Ch 3. Part 2. OTHER EXCHANGES. Regional exchanges. stocks may be listed on both NYSE and regional exchange 5 regional exchanges cheaper seat prices. REGIONAL EXCHANGES:. REGIONAL EXCHANGES: Boston Cincinnati Chicago Pacific Philadelphia. REGIONAL EXCHANGES:. For Options
NYSE Amex Equities, formerly known as the American
Stock Exchange (AMEX).
It was created by the National Association of
Securities Dealers (NASD)
“It is the illegal practice of a broker executing orders on a security for its own account while taking advantage of advance knowledge of pending orders from its customers”.
When orders previously submitted by its customers will predictably affect the price of the security, purchasing first for its own account gives the broker an unfair advantage.
in non-UK stock
USA Middle East
Asia Eastern Europe
and retail investors
US Institutional Investors
Global institutional investor base
Source: London Stock Exchange statistics – December 2007
More international equity assets under management
Equity assets under management by centre.
In US$ billions
London has a far bigger international presence and weight. 45% of equity assets under management are invested in international markets.
New York is a larger but mainly domestic market.
Source: IPREO 2007
London Stock Exchange - 367 new companies joined in 2006. NYSE, Nasdaq & Hong Kong Stock Exchange had 332 IPOs in 2006.
$104bn raised on the London Stock Exchange, $40bn on NYSE, and $29bn on Nasdaq
London Stock Exchange - 252 new companies joined the London Stock Exchange, 142 new companies on Nasdaq, 67 on NYSE
$88bn raised on the London Stock Exchange.
Source: London Stock Exchange and WFE – December 2007
Cost-benefit analysis favours London
Strategic financings from global companies will converge on London or New York
Balance Competing Needs
Principles based -
“comply or explain”
Ranked first in corporate governance standards by GMI, Deminor and Davis Global Advisors
Rules based -
prescriptive and expensive
Increased cost of compliance and risk premium (Financial Executive & Korn Ferry Surveys)
Source: Governance Metrics International, 2007
Principles-based regulation: high standard, pragmatic application
No equivalent to Sarbanes-Oxley section 404
An intelligent approach.
Stock Market Investment
Most newspaper and Online stock tables provide the following information:
Following steps are involved on Broker end:
Steps required on Client End:
(AKD Securities – Akeel Karim Deddy Securities )
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