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 on May 30, 2008, 654 companies were listed with a market capitalization of Rs. 3,746.203 billion (US$ 56.334 billion) having listed capital of Rs. 705.873 billion (US$ 10.615 billion). The KSE 100TM Index closed at 12130.51 on May 30, 2008.


Business

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. 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 12th 2009.

Growth
The KSE is the biggest and most liquid exchange in Pakistan and in 2002 it was declared as the “Best Performing Stock Market of the World” by Business Week. As of December 20, 2007, 671 companies were listed with the market capitalization of Rs. 4364.312 billion (US$ 73 Billion) having listed capital of Rs. 717.3 billion (US$ 12 billion). On December 26, 2007, the KSE 100 Index reached its ever highest value and closed at 14,814.85 points.

Foreign buying interest had been very active on the KSE in 2006 and continued in 2007. According to estimates from the State Bank of Pakistan, foreign investment in capital markets total about US$523 Million. According to a research analyst in Pakistan, around 20pc of the total free float in KSE-30 Index is held by foreign participants.

KSE has seen some fluctuations since the start of 2008. One reason could be that it is the election year in Pakistan, and stocks are expected to remain dull. KSE has set an all time high of 15,000 points, before settling around the 14,000 mark.

Karachi stock exchange Board of Directors has recently (2007) announced plans to construct a 40 story high rise KSE building, as a new direction for future investment.

Disputes between investors and members of the Exchange are resolved through deliberations of the Arbitration Committee of the Exchange.

KSE began with a 50 shares index. As the market grew a representative index was needed. On November 1st, 91 the KSE-100 was introduced and remains to this day the most generally accepted measure of the Exchange. Karachi Stock Exchange 100 Index (KSE-100 Index) is a benchmark used to compare prices overtime, companies with the highest market capitalization are selected. To ensure full market representation, the company with the highest market capitalization from each sector is also included.

In 1995 the need was felt for an all share index to reconfirm the KSE-100 and also to provide the basis of index trading in future. On August the 29th, 1995 the KSE all share index was constructed and introduced on September 18, 1995.

Islamabad Stock Exchange

Islamabad Stock Exchange is one of the three stock exchanges of Pakistan and is located in the capital of Islamabad. It 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 exchange.

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. The Board of Directors consists of ten directors, of which 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.

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.

In comparison with major financial markets around the World, the functioning of capital market in Pakistan is still very much in its infancy and lacks advanced technology. In this context efforts are being made to edited by khalid shah ciit

The Islamabad stock exchange is going to be shifted to its new home in a few year, as the new Islamabad Stock Exchange is currently under construction in the capital.

Muscat Securities Market

The Muscat Securities Market is the principal stock exchange of Oman. It is located in Muscat and it was founded in 1988. Its name is abbreviated to MSM.

MSM-30 stock index
The principal stock index at the MSM is the MSM-30. The MSM-30 (also known as the Muscat Securities Market Index) was established in 1992. The composition of the index by sector is as follows:

* Banks & Investment Sector: 69 companies
* Industry Sector: 89 companies
* Service : 61 companies.

Nepal Stock Exchange

The Nepal Stock Exchange Limited popularly called NEPSE is the only Stock Exchange of Nepal. It is located in SinghaDurbar Plaza, Kathmandu Nepal. In April 4, 2008 the equity market capitalization of the companies listed on NESPE was US$ 3658.39 million.

The basic objective of NEPSE is to impart free marketability and liquidity to the government and corporate securities by facilitating transactions in its trading floor through member, market intermediaries, such as broker, market makers etc. NEPSE opened its trading floor on 13 January 1994.Till April 4,2008 the number of listed companies were 147. The NEPSE Index is primary all equity market index of NEPSE.

History
The history of securities market began with the floatation of shares by Biratnagar Jute Mills Ltd. and Nepal Bank Ltd. in 1937. Introduction of the Company Act in 1964, the first issuance of Government Bond in 1964 and the establishment of Securities Exchange Center Ltd. in 1976 were other significant development relating to capital markets.

Securities Exchange Center was established with an objective of facilitating and promoting the growth of capital markets. Before conversion into stock exchange it was the only capital markets institution undertaking the job of brokering, underwriting, managing public issue, market making for government bonds and other financial services. Nepal Government, under a program initiated to reform capital markets converted Securities Exchange Center into Nepal Stock Exchange in 1993.

Securities Available For Trading
A. Shares • Equity Shares • Preference Shares B. Debentures C. Government Bonds

Trading System
NEPSE operates on the ‘NEPSE Automated Trading System ‘(NATS), a fully screen based automated trading system, which adopts the principle of an order driven market. Purchase & Sell of Physical Share certificates is done through NATS.

The Automated Trading System was started from 24 August 2007.

Mongolian Stock Exchange

The Mongolian Stock Exchange (Mongolian: Монголын Хөрөнгийн Бирж/Mongolyn Khöröngiin Birj), located in Ulan Bator, is Mongolia's sole stock exchange. It was established in January 1991 by Mongolian entrepreneur Naidansurengiin Zolzhargal, and as of 2006[update] was the world's smallest stock exchange by market capitalisation. It is regulated by the Mongolian Stock Exchange Commission.

Secondary trading finally began on 28 August 1995, open to both domestic and international investors. Bids were placed on 430 out of 475 listed stocks, and trading occurred in 16 stocks; total turnover was 12,776 shares worth MNT2.2 million tugriks (US$4,850). The largest gain was in Sor, which rose by 19% from MNT580 to MNT690. However, the secondary market quickly exposed the weakness of many of the newly privatised companies; share prices remained depressed throughout 1996, and the number of MSE-listed companies contracted from 475 to 402. Market capitalisation stablised around MNT15 billion in 1997, with a daily turnover of 80,000 to 300,000 from MNT16 - 80 million. Furthermore, many small shareholders sold their shares, allowing a few domestic and foreign investors to gain majority holdings in the remaining listed companies. The total number of shareholders had shrunk to a mere 135,000 by 1997. One public offering of additional shares from an already-listed enterprise was carried out in 1996, but the regulators refused to give approval for initial public offerings by new private companies, due to the lack of regulation and experience in underwriting.[15] In 1998, the exchange moved to electronic trading. In 2000, the exchange also began to offer trading facilities for Mongolian government bonds.[11] As of December 2003, market capitalisation in local terms had expanded to MNT52 billion, which was still a mere 5% of GDP. Only 30 of the companies listed on the exchange were actively traded.

Government bonds, rather than stocks, came to be the Mongolian Stock Exchange's biggest business as soon as they began being auctioned through the exchange in November 2000; previously, they had been sold directly to banks. The following year, the Barilga Corporation, a construction company, became the first to sell corporate bonds through the MSE, with a USD4.4 million issue. In 2004, bond trading accounted for 96% of total securities turnover on the exchange. By that same year, the stock market had recovered somewhat as well, but retail investors remained suspicious of trading due to volatility and lack of transparency; MSE officials estimated that 80% of listed companies were majority-owned by private individuals.[11] By February 2007, trading hours had expanded to one hour on each weekday. Weekly stock turnover at 7 September 2007 was 1.8 million shares valued at MNT1.7 billion, while 50,000 government bonds traded for a total consideration of MNT4.8 billion.[2][17] Furthermore, the number of registered shareholders bounced back to 483,100, three-and-a-half times the figure a decade earlier, and nearly half the peak number seen in 1995 after privatisations had completed. Total market capitalisation as of September 2006 was MNT97 billion (US$83 million)

Maldives Stock Exchange

The Maldives Stock Exchange (MSE), is a private sector Stock Exchange in Malé, Maldives.

A Securities Trading Floor (STF) was first established on 14th April 2002. It was operated by the Capital Market Development Authority (CMDA), the regulator. However, the Securities Act 2006 requires that CMDA invite offers from a private company to establish and operate a stock exchange. The Maldives Stock Exchange Pvt Ltd has been licensed to operate as a Stock Exchange since the 23 January 2008. As such the MSE started its operations effective from 24 January 2008.

The primary function of MSE is to facilitate companies raise capital through the issue of new securities. The MSE provides a regulated market for the trading of securities between investors. The MSE is also the centre for trade reporting and pricing of the stocks. It also provides clearing, settlement and depository services through a subsidiary, the Maldives Securities Depository (MSD)

With 5 listed companies and 4 trading members, the total market capitalization of the listed companies was MVR 2,125,519,460.00 as of 24 March 2008.

The Maldives Stock Exchange Index (MASIX) was published on 28 October 2004. Like other stock market indices, MASIX captures the overall movement in prices & changing expectations of the Maldives Stock Market. MASIX – represents the Maldives Stock Exchange.

BUSRA MALAYSIA

The Bursa Malaysia (MYX: 1818) or Malaysia Exchange, MYX previously known as Kuala Lumpur Stock Exchange (KLSE, Bursa Saham Kuala Lumpur in Malay) dates back to 1930 when the Singapore Stockbrokers' Association was set up as a formal organisation dealing in securities in Malaya. In 1937 it was re-registered as the Malayan Stockbrokers' Association, but it still did not trade public shares.

By 1960s, the Malayan Stock Exchange was formed and public trading of shares began on 9 May. In 1961, the Board system was introduced whereby two trading rooms, one each in Singapore and Kuala Lumpur, were linked by direct telephone lines into a single market with the same stocks and shares listed at a single set of prices on both boards.

The Stock Exchange of Malaysia was officially formed in 1964 and in the following year, with the secession of Singapore from Malaysia, the common stock exchange continued to function under the name Stock Exchange of Malaysia and Singapore (SEMS).

In 1973, with the termination of currency interchangeability between Malaysia and Singapore, the SEMS was separated into The Kuala Lumpur Stock Exchange Bhd (KLSEB) and The Stock Exchange of Singapore (SES). Malaysian companies continued to be listed on SES and vice-versa. A new company limited by guarantee, The Kuala Lumpur Stock Exchange (KLSE) took over operations of KLSEB as the stock exchange. In 1994, it was re-named Kuala Lumpur Stock Exchange.

Kuala Lumpur Stock Exchange became a demutualised exchange and was re-named Bursa Malaysia in 2004. It consists of a Main Board, a Second Board and MESDAQ with total market capitalization of MYR700 billion (US$189 billion).

In 2005, Bursa Malaysia was listed at its own exchange on 18 March. On 18 April, Bursa Malaysia introduced CBRS, a scheme which allows all investors to access research reports of Bursa-listed companies free-of-charge.

The main index for Bursa Malaysia is Kuala Lumpur Composite Index (KLCI). However, in June 2006, a new index series jointly developed by Bursa Malaysia and FTSE Group was introduced which is FTSE Bursa Malaysia Index.

On November 7, 2006, the index finally passed the 1,000 mark hurdle and closed at 1,003.28. It was partly boosted by the strong overnight close in the Wall Street.

As of 31 December 2007, the Malaysia Exchange had 986 listed companies with a combined market capitalization of $325 billion.

HISTORY

The first formal securities business organisation in Malaysia was the Singapore Stockbrokers' Association, established in 1930. It was re-registered as the Malayan Stockbrokers' Association in 1937. The Malayan Stock Exchange was established in 1960 as the bourse for public trading of shares in Malaya. The board system with trading rooms in Singapore and Kuala Lumpur, linked by direct telephone lines into a single market with the same shares listed at a single set of prices on both boards, was established in 1961.

By 1964, the Stock Exchange of Malaysia was established. With the secession of Singapore from Malaysia in 1965, the Stock Exchange of Malaysia became known as Stock Exchange of Malaysia and Singapore. In 1973, with the currency interchangeability between Malaysia and Singapore ceased, the Stock Exchange of Malaysia and Singapore was divided into KLSEB and SES. The Kuala Lumpur Stock Exchange which was incorporated on December 14, 1976 as a company limited by guarantee, took over the operations of KLSEB in the same year.

The Kuala Lumpur Stock Exchange Berhad was demutualized pursuant to the Demutualization Act and converted into a public company limited by shares on January 5, 2007. Upon the conversion, the organization vested and transferred the securities exchange business to a new wholly-owned subsidiary, Bursa Securities, and became an exchange holding company and were renamed Bursa Malaysia Berhad on April 14, 2007.

From the legal perspective, the demutualization essentially entailed the conversion from a not-for-profit "mutual" entity limited by the guarantee of its members into a company limited by shares. However, from the business strategy perspective, the demutualization, supported by business transformation initiatives, is intended to further enhance its corporate, organizational and governance structures.

On 18 March 2005, Bursa Malaysia made its debut on the Main Board of Bursa Malaysia Securities Berhad with a 17% or RM0.50 premium over its retail price of RM3.00. top

Foreign exchange market

The foreign exchange market (currency, forex, or FX) market is where currency trading takes place. It is where banks and other official institutions facilitate the buying and selling of foreign currencies. [1]FX transactions typically involve one party purchasing a quantity of one currency in exchange for paying a quantity of another. The foreign exchange market that we see today started evolving during the 1970s when worldover countries gradually switched to floating exchange rate from their erstwhile exchange rate regime, which remained fixed as per the Bretton Woods system till 1971.

Now, the FX market is one of the largest and most liquid financial markets in the world, and includes trading between large banks, central banks, currency speculators, corporations, governments, and other institutions. The average daily volume in the global foreign exchange and related markets is continuously growing. Traditional daily turnover was reported to be over US$3.2 trillion in April 2007 by the Bank for International Settlements.[2] Since then, the market has continued to grow. According to Euromoney's annual FX Poll, volumes grew a further 41% between 2007 and 2008.[3]

The purpose of FX market is to facilitate trade and investment. The need for a foreign exchange market arises because of the presence of multifarious international currencies such as US Dollar, Pound Sterling, etc., and the need for trading in such currencies.

Beirut Stock Exchange

The Beirut Stock Exchange (or BSE) is the principal stock exchange of Lebanon. Located in Beirut, it is a public institution run by a committee including a Chairman, a Vice-Chairman and eight members appointed via a decree issued by the Council of Ministers, in accordance with a proposal by the Minister of Finance. All BSE members are Lebanese Joint stock companies (SAL) with a capital above 500,000 Lebanese Pounds and registered at the secretariat of the Commercial Register in. Members include holding companies and offshore companies. The BSE authorizes Brokerage firms the operation and trade in securities listed on the BSE according to the Bourse trading system and also lists the issuing companies (called "Listed companies") that have any of their stocks or other financial instruments listed.

History
Beirut Stock Exchange, the second oldest market in the region, was established in 1920 by a decree of the French commissioner. Trading at that time was concentrated on gold and currency transactions, however in the 1930s there was an inflow of French, Syrian and local Lebanese investment which made it possible for the BSE to flourish, especially with the establishment of mixed Lebanese-French joint stock companies that were quoted simultaneously on the Paris and Beirut Stock Exchanges. The activity in the 1950s and 1960's increased with the enlisting of various banking, industrial and services companies along with an amount of 50 listed bonds.

During the Lebanese Civil War trading activity halted in 1983. After 11 years a new administrating committee (in collaboration with the Bourse de Paris) re-launched the BSE with a new internal bylaw, re-structured and streamlined mechanisms and trading systems. A new automated brokers system was introduced, based on the fixing price instead of the traditional OTC voice brokers. On November 22, 1996, the BSE officially re-launched the trading activity in its hall. The BSE and Bourse de Paris signed a cooperation agreement in June 1999 and the new European NSC-UNIX–Euronext system was set. In 2000, new forms of securities were listed such as GDR (Global Depository Receipt), investment funds shares, preferred stocks, priority shares and any other tradable derivatives. In late 2006, the BSE launched a new Remote Trading System, allowing the brokers to trade with the securities listed on the BSE "remotely" from their own offices.


Hours
The exchange has pre-trading sessions from 09:00am to 09:30am and normal trading sessions from 09:30am to 12.30pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.

Kyrgyz Stock Exchange

The Kyrgyz Stock Exchange (KSE) was founded in 1994. Until 2000 the exchange functioned in the form of a non-profit membership organization with a total membership of 16. In May 2000 the KSE was transformed into a joint stock company. In 2001 the Kazakhstan Stock Exchange became a shareholder.

The administrative bodies of the KSE are:

Shareholders General Assembly: main administrative body
Board of Directors: supervisory body
President: individual body

Kuwait Stock Exchange

The Kuwait Stock Exchange (KSE) is the national stock market of The State of Kuwait. Although several share holding companies (such as NBK in 1952) existed in Kuwait prior to the creation of the KSE, it was not until October 1962 that a law was passed to organize the country's stock market.

The Kuwait Stock Exchange is also among the first and largest stock exchanges in the Gulf region, and is now gaining prominence as one of the most potentially important in the world.

The Kuwait Stock Exchange shall enjoy an independent judicial personality with the right of litigation in a mode facilitating the performance of its functions for the purpose of realising the objectives of its organisation in the best manner within the scope of regulations and laws governing the Stock Exchange operations.

The Stock Exchange shall within its activity act to direct and rationalise dealing in stocks and securities, within the scope of its powers in order to develop and stabilise dealing in securities in a manner securing safe, easy and accurate transactions so as to avoid any confusion in dealings.

The Stock Exchange, in pursuance of the research and the studies concluded by it and its follow up of the security dealing process shall render appropriate advice and opinion to the competent government authorities regarding the financial status of the Stock Exchange member companies and means of promoting their efficiency for realisation of their relevant objectives.

The Stock Exchange shall participate with the competent authorities in order to realise coordination and integration among the financial and the economic activities and the capital movement so as to assist in achieving the economic and the financial development and stability of the state.

The Stock Exchange staff shall continue to develop the systems and the methods of dealing in securities, besides introducing modern techniques such as those applied in advanced stock markets for the purpose of achieving a sound financial position for the Kuwait Stock Exchange on both, regional and international levels.

The Stock Exchange shall act to encourage saving, promote investment awareness among citizens, protect depositors and create means for investment of funds in securities, in a manner beneficial to the economy.

Kazakhstan Stock Exchange

Kazakhstan Stock Exchange is the principal stock exchange in Kazakhstan. It is located in Almaty and was founded in 1993 as the Kazakh Interbank Currency Exchange. Its name is abbreviated to KASE. Part of Almaty Financial Centre.

KASE has a bond market and an equities market.

Amman Stock Exchange

Amman Stock Exchange (or ASE for short) is a stock exchange private institution in Jordan. It is named "Amman", after the country's capital city, Amman.

History
The ASE was established in March 1999 as a non-profit, private institution with administrative and financial autonomy. It is authorized to function as an exchange for the trading of securities. The exchange is governed by a seven-member board of directors. A chief executive officer oversees day-to-day responsibilities and reports to the board. The ASE membership is comprised of Jordan's 65 brokerage firms.


Operations
The ASE operates a bond market and an equities market. The equities market is divided into a First Market and a Second Market. The exchange has pre-trading sessions from 09:30am to 10:00am, normal trading sessions from 10:00am to 12.00noon and 12.00noon to 12.30pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance. The ASE's stock indices include the ASE Unweighted Index and the ASE Market Capitalization Weighted Index.

Tokyo Stock Exchange

The Tokyo Stock Exchange (東京証券取引所 ,Tōkyō Shōken Torihikisho?), or TSE, located in Tokyo, Japan, is the second largest stock exchange market in the world by market value, second only to the New York Stock Exchange. As of 31 December 2007, the the Tokyo Stock Exchange had 2,414 listed companies with a combined market capitalization of $4.3 trillion.


Structure
The TSE is incorporated as a kabushiki kaisha with nine directors, four auditors and eight executive officers. Its headquarters are located at 2-1 Nihombashi Kabutocho, Chūō, Tokyo, Japan. 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" section (for high-growth startup companies). As of March 2006, there are 1,721 First Section companies, 489 Second Section companies and 156 Mothers companies.

The main indixes tracking the TSE are the Nikkei 225 index of companies selected by the Nihon Keizai Shimbun (Japan's largest business newspaper), the TOPIX index based on the share prices of First Section companies, and the J30 index of large industrial companies maintained by Japan's major broadsheet newspapers.

89 domestic and 19 foreign securities companies participate in TSE trading. See: Members of the Tokyo Stock Exchange

Other TSE-related institutions include:

The exchange's press club, called the Kabuto Club (兜倶楽部 ,Kabuto kurabu?), which meets on the third floor of the TSE building. Most Kabuto Club members are affiliated with the Nihon Keizai Shimbun, Kyodo News, Jiji Press, or business television broadcasters such as Bloomberg LP and CNBC. 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

Prewar history
The Tokyo Stock Exchange was established on May 15, 1878, as the Tokyo Kabushiki Torihikijo (東京株式取引所) under the direction of then-Finance Minister Okuma Shigenobu and 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 (日本証券取引所 ,Nippon Shōken Torihikisho?). The combined exchange was shut down and reorganized shortly after the bombing of Nagasaki.

Postwar history
The Tokyo Stock Exchange reopened under its current Japanese name on May 16, 1949, pursuant to the new Securities Exchange Act.

The TSE runup 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 in value 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 (東証アローズ ,Tōshō Arrows?), opened on May 9, 2000.

In 2001, the TSE restructured itself as a stock company: before this time, it was structured as an incorporated association (社団法人 ,shadan hōjin?) 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 by Fujitsu, 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 the initial public offering of J-Com on December 8, 2005, an employee at Mizuho Securities Co., Ltd. mistakenly typed an order to sell 610,000 shares at 1 yen, instead of an order to sell 1 share at 610,000 yen. Mizuho failed to catch the error; the Tokyo Stock Exchange initially blocked attempts to cancel the order, resulting in a net loss of 347 million US dollars to 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.

On January 17, 2006, the Nikkei 225 fell 2.8%, its fastest drop in nine months, as investors sold stocks across the board in the wake of a raid by prosecutors on internet company livedoor. The Tokyo Stock Exchange closed early on January 18 due to the trade volume threatening to exceed the exchange's computer system's capacity of 4.5 million trades per day. This was called the "livedoor shock." The exchange quickly increased its order capacity to five million trades a day.

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

Osaka Securities Exchange

The Osaka Securities Exchange Co., Ltd. (株式会社大阪証券取引所 ,Kabushiki-gaisha Ōsaka Shōken Torihikijo?, OSE) (Hercules: 8697) is the second largest securities exchange in Japan, in terms of amount of business handled. As of 31 December 2007, the Osaka Securities Exchange had 477 listed companies with a combined market capitalization of $212 billion.[1] The Nikkei 225 Futures, introduced at the Osaka Securities Exchange in 1988, is now an internationally recognized futures index. In contrast to the Tokyo Securities Exchange, which mainly deals in spot trading, the Osaka Securities Exchange’s strength is in derivative products today OSE is the leading Derivatives Exchange in Japan and it was the largest futures market in the world in 1990 and 1991. According to statistics from 2003, the Osaka Securities Exchange handled 59% of the stock price index futures market in Japan, and almost 100% of trading in the options market. Osaka Securities Exchange Co., which listed on its Hercules market for startups in April 2004 is the only Japanese securities exchange which went public on its own market.

In July 2006 OSE launched their newest futures contract the Nikkei 225 mini which is one tenth of the size of the original Nikkei 225 Futures contract and highly popular among Japanese individual investors. In September 2007 OSE established evening session for Stock Index Futures and Options.The trading hours is from 16:30 to 19:00 (JST. 7:30-10:00 in UTC).

History
The birthplace for futures transactions: Dōjima Rice Exchange (堂島米会所 The origin of securities exchanges stems from Edo Period, when the exchange for rice & crop was established in Osaka, center of Japanese economy. Each prefecture set up its own warehouses in Osaka for shipping & preservation of their rice (to be taxed by the government), and sold them to merchants. One of the most famous merchants was "Yodoya", which was based upon the southern part of Yodoyabashi area. Some other merchants gradually gathered to create one market. This market was called "Yodoya-Komeichi", which was the first securities exchange in the nation.

Later on, this market was moved to Dojima in 1697, so-called "Dojimakomekaisho", which was a physical market to trade in rice-tickets or physical rice. In 1716, Cho-gomai transaction was introduced and recognized by the government in 1730, which is said to be the origin of futures transactions in Japan.

Nagoya Stock Exchange

Nagoya Stock Exchange (名古屋証券取引所 Nagoya Shōken Torihikijo, NSE) is a stock trading market in Nagoya, Japan. It is Japan's third largest exchange, behind the Tokyo Stock Exchange and Osaka Securities Exchange.

The Nagoya Stock Exchange (NSE) is the successor to the Nagoya Stock Exchange Co. Ltd., which was founded in 1886. It was founded in 1949 as a corporation with securities companies as members under the terms of the Securities and Exchange Law. In 2002, Nagoya Stock Exchange, Inc. was established after demutualization of NSE. The Nagoya Stock Exchange is a stock corporation that provides an Exchange Securities Market under authorization of the Prime Minister.

It is operated by Nagoya Stock Exchange, Inc. (株式会社名古屋証券取引所) and has normal trading sessions from 09:00am to 03:30pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.

JASDAQ Securities Exchange

The JASDAQ Securities Exchange (ジャスダック証券取引所 ,Jasudakku Shōken Torihikisho?) is a securities exchange headquartered in Tokyo, Japan.

JASDAQ is not related to NASDAQ in the United States, but operates an electronic trading system similar to NASDAQ.

History
In 1963, the Japan Securities Dealers Association (日本証券業協会 ,Nippon Shōkengyō Kyōkai?) set up an over-the-counter registration system for trading securities. This system was placed under the management of a private company, Japan OTC Securities (日本店頭証券 ,Nippon Tentō Shōken?) in 1976.

The JASDAQ automated quotation system became operational in 1991.

In 2004, JASDAQ received a permit from the Prime Minister to reorganize as a securities exchange. It became the first new securities exchange in Japan in almost fifty years.


Hours
The exchange has pre-market sessions from 08:00am to 09:00am and normal trading sessions from 09:00am to 03:00pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.

Tel Aviv Stock Exchange

The Tel Aviv Stock Exchange (TASE) in Tel Aviv (Hebrew: הבורסה לניירות ערך בתל אביב‎, colloquially known as the Boursa) is Israel's only stock exchange.

The TASE is the only public market for trading securities in Israel. It plays a major role in the Israeli economy. The precursor to the TASE was the Exchange Bureau for Securities, founded by the Anglo-Palestine Bank (which became Bank Leumi) in 1935. With rapid growth of the Israeli economy after the founding of the state, a formal stock exchange was incorporated and began operations in Tel Aviv in 1953. In 1983 the exchange moved to its current location in Tel Aviv.

TASE lists some 660 companies, about 60 of which are also listed on stock exchanges in other countries. TASE also lists some 180 exchange-traded funds (ETFs), 60 government bonds, 500 corporate bonds, and more than 1000 mutual funds.

There are 29 members that make up TASE. The list of members indicates that one of the members is a candidate

Listing
The Exchange offers four programs under which companies can list on the exchange: three programs for normal operating companies, and an additional venture program for development-stage technology companies. In addition, the TASE has a program for the listing of Limited Partnership Units.

The Dual Listing Law that took effect in October 2000 enables companies listed in the United States or London to dual-list on the TASE without any additional regulatory requirements. As of December 31, 2006, 39 Israeli companies have dual-listed on the TASE, in compliance with this framework.

As of 2007, the total market value of all listed equity securities was $202.7 billion, compared with $161.4 billion in 2006, $122.6 billion in 2005 and $92.1 billion in 2004.


Trading
The TASE has a computerized trading system with real-time information. All shares, convertibles, treasury bills, government bonds, and derivatives are traded via TACT, the TASE’s fully automated trading system.

Trading in shares takes place Sunday through Thursday between 8:30 a.m. and 5:30 p.m. local time (GMT+2), overlapping the American markets for a full hour (9:30 a.m. to 10:30 a.m. EST). Bonds and Treasury bills are traded between 9:30 a.m. and 5:30 p.m. Derivatives trading runs from 9:30 a.m to 5:30 p.m.[2] [3] Dual listing is permitted and many larger Israeli companies are dually listed on the TASE and one or more foreign markets, usually the New York Stock Exchange or NASDAQ, but also the American Stock Exchange and London Stock Exchange.

Between 2003 and 2006, share prices on the TASE rose sharply. The General Index of shares and convertible securities (which is comprised of all shares and convertible securities tradable on the TASE) increased in USD terms by 15.3% in 2006, compared with an increase of 24.3% in 2005 and an increase of 19.5% in the General Index in 2004.

During 2006, the Tel Aviv 100 Index and the Tel Aviv 25 Index increased in USD terms by 22.0% and 22.6% respectively, compared with an increase of 21.1% and 24.7%, respectively, in 2005. The average daily trading for equity securities increased to $326 million during 2006, compared with $223 million in 2005 and $147 million in 2004.

As of July 1, 2007, TASE's largest stocks by market cap were Teva Pharmaceutical Industries ($7.8B), Israel Chemicals ($2.5B), Bank Hapoalim ($1.5B) and Bank Leumi ($1.4B). Daily turnover of shares and convertibles in 2006 was USD 326 million, $387M of bonds, $179M of T-bills and 335M of options and futures. Total market cap at the end of 2006 was $161B shares and convertibles, $98.9B government and corporate bonds and $20.9B T-bills, a total of $281.2B. On July 4, 2007, TASE's benchmark TA-25 index closed at a record 1141.76.

TASE links to the U.S. markets with a direct link with DTC, a subsidiary of the Depository Trust & Clearing Corporation, which facilitates the trading of dually-listed securities.

Active involvement of foreign investors in the TASE began in 1994. In 2006, international holdings increased to 11.6% of the total market capitalization of the shares and convertible securities tradable on the TASE, compared to 11.4% in 2005 and 10.0% in 2004.[5]


Indices
The major stock market indices of the TASE include:

TA-25 - TASE's flagship index, listing TASE's 25 largest stocks by market cap. Also called the Ma'of.
TA-100 - TASE's 100 largest stocks
TA-75 - Stocks on TA-100 which are not included in TA-25
Mid-Cap 50 - The largest 50 shares which are not included in TA-100 (replaced the Yeter-30)
Yeter - All other TASE's stocks which are not included in TA-100
Tel-Tech 15 - TASE's 15 largest high-tech stocks
TA Real-Estate 15 - TASE's 15 largest real-estate sector stocks
TA Finance 15 - TASE's 15 largest Finance sector stocks
Tel-Div 20 - Index of the 20 issues listed on the TA-100 with the highest annual dividend yield.
Maala - socially responsible investing index
Tel-Bond 20 - consists of the 20 corporate bonds, fixed-interest and CPI-linked, with the highest market cap among all the bonds traded on the TASE.
These and other indices are explained on the TASE website indices section.


Regulation and controls
The TASE is highly regulated, both internally and externally. The exchange is regulated by the Securities Law (1968), and falls under the direct supervision of the Israel Securities Authority. Internal regulations include automatic rejection of a trade at a price that deviates more than 35% from the last trade for that security, circuit breakers, and 45-minute halting of trade in a company’s securities on the day that the company publishes price-sensitive information, so that the information can be widely disseminated. The TASE’s rules govern membership, registration of securities, conditions for suspending trading, and obligations of listed companies.


Clearinghouses
Two clearinghouses operate at the TASE as subsidiaries:

The TASE Clearing House was established in 1966. It clears all securities transactions executed on and off the stock exchange and carries out income payments on behalf of companies. The TASE Clearing House also operates a Global Clearing, Settlement and Custody Services unit in collaboration with Citigroup.
The Derivatives Clearing House was established in 1993 with the opening of the TASE derivatives market. It is responsible for clearing options and futures traded on the TASE.

Iraq Stock Exchange

The Iraq Stock Exchange (ISX), formally the Baghdad Stock Exchange, is a stock exchange in Baghdad, Iraq.

The Iraq Stock Exchange was incorporated and began operations in June 2004. It operates under the oversight of the Iraq Securities Commission, an independent commission modeled after the U.S. Securities and Exchange Commission. June Reed is an American adviser to the stock exchange.

Before the 2003 invasion of Iraq, it was called the Baghdad Stock Exchange and was operated by the Iraqi Ministry of Finance. Now it is a self-regulated organization similar to the New York Stock Exchange, owned by the 50 or so member brokerages.

As of 2005, the ISX was Iraq's only stock exchange. It opened in 2004 with 15 companies, and now lists more than 100 companies. Turnover of shares in 2005 was approximately $5 million USD per trading session. Major stocks included Bank of Baghdad, Baghdad Soft Drinks Co, Iraqi Tufted Carpets Co, Hader Marble, and Altherar Agriculture.

Aswat al-Iraq news agency covers every trading session with reports published on the web in English and Arabic

Growth
Trading was with pen and paper. Buyers shouted at or called into their brokers, who stood near their white dry-erase boards that listed each company's share buy and sell price.

That changed in February 2009, when for the first time since it was launched in the mid-1990s, the Iraq Stock Exchange announced that it would have a computerized system to show the movement of shares. Iraqi Exchange and Securities Commission Chairman Abdul-Razzak al-Saadi said that the new system would replace two blackboards that are manned by personnel using chalk to record all changes. Al-Saadi said a $7 million grant from international donors enabled the stock exchange to buy the electronic system.

Trading was suspended for several months in 2006 due to violence, and is subject to power outages.

In 2006 92 trading sessions were held (an average of 2 per week), 57 billion shares were traded (at a value of 146 billion dinars), and 38,000 trades were consummated. Now the trading floor is now open Sunday, Tuesday, and Thursday from 10:00 a.m. - 12:00 noon, six hours a week.

The ISX opened to foreign investors on August 2, 2007. The market is dominated by a handful of wealthy Iraqis, many of whom live outside the country and call in their orders by phone to brokers, says Taha Abdul Salam, the exchange's CEO. Foreign investors in late 2008 accounted for less than 20% of activity.

The ISX has been unaffected by the Economic crisis of 2008

Tehran Stock Exchange

The Tehran Stock Exchange (TSE) (Persian: بورس اوراق بهادار تهران) is Iran's largest stock exchange, which first opened in April 1968. The TSE is based in Tehran. As of June 2008, 400 companies, with a market capitalization of US$70 billion were listed on TSE.

History

The concept of a stock industrialization dates back to 1936 in Iran with the largest and oldest bank in Iran, Bank Melli together with Belgian experts wrote a report detailing the prospects of having an operational stock exchange in Iran. Outbreak of the World War II and other political factors delayed the implementation process until 1967 where the Government revisited the issue and ratified the "Stock Exchange Act". Consequently a small exchange, the Tehran Stock Exchange (the "TSE") began its operations in 1967. What followed was an initial trading in corporate and government bonds. The economic boom in the 1970s led to a pent-up demand for equity. Meanwhile, certain forces were changing the economic backdrop in Iran. The Government was actively involved in grant of shares to employees for large state-owned and family-owned enterprises. Market activity was reaching a frenzy with many companies and high net worth individuals vying to participate in the new found wealth associated with the TSE.

Everything came to a stand still after the Islamic Revolution leading in a prohibition against interest-based activities and nationalization of major banks and industrial giants. Mobilization of all resources towards the war effort during the 8-year Iran-Iraq war did not help matters. However, the Government fully embraced economic reforms and a privatization initiative in 1989 with a surge of activity in share activity of many state-owned companies through the defined targets in the first "Five-Year Economic Reform" where the Government together with the Parliament defined the economic prospects of the country for the coming five years. Attention to promotion of the private sector and new interest in the TSE brought life back to the market. However, lack of regulation and out-of-date legal framework led to crisis in the market leading to certain "meltdowns" until today. The market has experienced its share of highs and lows in the past years including topping the World Federation of Exchanges' list in terms of performance in 2004 to tumbling down to last place in 2007 due to political uncertainties in the region.


Structure

The Securities & Exchange Council is the highest authority and is responsible for all related policies, market strategies, and supervision of the market. The Chairman of the Council will be the Minister of Economics; other members are: Minister of Trades, Governor of the Central Bank of Iran, Managing Director of the Chamber of Commerce, Attorney General, Chairman of the Securities and Exchange Organization, representatives of the active market associations, three financial experts requested by the Economics Minister and approved by the Council of Ministers, and one representative for each commodity exchange.
The Securities and Exchange Organization (SEO) are responsible for administration and supervisory duties, governed by the Board of Directors. The SEO’s Board of Directors are elected by the Securities and Exchange Council.

Operations

The TSE is open for trading five days a week from Saturday to Wednesday, excluding public holidays. Trading takes place through the Automated Trade Execution System from 9am to 12:30am, which is integrated with a clearing, settlement, depository and registry system. The TSE is solely an order-driven market and all transactions are executed in the manner and under the principles of open auction.
The trading system is an order driven system, which matches buying and selling orders of the investors. Investors can place their orders with TSE accredited brokers, who enter these orders into the trading system. Then, the system automatically matches buy and sell orders of a particular security based on the price and quantity requirements. The mechanism for which the price of equities is determined is as follows:

''The best price (price priority)
Time of order priority''

Under the price priority rule, a selling (buying) order with the lowest (highest) price takes precedence. Under the time priority rule, an earlier order takes precedence over others at the same price. Thus, when the lowest sell and the highest buy orders match in price, the transaction is executed at the price. In short, the TSE market is a pure order- driven Market.

The trading system also generates and displays details of current and historical trading activity, including prices, volumes traded and outstanding buy and sell orders. This ensures that investors have the required information to be able to take informed investment decisions. The range of price movements is typically restricted to two per cent daily. This can be changed in specific situation by the Board of the TSE in case of unusual price movements resulting in an extremely high or low P/E ratio. Short selling is not permitted. There are no minimum trading lots. The TSE presently seeks to install the new trading system which will be purchased from Atos Euronext Market Solutions (AEMS) during second quarter of 2007.


Presently, TSE trades mainly in securities offered by listed companies. Equities and Corporate Bonds are being traded at TSE at the moment. The plan is to introduce other financial instruments in the near future. The introduction of project-based participation certificates that bear a fixed annual return during the period of the project and promise the final settlement of the profit at the date of its completion, has diversified the market.

The Tehran Stock Exchange (TSE) has started an ambitious modernization program aimed at increasing market transparency and attracting more domestic and foreign investors. Concrete measures that have been taken in the planning and operations of the stock exchange such as the settlement system, geographical expansion, new exchange laws in order to attract local and foreign capital.

The new system makes it possible to purchase and sell stocks on the same day. The system has also made it possible for 2,000 brokerage stations to work simultaneously, while the number was just about 480 in the past. The rise in electronic dealing, non-stop input and updated data on orders, transactions and indices are among other features of the new system. The new system has made it possible to link the stock market to the international bourses. The bourse can now handle 700 transactions per second and 150,000 transactions per day.[2]

TSE is a full member of the World Federation of Exchanges (the former Fédération Internationale des Bourses de Valeurs or FIBV) and a founding member of Federation of Euro-Asian Stock Exchanges (FEAS).


Economic Sectors

As of April 2007, there are 324 companies listed on the TSE with a total market capitalization of US$42,452.5mn. Close to 60% of the market capitalization relates to listed companies from the Basic Metals Sector, Motor Vehicles and Trailers Sector, Chemicals and By-Products Sector, and Non-Metallic Minerals Products Sector. A combined total of 161 companies from the said sectors are listed on the TSE , which translates to 49.7% of total companies listed on the TSE. Largest stocks include Mobarakeh Steel Co. with a market capitalization of US$3,218mn, which translates to 7.6% of total market capitalization, National Iranian Copper Industries Company (Sanaye Mese Iran) which represents 6.8% of total market capitalization, and Saipa Co. at 5.3% of total market capitalization. This indicates that the capital market in Tehran is heavily concentrated on four economic sectors with companies that make up nearly half of the total listed companies on the exchange. While 163 companies listed are spread out amongst 26 sectors, with the Food and Beverages Sector alone accounts to 32 companies at a market capitalization of US$897.5mn.

In 2008, other companies in the top spots included Gol-Gohar Iron Ore Company ($2.1 billion) and Chadormalou Mining and Industrial Company (two billion dollars). Meanwhile, value of shares of Kharg, Ghadir petrochemical companies, Khuzestan Steel Company, Power Plant Projects Management Company (MAPNA), Retirement Investment Firm, Iran Khodro Industrial Group and Metal and Mine Investment Companies exceeded one billion dollars.[3] Studies show that about 30 firms, involved in 11 industries, hold close to 75 percent of shares in Tehran Stock Exchange (2008).[4]


Indices
• TSE All Share Price Index (TEPIX)
• Industrial Index
• Financial Index
• TSE Dividend & Price Index (TEDPIX)
• TSE Dividend Index (TEDIX)
• TSE-50

In 1990, the All-Shares Price Index (TEPIX) was introduced to the market as the main indicator of share price movements.TEPIX is a weighted market value of all share prices appearing on the TSE Board and is measured every two minutes. In addition to the TEPIX, daily price indices of shares of each company, each sector, and the Top Fifty most active companies (TSE-50) are computed.


Performance

2000-2004: The performance of the TSE has had no correlation with major exchanges or emerging stock markets over the past few years and not even with the oil price.[5][6] While the overall indices of the world’s five major exchanges – New York, London, Paris, Frankfurt and Tokyo plunged by 40 to 70% between March 2001 and April 2003, the TSE index (Tepix) bucked the trend by going up nearly 80%.[7]

2005-2006: In December, 2005, 419 companies with a market capitalization of IRR 32,741.7 million were listed in TSE. The TSE has had an exceptional performance over the past 5 years. In general, the stock market in 2005/06 shed value as it is manifested by the decline of its major stock price indices. The TSE price index (TSPIX) at the end of 2005/06, declined by 21.9%, while the Financial Sector Index, and the Industrial Index, declined by, 38.8%, 19.4% respectively, and the Dividend Index gained 11.8%, mostly due to a reported 100 billion USD capital flight from the country because of the international dispute surrounding the Iranian nuclear programme.

2007: The market bottomed in June 2007 mainly because of the renewed privatization drive in the Iranian economy.[8][9][10]

2008: The TSE was not affected by the international financial turmoil in 2008, but following the global reduction in prices of copper and steel, the bourse index dropped by 12.5 percent, as most of the companies listed on the exchange are producers of such commodities.[11][12]

Market Participants
The Government of Iran directly holds 35 percent of the TSE, while securing another 40 percent through pension funds and investment companies. Foreign investment accounts for only about 2 percent of the stock market (2009).[13]


Foreign Portfolio Investment

The new by-law for Foreign Portfolio Investment (FPI) was approved by the government in June 2005. Under this new bylaw, foreign investors can participate in the TSE for the first time. Initially, however, some limitations have been imposed on foreign investors:
• Foreign investors may own a maximum of 10 percent of each listed company.
• Foreign investors may not withdraw their main capital and capital gain for the first three years of their investment. Repatriation is possible once a year under current regulations.

There is a plan to increase the ceiling on foreign participation to 25% and lower the time limit for transferring the original investment to one year. With the removal of obstacles to foreign investment Iran could potentially have a 2,000-3,000 billion US dollar stock exchange market.[14]

The "Turquoise Equity Fund" from the London-based investment boutique Turquoise Partners is one of the few opportunities for foreign investors to participate on the Tehran Stock Exchange. Turquoise Partners publishes one of the only English newsletters that covers developments of the Tehran Stock Exchange and the Iranian economy called "Iran Investment Monthly".[15]

A subsidiary of Iran's largest bank, Melli Investment Bank with branches in Dubai (UAE) and London, has plans to launch a fund of $300 million to invest in Tehran's Stock Exchange, providing the first chance for foreigners to invest in the Iranian economy. The fund will be composed of blue chip companies such as Iran Khodro and Arak Petrochemical Company (a subsidiary of National Iranian Petrochemical Company), registered in the Cayman Island and managed from Iran.[16]

Iran is also to target foreign investment in its energy sector by creating an umbrella group of nearly 50 state-run firms and listing its shares on four international stock exchanges. Under the privatization plan, 47 oil and gas companies (including PetroIran and North Drilling Company) worth an estimated $90 billion are to be privatized on the Tehran Stock Exchange by 2014. [17]

Firms such as Iran Khodro Company, Ghadir Investment Company and National Iranian Copper Industries Company are currently present in the bourses of Germany, Bahrain and Malaysia (2009).[18]

Growth Potential

So far, the Tedpix index has been driven by domestic investors, including wealthy Iranians, public sector pension funds and the investment arms of state-owned banks. For the index to prosper in the long run, more foreign investors need to make significant share purchases.[19]

The market, with a capitalisation of $37 billion, is trading at a fraction of the earnings multiples enjoyed by Iran's neighbours, while average earnings continue to grow at about 25 per cent a year (2007). According to experts, the economy of Iran has many investment opportunities, particularly on its stock exchange.[20]

Share transfer tax

The Amendment has changed the regulations regarding calculation of tax on transfer of shares and their rights in Iranian corporate entities. In the case of shares listed on the Tehran Stock Exchange (TSE) the tax on transfer of such shares and other rights is 0.5 per cent of the sales price. No other taxes are payable (i.e. capital gain tax).

In the case of transfer of the shares and their rights to other corporate entities (ie. those not listed on the TSE) a flat rate of four per cent of value of the shares and rights transferred applies. No other taxes will be charged. The Amendment has removed the requirement to value the shares in this category.

Indonesia Stock Exchange

Indonesia Stock Exchange (IDX) or in Indonesian Bursa Efek Indonesia (BEI) is a stock exchange based in Jakarta, Indonesia. It was previously known as Jakarta Stock Exchange (JSX) before it's name changed in 2007 after merged with Surabaya Stock Exchange (SSX). As of 31 December 2007, the Indonesia Stock Exchange had 383 listed companies with a combined market capitalization of $212 billion.

History
Originally opened in 1912 under the Dutch colonial government, it was re-opened in 1977 after several closures during World War I and World War II. After being reopened in 1977, the exchange was under the management of the newly created Capital Market Supervisory Agency (Badan Pengawas Pasar Modal, or Bapepam), which answered to the Ministry of Finance. Trading activity and market capitalization grew alongside the development of Indonesia's financial markets and private sector - highlighted by a major bull run in 1990. On July 13, 1992, the exchange was privatized under the ownership of Jakarta Exchange Inc. As a result, the functions of Bapepam changed to become the Capital Market Supervisory Agency. On March 22, 1995 JSX launched the Jakarta Automated Trading System (JATS). In September 2007, Jakarta Stock Exchange and Surabaya Stock Exchange merged and named Indonesian Stock Exchange by Indonesian Minister of Finance.


Stock Indices
Two of the primary stock market indices used to measure and report value changes in representative stock groupings are the JSX Composite and the Jakarta Islamic Index (JII). The JII was established in 2002 to act as a benchmark in measuring market activities based on Sharia (Islamic law). Currently, there are approximately 30 corporate stocks listed on the JII.[2] The FTSE/ASEAN Indices were launched by the five ASEAN exchanges (Singapore Exchange, Bursa Malaysia, The Stock Exchange of Thailand, Jakarta Stock Exchange, The Philippine Stock Exchange) and global index provider FTSE on September 21, 2005. The indices, covering the five ASEAN markets, are designed using international standards, free float adjusted, and based on the Industry Classification Benchmark (ICB). The indices comprise FTSE/ASEAN Benchmark Index and FTSE/ASEAN 40 tradable index. The FTSE/ASEAN 40 index is calculated on a real-time basis from 9:00 a.m. and the closing index is calculated at 6:00 p.m. (Singapore time). The FTSE/ASEAN benchmark index is calculated on end-of-day basis.


Merger
Both Jakarta Stock Exchange (JSX) and the Surabaya Stock Exchange (SSX) merged to form a new entity "Indonesia Stock Exchange ( Bursa Efek Indonesia). After the merger, the new entity will have seven directors.


Notes
^ Number of Listed Companies and Total Market Cap, Indonesia Stock Exchange page on Wikinvest
^ Asean Law Association, Indonesian Legal System, 2004

Vadodara Stock Exchange

Vadodara Stock Exchange or VSE is located in the city of Vadodara in Western India. It was established in 1990 at Baroda. It is the third largest stock exchange in the state of Gujarat after Ahmedabad and Rajkot. It is recognized by the Securities Contract (Regulations) Act of 1956 as a permanent stock exchange.

From a humble beginnings in 1986 as the Vadodara Stock Brokers' Association comprising of 150 members, it was incorporated in January 22 1990 as Vadodara Stock Exchange Limited. By 1999, the exchange had a total of 321 brokers, of which 65 were corporate brokers, 253 were proprietor brokers, and 3 were partnership brokers. Then, there was only 85 sub-brokers registered.


Board of Directors of Vadodara Stock Exchange Limited
1.1 Shri Sudhir N. Shah
1.2 Shri Parimal D. Nathwani
1.3 Shri Jayant Sanghvi
1.4 Shri Krupesh Patel
1.5 Shri Mukundbhai Patel
1.6 Shri Rajesh G. Sampat
1.7 Shri Ketan B. Shah
1.8 Shri Nitin H. Parikh
1.9 Shri Deepak H. Modi
1.10 Shri Nilkanth R. Jani
1.11 Shri CA Y. K. Shukla
1.12 Shri Dipak Raval

National Stock Exchange of India

The National Stock Exchange of India Limited or S&P CNX NIFTY (NSE), is a Mumbai-based stock exchange. It is the largest stock exchange in India in terms of daily turnover and number of trades, for both equities and derivative trading. Though a number of other exchanges exist, NSE and the Bombay Stock Exchange are the two most significant stock exchanges in India, and between them are responsible for the vast majority of share transactions. The NSE's key index is the S&P CNX Nifty, known as the Nifty, an index of fifty major stocks weighted by market capitalisation.

NSE is mutually-owned by a set of leading financial institutions, banks, insurance companies and other financial intermediaries in India but its ownership and management operate as separate entities. There are at least 2 foreign investors NYSE Euronext and Goldman Sachs who have taken a stake in the NSE. As of 2006[update], the NSE VSAT terminals, 2799 in total, cover more than 1500 cities across India. In October 2007, the equity market capitalization of the companies listed on the NSE was US$ 1.46 trillion, making it the second largest stock exchange in South Asia. NSE is the third largest Stock Exchange in the world in terms of the number of trades in equities. It is the second fastest growing stock exchange in the world with a recorded growth of 16.6%.

Origins

NSE building at BKCThe National Stock Exchange of India was promoted by leading Financial institutions at the behest of the Government of India, and was incorporated in November 1992 as a tax-paying company. In April 1993, it was recognized as a stock exchange under the Securities Contracts (Regulation) Act, 1956. NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. The Capital Market (Equities) segment of the NSE commenced operations in November 1994, while operations in the Derivatives segment commenced in June 2000.


Innovations
NSE has remained in the forefront of modernization of India's capital and financial markets, and its pioneering efforts include:

* Being the first national, anonymous, electronic limit order book (LOB) exchange to trade securities in India. Since the success of the NSE, existent market and new market structures have followed the "NSE" model.
* Setting up the first clearing corporation "National Securities Clearing Corporation Ltd." in India. NSCCL was a landmark in providing innovation on all spot equity market (and later, derivatives market) trades in India.
* Co-promoting and setting up of National Securities Depository Limited, first depository in India.
* Setting up of S&P CNX Nifty.
* NSE pioneered commencement of Internet Trading in February 2000, which led to the wide popularization of the NSE in the broker community.
* Being the first exchange that, in 1996, proposed exchange traded derivatives, particularly on an equity index, in India. After four years of policy and regulatory debate and formulation, the NSE was permitted to start trading equity derivatives
* Being the first and the only exchange to trade GOLD ETFs (exchange traded funds) in India.
* NSE has also launched the NSE-CNBC-TV18 media centre in association with CNBC-TV18, a

Markets
Currently, NSE has the following major segments of the capital market:

Equity
Futures and Options
Retail Debt Market
Wholesale Debt Market
Currency futures

Hours
NSE's normal trading sessions are from 09:55am to 03:30pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.[7]


Indices
NSE also set up as index services firm known as India Index Services & Products Limited (IISL) and has launched several stock indices, including [8] :

* S&P CNX Nifty
* CNX Nifty Junior
* CNX 100 (= S&P CNX Nifty + CNX Nifty Junior)
* S&P CNX 500 (= CNX 100 + 400 major players across 72 industries)
* CNX Midcap (introduced on 18 July 2005 replacing CNX Midcap 200)

Certifications
NSE also conducts online examination and awards certification, under its programmes of NSE's Certification in Financial Markets (NCFM)[3]. Currently, certifications are available in 19 modules, covering different sectors of financial and capital markets. Branches of the NSE are located throughout India.

Mangalore Stock Exchange

The Mangalore stock exchange Limited (MgSE), is located in Mangalore, Karnataka, India. It was incorporated on 31st of July, 1984 as a public limited company. The Exchange was recognised by the Central Government for an initial period of 5 years on 9th September 1985 under section 4 of the Securities Contracts (Regulation) Act, 1956 and later on the period of recognition was extended by one year, from 9th September 1990 to 8th September 1991. The last recognition was valid up to September 8, 2003. On August 31, 2004, SEBI decided to derecognize the Mangalore Stock Exchange.

Chief Minister S.M. Krishna laid the foundation stone for the new building of the Mangalore Stock Exchage (MgSE) at Kulur on Sept 28, 2001. The MgSE has been granted 3 acres (12,000 m2) of land by the state government.


Address
Mangalore Stock Exchange:
Kodialbail, 4th floor, Ram Bhavan Complex,
Mangalore 575 003
Karnataka, India
Phone: +91-824-440581/440582/441214
Fax: +91-824-440736

Madras Stock Exchange

The Madras Stock Exchange is a stock exchange in Chennai, India (formerly Madras). The Madras Stock Exchange (MSE) is the fourth Stock Exchange to be established in the country, and the first in South India. It had a turnover (2001) of Rs 109 crores (25 million USD), but is a fraction (below 0.1%) of the turnover generated by the Bombay Stock Exchange and National Stock Exchange of India.

In 1996, the MSE was fully computerised and online trading became operational, as the MSE was connected to 120 broking offices in and around Chennai through Wide Area Networking.

The MSE has about 120 live members and 1,785 companies listed. The exchange follows the Rolling Settlement system, as per the January 2000 SEBI (Securities Exchange Board of India) Guidelines and a proactive Grievance Cell is operational. By this system, investors can log in their complaints, for which a number will be given for further reference, through which investors can keep track of the action taken by the exchange as regards their complaint.

A subsidiary company - MSE Financial Services Ltd, has been established. A member of the Bombay Stock Exchange, MSE Financial Services will help create greater broker and investor flexibility through multi-market access. Hereafter the members will be able to trade in both BSE and MSE. This will be followed up with National Stock Exchange (NSE) membership.

Live trading at the MSE takes place from 10.00 am to 3.30 pm.

Madhya Pradesh Stock Exchange

Madhya Pradesh Stock Exchange is located at Indore, Madhya Pradesh, India.

History of Exchange
MPSEL was originally set up as an association in 1928, with around 150 broking members. It was granted permanent recognition under the provisions of the Securities Contract (Regulation) Act, 1956 (“SCRA”), by the Government of India in 1988. MPSEL currently has 185 broker members, including some of the leading brokering houses in India. Around 343 companies, including some of the leading corporates of the country are listed on MPSEL.

Ludhiana Stock Exchange Association

Ludhian Stock Exchange Association Limited (LSE) was established in the year 1983. By 1999-2000, the exchange had a total of 284 brokers, out of which 79 were corporate brokers. Among 284 brokers, it was further classified as 212 proprietor broker, 2 partnership broker and 70 corporate broker. Then, there was only 23 sub-brokers registered.

Ludhiana Stock Exchange became the second bourse in India to introduce modified carryforward system after BSE on April 6, 1998. On the same date, LSE also introduced a settlement guarantee fund (SGF). The SGF guarantees settlement of transactions and the carryforward facility provides liquidity to the market.

LSE became the first in India to start LSE Securities Ltd., a 100% owned subsidiary of the exchange. The LSE Securities got the ticket as sub-broker of the NSE. In 1998, the exchange also got permission to start derivative trading.

For the settlement of dematerialised securities, the Ludhiana Stock Exchange has also been linked up with National Securities Depository Ltd. (NSDL).

Inter-connected Stock Exchange of India

Inter-connected Stock Exchange (ISE) started its operation in 1998 in Vashi, Mumbai. It was envisaged by its founders as an alternative to the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) for brokers/members from the regional stock exchanges. Those were the days when NSE was the only national exchange in India and the BSE had just been granted a licence to expand nationwide. It initially began as a creation of a consolidated limit order book across all these regional exchanges. However, it ended up in creating a new exchange. The exchange provides trading in stocks from regional exchanges, BSE and NSE.

However right from its inception, ISE has struggled to attract enough liquidity and interest in its market. Over a period of time it became subsidiary of the NSE, and provides sub-broker services to its members.

Hyderabad Stock Exchange

The Hyderabad Stock Exchange (HSE) was a stock exchange established in 1941 located in Hyderabad, India. The exchange was disbanded in 2007.
History

In November 1941, some leading bankers and brokers formed the share and stock Brokers Association. In 1942, Mr. Gulab Mohammed, the Finance Minister, formed a committee for the purpose of constituting rules and regulations of the Stock Exchange. Sri Purushothamdas Thakurdas, president and founding member of the Hyderabad Stock Exchange performed the opening ceremony of the exchange on November 14, 1943 under Hyderabad Companies Act. Mr. Kamal Yar Jung Bahadur was the first president of the exchange. The HSE started functioning under Hyderabad Securities Contract Act of No. 21 of 1352 under H.E.H. Nizam’s government as a company limited by guarantee. It was the 6th Stock Exchange recognized under Securities Contract Act, after the Premier Stock Exchanges, Ahmedabad, Bombay, Calcutta, Madras, and Bangalore Stock Exchange. All deliveries were completed every Monday or the next working day.

The HSE was first recognized by the Government of India on 29 September, 1958 as Securities Regulation Act was made applicable to twin cities of Hyderabad and Secunderabad from that date. In view of substantial growth in trading activities, and for the yeoman services rendered by the exchange, the exchange was bestowed with permanent recognition with effect from 29 September, 1983.


Operations
The Hyderabad Stock Exchange Ltd. started its operations in a small way in a rented building in the Koti, Hyderabad area. It moved to Aiyangar Plaza, Bank Street in 1987. In September 1989, the then Vice-President of India, Shankar Dayal Sharma inaugurated the Stock exchange's own building at Himayathnagar, Hyderabad. Later, in order to bring all the trading members under one roof, the exchange acquired still larger premises situated at 6-3-654/A ; Somajiguda, Hyderabad - 82, with a six storied building and a constructed area of about 486,842 square feet (45,229.1 m2) (including cellar of 70,857 square feet (6,582.8 m2)).

The number of members of the Exchange was 55 in 1943, 117 in 1993 and increased to 300 with 869 listed companies having paid up capital of Rs.19128.95 crores as of March 31, 2000. The business turnover also substantially increased to Rs. 1236.51 crores in 1999-2000. The Exchange had a very smooth settlement system.


Derecognition of Stock Exchange
Securities and Exchange Board of India (SEBI) had notified The Hyderabad Stock Exchange Ltd. (Corporatisation and Demutualisation) Scheme, 2005 on August 29, 2005. The Hyderabad Stock Exchange Ltd. has failed to dilute 51% of its equity share capital to the public other than shareholders having trading rights on or before August 28, 2007. Consequently, in terms of section 5(2) of the Securities Contracts Regulation Act, 1956 (SCRA), the recognition granted to HSE was withdrawn with effect from August 29, 2007. After derecognization by SEBI, the company name has been changed to "Hyderabad Securities and Enterprises Ltd"

Delhi Stock Exchange Association

The Delhi stock Exchange Association Limited (DSE) is located in New Delhi, India. It was incorporated on June 25, 1947. The exchange is an amalgamation of Delhi Stock and Share Brokers' Association Limited and the Delhi Stocks and Shares Exchange Limited. It is India's fifth exchange. The exchange is one of the premier Stock Exchange in India. The Delhi Stock Exchange is well connected to 50 cities with terminals in North India.

The exchange has over 3,000 listed companies. It has received the market regulator's permission from BSE and has become a member. Now it facilitates the DSE members to trade on the BSE terminals. The exchange is also considered the same from NSE.

DSE Dematerialised Trading
Delhi Stock Exchange has paired up with the National Security Depository Limited (NSDL), and commenced trading in dematerialised shares. This started September, 1988. However, the option for delivering shares either in physical or demat form started in November 1998.

DSE Trade Guarantee Fund
DSE initialised its Rs.125 crore Trade Guarantee Fund on July 27, 1998. TGF guarantees all the transactions of the DSE interse through the Stock Exchange. If a member fails to honour the settlement commitment, TGF undertakes to fulfill the commitment and complete all the settlement without disruption.


Official address
DSE Office The Delhi Stock Exchange Association Limited West Plaza Indira Gandhi Stadium New Delhi-110002 India Tel.: +(91)-11-2337 9590, 2337 9951

Coimbatore Stock Exchange

The Coimbatore Stock Exchange Limited, (CSX) is located in Coimbatore, Tamilnadu, India. It is the youngest stock exchange in India. It was founded by K.G. Balakrishnan. It is now governed by the Governing Body which consists of the member brokers. Currently the staff strength is fifty.

The exchange also has Screen Based Trading (SBT) system which commenced operations on 9th of October, 1996. The system is equipped to handle 25,000 traders per day and 400 members. Each member has been given a computer terminal which is connected in a Local Area Network (LAN).

Coimbatore Stock Exchange Members

Currently the segregation of Coimbatore Stock Exchange are as follows:

Individual Members - 136
Corporate Members - 57
Chartered Accountants/ Company Secretaries - 40
MBAs - 17
Engineers - 14
Cost Accountants - 10
Post Graduates - 25

Coimbatore Stock Exchange Facilities Coimbatore Stock Exchange provides well equipped facilities to its members and investors. The facilities are library, canteen, spacious parking area, STD and Internet booths, Bank with security lockers, conference hall, gymnasium and other necessary services.

In near future, the exchange is planning for the implementation of Interconnected Stock Exchange to bring more business to the centre. Apart from the infrastructure, the exchange is planning for the set up of a Training Academy, Software Development, Research Centre and other useful activities.

It also has a plan to set up Additional Trading Floor (ATF) which will bring more traffic to the CSE building. Wide Area Networks through VSATs are also in the planning card.

Cochin Stock Exchange

The Cochin Stock Exchange Limited (CSE) is located at Kochi, Kerala in India. Incorporated in the year 1978, the stock exchange has been playing a vital role in shaping the economic development of the region.

INTRODUCTION

COCHIN STOCK EXCHANGE LTD. is one of the premier Stock Exchanges in India, established in the year 1978. The exchange had a humble beginning with just 5 companies listed in 1978 -79, and had only 14 members. Today the Exchange has more than 508 members and 240 listed companies. In 1980 the Exchange computerized its offices. In order to keep pace with the changing scenario in the capital market, CSE took various steps including trading in dematerialized shares. CSE introduced the facility for computerized trading - "Cochin Online Trading (COLT)" on March 17, 1997. CSE was one of the promoters of the "Interconnected Stock Exchange of India (ISE)". The objective was to consolidate the small, fragmented and less liquid markets into a national level integrated liquid market. With the enforcement of efficient margin system and surveillance, CSE has successfully prevented defaults. Introduction of fast track system made CSE the stock exchange with the shortest settlement cycle in the country at that time. By the dawn of the new century, the regional exchanges faced a serious challenge from the NSE & BSE. To face this challenge CSE promoted a 100% subsidiary called the "Cochin Stock Brokers Ltd. (CSBL)" and started trading in the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE).

CSBL is the first subsidiary of a stock exchange to get membership in both NSE & BSE. CSBL also became a depository participant in the Central Depository Services Ltd.. The CSE has been playing a vital role in the economic development of the country in general, and Kerala in particular and striving hard to achieve the following goals:

• Providing investors with high level of liquidity whereby the cost and time involved in the entry into and exit from the market are minimized.

• Bringing in high tech solutions and make all operations absolutely transparent.

• Building infrastructure for capital market by turning CSE into a financial super market.

• Serve the investors of the region.

• Professional stock broking and investment management.

• Imparting Capital Market knowledge to all intermediaries on a continuous basis.

The Cochin Stock Exchange is directly under the control and supervision of Securities & Exchange Board of India (the SEBI), and is today a demutualized entity in accordance with the Cochin Stock Exchange (Demutualization) Scheme, 2005 approved and notified by SEBI on 29th of August 2005. Demutualization essentially means de-linking and separation of ownership and trading rights and restructuring the Board in accordance with the provisions of the scheme. The Exchange has been Demutualised and the notification thereof published in the Gazettee.

MANAGEMENT OF CSE LTD.

The policy decisions of the CSE are taken by the Board Of Directors. The Board is constituted with 12 members of whom less than one-fourth are elected from amongst the trading member of CSE, another one fourth are Public Interest Directors selected by SEBI from the panel submitted by the Exchange and the remaining are Shareholder Directors. The Board appoints the Executive Director who functions as an ex-officio member of the Board and takes charge of the administration of the Exchange

Calcutta Stock Exchange Association Limited

Calcutta Stock Exchange Association Limited , popularly the Calcutta Stock Exchange (CSE), located at the Lyons Range, Kolkata, India, was incorporated in 1908 and is the second largest bourse in India.

History
In 1830, the bourse activities in Kolkata used to conducted under a neem tree. The earliest record of dealings in securities in India is the British East India Company’s loan securities. In 1908, the stock exchange was incorporated and had consisted of 150 members. The present building at the Lyons Range was constructed in 1928. The Calcutta Stock Exchange has been granted permanent recognition by the Central Government with effect from April 14, 1980 under the relevant provisions of the Securities Contracts (Regulation) Act, 1956. The Calcutta stock exchange followed the familiar outcry system for stock trading up until 1997, when it was replaced by an electronic (eTrading) system known as C-STAR (CSE Screen Based Trading And Reporting).


Alliance
Bombay Stock Exchange(BSE) has made a strategic investment in Calcutta Stock Exchange, acquiring 5% of its shares.


Profile

Committee
The committee of the Calcutta Stock Exchange Association Limited is superseded by SEBI and by the appointed administrator Mr. Tushar Kanti Das (IAS retired).


Public representatives
V.P.Ramachandran, IAS(Retd.)
Biswajit Choudhuri
Tallen Kumar, IAS
D.Chakraborty, IRS(Retd.)
Abhirup Sarkar
D.Paul, WBHJS(Retd.)
D.Basu, WBHJS(Retd.)
B.P.Dasgupta, WBHJS(Retd.)

Senior executives
P. K. Ray - Secretary
K.Mukhopadhyay - Deputy Secretary
P. Kumar - Manager-Market Operation, Margin & Legal
D. Biswas - Manager-Securities
M.A.V Raju - Manager-Surveillance and Inspection
P. S. Mohapatra - Manager-Information Technology
D. Chakraborty - Manager-Accounts and Administration
P. Chowdhury - Manager-Market Operation
B K Nadhani - Manager-Margin
A Santra - Manager-Surveillance

CSE indices
Two indices are in use:

CSE - 40 index
CSE - 50 index

Bombay Stock Exchange

The Bombay Stock Exchange Limited (Marathi/Hindi: मुंबई शेयर बाज़ार Mumbaī Śeyar Bāzār) (formerly, The Stock Exchange, Mumbai; popularly called The Bombay Stock Exchange, or BSE) has the greatest number of listed companies in the world, with 4700 listed as of August 2007. It is located at Dalal Street, Mumbai, India. On 31 December 2007, the equity market capitalization of the companies listed on the BSE was US$ 1.79 trillion, making it the largest stock exchange in South Asia and the tenth largest in the world.

The Bombay Stock Exchange was established in 1875. Around 6,000 Indian companies list on the stock exchange, and it has a significant trading volume. The BSE SENSEX (SENSitive indEX), also called the "BSE 30", is a widely used market index in India and Asia. Though many other exchanges exist, BSE and the National Stock Exchange of India account for most of the trading in shares in India.

Alliances
Singapore Exchange (SGX) made a strategic investment in Bombay Stock Exchange, acquiring 5% of its shares for US$42.7 million. It is consistent with the strategy of building an Asian Gateway for securities and derivatives. BSE is also considering to take part of the capitalisation of the rising ascension of its partner, Singapore Exchange, which is becoming a leading financial hub in Asia-Pacific.

BSE also claims a strategic partnership with Deutsche Börse.


Hours of operation
Beginning of the Day Session....8:00 - 9:00
Login Session....9:00 - 9:30
Trading Session....9:55 - 15:30
Position Transfer Session....15:30 - 15:50
Closing Session....15:50 - 16:05
Option Exercise Session....16:05 - 16:35
Margin Session....16:35 - 16:50
Query Session....16:50 - 17:35
End of Day Session....17:35

The hours of operation for the BSE quoted above are stated in terms of the local time in Mumbai, India (also known as Bombay). This translates into a standard time zone UTC/GMT +5:30.

BSE's normal trading sessions are on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance

Bhubaneshwar Stock Exchange

Bhubaneshwar Stock Exchange Association Ltd, (BhSE) is locate din Bhubaneshwar, Orissa, India. It was established in the year 1989. It is one among the 21 odd regional stock exchanges in India.

By 1999-2000, the exchange had a total of 234 brokers, out of which 15 were corporate brokers. Among 234 brokers, it was further classified as 209 proprietor and 15 corporate broker. Then, there was only 17 sub-brokers registered.

On 15 September, 2005, SEBI approved the corporatisation and demutualisation schemes of the Bhubaneshwar Stock Exchange which were required in accordance with the provisions of the Securities Contracts (Regulation) Act, 1956.

Bangalore Stock Exchange

Bangalore Stock Exchange (BgSE) is a public stock exchange based in Bangalore, India. It was founded in 1963 and currently has 595 regional and non-regional companies listed. In September 2005, the BgSE announced plans to go public by divesting at least 51% of its ownership. The stock exchange is managed by a Council of Management, consisting of members appointed by the Securities and Exchange Board of India. First stock exchange in South India to start electronic trading of securities in 1996.

Some of the companies that trade on the BgSE include Infosys, Wipro, United Breweries and Bharat Electronics Limited.

Ahmedabad Stock Exchange

History
The stock exchange was established as a Public Charitable Trust in 1894 following the establishment of the Bombay Stock Exchange in 1875. Initial functioning of the stock exchange was started under a banyan tree. Earlier the stock exchange functioned under the framework of the Bombay Securities Contracts Act, 1925. Following the The Securities Contract Regulations Act, 1956 the Gujarat Share & Stock Exchange, Indian Share and General Exchange Association and Bombay Share and Stock Exchange, Share and Stock Brokers Association merged with the Ahmedabad Share and Stock Brokers Association and gave rise to ASE as it stands today.


Automation
The stock exchange went live on December 12, 1996. Initially, ASE used a system provided by IBM. Since June 1999, ASE operates on Ahmedabad Stock Exchanges' Online Trading System (ASETS). This system was provided to ASE by Tata Consultancy Services Pvt. Ltd. Members of the ASE can also trade on the Bombay Stock Exchange though a system called IBOSS. Today the stock exchange has 333 trading members.


Current governing board
The governing board of ASE comprises elected directors as well as directors appointed by SEBI. The governing board meets every 15 days to review the working of the stock Exchange. The executive director is the administrative head of the ASE.

P.K.Ghosh - Non-Member Director
Babubhai P. Patel - Non-Member Director
Yogesh Doshit - Non-Member Director
Ashok Chhajed - Non-Member Director
Vijay Ranchan - Non-Member Director
Manish Bhatt - Non-Member Director
N. K. Bhola - Sebi Nominee
G. H. Dalal - Member Director
Anil Shah - Member Director
V. V. Rao - Executive Director

Shenzhen Stock Exchange

(Chinese: 深圳证券交易所) is one of the People's Republic of China's three stock exchanges, alongside the Shanghai Stock Exchange and the Hong Kong Stock Exchange. It is the 9th largest stock exchange in Asia by market capitalisation (2008), and is based in Shenzhen, China.

Exchanges
The Shanghai and Shenzhen stock exchanges list more than 1,500 companies with a combined market capitalization of US$2,658.2 billion (2008), rivaling the Hong Kong Stock Exchange (US$2,121.8bn) as Asia's second-largest stock market behind the Tokyo Stock Exchange (US$3,925.6bn)

Listed companies
Most of the companies within this market belong to listed company in which the Chinese government maintains controlling interest. With regards to the listed companies, the government has viewed the stock markets has means of raising capital, but there is no current interest to privatization or selling off the state controlling interest in the SOEs (State Owned Enterprises). Until 2005, two-thirds of the shares in listed companies were non-tradable on the exchange, creating a problem in which the tradable shares were valued higher than their proportion in the company. In 2005, as part of the Chinese stock issue reform, the non-tradable shares were made tradable and the holders of tradable shares were compensated by having extra equity in the company.

Hours
The exchange has pre-market sessions from 09:15am to 09:25am and normal trading sessions from 09:30am to 03:00pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.

Indices
The Shenzhen Exchange launched the blue-chip composite index in January 1995. It also directed a subsidiary, the Shenzhen Securities Information Co., to launch the Shenzhen Stock Exchange 100 Index on the first trading session of 2003, using 2002's final day of business as a benchmark.
The new index is composed of major firms such as Shenzhen Development Bank, property developer China Vanke Co Ltd and Guangdong Electric Power Co. Index components account for about 40 percent of the Shenzhen bourse's capitalization, 61 percent of the combined after-tax profits of Shenzhen-listed companies, and 43 percent of turnover.
The Shenzhen exchange will adjust the index's components every six months.

History and Events
The initial public offering (IPO) activity in Shenzhen stock exchange was suspended from September 2000 as the Chinese government pondered merging its bourses into a single exchange in Shanghai and launch a Nasdaq-style second board in Shenzhen aimed at private and technology companies.
The central government shut down trade on the Shenzhen and Shanghai Stock Exchanges for over a week from May 1, 2003 to fight against Severe Acute Respiratory Syndrome (SARS).

Future
On November 22, 2007 the Shenzhen Stock Exchange broke ground for the new premises in down town Shenzhen. The expressive new building will be designed by Dutch Office for Metropolitan Architecture, the project is headed by architects Rem Koolhaas and Kunle Adeyemi and managing partner Victor van der Chijs. The new Shenzhen Stock Exchange is planned as a financial center with civic meaning. The external area is designed as a public space for festivals and gathering whilst the 250m tall tower will host the trading floor of high-tech and many new, high growth stocks as well as the Shenzhen Stock Exchange offices, registration and clearing house, the Securities Information Company and ancillary services in a gross floor area of 200,000m2.

Growth enterprises
Shenzhen will open in January 2009 a new NASDAQ-type exchange for high-growth, high-tech start-ups.

Market Data
(as of July 2008)
• Listed companies: 730
• Market capitalization: RMB 3 521 745,3 million (US$514.7 billion)