and financially autonomous, non-profit-making private institution. It also has the authorization to act as an exchange for security trading. The Amman Stock Exchange is controlled by a seven member board of directors. A chief executive officer is appointed to look after everyday transactions and responsibilities which he reports to the board of directors of Amman Stock Exchange . There are more than 60 brokerage firms in Amman Stock Exchange as members.
To achieve international standards Amman Stock Market works randomly with JSC or Jordon Securities Commission on the matters of checking the transactions. The Amman Stock Exchange also has strong connections with different associations, exchanges and international institutions. The Amman Stock Exchange is also member of :
- Federation of Euro-Asian Stock Exchanges or FEAS
- The World Federation of Exchanges or WFE
- Arab Stock Exchanges
- International Organization for Securities Commissions or IOSCO
The Amman Stock Exchange also provides the following services to its participants:
- Allowing enterprises to raise capitals by listing them on the exchange
- Providing modern equipments to its dealers for the betterment of service
- The Amman Stock Exchange also provides secure trouble free and protective transaction.
- It also gives special emphasis on its laws of the market to be followed strictly.
The Amman Stock Exchange indexes are used to to show the current market condition and how the exchange has performed in terms of returns. In the year 1980, the Amman Financial Market or the AFM created an Unweighted Price Index appended by sub indexes for Insurance,Banking and Finance Companies,Industry and Services. During that period just under forty stocks were covered and a base value of 100 was set in the year 1980.The base value came under huge change in the year 2004 when it was changed to 1000.
After a long statistical study a new index was launched called the Market Capitalization Weighted Price Index which had nearly 70 stocks under cover during the year 2001.This also had a base value of 100 which was also changed to 1000 in the year 2004.
The components of these indexes are reviewed every year and are adjusted accordingly. Though changes are made in between the years also when some particular stock’s trading remains static for a long time.
May 31st, 2008
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