Major Foreign Stock Exchanges of the World 1

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Major Foreign Stock Exchanges of The

World

New York Stock Exchange

New York Stock Exchange

Type Stock exchange

Location New York City, United States

Founded March 8, 1817

Owner NYSE Euronext
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The New York Stock Exchange (NYSE) is astock exchangelocated at 11Wall StreetinLower

Manhattan,New York City,USA. It is theworld's largest stock exchangebymarket

capitalizationof its listed companies at US$13.39 trillion as of Dec 2010. Average daily trading

value was approximately US$153 billion in 2008.

The NYSE is operated byNYSE Euronext, which was formed by the NYSE's 2007 merger with

the fully electronic stock exchangeEuronext. The NYSEtrading flooris located at 11 Wall

Street and is composed of four rooms used for the facilitation of trading. A fifth trading room,

located at 30Broad Street, was closed in February 2007. The main building, located at 18 Broad

Key people Duncan L. Niederauer(CEO)

Currency United States dollar

No. of listings 2,317

MarketCap US$13.39 trillion (Dec 2010)[1]

Volume US$1439 billion (Nov 2010)

Indexes

NYSE Composite

Dow Jones Industrial Average

S&P 500

Website nyse.com

Built: 1903

Architect:Trowbridge & Livingston;

George B. Post

Architectural style(s): Classical Revival

Governing body: Private
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Street, between the corners of Wall Street andExchange Place, was designated aNational

Historic Landmarkin 1978, as was the 11 Wall Street building.

History

The Stock Exchange at 10-12 Broad street, in 1882

The origin of the NYSE can be traced to May 17, 1792, when theButtonwood Agreementwas

signed by 24stock brokersoutside of 68Wall Streetin New York under abuttonwood treeonWall Street. On March 8, 1817, the organization drafted a constitution and renamed itself the

"New York Stock & Exchange Board."Anthony Stockholmwas elected the Exchange's first

president.

The first central location of the Exchange was a room, rented in 1792 for $200 a month, located

at 40 Wall Street. After that location was destroyed in theGreat Fire of New Yorkin 1835, the

Exchange moved to a temporary headquarters. In 1863, the New York Stock & Exchange Board

changed to its current name, the New York Stock Exchange. In 1865, the Exchange moved to

10-12 Broad Street.

The New York Stock Exchange was closed for ten days starting September 20, 1873, because of

thePanic of 1873.

Eight New York City architects were invited to participate in a design competition for a new

building; ultimately, the Exchange selected theneoclassic designsubmitted by architectGeorge
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B. Post. Demolition of the Exchange building at 10 Broad Street, and adjacent buildings, started

on May 10, 1901.

The new building, located at 18 Broad Street, cost $4 million and opened on April 22, 1903. The

trading floor, at 109 140 feet (33 42.5 m), was one of the largest volumes of space in the cityat the time, and had a skylight set into a 72-foot (22 m)-high ceiling.

In 1922, a building for offices, designed byTrowbridge & Livingston, was added at 11 Wall

Street, as well as a new trading floor called the Garage.

As the NYSE introduced itshybrid market, a greater proportion of trading came to be executed

electronically, and due to the resulting reduction in demand for trading floor space, the NYSE

decided to close the 30 Broad Street trading room in early 2006.

As the adoption of electronic trading continued to reduce the number of traders and employees

on the floor, in late 2007, the NYSE closed the rooms created by the 1969 and 1988 expansions.

The floor of the New York Stock Exchange in 1908

Presently, Marsh Carter is Chairman of the New York Stock Exchange, having succeededJohn

S. Reedand the CEO isDuncan Niederauer, having succeededJohn Thain.

Notable events

The exchange was closed shortly after the beginning ofWorld War I(July 31, 1914), but it

partially re-opened on November 28 of that year in order to help the war effort by tradingbonds,

and completely reopened for stock trading in mid-December.

On September 16, 1920, abomb exploded on Wall Streetoutside the NYSE building, killing 33

people and injuring more than 400. The perpetrators were never found. The NYSE building and
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some buildings nearby, such as theJP Morganbuilding, still have marks on their faades caused

by the bombing.

On October 1, 1934, the exchange was registered as a national securities exchange with theU.S.

Securities and Exchange Commission, with a president and a thirty-three member board. OnFebruary 18, 1971 the non-profit corporation was formed, and the number of board members was

reduced to twenty-five.

NYSE's stock exchangetradersfloor before the introduction of electronic readouts andcomputer

screens.

On October 19, 1987, theDow Jones Industrial Average(DJIA) dropped 508 points, a 22.6%

loss in a single day, the second-biggest one-day drop the exchange had experienced, prompting

officials at the exchange to invoke for the first time the "circuit breaker" rule to halt all trading.

This was a very controversial move and led to a quick change in the rule; trading now halts for

an hour, two hours, or the rest of the day when the DJIA drops 10, 20, or 30 percent,

respectively..

Consequently,[vague] there was another major drop for the Dow on October 13, 1989; theMini-

Crash of 1989. The crash was apparently caused by a reaction to a news story of a $6.75 billion

leveraged buyout deal for UAL Corporation, the parent company ofUnited Airlines, which

broke down. When the UAL deal fell through, it helped trigger the collapse of thejunk bond

market causing the Dow to fall 190.58 points, or 6.91 percent.

Similarly, there was a panic in the financial world during the year of 1997; theAsian FinancialCrisis. Like the fall of many foreign markets, the Dow suffered a 7.18% drop in value (554.26

points) on October 27, 1997, in what later became known as the1997 Mini-Crashbut from

which the DJIA recovered quickly.

Trading
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The NYSE trading floor in August 2008.

The New York Stock Exchange (sometimes referred to as "the Big Board") provides a means for

buyers and sellers totradesharesofstockin companies registered for public trading. The NYSE

is open for trading Monday through Friday between 9:30am4:00pmET, with the exception of

holidays declared by the Exchange in advance.

On the trading floor, the NYSE trades in a continuous auction format, where traders can execute

stock transactions on behalf of investors. They will gather around the appropriate post where a

specialist broker, who is employed by an NYSE member firm (that is, he/she is not an employee

of the New York Stock Exchange), acts as an auctioneer in anopen outcryauction market

environment to bring buyers and sellers together and to manage the actual auction.

The auction process moved toward automation in 1995 through the use of wireless hand held

computers (HHC). The system enabled traders to receive and execute orders electronically via

wireless transmission.

On September 25, 1995, NYSE member Michael Einersen, who designed and developed this

system, executed 1000 shares of IBM through this HHC ending a 203 year process of paper

transactions and ushering in an era of automated trading.

As of January 24, 2007, all NYSE stocks can be traded via its electronicHybrid Market(except

for a small group of very high-priced stocks). Customers can now send orders for immediate

electronic execution or route orders to the floor for trade in the auction market. In the first three

months of 2007, in excess of 82% of all order volume was delivered to the floor electronically.

NYSE Composite Index

In the mid-1960s, theNYSE Composite Index(NYSE:NYA) was created, with a base value of

50 points equal to the 1965 yearly close. This was done to reflect the value of all stocks trading
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at the exchange instead of just the 30 stocks included in theDow Jones Industrial Average. To

raise the profile of the composite index, in 2003 the NYSE set its new base value of 5,000 points

equal to the 2002 yearly close.

Timeline

In 1792, The NYSE acquires its first traded securities .In 1817, The constitution of the New

York Stock and Exchange Board is adopted. In 1867, The First Stock Ticker. In 1896,Dow

Jones Industrial Averagefirst published inThe Wall Street Journal. In 1903, NYSE moves into

new quarters at 18Broad Street. In 1906, Dow exceeds 100 on January 12. In 1907,Panic of

1907. In 1914,World War Icauses the longest exchange shutdown: four months, two weeks; re-

opening December 12 brings the largest one-day percentage drop in theDJIA(24.4%). In 1915,

Market price is given in dollars.

In 1954, Dow surpasses its 1929 peak ininflation-adjusteddollars. In 1956, Dow closes above

500 for the first time on March 12. In 1966, the NYSE begins a composite index of all listed

common stocks. This is referred to as the "Common Stock Index" and is transmitted daily. The

starting point of the index is 50. It is later renamed the NYSE Composite Index. In 1972, Dow

closes above 1,000 for the first time on November 14. In 1977, foreign brokers are admitted to

NYSE. In 1980,New York Futures Exchangeestablished. October 19, sees the second-largest

one-day DJIA percentage drop (22.6%) in history. In 1999, Dow exceeds 10,000 on March 29. In

2000, Dow peaks at 11,722.98 on January 14; first NYSE global index is launched under the

ticker NYIID.

In 2001, Trading in fractions (n/16) ends, replaced by decimals (increments of $.01, see

Decimalization);September 11, 2001 attacksoccur, closing NYSE for 4 sessions. In 2003,

NYSE CompositeIndex relaunched and value set equal to 5,000 points. In 2006, NYSE and

ArcaExmerge, creatingNYSE Arcaand forming the publicly owned, for-profit NYSE Group,

Inc.; in turn, NYSE Group merges withEuronext, creating the first trans-Atlantic stock exchange

group; DJIA tops 12,000 on October 19. In 2007, US PresidentGeorge W. Bushshows up

unannounced to the Floor about an hour and a half before aFederal Open Market Committee

interest-rate decision on January 31. NYSE announces its merger with theAmerican Stock

Exchange; NYSE Composite closes above 10,000 on June 1; DJIA exceeds 14,000 on July 19

and closes at an all time peak of 14,164.53 on October 9.
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Merger with Deutsche Boerse

On February 15, 2011 NYSE andDeutsche Brseannounced their merger to form a new

company, as yet unnamed, wherein Deutsche Boerse shareholders will have 60% ownership of

the new entity, andNYSE-Euronextshareholders will have 40%.

Hong Kong Stock Exchange

Hong Kong Stock Exchange

Type Stock exchange

Location Hong Kong, China

Founded 1891

Owner Hong Kong Exchanges and Clearing
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Currency Hong Kong dollar


MarketCap USD$2.67 trillion (Feb 2011)

Indexes Hang Seng Index

Website hkex.com.hk

The Hong Kong Stock Exchange (HKEX; SEHK:0388) is thestock exchangeofHong Kong.

The exchange has predominantly been the main exchange for Hong Kong where shares oflistedcompaniesare traded. It isAsia's second largest stock exchange in terms ofmarket capitalisation,

behind theTokyo Stock Exchange. As of 31 Dec 2010, the Hong Kong Stock Exchange had

1,413 listed companies with a combined market capitalization of $2.7 trillion.Hong Kong

Exchanges and Clearingis theholding companyfor the exchange.

History

The history of the securities exchange began formally in the late 19th century with the first

establishment in 1891, though informal securities exchanges have been known to take place

since 1861.[3]The exchange has predominantly been the main exchange for Hong Kong despite

co-existing with other exchanges at different point in time. After a series of complex mergers and

acquisitions, HKSE remains the core. From 1947 to 1969 the exchange monopolised the market.

Brief time line

On 2 April 1986: a new trading hall was opened. At that time, a total of 249 companieswere listed on the Exchange, total market capitalisation was HK$245 billion

6 October 1986: Stock Exchange grand opening The Ian Hay Davison Report on governance of the exchange commissioned by the HK

government was released in May 1988, it resulted in market reforms

On 24 June 1992, the Central Clearing and Settlement System (CCASS) was introduced
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On 15 July 1993, in theTsingtao Brewerybecame the first Chinese enterprise to list itsHshareson the exchange.

On 1 November 1993, a new "Automatic Order Matching and Execution System",AMS/1, was introduced on the exchange; later, in January 1996, the second phase AMS/2

was introduced, becoming the basis of off-floor trading.

On 12 November 1999, theTracker Fund of Hong Kong, created by governmentintervention during the1997 Asian financial crisis, had its introduction on the exchange.

25 November 1999, two companies were jointly listed on the newly createdGrowthEnterprise Market(GEM)

On 6 March 2000, The Stock Exchange, Futures Exchange and the Hong Kong SecuritiesClearing Company all became wholly owned subsidiaries of HKEx, which was in turn

listed on 27 June 2000.

On 23 October 2000, AMS/3 was implemented on the exchange.

Trading hours

Russian PresidentDmitry Medvedevwith exchange ChairmanRonald Arculliduring a visit to

Hong Kong on 17 April 2011.

The trading day consists of:

A pre-opening auction session from 9:30 am to 9:50 am. The opening price of a securityis reported shortly after 9:50 am.[5]

A morning continuous trading session from 09:30 am to 12:00 pm An afternoon continuous trading session from 1:30 pm to 4:00 pm

The closing price is reported as the median of five price snapshots taken from 3:59 to 4:00 pm

every 15 seconds. In May 2008, the exchange also implemented a closing auction session to run

from 4:00 pm to 4:10 pm, with a similar pricing mechanism as the opening auction; however,

this resulted in significant fluctuations in the closing prices of stocks and suspicions ofmarket
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manipulation. Initially, the exchange proposed limiting price fluctuations in the auction sessions

to 2%; in the end, they removed the closing session entirely in March 2009.

The two-hour lunch break between the morning and afternoon sessions is the longest among the

world's20 major stock exchanges. A 2003 proposal to shorten the lunch break failed due toopposition from brokers. Another plan to shorten the lunch break to one hour was floated by the

exchange in 2010; the morning session would then start earlier, run from 9:30 am to 12:00 pm,

and the afternoon session from 1:00 pm to 4:00 pm, leaving the closing time the same as before.

Justifications included bringing hours into line with China. Reactions from both brokers and the

restaurant industry were mixed.

On 7 March 2011, the exchange extended its hours in the first of two phases. The morning

session now runs from 9:30 am to 12:00 noon, followed by a ninety minute lunch break, and an

afternoon session from 1:30 pm to 4:00 pm. Index futures and options now begin trading at

9:15 am, thirty minutes earlier than before, and close at the same time as before, 4:15 pm. On 5

March 2012, the lunch break will be cut to sixty minutes, with the afternoon session running

from 1:00 pm to 4:00 pm.

Electronic trading

The exchange first introduced a computer-assisted trading system on 2 April 1986. In 1993 the

exchange launched the "Automatic Order Matching and Execution System" (AMS), which was

replaced by the third generation system (AMS/3) in October 2000.

Regulatory role

David Webb, independentnon-executive directorof the Exchange since 2003, has been arguing

for a super regulatory authority to assume that role as regulator, as there is inherent conflict

between its commercial and regulatory roles. In the meantime, he argues for improved investor

representation on the Hong Kong Stock Exchange.

In 2007, the uproar by smaller local stockbrokers over the decision by board of directors to cut

minimumtrading spreadsfor equities andwarrantstrading at between 25 HK cents and HK$2

caused the new board to vote to reverse the decision. The reforms were to be implemented in the

first quarter, but was put back on the table following protests by brokers. Webb criticized the

board for caving in to vested interests.
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10 Largest stocks by market capitalisation

1. PetroChina: $2,492.042. Industrial & Commercial Bank of China: $1,810.143. China Mobile: $1,584.904. China Construction Bank: $1,514.725. HSBC Holdings: $1,433.276. Bank of China: $1,127.577. Sinopec Corp: $957.578. China Life Insurance: $922.649. China Shenhua Energy: $636.2310.CNOOC: $609.29

Tokyo Stock Exchange

Tokyo Stock Exchange
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Type Stock exchange

Location Tokyo, Japan

Founded 1878

Owner Tokyo Stock Exchange Group, Inc.

Key people

Taizo Nishimuro, Chairman

Atsushi Saito, President & CEO

Yasuo Tobiyama, MD, COO & CFO

Currency Japanese yen


MarketCap US$3.8 trillion (Dec 2010)

Volume US$3.7 trillion (Dec 2009)

Indexes TOPIX
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Nikkei 225

Website TSE.or.jp

The maintrading roominside TSE Arrows of the Tokyo Stock Exchange, where trading is

currently completed through computers.

The Tokyo Stock Exchange (Tky Shken Torihikijyo), called Tsh or TSE for short, is

located inTokyo,Japanand is the third largeststock exchangein the world by aggregatemarket

capitalizationof its listed companies. The Tokyo Stock Exchange had 2,292 listed companies

with a combined market capitalization of US$3.8 trillion as of Dec 2010.

Structure

The TSE is incorporated as akabushiki kaishawith nine directors, four auditors and eight

executive officers. Its headquarters are located at 2-1Nihonbashi-kabutocho,Ch, Tokyo.

"Kabutocho" is the largest financial district inJapan. Its operating hours are from 9:00 to 11:00

am, and from 12:30 to 3:00 pm. From April 24, 2006, the afternoon trading session started at its

usual time of 12:30 p.m.

Stocks listed on the TSE are separated into the First Section for large companies, the Second

Section for mid-sized companies, and the Mothers(Market of the high-growth and emerging

stocks) section for high-growth startup companies. As of October 31, 2010, there are 1,675 First

Section companies, 437 Second Section companies and 182 Mothers companies.
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The main indices tracking the TSE are theNikkei 225index of companies selected by theNihon

Keizai Shimbun(Japan's largest business newspaper), theTOPIXindex based on the share prices

of First Section companies, and the J30 index of large industrial companies maintained by

Japan's major broadsheet newspapers.

92 domestic and 10 foreign securities companies participate in TSE trading.

Other TSE-related institutions include:

The exchange's press club, called the Kabuto Club (:Kabuto kurabu), which meets on thethird floor of the TSE building. Most Kabuto Club members are affiliated with theNihon

Keizai Shimbun,Kyodo News,Jiji Press, or business television broadcasters such as

Bloomberg LPandCNBC. The Kabuto Club is generally busiest during April and May,

when public companies release their annual accounts.

On 15 June 2007, the TSE paid $303 million to acquire a 4.99% stake in Singapore Exchange

Ltd.

History

The Tokyo Stock Exchange was established on May 15, 1878, as the Tokyo Kabushiki Torihikijo

under the direction of then-Finance MinisterOkuma Shigenobuand capitalist advocate

Shibusawa Eiichi. Trading began on June 1, 1878.

In 1943, the exchange was combined with ten other stock exchanges in major Japanese cities to

form a single Japanese Stock Exchange (Nippon Shken Torihikisho). The combined exchange

was shut down and reorganized shortly after the bombing ofNagasaki.

Tokyo Stock Exchange in 1950
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The Tokyo Stock Exchange reopened under its current Japanese name on May 16, 1949,

pursuant to the new Securities Exchange Act.

The TSE run up from 1983 to 1990 was unprecedented, in 1990 it accounted for over 60% of the

world's stock market capitalization (by far the world's largest) before falling precipitously invalue and rankings today, but still remains one of the 3 largest exchanges in the world by market

capitalization of listed shares.

The trading floor of the TSE was closed on April 30, 1999, and the exchange switched to

electronic trading for all transactions. A new facility, called TSE Arrows (Tsh Arrows),

opened on May 9, 2000. In 2010, the TSE launched its Arrowhead trading facility.

In 2001, the TSE restructured itself as astock company: before this time, it was structured as an

incorporated association with its members as shareholders.

I.T. issues

The exchange was only able to operate for 90 minutes on November 1, 2005, due to bugs with a

newly installed transactions system, developed byFujitsu, which was supposed to help cope with

higher trading volumes. The interruption in trading was the worst in the history of the exchange.

Trading was suspended for four-and-a-half hours.

During theinitial public offeringof advertising giantDentsu, in December 2001, a trader atUBSWarburg, the Swiss investment bank, sent an order of 610,000 shares in this company at 1 yen

each, while he intended to sell 1 share at 610,000 yen. The bank lost 71 million.

During yet another initial public offering, that of J-Com, on December 8, 2005, an employee at

Mizuho Securities Co., Ltd.mistakenly typed an order to sell 600,000 shares at 1yen, instead of

an order to sell 1 share at 600,000yen. Mizuho failed to catch the error; the Tokyo Stock

Exchange initially blocked attempts to cancel the order, resulting in a net loss of 347 millionUS

dollarsto be shared between the exchange and Mizuho. Both companies are now trying to deal

with their troubles: lack of error checking, lack of safeguards, lack of reliability, lack of

transparency, lack of testing, loss of confidence, and loss of profits. On 11 December, the TSE

acknowledged that its system was at fault in the Mizuho trade. On 21 December, Takuo

Tsurushima, chief executive of the TSE, and two other senior executives resigned over the

Mizuho affair.
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Hours

The exchange's normal trading sessions are from 09:00am to 11:00am and from 12:30pm to

3:00pm on all days of the week except Saturdays, Sundays and holidays declared by the

Exchange in advance. The exchange is closed for the following holidays:New Year's Day,

Coming of Age Day,National Foundation Day,Vernal Equinox Day,Shwa Day,Constitution

Memorial Day,Greenery Day,Children's Day,Marine Day,Respect for the Aged Day,

Autumnal Equinox,Health and Sports Day,Culture Day,Labour Thanksgiving Day, andThe

Emperor's Birthday.

Alliances

TheLondon Stock Exchange(LSE) and the TSE are developing jointly traded products and

share technology, marking the latest cross-border deal among bourses as international

competition heats up. The TSE is also looking for some partners in Asia, and more specifically is

seeking an alliance with theSingapore Exchange(SGX), which is considered as becoming a

leading financial hub in the Asia-Pacific region. Recently, some rumors close to the deal suggest

that the TSE is preparing for a takeover of the SGX, or at least take a major stake, in the first

semester of 2008. The TSE has already acquired a 5% stake in the SGX as of June 2007, deemed

to be only the beginning of greater participation.

In July 2008 theLondon Stock Exchange(LSE) and the TSE announced a new joint venture

Tokyo-based market, which will be based on the LSE'sAlternative Investment Market(AIM).
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Documents

Major Foreign Stock Exchanges of the World 1