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Chapter 19

Chapter 19. STOCK MARKETS AROUND THE WORLD. Overview. Multiple listings on national markets Trading costs in international stock markets Global Diversification correlation of world equity markets. United Kingdom. London Stock Exchange (LSE) ordinary shares of local and foreign firms

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Chapter 19

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  1. Chapter 19 STOCK MARKETS AROUND THE WORLD

  2. Overview • Multiple listings on national markets • Trading costs in international stock markets • Global Diversification • correlation of world equity markets

  3. United Kingdom • London Stock Exchange (LSE) • ordinary shares of local and foreign firms • private fixed interest securities • British government securities • Operations • OTC market • Reforms • Big Bang

  4. Germany • Frankfurt Stock Exchange (FSE) • Market Segments • official market • regulated market • Neuer Market • Exchange Electronic Trading (Xetra)

  5. Japan • Tokyo Stock Exchange (TSE) • first section • second section • Operations • continuous auction market • OTC market • Reforms • financial big bang

  6. A shares restricted to Chinese investors denominated in Chinese yuan limited to state-owned companies Hong Kong H shares red chips B shares reserved for foreign investors Shanghai B-shares are quoted in U.S. dollars Shenzen B-shares are quoted in Hong Kong dollars Chinese Stock Market

  7. Recent European Stock Market Reorganizations • London Stock Exchange • Deutsche Börse • Euronext • Other European Stock Market Activities • NASDAQ • NYSE

  8. New European Exchanges • Markets for Emerging Companies • Neuer Markt in Frankfurt • Nouveau Marche in Paris • Alternative Investment Market in London • Easdaq in Brussels

  9. New Japanese Exchanges • NASDAQ Japan • auction market • small issues are traded through the market making system • large issues are traded by the auction method

  10. Ownership and Control of National Stock Exchanges • Privately Owned Markets • United States, United Kingdom, Hong Kong, Canada, Japan, Australia • Public Institutions • France, Spain, Italy, Belgium • Banks • Switzerland, Austria

  11. Trading Procedures and Computerization • Continuous Market • Call Market • Computerized Trading

  12. Dealers in Major Markets • Specialist System • Competitive Dealer System • Computerization

  13. Japan Tokyo Stock Price Index (TOPIX) Nikkei 225 Stock Average United Kingdom Financial Times-Stock Exchange 100 (FTSE 100) Germany Deutscher Aktienindex (DAX) France CAC 40 Others Hang Seng Index Morgan Stanley EAFE Index Stock Market Indexes

  14. Global Depository Receipt • Global Depository Receipt (GDR) • Bank-issued title to shares of stock traded in a foreign country. • American Depository Receipt (ADR) • Tradable right to a foreign share held in trust by a U.S. financial institution that issues the ADR. • Depository Receipt • combination of GDRs and ADRs

  15. Types: nonsponsored sponsored Trading Location NYSE ASE OTC market Advantages trade stocks on U.S. exchanges payments made and received are in U.S. dollars avoid some country-specific taxes American Depository Receipt

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