Toronto Stock Exchange
The Toronto Stock Exchange is a stock exchange in Toronto, Canada. It is the 9th largest exchange in the world by market capitalization. Based in the Exchange Tower in Toronto's Financial District, the TSX is a wholly owned subsidiary of the TMX Group for the trading of senior equities. A broad range of businesses from Canada and abroad are represented on the exchange. In addition to conventional securities, the exchange lists various exchange-traded funds, split share corporations, income trusts and investment funds. More mining and oil and gas companies are listed on Toronto Stock Exchange than any other stock exchange; the Toronto Stock Exchange descended from the Association of Brokers, a group formed by Toronto businessmen on July 26, 1852. No records of the group's transactions have survived, it is however known that on October 25 1861, twenty-four brokers gathered at the Masonic Hall to create and participate in the Toronto Stock Exchange. Between 1852 and 1870, two others distinct, commodity-orientated, exchanges were founded: the Toronto Exchange in 1854 and the Toronto Stock and Mining Exchange in 1868.
The TSE had 13 listings but it grew to 18 in 1868. Many banks of Upper Canada failed during 1869, which halted any sort of trading in the city as the market was just too small. A bull market in 1870 boosted investor's confidence and eight of the original 24 brokers joined again to re-establish the TSE; the exchange was incorporated by an act of the Legislative Assembly of Ontario in 1878.. The TSE grew continuously in size and in shares traded, save for a three-month period in 1914 when the exchange was shut down for fear of financial panic due to World War I; the day of the Wall Street Crash of 1929, Toronto's exchange was better connected to New-York's and received the bad news before Montreal's. By the afternoon, its three most popular stocks were down by at least 8%: International Nickel, Hiram Walker & Sons and Brazilian Light & Power); the following day, a record number of 331,000 shares changed hands on the TSE, with an overall loss of value of 20% Meanwhile, a British Columbia gold rush in the 1890s stimulated the demand for start-up capital but Montreal and Toronto's exchanges deemed the ventures too risky.
The boom was handled with the Toronto Stock and Mining Exchange, founded in 1896 and which merged with its rival Standard Stock and Mining Exchange in 1899. The SSME, after years of ups and downs, was amalgamated into the Toronto Stock Exchange in 1934. While a durable surge in mining trading was recorded in Toronto, in Montreal the volume of the equity-centric market was going down. Toronto found itself a reputation as a financial centre for mining and from 1934, the total trading volume on the TSE surpassed that of Montreal's; the TSE moved on Bay Street in 1913 and in 1937 opened a new trading floor and headquarters in an Art Deco building, still on Bay. By 1936, the Toronto Stock Exchange grew to become the third largest in North America. In 1977, it launched the TSE 300 index and introduced the CATS, an automated trading system, began to use it for the quotation of less liquid equities. In 1983, the TSE moved into the Exchange Tower; the old TSE building became the Design Exchange, a museum and education centre.
On April 23, 1997, the TSE's trading floor closed, making it the second-largest stock exchange in North America to choose a floorless, electronic environment. In 1999, through a major realignment plan, Toronto Stock Exchange became Canada's sole exchange for the trading of senior equities; the Bourse de Montréal/Montreal Exchange assumed responsibility for the trading of derivatives and the Vancouver Stock Exchange and Alberta Stock Exchange merged to form the Canadian Venture Exchange handling trading in junior equities. The Canadian Dealing Network, Winnipeg Stock Exchange, equities portion of the Montreal Exchange merged with CDNX. In 2000, the Toronto Stock Exchange became a for-profit company. In 2002 its acronym was rebranded to TSX and it became a public company. · In 2001, the Toronto Stock Exchange acquired the Canadian Venture Exchange, renamed the TSX Venture Exchange in 2002. This ended 123 years of the usage of TSE as a Canadian stock exchange. On May 11, 2007, the S&P/TSX Composite, the main index of the Toronto Stock Exchange, traded above the 14,000 point level for the first time ever.
On December 17, 2008, for the first time in TSX history, the exchange was closed for an entire trading day due to a technical glitch. On February 9, 2011, the London Stock Exchange announced that it had agreed to merge with the TMX Group, Toronto Stock Exchange's parent, hoping to create a combined entity with a market capitalization of $5.9 trillion. Xavier Rolet, CEO of the LSE Group, would head the new enlarged company, while TMX Chief Executive Thomas Kloet would become the new firm president. Based on data from December 30, 2010 the new stock exchange would have been the second largest in the world with a market cap 48% greater than the Nasdaq. 8 of the 15 board members of the combined entity will be appointed by LSE, 7/15 by TMX. The provisional name for the combined group would be LTMX Group plc. About two weeks after Maple Group launched a competing bid the LSEG-TMX deal was terminated after failing to receive the minimum 67% voter approval from shareholders of TMX Group; the rejection came amidst new concerns raised b
Adobe Inc. is an American multinational computer software company headquartered in San Jose, California. It has focused upon the creation of multimedia and creativity software products, with a more recent foray towards digital marketing software. Adobe is best known for its Adobe Flash web software ecosystem, Photoshop image editing software, Acrobat Reader, the Portable Document Format, Adobe Creative Suite, as well as its successor Adobe Creative Cloud. Adobe was founded in December 1982 by John Warnock and Charles Geschke, who established the company after leaving Xerox PARC in order to develop and sell the PostScript page description language. In 1985, Apple Computer licensed PostScript for use in its LaserWriter printers, which helped spark the desktop publishing revolution; as of 2018, Adobe has about 19,000 employees worldwide, about 40% of whom work in San Jose. Adobe has major development operations in Newton, Massachusetts, it has major development operations in Noida and Bangalore in India The company was started in John Warnock's garage.
The name of the company, comes from Adobe Creek in Los Altos, which ran behind Warnock's house. Adobe's corporate logo features a stylized "A" and was designed by Marva Warnock, graphic designer and John Warnock's wife. Steve Jobs asked to buy the company for five million dollars in 1982, but Warnock and Geschke refused, their investors urged them to work something out with Jobs, so they agreed to sell him shares worth 19 percent of the company, for which Jobs paid a five-times multiple of their company's valuation at the time, plus a five-year license fee for PostScript, in advance. The purchase and advance made Adobe the first company in the history of Silicon Valley to become profitable in its first year. Warnock and Geschke considered various business options including a copy-service business and a turnkey system for office printing, they chose to focus on developing specialized printing software, created the Adobe PostScript page description language. PostScript was the first international standard for computer printing as it included algorithms describing the letter-forms of many languages.
Adobe added kanji printer products in 1988. Warnock and Geschke were able to bolster the credibility of Postscript by connecting with a typesetting manufacturer, they weren't able to work with Compugraphic, but worked with Linotype to license the Helvetica and Times Roman fonts. By 1987, PostScript had become the industry-standard printer language with more than 400 third-party software programs and licensing agreements with 19 printer companies. Warnock described the language as "extensible", in its ability to apply graphic arts standards to office printing. Adobe's first products after PostScript were digital fonts, which they released in a proprietary format called Type 1. Apple subsequently developed a competing standard, TrueType, which provided full scalability and precise control of the pixel pattern created by the font's outlines, licensed it to Microsoft. In the mid-1980s, Adobe entered the consumer software market with Illustrator, a vector-based drawing program for the Apple Macintosh.
Illustrator, which grew from the firm's in-house font-development software, helped popularize PostScript-enabled laser printers. Adobe entered NASDAQ in August 1986, its revenue has grown from $1 billion in 1999 to $4 billion in 2012. Adobe's fiscal years run from December to November. For example, the 2007 fiscal year ended on November 30, 2007. In 1989, Adobe introduced what was to become its flagship product, a graphics editing program for the Macintosh called Photoshop. Stable and full-featured, Photoshop 1.0 was ably soon dominated the market. In 1993, Adobe introduced PDF, the Portable Document Format, its Adobe Acrobat and Reader software. PDF is now an International Standard: ISO 32000-1:2008. In December 1991, Adobe released Adobe Premiere, which Adobe rebranded as Adobe Premiere Pro in 2003. In 1992, Adobe acquired Inc.. In 1994, Adobe acquired Aldus and added PageMaker and After Effects to its product line in the year. In the same year, Adobe acquired Compution Inc.. In 1995, Adobe added FrameMaker, the long-document DTP application, to its product line after Adobe acquired Frame Technology Corp.
In 1996, Adobe Inc added Ares Software Corp. In 2002, Adobe acquired Canadian company Accelio. On December 12, 2005, Adobe acquired its main rival, Macromedia, in a stock swap valued at about $3.4 billion, adding ColdFusion, Captivate, Adobe Connect, Dreamweaver, Flash, FlashPaper, FreeHand, HomeSite, JRun and Authorware to Adobe's product line. Adobe released Adobe Media Player in April 2008. On April 27, Adobe discontinued development and sales of its older HTML/web development software, GoLive in favor of Dreamweaver. Adobe offered a discount on Dreamweaver for GoLive users and supports those who still use GoLive with online tutorials and migration assistance. On June 1, Adobe launched a series of web applications geared for collaborative work. Creative Suite 4, which includes Design, Production Premium, Master Collection came out in October 2008 in six configurations at prices from about US$1,700 to $2,500 or by individual application; the Windows version of Photoshop includes 64-bit processing.
On December 3, 2008, Adobe laid off 600 of its employees citing the weak economic environment. On November 10, 2009, the company laid off a further 680 emplo
Ontario is one of the 13 provinces and territories of Canada and is located in east-central Canada. It is Canada's most populous province accounting for 38.3 percent of the country's population, is the second-largest province in total area. Ontario is fourth-largest jurisdiction in total area when the territories of the Northwest Territories and Nunavut are included, it is home to the nation's capital city and the nation's most populous city, Ontario's provincial capital. Ontario is bordered by the province of Manitoba to the west, Hudson Bay and James Bay to the north, Quebec to the east and northeast, to the south by the U. S. states of Minnesota, Ohio and New York. All of Ontario's 2,700 km border with the United States follows inland waterways: from the west at Lake of the Woods, eastward along the major rivers and lakes of the Great Lakes/Saint Lawrence River drainage system; these are the Rainy River, the Pigeon River, Lake Superior, the St. Marys River, Lake Huron, the St. Clair River, Lake St. Clair, the Detroit River, Lake Erie, the Niagara River, Lake Ontario and along the St. Lawrence River from Kingston, Ontario, to the Quebec boundary just east of Cornwall, Ontario.
There is only about 1 km of land border made up of portages including Height of Land Portage on the Minnesota border. Ontario is sometimes conceptually divided into Northern Ontario and Southern Ontario; the great majority of Ontario's population and arable land is in the south. In contrast, the larger, northern part of Ontario is sparsely populated with cold winters and heavy forestation; the province is named after Lake Ontario, a term thought to be derived from Ontarí:io, a Huron word meaning "great lake", or skanadario, which means "beautiful water" in the Iroquoian languages. Ontario has about 250,000 freshwater lakes; the province consists of three main geographical regions: The thinly populated Canadian Shield in the northwestern and central portions, which comprises over half the land area of Ontario. Although this area does not support agriculture, it is rich in minerals and in part covered by the Central and Midwestern Canadian Shield forests, studded with lakes and rivers. Northern Ontario is subdivided into two sub-regions: Northeastern Ontario.
The unpopulated Hudson Bay Lowlands in the extreme north and northeast swampy and sparsely forested. Southern Ontario, further sub-divided into four regions. Despite the absence of any mountainous terrain in the province, there are large areas of uplands within the Canadian Shield which traverses the province from northwest to southeast and above the Niagara Escarpment which crosses the south; the highest point is Ishpatina Ridge at 693 metres above sea level in Temagami, Northeastern Ontario. In the south, elevations of over 500 m are surpassed near Collingwood, above the Blue Mountains in the Dundalk Highlands and in hilltops near the Madawaska River in Renfrew County; the Carolinian forest zone covers most of the southwestern region of the province. The temperate and fertile Great Lakes-Saint Lawrence Valley in the south is part of the Eastern Great Lakes lowland forests ecoregion where the forest has now been replaced by agriculture and urban development. A well-known geographic feature is part of the Niagara Escarpment.
The Saint Lawrence Seaway allows navigation to and from the Atlantic Ocean as far inland as Thunder Bay in Northwestern Ontario. Northern Ontario occupies 87 percent of the surface area of the province. Point Pelee is a peninsula of Lake Erie in southwestern Ontario, the southernmost extent of Canada's mainland. Pelee Island and Middle Island in Lake Erie extend farther. All are south of 42°N – farther south than the northern border of California; the climate of Ontario varies by location. It is affected by three air sources: cold, arctic air from the north; the effects of these major air masses on temperature and precipitation depend on latitude, proximity to major bodies of water and to a small extent, terrain relief. In general, most of Ontario's climate is classified as humid continental. Ontario has three main climatic regions; the surrounding Great Lakes influence the climatic region of southern Ontario. During the fall and winter months, heat stored from the lakes is released, moderating the climate near the shores of the lakes.
This gives some parts of southern Ontario milder winters than mid-continental areas at lower latitudes. Parts of Southwestern Ontario have a moderate humid continental climate, similar to that of the inland Mid-Atlantic states and the Great Lakes portion of the Midwestern United States; the region has warm to cold winters. Annual precipitation is well distributed throughout the year. Most of this region lies in the lee of the Great Lakes. In December 2010, the snowbelt set a new record when it was h
Canada is a country in the northern part of North America. Its ten provinces and three territories extend from the Atlantic to the Pacific and northward into the Arctic Ocean, covering 9.98 million square kilometres, making it the world's second-largest country by total area. Canada's southern border with the United States is the world's longest bi-national land border, its capital is Ottawa, its three largest metropolitan areas are Toronto and Vancouver. As a whole, Canada is sparsely populated, the majority of its land area being dominated by forest and tundra, its population is urbanized, with over 80 percent of its inhabitants concentrated in large and medium-sized cities, many near the southern border. Canada's climate varies across its vast area, ranging from arctic weather in the north, to hot summers in the southern regions, with four distinct seasons. Various indigenous peoples have inhabited what is now Canada for thousands of years prior to European colonization. Beginning in the 16th century and French expeditions explored, settled, along the Atlantic coast.
As a consequence of various armed conflicts, France ceded nearly all of its colonies in North America in 1763. In 1867, with the union of three British North American colonies through Confederation, Canada was formed as a federal dominion of four provinces; this began an accretion of provinces and territories and a process of increasing autonomy from the United Kingdom. This widening autonomy was highlighted by the Statute of Westminster of 1931 and culminated in the Canada Act of 1982, which severed the vestiges of legal dependence on the British parliament. Canada is a parliamentary democracy and a constitutional monarchy in the Westminster tradition, with Elizabeth II as its queen and a prime minister who serves as the chair of the federal cabinet and head of government; the country is a realm within the Commonwealth of Nations, a member of the Francophonie and bilingual at the federal level. It ranks among the highest in international measurements of government transparency, civil liberties, quality of life, economic freedom, education.
It is one of the world's most ethnically diverse and multicultural nations, the product of large-scale immigration from many other countries. Canada's long and complex relationship with the United States has had a significant impact on its economy and culture. A developed country, Canada has the sixteenth-highest nominal per capita income globally as well as the twelfth-highest ranking in the Human Development Index, its advanced economy is the tenth-largest in the world, relying chiefly upon its abundant natural resources and well-developed international trade networks. Canada is part of several major international and intergovernmental institutions or groupings including the United Nations, the North Atlantic Treaty Organization, the G7, the Group of Ten, the G20, the North American Free Trade Agreement and the Asia-Pacific Economic Cooperation forum. While a variety of theories have been postulated for the etymological origins of Canada, the name is now accepted as coming from the St. Lawrence Iroquoian word kanata, meaning "village" or "settlement".
In 1535, indigenous inhabitants of the present-day Quebec City region used the word to direct French explorer Jacques Cartier to the village of Stadacona. Cartier used the word Canada to refer not only to that particular village but to the entire area subject to Donnacona. From the 16th to the early 18th century "Canada" referred to the part of New France that lay along the Saint Lawrence River. In 1791, the area became two British colonies called Upper Canada and Lower Canada collectively named the Canadas. Upon Confederation in 1867, Canada was adopted as the legal name for the new country at the London Conference, the word Dominion was conferred as the country's title. By the 1950s, the term Dominion of Canada was no longer used by the United Kingdom, which considered Canada a "Realm of the Commonwealth"; the government of Louis St. Laurent ended the practice of using'Dominion' in the Statutes of Canada in 1951. In 1982, the passage of the Canada Act, bringing the Constitution of Canada under Canadian control, referred only to Canada, that year the name of the national holiday was changed from Dominion Day to Canada Day.
The term Dominion was used to distinguish the federal government from the provinces, though after the Second World War the term federal had replaced dominion. Indigenous peoples in present-day Canada include the First Nations, Métis, the last being a mixed-blood people who originated in the mid-17th century when First Nations and Inuit people married European settlers; the term "Aboriginal" as a collective noun is a specific term of art used in some legal documents, including the Constitution Act 1982. The first inhabitants of North America are hypothesized to have migrated from Siberia by way of the Bering land bridge and arrived at least 14,000 years ago; the Paleo-Indian archeological sites at Old Crow Flats and Bluefish Caves are two of the oldest sites of human habitation in Canada. The characteristics of Canadian indigenous societies included permanent settlements, complex societal hierarchies, trading networks; some of these cultures had collapsed by the time European explorers arrived in the late 15th and early 16th centuries and have only been discovered through archeological investigations.
The indigenous population at the time of the first European settlements is estimated to have been between 200,000
International Business Machines Corporation is an American multinational information technology company headquartered in Armonk, New York, with operations in over 170 countries. The company began in 1911, founded in Endicott, New York, as the Computing-Tabulating-Recording Company and was renamed "International Business Machines" in 1924. IBM produces and sells computer hardware and software, provides hosting and consulting services in areas ranging from mainframe computers to nanotechnology. IBM is a major research organization, holding the record for most U. S. patents generated by a business for 26 consecutive years. Inventions by IBM include the automated teller machine, the floppy disk, the hard disk drive, the magnetic stripe card, the relational database, the SQL programming language, the UPC barcode, dynamic random-access memory; the IBM mainframe, exemplified by the System/360, was the dominant computing platform during the 1960s and 1970s. IBM has continually shifted business operations by focusing on higher-value, more profitable markets.
This includes spinning off printer manufacturer Lexmark in 1991 and the sale of personal computer and x86-based server businesses to Lenovo, acquiring companies such as PwC Consulting, SPSS, The Weather Company, Red Hat. In 2014, IBM announced that it would go "fabless", continuing to design semiconductors, but offloading manufacturing to GlobalFoundries. Nicknamed Big Blue, IBM is one of 30 companies included in the Dow Jones Industrial Average and one of the world's largest employers, with over 380,000 employees, known as "IBMers". At least 70% of IBMers are based outside the United States, the country with the largest number of IBMers is India. IBM employees have been awarded five Nobel Prizes, six Turing Awards, ten National Medals of Technology and five National Medals of Science. In the 1880s, technologies emerged that would form the core of International Business Machines. Julius E. Pitrap patented the computing scale in 1885. On June 16, 1911, their four companies were amalgamated in New York State by Charles Ranlett Flint forming a fifth company, the Computing-Tabulating-Recording Company based in Endicott, New York.
The five companies had offices and plants in Endicott and Binghamton, New York. C.. They manufactured machinery for sale and lease, ranging from commercial scales and industrial time recorders and cheese slicers, to tabulators and punched cards. Thomas J. Watson, Sr. fired from the National Cash Register Company by John Henry Patterson, called on Flint and, in 1914, was offered a position at CTR. Watson joined CTR as General Manager 11 months was made President when court cases relating to his time at NCR were resolved. Having learned Patterson's pioneering business practices, Watson proceeded to put the stamp of NCR onto CTR's companies, he implemented sales conventions, "generous sales incentives, a focus on customer service, an insistence on well-groomed, dark-suited salesmen and had an evangelical fervor for instilling company pride and loyalty in every worker". His favorite slogan, "THINK", became a mantra for each company's employees. During Watson's first four years, revenues reached $9 million and the company's operations expanded to Europe, South America and Australia.
Watson never liked the clumsy hyphenated name "Computing-Tabulating-Recording Company" and on February 14, 1924 chose to replace it with the more expansive title "International Business Machines". By 1933 most of the subsidiaries had been merged into one company, IBM. In 1937, IBM's tabulating equipment enabled organizations to process unprecedented amounts of data, its clients including the U. S. Government, during its first effort to maintain the employment records for 26 million people pursuant to the Social Security Act, the tracking of persecuted groups by Hitler's Third Reich through the German subsidiary Dehomag. In 1949, Thomas Watson, Sr. created IBM World Trade Corporation, a subsidiary of IBM focused on foreign operations. In 1952, he stepped down after 40 years at the company helm, his son Thomas Watson, Jr. was named president. In 1956, the company demonstrated the first practical example of artificial intelligence when Arthur L. Samuel of IBM's Poughkeepsie, New York, laboratory programmed an IBM 704 not to play checkers but "learn" from its own experience.
In 1957, the FORTRAN scientific programming language was developed. In 1961, IBM developed the SABRE reservation system for American Airlines and introduced the successful Selectric typewriter. In 1963, IBM employees and computers helped. A year it moved its corporate headquarters from New York City to Armonk, New York; the latter half of the 1960s saw IBM continue its support of space exploration, participating in the 1965 Gemini flights, 1966 Saturn flights and 1969 lunar mission. On April 7, 1964, IBM announced the first computer system family, the IBM System/360, it spanned the complete range of commercial and scientific applications from large to small, allowing companies for the first time to upgrade to models with greater computing capability without having to rewrite their applications. It was followed by the IBM System/370 in 1970. Together the
Government of Canada
The Government of Canada Her Majesty's Government, is the federal administration of Canada. In Canadian English, the term can mean either the collective set of institutions or the Queen-in-Council. In both senses, the current construct was established at Confederation through the Constitution Act, 1867—as a federal constitutional monarchy, wherein the Canadian Crown acts as the core, or "the most basic building block", of its Westminster-style parliamentary democracy; the Crown is thus the foundation of the executive and judicial branches of the Canadian government. Further elements of governance are outlined in the rest of the Canadian Constitution, which includes written statutes, court rulings, unwritten conventions developed over centuries; the monarch is represented by the Governor General of Canada. The Queen's Privy Council for Canada is the body that advises the sovereign or viceroy on the exercise of executive power. However, in practice, that task is performed only by the Cabinet, a committee within the Privy Council composed of ministers of the Crown, who are drawn from and responsible to the elected House of Commons in parliament.
The Cabinet is headed by the prime minister, appointed by the governor general after securing the confidence of the House of Commons. In Canadian English, the word government is used to refer both to the whole set of institutions that govern the country, to the current political leadership. In federal department press releases, the government has sometimes been referred to by the phrase Government. In late 2010, an informal instruction from the Office of the Prime Minister urged government departments to use in all department communications the term in place of Government of Canada; the same cabinet earlier directed its press department to use the phrase Canada's New Government. As per the Constitution Acts of 1867 and 1982, Canada is a constitutional monarchy, wherein the role of the reigning sovereign is both legal and practical, but not political; the Crown is regarded as a corporation sole, with the monarch, vested as she is with all powers of state, at the centre of a construct in which the power of the whole is shared by multiple institutions of government acting under the sovereign's authority.
The executive is thus formally called the Queen-in-Council, the legislature the Queen-in-Parliament, the courts as the Queen on the Bench. Royal Assent is required to enact laws and, as part of the Royal Prerogative, the royal sign-manual gives authority to letters patent and orders in council, though the authority for these acts stems from the Canadian populace and, within the conventional stipulations of constitutional monarchy, the sovereign's direct participation in any of these areas of governance is limited; the Royal Prerogative includes summoning and dissolving parliament in order to call an election, extends to foreign affairs: the negotiation and ratification of treaties, international agreements, declarations of war. The person, monarch of Canada is the monarch of 15 other countries in the Commonwealth of Nations, though, he or she reigns separately as King or Queen of Canada, an office, "truly Canadian" and "totally independent from that of the Queen of the United Kingdom and the other Commonwealth realms".
On the advice of the Canadian Prime Minister, the sovereign appoints a federal viceregal representative—the Governor General of Canada —who, since 1947, is permitted to exercise all of the monarch's Royal Prerogative, though there are some duties which must be performed by, or bills that require assent by, the king or queen. The government is defined by the constitution as the Queen acting on the advice of her privy council. However, the Privy Council—consisting of former members of parliament, chief justices of the supreme court, other elder statesmen—rarely meets in full; as the stipulations of responsible government require that those who directly advise the monarch and governor general on how to exercise the Royal Prerogative be accountable to the elected House of Commons, the day-to-day operation of government is guided only by a sub-group of the Privy Council made up of individuals who hold seats in parliament. This body of senior ministers of the Crown is the Cabinet. One of the main duties of the Crown is to ensure that a democratic government is always in place, which means appointing a prime minister to thereafter head the Cabinet.
Thus, the governor general must appoint as prime minister the person who holds the confidence of the House of Commons. Should no party hold a majority in the commons, the leader of one party—either the one with the most seats or one supported by other parties—will be called by the governor general to form a minority government. Once sworn in by the viceroy, the prime minister holds office until he or she resigns or is removed by the governor general, after either a motion of no confidence or his or her party's defeat in a general election; the monarch and governor general follow the near-binding advice of
The Pacific Exchange was a regional stock exchange in California until 2001. Its main exchange floor and building were in San Francisco, with a branch building in Los Angeles, California, its history began with the founding of the San Francisco Stock and Bond Exchange in 1882 and the Los Angeles Oil Exchange in 1899. In 1956 the two exchanges merged to create the Pacific Coast Stock Exchange, with trading floors maintained in both cities. In 1973, it was renamed the Pacific Stock Exchange; the Pacific Exchange was bought by Archipelago Holdings in 2005, which merged with the New York Stock Exchange in 2006. Pacific Exchange equities and options trading now takes place through the NYSE Arca platform, its history began with the founding of the San Francisco Stock and Bond Exchange in 1882 and the Los Angeles Oil Exchange in 1899. In 1956, the San Francisco Stock and Bond Exchange and the Los Angeles Oil Exchange merged to create the Pacific Coast Stock Exchange, though trading floors were maintained in both cities.
In 1973, it was renamed the Pacific Stock Exchange and it began trading options three years in 1976. In 1999, the exchange became the first U. S. stock exchange to demutualize. The trading floor in Los Angeles was closed in 2001, followed by the floor in San Francisco a year later. 2003 saw the exchange launch an electronic options trading platform. By 2005, the Pacific Exchange was bought by the owner of the ArcaEx platform, Archipelago Holdings, which merged with the New York Stock Exchange in 2006; the New York Stock Exchange conducts no business operations under the name Pacific Exchange ending its separate identity. Pacific Exchange equities and options trading now takes place through the NYSE Arca platform, an Electronic communication network, as NYSE Arca Equities and NYSE Arca Options, respectively; the San Francisco Pacific Exchange building, housing the equities trading floor, is located on Pine Street at the corner of Sansome Street in the Financial District. It was built in 1930 with its street facades clad in Yule marble.
The building was converted by Equinox Fitness into a fitness center. An options trading floor still operates in the adjacent Mills Building, it was connected to the main building. The Mills Building trading floor had a massive expansion in September 1984, it was again expanded in the mid-nineties beginning with a larger entrance on Montgomery Street which utilized existing spiral marble staircases. The west wall was knocked out and the corridor behind turned into additional trading areas; the overhead monitors were stacked four rows high, twice as high as the existing trading pits, in order to maximize the use of the narrow area, although these were removed as a result of seismic concerns and replaced with countertop flat screens. Next, an unused area behind the trade-match room was converted into six additional trading areas to accommodate the exponential growth being experienced in late 1990s; the dual listing of issues in August 1999, decimalization of options quotes, technological replacement of open out-cry trading took away market share from the equity options trading floor.
In spite of all of this, the options floor still is functioning today with local firms such as Casey Securities and Student Options, nationally known firms, such as Goldman Sachs, maintaining a presence. Other participants maintain offices and trading facilities off the exchange floor, but still remotely partake in electronic exchange trading. Los Angeles Stock Exchange Building List of former stock exchanges in the Americas List of stock exchange mergers in the Americas Moderne architecture in California Stock exchanges in the United States San Francisco Chronicle: "Exchange Ending an Era. Pacific is phasing out its historic stock trading floor." Youtube.com: SF options floor live trading in 1997 — filmed by a floor broker. First Cut episode: "What options trading is"