By offering high leverage, the market maker encourages traders to trade extremely large positions. This increases the trading volume cleared by the market maker and increases his profits, but increases the risk that the trader will receive a margin call. While professional currency dealers (banks, hedge funds) never use more than 10:1 leverage, retail clients are generally offered leverage between 50:1 and 200:1
A self-regulating body for the foreign exchange market, the National Futures Association, warns traders in a forex training presentation of the risk in trading currency. “As stated at the beginning of this program, off-exchange foreign currency trading carries a high level of risk and may not be suitable for all customers. The only funds that should ever be used to speculate in foreign currency trading, or any type of highly speculative investment, are funds that represent risk capital; in other words, funds you can afford to lose without affecting your financial situation.
Tuesday, November 17, 2009
Commodities traded on the New York Mercantile Exchange
NYMEX Division:
Coal
Crude oil
Electricity
Gasoline
Heating oil
Natural gas
Palladium
Platinum
Propane
Uranium
COMEX Division:
Aluminum
Copper
Gold
Silver
Coal
Crude oil
Electricity
Gasoline
Heating oil
Natural gas
Palladium
Platinum
Propane
Uranium
COMEX Division:
Aluminum
Copper
Gold
Silver
Oil
Building on the infrastructure and credit and settlement networks established for food and precious metals, many such markets have proliferated drastically in the late 20th century. Oil was the first form of energy so widely traded, and the fluctuations in the oil markets are of particular political interest.
Some commodity market speculation is directly related to the stability of certain states, e.g. during the Persian Gulf War, speculation on the survival of the regime of Saddam Hussein in Iraq. Similar political stability concerns have from time to time driven the price of oil.
The oil market is an exception. Most markets are not so tied to the politics of volatile regions - even natural gas tends to be more stable, as it is not traded across oceans by tanker as extensively.
Some commodity market speculation is directly related to the stability of certain states, e.g. during the Persian Gulf War, speculation on the survival of the regime of Saddam Hussein in Iraq. Similar political stability concerns have from time to time driven the price of oil.
The oil market is an exception. Most markets are not so tied to the politics of volatile regions - even natural gas tends to be more stable, as it is not traded across oceans by tanker as extensively.
Regulation of commodity markets
Cotton, kilowatt-hours of electricity, board feet of wood, long distance minutes, royalty payments due on artists' works, and other products and services have been traded on markets of varying scale, with varying degrees of success.[citation needed] One issue that presents major difficulty for creators of such instruments is the liability accruing to the purchaser:
Unless the product or service can be guaranteed or insured to be free of liability based on where it came from and how it got to market, e.g., kilowatts must come to market free from legitimate claims for smog death from coal burning plants, wood must be free from claims that it comes from protected forests, royalty payments must be free of claims of plagiarism or piracy, it becomes impossible for sellers to guarantee a uniform delivery.
Generally, governments must provide a common regulatory or insurance standard and some release of liability, or at least a backing of the insurers, before a commodity market can begin trading. This is a major source of controversy in for instance the energy market, where desirability of different kinds of power generation varies drastically. In some markets, e.g. Toronto, Canada, surveys established that customers would pay 10-15% more for energy that was not from coal or nuclear, but strictly from renewable sources such as wind.[citation needed]
In the United States, the principal regulator of commodity and futures markets is the Commodity Futures Trading Commission.
Unless the product or service can be guaranteed or insured to be free of liability based on where it came from and how it got to market, e.g., kilowatts must come to market free from legitimate claims for smog death from coal burning plants, wood must be free from claims that it comes from protected forests, royalty payments must be free of claims of plagiarism or piracy, it becomes impossible for sellers to guarantee a uniform delivery.
Generally, governments must provide a common regulatory or insurance standard and some release of liability, or at least a backing of the insurers, before a commodity market can begin trading. This is a major source of controversy in for instance the energy market, where desirability of different kinds of power generation varies drastically. In some markets, e.g. Toronto, Canada, surveys established that customers would pay 10-15% more for energy that was not from coal or nuclear, but strictly from renewable sources such as wind.[citation needed]
In the United States, the principal regulator of commodity and futures markets is the Commodity Futures Trading Commission.
Futures contracts
A futures contract has the same general features as a forward contract. Futures contracts are transacted through a futures exchange. Commodity and Futures contracts are based on what’s termed "Forward" Contracts. Early on these "forward" contracts (agreements to buy now, pay and deliver later) were used as a way of getting products from producer to the consumer. These typically were only for food and agricultural Products. Forward contracts have evolved and have been standardized into what we know today as futures contracts. Although more complex today, early “Forward” contracts for example, were used for rice in seventeenth century Japan. Modern "forward", or futures agreements, began in Chicago in the 1840s, with the appearance of the railroads. Chicago, being centrally located, emerged as the hub between Midwestern farmers and producers and the east coast consumer population centers.
Recent Trends in Commodities
The global increase in prices of commodities in 2008 was more increased by high demand from the likes of India and China and uncontrollable speculation in forward markets. This price increase was for every commodity from coal to corn. This become at its peak in the closing months of 2008 across the board. As a result, after years of record revenue farmers are expected to face a sharp drop in crop prices. Other commodities, such as steel, are also expected to tumble due to lower demand. It may be positive for manufacturing industries. These industries will experience a drop in some input costs, partly offsetting the decline in downstream demand.
Commodity market
Commodity markets are markets where raw or primary products are exchanged. These raw commodities are traded on regulated commodities exchanges, in which they are bought and sold in standardized contracts.
This article focuses on the history and current debates regarding global commodity markets. It covers physical product (food, metals, electricity) markets but not the ways that services, including those of governments, nor investment, nor debt, can be seen as a commodity. Articles on reinsurance markets, stock markets, bond markets and currency markets cover those concerns separately and in more depth. One focus of this article is the relationship between simple commodity money and the more complex instruments offered in the commodity markets.
The modern commodity markets have their roots in the trading of agricultural products. While wheat and corn, cattle and pigs, were widely traded using standard instruments in the 19th century in the United States, other basic foodstuffs such as soybeans were only added quite recently in most markets.[citation needed] For a commodity market to be established, there must be very broad consensus on the variations in the product that make it acceptable for one purpose or another.
The economic impact of the development of commodity markets is hard to overestimate. Through the 19th century "the exchanges became effective spokesmen for, and innovators of, improvements in transportation, warehousing, and financing, which paved the way to expanded interstate and international trade."[citation needed]
[edit] Early history of commodity markets
Historically, dating from ancient Sumerian use of sheep or goats, or other peoples using pigs, rare seashells, or other items as commodity money, people have sought ways to standardize and trade contracts in the delivery of such items, to render trade itself more smooth and predictable.
Commodity money and commodity markets in a crude early form are believed to have originated in Sumer where small baked clay tokens in the shape of sheep or goats were used in trade. Sealed in clay vessels with a certain number of such tokens, with that number written on the outside, they represented a promise to deliver that number. This made them a form of commodity money - more than an "I.O.U." but less than a guarantee by a nation-state or bank. However, they were also known to contain promises of time and date of delivery - this made them like a modern futures contract. Regardless of the details, it was only possible to verify the number of tokens inside by shaking the vessel or by breaking it, at which point the number or terms written on the outside became subject to doubt. Eventually the tokens disappeared, but the contracts remained on flat tablets. This represented the first system of commodity accounting.
However, the Commodity status of living things is always subject to doubt - it was hard to validate the health or existence of sheep or goats. Excuses for non-delivery were not unknown, and there are recovered Sumerian letters[citation needed] that complain of sickly goats, sheep that had already been fleeced, etc.
If a seller's reputation was good, individual "backers" or "bankers" could decide to take the risk of "clearing" a trade. The observation that trust is always required between market participants later led to credit money. But until relatively modern times, communication and credit were primitive.
Classical civilizations built complex global markets trading gold or silver for spices, cloth, wood and weapons, most of which had standards of quality and timeliness. Considering the many hazards of climate, piracy, theft and abuse of military fiat by rulers of kingdoms along the trade routes, it was a major focus of these civilizations to keep markets open and trading in these scarce commodities. Reputation and clearing became central concerns, and the states which could handle them most effectively became very powerful empires, trusted by many peoples to manage and mediate trade and commerce.
This article focuses on the history and current debates regarding global commodity markets. It covers physical product (food, metals, electricity) markets but not the ways that services, including those of governments, nor investment, nor debt, can be seen as a commodity. Articles on reinsurance markets, stock markets, bond markets and currency markets cover those concerns separately and in more depth. One focus of this article is the relationship between simple commodity money and the more complex instruments offered in the commodity markets.
The modern commodity markets have their roots in the trading of agricultural products. While wheat and corn, cattle and pigs, were widely traded using standard instruments in the 19th century in the United States, other basic foodstuffs such as soybeans were only added quite recently in most markets.[citation needed] For a commodity market to be established, there must be very broad consensus on the variations in the product that make it acceptable for one purpose or another.
The economic impact of the development of commodity markets is hard to overestimate. Through the 19th century "the exchanges became effective spokesmen for, and innovators of, improvements in transportation, warehousing, and financing, which paved the way to expanded interstate and international trade."[citation needed]
[edit] Early history of commodity markets
Historically, dating from ancient Sumerian use of sheep or goats, or other peoples using pigs, rare seashells, or other items as commodity money, people have sought ways to standardize and trade contracts in the delivery of such items, to render trade itself more smooth and predictable.
Commodity money and commodity markets in a crude early form are believed to have originated in Sumer where small baked clay tokens in the shape of sheep or goats were used in trade. Sealed in clay vessels with a certain number of such tokens, with that number written on the outside, they represented a promise to deliver that number. This made them a form of commodity money - more than an "I.O.U." but less than a guarantee by a nation-state or bank. However, they were also known to contain promises of time and date of delivery - this made them like a modern futures contract. Regardless of the details, it was only possible to verify the number of tokens inside by shaking the vessel or by breaking it, at which point the number or terms written on the outside became subject to doubt. Eventually the tokens disappeared, but the contracts remained on flat tablets. This represented the first system of commodity accounting.
However, the Commodity status of living things is always subject to doubt - it was hard to validate the health or existence of sheep or goats. Excuses for non-delivery were not unknown, and there are recovered Sumerian letters[citation needed] that complain of sickly goats, sheep that had already been fleeced, etc.
If a seller's reputation was good, individual "backers" or "bankers" could decide to take the risk of "clearing" a trade. The observation that trust is always required between market participants later led to credit money. But until relatively modern times, communication and credit were primitive.
Classical civilizations built complex global markets trading gold or silver for spices, cloth, wood and weapons, most of which had standards of quality and timeliness. Considering the many hazards of climate, piracy, theft and abuse of military fiat by rulers of kingdoms along the trade routes, it was a major focus of these civilizations to keep markets open and trading in these scarce commodities. Reputation and clearing became central concerns, and the states which could handle them most effectively became very powerful empires, trusted by many peoples to manage and mediate trade and commerce.
Monday, November 16, 2009
List of United States 's stock market indices
Amex indices:
Amex Major Market Index
Amex Volatility Index
Amex Composite Index
Amex Gold Miners Index
CBOE indices:
CBOE DJIA BuyWrite Index (BXD)
CBOE NASDAQ-100 BuyWrite Index (BXN)
CBOE S&P 500 BuyWrite Index (BXM)
CBOE Volatility Index (VIX)
CBOE S&P 100 Volatility Index (VXN)
Dow Jones & Company indices:
Dow Jones Composite Average
Dow Jones Global Titans
Dow Jones Industrial Average
Dow Jones Transportation Average
Dow Jones Utility Average
Dow Jones U.S. Large Cap Growth
Dow Jones U.S. Large Cap Value
Dow Jones U.S. Small Cap Growth
Dow Jones U.S. Small Cap Value
Dow Jones U.S. Total Market
Dow Jones Wilshire 4500
Dow Jones Wilshire 5000 Total Stock Market
Goldman Sachs indices:
GSTI Semiconductor Index
GSTI Software Index
Nasdaq indices:
NASDAQ Composite ([19])
NASDAQ-100
NASDAQ Volatility Index
Russell Indexes (published by Russell Investment Group):
Russell 3000
Russell 3000 Growth
Russell 3000 Value
Russell 1000
Russell 1000 Growth
Russell 1000 Value
Russell 2000
Russell 2000 Growth
Russell 2000 Value
Russell Top 200
Russell Top 200 Growth
Russell Top 200 Value
Russell MidCap
Russell MidCap Growth
Russell MidCap Value
Russell 2500
Russell 2500 Growth
Russell 2500 Value
Russell Small Cap Completeness
Russell Small Cap Completeness Growth
Russell Small Cap Completeness Value
Standard & Poor's indices :
S&P 500
S&P Completion
S&P 500/BARRA Growth
S&P 500/BARRA Value
S&P Midcap 400
S&P Midcap 400/BARRA Growth
S&P Midcap 400/BARRA Value
S&P SmallCap 600
S&P SmallCap 600/BARRA Growth
S&P SmallCap 600/BARRA Value
CPMKTE - The Capital Markets Equity Index
Amex Major Market Index
Amex Volatility Index
Amex Composite Index
Amex Gold Miners Index
CBOE indices:
CBOE DJIA BuyWrite Index (BXD)
CBOE NASDAQ-100 BuyWrite Index (BXN)
CBOE S&P 500 BuyWrite Index (BXM)
CBOE Volatility Index (VIX)
CBOE S&P 100 Volatility Index (VXN)
Dow Jones & Company indices:
Dow Jones Composite Average
Dow Jones Global Titans
Dow Jones Industrial Average
Dow Jones Transportation Average
Dow Jones Utility Average
Dow Jones U.S. Large Cap Growth
Dow Jones U.S. Large Cap Value
Dow Jones U.S. Small Cap Growth
Dow Jones U.S. Small Cap Value
Dow Jones U.S. Total Market
Dow Jones Wilshire 4500
Dow Jones Wilshire 5000 Total Stock Market
Goldman Sachs indices:
GSTI Semiconductor Index
GSTI Software Index
Nasdaq indices:
NASDAQ Composite ([19])
NASDAQ-100
NASDAQ Volatility Index
Russell Indexes (published by Russell Investment Group):
Russell 3000
Russell 3000 Growth
Russell 3000 Value
Russell 1000
Russell 1000 Growth
Russell 1000 Value
Russell 2000
Russell 2000 Growth
Russell 2000 Value
Russell Top 200
Russell Top 200 Growth
Russell Top 200 Value
Russell MidCap
Russell MidCap Growth
Russell MidCap Value
Russell 2500
Russell 2500 Growth
Russell 2500 Value
Russell Small Cap Completeness
Russell Small Cap Completeness Growth
Russell Small Cap Completeness Value
Standard & Poor's indices :
S&P 500
S&P Completion
S&P 500/BARRA Growth
S&P 500/BARRA Value
S&P Midcap 400
S&P Midcap 400/BARRA Growth
S&P Midcap 400/BARRA Value
S&P SmallCap 600
S&P SmallCap 600/BARRA Growth
S&P SmallCap 600/BARRA Value
CPMKTE - The Capital Markets Equity Index
List of Europe 's stock market indices
Dow Jones Stoxx 50 - 50 large blue chip companies in Europe.
Dow Jones Euro Stoxx 50 - 50 large blue chip companies in the Eurozone
FTSE Eurotop 100 - 100 most highly capitalised blue chip companies in Europe
FTSE Euromid - A definitive benchmark for medium capitalisation pan-European equities.
FTSE Euro 100 - The 100 most highly capitalised blue chip companies resident and incorporated within countries representing the Europe Monetary Union (EMU).
FTSEurofirst 80 Index - the 60 largest companies by market capitalisation in the
FTSE Eurozone Index and 20 additional companies selected for their size and sector representation in the Eurozone exclusive of the United Kingdom.
FTSEurofirst 100 Index - the 60 largest companies by market capitalisation in the
FTSE Developed Europe Index and 40 additional companies selected for their size and sector representation in the Eurozone including the United Kingdom.
FTSEurofirst 300 Index - the 300 largest companies ranked by market capitalisation in the FTSE Developed Europe Index.
S&P Europe 350
Dow Jones Euro Stoxx 50 - 50 large blue chip companies in the Eurozone
FTSE Eurotop 100 - 100 most highly capitalised blue chip companies in Europe
FTSE Euromid - A definitive benchmark for medium capitalisation pan-European equities.
FTSE Euro 100 - The 100 most highly capitalised blue chip companies resident and incorporated within countries representing the Europe Monetary Union (EMU).
FTSEurofirst 80 Index - the 60 largest companies by market capitalisation in the
FTSE Eurozone Index and 20 additional companies selected for their size and sector representation in the Eurozone exclusive of the United Kingdom.
FTSEurofirst 100 Index - the 60 largest companies by market capitalisation in the
FTSE Developed Europe Index and 40 additional companies selected for their size and sector representation in the Eurozone including the United Kingdom.
FTSEurofirst 300 Index - the 300 largest companies ranked by market capitalisation in the FTSE Developed Europe Index.
S&P Europe 350
List of Global stock market indices
Large companies not ordered by any nation or type of business. It is in alphabetical order.
BBC Global 30
MSCI World
S&P Global 100
S&P Global 1200
Russell Global 10000 Launched 17/01/07
FTSE CNBC Global 300
FTSE Global 100
Dow Jones Global Titans 50
BBC Global 30
MSCI World
S&P Global 100
S&P Global 1200
Russell Global 10000 Launched 17/01/07
FTSE CNBC Global 300
FTSE Global 100
Dow Jones Global Titans 50
List of futures exchanges
This is a list of futures exchanges.
1) North America
1.1 Canada
1.2 USA
1.3 Mexico
1.4 Caribbean
Canada:
Montreal Exchange
ICE Futures Canada formerly Winnipeg Commodity Exchange
Toronto Stock Exchange and TSX Ventures
Alternative Trading Systems ATS include:
CHI-X Canada
PURE Trading
Alpha Trading
Omega Trading
USA:
Chicago Board Options Exchange (CBOE)
Chicago Mercantile Exchange (CME)
Chicago Board of Trade (CBOT) [Merged 2007, now CME Group]
Chicago Climate Exchange
ELX Electronic Liquidity Exchange
International Securities Exchange (Eurex ISE)
ICE Futures U.S. (Formerly New York Board of Trade or NYBOT)
Kansas City Board of Trade (KCBT)
Minneapolis Grain Exchange (MGEX)
Nadex (formerly HedgeStreet)
NASDAQ OMX Futures Exchange (formerly Philadelphia Board of Trade)
NASDAQ OMX PHLX (formerly Philadelphia Stock Exchange)
New York Mercantile Exchange (NYMEX) [Acquired, August 2008, now CME Group]
NYSE Liffe US
OneChicago (Single-stock futures (SSF's) and Futures on ETFs)
Mexico :
Mexican Derivatives Exchange (MexDer)
Caribbean:
Caribbean Exchange Network (CXN)
2) Europe
2.1 Pan-European
2.2 Austria
2.3 Belgium
2.4 Czech Republic
2.5 Germany
2.6 Greece
2.7 Hungary
2.8 Italy
2.9 The Netherlands
2.10 Poland
2.11 Portugal
2.12 Romania
2.13 Russia
2.14 Spain
2.15 Switzerland
2.16 Turkey
2.17 United Kingdom
Pan-European :
Eurex
Euronext.liffe
European Climate Exchange
OMX
Austria :
Österreichische Termin-und Optionenbörse (ÖTOB)
Belgium :
BELFOX (Belgian Futures & Options Exchange)
NYSE Euronext - Euronext Brussels Derivatives Exchange
Czech Republic:
PSE (Prague Stock Exchange)
Germany :
Risk Management Exchange (RMX), previously called Warenterminbörse Hannover (Commodity Exchange Hannover, WTB)
Greece:
ADEX (Athens Derivatives Exchange)
Hungary:
Budapest Stock Exchange (BSE)
Italy:
IDEM (Italian Derivatives Equity Market)
The Netherlands:
ENDEX (European Energy Derivatives Exchange)
APX Group
Poland :
WGT (Warsaw Commodity Exchange)
GPW (Warsaw Stock Exchange)
Portugal :
BDP (Porto Derivatives Exchange)
Romania :
Bursa de Valori Bucureşti (BVB) (Bucharest Stock Exchange)
Bursa Romana de Marfuri (BRM)
Sibiu Monetary Financial and Commodities Exchange (BMFMS)
Russia :
Moscow Interbank Currency Exchange (MICEX)
Futures & Options RTS (Russian Trading System) (FORTS)
Spain:
Mercado Español de Futuros Financieros (MEFF)
Switzerland:
SOFFEX (Swiss Options & Financial Futures Exchange)
Turkey:
Turkish Derivatives Exchange
United Kingdom:
ICE Futures Europe
London International Financial Futures and Options Exchange (LIFFE), precursor to Euronext.liffe
London Metal Exchange (LME)
NYMEX Europe
3) Asia
3.1 Bangladesh
3.2 Nepal
3.3 China
3.4 Hong Kong
3.5 India
3.6 Indonesia
3.7 Iran
3.8 Japan
3.9 Korea
3.10 Malaysia
3.11 Pakistan
3.12 Singapore
3.13 Taiwan
3.14 Thailand
3.15 United Arab Emirates
Bangladesh :
Bangladesh Commodity Exchange (BCE)
Nepal :
Mercantile Exchange Nepal Limited (MEX)
Nepal Derivative Exchange Limited (NDEX)
China :
Dalian Commodity Exchange (DCE)
Shanghai Futures Exchange (SHFE)
Zhengzhou Commodity Exchange (ZCE)
China Financial Futures Exchange (CFFEX)
Hong Kong :
Hong Kong Exchanges and Clearing (HKEx)
Hong Kong Futures Exchange (HKFE) [merged]
Hong Kong Stock Exchange (HKSE) [merged]
India :
National Stock Exchange of India (NSE)
Bombay Stock Exchange (BSE)
Multi Commodity Exchange of India (MCX)
National Multi Commodity Exchange of India (NMCE)
National Commodity and Derivatives Exchange (NCDEX)
Complete list of Futures Exchanges in India
Indonesia :
Jakarta Futures Exchange (JFX)
Iran :
International Oil Bourse
Japan :
Central Japan Commodity Exchange (C-COM)
Kansai Commodities Exchange (KEX)
Osaka Securities Exchange (OSE)
Tokyo Commodity Exchange (TOCOM)
Tokyo Stock Exchange (TSE)
Tokyo Grain Exchange (TGE)
Yokohama Commodity Exchange (Y-COM)(merged, 2006)
Tokyo Financial Exchange (TFX)
Korea:
Korea Exchange (KRX), formed from merger of
KSE: Korea Stock Exchange: Stock Market Division;
KOFEX: Korea Options & Futures Exchange: Derivatives Division;
KOSDAQ: Technology Stocks: Growth Stocks Market Division.
Malaysia:
Bursa Malaysia
Pakistan :
Karachi Stock Exchange (KSE)
National Commodity Exchange Limited (NCEL)
Singapore :
Singapore Commodity Exchange (SICOM)
Singapore Exchange (SGX)
Taiwan:
Taiwan Futures Exchange (TAIFEX)
Thailand:
Thailand Futures Exchange (TFEX)
Bond Electronic Exchange (BEX)
Agricultural Futures Exchange of Thailand (AFET)
United Arab Emirates:
NASDAQ Dubai
Dubai Gold & Commodities Exchange (DGCX)
Dubai Mercantile Exchange (DME)
4) South America
4.1 Argentina
4.2 Brazil
Argentina:
MATba Mercado a Termino de Buenos Aires
ROFEX (Rosario Futures Exchange)
Brazil :
Brazilian Mercantile and Futures Exchange (BM&F)
Maringá Mercantile and Futures Exchange
5) Oceania
5.1 Australia
5.2 New Zealand
Australia:
Australian Securities Exchange
New Zealand :
New Zealand Exchange
New Zealand Futures & Options Exchange
6) Africa
6.1 South Africa
South Africa:
South African Futures Exchange (SAFEX)
1) North America
1.1 Canada
1.2 USA
1.3 Mexico
1.4 Caribbean
Canada:
Montreal Exchange
ICE Futures Canada formerly Winnipeg Commodity Exchange
Toronto Stock Exchange and TSX Ventures
Alternative Trading Systems ATS include:
CHI-X Canada
PURE Trading
Alpha Trading
Omega Trading
USA:
Chicago Board Options Exchange (CBOE)
Chicago Mercantile Exchange (CME)
Chicago Board of Trade (CBOT) [Merged 2007, now CME Group]
Chicago Climate Exchange
ELX Electronic Liquidity Exchange
International Securities Exchange (Eurex ISE)
ICE Futures U.S. (Formerly New York Board of Trade or NYBOT)
Kansas City Board of Trade (KCBT)
Minneapolis Grain Exchange (MGEX)
Nadex (formerly HedgeStreet)
NASDAQ OMX Futures Exchange (formerly Philadelphia Board of Trade)
NASDAQ OMX PHLX (formerly Philadelphia Stock Exchange)
New York Mercantile Exchange (NYMEX) [Acquired, August 2008, now CME Group]
NYSE Liffe US
OneChicago (Single-stock futures (SSF's) and Futures on ETFs)
Mexico :
Mexican Derivatives Exchange (MexDer)
Caribbean:
Caribbean Exchange Network (CXN)
2) Europe
2.1 Pan-European
2.2 Austria
2.3 Belgium
2.4 Czech Republic
2.5 Germany
2.6 Greece
2.7 Hungary
2.8 Italy
2.9 The Netherlands
2.10 Poland
2.11 Portugal
2.12 Romania
2.13 Russia
2.14 Spain
2.15 Switzerland
2.16 Turkey
2.17 United Kingdom
Pan-European :
Eurex
Euronext.liffe
European Climate Exchange
OMX
Austria :
Österreichische Termin-und Optionenbörse (ÖTOB)
Belgium :
BELFOX (Belgian Futures & Options Exchange)
NYSE Euronext - Euronext Brussels Derivatives Exchange
Czech Republic:
PSE (Prague Stock Exchange)
Germany :
Risk Management Exchange (RMX), previously called Warenterminbörse Hannover (Commodity Exchange Hannover, WTB)
Greece:
ADEX (Athens Derivatives Exchange)
Hungary:
Budapest Stock Exchange (BSE)
Italy:
IDEM (Italian Derivatives Equity Market)
The Netherlands:
ENDEX (European Energy Derivatives Exchange)
APX Group
Poland :
WGT (Warsaw Commodity Exchange)
GPW (Warsaw Stock Exchange)
Portugal :
BDP (Porto Derivatives Exchange)
Romania :
Bursa de Valori Bucureşti (BVB) (Bucharest Stock Exchange)
Bursa Romana de Marfuri (BRM)
Sibiu Monetary Financial and Commodities Exchange (BMFMS)
Russia :
Moscow Interbank Currency Exchange (MICEX)
Futures & Options RTS (Russian Trading System) (FORTS)
Spain:
Mercado Español de Futuros Financieros (MEFF)
Switzerland:
SOFFEX (Swiss Options & Financial Futures Exchange)
Turkey:
Turkish Derivatives Exchange
United Kingdom:
ICE Futures Europe
London International Financial Futures and Options Exchange (LIFFE), precursor to Euronext.liffe
London Metal Exchange (LME)
NYMEX Europe
3) Asia
3.1 Bangladesh
3.2 Nepal
3.3 China
3.4 Hong Kong
3.5 India
3.6 Indonesia
3.7 Iran
3.8 Japan
3.9 Korea
3.10 Malaysia
3.11 Pakistan
3.12 Singapore
3.13 Taiwan
3.14 Thailand
3.15 United Arab Emirates
Bangladesh :
Bangladesh Commodity Exchange (BCE)
Nepal :
Mercantile Exchange Nepal Limited (MEX)
Nepal Derivative Exchange Limited (NDEX)
China :
Dalian Commodity Exchange (DCE)
Shanghai Futures Exchange (SHFE)
Zhengzhou Commodity Exchange (ZCE)
China Financial Futures Exchange (CFFEX)
Hong Kong :
Hong Kong Exchanges and Clearing (HKEx)
Hong Kong Futures Exchange (HKFE) [merged]
Hong Kong Stock Exchange (HKSE) [merged]
India :
National Stock Exchange of India (NSE)
Bombay Stock Exchange (BSE)
Multi Commodity Exchange of India (MCX)
National Multi Commodity Exchange of India (NMCE)
National Commodity and Derivatives Exchange (NCDEX)
Complete list of Futures Exchanges in India
Indonesia :
Jakarta Futures Exchange (JFX)
Iran :
International Oil Bourse
Japan :
Central Japan Commodity Exchange (C-COM)
Kansai Commodities Exchange (KEX)
Osaka Securities Exchange (OSE)
Tokyo Commodity Exchange (TOCOM)
Tokyo Stock Exchange (TSE)
Tokyo Grain Exchange (TGE)
Yokohama Commodity Exchange (Y-COM)(merged, 2006)
Tokyo Financial Exchange (TFX)
Korea:
Korea Exchange (KRX), formed from merger of
KSE: Korea Stock Exchange: Stock Market Division;
KOFEX: Korea Options & Futures Exchange: Derivatives Division;
KOSDAQ: Technology Stocks: Growth Stocks Market Division.
Malaysia:
Bursa Malaysia
Pakistan :
Karachi Stock Exchange (KSE)
National Commodity Exchange Limited (NCEL)
Singapore :
Singapore Commodity Exchange (SICOM)
Singapore Exchange (SGX)
Taiwan:
Taiwan Futures Exchange (TAIFEX)
Thailand:
Thailand Futures Exchange (TFEX)
Bond Electronic Exchange (BEX)
Agricultural Futures Exchange of Thailand (AFET)
United Arab Emirates:
NASDAQ Dubai
Dubai Gold & Commodities Exchange (DGCX)
Dubai Mercantile Exchange (DME)
4) South America
4.1 Argentina
4.2 Brazil
Argentina:
MATba Mercado a Termino de Buenos Aires
ROFEX (Rosario Futures Exchange)
Brazil :
Brazilian Mercantile and Futures Exchange (BM&F)
Maringá Mercantile and Futures Exchange
5) Oceania
5.1 Australia
5.2 New Zealand
Australia:
Australian Securities Exchange
New Zealand :
New Zealand Exchange
New Zealand Futures & Options Exchange
6) Africa
6.1 South Africa
South Africa:
South African Futures Exchange (SAFEX)
Lahore Stock Exchange
Lahore Stock Exchange (Guarantee) Limited is Pakistan's second largest stock exchange after the Karachi Stock Exchange. It is located in Lahore, Pakistan.
History
The Lahore Stock Exchange (Guarantee) Limited came into existence in October 1970, under the Securities and Exchange Ordinance of 1969 by the Government of Pakistan in response to the needs of the provincial metropolis of the province of Punjab. It initially had 83 members and was housed in a rented building in the crowded Bank Square area of Lahore. The number of listed companies has increased to 519 since its inception. With 37 sectors of the economy and 519 listed companies with total capital of Rs. 555.67 billion having market capitalization of around Rs. 3.64 trillion . The LSE has 152 members of which 81 are corporate, and 54 are individual members. The LSE was the first stock exchange in Pakistan to use the internet and currently 50% of its transactions are via the internet.
The Lahore Stock Exchange has opened branches in the industrial cities of Faisalabad and Sialkot for trading. The Sialkot branch is referred to as the "Sialkot Trading Floor".
LSE Index
LSE-25: The Lahore Stock Exchange Twenty Five company index also calculates the performance of stocks assuming that all rights issues and bonus share issues only increase the listed capital. In the case of bonuses or rights the prices of the shares are not adjusted as they are in the case of the LSETRI. However, the LSE25 assumes that dividends paid out by a component company are not reinvested. In summary, in the LSE25, no price adjustments are made when any component company issues cash dividends.
The Lahore Stock Exchange Total Return Index calculates the performance of stocks assuming that all payouts are reinvested in the index on the ex-date. The LSETRI assumes that if a component company issues bonus shares or announces a rights issue it will increase the listed capital. Additionally, the LSETRI also assumes that all pay-outs by a component company are 100% reinvested in the index. Therefore, the LSETRI is adjusted against such payouts announced by any of index constituents on its ex-date allowing the index value to remain comparable over time.
History
The Lahore Stock Exchange (Guarantee) Limited came into existence in October 1970, under the Securities and Exchange Ordinance of 1969 by the Government of Pakistan in response to the needs of the provincial metropolis of the province of Punjab. It initially had 83 members and was housed in a rented building in the crowded Bank Square area of Lahore. The number of listed companies has increased to 519 since its inception. With 37 sectors of the economy and 519 listed companies with total capital of Rs. 555.67 billion having market capitalization of around Rs. 3.64 trillion . The LSE has 152 members of which 81 are corporate, and 54 are individual members. The LSE was the first stock exchange in Pakistan to use the internet and currently 50% of its transactions are via the internet.
The Lahore Stock Exchange has opened branches in the industrial cities of Faisalabad and Sialkot for trading. The Sialkot branch is referred to as the "Sialkot Trading Floor".
LSE Index
LSE-25: The Lahore Stock Exchange Twenty Five company index also calculates the performance of stocks assuming that all rights issues and bonus share issues only increase the listed capital. In the case of bonuses or rights the prices of the shares are not adjusted as they are in the case of the LSETRI. However, the LSE25 assumes that dividends paid out by a component company are not reinvested. In summary, in the LSE25, no price adjustments are made when any component company issues cash dividends.
The Lahore Stock Exchange Total Return Index calculates the performance of stocks assuming that all payouts are reinvested in the index on the ex-date. The LSETRI assumes that if a component company issues bonus shares or announces a rights issue it will increase the listed capital. Additionally, the LSETRI also assumes that all pay-outs by a component company are 100% reinvested in the index. Therefore, the LSETRI is adjusted against such payouts announced by any of index constituents on its ex-date allowing the index value to remain comparable over time.
Karachi Stock Exchange
The Karachi Stock Exchange or KSE is a stock exchange located in Karachi, Sindh, Pakistan. Founded in 1947, it is Pakistan's largest and oldest stock exchange, with many Pakistani as well as overseas listings. Its current premises are situated on Stock Exchange Road, in the heart of Karachi's Business District.
History
Karachi Stock Exchange is the biggest and most liquid exchange in Pakistan. It was declared the “Best Performing Stock Market of the World for the year 2002”. As of Sept25, 2009, 654 companies were listed with a market capitalization of Rs. 2.806 trillion (US$ 33.81 billion) having listed capital of Rs. 705.873 billion (US$ 10.615 billion). The KSE 100TM Index closed at 9359 on Sept 29, 2009.
Trading
The exchange has pre-market sessions from 09:15am to 09:30am and normal trading sessions from 09:30am to 03:30pm. It is the second oldest stock exchange in South Asia.[2] The karachi stock exchange has undergone a considerable deal of downturn partly due to global financial crisis and partly on account of domestic troubles. It remained suspended in excess of 4 months and resumed normal trading only on December 15, 2008. The KSE 100 Index and KSE 30 Index after hitting the low around mid january has now rebounced and recovered 20-25% till March 12 2009.
History
Karachi Stock Exchange is the biggest and most liquid exchange in Pakistan. It was declared the “Best Performing Stock Market of the World for the year 2002”. As of Sept25, 2009, 654 companies were listed with a market capitalization of Rs. 2.806 trillion (US$ 33.81 billion) having listed capital of Rs. 705.873 billion (US$ 10.615 billion). The KSE 100TM Index closed at 9359 on Sept 29, 2009.
Trading
The exchange has pre-market sessions from 09:15am to 09:30am and normal trading sessions from 09:30am to 03:30pm. It is the second oldest stock exchange in South Asia.[2] The karachi stock exchange has undergone a considerable deal of downturn partly due to global financial crisis and partly on account of domestic troubles. It remained suspended in excess of 4 months and resumed normal trading only on December 15, 2008. The KSE 100 Index and KSE 30 Index after hitting the low around mid january has now rebounced and recovered 20-25% till March 12 2009.
Islamabad Stock Exchange
Islamabad Stock Exchange is one of the three stock exchanges of Pakistan. Islamabad Stock Exchange is located in the capital of Pakistan. Islamabad Stock Exchange was incorporated on October 25, 1989 and it became fully operational on August 10, 1992. Islamabad Stock Exchange is centrally located in Anees Plaza, Fazal ul Haq Road, Islamabad. A new development project is underway to establish a new building for the stock exchange.
MEMBERS
At present there are 119 members out of which 93 are corporate bodies including commercial and investment banks, DFIs and brokerage houses. The other 26 Members are individual persons who are well educated, enterprising and progressive minded. The affairs of the Exchange are governed by the Board of Directors.
Board of Directors
The Board of Directors consists of ten directors. OUT OF TEN, five are elected member directors and four are non-member directors nominated by the SECP while the managing director by virtue of his office is the tenth director of the Board . In order to protect the interest of the investing public, an Investors Protection fund has been established by the Exchange.
ISECTS
Since the inception of automated trading system (ISECTS), the trade volume has been multiplying day by day and the average daily turnover has now crossed the figure of 1 million shares. Now all the listed securities are traded through the ISECTS. The system of physical handling of shares and securities has been phased out and majority of the scrips are settled through Central Depository Company of Pakistan Limited.
At the moment there are 241 companies/securities listed on the Exchange with an aggregate capital of Rs. 389.512 billion. The market capitalization stood at Rs. 2,275.00 billion as on 04-04-2007 . The pace of listing has remained slow as the economy of the Country is under consistent pressure due to internal as well as external factors.
The functioning of capital market in Pakistan is still very much in its infancy and lacks advanced technology in comparison with major financial markets around the World. In this context efforts are being made to edited by khalid shah ciit.
MEMBERS
At present there are 119 members out of which 93 are corporate bodies including commercial and investment banks, DFIs and brokerage houses. The other 26 Members are individual persons who are well educated, enterprising and progressive minded. The affairs of the Exchange are governed by the Board of Directors.
Board of Directors
The Board of Directors consists of ten directors. OUT OF TEN, five are elected member directors and four are non-member directors nominated by the SECP while the managing director by virtue of his office is the tenth director of the Board . In order to protect the interest of the investing public, an Investors Protection fund has been established by the Exchange.
ISECTS
Since the inception of automated trading system (ISECTS), the trade volume has been multiplying day by day and the average daily turnover has now crossed the figure of 1 million shares. Now all the listed securities are traded through the ISECTS. The system of physical handling of shares and securities has been phased out and majority of the scrips are settled through Central Depository Company of Pakistan Limited.
At the moment there are 241 companies/securities listed on the Exchange with an aggregate capital of Rs. 389.512 billion. The market capitalization stood at Rs. 2,275.00 billion as on 04-04-2007 . The pace of listing has remained slow as the economy of the Country is under consistent pressure due to internal as well as external factors.
The functioning of capital market in Pakistan is still very much in its infancy and lacks advanced technology in comparison with major financial markets around the World. In this context efforts are being made to edited by khalid shah ciit.
List of stock exchanges
Africa : Johannesburg Securities Exchange
Americas : NASDAQ
Americas : São Paulo Stock Exchange
Americas : Toronto Stock Exchange
Americas : New York Stock Exchange
Asia-Pacific : Australian Securities Exchange
Asia-Pacific : Bombay Stock Exchange
Asia-Pacific : Hong Kong Stock Exchange
Asia-Pacific : Korea Exchange
Asia-Pacific : National Stock Exchange of India
Asia-Pacific : Shanghai Stock Exchange
Asia-Pacific : Shenzhen Stock Exchange
Asia-Pacific : Tokyo Stock Exchange
Europe : Euronext
Europe : Frankfurt Stock Exchange (Deutsche Börse)
Europe : London Stock Exchange
Europe : Madrid Stock Exchange (Bolsas y Mercados Españoles)
Europe : Milan Stock Exchange (Borsa Italiana)
Europe : Nordic Stock Exchange Group OMX1
Europe : Swiss Exchange
Americas : NASDAQ
Americas : São Paulo Stock Exchange
Americas : Toronto Stock Exchange
Americas : New York Stock Exchange
Asia-Pacific : Australian Securities Exchange
Asia-Pacific : Bombay Stock Exchange
Asia-Pacific : Hong Kong Stock Exchange
Asia-Pacific : Korea Exchange
Asia-Pacific : National Stock Exchange of India
Asia-Pacific : Shanghai Stock Exchange
Asia-Pacific : Shenzhen Stock Exchange
Asia-Pacific : Tokyo Stock Exchange
Europe : Euronext
Europe : Frankfurt Stock Exchange (Deutsche Börse)
Europe : London Stock Exchange
Europe : Madrid Stock Exchange (Bolsas y Mercados Españoles)
Europe : Milan Stock Exchange (Borsa Italiana)
Europe : Nordic Stock Exchange Group OMX1
Europe : Swiss Exchange
Sunday, November 15, 2009
How to get the Best Exchange Rate?
Between commissions, credit card surcharges, ATM fees and other expenses, we almost always have to pay a little extra for the privilege of exchanging one currency for another. How can we minimize these expenses and get the best exchange rate when we are traveling in a foreign country? Lets discuss about it briefly.
We must know what is the current rate? Before we leave for our trip, check out the XE currency converter for an idea of what should be our exchange rate? If we are taking an extended trip, we must check the rate periodically to stay abreast of any major changes in market.
We almost always get the best interbank exchange rate when buying foreign currency with either ATM cards or credit cards, which will usually be 2 to 7 percent better than the rates we'll get when exchanging cash or traveler's checks. We must try to use credit cards whenever possible for large purchases such as hotel bills, tickets , car rentals and other such expeses. We must keep in mind that most credit card companies add fees for transactions made in foreign currencies. Local vendors such as restaurants and shops may also charge a fee for credit card transactions. We musr read more about using credit cards wisely in Money Matters on the Road.
If ATM's are easily accessible in the country we're visiting, we must use ATM card for day-to-day cash needs. But again, remember that our bank (and the local bank) may charge us an additional fee for each transaction -- making it generally a good idea to take out as much money at a time as you feel comfortable carrying, rather than making multiple stops at the ATM.
When exchanging traveler's checks, most of the time it is better to exchange our money in the country we're going to, not in the U.S. An exception to this might be if we are convinced the dollar is going to head sharply lower while we are gone and want to exchange at the current rate by purchasing traveler's checks in a foreign currency.
We usually get the best exchange rates at banks, post offices and American Express offices. Hotels are also worth a try. Avoid the change bureaus we see everywhere in airports, train stations and touristy areas. They usually have the worst rates, though occasionally we get lucky.
We must read the posted exchange rates carefully, and ask for the net rate after commissions. Some commissions are charged on a per-item basis on each transaction, others on a percentage basis. To lure customers, some money changers will post the sell rate for U.S. dollars rather than the buy rate.
We must know what is the current rate? Before we leave for our trip, check out the XE currency converter for an idea of what should be our exchange rate? If we are taking an extended trip, we must check the rate periodically to stay abreast of any major changes in market.
We almost always get the best interbank exchange rate when buying foreign currency with either ATM cards or credit cards, which will usually be 2 to 7 percent better than the rates we'll get when exchanging cash or traveler's checks. We must try to use credit cards whenever possible for large purchases such as hotel bills, tickets , car rentals and other such expeses. We must keep in mind that most credit card companies add fees for transactions made in foreign currencies. Local vendors such as restaurants and shops may also charge a fee for credit card transactions. We musr read more about using credit cards wisely in Money Matters on the Road.
If ATM's are easily accessible in the country we're visiting, we must use ATM card for day-to-day cash needs. But again, remember that our bank (and the local bank) may charge us an additional fee for each transaction -- making it generally a good idea to take out as much money at a time as you feel comfortable carrying, rather than making multiple stops at the ATM.
When exchanging traveler's checks, most of the time it is better to exchange our money in the country we're going to, not in the U.S. An exception to this might be if we are convinced the dollar is going to head sharply lower while we are gone and want to exchange at the current rate by purchasing traveler's checks in a foreign currency.
We usually get the best exchange rates at banks, post offices and American Express offices. Hotels are also worth a try. Avoid the change bureaus we see everywhere in airports, train stations and touristy areas. They usually have the worst rates, though occasionally we get lucky.
We must read the posted exchange rates carefully, and ask for the net rate after commissions. Some commissions are charged on a per-item basis on each transaction, others on a percentage basis. To lure customers, some money changers will post the sell rate for U.S. dollars rather than the buy rate.
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