London Stock Exchange is a stock exchange located in the City of London, England. As of April 2018, London Stock Exchange had a market capitalization of US$4.59 trillion. It was founded in 1571, its current premises are situated in Paternoster Square close to St Paul's Cathedral in the City of London. It is part of London Stock Exchange Group. London Stock Exchange is one of the world's oldest stock exchanges and can trace its history back to 1571. London Stock Exchange Group was created in October 2007 when London Stock Exchange merged with Milan Stock Exchange, Borsa Italiana; the Royal Exchange had been founded by English financier Thomas Gresham and Sir Richard Clough on the model of the Antwerp Bourse. It was opened by Elizabeth I of England in 1571. During the 17th century, stockbrokers were not allowed in the Royal Exchange due to their rude manners, they had to operate from other establishments in the vicinity, notably Jonathan's Coffee-House. At that coffee house, a broker named John Castaing started listing the prices of a few commodities, such as salt and paper, exchange rates in 1698.
This was not a daily list and was only published a few days of the week. This list and activity was moved to Garraway's coffee house. Public auctions during this period were conducted for the duration that a length of tallow candle could burn; as stocks grew, with new companies joining to raise capital, the royal court raised some monies. These are the earliest evidence of organised trading in marketable securities in London. After Gresham's Royal Exchange building was destroyed in the Great Fire of London, it was rebuilt and re-established in 1669; this was a move away from a step towards the modern model of stock exchange. The Royal Exchange housed not only brokers but merchants and merchandise; this was the birth of a regulated stock market, which had teething problems in the shape of unlicensed brokers. In order to regulate these, Parliament passed an Act in 1697 that levied heavy penalties, both financial and physical, on those brokering without a licence, it set a fixed number of brokers, but this was increased as the size of the trade grew.
This limit led to several problems, one of, that traders began leaving the Royal Exchange, either by their own decision or through expulsion, started dealing in the streets of London. The street in which they were now dealing was known as'Exchange Alley', or'Change Alley'. Parliament tried to ban the unofficial traders from the Change streets. Traders became weary of "bubbles" when companies rose and fell, so they persuaded Parliament to pass a clause preventing "unchartered" companies from forming. After the Seven Years' War, trade at Jonathan's Coffee House boomed again. In 1773, together with 150 other brokers, formed a club and opened a new and more formal "Stock Exchange" in Sweeting's Alley; this now had a set entrance fee, by which traders could enter the stock trade securities. It was, not an exclusive location for trading, as trading occurred in the Rotunda of the Bank of England. Fraud was rife during these times and in order to deter such dealings, it was suggested that users of the stock room pay an increased fee.
This was not met well and the solution came in the form of annual fees and turning the Exchange into a Subscription room. The Subscription room created in 1801 was the first regulated exchange in London, but the transformation was not welcomed by all parties. On the first day of trading, non-members had to be expelled by a constable. In spite of the disorder, a new and bigger building was planned, at Capel Court. William Hammond laid the first foundation stone for the new building on 18 May, it was finished on 30 December. In the Exchange's first operating years, on several occasions there was no clear set of regulations or fundamental laws for the Capel Court trading. In February 1812, the General Purpose Committee confirmed a set of recommendations, which became the foundation of the first codified rule book of the Exchange. Though the document was not a complex one, topics such as settlement and default were, in fact, quite comprehensive. With its new governmental commandments and increasing trading volume, the Exchange was progressively becoming an accepted part of the financial life in the City.
In spite of continuous criticism from newspapers and the public, the government used the Exchange's organised market to raise the enormous amount of money required for the wars against Napoleon. After the war and facing a booming world economy, foreign lending to countries such as Brazil and Chile was a growing market. Notably, the Foreign Market at the Exchange allowed for merchants and traders to participate, the Royal Exchange hosted all transactions where foreign parties were involved; the constant increase in overseas business meant that dealing in foreign securities had to be allowed within all of the Exchange's premises. Just as London enjoyed growth through international trade, the rest of Great Britain benefited from the economic boom. Two other cities, in particular, showed great business development: Manchester. In 1836 both the Manchester and Liverpool stock exchanges were opened; some stock prices sometimes rose by 10%, 20% or 30% in a week. These were times when stockbroking was considered a real business profession, such attracted many entrepreneurs.
With booms came busts, in 1835 the "Spanish
The Governor Pack Road is a major highway in Baguio, named for the American William F. Pack, appointed Military Governor of Benguet on November 15, 1901 and served as the civilian Governor of Mountain Province from 1909 to 1915; the entire road forms part of National Route 54 and National Route 110 of the Philippine highway network. The road connects from a roundabout of Aspiras-Palispis Highway and Kennon Road to Session Road in the city's downtown core. Victory Liner Old Baguio Terminal Genesis Transport Bus Terminal Baguio City National High School Baguio Tourism Complex University of the Cordilleras
Ōkōchi Sansō is the former home and garden of the Japanese jidaigeki actor Denjirō Ōkōchi in Arashiyama, Kyoto. The villa is open to the public for an admission fee and is known for its gardens and views of the Kyoto area. Several of the buildings are recorded as cultural properties by the national government. Ōkōchi Sansō is on the slopes of Mt. Ogura behind Tenryūji Temple and next to Arashiyama Park and the Sagano bamboo grove in Ukyō-ku, Kyoto; the closest regular train station is Arashiyama on the Keifuku Electric Railroad Arashiyama Main Line. Torokko Arashiyama Station on the special Sagano Scenic Railway is closer; the grounds of the villa encompass 2 hectares and feature multiple buildings, including a Japanese-style home, tea houses, shrines, amidst maintained Japanese gardens. They were built up over a period of 30 years by Ōkōchi to function as one of his residences, they were opened to the public after his death in 1962. The main structures were built in the 1930s and 1940s except for the Jibutsudō, a Meiji Era building, moved to this site.
The gardens were designed to show off each of the four seasons. Since the villa is on top of a hill, the city of Kyoto, Mt. Hiei, the Hozu River gorge are well visible from points on the grounds. Four of the structures on the grounds were recorded as tangible cultural properties by the national government in 2003: Daijōkaku Jibutsudō Tekisuian Chūmon There is an open-air museum dedicated to Denjirō Ōkōchi and an observation platform. Matcha tea and a sweet are included in the price of admission and are available at the main tea house. Kyoto Kankō Navi Introduction to Ōkōchi Sansō by Kyoto City