Stock Exchange From Google

7/30/2019 Stock Exchange From Google

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A stock exchange is a form ofexchangewhich provides services forstock brokersandtraders to tradestocks, bonds, and othersecurities. Stock exchanges also provide

facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income anddividends. Securities traded on a stock

exchange includeshares issued by companies,unit trusts, derivatives, pooled investment products andbonds.

To be able to trade a security on a certain stock exchange, it must be listed there. Usually, there is a central location at least for record keeping, but trade is increasingly less

linked to such a physical place, as modern markets areelectronic networks, which gives them advantages of increased speed and reduced cost of transactions. Trade on an

exchange is by members only.

The initial offering of stocks and bonds to investors is by definition done in theprimary marketand subsequent trading is done in thesecondary market. A stock exchange is

often the most important component of astock market. Supply and demand in stock markets are driven by various factors that, as in all free markets, affect the price of stocks

(seestock valuation).

There is usually no compulsion to issue stock via the stock exchange itself, nor must stock be subsequently traded on the exchange. Such trading is said to be off

exchange orover-the-counter. This is the usual way that derivativesandbondsare traded. Increasingly, stock exchanges are part of a global market for securities.

Contents

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1 History

2 Role of stock exchanges

o 2.1 Raising capital for businesses

2.1.1 Common forms of capital raising

2.1.1.1 Going public

2.1.1.2 Limited partnerships

2.1.1.3 Venture capital

2.1.1.4 Corporate partners

o 2.2 Mobilizing savings for investment

o 2.3 Facilitating company growth

o 2.4 Profit sharing

o 2.5 Corporate governance

o 2.6 Creating investment opportunities for small investors

o 2.7 Government capital-raising for development projects

o 2.8 Barometer of the economy

3 Speculation

4 Major stock exchanges

5 Listing requirements

o 5.1 Requirements by stock exchange
http://en.wikipedia.org/wiki/Exchange_(organized_market)http://en.wikipedia.org/wiki/Exchange_(organized_market)http://en.wikipedia.org/wiki/Exchange_(organized_market)http://en.wikipedia.org/wiki/Brokerage_firmhttp://en.wikipedia.org/wiki/Brokerage_firmhttp://en.wikipedia.org/wiki/Brokerage_firmhttp://en.wikipedia.org/wiki/Trader_(finance)http://en.wikipedia.org/wiki/Trader_(finance)http://en.wikipedia.org/wiki/Trader_(finance)http://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Security_(finance)http://en.wikipedia.org/wiki/Security_(finance)http://en.wikipedia.org/wiki/Security_(finance)http://en.wikipedia.org/wiki/Dividendhttp://en.wikipedia.org/wiki/Dividendhttp://en.wikipedia.org/wiki/Dividendhttp://en.wikipedia.org/wiki/Shareshttp://en.wikipedia.org/wiki/Shareshttp://en.wikipedia.org/wiki/Shareshttp://en.wikipedia.org/wiki/Unit_trusthttp://en.wikipedia.org/wiki/Unit_trusthttp://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Electronic_networkshttp://en.wikipedia.org/wiki/Electronic_networkshttp://en.wikipedia.org/wiki/Electronic_networkshttp://en.wikipedia.org/wiki/Primary_markethttp://en.wikipedia.org/wiki/Primary_markethttp://en.wikipedia.org/wiki/Primary_markethttp://en.wikipedia.org/wiki/Secondary_markethttp://en.wikipedia.org/wiki/Secondary_markethttp://en.wikipedia.org/wiki/Secondary_markethttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Free_markethttp://en.wikipedia.org/wiki/Free_markethttp://en.wikipedia.org/wiki/Free_markethttp://en.wikipedia.org/wiki/Stock_valuationhttp://en.wikipedia.org/wiki/Stock_valuationhttp://en.wikipedia.org/wiki/Stock_valuationhttp://en.wikipedia.org/wiki/Over-the-counter_(finance)http://en.wikipedia.org/wiki/Over-the-counter_(finance)http://en.wikipedia.org/wiki/Over-the-counter_(finance)http://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchange#Historyhttp://en.wikipedia.org/wiki/Stock_exchange#Historyhttp://en.wikipedia.org/wiki/Stock_exchange#Role_of_stock_exchangeshttp://en.wikipedia.org/wiki/Stock_exchange#Role_of_stock_exchangeshttp://en.wikipedia.org/wiki/Stock_exchange#Raising_capital_for_businesseshttp://en.wikipedia.org/wiki/Stock_exchange#Raising_capital_for_businesseshttp://en.wikipedia.org/wiki/Stock_exchange#Common_forms_of_capital_raisinghttp://en.wikipedia.org/wiki/Stock_exchange#Common_forms_of_capital_raisinghttp://en.wikipedia.org/wiki/Stock_exchange#Going_publichttp://en.wikipedia.org/wiki/Stock_exchange#Going_publichttp://en.wikipedia.org/wiki/Stock_exchange#Limited_partnershipshttp://en.wikipedia.org/wiki/Stock_exchange#Limited_partnershipshttp://en.wikipedia.org/wiki/Stock_exchange#Venture_capitalhttp://en.wikipedia.org/wiki/Stock_exchange#Venture_capitalhttp://en.wikipedia.org/wiki/Stock_exchange#Corporate_partnershttp://en.wikipedia.org/wiki/Stock_exchange#Corporate_partnershttp://en.wikipedia.org/wiki/Stock_exchange#Mobilizing_savings_for_investmenthttp://en.wikipedia.org/wiki/Stock_exchange#Mobilizing_savings_for_investmenthttp://en.wikipedia.org/wiki/Stock_exchange#Facilitating_company_growthhttp://en.wikipedia.org/wiki/Stock_exchange#Facilitating_company_growthhttp://en.wikipedia.org/wiki/Stock_exchange#Profit_sharinghttp://en.wikipedia.org/wiki/Stock_exchange#Profit_sharinghttp://en.wikipedia.org/wiki/Stock_exchange#Corporate_governancehttp://en.wikipedia.org/wiki/Stock_exchange#Corporate_governancehttp://en.wikipedia.org/wiki/Stock_exchange#Creating_investment_opportunities_for_small_investorshttp://en.wikipedia.org/wiki/Stock_exchange#Creating_investment_opportunities_for_small_investorshttp://en.wikipedia.org/wiki/Stock_exchange#Government_capital-raising_for_development_projectshttp://en.wikipedia.org/wiki/Stock_exchange#Government_capital-raising_for_development_projectshttp://en.wikipedia.org/wiki/Stock_exchange#Barometer_of_the_economyhttp://en.wikipedia.org/wiki/Stock_exchange#Barometer_of_the_economyhttp://en.wikipedia.org/wiki/Stock_exchange#Speculationhttp://en.wikipedia.org/wiki/Stock_exchange#Speculationhttp://en.wikipedia.org/wiki/Stock_exchange#Major_stock_exchangeshttp://en.wikipedia.org/wiki/Stock_exchange#Major_stock_exchangeshttp://en.wikipedia.org/wiki/Stock_exchange#Listing_requirementshttp://en.wikipedia.org/wiki/Stock_exchange#Listing_requirementshttp://en.wikipedia.org/wiki/Stock_exchange#Requirements_by_stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchange#Requirements_by_stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchange#Requirements_by_stock_exchangehttp://en.wikipedia.org/wiki/Stock_exchange#Listing_requirementshttp://en.wikipedia.org/wiki/Stock_exchange#Major_stock_exchangeshttp://en.wikipedia.org/wiki/Stock_exchange#Speculationhttp://en.wikipedia.org/wiki/Stock_exchange#Barometer_of_the_economyhttp://en.wikipedia.org/wiki/Stock_exchange#Government_capital-raising_for_development_projectshttp://en.wikipedia.org/wiki/Stock_exchange#Creating_investment_opportunities_for_small_investorshttp://en.wikipedia.org/wiki/Stock_exchange#Corporate_governancehttp://en.wikipedia.org/wiki/Stock_exchange#Profit_sharinghttp://en.wikipedia.org/wiki/Stock_exchange#Facilitating_company_growthhttp://en.wikipedia.org/wiki/Stock_exchange#Mobilizing_savings_for_investmenthttp://en.wikipedia.org/wiki/Stock_exchange#Corporate_partnershttp://en.wikipedia.org/wiki/Stock_exchange#Venture_capitalhttp://en.wikipedia.org/wiki/Stock_exchange#Limited_partnershipshttp://en.wikipedia.org/wiki/Stock_exchange#Going_publichttp://en.wikipedia.org/wiki/Stock_exchange#Common_forms_of_capital_raisinghttp://en.wikipedia.org/wiki/Stock_exchange#Raising_capital_for_businesseshttp://en.wikipedia.org/wiki/Stock_exchange#Role_of_stock_exchangeshttp://en.wikipedia.org/wiki/Stock_exchange#Historyhttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Over-the-counter_(finance)http://en.wikipedia.org/wiki/Stock_valuationhttp://en.wikipedia.org/wiki/Free_markethttp://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Secondary_markethttp://en.wikipedia.org/wiki/Primary_markethttp://en.wikipedia.org/wiki/Electronic_networkshttp://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Unit_trusthttp://en.wikipedia.org/wiki/Shareshttp://en.wikipedia.org/wiki/Dividendhttp://en.wikipedia.org/wiki/Security_(finance)http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Stockhttp://en.wikipedia.org/wiki/Trader_(finance)http://en.wikipedia.org/wiki/Brokerage_firmhttp://en.wikipedia.org/wiki/Exchange_(organized_market)


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6 Ownership

7 Other types of exchanges

8 See also

9 References

10 External links

[edit]History

Among many other things, theCode of Hammurabi recorded interest-bearing loans.

Securities markets took centuries to develop.[1]

The idea of debt dates back to the ancient world, as evidenced for example by ancient Mesopotamianclay tablets recording

interest-bearing loans. There is little consensus among scholars as to when corporatestockwas first traded. Some see the key event as theDutch East India Company's

founding in 1602, while others point to earlier developments. Economist Ulrike Malmendier of the University of California at Berkeleyargues that a share market existed as far

back asancient Rome.

In theRoman Republic, which existed for centuries before theEmpirewas founded, there were societates publicanorum, organizations of contractors or leaseholders who

performed temple-building and other services for the government. 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 hadpartes or shares, a concept mentioned various times by the statesman and oratorCicero. In one

speech, Cicero mentions "shares that had a very high price at the time." Such evidence, in Malmendier's view, suggests the in struments were tradable, with fluctuating values

based on an organization's success. 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.

Tradablebondsas a commonly used type of security were a more recent innovation, spearheaded by the Italian city-states of the latemedievaland earlyRenaissanceperiods.

In 1171, the authorities of theRepublic of Venice, concerned about their war-depleted treasury, drew a forced loan from the citizenry. Such debt, known asprestiti, paid 5

percent interest per year and had an indefinite maturity date. Initially regarded with suspicion, it came to be seen as a val uable investment that could be bought and sold. The

bond market had begun.
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From 1262 to 1379, Venice never missed an interest payment, solidifying the credibility of the new instruments. Other Italian city-states such as Florence and Genoa became

bond issuers as well, often as a means of paying for warfare. Bonds were traded widely in Italy and beyond, a business facilitated by bankers such as the Medicis.

War between Venice and Genoa resulted in suspension ofprestitiinterest payments in the early 1380s, and when the market was restored, it was at a lower interest rate.

Venice's bonds traded at steep discounts for decades thereafter. Other blows to financial stability resulted from theHundred Years War, which caused monarchs of France and

England to default on debts to Italian banks, and theBlack Death, which ravaged much of Europe. Still, the idea of debt as a t radable investment endured.

As with bonds, the concept of stock developed gradually. Some scholars place its origins as far back as ancient Rome. Partnership agreements dividing ownership into shares

date back at least to the 13th century, again with Italian city-states in the vanguard. Such arrangements, however, typically extended only to a handful of people and were of

limited duration, as with shipping partnerships that applied only to a single sea voyage.

House Ter Beurze inBruges, Belgium.

The forefront of commercial innovation eventually shifted from Italy to northern Europe. TheHanseatic League, an alliance of mercantile cities such asBrugesandAntwerp,

operated counting houses to expedite trade.

By the late 1500s, British merchants were experimenting with joint-stock companies intended to operate on an ongoing basis; one such was theMuscovy Company, which

sought to wrest trade with Russia away from Hanseatic dominance.

The next big step occurred in the Netherlands. In 1602, the Dutch East India Company was formed as a joint-stock company based in six locations with shares that were readily

tradable. The stock market had begun, but since stocks were not allowed to be t raded with multiple addresses for a company, the stocks were redesignated as coming just

fromAmsterdam.
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Abond issued by theDutch East India Company, dating from 7 November 1623, for the amount of 2,400florins.

The Dutch East India Company, formed to build up the spice trade, operated as a colonial ruler in what's now Indonesia and be yond, a purview that included conducting military

operations against recalcitrant natives and competing colonial powers. Control of the company was held tightly by i ts directors, with ordinary shareholders not having much

influence on management or even access to the company's 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. In 1609, investors led by oneIsaac Le Maire formed history's first bear syndicate, but their coordinated trading had only a modest impact in driving

down share prices, which tended to be robust throughout the 17th century. By the 1620s, the company was expanding its securities issuance with the first use of corporate

bonds.

The Dutch West India Company was formed in 1621, bringing a new issuer to the burgeoning securities market. Amsterdam's growth as a financial center survived the tulip

mania of the 1630s, in which contracts for the delivery of flower bulbs soared wildly and then crashed. New techniques and instruments proliferated for securities as well as

commodities, including options, repos and margin trading.[2]

Joseph de la Vega, also known as Joseph Penso de la Vega and by other variations of his name, was an Amsterdam trader f rom a Spanish Jewish family and a prolific writer as

well as a successful businessman in 17th-century Amsterdam. His 1688 book Confusion of Confusions explained the workings of the city's stock market. It was the earliest book

about stock trading, taking the form of a dialogue between a merchant, a shareholder and a philosopher, the book described a market that was sophisticated but also prone to

excesses, and de la Vega offered advice to his readers on such topics as the unpredictability of market shifts and the importance of patience in investment.

The year that de la Vega published also brought an event that helped spread financial techniques and talent from Amsterdam to London. This was the "glorious revolution," in

which Dutch rulerWilliam of Orangealso ascended to England's throne. William sought to modernize England's finances to pay for its wars, and thus the kingdom's first

government bonds were issued in 1693 and theBank of Englandwas set up the following year. Soon thereafter, English joint-stock companies began going public.

London's first stockbrokers, however, were barred from the old commercial center known as the Royal Exchange, reportedly because of their rude manners. Instead, the new

trade was conducted from coffee houses alongExchange Alley. By 1698, a broker named John Castaing, operating out ofJonathan's Coffee House, was posting regular lists of

stock and commodity prices. Those lists mark the beginning of the London Stock Exchange.

One of history's greatest financial bubblesoccurred in the next few decades. At the center of it were theSouth Sea Company, set up in 1711 to conduct English trade with

South America, and theMississippi Company, focused on commerce with F rance's Louisiana colony and touted by transplanted Scottish financierJohn Law, who was acting in

effect as France's central banker. Investors snapped up shares in both, and whatever else was available. In 1720, at the height of the mania, there was even an offering of "a

company for carrying out an undertaking of great advantage, but nobody to know what it is."

By the end of that same year, share prices were collapsing, as i t became clear that expectations of imminent wealth from the Americas were overblown. In London, Parliament

passed theBubble Act, which stated that only royally chartered companies could issue public shares. In Paris, Law was stripped of office and fled the country. Stock trading was

more limited and subdued in subsequent decades. Yet the market survived, and by the 1790s shares were being traded in the young United States.

[edit]Role of stock exchanges
http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Dutch_East_India_Companyhttp://en.wikipedia.org/wiki/Dutch_East_India_Companyhttp://en.wikipedia.org/wiki/Dutch_East_India_Companyhttp://en.wikipedia.org/wiki/Dutch_guldenhttp://en.wikipedia.org/wiki/Dutch_guldenhttp://en.wikipedia.org/wiki/Dutch_guldenhttp://en.wikipedia.org/wiki/Isaac_Le_Mairehttp://en.wikipedia.org/wiki/Isaac_Le_Mairehttp://en.wikipedia.org/wiki/Isaac_Le_Mairehttp://en.wikipedia.org/wiki/Stock_exchange#cite_note-2http://en.wikipedia.org/wiki/Stock_exchange#cite_note-2http://en.wikipedia.org/wiki/Stock_exchange#cite_note-2http://en.wikipedia.org/wiki/Joseph_de_la_Vegahttp://en.wikipedia.org/wiki/Joseph_de_la_Vegahttp://en.wikipedia.org/wiki/Stock_tradinghttp://en.wikipedia.org/wiki/Stock_tradinghttp://en.wikipedia.org/wiki/Stock_tradinghttp://en.wikipedia.org/wiki/William_III_of_Englandhttp://en.wikipedia.org/wiki/William_III_of_Englandhttp://en.wikipedia.org/wiki/William_III_of_Englandhttp://en.wikipedia.org/wiki/Bank_of_Englandhttp://en.wikipedia.org/wiki/Bank_of_Englandhttp://en.wikipedia.org/wiki/Bank_of_Englandhttp://en.wikipedia.org/wiki/Exchange_Alley,_Londonhttp://en.wikipedia.org/wiki/Exchange_Alley,_Londonhttp://en.wikipedia.org/wiki/Exchange_Alley,_Londonhttp://en.wikipedia.org/wiki/Jonathan%27s_Coffee_Househttp://en.wikipedia.org/wiki/Jonathan%27s_Coffee_Househttp://en.wikipedia.org/wiki/Jonathan%27s_Coffee_Househttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/Financial_bubblehttp://en.wikipedia.org/wiki/Financial_bubblehttp://en.wikipedia.org/wiki/Financial_bubblehttp://en.wikipedia.org/wiki/South_Sea_Companyhttp://en.wikipedia.org/wiki/South_Sea_Companyhttp://en.wikipedia.org/wiki/South_Sea_Companyhttp://en.wikipedia.org/wiki/Mississippi_Companyhttp://en.wikipedia.org/wiki/Mississippi_Companyhttp://en.wikipedia.org/wiki/Mississippi_Companyhttp://en.wikipedia.org/wiki/John_Law_(economist)http://en.wikipedia.org/wiki/John_Law_(economist)http://en.wikipedia.org/wiki/John_Law_(economist)http://en.wikipedia.org/wiki/Bubble_Acthttp://en.wikipedia.org/wiki/Bubble_Acthttp://en.wikipedia.org/wiki/Bubble_Acthttp://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=2http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=2http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=2http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=2http://en.wikipedia.org/wiki/Bubble_Acthttp://en.wikipedia.org/wiki/John_Law_(economist)http://en.wikipedia.org/wiki/Mississippi_Companyhttp://en.wikipedia.org/wiki/South_Sea_Companyhttp://en.wikipedia.org/wiki/Financial_bubblehttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/Jonathan%27s_Coffee_Househttp://en.wikipedia.org/wiki/Exchange_Alley,_Londonhttp://en.wikipedia.org/wiki/Bank_of_Englandhttp://en.wikipedia.org/wiki/William_III_of_Englandhttp://en.wikipedia.org/wiki/Stock_tradinghttp://en.wikipedia.org/wiki/Joseph_de_la_Vegahttp://en.wikipedia.org/wiki/Stock_exchange#cite_note-2http://en.wikipedia.org/wiki/Isaac_Le_Mairehttp://en.wikipedia.org/wiki/Dutch_guldenhttp://en.wikipedia.org/wiki/Dutch_East_India_Companyhttp://en.wikipedia.org/wiki/Bond_(finance)


5/18

New York Stock Exchange, New York City

London Stock Exchange, theCity of London

Tokyo Stock Exchange, Tokyo

Hong Kong Stock Exchange, Hong Kong
http://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/City_of_Londonhttp://en.wikipedia.org/wiki/City_of_Londonhttp://en.wikipedia.org/wiki/City_of_Londonhttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchangehttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchangehttp://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchangehttp://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchangehttp://en.wikipedia.org/wiki/File:Hong_Kong_Exchange_Trade_Lobby_2007.jpghttp://en.wikipedia.org/wiki/File:Hong_Kong_Exchange_Trade_Lobby_2007.jpghttp://en.wikipedia.org/wiki/File:TokyoStockExchange1144.jpghttp://en.wikipedia.org/wiki/File:TokyoStockExchange1144.jpghttp://en.wikipedia.org/wiki/File:Paternoster_Square.jpghttp://en.wikipedia.org/wiki/File:Paternoster_Square.jpghttp://en.wikipedia.org/wiki/File:Photos_NewYork1_032.jpghttp://en.wikipedia.org/wiki/File:Photos_NewYork1_032.jpghttp://en.wikipedia.org/wiki/File:Hong_Kong_Exchange_Trade_Lobby_2007.jpghttp://en.wikipedia.org/wiki/File:Hong_Kong_Exchange_Trade_Lobby_2007.jpghttp://en.wikipedia.org/wiki/File:TokyoStockExchange1144.jpghttp://en.wikipedia.org/wiki/File:TokyoStockExchange1144.jpghttp://en.wikipedia.org/wiki/File:Paternoster_Square.jpghttp://en.wikipedia.org/wiki/File:Paternoster_Square.jpghttp://en.wikipedia.org/wiki/File:Photos_NewYork1_032.jpghttp://en.wikipedia.org/wiki/File:Photos_NewYork1_032.jpghttp://en.wikipedia.org/wiki/File:Hong_Kong_Exchange_Trade_Lobby_2007.jpghttp://en.wikipedia.org/wiki/File:Hong_Kong_Exchange_Trade_Lobby_2007.jpghttp://en.wikipedia.org/wiki/File:TokyoStockExchange1144.jpghttp://en.wikipedia.org/wiki/File:TokyoStockExchange1144.jpghttp://en.wikipedia.org/wiki/File:Paternoster_Square.jpghttp://en.wikipedia.org/wiki/File:Paternoster_Square.jpghttp://en.wikipedia.org/wiki/File:Photos_NewYork1_032.jpghttp://en.wikipedia.org/wiki/File:Photos_NewYork1_032.jpghttp://en.wikipedia.org/wiki/File:Hong_Kong_Exchange_Trade_Lobby_2007.jpghttp://en.wikipedia.org/wiki/File:Hong_Kong_Exchange_Trade_Lobby_2007.jpghttp://en.wikipedia.org/wiki/File:TokyoStockExchange1144.jpghttp://en.wikipedia.org/wiki/File:TokyoStockExchange1144.jpghttp://en.wikipedia.org/wiki/File:Paternoster_Square.jpghttp://en.wikipedia.org/wiki/File:Paternoster_Square.jpghttp://en.wikipedia.org/wiki/File:Photos_NewYork1_032.jpghttp://en.wikipedia.org/wiki/File:Photos_NewYork1_032.jpghttp://en.wikipedia.org/wiki/File:Hong_Kong_Exchange_Trade_Lobby_2007.jpghttp://en.wikipedia.org/wiki/File:Hong_Kong_Exchange_Trade_Lobby_2007.jpghttp://en.wikipedia.org/wiki/File:TokyoStockExchange1144.jpghttp://en.wikipedia.org/wiki/File:TokyoStockExchange1144.jpghttp://en.wikipedia.org/wiki/File:Paternoster_Square.jpghttp://en.wikipedia.org/wiki/File:Paternoster_Square.jpghttp://en.wikipedia.org/wiki/File:Photos_NewYork1_032.jpghttp://en.wikipedia.org/wiki/File:Photos_NewYork1_032.jpghttp://en.wikipedia.org/wiki/File:Hong_Kong_Exchange_Trade_Lobby_2007.jpghttp://en.wikipedia.org/wiki/File:Hong_Kong_Exchange_Trade_Lobby_2007.jpghttp://en.wikipedia.org/wiki/File:TokyoStockExchange1144.jpghttp://en.wikipedia.org/wiki/File:TokyoStockExchange1144.jpghttp://en.wikipedia.org/wiki/File:Paternoster_Square.jpghttp://en.wikipedia.org/wiki/File:Paternoster_Square.jpghttp://en.wikipedia.org/wiki/File:Photos_NewYork1_032.jpghttp://en.wikipedia.org/wiki/File:Photos_NewYork1_032.jpghttp://en.wikipedia.org/wiki/File:Hong_Kong_Exchange_Trade_Lobby_2007.jpghttp://en.wikipedia.org/wiki/File:Hong_Kong_Exchange_Trade_Lobby_2007.jpghttp://en.wikipedia.org/wiki/File:TokyoStockExchange1144.jpghttp://en.wikipedia.org/wiki/File:TokyoStockExchange1144.jpghttp://en.wikipedia.org/wiki/File:Paternoster_Square.jpghttp://en.wikipedia.org/wiki/File:Paternoster_Square.jpghttp://en.wikipedia.org/wiki/File:Photos_NewYork1_032.jpghttp://en.wikipedia.org/wiki/File:Photos_NewYork1_032.jpghttp://en.wikipedia.org/wiki/File:Hong_Kong_Exchange_Trade_Lobby_2007.jpghttp://en.wikipedia.org/wiki/File:Hong_Kong_Exchange_Trade_Lobby_2007.jpghttp://en.wikipedia.org/wiki/File:TokyoStockExchange1144.jpghttp://en.wikipedia.org/wiki/File:TokyoStockExchange1144.jpghttp://en.wikipedia.org/wiki/File:Paternoster_Square.jpghttp://en.wikipedia.org/wiki/File:Paternoster_Square.jpghttp://en.wikipedia.org/wiki/File:Photos_NewYork1_032.jpghttp://en.wikipedia.org/wiki/File:Photos_NewYork1_032.jpghttp://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchangehttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchangehttp://en.wikipedia.org/wiki/City_of_Londonhttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/New_York_Stock_Exchange


6/18

Shanghai Stock Exchange, Shanghai

Toronto Stock Exchange, Toronto

Bolsa de Madrid, Madrid
http://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://en.wikipedia.org/wiki/Toronto_Stock_Exchangehttp://en.wikipedia.org/wiki/Toronto_Stock_Exchangehttp://en.wikipedia.org/wiki/Bolsa_de_Madridhttp://en.wikipedia.org/wiki/Bolsa_de_Madridhttp://en.wikipedia.org/wiki/File:Palacio_de_la_Bolsa_de_Madrid_-_02.jpghttp://en.wikipedia.org/wiki/File:Palacio_de_la_Bolsa_de_Madrid_-_02.jpghttp://en.wikipedia.org/wiki/File:TSXExchangetower.jpghttp://en.wikipedia.org/wiki/File:TSXExchangetower.jpghttp://en.wikipedia.org/wiki/File:Shanghai_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:Shanghai_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:Palacio_de_la_Bolsa_de_Madrid_-_02.jpghttp://en.wikipedia.org/wiki/File:Palacio_de_la_Bolsa_de_Madrid_-_02.jpghttp://en.wikipedia.org/wiki/File:TSXExchangetower.jpghttp://en.wikipedia.org/wiki/File:TSXExchangetower.jpghttp://en.wikipedia.org/wiki/File:Shanghai_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:Shanghai_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:Palacio_de_la_Bolsa_de_Madrid_-_02.jpghttp://en.wikipedia.org/wiki/File:Palacio_de_la_Bolsa_de_Madrid_-_02.jpghttp://en.wikipedia.org/wiki/File:TSXExchangetower.jpghttp://en.wikipedia.org/wiki/File:TSXExchangetower.jpghttp://en.wikipedia.org/wiki/File:Shanghai_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:Shanghai_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:Palacio_de_la_Bolsa_de_Madrid_-_02.jpghttp://en.wikipedia.org/wiki/File:Palacio_de_la_Bolsa_de_Madrid_-_02.jpghttp://en.wikipedia.org/wiki/File:TSXExchangetower.jpghttp://en.wikipedia.org/wiki/File:TSXExchangetower.jpghttp://en.wikipedia.org/wiki/File:Shanghai_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:Shanghai_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:Palacio_de_la_Bolsa_de_Madrid_-_02.jpghttp://en.wikipedia.org/wiki/File:Palacio_de_la_Bolsa_de_Madrid_-_02.jpghttp://en.wikipedia.org/wiki/File:TSXExchangetower.jpghttp://en.wikipedia.org/wiki/File:TSXExchangetower.jpghttp://en.wikipedia.org/wiki/File:Shanghai_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:Shanghai_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:Palacio_de_la_Bolsa_de_Madrid_-_02.jpghttp://en.wikipedia.org/wiki/File:Palacio_de_la_Bolsa_de_Madrid_-_02.jpghttp://en.wikipedia.org/wiki/File:TSXExchangetower.jpghttp://en.wikipedia.org/wiki/File:TSXExchangetower.jpghttp://en.wikipedia.org/wiki/File:Shanghai_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:Shanghai_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/Bolsa_de_Madridhttp://en.wikipedia.org/wiki/Toronto_Stock_Exchangehttp://en.wikipedia.org/wiki/Shanghai_Stock_Exchange


7/18

Bombay Stock Exchange,Mumbai

So Paulo Stock Exchange, So Paulo
http://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/S%C3%A3o_Paulo_Stock_Exchangehttp://en.wikipedia.org/wiki/S%C3%A3o_Paulo_Stock_Exchangehttp://en.wikipedia.org/wiki/File:Sydney_Exchange_Centre_Entrance.jpghttp://en.wikipedia.org/wiki/File:S%C3%A3o_Paulo_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:S%C3%A3o_Paulo_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:Bombay_Stock_Exchange_3.jpghttp://en.wikipedia.org/wiki/File:Bombay_Stock_Exchange_3.jpghttp://en.wikipedia.org/wiki/File:Sydney_Exchange_Centre_Entrance.jpghttp://en.wikipedia.org/wiki/File:S%C3%A3o_Paulo_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:S%C3%A3o_Paulo_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:Bombay_Stock_Exchange_3.jpghttp://en.wikipedia.org/wiki/File:Bombay_Stock_Exchange_3.jpghttp://en.wikipedia.org/wiki/File:Sydney_Exchange_Centre_Entrance.jpghttp://en.wikipedia.org/wiki/File:S%C3%A3o_Paulo_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:S%C3%A3o_Paulo_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:Bombay_Stock_Exchange_3.jpghttp://en.wikipedia.org/wiki/File:Bombay_Stock_Exchange_3.jpghttp://en.wikipedia.org/wiki/File:Sydney_Exchange_Centre_Entrance.jpghttp://en.wikipedia.org/wiki/File:S%C3%A3o_Paulo_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:S%C3%A3o_Paulo_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:Bombay_Stock_Exchange_3.jpghttp://en.wikipedia.org/wiki/File:Bombay_Stock_Exchange_3.jpghttp://en.wikipedia.org/wiki/File:Sydney_Exchange_Centre_Entrance.jpghttp://en.wikipedia.org/wiki/File:S%C3%A3o_Paulo_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:S%C3%A3o_Paulo_Stock_Exchange_Building.jpghttp://en.wikipedia.org/wiki/File:Bombay_Stock_Exchange_3.jpghttp://en.wikipedia.org/wiki/File:Bombay_Stock_Exchange_3.jpghttp://en.wikipedia.org/wiki/S%C3%A3o_Paulo_Stock_Exchangehttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Bombay_Stock_Exchange


8/18

Australian Securities Exchange's Sydney exchange centre, Sydney

Frankfurt Stock Exchange, Frankfurt

Paris Stock Exchange, Paris

Warsaw Stock Exchange,Warsaw

SWX Swiss Exchange, Zurich
http://en.wikipedia.org/wiki/Australian_Securities_Exchangehttp://en.wikipedia.org/wiki/Australian_Securities_Exchangehttp://en.wikipedia.org/wiki/Australian_Securities_Exchangehttp://en.wikipedia.org/wiki/Frankfurt_Stock_Exchangehttp://en.wikipedia.org/wiki/Frankfurt_Stock_Exchangehttp://en.wikipedia.org/wiki/Paris_Stock_Exchangehttp://en.wikipedia.org/wiki/Paris_Stock_Exchangehttp://en.wikipedia.org/wiki/Warsaw_Stock_Exchangehttp://en.wikipedia.org/wiki/Warsawhttp://en.wikipedia.org/wiki/Warsawhttp://en.wikipedia.org/wiki/Warsawhttp://en.wikipedia.org/wiki/SWX_Swiss_Exchangehttp://en.wikipedia.org/wiki/SWX_Swiss_Exchangehttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Sydney_Exchange_Centre_Entrance.jpghttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Sydney_Exchange_Centre_Entrance.jpghttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Sydney_Exchange_Centre_Entrance.jpghttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Sydney_Exchange_Centre_Entrance.jpghttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Sydney_Exchange_Centre_Entrance.jpghttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Sydney_Exchange_Centre_Entrance.jpghttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Sydney_Exchange_Centre_Entrance.jpghttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Sydney_Exchange_Centre_Entrance.jpghttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Zuerich_Boerse.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Gielda3_Wwa_beax.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Palais_Brongniart_Paris.jpghttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Boerse_Frankfurt_front.JPGhttp://en.wikipedia.org/wiki/File:Sydney_Exchange_Centre_Entrance.jpghttp://en.wikipedia.org/wiki/SWX_Swiss_Exchangehttp://en.wikipedia.org/wiki/Warsawhttp://en.wikipedia.org/wiki/Warsaw_Stock_Exchangehttp://en.wikipedia.org/wiki/Paris_Stock_Exchangehttp://en.wikipedia.org/wiki/Frankfurt_Stock_Exchangehttp://en.wikipedia.org/wiki/Australian_Securities_Exchange


9/18

Mexican Stock Exchange, Mexico City

Borsa Italiana, Milan

Stock exchanges have multiple roles in the economy. This may include the following:[3]

[edit]Raising capital for businesses

The Stock Exchange providecompanieswith the facility to raisecapitalfor expansion through sellingsharesto the investing public.[4]

[edit]Common forms of capital raising

Besides the borrowing capacity provided to an individual or firm by the banking system, in the form ofcreditor a loan, there are four common forms of capital raising used by

companies and entrepreneurs. Most of these available options, might be achieved, directly or indirectly, involving a stock exchange.

[edit]Going public

Capital intensivecompanies, particularlyhigh techcompanies, always need to raise high volumes of capital in their early stages. For this reason, the public market provided by

the stock exchanges has been one of the most important funding sources for many capital intensive startups.After the 1990s and early-2000s hi-tech listed companies' boom

and bust in the world's major stock exchanges, it has been much more demanding for the high-tech entrepreneur to take his/her company public, unless either the company

already has products in the market and is generating sales and earnings, or the company has completed advanced promising clin ical trials, earned potentially profitable patents
http://en.wikipedia.org/wiki/Mexican_Stock_Exchangehttp://en.wikipedia.org/wiki/Mexican_Stock_Exchangehttp://en.wikipedia.org/wiki/Borsa_Italianahttp://en.wikipedia.org/wiki/Borsa_Italianahttp://en.wikipedia.org/wiki/Stock_exchange#cite_note-3http://en.wikipedia.org/wiki/Stock_exchange#cite_note-3http://en.wikipedia.org/wiki/Stock_exchange#cite_note-3http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=3http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=3http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=3http://en.wikipedia.org/wiki/Company_(law)http://en.wikipedia.org/wiki/Company_(law)http://en.wikipedia.org/wiki/Company_(law)http://en.wikipedia.org/wiki/Capital_(economics)http://en.wikipedia.org/wiki/Capital_(economics)http://en.wikipedia.org/wiki/Capital_(economics)http://en.wikipedia.org/wiki/Shareshttp://en.wikipedia.org/wiki/Shareshttp://en.wikipedia.org/wiki/Shareshttp://en.wikipedia.org/wiki/Stock_exchange#cite_note-4http://en.wikipedia.org/wiki/Stock_exchange#cite_note-4http://en.wikipedia.org/wiki/Stock_exchange#cite_note-4http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=4http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=4http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=4http://en.wikipedia.org/wiki/Banking_systemhttp://en.wikipedia.org/wiki/Banking_systemhttp://en.wikipedia.org/wiki/Banking_systemhttp://en.wikipedia.org/wiki/Credit_(finance)http://en.wikipedia.org/wiki/Credit_(finance)http://en.wikipedia.org/wiki/Credit_(finance)http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=5http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=5http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=5http://en.wikipedia.org/wiki/Capital_intensivehttp://en.wikipedia.org/wiki/Capital_intensivehttp://en.wikipedia.org/wiki/High_techhttp://en.wikipedia.org/wiki/High_techhttp://en.wikipedia.org/wiki/High_techhttp://en.wikipedia.org/wiki/Startup_companyhttp://en.wikipedia.org/wiki/Startup_companyhttp://en.wikipedia.org/wiki/Startup_companyhttp://en.wikipedia.org/wiki/File:Palazzo_mezzanotte1.jpghttp://en.wikipedia.org/wiki/File:Palazzo_mezzanotte1.jpghttp://en.wikipedia.org/wiki/File:Bolsa_Mexicana_de_Valores.pnghttp://en.wikipedia.org/wiki/File:Bolsa_Mexicana_de_Valores.pnghttp://en.wikipedia.org/wiki/File:Palazzo_mezzanotte1.jpghttp://en.wikipedia.org/wiki/File:Palazzo_mezzanotte1.jpghttp://en.wikipedia.org/wiki/File:Bolsa_Mexicana_de_Valores.pnghttp://en.wikipedia.org/wiki/File:Bolsa_Mexicana_de_Valores.pnghttp://en.wikipedia.org/wiki/File:Palazzo_mezzanotte1.jpghttp://en.wikipedia.org/wiki/File:Palazzo_mezzanotte1.jpghttp://en.wikipedia.org/wiki/File:Bolsa_Mexicana_de_Valores.pnghttp://en.wikipedia.org/wiki/File:Bolsa_Mexicana_de_Valores.pnghttp://en.wikipedia.org/wiki/File:Palazzo_mezzanotte1.jpghttp://en.wikipedia.org/wiki/File:Palazzo_mezzanotte1.jpghttp://en.wikipedia.org/wiki/File:Bolsa_Mexicana_de_Valores.pnghttp://en.wikipedia.org/wiki/File:Bolsa_Mexicana_de_Valores.pnghttp://en.wikipedia.org/wiki/Startup_companyhttp://en.wikipedia.org/wiki/High_techhttp://en.wikipedia.org/wiki/Capital_intensivehttp://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=5http://en.wikipedia.org/wiki/Credit_(finance)http://en.wikipedia.org/wiki/Banking_systemhttp://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=4http://en.wikipedia.org/wiki/Stock_exchange#cite_note-4http://en.wikipedia.org/wiki/Shareshttp://en.wikipedia.org/wiki/Capital_(economics)http://en.wikipedia.org/wiki/Company_(law)http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=3http://en.wikipedia.org/wiki/Stock_exchange#cite_note-3http://en.wikipedia.org/wiki/Borsa_Italianahttp://en.wikipedia.org/wiki/Mexican_Stock_Exchange


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or conducted market research which demonstrated very positive outcomes. This is quite different from the situation of the 199 0s to early-2000s period, when a number of

companies (particularly Internet boom and biotechnology companies) went public in the most prominent stock exchanges around the world, in the total absence of sales,

earnings and any well-documented promising outcome. Anyway, every year a number of companies, including unknown highly speculati ve and financially unpredictable hi-tech

startups, are listed for the first ti me in all the major stock exchanges there are even specialized entry markets for this kind of companies orstock indexestracking their

performance (examples include theAlternext, CAC Small, SDAX, TecDAX, or most of thethird marketcompanies).

[edit]Limited partnerships

A number of companies have also raised significant amounts of capital throughR&Dlimited partnerships. Tax law changes that were enacted in 1987 in the United States

changed the tax deductibility of investments in R&D limited partnerships. In order for a partnership to be of interest to investors today, thecash on cash returnmust be high

enough to entice investors. As a result, R&D limited partnerships are not a viable means of raising money for most companies, specially hi -tech startups.

[edit]Venture capital

A third usual source of capital for startup companies has beenventure capital. This source remains largely available today, but the maximum statistical amount that the venture

company firms in aggregate will invest in any one company is not limitless (it was approximately $15 million in 2001 for a biotechnology company).[5]At those level, venture

capital firms typically become tapped-out because the financial risk to any one partnership becomes too great.

[edit]Corporate partners

A fourth alternative source of cash for a private company is acorporate partner, usually an established multinational company, which provides capital for the smaller company in

return for marketing rights, patent rights, or equity. Corporate partnerships have been used successfully in a large number of cases.

[edit]Mobilizing savings for investment

When people draw their savings and i nvest in shares (through an IPOor theissuance of new company sharesof an already listed company), it usually leads

torationalallocation of resources because funds, which could have been consumed, or kept in idledepositswith banks, are mobilized and redirected to help companies'

management boards finance their organizations. This may promote business activity with benefits for several economic sectors such as agriculture, commerce and industry,

resulting in stronger economic growth and higherproductivity levels of firms. Sometimes it is very difficult for the stock investor to determine whether or not the allocation of

those funds is in good faith and will be able to generate long-term company growth, without examination of a company's internal auditing.

[edit]Facilitating company growth

Companies view acquisitions as an opportunity to expandproduct lines, increase distribution channels, hedge against volatility, increase its market share, or acquire other

necessary businessassets. Atakeoverbid or amergeragreement through thestock market is one of the simplest and most common ways for a company to grow by acquisition

or fusion.

[edit]Profit sharing

Both casual and professional stock investors, as large asinstitutional investorsor as small as an ordinary middle-class family, throughdividendsand stock priceincreases that

may result incapital gains, share in the wealth of profitable businesses. Unprofitable and troubled businesses may result incapital losses for shareholders.

[edit]Corporate governance
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en.wikipedia.org/wiki/Capital_gainhttp://en.wikipedia.org/wiki/Capital_gainhttp://en.wikipedia.org/wiki/Capital_gainhttp://en.wikipedia.org/wiki/Capital_losshttp://en.wikipedia.org/wiki/Capital_losshttp://en.wikipedia.org/wiki/Capital_losshttp://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=12http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=12http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=12http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=12http://en.wikipedia.org/wiki/Capital_losshttp://en.wikipedia.org/wiki/Capital_gainhttp://en.wikipedia.org/wiki/Stock_pricehttp://en.wikipedia.org/wiki/Dividendhttp://en.wikipedia.org/wiki/Institutional_investorshttp://en.wikipedia.org/wiki/Stock_investorhttp://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=11http://en.wikipedia.org/wiki/Stock_markethttp://en.wikipedia.org/wiki/Mergers_and_acquisitionshttp://en.wikipedia.org/wiki/Takeoverhttp://en.wikipedia.org/wiki/Assethttp://en.wikipedia.org/wiki/Market_sharehttp://en.wikipedia.org/wiki/Product_linehttp://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=10http://en.wikipedia.org/wiki/Internal_auditinghttp://en.wikipedia.org/wiki/Productivity_(economics)http://en.wikipedia.org/wiki/Deposit_accounthttp://en.wikipedia.org/wiki/Rationalityhttp://en.wikipedia.org/wiki/Seasoned_equity_offeringhttp://en.wikipedia.org/wiki/Initial_Public_Offeringhttp://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=9http://en.wikipedia.org/w/index.php?title=Corporate_partner&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=8http://en.wikipedia.org/wiki/Stock_exchange#cite_note-5http://en.wikipedia.org/wiki/Venture_capitalhttp://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=7http://en.wikipedia.org/wiki/Cash_on_cash_returnhttp://en.wikipedia.org/wiki/Limited_partnershiphttp://en.wikipedia.org/wiki/R%26Dhttp://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=6http://en.wikipedia.org/wiki/Third_markethttp://en.wikipedia.org/wiki/TecDAXhttp://en.wikipedia.org/wiki/SDAXhttp://en.wikipedia.org/wiki/CAC_Smallhttp://en.wikipedia.org/wiki/Alternexthttp://en.wikipedia.org/wiki/Stock_index


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By having a wide and varied scope of owners, companies generally tend to improve management standards andefficiency to satisfy the demands of these shareholders, and

the more stringent rules for public corporations imposed by public stock exchanges and the government. Consequently, it is alleged that public companies (companies that are

owned by shareholders who are members of the general public and trade shares on public exchanges) tend to have better management records thanprivately held

companies (those companies where shares are not publicly traded, often owned by the company founders and/or their families and heirs, or otherwise by a small group of

investors).

Despite this claim, some well-documented cases are known where it is alleged that there has been considerable slippage in corporate governanceon the part of some public

companies. Thedot-com bubblein the late 1990s, and thesubprime mortgage crisis in 200708, are classical examples of corporate mismanagement. Companies

likePets.com(2000), Enron Corporation (2001),One.Tel(2001), Sunbeam (2001), Webvan (2001),Adelphia (2002), MCI WorldCom (2002), Parmalat(2003),American

International Group(2008), Bear Stearns(2008), Lehman Brothers (2008), General Motors (2009) andSatyam Computer Services (2009) were among the most widely

scrutinized by the media.

However, when poor financial, ethical or managerial records are known by thestock investors, the stock and the company tend to lose value. In the stock exchanges,

shareholders of underperforming firms are often penalized by significant share price decline, and they tend as well to dismiss incompetent management teams.

[edit]Creating investment opportunities for small investors

As opposed to other businesses that require huge capital outlay, investing in shares is open to both the large and small stock investorsbecause a person buys the number of

shares they can afford. Therefore the Stock Exchange provides the opportunity for small investors to own shares of the same companies as large investors.

[edit]Government capital-raising for development projects

Governments at various levels may decide to borrow money to finance infrastructure projects such as sewage and water treatment works or housing estates by selling another

category ofsecuritiesknown asbonds. These bonds can be raised through the Stock Exchange whereby members of the public buy them, thus loaning money to the

government. The issuance of such bonds can obviate the need, in the short term, to directly tax citizens to finance developmentthough by securing such bonds with the full

faith and credit of the government instead of with collateral, the government must eventually tax citizens or otherwise raise additional funds to make any regular coupon

payments and refund the principal when the bonds mature.

[edit]Barometer of the economy

At the stock exchange, share prices rise and fall depending, largely, onmarket forces. Share prices tend to rise or remain stable when companies and the economy in general

show signs of stability and growth. Aneconomic recession, depression, orfinancial crisiscould eventually lead to astock market crash. Therefore the movement of share prices

and in general of thestock indexescan be an indicator of the general trend in the economy.

[edit]Speculation

Main article:Speculation

The stock exchanges are also fashionable places for speculation. In a financial context, the terms "speculation" and "investment" are actually quite specific. For i nstance,

although the word "investment" is typically used, in a general sense, to mean any act of placing money in a financial vehicle with the intent of producing returns over a period of

time, most ventured moneyincluding funds placed in the world's stock marketsis actually not investment but speculation.

[edit]Major stock exchanges
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://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=17http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=17http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=17http://en.wikipedia.org/wiki/Speculationhttp://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=16http://en.wikipedia.org/wiki/Stock_indexhttp://en.wikipedia.org/wiki/Stock_market_crashhttp://en.wikipedia.org/wiki/Financial_crisishttp://en.wikipedia.org/wiki/Economic_recessionhttp://en.wikipedia.org/wiki/Market_(economics)http://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=15http://en.wikipedia.org/wiki/Bond_(finance)http://en.wikipedia.org/wiki/Securitieshttp://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=14http://en.wikipedia.org/wiki/Stock_investorhttp://en.wikipedia.org/w/index.php?title=Stock_exchange&action=edit&section=13http://en.wikipedia.org/wiki/Stock_investorshttp://en.wikipedia.org/wiki/Satyam_Computer_Serviceshttp://en.wikipedia.org/wiki/General_Motors_Chapter_11_reorganizationhttp://en.wikipedia.org/wiki/Lehman_Brothershttp://en.wikipedia.org/wiki/Bear_Stearnshttp://en.wikipedia.org/wiki/American_International_Grouphttp://en.wikipedia.org/wiki/American_International_Grouphttp://en.wikipedia.org/wiki/Parmalathttp://en.wikipedia.org/wiki/MCI_WorldComhttp://en.wikipedia.org/wiki/Adelphia_Communications_Corporationhttp://en.wikipedia.org/wiki/Webvanhttp://en.wikipedia.org/wiki/Sunbeam_Productshttp://en.wikipedia.org/wiki/One.Telhttp://en.wikipedia.org/wiki/Enron_Corporationhttp://en.wikipedia.org/wiki/Pets.comhttp://en.wikipedia.org/wiki/Subprime_mortgage_crisishttp://en.wikipedia.org/wiki/Dot-com_bubblehttp://en.wikipedia.org/wiki/Corporate_governancehttp://en.wikipedia.org/wiki/Privately_held_companyhttp://en.wikipedia.org/wiki/Privately_held_companyhttp://en.wikipedia.org/wiki/Efficiency_(economics)


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Major stock exchanges (top 20 bymarket capitalization), as at 31 December 2012 (Monthly reports, World Federation of Exchanges)

RankStock

ExchangeEconomy

Head-

quarters

Market

Capitalization

(USDbillions)

Year-to-

date

Trade

Value

(USD

billions)

Time

Zone DST

Open

(local)

Close

(local)

Lunch

(local)

Open

(UTC)

Close

(UTC)

1NYSE

Euronext

United

States/

Europe

New York

City14,085 12,693 EST 5

Mar

Nov09:30 16:00 No 14:30 21:00

2NASDAQ

OMX Group

United

States/

Europe

New York

City4,582 8,914 EST 5

Mar

Nov09:30 16:00 No 14:30 21:00

3Tokyo Stock

Exchange JapanTokyo 3,478 2,866 JST +9 09:00 15:00

11:30

12:3000:00 06:00

4London Stock

Exchange United

KingdomLondon 3,396 1,890 GMT +0

Mar

Oct08:00 16:30 No 08:00 16:30

5

Hong Kong

Stock

Exchange

Hong

KongHong Kong 2,831 913 HKT +8 09:15 16:00

12:00

13:0001:15 08:00

6

Shanghai

StockExchange

China Shanghai 2,547 2,176 CST +8 09:30 15:0011:30

13:00 01:30 07:00

7 TMX Group Canada Toronto 2,058 1,121 EST 5Mar

Nov09:30 16:00 No 14:30 21:00

8Deutsche

Brse GermanyFrankfurt 1,486 1,101 CET +1

Mar

Oct

08:00

(Eurex)8:00

(floor)

9:00

(Xetra)

22:00

(Eurex)20:00

(floor)

17:30

(Xetra)

No 07:00 21:00

9AustralianSecurities

Exchange Australia Sydney 1,386 800 AEST +10

Oct

Apr09:50 16:12 No 23:50 06:12

10

Bombay

Stock

Exchange India Mumbai 1,263 93 IST +5.5 09:15 15:30 No 03:45 10:00
http://en.wikipedia.org/wiki/Market_capitalizationhttp://en.wikipedia.org/wiki/Market_capitalizationhttp://en.wikipedia.org/wiki/Market_capitalizationhttp://www.world-exchanges.org/statistics/monthly-reportshttp://www.world-exchanges.org/statistics/monthly-reportshttp://www.world-exchanges.org/statistics/monthly-reportshttp://en.wikipedia.org/wiki/United_States_Dollarhttp://en.wikipedia.org/wiki/United_States_Dollarhttp://en.wikipedia.org/wiki/United_States_Dollarhttp://en.wikipedia.org/wiki/NYSE_Euronexthttp://en.wikipedia.org/wiki/NYSE_Euronexthttp://en.wikipedia.org/wiki/NYSE_Euronexthttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/New_York_Cityhttp://en.wikipedia.org/wiki/New_York_Cityhttp://en.wikipedia.org/wiki/New_York_Cityhttp://en.wikipedia.org/wiki/Eastern_Time_Zone_(North_America)http://en.wikipedia.org/wiki/Eastern_Time_Zone_(North_America)http://www.timeanddate.com/worldclock/city.html?n=179http://www.timeanddate.com/worldclock/city.html?n=179http://en.wikipedia.org/wiki/NASDAQ_OMX_Grouphttp://en.wikipedia.org/wiki/NASDAQ_OMX_Grouphttp://en.wikipedia.org/wiki/NASDAQ_OMX_Grouphttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/Europehttp://www.timeanddate.com/worldclock/city.html?n=179http://www.timeanddate.com/worldclock/city.html?n=179http://en.wikipedia.org/wiki/Tokyo_Stock_Exchangehttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchangehttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchangehttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Tokyohttp://en.wikipedia.org/wiki/Tokyohttp://en.wikipedia.org/wiki/Japan_Standard_Timehttp://en.wikipedia.org/wiki/Japan_Standard_Timehttp://www.timeanddate.com/worldclock/city.html?n=248http://www.timeanddate.com/worldclock/city.html?n=248http://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/Londonhttp://en.wikipedia.org/wiki/Londonhttp://en.wikipedia.org/wiki/Greenwich_Mean_Timehttp://www.timeanddate.com/worldclock/city.html?n=136http://www.timeanddate.com/worldclock/city.html?n=136http://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchangehttp://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchangehttp://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchangehttp://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchangehttp://en.wikipedia.org/wiki/Hong_Konghttp://en.wikipedia.org/wiki/Hong_Konghttp://en.wikipedia.org/wiki/Hong_Konghttp://en.wikipedia.org/wiki/Hong_Konghttp://en.wikipedia.org/wiki/Hong_Konghttp://en.wikipedia.org/wiki/Hong_Kong_Timehttp://en.wikipedia.org/wiki/Hong_Kong_Timehttp://www.timeanddate.com/worldclock/city.html?n=102http://www.timeanddate.com/worldclock/city.html?n=102http://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Shanghaihttp://en.wikipedia.org/wiki/Shanghaihttp://en.wikipedia.org/wiki/China_Standard_Timehttp://en.wikipedia.org/wiki/China_Standard_Timehttp://www.timeanddate.com/worldclock/city.html?n=237http://www.timeanddate.com/worldclock/city.html?n=237http://en.wikipedia.org/wiki/TMX_Grouphttp://en.wikipedia.org/wiki/TMX_Grouphttp://en.wikipedia.org/wiki/Canadahttp://en.wikipedia.org/wiki/Canadahttp://en.wikipedia.org/wiki/Torontohttp://en.wikipedia.org/wiki/Torontohttp://en.wikipedia.org/wiki/Eastern_Time_Zone_(North_America)http://en.wikipedia.org/wiki/Eastern_Time_Zone_(North_America)http://www.timeanddate.com/worldclock/city.html?n=250http://www.timeanddate.com/worldclock/city.html?n=250http://en.wikipedia.org/wiki/Deutsche_B%C3%B6rsehttp://en.wikipedia.org/wiki/Deutsche_B%C3%B6rsehttp://en.wikipedia.org/wiki/Deutsche_B%C3%B6rsehttp://en.wikipedia.org/wiki/Germanyhttp://en.wikipedia.org/wiki/Germanyhttp://en.wikipedia.org/wiki/Frankfurthttp://en.wikipedia.org/wiki/Frankfurthttp://en.wikipedia.org/wiki/Central_European_Timehttp://en.wikipedia.org/wiki/Central_European_Timehttp://www.timeanddate.com/worldclock/city.html?n=83http://www.timeanddate.com/worldclock/city.html?n=83http://en.wikipedia.org/wiki/Australian_Securities_Exchangehttp://en.wikipedia.org/wiki/Australian_Securities_Exchangehttp://en.wikipedia.org/wiki/Australian_Securities_Exchangehttp://en.wikipedia.org/wiki/Australian_Securities_Exchangehttp://en.wikipedia.org/wiki/Australiahttp://en.wikipedia.org/wiki/Australiahttp://en.wikipedia.org/wiki/Sydneyhttp://en.wikipedia.org/wiki/Sydneyhttp://en.wikipedia.org/wiki/Australian_Eastern_Standard_Timehttp://en.wikipedia.org/wiki/Australian_Eastern_Standard_Timehttp://www.timeanddate.com/worldclock/city.html?n=240http://www.timeanddate.com/worldclock/city.html?n=240http://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Indian_Standard_Timehttp://en.wikipedia.org/wiki/Indian_Standard_Timehttp://www.timeanddate.com/worldclock/city.html?n=44http://www.timeanddate.com/worldclock/city.html?n=44http://www.timeanddate.com/worldclock/city.html?n=44http://en.wikipedia.org/wiki/Indian_Standard_Timehttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://www.timeanddate.com/worldclock/city.html?n=240http://en.wikipedia.org/wiki/Australian_Eastern_Standard_Timehttp://en.wikipedia.org/wiki/Sydneyhttp://en.wikipedia.org/wiki/Australiahttp://en.wikipedia.org/wiki/Australian_Securities_Exchangehttp://en.wikipedia.org/wiki/Australian_Securities_Exchangehttp://en.wikipedia.org/wiki/Australian_Securities_Exchangehttp://www.timeanddate.com/worldclock/city.html?n=83http://en.wikipedia.org/wiki/Central_European_Timehttp://en.wikipedia.org/wiki/Frankfurthttp://en.wikipedia.org/wiki/Germanyhttp://en.wikipedia.org/wiki/Deutsche_B%C3%B6rsehttp://en.wikipedia.org/wiki/Deutsche_B%C3%B6rsehttp://www.timeanddate.com/worldclock/city.html?n=250http://en.wikipedia.org/wiki/Eastern_Time_Zone_(North_America)http://en.wikipedia.org/wiki/Torontohttp://en.wikipedia.org/wiki/Canadahttp://en.wikipedia.org/wiki/TMX_Grouphttp://www.timeanddate.com/worldclock/city.html?n=237http://en.wikipedia.org/wiki/China_Standard_Timehttp://en.wikipedia.org/wiki/Shanghaihttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://www.timeanddate.com/worldclock/city.html?n=102http://en.wikipedia.org/wiki/Hong_Kong_Timehttp://en.wikipedia.org/wiki/Hong_Konghttp://en.wikipedia.org/wiki/Hong_Konghttp://en.wikipedia.org/wiki/Hong_Konghttp://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchangehttp://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchangehttp://en.wikipedia.org/wiki/Hong_Kong_Stock_Exchangehttp://www.timeanddate.com/worldclock/city.html?n=136http://en.wikipedia.org/wiki/Greenwich_Mean_Timehttp://en.wikipedia.org/wiki/Londonhttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://en.wikipedia.org/wiki/London_Stock_Exchangehttp://www.timeanddate.com/worldclock/city.html?n=248http://en.wikipedia.org/wiki/Japan_Standard_Timehttp://en.wikipedia.org/wiki/Tokyohttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchangehttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchangehttp://www.timeanddate.com/worldclock/city.html?n=179http://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/NASDAQ_OMX_Grouphttp://en.wikipedia.org/wiki/NASDAQ_OMX_Grouphttp://www.timeanddate.com/worldclock/city.html?n=179http://en.wikipedia.org/wiki/Eastern_Time_Zone_(North_America)http://en.wikipedia.org/wiki/New_York_Cityhttp://en.wikipedia.org/wiki/New_York_Cityhttp://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/NYSE_Euronexthttp://en.wikipedia.org/wiki/NYSE_Euronexthttp://en.wikipedia.org/wiki/United_States_Dollarhttp://www.world-exchanges.org/statistics/monthly-reportshttp://en.wikipedia.org/wiki/Market_capitalization


13/18

RankStock

ExchangeEconomy

Head-

quarters

Market

Capitalization

(USDbillions)

Year-to-

date

Trade

Value

(USD

billions)

Time

Zone DST

Open

(local)

Close

(local)

Lunch

(local)

Open

(UTC)

Close

(UTC)

11

NationalStock

Exchange of

India

India Mumbai 1,234 442 IST +5.5 09:15 15:30 No 03:45 10:00

12SIX Swiss

Exchange SwitzerlandZurich 1,233 502

13BM&F

Bovespa BrazilSo Paulo 1,227 751 BRST 3

Oct

Feb10:00 17:30 No 13:00 20:00

14KoreaExchange

South

KoreaSeoul 1,179 1,297 KST +9 09:00 15:00 No 00:00 06:00

15

Shenzhen

Stock

Exchange China Shenzhen 1,150 2,007 CST +8 09:30 15:00

11:30

13:0001:30 07:00

16BME Spanish

Exchanges SpainMadrid 995 731 CET +1

Mar

Oct09:00 17:30 No 08:00 16:30

17 JSE Limited South

AfricaJohannesburg 903 287 CAT +2 09:00 17:00 No 07:00 15:00

18Moscow

Exchange RussiaMoscow 825 300 MSK +4 10:00 18:45 No 06:00 14:45

19Singapore

Exchange SingaporeSingapore 765 215 SGT +8 09:00 17:00 No 01:00 09:00

20Taiwan StockExchange Taiwan

Taipei 735 572 CST +8 09:00 13:30 No 01:00 05:30

[edit]Listing requirements

Listing requirements are the set of conditions imposed by a given stock exchange upon companies that want to be listed on tha t exchange. Such conditions sometimes include

minimum number of shares outstanding, minimum market capitalization, and minimum annual income.

[edit]Requirements by stock exchange
http://en.wikipedia.org/wiki/United_States_Dollarhttp://en.wikipedia.org/wiki/United_States_Dollarhttp://en.wikipedia.org/wiki/United_States_Dollarhttp://en.wikipedia.org/wiki/National_Stock_Exchange_of_Indiahttp://en.wikipedia.org/wiki/National_Stock_Exchange_of_Indiahttp://en.wikipedia.org/wiki/National_Stock_Exchange_of_Indiahttp://en.wikipedia.org/wiki/National_Stock_Exchange_of_Indiahttp://en.wikipedia.org/wiki/National_Stock_Exchange_of_Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indian_Standard_Timehttp://en.wikipedia.org/wiki/Indian_Standard_Timehttp://www.timeanddate.com/worldclock/city.html?n=44http://www.timeanddate.com/worldclock/city.html?n=44http://en.wikipedia.org/wiki/SIX_Swiss_Exchangehttp://en.wikipedia.org/wiki/SIX_Swiss_Exchangehttp://en.wikipedia.org/wiki/SIX_Swiss_Exchangehttp://en.wikipedia.org/wiki/Switzerlandhttp://en.wikipedia.org/wiki/Switzerlandhttp://en.wikipedia.org/wiki/Zurichhttp://en.wikipedia.org/wiki/Zurichhttp://en.wikipedia.org/wiki/BM%26F_Bovespahttp://en.wikipedia.org/wiki/BM%26F_Bovespahttp://en.wikipedia.org/wiki/BM%26F_Bovespahttp://en.wikipedia.org/wiki/Brazilhttp://en.wikipedia.org/wiki/Brazilhttp://en.wikipedia.org/wiki/S%C3%A3o_Paulohttp://en.wikipedia.org/wiki/S%C3%A3o_Paulohttp://en.wikipedia.org/wiki/Time_in_Brazilhttp://en.wikipedia.org/wiki/Time_in_Brazilhttp://www.timeanddate.com/worldclock/city.html?n=233http://www.timeanddate.com/worldclock/city.html?n=233http://en.wikipedia.org/wiki/Korea_Exchangehttp://en.wikipedia.org/wiki/Korea_Exchangehttp://en.wikipedia.org/wiki/Korea_Exchangehttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/Seoulhttp://en.wikipedia.org/wiki/Seoulhttp://en.wikipedia.org/wiki/Korean_Standard_Timehttp://en.wikipedia.org/wiki/Korean_Standard_Timehttp://www.timeanddate.com/worldclock/city.html?n=594http://www.timeanddate.com/worldclock/city.html?n=594http://en.wikipedia.org/wiki/Shenzhen_Stock_Exchangehttp://en.wikipedia.org/wiki/Shenzhen_Stock_Exchangehttp://en.wikipedia.org/wiki/Shenzhen_Stock_Exchangehttp://en.wikipedia.org/wiki/Shenzhen_Stock_Exchangehttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Shenzhenhttp://en.wikipedia.org/wiki/Shenzhenhttp://en.wikipedia.org/wiki/China_Standard_Timehttp://en.wikipedia.org/wiki/China_Standard_Timehttp://www.timeanddate.com/worldclock/city.html?n=1232http://www.timeanddate.com/worldclock/city.html?n=1232http://en.wikipedia.org/wiki/Bolsas_y_Mercados_Espa%C3%B1oleshttp://en.wikipedia.org/wiki/Bolsas_y_Mercados_Espa%C3%B1oleshttp://en.wikipedia.org/wiki/Bolsas_y_Mercados_Espa%C3%B1oleshttp://en.wikipedia.org/wiki/Spainhttp://en.wikipedia.org/wiki/Spainhttp://en.wikipedia.org/wiki/Madridhttp://en.wikipedia.org/wiki/Madridhttp://en.wikipedia.org/wiki/Central_European_Timehttp://en.wikipedia.org/wiki/Central_European_Timehttp://www.timeanddate.com/worldclock/city.html?n=141http://www.timeanddate.com/worldclock/city.html?n=141http://en.wikipedia.org/wiki/JSE_Limitedhttp://en.wikipedia.org/wiki/JSE_Limitedhttp://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/Johannesburghttp://en.wikipedia.org/wiki/Johannesburghttp://en.wikipedia.org/wiki/Central_Africa_Timehttp://en.wikipedia.org/wiki/Central_Africa_Timehttp://www.timeanddate.com/worldclock/city.html?n=111http://www.timeanddate.com/worldclock/city.html?n=111http://en.wikipedia.org/wiki/Moscow_Exchangehttp://en.wikipedia.org/wiki/Moscow_Exchangehttp://en.wikipedia.org/wiki/Moscow_Exchangehttp://en.wikipedia.org/wiki/Russia

Stock Exchange From Google

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