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.
Paris
–
Paris is the capital and most populous city of France. It has an area of 105 square kilometres and a population of 2,229,621 in 2013 within its administrative limits, the agglomeration has grown well beyond the citys administrative limits. By the 17th century, Paris was one of Europes major centres of finance, commerce, fashion, science, and the arts, and it retains that position still today. The aire urbaine de Paris, a measure of area, spans most of the Île-de-France region and has a population of 12,405,426. It is therefore the second largest metropolitan area in the European Union after London, the Metropole of Grand Paris was created in 2016, combining the commune and its nearest suburbs into a single area for economic and environmental co-operation. Grand Paris covers 814 square kilometres and has a population of 7 million persons, the Paris Region had a GDP of €624 billion in 2012, accounting for 30.0 percent of the GDP of France and ranking it as one of the wealthiest regions in Europe. The city is also a rail, highway, and air-transport hub served by two international airports, Paris-Charles de Gaulle and Paris-Orly. Opened in 1900, the subway system, the Paris Métro. It is the second busiest metro system in Europe after Moscow Metro, notably, Paris Gare du Nord is the busiest railway station in the world outside of Japan, with 262 millions passengers in 2015. In 2015, Paris received 22.2 million visitors, making it one of the top tourist destinations. The association football club Paris Saint-Germain and the rugby union club Stade Français are based in Paris, the 80, 000-seat Stade de France, built for the 1998 FIFA World Cup, is located just north of Paris in the neighbouring commune of Saint-Denis. Paris hosts the annual French Open Grand Slam tennis tournament on the red clay of Roland Garros, Paris hosted the 1900 and 1924 Summer Olympics and is bidding to host the 2024 Summer Olympics. The name Paris is derived from its inhabitants, the Celtic Parisii tribe. Thus, though written the same, the name is not related to the Paris of Greek mythology. In the 1860s, the boulevards and streets of Paris were illuminated by 56,000 gas lamps, since the late 19th century, Paris has also been known as Panam in French slang. Inhabitants are known in English as Parisians and in French as Parisiens and they are also pejoratively called Parigots. The Parisii, a sub-tribe of the Celtic Senones, inhabited the Paris area from around the middle of the 3rd century BC. One of the areas major north-south trade routes crossed the Seine on the île de la Cité, this place of land and water trade routes gradually became a town
Paris
–
In the 1860s Paris streets and monuments were illuminated by 56,000 gas lamps, making it literally "The City of Light."
Paris
Paris
–
Gold coins minted by the Parisii (1st century BC)
Paris
–
The
Palais de la Cité and
Sainte-Chapelle, viewed from the Left Bank, from the
Très Riches Heures du duc de Berry (month of June) (1410)
3.
France
–
France, officially the French Republic, is a country with territory in western Europe and several overseas regions and territories. The European, or metropolitan, area of France extends from the Mediterranean Sea to the English Channel and the North Sea, Overseas France include French Guiana on the South American continent and several island territories in the Atlantic, Pacific and Indian oceans. France spans 643,801 square kilometres and had a population of almost 67 million people as of January 2017. It is a unitary republic with the capital in Paris. Other major urban centres include Marseille, Lyon, Lille, Nice, Toulouse, during the Iron Age, what is now metropolitan France was inhabited by the Gauls, a Celtic people. The area was annexed in 51 BC by Rome, which held Gaul until 486, France emerged as a major European power in the Late Middle Ages, with its victory in the Hundred Years War strengthening state-building and political centralisation. During the Renaissance, French culture flourished and a colonial empire was established. The 16th century was dominated by civil wars between Catholics and Protestants. France became Europes dominant cultural, political, and military power under Louis XIV, in the 19th century Napoleon took power and established the First French Empire, whose subsequent Napoleonic Wars shaped the course of continental Europe. Following the collapse of the Empire, France endured a succession of governments culminating with the establishment of the French Third Republic in 1870. Following liberation in 1944, a Fourth Republic was established and later dissolved in the course of the Algerian War, the Fifth Republic, led by Charles de Gaulle, was formed in 1958 and remains to this day. Algeria and nearly all the colonies became independent in the 1960s with minimal controversy and typically retained close economic. France has long been a centre of art, science. It hosts Europes fourth-largest number of cultural UNESCO World Heritage Sites and receives around 83 million foreign tourists annually, France is a developed country with the worlds sixth-largest economy by nominal GDP and ninth-largest by purchasing power parity. In terms of household wealth, it ranks fourth in the world. France performs well in international rankings of education, health care, life expectancy, France remains a great power in the world, being one of the five permanent members of the United Nations Security Council with the power to veto and an official nuclear-weapon state. It is a member state of the European Union and the Eurozone. It is also a member of the Group of 7, North Atlantic Treaty Organization, Organisation for Economic Co-operation and Development, the World Trade Organization, originally applied to the whole Frankish Empire, the name France comes from the Latin Francia, or country of the Franks
France
–
One of the
Lascaux paintings: a horse –
Dordogne, approximately 18,000 BC
France
–
Flag
France
–
The
Maison Carrée was a temple of the
Gallo-Roman city of Nemausus (present-day
Nîmes) and is one of the best preserved vestiges of the
Roman Empire.
France
–
With
Clovis ' conversion to Catholicism in 498, the
Frankish monarchy,
elective and
secular until then, became
hereditary and of
divine right.
4.
Euronext
–
Euronext NV is a European stock exchange seated in Amsterdam, Brussels, London, Lisbon and Paris. In addition to cash and derivatives markets, the Euronext group provides listing market data, market solutions, custody and its total product offering includes equities, exchange-traded funds, warrants and certificates, bonds, derivatives, commodities and indices. As of 2017, Euronext was the largest in continental Europe with 1,300 issuers representing a €3 trillion market capitalization, Euronext merged with NYSE Group, Inc. on April 4,2007 to form NYSE Euronext. On November 13,2013 Intercontinental Exchange, completed acquisition of NYSE Euronext, in June 2014 Euronext completed an initial public offering making it a standalone company again. In December 2001, Euronext acquired the shares of the London International Financial Futures and Options Exchange, in 2002 the group merged with the Portuguese stock exchange Bolsa de Valores de Lisboa e Porto, renamed Euronext Lisbon. In 2001, Euronext became a company itself after completing its Initial Public Offering. Despite this, NYSE Group and Euronext penned an agreement, subject to shareholder vote. The initial regulatory response by SEC chief Christopher Cox was positive, the new firm, tentatively dubbed NYSE Euronext, would be headquartered in New York City, with European operations and its trading platform run out of Paris. In addition, the two hoped to add Borsa Italiana into the grouping. Deutsche Börse dropped out of the bidding for Euronext on 15 November 2006, a run-up of NYSE Groups stock price in late 2006 made the offering far more attractive to Euronexts shareholders. On 19 December 2006, Euronext shareholders approved the transaction with 98. 2% of the vote, only 1. 8% voted in favour of the Deutsche Börse offer. Jean-François Théodore, the Chief Executive Officer of Euronext, stated that expected the transaction to close within three or four months. Some of the agencies with jurisdiction over the merger had already given approval. NYSE Group shareholders gave their approval on 20 December 2006, the merger was completed on 4 April 2007, forming NYSE Euronext. In 2008 and 2009 Deutsche Börse made two attempts to merge with NYSE Euronext. Both attempts did not enter into advanced steps of merger, in 2011, Deutsche Börse and NYSE Euronext confirmed that they were in advanced merger talks. Such a merger would create the largest exchange in history, the deal was approved by shareholders of NYSE Euronext on July 7,2011, and Deutsche Börse on July 15,2011 and won the antitrust approved by the US regulators on December 22,2011. Deutsche Börse unsuccessfully appealed this decision, in 2012, Euronext announced the creation of Euronext London to offer listing facilities in the UK
Euronext
–
Euronext Exchange locations: London, Brussels, Lisbon, Amsterdam, Paris
5.
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.
6.
CAC 40
–
The CAC40 is a benchmark French stock market index. The index represents a measure of the 40 most significant values among the 100 highest market caps on the Euronext Paris. It is one of the national indices of the pan-European stock exchange group Euronext alongside Brussels BEL20, Lisbons PSI-20. The CAC40 takes its name from the Paris Bourses early automation system Cotation Assistée en Continu and its base value of 1,000 was set on 31 December 1987, equivalent to a market capitalisation of 370,437,433,957.70 French francs. In common with many major world markets, its all-time high to date was reached at the peak of the dot-com bubble in September 2000. On 1 December 2003, the weighting system switched from being dependent on total market capitalisation to free float market cap only. The CAC40 index composition is reviewed quarterly by an independent Index Steering Committee, if any changes are made, they are effected a minimum of two weeks after the review meeting. At each review date, the companies listed on Euronext Paris are ranked according to free float market capitalisation, if a company has more than one class of shares traded on the exchange, only the most actively traded of these will be accepted into the index. The CAC40 is a capitalization-weighted index, the number of shares issued of a company is reviewed quarterly, on the third Friday of March, June, September and December. Since December 2003, the weightings of companies in the index have been capped at 15% at each quarterly index review. A capping factor is used to limit the weights to 15%, although the CAC40 is almost exclusively composed of French-domiciled companies, about 45% of its listed shares are owned by foreign investors, more than any other main European index. German, Japanese, American and British investors are amongst the most significant holders of CAC40 shares and this large percentage is due to the fact that CAC40 companies are more international, or multinational, than any other European market. CAC40 companies conduct over two-thirds of their business and employ over two-thirds of their workforce outside France, the index consists of the following companies as of the quarterly update effective 1st December 2016. The most recent composition can be found on euronext website, category, CAC40 CAC Next 20 List of French companies Official Euronext page for CAC40 Index FCHI, Summary for CAC40 INDEX - Yahoo. Finance Thomson Reuters page for. FCHI Bloomberg page for CAC, IND CAC40 on Investing. com Contains real time overview, components, historical data, live charts, technichal analysis and related news
CAC 40
–
An
Ariane 5 launcher, built by
Astrium EADS, equipped with
Vulcain II engine manufactured by
Snecma Safran.
CAC 40
–
CAC 40 performance between 1964 and 2012
CAC 40
–
A
Louis Vuitton store in Hong Kong, part of
LVMH group.
CAC 40
–
A high-speed train
TGV Duplex manufactured by
Alstom.
7.
Paris Bourse
–
The Paris Bourse is the historical Paris stock exchange, known as Euronext Paris from 2000 onwards. The building, known as the Palais Brongniart, is located in the Place de la Bourse, in the II arrondissement, historically, stock trading took place at several spots in Paris, including rue Quincampoix, rue Vivienne, and the back of the Opéra Garnier. Brogniart had spontaneously submitted his project, which was a rectangular neoclassical Roman temple with a giant Corinthian colonnade enclosing a vaulted and arcaded central chamber and his designs were greatly admired by Napoleon and won Brogniart a major public commission at the end of his career. Initially praised, the building was attacked for academic dullness. The authorities had required Brogniart to modify his designs, and after Brogniarts death in 1813, Labarre altered them even further, from 1901 to 1905 Jean-Baptiste-Frederic Cavel designed the addition of two lateral wings, resulting in a cruciform plan with innumerable columns. According to the architectural historian Andrew Ayers, these alterations did nothing to improve the reputation of this uninspiring monument. From the second half of the 19th century, official stock markets in Paris were operated by the Compagnie des agents de change, the number of dealers in each of the different trading areas of the Bourse was limited. There were around 60 agents de change, in Paris, only agents de change could receive a commission, at a rate fixed by law, for acting as an intermediary. However, parallel arrangements were usual in order to some clients quote. The Commodities Exchange was housed in the building until 1889. Moreover, until about the middle of the 20th century, a market known as La Coulisse was in operation. Until the late 1980s, the market operated as an open outcry exchange, in 1986, the Paris Bourse started to implement an electronic trading system. This was known generically as CATS, but the Paris version was called CAC, by 1989, quotations were fully automated. The Palais Brongniart hosted the French financial derivatives exchanges MATIF and MONEP, in the late 1990s, the Paris Bourse launched the Euronext initiative, an alliance of several European stock exchanges. List of works by James Pradier External sculpture Lehmann, P. -J,1991 La Bourse de Paris, Paris, Dunod. 1997 Histoire de la Bourse de Paris, Paris, PUF, muniesa, F.2005 Contenir le marché, la transition de la criée à la cotation électronique à la Bourse de Paris, Sociologie du Travail 47, 485-501. Walker, D. A.2001 A factual account of the functioning of the nineteenth-century Paris Bourse, European Journal of the History of Economic Thought 8, 186-207. Foucault, T. and Hillion, P.1997 Microstructure des marchés financiers, institutions, modèles et tests empiriques, Paris, hamon, J.1995 Marché dactions, architecture et microstructure, Paris, Economica
Paris Bourse
–
Palais Brongniart: exterior
Paris Bourse
–
Palais Brongniart: interior
8.
Amsterdam
–
Amsterdam is the capital and most populous municipality of the Kingdom of the Netherlands. Its status as the capital is mandated by the Constitution of the Netherlands, although it is not the seat of the government, which is The Hague. Amsterdam has a population of 851,373 within the city proper,1,351,587 in the urban area, the city is located in the province of North Holland in the west of the country. The metropolitan area comprises much of the part of the Randstad, one of the larger conurbations in Europe. Amsterdams name derives from Amstelredamme, indicative of the citys origin around a dam in the river Amstel, during that time, the city was the leading centre for finance and diamonds. In the 19th and 20th centuries the city expanded, and many new neighborhoods and suburbs were planned, the 17th-century canals of Amsterdam and the 19–20th century Defence Line of Amsterdam are on the UNESCO World Heritage List. As the commercial capital of the Netherlands and one of the top financial centres in Europe, Amsterdam is considered a world city by the Globalization. The city is also the capital of the Netherlands. Many large Dutch institutions have their headquarters there, and seven of the worlds 500 largest companies, including Philips and ING, are based in the city. In 2012, Amsterdam was ranked the second best city to live in by the Economist Intelligence Unit and 12th globally on quality of living for environment, the city was ranked 3rd in innovation by Australian innovation agency 2thinknow in their Innovation Cities Index 2009. The Amsterdam seaport to this day remains the second in the country, famous Amsterdam residents include the diarist Anne Frank, artists Rembrandt van Rijn and Vincent van Gogh, and philosopher Baruch Spinoza. The Amsterdam Stock Exchange, the oldest stock exchange in the world, is located in the city center. After the floods of 1170 and 1173, locals near the river Amstel built a bridge over the river, the earliest recorded use of that name is in a document dated October 27,1275, which exempted inhabitants of the village from paying bridge tolls to Count Floris V. This allowed the inhabitants of the village of Aemstelredamme to travel freely through the County of Holland, paying no tolls at bridges, locks, the certificate describes the inhabitants as homines manentes apud Amestelledamme. By 1327, the name had developed into Aemsterdam, Amsterdam is much younger than Dutch cities such as Nijmegen, Rotterdam, and Utrecht. In October 2008, historical geographer Chris de Bont suggested that the land around Amsterdam was being reclaimed as early as the late 10th century. This does not necessarily mean there was already a settlement then, since reclamation of land may not have been for farming—it may have been for peat. Amsterdam was granted city rights in either 1300 or 1306, from the 14th century on, Amsterdam flourished, largely from trade with the Hanseatic League
Amsterdam
Amsterdam
Amsterdam
Amsterdam
9.
Lisbon
–
Lisbon is the capital and the largest city of Portugal, with a population of 552,700 within its administrative limits in an area of 100.05 km². Its urban area extends beyond the administrative limits with a population of around 2.7 million people. About 2.8 million people live in the Lisbon Metropolitan Area and it is continental Europes westernmost capital city and the only one along the Atlantic coast. Lisbon lies in the western Iberian Peninsula on the Atlantic Ocean, the westernmost areas of its metro area is the westernmost point of Continental Europe. Lisbon is recognised as a city because of its importance in finance, commerce, media, entertainment, arts, international trade, education. It is one of the economic centres on the continent, with a growing financial sector. Humberto Delgado Airport serves over 20 million passengers annually, as of 2015, and the motorway network, the city is the 7th-most-visited city in Southern Europe, after Istanbul, Rome, Barcelona, Madrid, Athens and Milan, with 1,740,000 tourists in 2009. The Lisbon region contributes with a higher GDP PPP per capita than any region in Portugal. Its GDP amounts to 96.3 billion USD and thus $32,434 per capita, the city occupies 32nd place of highest gross earnings in the world. Most of the headquarters of multinationals in the country are located in the Lisbon area and it is also the political centre of the country, as its seat of Government and residence of the Head of State. Lisbon is one of the oldest cities in the world, julius Caesar made it a municipium called Felicitas Julia, adding to the name Olissipo. Ruled by a series of Germanic tribes from the 5th century, in 1147, the Crusaders under Afonso Henriques reconquered the city and since then it has been a major political, economic and cultural centre of Portugal. Unlike most capital cities, Lisbons status as the capital of Portugal has never been granted or confirmed officially – by statute or in written form. Its position as the capital has formed through constitutional convention, making its position as de facto capital a part of the Constitution of Portugal. It has one of the warmest winters of any metropolis in Europe, the typical summer season lasts about four months, from June to September, although also in April temperatures sometimes reach around 25 °C. Although modern archaeological excavations show a Phoenician presence at this location since 1200 BC, another conjecture based on ancient hydronymy suggests that the name of the settlement derived from the pre-Roman appellation for the Tagus, Lisso or Lucio. Lisbons name was written Ulyssippo in Latin by the geographer Pomponius Mela and it was later referred to as Olisippo by Pliny the Elder and by the Greeks as Olissipo or Olissipona. The Indo-European Celts invaded in the 1st millennium BC, mixing with the Pre-Indo-European population and this indigenous settlement maintained commercial relations with the Phoenicians, which would account for the recent findings of Phoenician pottery and other material objects
Lisbon
–
Clockwise, from top:
Praça do Comércio,
Parque Eduardo VII,
Padrão dos Descobrimentos,
Torre de Belém, the
Sé de Lisboa, and
Parque das Nações.
Lisbon
–
Phoenician archaeological dig in the
Lisbon Cathedral cloisters
Lisbon
–
Section of the Cerca Velha (Old Wall) of Visigothic origin.
Lisbon
–
São Jorge Castle and the surrounding areas of Castelo and Mouraria.
10.
Brussels
–
Brussels, officially the Brussels-Capital Region, is a region of Belgium comprising 19 municipalities, including the City of Brussels which is the capital of Belgium. The Brussels-Capital Region is a part of both the French Community of Belgium and the Flemish Community, but is separate from the region of Flanders or Wallonia. The region has a population of 1.2 million and an area with a population of over 1.8 million. Brussels is the de facto capital of the European Union as it hosts a number of principal EU institutions, the secretariat of the Benelux and the headquarters of the North Atlantic Treaty Organization are also located in Brussels. Today, it is considered an Alpha global city, historically a Dutch-speaking city, Brussels has seen a language shift to French from the late 19th century onwards. Today, the majority language is French, and the Brussels-Capital Region is a bilingual enclave within the Flemish Region. All road signs, street names, and many advertisements and services are shown in both languages, Brussels is increasingly becoming multilingual with increasing numbers of migrants, expatriates and minority groups speaking their own languages. The most common theory of the origin of Brussels name is that it derives from the Old Dutch Broekzele or Broeksel, meaning marsh, Saint Vindicianus, the bishop of Cambrai made the first recorded reference to the place Brosella in 695 when it was still a hamlet. The origin of the settlement that was to become Brussels lies in Saint Gaugericus construction of a chapel on an island in the river Senne around 580. The official founding of Brussels is usually situated around 979, when Duke Charles of Lower Lotharingia transferred the relics of Saint Gudula from Moorsel to the Saint Gaugericus chapel, Charles would construct the first permanent fortification in the city, doing so on that same island. Lambert I of Leuven, Count of Leuven gained the County of Brussels around 1000 by marrying Charles daughter, as it grew to a population of around 30,000, the surrounding marshes were drained to allow for further expansion. The Counts of Leuven became Dukes of Brabant at about this time, in the 13th century, the city got its first walls. After the construction of the city walls in the early 13th century, to let the city expand, a second set of walls was erected between 1356 and 1383. Today, traces of it can still be seen, mostly because the small ring, Brabant had lost its independence, but Brussels became the Princely Capital of the prosperous Low Countries, and flourished. In 1516 Charles V, who had been heir of the Low Countries since 1506, was declared King of Spain in St. Michael and St. Gudula Cathedral in Brussels. Upon the death of his grandfather, Maximilian I, Holy Roman Emperor in 1519 and it was in the Palace complex at Coudenberg that Charles V abdicated in 1555. This impressive palace, famous all over Europe, had expanded since it had first become the seat of the Dukes of Brabant. In 1695, during the Nine Years War, King Louis XIV of France sent troops to bombard Brussels with artillery, together with the resulting fire, it was the most destructive event in the entire history of Brussels
Brussels
–
A
collage with several views of Brussels, Top: View of the
Northern Quarter business district, 2nd left: Floral carpet event in the
Grand Place, 2nd right:
Brussels City Hall and
Mont des Arts area, 3rd:
Cinquantenaire Park, 4th left:
Manneken Pis, 4th middle:
St. Michael and St. Gudula Cathedral, 4th right:
Congress Column, Bottom:
Royal Palace of Brussels
Brussels
–
Charles of Lorraine founded what would become Brussels c. 979
Brussels
–
Grand Place after
the 1695 bombardment by the French army
Brussels
–
Episode of the
Belgian Revolution of 1830,
Wappers (1834)
11.
UK
–
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom or Britain, is a sovereign country in western Europe. Lying off the north-western coast of the European mainland, the United Kingdom includes the island of Great Britain, Northern Ireland is the only part of the United Kingdom that shares a land border with another sovereign state—the Republic of Ireland. The Irish Sea lies between Great Britain and Ireland, with an area of 242,500 square kilometres, the United Kingdom is the 78th-largest sovereign state in the world and the 11th-largest in Europe. It is also the 21st-most populous country, with an estimated 65.1 million inhabitants, together, this makes it the fourth-most densely populated country in the European Union. The United Kingdom is a monarchy with a parliamentary system of governance. The monarch is Queen Elizabeth II, who has reigned since 6 February 1952, other major urban areas in the United Kingdom include the regions of Birmingham, Leeds, Glasgow, Liverpool and Manchester. The United Kingdom consists of four countries—England, Scotland, Wales, the last three have devolved administrations, each with varying powers, based in their capitals, Edinburgh, Cardiff and Belfast, respectively. The relationships among the countries of the UK have changed over time, Wales was annexed by the Kingdom of England under the Laws in Wales Acts 1535 and 1542. A treaty between England and Scotland resulted in 1707 in a unified Kingdom of Great Britain, which merged in 1801 with the Kingdom of Ireland to form the United Kingdom of Great Britain and Ireland. Five-sixths of Ireland seceded from the UK in 1922, leaving the present formulation of the United Kingdom of Great Britain, there are fourteen British Overseas Territories. These are the remnants of the British Empire which, at its height in the 1920s, British influence can be observed in the language, culture and legal systems of many of its former colonies. The United Kingdom is a country and has the worlds fifth-largest economy by nominal GDP. The UK is considered to have an economy and is categorised as very high in the Human Development Index. It was the worlds first industrialised country and the worlds foremost power during the 19th, the UK remains a great power with considerable economic, cultural, military, scientific and political influence internationally. It is a nuclear weapons state and its military expenditure ranks fourth or fifth in the world. The UK has been a permanent member of the United Nations Security Council since its first session in 1946 and it has been a leading member state of the EU and its predecessor, the European Economic Community, since 1973. However, on 23 June 2016, a referendum on the UKs membership of the EU resulted in a decision to leave. The Acts of Union 1800 united the Kingdom of Great Britain, Scotland, Wales and Northern Ireland have devolved self-government
UK
–
Stonehenge, in
Wiltshire, was erected around 2500 BC.
UK
–
Flag
UK
–
The
Bayeux Tapestry depicts the
Battle of Hastings, 1066, and the events leading to it.
UK
–
The
Treaty of Union led to a single united kingdom encompassing all Great Britain.
12.
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
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Paternoster Square. The LSE occupies the building that takes up much of the right side of this picture.
London Stock Exchange Group
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Former LSE premises in Threadneedle Street
13.
Futures exchange
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These types of contracts fall into the category of derivatives. The opposite of the market is the spots market, where trades will occur immediately after a transaction agreement has been made. Futures instruments are priced according to the movement of the underlying asset, the aforementioned category is named derivatives because the value of these instruments are derived from another asset class. Speculators absorb some of the risk but hedging appears to drive most commodity markets, the equilibrium futures price can be either below or above the expected future price. Rollover hedges can extend insurance from short-horizon contracts over longer periods. In Ancient Mesopotamia, around 1750 BC, the sixth Babylonian king, Hammurabi, created one of the first legal codes, the Code of Hammurabi. Hammurabi’s Code allowed sales of goods and assets to be delivered for a price, at a future date, required contracts to be in writing and witnessed. The code facilitated the first derivatives, in the form of forward, an active derivatives market existed, with trading carried out at temples. One of the earliest written records of futures trading is in Aristotles Politics and he tells the story of Thales, a poor philosopher from Miletus who developed a financial device, which involves a principle of universal application. Thales used his skill in forecasting and predicted that the olive harvest would be exceptionally good the next autumn. Confident in his prediction, he made agreements with local olive-press owners to deposit his money with them to guarantee him exclusive use of their olive presses when the harvest was ready, the first modern organized futures exchange began in 1710 at the Dojima Rice Exchange in Osaka, Japan. The London Metal Market and Exchange Company was founded in 1877, but the market traces its origins back to 1571, before the exchange was created, business was conducted by traders in London coffee houses using a makeshift ring drawn in chalk on the floor. At first only copper was traded, lead and zinc were soon added but only gained official trading status in 1920. The exchange was closed during World War II and did not re-open until 1952, the range of metals traded was extended to include aluminium, nickel, tin, aluminium alloy, steel, and minor metals cobalt and molybdenum. The exchange ceased trading plastics in 2011, the total value of the trade is around $US11.6 trillion annually. The United States followed in the early 19th century, Chicago has the largest future exchange in the world, the Chicago Mercantile Exchange. In March 2008 the Chicago Mercantile Exchange announced its acquisition of NYMEX Holdings, Inc. the parent company of the New York Mercantile Exchange, cMEs acquisition of NYMEX was completed in August 2008. For most exchanges, forward contracts were standard at the time, however, most forward contracts were not honored by both the buyer and the seller. In 1848 the Chicago Board of Trade was formed, Trading was originally in forward contracts, the first contract was written on March 13,1851
Futures exchange
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Financial markets
14.
Futures contract
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In finance, a futures contract is a standardized forward contract which can be easily traded between parties other than the two initial parties to the contract. The parties initially agree to buy and sell an asset for an agreed upon today, with delivery and payment occurring at a future point. Because it is a function of an asset, a futures contract is a derivative product. Contracts are negotiated at futures exchanges, which act as a marketplace between buyers and sellers, the buyer of a contract is said to be long position holder, and the selling party is said to be short position holder. For example, in gold trading, the margin varies between 2% and 20% depending on the volatility of the spot market. The first futures contracts were negotiated for agricultural commodities, and later contracts were negotiated for natural resources such as oil. The original use of futures contracts was to mitigate the risk of price or exchange rate movements by allowing parties to fix prices or rates in advance for future transactions. The Chicago Board of Trade listed the first-ever standardized exchange traded forward contracts in 1864, by 1875 cotton futures were being traded in Bombay in India and within a few years this had expanded to futures on edible oilseeds complex, raw jute and jute goods and bullion. The 1972 creation of the International Monetary Market, the worlds first financial futures exchange, in 1976, the IMM added interest rate futures on US treasury bills, and in 1982 they added stock market index futures. Although futures contract are oriented towards a future point, their main purpose is to mitigate risk of default by either party in the intervening period. In this vein, the futures exchange requires both parties to put up initial cash, or a bond, known as the margin. To mitigate the risk of default, the product is marked to market on a basis where the difference between the initial agreed-upon price and the actual daily futures price is reevaluated daily. If the margin account goes below a certain value set by the Exchange, then a call is made. This process is known as marking to market, thus on the delivery date, the amount exchanged is not the specified price on the contract but the spot value. Upon marketing the strike price is reached and creates lots of income for the caller. To minimize credit risk to the exchange, traders must post a margin or a performance bond, to minimize counterparty risk to traders, trades executed on regulated futures exchanges are guaranteed by a clearing house. The clearing house becomes the buyer to each seller, and the seller to each Buyer and this enables traders to transact without performing due diligence on their counterparty. Margin requirements are waived or reduced in cases for hedgers who have physical ownership of the covered commodity or spread traders who have offsetting contracts balancing the position
Futures contract
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Finance
Futures contract
15.
Option (finance)
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The strike price may be set by reference to the spot price of the underlying security or commodity on the day an option is taken out, or it may be fixed at a discount in a premium. The seller has the obligation to fulfill the transaction – to sell or buy – if the buyer exercises the option. Both are commonly used in and by the old traded, when an option is exercised, the cost to the buyer of the asset acquired is the strike price plus the premium, if any. When the option expiration date passes without the option being exercised, then the option expires, in any case, the premium is income to the seller, and normally a capital loss to the buyer. The owner of an option may on-sell the option to a party in a secondary market, in either an over-the-counter transaction or on an options exchange. The market price of an American-style option normally closely follows that of the underlying stock, being the difference between the market price of the stock and the strike price of the option. The ownership of an option does not generally entitle the holder to any rights associated with the asset, such as voting rights or any income from the underlying asset. Contracts similar to options have been used since ancient times, the first reputed option buyer was the ancient Greek mathematician and philosopher Thales of Miletus. When spring came and the olive harvest was larger than expected he exercised his options, in London, puts and refusals first became well-known trading instruments in the 1690s during the reign of William and Mary. Privileges were options sold over the counter in nineteenth century America and their exercise price was fixed at a rounded-off market price on the day or week that the option was bought, and the expiry date was generally three months after purchase. They were not traded in secondary markets, film or theatrical producers often buy the right — but not the obligation — to dramatize a specific book or script. Lines of credit give the borrower the right — but not the obligation — to borrow within a specified time period. Many choices, or embedded options, have traditionally included in bond contracts. For example, many bonds are convertible into common stock at the buyers option, mortgage borrowers have long had the option to repay the loan early, which corresponds to a callable bond option. Options contracts have been known for decades, the Chicago Board Options Exchange was established in 1973, which set up a regime using standardized forms and terms and trade through a guaranteed clearing house. Trading activity and academic interest has increased since then, Options are part of a larger class of financial instruments known as derivative products, or simply, derivatives. A financial option is a contract between two counterparties with the terms of the option specified in a term sheet, Exchange traded options have standardized contracts, and are settled through a clearing house with fulfillment guaranteed by the Options Clearing Corporation. Since the contracts are standardized, accurate pricing models are often available, the terms of an OTC option are unrestricted and may be individually tailored to meet any business need
Option (finance)
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Financial markets
Option (finance)
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Payoffs from a covered call.
16.
Interest rate
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An interest rate, is the amount of interest due per period, as a proportion of the amount lent, deposited or borrowed. The total interest on an amount lent or borrowed depends on the sum, the interest rate, the compounding frequency. It is defined as the proportion of an amount loaned which a lender charges as interest to the borrower and it is the rate a bank or other lender charges to borrow its money, or the rate a bank pays its savers for keeping money in an account. Annual interest rate is the rate over a period of one year, other interest rates apply over different periods, such as a month or a day, but they are usually annualised. A company borrows capital from a bank to buy assets for its business, in return, the bank charges the company interest. Base rate usually refers to the rate offered on overnight deposits by the central bank or other monetary authority. Annual percentage rate and effective annual rate or annual equivalent rate are used to help consumers compare products with different payment structures on a common basis, a discount rate is applied to calculate present value. Interest rate targets are a tool of monetary policy and are taken into account when dealing with variables like investment, inflation. The central banks of countries tend to reduce interest rates when they wish to increase investment. In the past two centuries, interest rates have been variously set either by national governments or central banks, during an attempt to tackle spiraling hyperinflation in 2007, the Central Bank of Zimbabwe increased interest rates for borrowing to 800%. Possibly before modern capital markets, there have been some accounts that savings deposits could achieve a return of at least 25%. Political short-term gain, Lowering interest rates can give the economy a short-run boost, under normal conditions, most economists think a cut in interest rates will only give a short term gain in economic activity that will soon be offset by inflation. The quick boost can influence elections, Most economists advocate independent central banks to limit the influence of politics on interest rates. Deferred consumption, When money is loaned the lender delays spending the money on consumption goods, since according to time preference theory people prefer goods now to goods later, in a free market there will be a positive interest rate. Inflationary expectations, Most economies generally exhibit inflation, meaning a given amount of money buys fewer goods in the future than it will now, the borrower needs to compensate the lender for this. Alternative investments, The lender has a choice between using his money in different investments, if he chooses one, he forgoes the returns from all the others. Different investments effectively compete for funds, risks of investment, There is always a risk that the borrower will go bankrupt, abscond, die, or otherwise default on the loan. This means that a lender generally charges a premium to ensure that, across his investments
Interest rate
17.
Stock
–
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.
18.
LCH.Clearnet
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LCH is a European-based independent clearing house that serves major international exchanges, as well as a range of OTC markets. LCHs members comprise a number of the major financial groups including almost all of the major investment banks, broker dealers. LCH. Clearnet, being a house, sits in the middle of a trade assuming the counterparty risk involved when two parties trade guaranteeing the settlement of the trade. To mitigate the risks involved it imposes certain minimum requirements on its members and collects initial, LCH traces its roots back to the London Clearing House, established in 1888, and the Paris-based Clearnet, established in 1969. Both developed from clearing commodity transactions and they merged in 2003 to form LCH. Clearnet. 1888 - The London Produce Clearing House is established to clear commodities contracts in London, shares are in public ownership and the company is listed on the London Stock Exchange. 1951 - LPCH is wholly acquired by United Dominions Trust,1971 - The company is renamed the International Commodities Clearing House ICCH. 1980 - Ownership passes to a consortium of six British Banks,2003 - LCH. Clearnet Group is formed following the merger of the London Clearing House and Clearnet SA. 1969 - Banque Centrale de Compensation SA is established to clear contracts traded in Paris commodity markets,1990 - Banque Centrale de Compensation SA becomes a subsidiary of MATIF, and is the first organisation in Europe to clear both cash and derivatives. 1998 - Bourse de Paris takes control of MATIF, Clearnet launches a clearing service for French government securities and is the first organisation in Europe to permit remote clearing. 1999 - Restructuring of the French markets, all the markets in Paris are run by a single body. Clearnet is spun off as a subsidiary of Euronext and becomes the clearing house for all products traded in the Paris markets,2000 - Euronext is established through the merger of Bourse de Paris, the Amsterdam Exchanges and the Brussels Exchanges. 2001 - Clearnet merges with Euronext Amsterdams and Euronext Brussels Clearing Houses,2003 - LCH. Clearnet Group is formed following the merger of the London Clearing House and Clearnet SA. 2003 - LCH. Clearnet Group is formed following the merger of the London Clearing House, new ownership comprises, Clearing Members 45. 1%, Exchanges 45. 1%, Euroclear 9. 8%. 2007 - LCH. Clearnet and Euronext announce repurchase by LCH. Clearnet of shares held by Euronext to more closely align customer and shareholder interests, revised ownership comprises, Clearing Members 73. 3%, Exchanges 10. 9%, Euroclear 15. 8%. 2008 - LCH. Clearnet successfully resolves $9 trillion of Lehman Brothers OTC interest rate swap defaults,2009 - Dormant shareholders are retired and shareholders are given the option to reduce or exit their holdings. Revised ownership comprises, Clearing members 82. 85%, Exchanges 17. 15%,2012 - The London Stock Exchange gets enough support to acquiring a 60% stake in LCH. Clearnet with an offer of €19 per share, giving LCH. Clearnet a valuation of €813 million. 2012 - LCH. Clearnet acquired sole ownership of International Derivatives Clearing Group, LLC from the NASDAQ OMX Group, Inc. and certain other investors
LCH.Clearnet
–
LCH.Clearnet
19.
Bond (finance)
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In finance, a bond is an instrument of indebtedness of the bond issuer to the holders. The most common types of bonds include municipal bonds and corporate bonds, interest is usually payable at fixed intervals. Very often the bond is negotiable, that is, the ownership of the instrument can be transferred in the secondary market and this means that once the transfer agents at the bank medallion stamp the bond, it is highly liquid on the second market. Thus, a bond is a form of loan or IOU, the holder of the bond is the lender, the issuer of the bond is the borrower, and the coupon is the interest. Bonds provide the borrower with funds to finance long-term investments, or, in the case of government bonds. Certificates of deposit or short term commercial paper are considered to be money market instruments and not bonds, the main difference is in the length of the term of the instrument. Bonds and stocks are both securities, but the difference between the two is that stockholders have an equity stake in the company, whereas bondholders have a creditor stake in the company. Being a creditor, bondholders have priority over stockholders and this means they will be repaid in advance of stockholders, but will rank behind secured creditors in the event of bankruptcy. Another difference is that usually have a defined term, or maturity, after which the bond is redeemed. An exception is a bond, such as a consol, which is a perpetuity, that is. Bonds are issued by authorities, credit institutions, companies. The most common process for issuing bonds is through underwriting, when a bond issue is underwritten, one or more securities firms or banks, forming a syndicate, buy the entire issue of bonds from the issuer and re-sell them to investors. The security firm takes the risk of being unable to sell on the issue to end investors. Primary issuance is arranged by bookrunners who arrange the bond issue, have contact with investors and act as advisers to the bond issuer in terms of timing. The bookrunner is listed first among all participating in the issuance in the tombstone ads commonly used to announce bonds to the public. The bookrunners willingness to underwrite must be discussed prior to any decision on the terms of the issue as there may be limited demand for the bonds. In contrast, government bonds are issued in an auction. In some cases, both members of the public and banks may bid for bonds, in other cases, only market makers may bid for bonds
Bond (finance)
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Securities
Bond (finance)
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Bond certificate for the state of South Carolina issued in 1873 under the state's Consolidation Act.
Bond (finance)
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Railroad obligation Moscow-Kiev-Voronezh
Bond (finance)
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Receipt for temporary bonds for the state of Kansas issued in 1922
20.
Dow Jones
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Dow Jones & Company is an American publishing and financial information firm that has been owned by News Corp. since 2007. The company was best known for the publication of the Dow Jones Industrial Average and related statistics, Dow Jones Newswire. The company was led by the Bancroft family, which held 64% of voting stock, the company was founded in 1882 by three reporters, Charles Dow, Edward Jones, and Charles Bergstresser. Dow Jones was acquired in 1902 by Clarence Barron, the financial journalist of the day. Upon Barrons death in 1928, control of the passed to his stepdaughters Jane. The company was led by the Bancroft family, which effectively controlled 64% of all voting stock, the company became a subsidiary of News Corporation after an extended takeover bid during 2007. It was reported on August 1,2007 that the bid had been successful after a period of uncertainty about shareholder agreement. The transaction was completed on December 13,2007 and it was worth US$5 billion or $60 a share, giving News Corp control of The Wall Street Journal and ending the Bancroft familys 105 years of ownership. In 2010, the company sold 90% of Dow Jones Indexes to the CME Group and its flagship publication, The Wall Street Journal, is a daily newspaper in print and online covering business, financial national and international news and issues around the globe. It began publishing on July 8,1889, there are 12 versions of the Journal in nine languages, including English, Chinese, Japanese, German, Spanish, Portuguese, Bahasa, Turkish and Korean. The Journal holds 35 Pulitzer Prizes for outstanding journalism, other consumer-oriented publications of Dow Jones include Barrons Magazine, a weekly overview of the world economy and markets and MarketWatch, the online financial news site. Financial News provides news on investment banking, securities, and asset management, bigCharts, provided by MarketWatchs Virtual Stock Exchange Games, includes stock charts, screeners, interactive charting, and research tools. Professor Journal, is a Journal in education program for professors to integrate into curriculum, Dow Jones also publishes Heat Street, an online news and opinion website launched in February 2016. The monthly journal Far Eastern Economic Review closed in September 2009, Dow Jones also owns Local Media Group, which publishes several community newspapers in the U. S. Dow Jones serves corporate markets and financial markets clients with financial news and information products and its products combine content and technology tools to help drive decisions. It provides data on venture-backed companies, including their investors and executives, in region, industry. Private Equity Analyst, timely news and critical analysis of private equity, offers exclusive insight and breaking news on developments in fund-raising, investment, deal finance, liquidity, returns, executive moves and more. DJX Risk & Compliance, on management, regulatory compliance or corporate governance content for Anti-Corruption, Anti-Money Laundering, Payments & Sanctions
Dow Jones
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Dow Jones & Company Inc.
21.
Rapeseed
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Rapeseed, also known as rape, oilseed rape, rapa, rappi, rapaseed, is a bright-yellow flowering member of the family Brassicaceae, consumed in China and Southern Africa as a vegetable. The name derives from the Latin for turnip, rāpa or rāpum, older writers usually distinguished the turnip and rape by the adjectives round and long, respectively. Rutabagas, Brassica napobrassica, are considered a variety of B. napus. Some botanists also include the closely related B. rapa within B. napus, B. napus is cultivated mainly for its oil-rich seed, the third-largest source of vegetable oil in the world. The term rape derives from the Latin word for turnip, rapum, rapeseed is known by many common names in the English language. Some names have only applied to certain subspecies, forms. B. napus = B. napus subsp and this list is from the Germplasm Resources Information Network, which attributes the names to other sources, Brassica napus – rape B. napus subsp. Napus – Argentine canola, canola, colza, oilseed rape, napus f. annua – annual rape and summer rape B. napus subsp. Napus f. napus – swede rape B. napus subsp, napus var. pabularia – Hanover-salad, rape kale, and Siberian kale B. napus subsp. Rapifera – rutabaga, swede, Swedish turnip, and winter rape Brassica napus grows to 100 cm high with lower leaves pinnatifid and glaucous, the flowers are yellow and about 17 mm across. B. napus differs from B. nigra, but can be distinguished by the leaves which do not clasp the stem. In north-east of Ireland B. napus and B. rapa are recorded as escapes in roadside verges, in 1973, Canadian agricultural scientists launched a marketing campaign to promote canola consumption. Today, rapeseed is grown for the production of animal feeds, edible oils, and biodiesel, leading producers include the European Union, Canada, China, India. In India,6.7 million tons are produced annually, the Food and Agriculture Organization reports 36 million tons of rapeseed were produced in the 2003–2004 season, and estimated 58.4 million tons in the 2010–2011 season. In Europe, rapeseed is primarily cultivated for feed, owing to its very high lipid. Natural rapeseed oil contains 50% erucic acid, wild seeds also contain high levels of glucosinolates, chemical compounds that significantly lowered the nutritional value of rapeseed press cakes for animal feed. In North America, the term canola—a contraction of Canada and ola, meaning oil—became widely used to refer to rapeseed, the rapeseed is the harvested component of the crop. The crop is grown as a winter cover crop
Rapeseed
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Rapeseed oil seed
Rapeseed
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A sea of yellow rapeseed flowers
Rapeseed
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Field of rapeseed in France
Rapeseed
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Field of rapeseed
22.
Brussels Stock Exchange
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The Brussels Stock Exchange, abbreviated to BSE, was founded in Brussels, Belgium, by decree of Napoleon in 1801. The most well known index on the Brussels Stock Exchange is the BEL20 and it now belongs to the NYSE Euronext group, the first global stock exchange. The building that houses the Brussels Stock Exchange does not have a distinct name and it is located on Boulevard Anspach, and is the namesake of the Place de la Bourse/Beursplein, which is, after the Grand Place, the second most important square in Brussels. As part of the covering of the river Senne for health and aesthetic reasons in the 1860s and 1870s, architect Léon-Pierre Suys, as part of his proposal for covering of the Senne, designed a building to become the centre of the rapidly expanding business sector. It was to be located on the butter market, on the newly created Anspach Boulevard. The building was erected from 1868 to 1873, and mixes elements of the Neo-Renaissance, euro. nm Euronext 100 Euronext Amsterdam Euronext Lisbon Euronext Paris A Euronext pamphlet describing the history of the Brussels Stock Exchange
Brussels Stock Exchange
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The Bourse/Beurs of Brussels
Brussels Stock Exchange
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The Bourse in the 1920s
23.
Amsterdam Stock Exchange
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The Amsterdam Stock Exchange is the former name for the stock exchange based in Amsterdam. It merged on 22 September 2000 with the Brussels Stock Exchange and the Paris Stock Exchange to form Euronext, the Amsterdam Stock Exchange was established in 1602 by the Dutch East India Company for dealings in its printed stocks and bonds. It was subsequently renamed the Amsterdam Bourse and was the first to begin trading in securities. Although it is considered to be the first stock market, Fernand Braudel argues that this is not precisely true, It is not quite accurate to call the first stock market. The statutes of Verona in 1318 confirm the existence of the settlement or forward market, in 1428, the jurist Bartolomeo de Bosco protested against the sale of forward loca in Genoa. All evidence points to the Mediterranean as the cradle of the stock market, but what was new in Amsterdam was the volume, the fluidity of the market and publicity it received, and the speculative freedom of transactions. That said, it remains the first incarnation of what we could today recognize as a stock market, the European Option Exchange was founded in 1978 in Amsterdam as a futures and options exchange. In 1983 it started a market index, called the EOE index. It should be noted that forward contracts, options, and other sophisticated instruments were traded on the Amsterdam Stock Exchange well before this, in 1997 the Amsterdam Stock Exchange and the EOE merged, and its blue chip index was renamed AEX, for Amsterdam EXchange. It is now managed by Euronext Amsterdam, on 3 October 2011, Princess Máxima opened the new trading floor of the Amsterdam Stock Exchange. The former Stock Exchange building was the Beurs van Berlage, the Amsterdam stock exchange is considered the oldest “modern” securities market in the world. It was shortly after the establishment of the Dutch East India Company in 1602 when equities began trading on a basis as a secondary market to trade its shares. Prior to that, the market existed primarily for the exchange of commodities, in that year, the States General of the Netherlands granted the VOC a 21-year charter over all Dutch trade in Asia and quasi-governmental powers. The monopolistic terms of the charter granted the VOC complete authority over trade defenses, war armaments. The first multi-national corporation with significant resource interests was thereby established, in addition, the high level of risk associated with trade in Asia gave the VOC its private ownership structure. In the Amsterdam East India House alone,1,143 investors subscribed for over ƒ3,679,915 or €100 million in today’s dollars, the subscription terms of each stock purchase offered shareholders the option to transfer their shares to a third party. Quickly a secondary market arose in the East India House for resale of this stock through the official bookkeeper. After an agreement had been reached between the two parties, the shares were transferred from seller to buyer in the “capital book. ”The official account, held by the East India House, encouraged investors to trade
Amsterdam Stock Exchange
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Amsterdam Stock Exchange building at Beursplein 5
Amsterdam Stock Exchange
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A
bond from the Dutch East India Company, dating from 7 November 1623, for the amount of 2,400
florins.
Amsterdam Stock Exchange
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The city hall of
Batavia, during the Dutch East Indies period
Amsterdam Stock Exchange
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Engraving depicting the Amsterdam Stock Exchange, built by
Hendrik de Keyser c. 1612
24.
Euronext Lisbon
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Euronext Lisbon is a stock exchange in Lisbon, Portugal. It is part of Euronext pan-European exchange, Euronext Lisbon trades equities, public and private bonds, participation bonds, warrants, corporate warrants, investment trust units, and exchange traded funds. The BVL General index is the exchanges official index, and includes all listed shares on the official market, Derivatives include long-term interest rate futures, three-month Lisbor futures, stock index futures and options on the PSI-20 Stock index, and Portuguese stock futures. Trading hours are 8 a. m. to 4,30 p. m. Monday through Friday, the predecessor of the Bolsa de Valores de Lisboa was created in 1769 as the Assembleia dos Homens de Negócio in the Praça do Comércio Square, Lisbon downtown. In 1891, the Bolsa de Valores do Porto in Oporto was founded, after the military coup on April 25,1974, both the Lisbon and Porto stock exchanges were closed by the revolutionary National Salvation Junta. The Euronext Lisbon was formed in 2002 when the shares of Bolsa de Valores de Lisboa e Porto were acquired by Euronext N. V. BVLP, the Portuguese exchange, was formed in the 1990s restructuring of the Lisbon Stock Exchange association and the Porto Derivatives Exchange Association. At the end of 2001,65 companies were listed on BVLP-regulated markets, from January to December 2001, a total of 4.7 million futures and options contracts were traded on the BVLP market. In 2007, after the merger of Euronext and NYSE, Euronext Lisbon joined the new NYSE Euronext group, in June 2014 Euronext completed an initial public offering making it again a standalone company. List of European stock exchanges PSI-20 Portuguese Securities Market Commission Euronext Amsterdam Euronext Brussels Euronext Paris Euronext
Euronext Lisbon
25.
AEX index
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The AEX index, derived from Amsterdam Exchange index, is a stock market index composed of Dutch companies that trade on Euronext Amsterdam, formerly known as the Amsterdam Stock Exchange. Started in 1983, the index is composed of a maximum of 25 of the most actively traded securities on the exchange and it is one of the main national indices of the stock exchange group Euronext alongside Brussels BEL20, Pariss CAC40 and Lisbons PSI-20. The AEX started from a level of 100 index points on 3 January 1983. The indexs peak to date is 703.18, reached on 5 September 2000 at the height of the dot-com bubble, the index value more than halved over the following three years before recovering in line with most global financial markets. The AEX index enjoyed its second largest one-day loss on September 29,2008, the decade between 1998 and 2008 has been bad for the AEX index, as it has been the worst performing stock index except for the OMX Iceland 15. The preceding years were a lot compared to the rest of the world. As of 2011, the AEX index composition is reviewed four times a year - a full review in March and interim quarterly reviews in June. Any changes made as a result of the reviews take effect on the third Friday of the month, previously reviews were held in March and September only. Prior to 2008, index changes were made annually in March. At the main March review date, the 23 companies listed on Euronext Amsterdams regulated market with the highest share turnover over the year are admitted to the index. Of the companies ranked between 24th and 27th, a further two are selected with preference given to existing constituents of the index, companies which have fewer than 25% of shares considered free float on Euronext Amsterdam are, however, ineligible for inclusion. Unlike some other European benchmark equity indices, if a company has more than one class of shares traded on the exchange, if a company or companies are removed from the index due to delisting, acquisition or another reason, no replacements are made until the next review date. If vacancies are to be filled, the highest-ranking non-AEX companies are selected to join the index, the AEX is a capitalization-weighted index. At each main annual review, the weightings of companies in the index are capped at 15%. The index weights are calculated with respect to the prices of the relevant companies on March 1. At the interim reviews, weightings after adjustment are left as close as possible to those of the day and are not re-capped. The index comprises a basket of shares, the numbers of which are based on the constituent weights, the index is composed of the following listings as of 1 April 2017. AMX index, the index of the next 25 largest funds on Euronext Amsterdam
AEX index
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KLM
Boeing 737-300. The nose carries the words Air France KLM.
AEX index
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AEX index performance between 1982 and 2012
AEX index
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A
TNT postbox, now part of PostNL.
26.
Euro Stoxx 50
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The EURO STOXX50 is a stock index of Eurozone stocks designed by STOXX, an index provider owned by Deutsche Börse Group. According to STOXX, its goal is to provide a representation of Supersector leaders in the Eurozone. It is made up of fifty of the largest and most liquid stocks, the index futures and options on the EURO STOXX50, traded on Eurex, are among the most liquid such products in Europe and the world. The EURO STOXX50 was introduced on 26 February 1998 and its composition is reviewed annually in September. The index is available in several currency and return variant combinations, the EURO STOXX50 Index is derived from the 19 EURO STOXX regional Supersector indices and represents the largest super-sector leaders in the Eurozone in terms of free-float market capitalization. The EURO STOXX50 serves as the basis for single sub-indices such as the EURO STOXX50 ex Financials and it is one of the most liquid indices for the Eurozone, an ideal underlying for financial products or for benchmarking purposes. Additionally, the index serves as an underlying for many strategy indices, buffers are used to achieve the fixed number of components and to maintain stability of the indices by reducing index composition changes. Selection methodology ensures a stable and up-to-date index composition, fast-entry and fast-exit rules ensure the index accurately represents the performance of only the biggest and most liquid stocks. The following table shows the values of the Euro Stoxx 50 index since 1986. A record closing high of 5,464.43 was recorded on 6 March 2000. As of December 2016, Euro Stoxx 50 consists of the companies, STOXX Europe 50 EURO STOXX50 page EURO STOXX50 Fact sheet STOXX Index Methodology Guide Bloomberg page for SX5E. Finance page for ^STOXX50E Euro Stoxx 50 | Index |965814 | EU0009658145 | Börse Frankfurt
Euro Stoxx 50
27.
BEL20
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The BEL20 is the benchmark stock market index of Euronext Brussels. In general, the index consists of a minimum of 10, since 20 June 2011, the BEL20 has contained 20 listings. The composition of the BEL20 index is reviewed annually based on closing prices on the last Friday in February and these changes are effective after the third Friday of March. In addition, a candidate for inclusion must possess a free float market capitalisation of at least 300000 times the price of the index on the last trading day of December. The minimum requirement for a constituent to remain in the index is a market cap of 200000 times the index value. At each annual review, the weights of companies in the index are capped at 15%, the BEL20 is a capitalization-weighted index. The following 20 stocks make up the BEL20 as of 20 March 2017, bloomberg page for BEL20, IND Official BEL20 composition and prices from Euronext BEL20 Rule book Reuters page for. BFX
BEL20
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The
Brussels Stock Exchange.
BEL20
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BEL20 performance between 1990 and 2012
BEL20
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Belgacom payphone in
Lebbeke.
BEL20
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Colruyt supermarket in
Ghent.
