Colombia Stock Exchange
The Colombia Stock Exchange was created as a result of merging three independent stock exchanges: Bogotá, Medellín and Occidente. It has offices in Medellín and Cali. Furthermore, with the BVC Training Centers the company is located in 19 Colombian cities through agreements with universities and chambers of commerce; as an infrastructure provider and securities issuer, the BVC is overseen by the Superintendencia Financiera de Colombia. Its main function is to be financing alternative for the productive system, through direct investment; the BVC does not have regulatory or oversight functions. The idea of a stock exchange in Colombia occurred in Medellín at the beginning of the 20th century with an initiative in 1901 and in Bogotá in 1903 with an unsuccessful outcome, it was not only until the late 1920s when the political and socio-economic landscape seemed to give more opportunities of survival. It was in mid-1928 when a group of entrepreneurs and government officials from Colombia and abroad organized the promotion of the Bogotá Stock Exchange so they could establish the judicial and operational framework of the newly created organization.
Former Minister of Economy and jurist Jorge Soto del Corral composed the regulations of the new entity and on November 23 of 1928 the public title 1702 was signed and constituted the Bogota Stock Exchange as a public limited company. On May 6, 1929 the first board of trustees was elected. In March 1929 the first 17 traders were assigned by Banking Superintendent Gonzalo Cordoba and on April 25 corporations and organizations registered their shares, this included banks, financial service companies and manufacturing and commercial services corporations. Among them Bank of Colombia branded as Bancolombia, a NYSE listed company and Scadta today known as Avianca. Bogotá Stock Exchange remained as Colombia's only stock trading organization until the 1950s when Medellín created its own Stock Exchange; this was useful for the coffee trade since Colombia's coffee market's original birthplace is the Department of Antioquia. Cali created its stock exchange in the mid-1970s; the main driving force of this stock exchanges was the economic growth it meant to their participants.
However, the policy making of the original stock exchange and Colombia's Bank of the Republic was archaic for today's standards. The evolution of the financial policies of the estate, the fundamental macroeconomic principles, the development of a financial system, the creation of entrepreneurial groups and the evolution of illegal drug trade and the violence it brought, were factors that decimated the share trading market of Colombia during the 1970s. Despite these problems and the original stock exchange losing its original mission of being a vehicle for the trading of shares, its executives pursued the improving of the credibility of Bolsa de Bogota by concentrating in the operations between potential investors and shareholders. During 2001 it became necessary to merge the three regional stock exchanges into what it is known today as Bolsa de Valores of Colombia. Another highlight was the start-up of the Integrated Latin American Market on May 30, 2011; this was the result of an agreement signed between the Santiago Stock Exchange, the Colombia Stock Exchange, the Lima Stock Exchange and the Mexican Stock Exchange.
At the same time, the Deceval, DCV and Cavali Central Securities Depositories were set up to create a regional trading market for equity securities from the three MILA countries. Opens up a world of opportunities for investors and brokers from Chile, Colombia and Peru, who have been able to buy and sell stocks from the three stock markets through a local broker since the start of MILA. On July 22, 2014, the Colombia Stock Exchange became the 11th stock exchange to join the United Nation's Sustainable Stock Exchanges initiative. In September 2008, BVC launched its listed Derivatives Market introducing a Notional Basket of Colombian Treasury Bonds. Economy of Colombia List of stock exchanges List of American stock exchanges List of Colombian companies Bolsa de Valores de Colombia Directory of brokers on the Bolsa de Valores de Colombia Financial site of the Colombian Stock Market
A stock exchange, securities exchange or bourse, is a facility where stock brokers and traders can buy and sell securities, such as shares of stock and bonds and other financial instruments. Stock exchanges may provide for facilities the issue and redemption of such securities and instruments and capital events including the payment of income and dividends. Securities traded on a stock exchange include stock issued by listed companies, unit trusts, pooled investment products and bonds. Stock exchanges function as "continuous auction" markets with buyers and sellers consummating transactions via open outcry at a central location such as the floor of the exchange or by using an electronic trading platform. To be able to trade a security on a certain stock exchange, the security must be listed there. There is a central location at least for record keeping, but trade is less linked to a physical place, as modern markets use electronic communication networks, which give them advantages of increased speed and reduced cost of transactions.
Trade on an exchange is restricted to brokers. In recent years, various other trading venues, such as electronic communication networks, alternative trading systems and "dark pools" have taken much of the trading activity away from traditional stock exchanges. Initial public offerings of stocks and bonds to investors is done in the primary market and subsequent trading is done in the secondary market. A stock exchange is 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 no obligation for stock to be issued through the stock exchange itself, nor must stock be subsequently traded on an exchange; such trading may be off over-the-counter. This is the usual way that bonds are traded. Stock exchanges are part of a global securities market. Stock exchanges serve an economic function in providing liquidity to shareholders in providing an efficient means of disposing of shares.
The idea of debt dates back to the ancient world, as evidenced for example by ancient Mesopotamian city clay tablets recording interest-bearing loans. There is little consensus among scholars as to; some see the key event as the Dutch East India Company's founding in 1602, while others point to earlier developments. Economist Ulrike Malmendier of the University of California at Berkeley argues that a share market existed as far back as ancient Rome. One of Europe's oldest stock exchanges is the Frankfurt Stock Exchange established in 1585 in Frankfurt am Main. In the Roman Republic, which existed for centuries before the Empire was founded, there were societates publicanorum, organizations of contractors or leaseholders who performed temple-building and other services for the government. 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 and orator Cicero.
In one speech, Cicero mentions "shares that had a high price at the time". Such evidence, in Malmendier's view, suggests the instruments were tradable, with fluctuating values based on an organization's success; 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 and early Renaissance periods. 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 stock market in its modern sense. In the early 1600s the Dutch East India Company became the first company in history to issue bonds and shares of stock to the general public; as Edward Stringham notes, "companies with transferable shares date back to classical Rome, but these were not enduring endeavors and no considerable secondary market existed."
The VOC, formed to build up the spice trade, operated as a colonial ruler in what is now Indonesia and beyond, a purview that included conducting military operations against the wishes of the exploited natives and of competing colonial powers. Control of the company was held by its directors, with ordinary shareholders not having much influence on management or access to the company's accounting statements. However, shareholders were rewarded well for their investment; the company paid an average dividend of over 16% per year from 1602 to 1650. Financial innovation in Amsterdam took many forms. In 1609, investors led by Isaac Le Maire formed history's first bear market syndicate, but their coordinated trading had only a modest impact in driving down share prices, which tended to remain robust throughout the 17th century. By the 1620s, the company was expanding its securities issuance with the first use of corporate bonds. Joseph de la Vega known as Joseph Penso de la Vega and by other variations of his name, was an Amsterdam trader from a Spanish Jewish family and a prolific writer as well as a successful businessman in 17th-century Amsterdam.
His 1688 book Confusion of Confusions explained the workings of the city's stock market. It was the earliest book about stock trading and inner workings of a stock market, taking the form of a dialogue between a merchant, a shareholder and a philosopher, the book described a market, sophisticated but prone to excesses, de la Vega of
Lima Stock Exchange
The Lima Stock Exchange is the stock exchange of Peru, located in the capital Lima. It has several indices; the S&P/BVL Peru General Index is a value-weighted index that tracks the performance of the largest and most traded stocks on the Lima Exchange. Other indices are S&P/BVL Peru Select and S&P/BVL Lima 25; the Lima Stock Exchange is a member of the United Nations Sustainable Stock Exchanges initiative. Sectors in the Lima Stock Exchange: Sector Agriculture Sector Banks and Finance Sector Diversified Sector Industries Sector Mining Sector Services Economy of Peru List of stock exchanges List of American stock exchanges Bolsa de Valores de Lima
Buenos Aires Stock Exchange
The Buenos Aires Stock Exchange is the organization responsible for the operation of Argentina's primary stock exchange located at Buenos Aires CBD. Founded in 1854, is the successor of the Banco Mercantil, created in 1822 by Bernardino Rivadavia. Citing BCBA's self-definition: "It is a self-regulated non-profit civil association. At its Council sit representatives of all different sectors of Argentina's economy." The most important index of the Stock market is the MERVAL, which includes the most important papers. Other indicators are Burcap, Bolsa General and M. AR. and currency indicators Indol and Wholesale Indol. The Stock Exchange's current, Leandro Alem Avenue headquarters was designed by Norwegian-Argentine architect Alejandro Christophersen in 1913, completed in 1916. A modernist annex was designed by local architect Mario Roberto Álvarez in 1972, inaugurated in 1977. Economy of Argentina List of stock exchanges List of American stock exchanges Official website MERVAL official page Burcap Bolseros
The Korean alphabet, known as Hangul, has been used to write the Korean language since its creation in the 15th century by King Sejong the Great. It may be written as Hangeul following the standard Romanization, it is the official writing system of Korea, both North. It is a co-official writing system in the Yanbian Korean Autonomous Prefecture and Changbai Korean Autonomous County in Jilin Province, China, it is sometimes used to write the Cia-Cia language spoken near the town of Indonesia. The Hangul alphabet consisted of 28 letters with 17 consonant letters and 11 vowel letters when it was created; as four became obsolete, the modern Hangul consists of total 24 letters with 14 consonant letters and 10 vowel letters. In North Korea the total is counted 40, it consists of 19 consonant letters and 21 vowel letters as it additionally includes 5 tense consonants and 20. The Korean letters are written in syllabic blocks with each alphabetic letter placed vertically and horizontally into a square dimension.
For example, the Korean word for "honeybee" is written 꿀벌, not ㄲㅜㄹㅂㅓㄹ. As it combines the features of alphabetic and syllabic writing systems, it has been described as an "alphabetic syllabary" by some linguists; as in traditional Chinese writing, Korean texts were traditionally written top to bottom, right to left, are still written this way for stylistic purposes. Today, it is written from left to right with spaces between words and western-style punctuation; some linguists consider it among the most phonologically faithful writing systems in use today. One interesting feature of Hangul is that the shapes of its consonants mimic the shapes of the speaker's mouth when pronouncing each consonant; the Korean alphabet was called Hunminjeong'eum, after the document that introduced the script to the Korean people in 1446. The Korean alphabet is called hangeul, a name coined by Korean linguist Ju Si-gyeong in 1912; the name combines the ancient Korean word han, meaning "great", geul, meaning "script".
The word han is used to refer to Korea in general, so the name means "Korean script". It has been romanized in multiple ways: Hangeul or han-geul in the Revised Romanization of Korean, which the South Korean government uses in English publications and encourages for all purposes. Han'gŭl in the McCune–Reischauer system, is capitalized and rendered without the diacritics when used as an English word, Hangul, as it appears in many English dictionaries. Hānkul in the Yale romanization, a system recommended for technical linguistic studies. In North Korea it is called Chosŏn'gŭl after Chosŏn, the North Korean name for Korea after the old name of Korea; the McCune–Reischauer system is used there. Until the mid-20th century, the Korean elite preferred to write using Chinese characters called Hanja, they referred to Hanja as jinseo or "true letters". Some accounts say the elite referred to the Korean alphabet derisively as'amkeul meaning "women's script", and'ahaetgeul meaning "children's script", though there is no written evidence of this.
Supporters of the Korean alphabet referred to it as jeong'eum meaning "correct pronunciation", gukmun meaning "national script", eonmun meaning "vernacular script". Before the creation of the new Korean alphabet, Koreans wrote using Classical Chinese alongside native phonetic writing systems that predate the modern Korean alphabet by hundreds of years, including Idu script, Hyangchal and Gakpil. However, due to fundamental differences between the Korean and Chinese languages, the large number of characters, many lower class Koreans were illiterate. To promote literacy among the common people, the fourth king of the Joseon dynasty, Sejong the Great created and promulgated a new alphabet; the Korean alphabet was designed so that people with little education could learn to write. A popular saying about the alphabet is, "A wise man can acquaint himself with them before the morning is over; the project was completed in late December 1443 or January 1444, described in 1446 in a document titled Hunminjeong'eum, after which the alphabet itself was named.
The publication date of the Hunminjeongeum, October 9, became Hangul Day in South Korea. Its North Korean equivalent, Chosŏn'gŭl Day, is on January 15. Another document published in 1446 and titled Hunminjeong'eum Haerye was discovered in 1940; this document explains that the design of the consonant letters is based on articulatory phonetics and the design of the vowel letters are based on the principles of yin and yang and vowel harmony. The Korean alphabet faced opposition in the 1440s by the literary elite, including politician Choe Manri and other Korean Confucian scholars, they believed. They saw the circulation of the Korean alphabet as a threat to their status. However, the Korean alphabet entered popular culture as King Sejong had intended, used by women and writers of popular fiction. King Yeonsangun banned the study and publication of the Korean alphabet in 1504, after a document criticizing the king entered the public. King Jungjong abolished the Ministry of Eonmun, a governmental institution related to Hangul research, in 1506.
The late 16th century, saw a revival of the Korean alphabet as gasa and sijo poetry flourished. In the 17th century, the Korean alphabet novels became a major genre. However, the use of the Korea
B3 (stock exchange)
The B3 BM&FBOVESPA, is a Stock Exchange located at São Paulo and the second oldest of the country. At the end of 2011 it had a market capitalization of R$2.37 Trillion, making it the 13th largest stock exchange in the world. However, owing the slump in economic growth in Brazil associated with political problems, in addition to the strengthening of the U. S. Dollar vis-à-vis the Brazilian Real, the capitalization shrank to R$2.21 trillion by the end of 2015. On May 8, 2008, the São Paulo Stock Exchange and the Brazilian Mercantile and Futures Exchange merged, creating BM&FBOVESPA. At March 30, 2017, BM&FBOVESPA merged with CETIP, creating B3; the benchmark indicator of B3 is the Índice Bovespa or known as Ibovespa. There were 381 companies traded at Bovespa as of April 30, 2008. On March 18th, 2019, the Ibovespa index reached its record market closing at 99,829 points. B3 has offices in Rio de Janeiro and London. Founded on August 23, 1890 by Emilio Rangel Pestana, the "Bolsa de Valores de São Paulo" has had a long history of services provided to the stock market and the Brazilian economy.
Until the mid-1960s, Bovespa and the other Brazilian stock markets were state-owned companies, tied with the Secretary of Finances of the states they belonged to, brokers were appointed by the government. After the reforms of the national financial system and the stock market implemented in 1965/1966, Brazilian stock markets assumed a more institutional role. In 2007, the Exchange became a for-profit company. Through self-regulation, Bovespa operates under the supervision of the Comissão de Valores Mobiliários, analogous to the American SEC. Since the 1960s, it has evolved with the help of technology such as the introduction of computer-based systems, mobile phones and the internet. In 1972, Bovespa was the first Brazilian stock market to implement an automated system for the dissemination of information online and in real-time, through an ample network of computer terminals. At the end of the 1970s, Bovespa introduced a telephone trading system in Brazil. At the same time, Bovespa developed a system of fungible safekeeping and online services for brokerage firms.
In 1990, the negotiations through the Sistema de Negociação Electrônica - CATS was operated with the traditional system of "Pregão Viva Voz". BM&FBOVESPA is a electronic exchange. In 1997, a new system of electronic trading, known as the Mega Bolsa, was implemented successfully; the Mega Bolsa extends the potential volume of processing of information and allows the Exchange to increase its overall volume of activities. With the goal to increase popular access to the stock markets, Bovespa introduced in 1999 the "Home Broker", an internet-based trading systems that allows individual investors to trade stocks; the system enables users to execute sell orders online. In 2000, Bovespa created three new listing segments, the Novo Mercado, Level 2 and Level 1 of Corporate Governance Standards, allowing companies to accede voluntarily to more demanding disclosure and compliance obligations; the new listing segments languished until 2004, when a growing number of newly public companies began to list on the Novo Mercado and other segments as part of a capital-raising effort.
From 2004 to 2010, the vast majority of new listings on the Bovespa were made by Novo Mercado, Level 2 and Level 1 companies. The Novo Mercado, Level 2 and Level 1 segments are based on a contractual agreement of the listed company, its controlling shareholder, its management to comply with specified regulations. In addition, listed companies must submit to arbitration as a method of resolving disputes; the set of protections entailed by a Novo Mercado listing is deemed by market participants to increase the attractiveness of companies. The stock market index of Novo Mercado listed companies has outperformed the broader Ibovespa index since its launch; the recent success of the Brazilian equity capital markets is attributed to a significant extent to the credibility engendered by the Novo Mercado regulations. In 2007, only the United States and China equity markets had a greater number of initial public offerings; the availability of a "market exit" has encouraged the development of a private equity industry, a growing Brazilian investment banking market and a thriving asset management industry.
Another side benefit of a thriving equity market has been access to equity financing for the international expansion of Brazilian business. Brazilian multinational companies have used the proceeds of equity offerings to fund a growing number of international acquisitions. Vale, Gerdau, Brazil Foods, Marfrig Alimentos and JBS have acquired businesses outside Brazil using the proceeds from equity offerings. Attractive valuations of Brazilian subsidiaries have led international companies to list their Brazilian subsidiaries, as was the case of Banco Santander Brasil. On May 8, 2008, Bovespa Holding announced the merger of the São Paulo Stock Exchange and the Brazilian Mercantile and Futures Exchange, creating the world's second largest stock exchange; as a result of an early 2008 stock swap, Chicago's CME Group owns a 5% stake in BM&FBovespa, in turn, BM&FBovespa owns a 5% stake in CME Group. The agreement has created an order routing trading system between both exchanges. On June 18, 2012, BM&FBovespa became a founding member of the United
Seoul the Seoul Special City, is the capital and largest metropolis of South Korea. With surrounding Incheon metropolis and Gyeonggi province, Seoul forms the heart of the Seoul Capital Area. Seoul is ranked as the fourth largest metropolitan economy in the world and is larger than London and Paris. Strategically situated on the Han River, Seoul's history stretches back over two thousand years, when it was founded in 18 BCE by the people of Baekje, one of the Three Kingdoms of Korea; the city was designated the capital of Korea under the Joseon dynasty. Seoul is surrounded by a mountainous and hilly landscape, with Bukhan Mountain located on the northern edge of the city; as with its long history, the Seoul Capital Area contains five UNESCO World Heritage Sites: Changdeok Palace, Hwaseong Fortress, Jongmyo Shrine and the Royal Tombs of the Joseon Dynasty. More Seoul has been a major site of modern architectural construction – major modern landmarks include the N Seoul Tower, the 63 Building, the Lotte World Tower, the Dongdaemun Design Plaza, Lotte World, Trade Tower, COEX, the IFC Seoul.
Seoul was named the 2010 World Design Capital. As the birthplace of K-pop and the Korean Wave, Seoul received over 10 million international visitors in 2014, making it the world's 9th most visited city and 4th largest earner in tourism. Today, Seoul is considered a leading and rising global city, resulting from the South Korean economic boom - referred to as the Miracle on the Han River - which transformed it into the world's 7th largest metropolitan economy with a GDP of US$635.4 billion in 2014 after Tokyo, New York City and Los Angeles. International visitors reach Seoul via AREX from the Incheon International Airport, notable for having been rated the best airport for nine consecutive years by the Airports Council International. In 2015, it was rated Asia's most livable city with the second highest quality of life globally by Arcadis, with the GDP per capita in Seoul being $39,786. Inhabitants of Seoul are faced with a high cost of living, for which the city was ranked 6th globally in 2017.
Seoul is an expensive real estate market, ranked 5th in the world for the price of apartments in the downtown center. With major technology hubs centered in Gangnam and Digital Media City, the Seoul Capital Area is home to the headquarters of 15 Fortune Global 500 companies, including Samsung, LG, Hyundai. Ranked sixth in the Global Power City Index and Global Financial Centres Index, the metropolis exerts a major influence in global affairs as one of the five leading hosts of global conferences. Seoul has hosted the 1986 Asian Games, 1988 Summer Olympics, 2002 FIFA World Cup, more the 2010 G-20 Seoul summit; the city has been known in the past by the names Wiryeseong, Hanseong, Keijō. During Japan's annexation of Korea, "Hanseong" was renamed "Keijō" by the Imperial authorities to prevent confusion with the hanja'漢', which refers to Han people or the Han dynasty and in Japanese is a term for "China", its current name originated from the Korean word meaning "capital city", believed to have descended from an ancient word, which referred to Gyeongju, the capital of Silla.
Ancient Gyeongju was known in documents by the Chinese-style name Geumseong, but it is unclear whether the native Korean-style name Seorabeol had the same meaning as Geumseong. Unlike most place names in Korea, "Seoul" has no corresponding hanja. On January 18, 2005, the Seoul government changed its official Chinese name from the historic Hancheng, still in common use, to Shou'er. Settlement of the Han River area, where present-day Seoul is located, began around 4000 BCE. Seoul is first recorded as the capital of Baekje in the northeastern Seoul area. There are several city walls remaining in the area. Pungnaptoseong, an earthen wall located southeast Seoul, is believed to have been at the main Wiryeseong site; as the Three Kingdoms competed for this strategic region, control passed from Baekje to Goguryeo in the 5th century, from Goguryeo to Silla in the 6th century. In the 11th century Goryeo, which succeeded Unified Silla, built a summer palace in Seoul, referred to as the "Southern Capital".
It was only from this period. When Joseon replaced Goryeo, the capital was moved to Seoul, where it remained until the fall of the dynasty; the Gyeongbok Palace, built in the 14th century, served as the royal residence until 1592. The other large palace, constructed in 1405, served as the main royal palace from 1611 to 1872. After Joseon changed her name to the Korean Empire in 1897, Hwangseong designated Seoul; the city was surrounded by a massive circular stone wall to provide its citizens security from wild animals and attacks. The city has grown beyond those walls and although the wall no longer stands, the gates remain near the downtown district of Seoul, including most notably Sungnyemun and Heunginjimun (commonly known as Dong