1.
Stock exchange
–
A stock exchange or bourse is an exchange where stock brokers and traders can buy and/or sell stocks, bonds, and other securities. Stock exchanges may also provide facilities for issue and redemption of securities and other financial instruments, Securities traded on a stock exchange include stock issued by listed companies, unit trusts, derivatives, pooled investment products and bonds. Stock exchanges often function as continuous auction markets, with buyers and sellers consummating transactions at a central location, to be able to trade a security on a certain stock exchange, it must be listed there. Trade on an exchange is restricted to brokers who are members of the exchange, the initial public offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market, supply and demand in stock markets are driven by various factors that, as in all free markets, affect the price of stocks. There is usually no obligation for stock to be issued via the exchange itself. Such trading may be off exchange or over-the-counter and this is the usual way that derivatives and bonds are traded. Increasingly, stock exchanges are part of a securities market. The idea of debt dates back to the ancient world, as evidenced for example by ancient Mesopotamian clay tablets recording interest-bearing loans, there is little consensus among scholars as to when corporate stock was first traded. Some see the key event as the Dutch East India Companys founding in 1602, economist Ulrike Malmendier of the University of California at Berkeley argues that a share market existed as far back as ancient Rome. One such service was the feeding of geese on the Capitoline Hill as a reward to the birds after their honking warned of a Gallic invasion in 390 B. C. Participants in such organizations had partes or shares, a concept mentioned various times by the statesman, in one speech, Cicero mentions shares that had a very high price at the time. Such evidence, in Malmendiers view, suggests the instruments were tradable, the societas declined into obscurity in the time of the emperors, as most of their services were taken over by direct agents of the state. Tradable bonds as a used type of security were a more recent innovation, spearheaded by the Italian city-states of the late medieval. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fully fledged capital market, the Dutch East India Company became the first company to offer shares of stock. Control of the company was held tightly by its directors, with shareholders not having much influence on management or even access to the companys accounting statements. However, shareholders were rewarded well for their investment, the company paid an average dividend of over 16 percent per year from 1602 to 1650. Financial innovation in Amsterdam took many forms, by the 1620s, the company was expanding its securities issuance with the first use of corporate bonds
Stock exchange
–
The
New York Stock Exchange on
Wall Street in
New York City, the world's largest stock exchange per total
market capitalization of its listed companies.
Stock exchange
–
Financial markets
Stock exchange
–
Among many other things, the
Code of Hammurabi recorded interest-bearing loans.
Stock exchange
–
Courtyard of the
Amsterdam Stock Exchange, circa 1670
2.
Milan
–
Milan is a city in Italy, capital of the Lombardy region, and the most populous metropolitan area and the second most populous comune in Italy. The population of the city proper is 1,351,000, Milan has a population of about 8,500,000 people. It is the industrial and financial centre of Italy and one of global significance. In terms of GDP, it has the largest economy among European non-capital cities, Milan is considered part of the Blue Banana and lies at the heart of one of the Four Motors for Europe. Milan is an Alpha leading global city, with strengths in the arts, commerce, design, education, entertainment, fashion, finance, healthcare, media, services, research, and tourism. Its business district hosts Italys Stock Exchange and the headquarters of the largest national and international banks, the city is a major world fashion and design capital, well known for several international events and fairs, including Milan Fashion Week and the Milan Furniture Fair. The city hosts numerous cultural institutions, academies and universities, with 11% of the national total enrolled students, Milans museums, theatres and landmarks attract over 9 million visitors annually. Milan – after Naples – is the second Italian city with the highest number of accredited stars from the Michelin Guide, the city hosted the Universal Exposition in 1906 and 2015. Milan is home to two of Europes major football teams, A. C. Milan and F. C. Internazionale, the etymology of Milan is uncertain. One theory holds that the Latin name Mediolanum comes from the Latin words medio, however, some scholars believe lanum comes from the Celtic root lan, meaning an enclosure or demarcated territory in which Celtic communities used to build shrines. Hence, Mediolanum could signify the central town or sanctuary of a Celtic tribe, indeed, the name Mediolanum is borne by about sixty Gallo-Roman sites in France, e. g. Saintes and Évreux. Alciato credits Ambrose for his account, around 400 BC, the Celtic Insubres settled Milan and the surrounding region. In 222 BC, the Romans conquered the settlement, renaming it Mediolanum, Milan was eventually declared the capital of the Western Roman Empire by Emperor Diocletian in 286 AD. Diocletian chose to stay in the Eastern Roman Empire and his colleague Maximianus ruled the Western one, immediately Maximian built several monuments, such as a large circus 470 m ×85 m, the Thermae Herculeae, a large complex of imperial palaces and several other buildings. With the Edict of Milan of 313, Emperor Constantine I guaranteed freedom of religion for Christians, after the city was besieged by the Visigoths in 402, the imperial residence was moved to Ravenna. In 452, the Huns overran the city, in 539, the Ostrogoths conquered and destroyed Milan during the Gothic War against Byzantine Emperor Justinian I. In the summer of 569, a Teutonic tribe, the Lombards, conquered Milan, some Roman structures remained in use in Milan under Lombard rule. Milan surrendered to the Franks in 774 when Charlemagne took the title of King of the Lombards, the Iron Crown of Lombardy dates from this period
Milan
–
Milan Cathedral,
La Scala opera house and
Porta Nuova business district
Milan
Milan
Milan
3.
Italy
–
Italy, officially the Italian Republic, is a unitary parliamentary republic in Europe. Located in the heart of the Mediterranean Sea, Italy shares open land borders with France, Switzerland, Austria, Slovenia, San Marino, Italy covers an area of 301,338 km2 and has a largely temperate seasonal and Mediterranean climate. Due to its shape, it is referred to in Italy as lo Stivale. With 61 million inhabitants, it is the fourth most populous EU member state, the Italic tribe known as the Latins formed the Roman Kingdom, which eventually became a republic that conquered and assimilated other nearby civilisations. The legacy of the Roman Empire is widespread and can be observed in the distribution of civilian law, republican governments, Christianity. The Renaissance began in Italy and spread to the rest of Europe, bringing a renewed interest in humanism, science, exploration, Italian culture flourished at this time, producing famous scholars, artists and polymaths such as Leonardo da Vinci, Galileo, Michelangelo and Machiavelli. The weakened sovereigns soon fell victim to conquest by European powers such as France, Spain and Austria. Despite being one of the victors in World War I, Italy entered a period of economic crisis and social turmoil. The subsequent participation in World War II on the Axis side ended in defeat, economic destruction. Today, Italy has the third largest economy in the Eurozone and it has a very high level of human development and is ranked sixth in the world for life expectancy. The country plays a prominent role in regional and global economic, military, cultural and diplomatic affairs, as a reflection of its cultural wealth, Italy is home to 51 World Heritage Sites, the most in the world, and is the fifth most visited country. The assumptions on the etymology of the name Italia are very numerous, according to one of the more common explanations, the term Italia, from Latin, Italia, was borrowed through Greek from the Oscan Víteliú, meaning land of young cattle. The bull was a symbol of the southern Italic tribes and was often depicted goring the Roman wolf as a defiant symbol of free Italy during the Social War. Greek historian Dionysius of Halicarnassus states this account together with the legend that Italy was named after Italus, mentioned also by Aristotle and Thucydides. The name Italia originally applied only to a part of what is now Southern Italy – according to Antiochus of Syracuse, but by his time Oenotria and Italy had become synonymous, and the name also applied to most of Lucania as well. The Greeks gradually came to apply the name Italia to a larger region, excavations throughout Italy revealed a Neanderthal presence dating back to the Palaeolithic period, some 200,000 years ago, modern Humans arrived about 40,000 years ago. Other ancient Italian peoples of undetermined language families but of possible origins include the Rhaetian people and Cammuni. Also the Phoenicians established colonies on the coasts of Sardinia and Sicily, the Roman legacy has deeply influenced the Western civilisation, shaping most of the modern world
Italy
–
The
Colosseum in Rome, built c. 70 – 80 AD, is considered one of the greatest works of
architecture and
engineering of ancient history.
Italy
–
Flag
Italy
–
The
Iron Crown of Lombardy, for centuries symbol of the
Kings of Italy.
Italy
–
Castel del Monte, built by German Emperor
Frederick II,
UNESCO World Heritage site
4.
London Stock Exchange Group
–
The London Stock Exchange Group plc is a British-based stock exchange and financial information company. It is headquartered in London, United Kingdom and it owns the Borsa Italiana, MillenniumIT, Russell Investments, FTSE International, Exactpro, majority stake in LCH, majority stake in MTS and the London Stock Exchange. The London Stock Exchange was founded in Sweetings Alley in London in 1801 and it moved to Capel Court the following year. In 1972 the Exchange moved to a new building and trading floor in Threadneedle Street. Deregulation, sometimes known as big bang, came in 1986, in 1995 the Alternative Investment Market was launched and in 2004 the Exchange moved again, this time to Paternoster Square. Nasdaq built up a stake of over 30% in the Exchange in 2007 in a attempt to acquire it. It has since sold its investment, in 2007 the Exchange acquired the Milan-based Borsa Italiana for 1. 6bn euro to form the London Stock Exchange Group plc. The combination was intended to diversify the LSEs product offering and customer base, the all-share deal diluted the stakes of existing LSE shareholders, with Borsa Italiana shareholders receiving new shares representing 28 per cent of the enlarged register. On 16 September 2009, the London Stock Exchange Group agreed to acquire Millennium Information Technologies, Ltd. a Sri Lankan-based software company specialising in trading systems, the acquisition was completed on 19 October 2009. On 9 February 2011 TMX Group, operator of the Toronto Stock Exchange agreed to join forces with the London Stock Exchange Group in a described by TMX head Tom Kloet as a merger of equals. The deal, subject to government approval would create the worlds largest exchange operator for mining stocks, in the UK the LSE Group first announced it as a takeover, however in Canada the deal was reported as a merger. The provisional name for the group would be LTMX Group plc. On 13 June 2011, a rival, and hostile bid from the Maple Group of Canadian interests, was unveiled for the TMX Group. This was a cash and stock bid of $3.7 billion CAD, the group was composed of the leading banks and financial institutions of Canada. In July 2012, the LSE bought a 5% stake in Delhi Stock Exchange, on 2 June 2014, the LSE became the 10th stock exchange to join the United Nations Sustainable Stock Exchanges initiative. On 26 June 2014, the LSE announced it had agreed to buy Frank Russell Co. making it one of the largest providers of index services. In January 2015, Reuters reported that the London Stock Exchange Group planned to put Russell Investments up for sale, in March 2016, the company announced it had reached an agreement with Deutsche Börse to merge. The companies will be brought under a new holding company, UK TopCo, on 25 February 2017, the London Stock Exchange Group PLC stated it wouldnt sell its fixed-income trading platform in Italy to Deutsche Börse AG, to appease anti-trust concerns
London Stock Exchange Group
–
Paternoster Square. The LSE occupies the building that takes up much of the right side of this picture.
London Stock Exchange Group
–
Former LSE premises in Threadneedle Street
5.
Chairman
–
The chairman is the highest officer of an organized group such as a board, a committee, or a deliberative assembly. The person holding the office is elected or appointed by the members of the group. The chair presides over meetings of the group and conducts its business in an orderly fashion. When the group is not in session, the officers duties include acting as its head, its representative to the outside world. In some organizations, this position is called president, in others, where a board appoints a president. Other terms sometimes used for the office and its holder include chair, chairperson, chairwoman, presiding officer, president, moderator, facilitator, the chairman of a parliamentary chamber is often called the speaker. The term chair is used in lieu of chairman, in response to criticisms that using chairman is sexist. In his 1992 State of the Union address, then-U. S, president George H. W. Bush used chairman for men and chair for women. A1994 Canadian study found the Toronto Star newspaper referring to most presiding men as chairman, the Chronicle of Higher Education uses chairman for men and chairperson for women. An analysis of the British National Corpus found chairman used 1,142 times, chairperson 130 times, the National Association of Parliamentarians does not approve using chairperson. In World Schools Style debating, male chairs are called Mr. Chairman, the FranklinCovey Style Guide for Business and Technical Communication, as well as the American Psychological Association style guide, advocate using chair or chairperson, rather than chairman. The Oxford Dictionary of American Usage and Style suggests that the forms are gaining ground. It advocates using chair to refer both to men and to women, the word chair can refer to the place from which the holder of the office presides, whether on a chair, at a lectern, or elsewhere. During meetings, the person presiding is said to be in the chair and is referred to as the chair. Major dictionaries state that the word derives from chair and man, some authorities, however, including Riddicks Rules of Procedure, suggest that the second part of chairman derives from the Latin manus, and thus claim gender-neutrality for the word. Vladimir Lenin, for example, officially functioned as the head of Soviet Russia not as tsar or as president, note in particular the popular standard method for referring to Mao Zedong, Chairman Mao. In the absence of the chairman and vice chairman, groups sometimes elect a chairman pro tempore to fill the role for a single meeting. In some organizations that have titles, deputy chairman ranks higher than vice chairman, as there are often multiple vice chairs
Chairman
–
Chairman of a Swedish and American society of relatives of over 5000 members, in
Stockholm in 2015 with the society's banner flying
6.
Raffaele Jerusalmi
–
Raffaele Jerusalmi is an Italian executive, CEO of Borsa Italiana S. p. A. After graduating in Economic and Social Disciplines at Bocconi University in 1988 and he, then, joined Credit Suisse First Boston in London heading trading for Italian fixed income securities from 1993 to 1998. In 1996 he also worked with the prop trading team and he joined Borsa Italiana S. p. A. in 1998, serving as Executive Director responsible for capital markets, derivatives and fixed income until 2007. Under his leadership, Borsa Italiana launched ELITE, a project implemented to support Italian SMEs through a portfolio of tools, the ELITE program has been progressively exported in Europe and it currently counts 350 companies from more than 20 Countries. Currently, Mr. Jerusalmi is also Deputy Chairman of MTS, Monte Titoli, Raffaele Jerusalmi is married and has two daughters. Since his youth, he has a passion for chess, he was Italian Junior Champion at age 16, financial Times, “Borsa Italiana Reaches Out To Fashion”
Raffaele Jerusalmi
–
Raffaele Jerusalmi
7.
Euro
–
Outside of Europe, a number of overseas territories of EU members also use the euro as their currency. Additionally,210 million people worldwide as of 2013 use currencies pegged to the euro, the euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar. The name euro was adopted on 16 December 1995 in Madrid. The euro was introduced to world markets as an accounting currency on 1 January 1999. While the euro dropped subsequently to US$0.8252 within two years, it has traded above the U. S. dollar since the end of 2002, peaking at US$1.6038 on 18 July 2008. In July 2012, the euro fell below US$1.21 for the first time in two years, following concerns raised over Greek debt and Spains troubled banking sector, as of 26 March 2017, the euro–dollar exchange rate stands at ~ US$1.07. The euro is managed and administered by the Frankfurt-based European Central Bank, as an independent central bank, the ECB has sole authority to set monetary policy. The Eurosystem participates in the printing, minting and distribution of notes and coins in all states. The 1992 Maastricht Treaty obliges most EU member states to adopt the euro upon meeting certain monetary and budgetary convergence criteria, all nations that have joined the EU since 1993 have pledged to adopt the euro in due course. Since 5 January 2002, the central banks and the ECB have issued euro banknotes on a joint basis. Euro banknotes do not show which central bank issued them, Eurosystem NCBs are required to accept euro banknotes put into circulation by other Eurosystem members and these banknotes are not repatriated. The ECB issues 8% of the value of banknotes issued by the Eurosystem. In practice, the ECBs banknotes are put into circulation by the NCBs and these liabilities carry interest at the main refinancing rate of the ECB. The euro is divided into 100 cents, in Community legislative acts the plural forms of euro and cent are spelled without the s, notwithstanding normal English usage. Otherwise, normal English plurals are used, with many local variations such as centime in France. All circulating coins have a side showing the denomination or value. Due to the plurality in the European Union, the Latin alphabet version of euro is used. For the denominations except the 1-, 2- and 5-cent coins, beginning in 2007 or 2008 the old map is being replaced by a map of Europe also showing countries outside the Union like Norway
Euro
–
The
central bank has
its seat in
Frankfurt (Germany) and is in charge of the monetary policy of the
euro area.
Euro
–
Euro banknotes as of 2015
Euro
–
Euro coins and banknotes of various denominations.
8.
Market capitalization
–
Market capitalization is used by the investment community in ranking the size of companies, as opposed to sales or total asset figures. It is also used in ranking the size of stock exchanges. In performing such rankings, the market capitalizations are calculated at some significant date, the total capitalization of stock markets or economic regions may be compared with other economic indicators. In 2014 and 2015, global market capitalization was US$68 trillion and US$67 trillion, respectively. Market cap is given by the formula M C = N × P, where MC is the capitalization, N is the number of shares outstanding. For example, if company has 4 million shares outstanding. If the closing price per share rises to $21, the cap becomes $84 million. If it drops to $19 per share, the cap falls to $76 million. This is in contrast to mercantile pricing where purchase price, average price, traditionally, companies were divided into large-cap, mid-cap, and small-cap. The terms mega-cap and micro-cap have also come into common use. Different numbers are used by different indexes, there is no definition of, or full consensus agreement about. The cutoffs may be defined as rather than in nominal dollars. Market cap reflects only the equity value of a company and it is important to note that a firms choice of capital structure has a significant impact on how the total value of a company is allocated between equity and debt. A more comprehensive measure is enterprise value, which gives effect to outstanding debt, preferred stock, for insurance firms, a value called the embedded value has been used
Market capitalization
–
The
New York Stock Exchange on
Wall Street, the world's largest
stock exchange per total market capitalization of its listed companies.
9.
United States dollar
–
The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
United States dollar
–
Series of 1917
$1 United States bill
United States dollar
–
Federal Reserve Notes
United States dollar
–
Spanish silver real or
peso of 1768
United States dollar
–
Obverse of rare 1934 $500 Federal Reserve Note, featuring a portrait of President
William McKinley.
10.
GDP
–
Gross Domestic Product is a monetary measure of the market value of all final goods and services produced in a period. Nominal GDP estimates are used to determine the economic performance of a whole country or region. The OECD defines GDP as a measure of production equal to the sum of the gross values added of all resident and institutional units engaged in production. ”An IMF publication states that GDP measures the monetary value of final goods and services - that is. Total GDP can also be broken down into the contribution of industry or sector of the economy. The ratio of GDP to the population of the region is the per capita GDP. William Petty came up with a concept of GDP to defend landlords against unfair taxation during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695, the modern concept of GDP was first developed by Simon Kuznets for a US Congress report in 1934. In this report, Kuznets warned against its use as a measure of welfare, after the Bretton Woods conference in 1944, GDP became the main tool for measuring a countrys economy. The switch from GNP to GDP in the US was in 1991, the history of the concept of GDP should be distinguished from the history of changes in ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the sector, by financial industries. GDP can be determined in three ways, all of which should, in principle, give the same result and they are the production approach, the income approach, or the expenditure approach. The most direct of the three is the approach, which sums the outputs of every class of enterprise to arrive at the total. The income approach works on the principle that the incomes of the factors must be equal to the value of their product. This approach mirrors the OECD definition given above, deduct intermediate consumption from gross value to obtain the gross value added. Gross value added = gross value of output – value of intermediate consumption, value of output = value of the total sales of goods and services plus value of changes in the inventories. The sum of the value added in the various economic activities is known as GDP at factor cost. GDP at factor cost plus indirect taxes less subsidies on products = GDP at producer price, for measuring output of domestic product, economic activities are classified into various sectors. Subtracting each sectors intermediate consumption from gross output gives the GDP at factor cost, adding indirect tax minus subsidies in GDP at factor cost gives the GDP at producer prices
GDP
–
A map of world economies by size of GDP (nominal) in USD,
World Bank, 2014.
11.
Palazzo Mezzanotte
–
Palazzo Mezzanotte, also known as Palazzo delle Borse is a 20th-century building of Milan, Italy, and the seat of the Italian stock exchange. It is located in Piazza Affari, the city square after which the Italian stock exchange itself is nicknamed, the name Palazzo Mezzanotte is a reference to Paolo Mezzanotte, the architect who designed the building. The original stock exchange of Milan was established in 1808 in the seat of the Mount of piety of the city, in 1925, the city authorities of Milan launched a project for a new, larger building for the stocks exchange. Architect Paolo Mezzanotte began his design in 1927, and construction began in 1929. The ruins of a Roman theatre were discovered during the excavations, a plaque showing the map of those ruins is now affixed on one of the outer walls of the palace. The building was completed in 1932, since the 1990s, all business is done remotely via the network, and the room has lost its original function, it is now mostly used to house conferences
Palazzo Mezzanotte
–
Facade of Palazzo Mezzanotte
Palazzo Mezzanotte
–
The plaque showing the plan of the Roman theatre found during the excavations for Palazzo Mezzanotte
12.
Kingdom of Italy (Napoleonic)
–
The Kingdom of Italy was a French client state founded in Northern Italy by Napoleon I, fully influenced by revolutionary France, that ended with his defeat and fall. Napoleon I was crowned at the Duomo di Milano, Milan on May 26 and his title was Emperor of the French and King of Italy, showing the importance of this Italian Kingdom for him. Even though the republican Constitution was never abolished, a series of Constitutional Statutes completely altered it. The second one, dating from March 29, and regulated the regency, the Great Officials of the kingdom, the Consulta, Legislative Council, and Speakers, were all merged in a Council of State, whose opinions became only optional and not binding for the king. The Legislative Body, the old parliament, remained in theory, but it never summoned after 1805, the fourth Statute, decided on February 16,1806, indicated Beauharnais as the heir to the throne. The seventh Statute, on September 21, created a new nobility of dukes, counts and barons, the eighth, in 1812, a Court of Accounts was added. The Duchy of Guastalla was annexed on May 24, with the Convention of Fontainebleau with Austria of October 10,1807, Italy ceded Monfalcone to Austria and gained Gradisca, putting the new border on the Isonzo River. The conquered Republic of Ragusa was annexed in spring 1808 by general Marmont and that was the only time in modern history that Ragusa was united to Italy. On April 2,1808, following the dissolution of the Papal States, at its maximum extent, the Kingdom had 6,700,000 inhabitants and was composed by 2,155 communes. Small changes to the borders between Italy and France in Garfagnana and Friuli came in act on August 5,1811, in practice, the Kingdom was a dependency of the French Empire. The Kingdom served as a theater in Napoleons operations against Austria during the wars of the various coalitions, trading with the United Kingdom was forbidden. The kingdom was given a new currency, replacing the local coins circulating in the country, the Italian lira, of the same size, weight. Mintage being decided by Napoleon with a decree on March 21,1806. The monetary unit was the silver lira, which was 5 grams heavy, there were multiples of £2 and £5, and precious coins of £20 and £40. The army of the kingdom, inserted into the Grande Armée, in the course of its existence from 1805 to 1814 the Kingdom of Italy provided Napoleon I with roughly around 200,000 soldiers. In 1805 Italian troops served on duty along the English Channel, during 1806-1807 they took part in the sieges of Kolberg and Danzig. From 1808 to 1813 whole Italian divisions served in Spain, especially distinguishing themselves under Suchet at Tarragona and Saguntum. In 1809, Eugènes Army of Italy formed the wing of Napoleon Is invasion of the Austrian Empire, winning a considerable victory at Raab
Kingdom of Italy (Napoleonic)
–
Iron Crown of Lombardy
Kingdom of Italy (Napoleonic)
–
Flag
Kingdom of Italy (Napoleonic)
–
Napoleon I King of Italy 1805–1814
Kingdom of Italy (Napoleonic)
–
Eugène de Beauharnais Viceroy of Italy 1805–1814
13.
London Stock Exchange
–
The London Stock Exchange is a stock exchange located in the City of London in the United Kingdom. As of December 2014, the Exchange had a capitalisation of US$6.06 trillion. The Exchange was founded in 1801 and its current premises are situated in Paternoster Square close to St Pauls Cathedral in the City of London, the Exchange is part of the London Stock Exchange Group. London Stock Exchange is one of the world’s oldest stock exchanges, London Stock Exchange Group was created in October 2007 when London Stock Exchange merged with Milan Stock Exchange, Borsa Italiana. The Royal Exchange had been founded by English financier Thomas Gresham on the model of the Antwerp Bourse and it was opened by Elizabeth I of England in 1571. During the 17th century, stockbrokers were not allowed in the Royal Exchange due to their rude manners and they had to operate from other establishments in the vicinity, notably Jonathans Coffee-House. At that coffee house, a broker named John Casting started listing the prices of a few commodities, exchange rates and certain key provisions such as salt, coal, originally, this was not a daily list and was only published a few days of the week. This list and activity was moved to Garraway’s coffee house. Public auctions during this period were conducted for the duration that a length of tallow candle could burn, as stocks grew, with new companies joining to raise capital, the royal court also raised some monies. These are the earliest evidence of organised trading in securities in London. After Greshams Royal Exchange building was destroyed in the Great Fire of London, it was rebuilt and this was a move away from coffee houses and a step towards the modern model of stock exchange. The Royal Exchange not only housed brokers but also merchants and merchandise and this was the birth of a regulated stock market, which had teething problems in the shape of unlicensed brokers. In order to regulate these, Parliament brought out an act in 1697 that levied heavy penalties and it also set a fixed number of brokers, which was later increased as the size of the trade grew. The street in which they were now dealing was known as Exchange Alley, Parliament tried to regulate this and ban the unofficial traders from the Change streets. Traders became weary of bubbles when companies rose quickly and fell, after the Seven Years War, trade at Jonathans coffee house boomed again. In 1773, Jonathan, together with 150 other brokers, formed a club and opened a new and this now had a set entrance fee, through which traders could enter the stock room and trade securities. It was, however, not a location for trading. Fraud was also rife during these times and in order to such dealings
London Stock Exchange
London Stock Exchange
–
Paternoster Square; the LSE occupies the building that takes up much of the right side of this picture.
London Stock Exchange
–
London Stock Exchange in 1810
London Stock Exchange
–
The
Stock Exchange Tower pictured from atop the
National Westminster Tower in 1983.
14.
List of stock exchanges
–
This is a list of active stock exchanges. Those futures exchanges that also offer trading in securities trading in futures contracts are listed both here and at the list of futures exchanges. There are 16 stock exchanges in the world that have a market capitalization of over US$1 trillion each and they are sometimes referred to as the $1 Trillion Club. These 16 exchanges accounted for 87% of global market capitalization in 2015. Major stock exchanges of issued shares of companies, as of 31 January 2015 Note, Δ to UTC, as well as Open. During daylight saving period, the UTC times will be one hour less
List of stock exchanges
–
Islamabad Stock Exchange Building.
15.
Financial market
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A financial market is a market in which people trade financial securities, commodities, and other fungible items of value at low transaction costs and at prices that reflect supply and demand. Securities include stocks and bonds, and commodities include precious metals or agricultural products, in economics, typically, the term market means the aggregate of possible buyers and sellers of a certain good or service and the transactions between them. The term market is used for what are more strictly exchanges, organizations that facilitate the trade in financial securities. This may be a location or an electronic system. Another common use of the term is as a catchall for all the markets in the financial sector, capital markets which to consist of, Stock markets, which provide financing through the issuance of shares or common stock, and enable the subsequent trading thereof. Bond markets, which provide financing through the issuance of bonds, commodity markets, which facilitate the trading of commodities. Money markets, which provide short term debt financing and investment, derivatives markets, which provide instruments for the management of financial risk. Futures markets, which provide standardized forward contracts for trading products at some future date, Foreign exchange markets, which facilitate the trading of foreign exchange. Spot market Interbanks market The capital markets may also be divided into primary markets, newly formed securities are bought or sold in primary markets, such as during initial public offerings. Secondary markets allow investors to buy and sell existing securities, the transactions in primary markets exist between issuers and investors, while secondary market transactions exist among investors. Liquidity is an aspect of securities that are traded in secondary markets. Liquidity refers to the ease with which a security can be sold without a loss of value, securities with an active secondary market mean that there are many buyers and sellers at a given point in time. Investors benefit from liquid securities because they can sell their assets whenever they want, Financial markets attract funds from investors and channel them to corporations—they thus allow corporations to finance their operations and achieve growth. Money markets allow firms to borrow funds on a term basis. Without financial markets, borrowers would have difficulty finding lenders themselves, intermediaries such as banks, Investment Banks, and Boutique Investment Banks can help in this process. Banks take deposits from those who have money to save and they can then lend money from this pool of deposited money to those who seek to borrow. Banks popularly lend money in the form of loans and mortgages, a good example of a financial market is a stock exchange. A company can raise money by selling shares to investors and its shares can be bought or sold
Financial market
16.
Capital market
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A capital market is a financial market in which long-term debt or equity-backed securities are bought and sold. Capital markets are defined as markets in money is provided for periods longer than a year. Capital markets channel the wealth of savers to those who can put it to productive use. There are many thousands of systems, most serving only small parts of the overall capital markets. Entities hosting the systems include stock exchanges, investment banks, physically the systems are hosted all over the world, though they tend to be concentrated in financial centres like London, New York, and Hong Kong. A capital market can be either a primary market or a secondary market, in primary markets, new stock or bond issues are sold to investors, often via a mechanism known as underwriting. The main entities seeking to raise funds on the primary capital markets are governments. Governments issue only bonds, whereas companies often issue either equity or bonds, the main entities purchasing the bonds or stock include pension funds, hedge funds, sovereign wealth funds, and less commonly wealthy individuals and investment banks trading on their own behalf. In the secondary markets, existing securities are sold and bought among investors or traders, usually on an exchange, over-the-counter, or elsewhere. The existence of secondary markets increases the willingness of investors in primary markets, a second important division falls between the stock markets and the bond markets. The money markets are used for the raising of short term finance, whereas the capital markets are used for the raising of long term finance, such as the purchase of shares, or for loans that are not expected to be fully paid back for at least a year. Funds borrowed from the markets are typically used for general operating expenses. For example, a company may have inbound payments from customers that have not yet cleared, when a company borrows from the primary capital markets, often the purpose is to invest in additional physical capital goods, which will be used to help increase its income. It can take months or years before the investment generates sufficient return to pay back its cost. Together, money markets and capital markets form the financial markets as the term is narrowly understood, the capital market is concerned with long term finance. In the widest sense, it consists of a series of channels through which the savings of the community are available for industrial and commercial enterprises. Regular bank lending is not usually classed as a market transaction. A key difference is that with a bank loan, the lending is not securitised
Capital market
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The
trading floor of the
New York Stock Exchange, one of the largest secondary capital markets in the world. As of 2013, most of the NYSE's trades are executed electronically, but its hybrid structure allows some trading to be done face to face on the floor.
Capital market
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One Churchill Place, Barclays' HQ in
Canary Wharf, London. Barclays is a major player in the world's primary and secondary bond markets.
Capital market
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An
Electronic trading platform being used at the
Deutsche Börse. Most 21st century capital market transactions are executed electronically, sometimes a human operator is involved, and sometimes unattended computer systems execute the transactions, as happens in
algorithmic trading.
17.
Secondary market
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The secondary market, also called the aftermarket, is the financial market in which previously issued financial instruments such as stock, bonds, options, and futures are bought and sold. Another frequent usage of secondary market is to refer to loans which are sold by a bank to investors such as Fannie Mae. The term secondary market is used to refer to the market for any used goods or assets. After the initial issuance, investors can purchase from other investors in the secondary market, the secondary market for a variety of assets can vary from loans to stocks, from fragmented to centralized, and from illiquid to very liquid. The major stock exchanges are the most visible example of secondary markets - in this case. Exchanges such as the New York Stock Exchange, London Stock Exchange and Nasdaq provide a centralized, most bonds and structured products trade “over the counter, ” or by phoning the bond desk of one’s broker-dealer. Loans sometimes trade online using a Loan Exchange, in the secondary market, securities are sold by and transferred from one investor or speculator to another. It is therefore important that the market be highly liquid. As a general rule, the greater the number of investors that participate in a marketplace, and the greater the centralization of that marketplace. Fundamentally, secondary markets mesh the investors preference for liquidity with the users preference to be able to use the capital for an extended period of time. The term may refer to markets in things of value other than securities, similarly, secondary markets can be said to exist in some real estate contexts as well. These have very similar functions as secondary stock and bond markets in allowing for speculation, providing liquidity and it facilitates liquidity and marketability of the long term instrument. It also provides instant valuation of securities caused by changes in the environment, Private equity secondary market refers to the buying and selling of pre-existing investor commitments to private equity funds. Sellers of private equity investments sell not only the investments in the fund, due to the increased compliance and reporting obligations enacted in the Sarbanes-Oxley Act of 2002, private secondary markets began to emerge, such as SecondMarket and SecondaryLink. These markets are only available to institutional or accredited investors and allow trading of unregistered. Aftermarket Clean Energy Bank Grey market Primary market Third market Fourth market Original equipment manufacturer Private equity secondary market Reseller
Secondary market
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Financial markets
18.
Stock
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The stock of a corporation is constituted of the equity stock of its owners. A single share of the stock represents fractional ownership of the corporation in proportion to the number of shares. In liquidation, the stock represents the residual assets of the company that would be due to stockholders after discharge of all senior claims such as secured and unsecured debt. Stockholders equity cannot be withdrawn from the company in a way that is intended to be detrimental to the companys creditors, the stock of a corporation is partitioned into shares, the total of which are stated at the time of business formation. Additional shares may subsequently be authorized by the shareholders and issued by the company. In some jurisdictions, each share of stock has a certain declared par value, in other jurisdictions, however, shares of stock may be issued without associated par value. Shares represent a fraction of ownership in a business, a business may declare different types of shares, each having distinctive ownership rules, privileges, or share values. Ownership of shares may be documented by issuance of a stock certificate. A stock certificate is a document that specifies the amount of shares owned by the shareholder. Stock typically takes the form of shares of common stock or preferred stock. As a unit of ownership, common stock typically carries voting rights that can be exercised in corporate decisions, shares of such stock are called convertible preferred shares. New equity issue may have specific legal clauses attached that differentiate them from previous issues of the issuer. Some shares of stock may be issued without the typical voting rights, for instance, or some shares may have special rights unique to them. Often, new issues that have not been registered with a governing body may be restricted from resale for certain periods of time. Preferred stock may be hybrid by having the qualities of bonds of fixed returns and they also have preference in the payment of dividends over common stock and also have been given preference at the time of liquidation over common stock. They have other features of accumulation in dividend, Rule 144 Stock is an American term given to shares of stock subject to SEC Rule 144, Selling Restricted and Control Securities. Under Rule 144, restricted and controlled securities are acquired in unregistered form, investors either purchase or take ownership of these securities through private sales from the issuing company or from an affiliate of the issuer. Investors wishing to sell these securities are subject to different rules than those selling traditional common or preferred stock and these individuals will only be allowed to liquidate their securities after meeting the specific conditions set forth by SEC Rule 144
Stock
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Financial markets
Stock
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One of the earliest stock by
VOC
Stock
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Stock certificate for ten shares of the
Baltimore and Ohio Railroad Company
Stock
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A stockbroker using multiple screens to stay up to date on trading.
19.
Common stock
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Common stock is a form of corporate equity ownership, a type of security. The terms voting share and ordinary share are also used frequently in other parts of the world and they are known as Equity shares or Ordinary shares in the UK and other Commonwealth realms. This type of share gives the stockholder the right to share in the profits of the company, and to vote on matters of corporate policy and it is called common to distinguish it from preferred stock. In the event of bankruptcy, common stock investors receive any remaining funds after bondholders, creditors, as such, common stock investors often receive nothing after a liquidation bankruptcy Chapter 7. Common stockholders can also earn money through capital appreciation, Common shares may perform better than preferred shares or bonds over time, in part to accommodate the increased risk. Shareholder rights are more conceptual than technical or factual and their most common source is in the statutory and case law of the jurisdiction in which the company was formed. Some shareholders elect to enter into shareholder agreements that create new rights among the shareholders, some common stock shares have voting rights on certain matters, such as electing the board of directors. In practice, its questionable whether or not such actions can be organized or ruled in their favor, common/Equity stock is classified to differentiate it from preferred stock. Each is considered a class of stock, with different series of each issued from time to such as Series B Preferred Stock. Nevertheless, using Class B Common Stock is a label for a super-voting series of common stock. Capital surplus Equity Share capital Shares authorized Shares issued Shares outstanding Treasury stock Common Stock vs. Preferred Stock
Common stock
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Financial markets
20.
Golden share
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This share gives the government organization, or other shareholder, the right of decisive vote, thus to vote all other shares, in a shareholders-meeting. NATS Holdings, the UKs main air service provider, is an example of a company with a golden share. It was introduced in Russia by law on November 16,1992, other golden shares ruled illegal include the Spanish governments golden shares in Telefonica, Repsol YPF, Endesa, Argentaria and Tabacalera. The golden share structure of Volkswagen AG and the travails of the German Land of Niedersachsen are discussed by Johannes Adolff, Turn of the Tide. com
Golden share
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Capital structure
21.
Preferred stock
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Preferred stocks are senior to common stock, but subordinate to bonds in terms of claim and may have priority over common stock in the payment of dividends and upon liquidation. Terms of the stock are described in the articles of association. Like bonds, preferred stocks are rated by the major credit-rating companies, Preferred stock is a special class of shares which may have any combination of features not possessed by common stock. The following features are associated with preferred stock, Preference in dividends Preference in assets. Callability, at the option of the corporation Nonvoting In general, the preference does not assure the payment of dividends, but the company must pay the stated dividends on preferred stock before paying any dividends on common stock. Preferred stock can be cumulative or noncumulative, a cumulative preferred requires that if a company fails to pay a dividend, it must make up for it at a later time. Dividends accumulate with each passed dividend period, when a dividend is not paid in time, it has passed, all passed dividends on a cumulative stock make up a dividend in arrears. A stock without this feature is known as a noncumulative, or straight, preferred stock, Preferred stock may or may not have a fixed liquidation value associated with it. This represents the amount of capital which was contributed to the corporation when the shares were first issued, Preferred stock has a claim on liquidation proceeds of a stock corporation equal to its par value, unless otherwise negotiated. This claim is senior to that of common stock, which has only a residual claim, almost all preferred shares have a negotiated, fixed-dividend amount. The dividend is usually specified as a percentage of the par value or as a fixed amount, sometimes, dividends on preferred shares may be negotiated as floating, they may change according to a benchmark interest-rate index. This is all variable on the assigned to the preferred shares at the time of incorporation. The above list is not comprehensive, preferred shares may specify nearly any right conceivable, Preferred shares in the U. S. normally carry a call provision, enabling the issuing corporation to repurchase the share at its discretion. In addition to straight preferred stock, there is diversity in the stock market. Additional types of preferred stock include, Prior preferred stock—Many companies have different issues of preferred stock outstanding at one time, if the company has only enough money to meet the dividend schedule on one of the preferred issues, it makes the payments on the prior preferred. Therefore, prior preferreds have less risk than other preferred stocks. Preference preferred stock—Ranked behind a companys prior preferred stock are its preference preferred issues and these issues receive preference over all other classes of the companys preferred. If the company more than one issue of preference preferred
Preferred stock
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Financial markets
Preferred stock
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Capital structure
22.
Treasury stock
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A treasury stock or reacquired stock is stock which is also bought back by the issuing company, reducing the amount of outstanding stock on the open market. Stock repurchases are used as a tax efficient method to put cash into shareholders hands, rather than paying dividends, sometimes, companies do it when they feel that their stock is undervalued on the open market. Other times, companies do it to reduce dilution from incentive compensation plans for employees, another motive for stock repurchase is to protect the company against a takeover threat. The United Kingdom equivalent of treasury stock as used in the United States is treasury share, Treasury stocks in the UK refers to government bonds or gilts. If not canceled, such shares are referred to as treasury shares, technically, a repurchased share is a companys own share that has been bought back after having been issued and fully paid. The possession of treasury shares does not give the company the right to vote, to exercise rights as a shareholder, to receive cash dividends. Treasury shares simply reduce ordinary share capital, in an efficient market, a company buying back its stock should have no effect on its price per share valuation. Additionally, buying back shares will improve price/earnings ratios due to the number of shares. If the market is not efficient, the shares may be underpriced. In that case a company can benefit its other shareholders by buying back shares, if a companys shares are overpriced, then a company is actually hurting its remaining shareholders by buying back stock. One other reason for a company to buy back its own stock is to reward holders of stock options, call option holders are hurt by dividend payments, since, typically, they are not eligible to receive them. A share buyback program may increase the value of remaining shares, if so and this does not apply to unscheduled dividends since the strike prices of options are typically adjusted to reflect the amount of the special dividend. Finally, if the sellers into a corporate buyback are actually the call option holders themselves, the company can either retire the shares or hold the shares for later resale. Buying back stock reduces the number of outstanding shares, accompanying the decrease in the number of shares outstanding is a reduction in company assets, in particular, cash assets, which are used to buy back shares. On the balance sheet, treasury stock is listed under shareholders equity as a negative number, the accounts may be called Treasury stock or equity reduction. One way of accounting for treasury stock is with the cost method, in this method, the paid-in capital account is reduced in the balance sheet when the treasury stock is bought. When the treasury stock is sold back on the open market, another common way for accounting for treasury stock is the par value method. In the par value method, when the stock is purchased back from the market, therefore, common stock is debited and treasury stock is credited
Treasury stock
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Financial markets
23.
Investor
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An investor allocates capital with the expectation of a future financial return. Types of investments include, equity, debt securities, real estate, currency, commodity, token, derivatives such as put and call options, futures, forwards and this definition makes no distinction between those in the primary and secondary markets. That is, someone who provides a business with capital and someone who buys a stock are both investors, an investor who owns a stock is a shareholder. The assumption of risk in anticipation of gain but recognizing a higher than average possibility of loss, the term speculation implies that a business or investment risk can be analyzed and measured, and its distinction from the term investment is one of degree of risk. It differs from gambling, which is based on random outcomes, investors can include stock traders but with this distinguishing characteristic, investors are owners of a company which entails responsibilities. There are two types of investors, retail investors and institutional investors, Individuals gambling in games of chance, in this respect, an important distinctive investor psychology trait is risk attitude. The term investor protection defines the entity of efforts and activities to observe, safeguard and enforce the rights and this includes advice and legal action. Countries with stronger investor protections tend to grow faster than those with poor investor protections, investor protection includes accurate financial reporting by public companies so the investors can make an informed decision. Investor protection also includes fairness of the market which means all participants in the market have access to the same information, investor protection through government is regulations and enforcements by government agencies to ensure that market is fair and fraudulent activities are eliminated. An example of a government agency provides protection to investors is the U. S. Securities and Exchange Commission. Investor protection through individual is the strategy that one utilizes to minimize loss, individual investors can protect themselves by purchasing only shares of businesses that they understand, or only those that remain calm through market volatility. An individual investor may be protected by the strategy he uses in investment, the strategy includes an appropriate price of the stocks or assets in the right time he enters. Its hard to fix what an appropriate price is, and when it is appropriate because no one makes a purchase or a sale absolutely in his most favorable situation, however, determination may be made when the price of such share or assets are undervalued comparing to its potentiality. This is called the margin of safety where an investor can feel at ease when the price of the stocks is alarmingly down, in various instances, the term investor is associated with a means of getting rich quickly. Historically, the road to successful investment is founded on preparation, with various goals that help smooth the journey to the ultimate. To be successful, authorities such as Investopedia advise that an investment plan must include an objective, a determined period of time for completion. A planned investment structure would be dependent on the desired investment target, for an investor, understanding the influencing factors related to finance is a valuable asset which can be gained from various sources. A financial awareness will help any investor learn and understand the mechanism of the investment marketplace, warren Buffett, an established and recognized expert on the subject of successful investing, has a simple philosophy, If I cannot understand it, I will not invest in it
Investor
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Financial market participants
24.
Market maker
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The U. S. Securities and Exchange Commission defines a market maker as a firm that stands ready to buy and sell stock on a regular and continuous basis at a publicly quoted price. A Designated Primary Market Maker is a market maker approved by an exchange to guarantee that he or she will take the position in a particular assigned security. Most foreign exchange trading firms are market makers and so are many banks, the market maker sells to and buys from its clients and is compensated by means of price differentials for the service of providing liquidity, reducing transaction costs and facilitating trade. Market makers that stand ready to buy and sell stocks listed on an exchange, most stock exchanges operate on a matched bargain or order driven basis. When a buyers bid price meets a sellers offer price or vice versa, in such a system, there may be no designated or official market makers, but market makers nevertheless exist. The market makers provide an amount of liquidity to the securitys market. In return, the specialist is granted various informational and trade execution advantages, other U. S. exchanges, most prominently the NASDAQ Stock Exchange, employ several competing official market makers in a security. These market makers are required to maintain two-sided markets during exchange hours and are obligated to buy and sell at their displayed bids and offers. They typically do not receive the trading advantages a specialist does, in most situations, only official market makers are permitted to engage in naked shorting. Recent changes to the rules have explicitly banned naked shorting by options market makers, as of October 2008 there were over two thousand market makers in the USA and over a hundred in Canada. A prediction market, or market explicitly designed to uncover the value of an asset, examples of New York market makers are Jane Street Capital and Optiver. On the London Stock Exchange there are market makers for many securities. Some of the LSEs member firms take on the obligation of making a two-way price in each of the stocks in which they make markets. Their prices are the ones displayed on the Stock Exchange Automated Quotation system, on the LSE one can always buy and sell stock, each stock always has at least two market makers and they are obliged to deal. Unofficial market makers are free to operate on order driven markets or, indeed and they do not have the obligation to always be making a two-way price but they do not have the advantage that everyone must deal with them either. Examples of UK Market makers since Big Bang Day are Peel Hunt LLP, Winterflood Securities, Liberum Capital, Shore Capital, Fairfax IS, prior to the Big Bang, jobbers had exclusive rights of market making on the LSE. The Frankfurt Stock Exchange runs a system of market makers appointed by the listed companies, Designated Sponsors secure higher liquidity by quoting binding prices for buying and selling the shares. The largest market maker by number of mandates in Germany is Close Brothers Seydler
Market maker
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Financial markets
