1.
Ticker symbol
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A ticker symbol or stock symbol is an abbreviation used to uniquely identify publicly traded shares of a particular stock on a particular stock market. A stock symbol may consist of letters, numbers or a combination of both, ticker symbol refers to the symbols that were printed on the ticker tape of a ticker tape machine. Stock symbols are unique identifiers assigned to each security traded on a particular market, for example, AAPL is for Apple Inc. OODH is for Orion DHC, Inc. and HD is for Home Depot, a stock symbol can consist of letters, numbers, or a combination of both, and is a way to uniquely identify that stock. The symbols were kept as short as possible to reduce the number of characters that had to be printed on the ticker tape, the allocation of symbols and formatting convention is specific to each stock exchange. In the US, for example, stock tickers are typically between 1 and 4 letters and represent the name where possible. In Europe, most exchanges use three-letter codes, for example Dutch consumer goods company Unilever traded on the Amsterdam Euronext exchange has the symbol UNA, while in Asia, numbers are often used as stock tickers to avoid issues for international investors when using non-Latin scripts. For example, the bank HSBCs stock traded on the Hong Kong Stock Exchange has the ticker symbol 0005, symbols sometimes change to reflect mergers. Prior to the 1999 merger with Mobil Oil, Exxon used a spelling of the company XON as its ticker symbol. The symbol of the firm after the merger was XOM, symbols are sometimes reused, in the US the single-letter symbols are particularly sought after as vanity symbols. For example, since Mar 2008 Visa Inc. has used the symbol V that had previously used by Vivendi which had delisted. To fully qualify a stock, both the ticker and the exchange or country of listing needs to be known, on many systems both must be specified to uniquely identify the security. This is often done by appending the location or exchange code to the ticker, although stock tickers identify a security, they are exchange dependent, generally limited to stocks and can change. These limitations have led to the development of other codes in financial markets to identify securities for settlement purposes, the most prevalent of these is the International Securities Identifying Number. An ISIN uniquely identifies a security and its structure is defined in ISO6166, Securities for which ISINs are issued include bonds, commercial paper, stocks, and warrants. The ISIN identifies the security, not the exchange on which it trades, for instance, Daimler AG stock trades on twenty-two different stock exchanges worldwide, and is priced in five different currencies, it has the same ISIN on each, though not the same ticker symbol. ISIN cannot specify a particular trade in this case, and another identifier, following the introduction of the Sequence trading platform in 1996, EPICs were renamed Tradable Instrument Display Mnemonics, but they are still widely referred to as EPICs. Stocks can also be identified using their SEDOL number or their ISIN, in the United States, modern letter-only ticker symbols were developed by Standard & Poors to bring a national standard to investing
2.
New York Stock Exchange
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The New York Stock Exchange, is an American stock exchange located at 11 Wall Street, Lower Manhattan, New York City, New York. It is by far the worlds largest stock exchange by market capitalization of its companies at US$19.3 trillion as of June 2016. The average daily trading value was approximately US$169 billion in 2013, the NYSE trading floor is located at 11 Wall Street and is composed of 21 rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007, the main building and the 11 Wall Street building were designated National Historic Landmarks in 1978. The NYSE is owned by Intercontinental Exchange, an American holding company that it also lists, previously, it was part of NYSE Euronext, which was formed by the NYSEs 2007 merger with Euronext. NYSE and Euronext now operate as divisions of Intercontinental Exchange, the NYSE has been the subject of several lawsuits regarding fraud or breach of duty and in 2004 was sued by its former CEO for breach of contract and defamation. The earliest recorded organization of securities trading in New York among brokers directly dealing with each other can be traced to the Buttonwood Agreement, previously securities exchange had been intermediated by the auctioneers who also conducted more mundane auctions of commodities such as wheat and tobacco. In 1817 the stockbrokers of New York operating under the Buttonwood Agreement instituted new reforms, after sending a delegation to Philadelphia to observe the organization of their board of brokers, restrictions on manipulative trading were adopted as well as formal organs of governance. Several locations were used between 1817 and 1865, when the present location was adopted, the invention of the electrical telegraph consolidated markets, and New Yorks market rose to dominance over Philadelphia after weathering some market panics better than other alternatives. The Civil War greatly stimulated speculative securities trading in New York, by 1869 membership had to be capped, and has been sporadically increased since. The latter half of the century saw rapid growth in securities trading. Securities trade in the nineteenth and early twentieth centuries was prone to panics. The Stock Exchange Luncheon Club was situated on the floor from 1898 until its closure in 2006. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978, as was the 11 Wall Street building. The NYSE announced its plans to merge with Archipelago on April 21,2005, NYSEs governing board voted to merge with rival Archipelago on December 6,2005, and became a for-profit, public company. It began trading under the name NYSE Group on March 8,2006, Wall Street is the leading US money center for international financial activities and the foremost US location for the conduct of wholesale financial services. It comprises a matrix of wholesale financial sectors, financial markets, financial institutions, the principal sectors are securities industry, commercial banking, asset management, and insurance. Prior to the acquisition of NYSE Euronext by the ICE in 2013, Marsh Carter was the Chairman of the NYSE, presently, the chairman is Jeffrey Sprecher
3.
S&P 500 Index
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The S&P500 index components and their weightings are determined by S&P Dow Jones Indices. It differs from other U. S. stock market indices, such as the Dow Jones Industrial Average or the Nasdaq Composite index, because of its diverse constituency and weighting methodology. It is one of the most commonly followed equity indices, and many consider it one of the best representations of the U. S. stock market, the National Bureau of Economic Research has classified common stocks as a leading indicator of business cycles. The S&P500 was developed and continued to be maintained by S&P Dow Jones Indices, S&P Dow Jones Indices publishes many stock market indices such as the Dow Jones Industrial Average, S&P MidCap 400, the S&P SmallCap 600, and the S&P Composite 1500. It is a free-float capitalization-weighted index, and has many symbols, such as, ^GSPC, INX. The Composite Index, as the S&P500 was first called when it introduced its first stock index in 1923, three years later in 1926, the Composite Index expanded to 90 stocks and then in 1957 it expanded to its current 500. Standard & Poors, a company that doles out financial information, in 1941 Poors Publishing merged with Standard Statistics and therein assumed the name Standard and Poors Corporation. The S&P500 index in its present form began on March 4,1957, technology has allowed the index to be calculated and disseminated in real time. The S&P500 is widely used as a measure of the level of stock prices. In September 1962, Ultronic Systems Corp. entered into an agreement with Standard, under the terms of this agreement, Ultronics computed the S&P500 Stock Composite Index, the 425 Stock Industrial Index, the 50 Stock Utility Index, and the 25 Stock Rail Index. Throughout the market day these statistics were furnished to Standard & Poors, in addition, Ultronics also computed and reported the 94 S&P sub-indexes. On August 12,1982, the index closed at 102.42, the index reached a relative intraday high—which was not exceeded for over seven years—of 1,552.87, on March 24,2000, during the dot-com bubble. The index then declined by approximately 50%, to 768.63, on October 10,2002, on May 30,2007, the S&P500 closed at 1,530.23, to set its first all-time closing high in more than seven years. Less than a later, it dropped to 1,400. In mid-2007, the mortgage crisis spread to the wider U. S. financial sector. On November 20,2008, the index closed at 752.44, a modest recovery the following day still left the index down 45. 5% for the year. This year-to-date loss was the greatest since 1931, when the market declined more than 50%. The index closed the year at 903.25, for a loss of 38. 5%, the market continued to decline in early 2009, surrounding the financial crisis of 2008
4.
Morgan Stanley Building
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Even before 1585 Broadway began to rise over Duffy Square, its developer, David S. Solomon, had signed law firm Proskauer Rose to a 20-year lease for 365,000 square feet. A notable achievement at any time, the deal was a milestone in a market where a number of new buildings were competing heavily for a shrinking number of tenants. A consortium of banks then gained control of the asset through the bankruptcy process, Morgan Stanley bought the building for $176 million in August 1993 and moved in two years later. Currently, it uses the building as its world headquarters, all of Morgan Stanleys properties are currently managed by Hines Interests. DataComm management is jointly tasked between Morgan Stanleys IT unit referred to as Morgan Stanley - Critical Systems as well as Hines Interests, as of 1994 The buildings peak electrical demand was 9,288 kW. This excludes the loads brought on by Morgan Stanleys tenants, two floors of 1585 Broadway are reserved strictly for building operations, both of which can be observed from the exterior of the building by noticing its lack of windows. The 7th floor also houses the buildings 3 electric chillers 1,400 ton chillers, Morgan Stanley site control is also contained on the 7th floor. This site operations command center monitors conditions of all of Morgan Stanleys properties, the building contains various UPS systems throughout the facility, strategically located according to the locations of critical loads such as Trading Floors, Data Centers, and DataComm rooms. Morgan Stanley typically conducts an annual test, as well as maintenance of all the buildings mechanical. During this 12-24 hour period, the building is completely dark, during this time, another Morgan Stanley Site will operate as its Building Management Command. BOMA Award,1998 BOMA Award,1997 Law & Order, Law & Order, Trial By Jury also used it before being canceled. The building was featured in Becks music video for his 1996 single Devils Haircut in which he is dancing on the screen while tax market prices go by, the building is featured in the movie Down to Earth as the skyscraper from which a failing businessman jumps to his death. It was also featured in New York Citys Perspective Real Estate Magazine, list of tallest buildings in New York City Morgan Stanley Hines Interests Limited Partnership
5.
New York City
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The City of New York, often called New York City or simply New York, is the most populous city in the United States. With an estimated 2015 population of 8,550,405 distributed over an area of about 302.6 square miles. Located at the tip of the state of New York. Home to the headquarters of the United Nations, New York is an important center for international diplomacy and has described as the cultural and financial capital of the world. Situated on one of the worlds largest natural harbors, New York City consists of five boroughs, the five boroughs – Brooklyn, Queens, Manhattan, The Bronx, and Staten Island – were consolidated into a single city in 1898. In 2013, the MSA produced a gross metropolitan product of nearly US$1.39 trillion, in 2012, the CSA generated a GMP of over US$1.55 trillion. NYCs MSA and CSA GDP are higher than all but 11 and 12 countries, New York City traces its origin to its 1624 founding in Lower Manhattan as a trading post by colonists of the Dutch Republic and was named New Amsterdam in 1626. The city and its surroundings came under English control in 1664 and were renamed New York after King Charles II of England granted the lands to his brother, New York served as the capital of the United States from 1785 until 1790. It has been the countrys largest city since 1790, the Statue of Liberty greeted millions of immigrants as they came to the Americas by ship in the late 19th and early 20th centuries and is a symbol of the United States and its democracy. In the 21st century, New York has emerged as a node of creativity and entrepreneurship, social tolerance. Several sources have ranked New York the most photographed city in the world, the names of many of the citys bridges, tapered skyscrapers, and parks are known around the world. Manhattans real estate market is among the most expensive in the world, Manhattans Chinatown incorporates the highest concentration of Chinese people in the Western Hemisphere, with multiple signature Chinatowns developing across the city. Providing continuous 24/7 service, the New York City Subway is one of the most extensive metro systems worldwide, with 472 stations in operation. Over 120 colleges and universities are located in New York City, including Columbia University, New York University, and Rockefeller University, during the Wisconsinan glaciation, the New York City region was situated at the edge of a large ice sheet over 1,000 feet in depth. The ice sheet scraped away large amounts of soil, leaving the bedrock that serves as the foundation for much of New York City today. Later on, movement of the ice sheet would contribute to the separation of what are now Long Island and Staten Island. The first documented visit by a European was in 1524 by Giovanni da Verrazzano, a Florentine explorer in the service of the French crown and he claimed the area for France and named it Nouvelle Angoulême. Heavy ice kept him from further exploration, and he returned to Spain in August and he proceeded to sail up what the Dutch would name the North River, named first by Hudson as the Mauritius after Maurice, Prince of Orange
6.
New York (state)
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New York is a state in the northeastern United States, and is the 27th-most extensive, fourth-most populous, and seventh-most densely populated U. S. state. New York is bordered by New Jersey and Pennsylvania to the south and Connecticut, Massachusetts, and Vermont to the east. With an estimated population of 8.55 million in 2015, New York City is the most populous city in the United States, the New York Metropolitan Area is one of the most populous urban agglomerations in the world. New York City makes up over 40% of the population of New York State, two-thirds of the states population lives in the New York City Metropolitan Area, and nearly 40% lives on Long Island. Both the state and New York City were named for the 17th-century Duke of York, the next four most populous cities in the state are Buffalo, Rochester, Yonkers, and Syracuse, while the state capital is Albany. New York has a diverse geography and these more mountainous regions are bisected by two major river valleys—the north-south Hudson River Valley and the east-west Mohawk River Valley, which forms the core of the Erie Canal. Western New York is considered part of the Great Lakes Region and straddles Lake Ontario, between the two lakes lies Niagara Falls. The central part of the state is dominated by the Finger Lakes, New York had been inhabited by tribes of Algonquian and Iroquoian-speaking Native Americans for several hundred years by the time the earliest Europeans came to New York. The first Europeans to arrive were French colonists and Jesuit missionaries who arrived southward from settlements at Montreal for trade, the British annexed the colony from the Dutch in 1664. The borders of the British colony, the Province of New York, were similar to those of the present-day state, New York is home to the Statue of Liberty, a symbol of the United States and its ideals of freedom, democracy, and opportunity. In the 21st century, New York has emerged as a node of creativity and entrepreneurship, social tolerance. On April 17,1524 Verrazanno entered New York Bay, by way of the now called the Narrows into the northern bay which he named Santa Margherita. Verrazzano described it as a vast coastline with a delta in which every kind of ship could pass and he adds. This vast sheet of water swarmed with native boats and he landed on the tip of Manhattan and possibly on the furthest point of Long Island. Verrazannos stay was interrupted by a storm which pushed him north towards Marthas Vineyard, in 1540 French traders from New France built a chateau on Castle Island, within present-day Albany, due to flooding, it was abandoned the next year. In 1614, the Dutch under the command of Hendrick Corstiaensen, rebuilt the French chateau, Fort Nassau was the first Dutch settlement in North America, and was located along the Hudson River, also within present-day Albany. The small fort served as a trading post and warehouse, located on the Hudson River flood plain, the rudimentary fort was washed away by flooding in 1617, and abandoned for good after Fort Orange was built nearby in 1623. Henry Hudsons 1609 voyage marked the beginning of European involvement with the area, sailing for the Dutch East India Company and looking for a passage to Asia, he entered the Upper New York Bay on September 11 of that year
7.
James P. Gorman
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James P. Gorman is Chairman and Chief Executive Officer of Morgan Stanley. He was formerly Co-President and Co-Head of Strategic Planning at the firm, james P. Gorman was born in Australia. He was educated at Xavier College, and earned his Bachelor of Arts and Bachelor of Laws from the University of Melbourne, in 1982 he joined law firm Phillips Fox and Masel before heading to the United States to obtain a Master of Business Administration from Columbia Business School. While at Columbia he was a resident at International House of New York, james P. Gorman joined Morgan Stanley in February 2006 as the President and Chief Operating Officer of the Global Wealth Management Group. In October 2007, Gorman took on the role of Co-Head of Strategic Planning with Chief Financial Officer Colm Kelleher. In December 2007, he was named Co-President of Morgan Stanley, along with Walid Chammah, with the responsibility for Wealth Management. In September 2009, it was announced he would become CEO of Morgan Stanley in January 2010 and he also assumed the title of Chairman in January 2012 following the retirement of John J. Mack. Press reports indicate his compensation as Chairman and CEO was $9.75 million for 2012 and he joined Merrill Lynch in 1999 as Chief Marketing Officer, and also served as head of Strategy and Research. Before joining Merrill Lynch, Gorman served as a partner of McKinsey & Company, where he was a member of the financial services practice. In 2014 he was included in the 50 Most Influential ranking of Bloomberg Markets Magazine, in the wake of the 2016 United Kingdom European Union membership referendum, which led to a popular vote to leave the European Union, Gorman said there was nothing good about Brexit. He added that some jobs would be moved not only out of England, among his civic activities, Gorman serves on the Federal Advisory Council to the U. S. His daughter Caroline Gorman is in the band Madness and the Film
8.
Chairman
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The chairman is the highest officer of an organized group such as a board, a committee, or a deliberative assembly. The person holding the office is elected or appointed by the members of the group. The chair presides over meetings of the group and conducts its business in an orderly fashion. When the group is not in session, the officers duties include acting as its head, its representative to the outside world. In some organizations, this position is called president, in others, where a board appoints a president. Other terms sometimes used for the office and its holder include chair, chairperson, chairwoman, presiding officer, president, moderator, facilitator, the chairman of a parliamentary chamber is often called the speaker. The term chair is used in lieu of chairman, in response to criticisms that using chairman is sexist. In his 1992 State of the Union address, then-U. S, president George H. W. Bush used chairman for men and chair for women. A1994 Canadian study found the Toronto Star newspaper referring to most presiding men as chairman, the Chronicle of Higher Education uses chairman for men and chairperson for women. An analysis of the British National Corpus found chairman used 1,142 times, chairperson 130 times, the National Association of Parliamentarians does not approve using chairperson. In World Schools Style debating, male chairs are called Mr. Chairman, the FranklinCovey Style Guide for Business and Technical Communication, as well as the American Psychological Association style guide, advocate using chair or chairperson, rather than chairman. The Oxford Dictionary of American Usage and Style suggests that the forms are gaining ground. It advocates using chair to refer both to men and to women, the word chair can refer to the place from which the holder of the office presides, whether on a chair, at a lectern, or elsewhere. During meetings, the person presiding is said to be in the chair and is referred to as the chair. Major dictionaries state that the word derives from chair and man, some authorities, however, including Riddicks Rules of Procedure, suggest that the second part of chairman derives from the Latin manus, and thus claim gender-neutrality for the word. Vladimir Lenin, for example, officially functioned as the head of Soviet Russia not as tsar or as president, note in particular the popular standard method for referring to Mao Zedong, Chairman Mao. In the absence of the chairman and vice chairman, groups sometimes elect a chairman pro tempore to fill the role for a single meeting. In some organizations that have titles, deputy chairman ranks higher than vice chairman, as there are often multiple vice chairs
9.
Thomas R. Nides
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Thomas R. Thomas R. Nides was born to a Jewish family in Duluth, Minnesota, the son of Shirley and Arnold Richard Nides. His father was the founder of Nides Finance, a consumer finance company, and president of Temple Israel. He was educated at the University of Minnesota, from 1986 to 1989, Nides was chief of staff of Rep. Tony Coelho. He was next chief of staff of Rep. Tom Foley from 1989 to 1993, Nides joined Fannie Mae as Senior Vice President of Human Resources in 1998, holding this position until 2001. He was then Chief Administrative Officer of Credit Suisse USA from 2001 to 2004, from 2005 to 2010, he was Chief Operating Officer of Morgan Stanley. President of the United States Barack Obama nominated Nides to be Deputy Secretary of State for Management and he was confirmed by the Senate on December 22,2010, and sworn into office on January 3,2011. In 1992, he married Virginia Carpenter Moseley, mosley is the Washington Deputy Bureau Chief and Vice President for CNN. Http, //www. thestreet. com/story/11289766/1/wall-street-fixer-goes-to-washington. html Media related to Thomas R. Nides at Wikimedia Commons
10.
President (corporate title)
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The President is a leader of an organization, company, community, club, trade union, university or other group. In many organizations, it is the legally recognized highest titled corporate officer, the president may also be the chairman. The relationship between the president and the Chief Executive Officer varies, depending on the structure of the specific organization, in a similar vein to the Chief Operating Officer, the title of corporate President as a separate position is also loosely defined. The powers of the president vary widely across organizations and such powers come from specific authorization in the bylaws, originally, the term president was used to designate someone who presided over a meeting, and was used in the same way that foreman or overseer is used now. It has now come to mean chief officer in terms of administrative or executive duties. In addition to the administrative or executive duties in organizations, the president has the duties of presiding over meetings, in committees or small boards, the president votes along with the other members. However, in assemblies or larger boards, the president should vote only when it can affect the result, at a meeting, the president only has one vote. The powers of the president vary widely across organizations, the amount of power given to the president depends on the type of organization, its structure, and the rules it has created for itself. If the president exceeds the given authority, engages in misconduct, or fails to perform the duties, such procedures may include censure, suspension, or removal from office. The rules of the organization would provide details on who can perform these disciplinary procedures. Usually, whoever appointed or elected the president has the power to discipline this officer, some organizations may have a position of President-Elect in addition to the position of President. Generally the membership of the organization elects a President-Elect and when the term of the President-Elect is complete, some organizations may have a position of Immediate Past President in addition to the position of President. In those organizations, when the term of the President is complete, the organization can have such a position only if the bylaws provide it. The duties of such a position would also have to be provided in the bylaws, riding Shotgun, The Role of the COO. National Association of Parliamentarians®, Education Committee, independence, MO, National Association of Parliamentarians®
11.
Investment banking
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Unlike commercial banks and retail banks, investment banks do not take deposits. From the passage of Glass–Steagall Act in 1933 until its repeal in 1999 by the Gramm–Leach–Bliley Act, Other industrialized countries, including G7 countries, have historically not maintained such a separation. As part of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, the two main lines of business in investment banking are called the sell side and the buy side. The sell side involves trading securities for cash or for other securities, the buy side involves the provision of advice to institutions that buy investment services. Private equity funds, mutual funds, life insurance companies, unit trusts, an investment bank can also be split into private and public functions with a Chinese wall separating the two to prevent information from crossing. The private areas of the deal with private insider information that may not be publicly disclosed, while the public areas, such as stock analysis. The first company to publicly traded stock was the Dutch East India Company. Investment banking has changed over the years, beginning as a form focused on underwriting security issuance. In the United States, commercial banking and investment banking were separated by the Glass–Steagall Act, the repeal led to more universal banks offering an even greater range of services. Many large commercial banks have therefore developed investment banking divisions through acquisitions, notable large banks with significant investment banks include JPMorgan Chase, Bank of America, Credit Suisse, Deutsche Bank, UBS, Barclays, and Wells Fargo. The traditional service of underwriting security issues has declined as a percentage of revenue, as far back as 1960, 70% of Merrill Lynchs revenue was derived from transaction commissions while traditional investment banking services accounted for 5%. However, Merrill Lynch was a relatively retail-focused firm with a large brokerage network, investment banking is split into front office, middle office, and back office activities. Investment banks offer services to corporations issuing securities and investors buying securities. For corporations, investment bankers offer information on when and how to place their securities on the open market, therefore, investment bankers play a very important role in issuing new security offerings. Front office is described as a revenue generating role. Markets is divided into sales and trading, and research, a pitch book of financial information is generated to market the bank to a potential M&A client, if the pitch is successful, the bank arranges the deal for the client. The investment banking division is divided into industry coverage and product coverage groups. On behalf of the bank and its clients, an investment banks primary function is buying and selling products
12.
Sales and trading
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Sales and trading is one of the key functions of an investment bank. The term refers to the activities relating to the buying and selling of securities or other financial instruments. Typically an investment bank will perform tasks on behalf of itself. The Sales component refers to the investment banks sales force, whose job is to call on institutional and high-net-worth investors to suggest trading ideas. Sales desks then communicate their clients orders to the appropriate trading desks, the sales and trading function will also typically employ financial analysts that provide trading strategy advice to external as well as internal clients to support sales and trading. Banks seek to maximize profitability for a amount of risk on their balance sheet. The necessity for numerical ability in sales and trading has created jobs for physics, math, investment banking Stock trader Trader Proprietary trading
13.
Commodity
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In economics, a commodity is a marketable item produced to satisfy wants or needs. Economic commodities comprise goods and services, the word commodity came into use in English in the 15th century, from the French commodité, amenity, convenience. Going further back, the French word derives from the Latin commoditas, meaning suitability, convenience, the Latin word commodus meant variously appropriate, proper measure, time, or condition, and advantage, benefit. The term commodity is specifically used for a good or service when the demand for it has no qualitative differentiation across a market. In other words, a commodity good or service has full or partial but substantial fungibility, that is, the market treats its instances as equivalent or nearly so with no regard to who produced them. As the saying goes, From the taste of wheat, it is not possible to tell who produced it, a Russian serf, petroleum and copper are other examples of such commodities, their supply and demand being a part of one universal market. Items such as systems, on the other hand, have many aspects of product differentiation, such as the brand, the user interface. The demand for one type of stereo may be larger than demand for another. In contrast, one of the characteristics of a commodity good is that its price is determined as a function of its market as a whole, well-established physical commodities have actively traded spot and derivative markets. Generally, these are basic resources and agricultural products such as ore, sugar. Soft commodities are goods that are grown, while hard commodities are ones that are extracted through mining, there is another important class of energy commodities which includes electricity, gas, coal and oil. Electricity has the characteristic that it is usually uneconomical to store, hence. Commoditization occurs as a goods or services market loses differentiation across its supply base, as such, goods that formerly carried premium margins for market participants have become commodities, such as generic pharmaceuticals and DRAM chips. Following this trend, nanomaterials are emerging from carrying premium profit margins for market participants to a status of commodification, there is a spectrum of commoditization, rather than a binary distinction of commodity versus differentiable product. Many products degree of commoditization depends on the mentality and means. For example, milk, eggs, and notebook paper are not differentiated by many customers, for them, other customers take into consideration other factors besides price, such as environmental sustainability and animal welfare. This is a list of companies trading globally in commodities, descending by size as of October 28,2011, on a commodity exchange, it is the underlying standard stated in the contract that defines the commodity, not any quality inherent in a specific producers product. Commodities exchanges include, Bourse Africa Bursa Malaysia Derivatives Chicago Board of Trade Chicago Mercantile Exchange Dalian Commodity Exchange Euronext and these markets will quickly respond to changes in supply and demand to find an equilibrium price and quantity
14.
Prime brokerage
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The prime broker provides a centralized securities clearing facility for the hedge fund so the hedge funds collateral requirements are netted across all deals handled by the prime broker. These two features are advantageous to their clients, the prime broker benefits by earning fees on financing the clients margined long and short cash and security positions, and by charging, in some cases, fees for clearing and other services. It also earns money by rehypothecating the margined portfolios of the hedge funds currently serviced and charging interest on those borrowing securities, each client in the market of a prime broker will have certain technological needs related to the management of its portfolio. These can be as simple as daily statements or as complicated as real-time portfolio reporting, Certain prime brokers offer more specialized services to certain clients. For example, a broker may also be in the business of leasing office space to hedge funds. Risk management and consulting services may be among these, especially if the fund has just started operations. Office Space Leasing and Servicing - Certain prime brokers lease commercial real estate and these prime brokers typically provide a suite of on-site services for clients who utilize their space. This is typically called a hedge fund hotel, risk Management Advisory Services - The provision of risk analytic technology, sometimes supplemented by consulting by senior risk professionals. Additionally, the prime broker offers stock loan services, portfolio reporting, consolidated cash management, fundamentally, the advent of the prime broker freed the money manager from the more time consuming and expensive aspects of running a fund. The concept and term prime brokerage is generally attributed to the U. S. broker-dealer Furman Selz in the late 1970s, however, the first hedge fund operation is attributed to Alfred Winslow Jones in 1949. At this nascent stage, hedge funds were much smaller than they are today and were mostly U. S. domestic long-short equities funds, Prime brokerage business was created by Merrill Lynchs London office in the late 1980s. Post the 2007 -09 financial crisis new entrants came to the market with custody-based prime brokerage offerings, in addition, prime brokers supplemented their operational function by providing portfolio reporting, initially by messenger, then by fax and today over the web. As of 2006, the most successful investment banks each report over two billion dollars in annual revenue directly attributed to their prime brokerage operations. Counterparty diversification saw the largest flows of client assets out of Morgan Stanley and Goldman Sachs, the banks which captured these flows to the greatest degree were Credit Suisse, JP Morgan, and Deutsche Bank. During these market changes, HSBC launched a brokerage business in 2009 called HSBC Prime Services. The prime brokerage landscape has changed since the collapse of Lehman Brothers in September 2008. This was one of factors that led to the massive deleveraging of capital markets during the Financial Crisis of 2008. Upon Lehmans collapse, investors realized that no prime broker was too big to fail and spread their counterparty risk across several prime brokerages and this trend towards multi-prime brokerage is also not without its problems
15.
United States dollar
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The United States dollar is the official currency of the United States and its insular territories per the United States Constitution. It is divided into 100 smaller cent units, the circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars. The U. S. dollar was originally commodity money of silver as enacted by the Coinage Act of 1792 which determined the dollar to be 371 4/16 grain pure or 416 grain standard silver, the currency most used in international transactions, it is the worlds primary reserve currency. Several countries use it as their currency, and in many others it is the de facto currency. Besides the United States, it is used as the sole currency in two British Overseas Territories in the Caribbean, the British Virgin Islands and Turks and Caicos Islands. A few countries use the Federal Reserve Notes for paper money, while the country mints its own coins, or also accepts U. S. coins that can be used as payment in U. S. dollars. After Nixon shock of 1971, USD became fiat currency, Article I, Section 8 of the U. S. Constitution provides that the Congress has the power To coin money, laws implementing this power are currently codified at 31 U. S. C. Section 5112 prescribes the forms in which the United States dollars should be issued and these coins are both designated in Section 5112 as legal tender in payment of debts. The Sacagawea dollar is one example of the copper alloy dollar, the pure silver dollar is known as the American Silver Eagle. Section 5112 also provides for the minting and issuance of other coins and these other coins are more fully described in Coins of the United States dollar. The Constitution provides that a regular Statement and Account of the Receipts and that provision of the Constitution is made specific by Section 331 of Title 31 of the United States Code. The sums of money reported in the Statements are currently being expressed in U. S. dollars, the U. S. dollar may therefore be described as the unit of account of the United States. The word dollar is one of the words in the first paragraph of Section 9 of Article I of the Constitution, there, dollars is a reference to the Spanish milled dollar, a coin that had a monetary value of 8 Spanish units of currency, or reales. In 1792 the U. S. Congress passed a Coinage Act, Section 20 of the act provided, That the money of account of the United States shall be expressed in dollars, or units. And that all accounts in the offices and all proceedings in the courts of the United States shall be kept and had in conformity to this regulation. In other words, this act designated the United States dollar as the unit of currency of the United States, unlike the Spanish milled dollar the U. S. dollar is based upon a decimal system of values. Both one-dollar coins and notes are produced today, although the form is significantly more common
16.
Earnings before interest and taxes
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In accounting and finance, earnings before interest and taxes, is a measure of a firms profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses, when a firm does not have non-operating income, then operating income is sometimes used as a synonym for EBIT and operating profit. To calculate EBIT, expenses are subtracted from revenues, net income is later obtained by subtracting interest and taxes from the result
17.
Net income
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In business, net income is an entitys income minus cost of goods sold, expenses and taxes for an accounting period. In the context of the presentation of financial statements, the IFRS Foundation defines net income as synonymous with profit, net income is a distinct accounting concept from profit but the same as net profit. Net income can also be calculated by adding a companys operating income to non-operating income, net income can be distributed among holders of common stock as a dividend or held by the firm as an addition to retained earnings. As profit and earnings are used synonymously for income, net earnings, often, the term income is substituted for net income, yet this is not preferred due to the possible ambiguity. Net income is called the bottom line because it is typically found on the last line of a companys income statement. The items deducted will typically include tax expense, financing expense, likewise, preferred stock dividends will be subtracted too, though they are not an expense. For a merchandising company, subtracted costs may be the cost of goods sold, sales discounts, for a product company advertising, manufacturing, and design and development costs are included
18.
Assets under management
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Methods of calculating AUM vary between firms. The fee structure depends on the contract between each client and the firm or fund, Assets under management rise and fall. They may increase when investment performance is positive, or when new customers, rising AUM normally increases the fees which the firm generates. Conversely, AUM are reduced by negative investment performance, as well as redemptions or withdrawals, including fund closures, client defections, lower AUM tend to result in lower fees generated. Assets under management includes, Capital raised from investors, Capital belonging to the principals of the management firm. For example, if fund managers contribute $2B of their own capital to the fund and raise additional $10B from investors, net asset value Fund Management Activities Survey 2005 Sovereign Wealth Fund Assets Under Management
19.
Asset
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In financial accounting, an asset is an economic resource. Anything tangible or intangible that can be owned or controlled to produce value, simply stated, assets represent value of ownership that can be converted into cash. The balance sheet of a firm records the value of the assets owned by that firm. It covers money and other valuables belonging to an individual or to a business, one can classify assets into two major asset classes, tangible assets and intangible assets. Tangible assets contain various subclasses, including current assets and fixed assets, current assets include inventory, while fixed assets include such items as buildings and equipment. Intangible assets are resources and rights that have a value to the firm because they give the firm some kind of advantage in the marketplace. Examples of intangible assets include goodwill, copyrights, trademarks, patents and computer programs, an asset is a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. One of the most widely accepted accounting definitions of asset is the one used by the International Accounting Standards Board, employees are not considered assets like machinery is, even though they can generate future economic benefits. This is because an entity does not have sufficient control over its employees to satisfy the Frameworks definition of an asset, similarly, in economics an asset is any form in which wealth can be held. The accounting equation is the structure of the balance sheet. It relates assets, liabilities, and owners equity, Assets = Liabilities + Capital Liabilities = Assets − Capital Equity = Assets − Liabilities Assets are listed on the balance sheet. On a companys balance sheet certain divisions are required by generally accepted accounting principles, Assets can be divided into e. g. current assets and fixed assets, often with further subdivisions such as cash, receivables and inventory. Assets are formally controlled and managed within larger organizations via the use of asset tracking tools and these monitor the purchasing, upgrading, servicing, licensing, disposal etc. of both physical and non-physical assets. Current assets are cash and other assets expected to be converted to cash or consumed either in a year or in the operating cycle and these assets are continually turned over in the course of a business during normal business activity. There are 5 major items included into current assets, Cash and cash equivalents – it is the most liquid asset, which includes currency, deposit accounts, short-term investments – include securities bought and held for sale in the near future to generate income on short-term price differences. Receivables – usually reported as net of allowance for non-collectable accounts, inventory – trading these assets is a normal business of a company. The inventory value reported on the sheet is usually the historical cost or fair market value. This is known as the lower of cost or market rule, prepaid expenses – these are expenses paid in cash and recorded as assets before they are used or consumed
20.
Equity (finance)
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In accounting, equity is the difference between the value of the assets and the value of the liabilities of something owed. Equity can be negative if liabilities exceeds assets, shareholders equity represents the equity of a company as divided among shareholders of common or preferred stock. Negative shareholders equity is often referred to as a shareholders deficit, alternatively, equity can also refer to the capital stock of a corporation. The value of the stock depends on the future economic prospects. For a company in liquidation proceedings, the equity is that which remains after all liabilities have been paid, when starting a business, the owners fund the business to finance various operations. Throughout the businesss existence, the equity of the business will be the difference between its assets and debt liabilities, this is the accounting equation, when a business liquidates during bankruptcy, the proceeds from the assets are used to reimburse creditors. The creditors are ranked by priority, with secured creditors being paid first, other creditors being paid next, owners equity is this remaining or residual claim against assets, which is paid only after all other creditors are paid. In such cases where even creditors could not get money to pay their bills. In financial accounting, owners equity consists of the net assets of an entity, net assets is the difference between the total assets and total liabilities. Equity appears on the sheet, one of the four primary financial statements. The assets of an entity can be tangible and intangible items. Intangible assets include such as brand names, copyrights or goodwill. Tangible assets include land, equipment, and cash, issue of new equity in which the firm obtains new capital increases the total shareholders equity. Share repurchases, in which a firm returns money to investors, reducing on the side its financial assets. For practical purposes, share repurchasing is similar to a dividend payment, rather than giving money to all shareholders immediately in the form of a dividend payment, a share repurchase reduces the number of shares outstanding. Dividends paid out to preferred stock owners are considered an expense to be subtracted from net income, sometimes assets bought and held in other countries get translated back into the reporting currency at different exchange rates, resulting in a changed value. When the owners are shareholders, the interest can be called shareholders equity, the remains the same. If all shareholders are in one and the class, they share equally in ownership equity from all perspectives
21.
Midtown Manhattan
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Midtown Manhattan, or Midtown, represents the central lengthwise portion of the borough and island of Manhattan in New York City. Along Manhattans north-south long axis, Midtown Manhattan separates Lower Manhattan from Upper Manhattan, the majority of New York Citys skyscrapers, including its tallest hotels and apartment towers, lie within Midtown. Midtown spans the island of Manhattan along an east-west axis, being bounded by the East River on its east. The Encyclopedia of New York City defines Midtown as being from 34th Street to 59th Street and it is sometimes broken into Midtown East and Midtown West, or north and south as in the New York City Police Departments Midtown North and Midtown South precincts. Midtown South can refer to the part of Midtown between 23rd Street and around 42nd Street, Midtown West can refer to the area between 34th and 59th Streets, and between 5th and 12th Avenues. Midtown East can refer to the area between 42nd and 59th Streets, and between 5th Avenue and the East River, in other sources these districts are referred to as separate central business districts. Midtown Manhattan, along with Lower Manhattan, is one of the leading financial centers. Midtown Manhattan is the countrys largest central business district and it has the headquarters of major companies, including 4Kids Entertainment, Barnes & Noble, Bloomberg L. P. The New York Institute of Finance is located in Midtown Manhattan, Haier operates its United States offices in the Haier Building at 1356 Broadway, the building used to be a building of the Greenwich Savings Bank. Haier held the ceremony on March 4,2002. Sumitomo Corporation operates its New York Office, the headquarters of the corporations United States operations, el Als North American headquarters are in Midtown. The Air France USA regional headquarters are in 125 West 55th Street in Midtown Manhattan, hachette Book Group USA has its headquarters in 237 Park Avenue. In 1994 Alitalia considered moving its USA headquarters from Midtown to Lower Manhattan, global Infrastructure Partners has an office in Midtown Manhattan. Biotechnology is emerging in Midtown Manhattan, bolstered by the strength in academic scientific research and public. Aer Lingus had its United States offices in Midtown, in 1997, Aer Lingus announced that it was moving its North American headquarters to Melville, New York, in Suffolk County. New York City Department of Education public schools in Midtown Manhattan include Jacqueline Kennedy Onassis High School, private schools include The Beekman School, Rebecca School, and a number of private language and music centers. The La Scuola dItalia Guglielmo Marconi Italian international school will move to West Midtown in 2016, in addition to its well-known Main Branch research library—now known as the Stephen A. Pennsylvania Station and Grand Central Terminal are major railroad stations located in Midtown Manhattan, the Port Authority Bus Terminal is also in Midtown
22.
J.P. Morgan & Co.
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J. P. Morgan & Co. is a commercial and investment banking institution based in the United States founded by John Pierpont Morgan and commonly known as the House of Morgan or simply Morgan. The firm is a predecessor of three of the largest banking institutions in the United States and globally, JPMorgan Chase, Morgan Stanley, and Deutsche Bank. In 2000, J. P. Morgan & Co. merged with Chase Manhattan Bank to form JPMorgan Chase & Co. one of the largest global banking institutions. Today, the J. P. Morgan brand is used to market certain JPMorgan Chase wholesale businesses, including investment banking, commercial banking and asset management. The J. P. Morgan branding was revamped in 2008 to return to its traditional appearance after several years of depicting the Chase symbol to the right of a condensed and modernized JPMorgan. Between 1959 and 1989, J. P. Morgan operated as the Morgan Guaranty Trust, the origins of the firm date back to 1854 when Junius S. Morgan joined George Peabody & Co. a London-based banking business headed by George Peabody. Junius took control of the firm, changing its name to J. S, Morgan & Co. in 1864 on Peabodys retirement. Juniuss son, J. Pierpont Morgan, first apprenticed at Duncan, Sherman and Company in the New York City, then founded his own firm with a cousin, J. Pierpont Morgan & Company, J. Pierpont Morgan & Company traded in government bonds and foreign exchange. It also acted as an agent for Peabody’s, Junius, however, considered some of Pierpont’s ventures to be highly speculative. So, Pierpont took on a senior partner and the firm was known first as Dabney, Morgan and Company, then Drexel. In these firms, Pierpont used his Peabody connection to bring British financial capital together with rapidly growing U. S. industrial firms, such as railroads, who needed financial capital. The Drexel of Drexel, Morgan & Co. was Philadelphia banker Anthony J. Drexel, on Junius’ death in 1890, Pierpont Morgan took his place at J. S. After Drexel’s death, Drexel, Morgan reorganized in 1895 and became J. P and it financed the formation of the United States Steel Corporation, which took over the business of Andrew Carnegie and others and was the worlds first billion-dollar corporation. In 1895, it supplied the United States government with $62 million in gold to float a bond issue and restore the treasury surplus of $100 million. In 1892, the company began to finance the New York, New Haven and Hartford Railroad, built in 1914,23 Wall Street was known as The Corner and The House of Morgan, and for decades the banks headquarters was the most important address in American finance. At noon, on September 16,1920, an anarchist bomb exploded in front of the bank, killing 38, shortly before the bomb went off, an unknown person placed a warning note in a mailbox at the corner of Cedar Street and Broadway. The warning read, Remember we will not tolerate any longer, free the political prisoners or it will be sure death for all of you. The Bank of England became an agent of J. P. Morgan & Co
23.
Institutional investor
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Institutional investor is a term for entities which pool money to purchase securities, real property, and other investment assets or originate loans. Institutional investors include banks, insurance companies, pensions, hedge funds, REITs, investment advisors, endowments, operating companies which invest excess capital in these types of assets may also be included in the term. Activist institutional investors may also influence corporate governance by exercising voting rights in their investments, in some African colonies in particular, part of the citys entertainment was financed by the revenue generated by shops and baking-ovens originally offered by a wealthy benefactor. In the South of Gaul, aqueducts were sometimes financed in a similar fashion, the legal principle of juristic person might have appeared with the rise of monasteries in the early centuries of Christianity. The concept then might have been adopted by the emerging Islamic law, the waqf became a cornerstone of the financing of education, waterworks, welfare and even the construction of monuments. Alongside some Christian monasteries the waqfs created in the 10th century AD are amongst the longest standing charities in the world, following the spread of monasteries, almhouses and other hospitals, donating sometimes large sums of money to institutions became a common practice in medieval Western Europe. In the process, over the centuries those institutions acquired sizable estates, following the collapse of the agrarian revenues, many of these institution moved away from rural real estate to concentrate on bonds emitted by the local sovereign. The importance of lay and religious institutional ownership in the pre-industrial European economy cannot be overstated, following several waves of dissolution the weight of the traditional charities in the economy collapsed, by 1800, institutions solely owned 2% of the arable land in England and Wales. Because of their sophistication, institutional investors may be exempt from certain securities laws, for example, in the United States, institutional investors are generally eligible to purchase private placements under Rule 506 of Regulation D as accredited investors. Further, large US institutional investors may qualify to purchase certain securities generally restricted from retail investment under Rule 144A, as intermediaries between individual investors and companies, institutional investors are important sources of capital in financial markets. By pooling constituents investments, institutional investors arguably reduce the cost of capital for entrepreneurs while diversifying constituents portfolios and their greater ability to influence corporate behaviour as well to select investors profiles may help diminish agency costs. Institutional investors investment horizons differ, but do not share the life cycle as human beings. Unlike individuals, they do not have a phase of accumulation followed by one of consumption, others like pension funds can predict long ahead when they will have to repay their investors allowing them to invest in less liquid assets such as private equities, hedge funds or commodities. Finally, other institutions have an extended investment horizon, allowing them to invest in assets as they are unlikely to be forced to sell them before term. And schools When considered from a strictly local standpoint, institutional investors are sometimes called foreign institutional investors and this expression is mostly used in emerging markets such as China, Malaysia and India. In various countries different types of institutional investors may be more important, in oil-exporting countries sovereign wealth funds are very important, while in developed countries, pension funds may be more important. Japan is home to the worlds largest pension fund and is home to 63 of the top 300 pension funds worldwide and their wealth accounts for around two thirds of the equity in public listed companies. For any given company, the largest 25 investors would have to be able to muster over half of the votes.3 December 2008 BS Black and JC Coffee, PL Davies, Institutional investors in the United Kingdom in T Baums et al
24.
Times Square
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It stretches from West 42nd to West 47th Streets. One of the worlds busiest pedestrian areas, it is also the hub of the Broadway Theater District, Times Square is one of the worlds most visited tourist attractions, drawing an estimated 50 million visitors annually. Approximately 330,000 people pass through Times Square daily, many of them tourists, the southern triangle of Times Square has no specific name, but the northernmost of the two triangles is called Father Duffy Square. Since 2008, the booth has been backed by a red, sloped, triangular set of stairs, which is used by people to sit, talk, eat. When Manhattan Island was first settled by the Dutch, three small streams united near what is now 10th Avenue and 40th street and these three streams formed the Great Kill. From there the Great Kill wound through the low-lying Reed Valley, known for fish and waterfowl, the name was retained in a tiny hamlet, Great Kill, that became a center for carriage-making, as the upland to the south and east became known as Longacre. Before and after the American Revolution, the area belonged to John Morin Scott, scotts manor house was at what is currently 43rd Street, surrounded by countryside used for farming and breeding horses. By 1872, the area had become the center of New Yorks horse carriage industry, the locality had not previously been given a name, and city authorities called it Longacre Square after Long Acre in London, where the horse and carriage trade was centered in that city. William Henry Vanderbilt owned and ran the American Horse Exchange there, in 1910 it became the Winter Garden Theatre. The first theater on the square, the Olympia, was built by cigar manufacturer, by the early 1890s this once sparsely settled stretch of Broadway was ablaze with electric light and thronged by crowds of middle- and upper-class theatre, restaurant and cafe patrons. In 1904, New York Times publisher Adolph S. Ochs persuaded Mayor George B, mcClellan, Jr. to construct a subway station there, and the area was renamed Times Square on April 8,1904. Just three weeks later, the first electrified advertisement appeared on the side of a bank at the corner of 46th Street, the north end later became Duffy Square, and the former Horse Exchange became the Winter Garden Theatre. The New York Times, according to Nolan, moved to spacious offices west of the square in 1913. The old Times Building was later named the Allied Chemical Building in 1963, now known simply as One Times Square, it is famed for the Times Square Ball drop on its roof every New Years Eve. In 1913, the Lincoln Highway Association, headed by entrepreneur Carl G. Fisher, chose the intersection of 42nd Street and Broadway to be the Eastern Terminus of the Lincoln Highway. This was the first road across the United States, which originally spanned 3,389 miles coast-to-coast through 13 states to its terminus in Lincoln Park in San Francisco. Times Square grew dramatically after World War I and it became a cultural hub full of theatres, music halls, and upscale hotels. Times Square quickly became New Yorks agora, a place to gather to await great tidings and to celebrate them, advertising also grew significantly in the 1920s, growing from $25 million to $85 million over the decade
25.
JPMorgan Chase
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JPMorgan Chase & Co. is a U. S. multinational banking and financial services holding company headquartered in New York City. It is the largest bank in the United States, the third largest bank by total assets, with total assets of roughly US$2.5 trillion. It is a provider of financial services, and according to Forbes magazine is the worlds sixth largest public company based upon a composite ranking. The hedge fund unit of JPMorgan Chase is the second largest hedge fund in the United States, the company was formed in 2000, when Chase Manhattan Corporation merged with J. P. Morgan & Co. The J. P. Morgan brand, historically known as Morgan, is used by the investment banking, asset management, private banking, private wealth management, and treasury & securities services divisions. Fiduciary activity within private banking and private wealth management is done under the aegis of JPMorgan Chase Bank, the Chase brand is used for credit card services in the United States and Canada, the banks retail banking activities in the United States, and commercial banking. The corporate headquarters is located at 270 Park Avenue in Midtown Manhattan, the retail and commercial bank is headquartered in 270 Park Avenue, Midtown Manhattan, New York City, New York, U. S. JPMorgan Chase & Co. is considered to be a universal bank. As of 2016, JPMorgan Chase is one of the Big Four banks of the United States, followed by Bank of America, Citigroup, and Wells Fargo. JPMorgan Chase, in its current structure, is the result of the combination of several large U. S. banking companies since 1996, including Chase Manhattan Bank, Bank One, Bear Stearns and Washington Mutual. The Chase Manhattan Bank was formed upon the 1955 purchase of Chase National Bank by the Bank of the Manhattan Company, the Bank of the Manhattan Company was the creation of Aaron Burr, who transformed The Manhattan Company from a water carrier into a bank. This of course injected a powerful element of politics into the process and invited what today would be called corruption, the innocuous-looking clause allowed the company to invest surplus capital in any lawful enterprise. Within six months of the creation, and long before it had laid a single section of water pipe, the company opened a bank. Still in existence, it is today J. P. Morgan Chase, weakened by the real estate collapse in the early 1990s, it was acquired by Chemical Bank in 1996, retaining the Chase name. Before its merger with J. P. Morgan & Co. the new Chase expanded the investment, in 1999, it acquired San Francisco-based Hambrecht & Quist for $1.35 billion. In April 2000, UK-based Robert Fleming & Co. was purchased by the new Chase Manhattan Bank for $7.7 billion, the New York Chemical Manufacturing Company was founded in 1823 as a maker of various chemicals. In 1824, the company amended its charter to perform banking activities, in the 1980s and early 1990s, Chemical emerged as one of the leaders in the financing of leveraged buyout transactions. In 1984, Chemical launched Chemical Venture Partners to invest in equity transactions alongside various financial sponsors. At many points throughout history, Chemical Bank was the largest bank in the United States
26.
Wall Street
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Wall Street is an eight-block-long street running roughly northwest to southeast from Broadway to South Street, at the East River, in the Financial District of Lower Manhattan in New York City. Over time, the term has become a metonym for the markets of the United States as a whole. Several other major exchanges have or had headquarters in the Wall Street area, including the New York Mercantile Exchange, the New York Board of Trade, there are varying accounts about how the Dutch-named de Walstraat got its name. A conflicting explanation is that Wall Street was named after Walloons— the Dutch name for a Walloon is Waal, among the first settlers that embarked on the ship Nieu Nederlandt in 1624 were 30 Walloon families. The Dutch word wal can be translated as rampart, however, even some English maps show the name as Waal Straat, and not as Wal Straat. But soon after that, the Dutch governor, Kieft, sent his men out there one night, few of them escaped, but they spread the story of what had been done, and this did much to antagonize all the remaining tribes against all the white settlers. Shortly after, Nieuw Amsterdam erected a palisade for defense against its now enraged red neighbors. The space between the walls is now called Wall Street, and its spirit is still that of a bulwark against the people. In the 1640s basic picket and plank fences denoted plots and residences in the colony, in 1685, surveyors laid out Wall Street along the lines of the original stockade. In these early days, local merchants and traders would gather at disparate spots to buy and sell shares and bonds, Wall Street was also the marketplace where owners could hire out their slaves by the day or week. The rampart was removed in 1699, the slave market operated from 1711 to 1762 at the corner of Wall and Pearl Streets. It was a structure with a roof and open sides, although walls may have been added over the years. The city directly benefited from the sale of slaves by implementing taxes on every person who was bought, in the late 18th century there was a buttonwood tree at the foot of Wall Street under which traders and speculators would gather to trade securities. The benefit was being in proximity to each other, in 1792, traders formalized their association with the Buttonwood Agreement which was the origin of the New York Stock Exchange. The idea of the agreement was to make the more structured and without the manipulative auctions. Persons signing the agreement agreed to each other a standard commission rate, persons not signing could still participate. In 1789 Wall Street was the scene of the United States first presidential inauguration when George Washington took the oath of office on the balcony of Federal Hall on April 30,1789 and this was also the location of the passing of the Bill Of Rights. Alexander Hamilton, who was the first Treasury secretary and architect of the early United States financial system, is buried in the cemetery of Trinity Church, in the first few decades, both residences and businesses occupied the area, but increasingly business predominated
27.
Debenture
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In corporate finance, a debenture is a medium to long-term debt instrument used by large companies to borrow money, at a fixed rate of interest. The legal term debenture originally referred to a document that creates a debt or acknowledges it. Senior debentures get paid before subordinate debentures, and there are varying rates of risk, debentures are generally freely transferable by the debenture holder. Debenture holders have no rights to vote in the general meetings of shareholders. The interest paid to them is a charge against profit in the financial statements. There are also features that minimize risk, such as a sinking fund. This decreases risk for the creditors, as a hedge against inflation, bankruptcy, a sinking fund makes the bond less risky, and therefore gives it a smaller coupon. There are also options for convertibility, which means a creditor may turn their bonds into equity in the if it does well. Companies also reserve the right to call their bonds, which mean they can call it sooner than the maturity date. Often there is a clause in the contract that allows this, for example, if a bond issuer wishes to rebuy a 30-year bond at the 25th year, if a bond is called, it means that less interest is paid out. Failure to pay a bond effectively means bankruptcy, bondholders who have not received their interest can throw an offending company into bankruptcy, or seize its assets if that is stipulated in the contract. Where security is provided for loan stocks or bonds in the US, however, in the United Kingdom a debenture is usually secured. In Canada, a debenture refers to a secured loan instrument where security is generally over the debtors credit, but security is not pledged to specific assets. There are two types of debentures, Convertible debentures, which are convertible bonds or bonds that can be converted into equity shares of the company after a predetermined period of time. Convertibility is a feature that corporations may add to the bonds they issue to them more attractive to buyers. In other words, it is a feature that a corporate bond may carry. As a result of the advantage a buyer gets from the ability to convert, non-convertible debentures, which are simply regular debentures, cannot be converted into equity shares of the liable company. They are debentures without the convertibility feature attached to them, as a result, they usually carry higher interest rates than their convertible counterparts
28.
U.S. Steel
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The United States Steel Corporation, more commonly known as U. S. Steel, is an American integrated steel producer with major production operations in the United States, Canada, and Central Europe. The company was the worlds 15th largest steel producer in 2014, at one time, U. S. Steel was the largest steel producer and largest corporation in the world. It was capitalized at $1.4 billion, making it the worlds first billion-dollar corporation, the company headquarters was established in 1901 in the Empire Building, purchased from the estate of Orlando B. Potter for $5 million. In 1907 it bought its largest competitor, the Tennessee Coal, Iron and Railroad Company and this led to Tennessee Coals being replaced in the Dow Jones Industrial Average by the General Electric Company. The federal government attempted to use federal antitrust laws to break up U. S. Steel in 1911, in its first full year of operation, U. S. Steel made 67 percent of all the steel produced in the United States. One hundred years later, its shipments accounted for only about 8 percent of domestic consumption, the Corporation, as it was known on Wall Street, always distinguished itself to investors by virtue of its size, rather than for its efficiency or creativeness during its heyday. In 1901, it controlled two-thirds of steel production, because of heavy debts taken on at the companys formation — Carnegie insisted on being paid in gold bonds for his stake — and fears of antitrust litigation, U. S. Steel moved cautiously. Competitors often innovated faster, especially Bethlehem Steel, run by U. S, Steels former first president, Charles M. Schwab. Steels share of the expanding market slipped to 50 percent by 1911, james A. Farrell was named president in 1911 and served until 1932. U. S. Steel ranked 16th among United States corporations in the value of World War II production contracts, production peaked at more than 35 million tons in 1953. Its employment was greatest in 1943 when it had more than 340,000 employees, by 2000, however, the federal government has also intervened on other occasions to try to control U. S. Steel. President Harry S. Truman attempted to take over its steel mills in 1952 to resolve a crisis with its union, the United Steelworkers of America. The Supreme Court blocked the takeover by ruling that the president did not have the authority to seize the mills (see Youngstown Sheet & Tube Co. v. Sawyer. President John F. Kennedy was more successful in 1962 when he pressured the industry into reversing price increases that Kennedy considered dangerously inflationary. In the early days of the Reagan Administration, steel firms won substantial tax breaks in order to deal with imported goods, instead of modernizing their mills, steel companies shifted capital out of steel and into more profitable areas. In March 1982, U. S. Steel took its concessions and paid $1.4 billion in cash and $4.7 billion in loans for Marathon Oil, saving approximately $500 million in taxes through the merger. The architect of tax concessions to steel firms, Senator Arlen Specter, complained that we go out on a limb in Congress, the incident is the subject of a song by folk singer Anne Feeney. U. S. Steel finally acquired National Steels assets in 2003 after National Steel went bankrupt, as part of its diversification plan U. S. Steel acquired Marathon Oil on January 7,1982, as well as Texas Oil and Gas several years later
29.
Underwriter
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An underwriting arrangement may be created in a number of situations including insurance, issue of securities in primary markets, and in bank lending, among others. The name derives from the Lloyds of London insurance market, securities underwriting refers to the process by which investment banks raise investment capital from investors on behalf of corporations and governments that are issuing securities. The services of an underwriter are typically used during an offering in a primary market. This is a way of distributing a newly issued security, such as stocks or bonds, a syndicate of banks underwrites the transaction, which means they have taken on the risk of distributing the securities. Should they not be able to find investors, they will have to hold some securities themselves. Underwriters make their income from the difference between the price they pay the issuer and what they collect from investors or from broker-dealers who buy portions of the offering. If the instrument is desirable, the underwriter and the issuer may choose to enter into an exclusivity agreement. That is, even though third-party buyers might approach the issuer directly to buy, the underwriter gets a profit from the markup, plus possibly an exclusive sales agreement. Also if the securities are priced significantly below market price, the underwriter also curries favor with powerful end customers by granting them an immediate profit, analysis of the income statement typically includes revenue trends, gross margin, profitability, and debt service coverage. Bank underwriting of corporate securities is carried out through separate holding-company affiliates, insurance underwriters evaluate the risk and exposures of potential clients. They decide how much coverage the client should receive, how much they should pay for it, or whether even to accept the risk, Underwriting involves measuring risk exposure and determining the premium that needs to be charged to insure that risk. Each insurance company has its own set of underwriting guidelines to help the underwriter determine whether or not the company should accept the risk, the information used to evaluate the risk of an applicant for insurance will depend on the type of coverage involved. For example, in underwriting automobile coverage, a driving record is critical. However, the type of automobile is actually far more critical, as part of the underwriting process for life or health insurance, medical underwriting may be used to examine the applicants health status. This is especially the case for certain simpler life or personal lines insurance, some insurance companies, however, rely on agents to underwrite for them. This arrangement allows an insurer to operate in a closer to its clients without having to establish a physical presence. Two major categories of exclusion in insurance underwriting are moral hazard, with a moral hazard, the consequences of the customers actions are insured, making the customer more likely to take costly actions. For example, bedbugs are typically excluded from insurance to avoid paying for the consequence of recklessly bringing in a used mattress
30.
General Motors
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With global headquarters at the Renaissance Center in Detroit, Michigan, United States, GM manufactures cars and trucks in 35 countries. In 2008,8.35 million GM cars and trucks were sold globally under various brands, current auto brands are Buick, Cadillac, Chevrolet, GMC, Holden, and Wuling. Former GM automotive brands include McLaughlin, Oakland, Oldsmobile, Pontiac, Hummer, Saab, Saturn, Vauxhall, the company was founded by William C. Durant on September 16,1908 as a holding company. The company was the largest automobile manufacturer from 1931 through 2007, in addition to brands selling assembled vehicles, GM also has had various automotive-component and non-automotive brands, many of which it divested in the 1980s through 2000s. General Motors produces vehicles in 37 countries under twelve brands, Chevrolet, Buick, GMC, Cadillac, Holden, HSV, Opel, Vauxhall, Wuling, Baojun, Jie Fang, and Ravon. The current company, General Motors Company LLC, was formed in 2009 following the bankruptcy of General Motors Corporation, the new company purchased the majority of the assets of the old GM, including the brand General Motors. In addition to its twelve brands, General Motors also holds a 20% stake in IMM, General Motors employs 212,000 people and does business in more than 140 countries. General Motors is divided into five segments, GM North America, Opel Group, GM International Operations, GM South America. General Motors led global vehicle sales for 77 consecutive years from 1931 through 2007, longer any other automaker. General Motors acts in most countries outside the U. S. via wholly owned subsidiaries, GMs OnStar subsidiary provides vehicle safety, security and information services. In 2009, General Motors shed several brands, closing Saturn, Pontiac, and Hummer, in 2010, the reorganized GM made an initial public offering that was one of the worlds top five largest IPOs to date, and returned to profitability later that year. General Motors Corporation was formed on September 16,1908, in Flint, Michigan, GMs co-founder was Charles Stewart Mott, whose carriage company was merged into Buick prior to GMs creation. Over the years, Mott became the largest single stockholder in GM, and spent his life with his Mott Foundation, GM acquired Oldsmobile later that year. In 1909, Durant brought in Cadillac, Elmore, Oakland, also in 1909, GM acquired the Reliance Motor Truck Company of Owosso, Michigan, and the Rapid Motor Vehicle Company of Pontiac, Michigan, the predecessors of GMC Truck. Durant, along with R. S. McLaughlin, lost control of GM in 1910 to a bankers trust, because of the amount of debt taken on in its acquisitions. The next year, Durant started the Chevrolet Motor Car Company in the U. S. and in Canada in 1915, Durant took back control of the company after one of the most dramatic proxy wars in American business history. Durant then reorganized General Motors Company into General Motors Corporation in 1916, merging Chevrolet with GM, shortly thereafter, he again lost control, this time for good, after the new vehicle market collapsed. These facilities were added to the factories that were exclusive to Cadillac, Buick, Oldsmobile, Oakland
31.
IBM
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International Business Machines Corporation is an American multinational technology company headquartered in Armonk, New York, United States, with operations in over 170 countries. The company originated in 1911 as the Computing-Tabulating-Recording Company and was renamed International Business Machines in 1924, IBM manufactures and markets computer hardware, middleware and software, and offers hosting and consulting services in areas ranging from mainframe computers to nanotechnology. IBM is also a research organization, holding the record for most patents generated by a business for 24 consecutive years. IBM has continually shifted its business mix by exiting commoditizing markets and focusing on higher-value, also 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 worlds largest employers, with nearly 380,000 employees. Known as IBMers, IBM employees have been awarded five Nobel Prizes, six Turing Awards, ten National Medals of Technology, in the 1880s, technologies emerged that would ultimately form the core of what would become International Business Machines. 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 1,300 employees and offices and plants in Endicott and Binghamton, New York, Dayton, Ohio, Detroit, Michigan, Washington, D. C. and Toronto. They manufactured machinery for sale and lease, ranging from commercial scales and industrial time recorders, meat 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, Watson joined CTR as General Manager then,11 months later, was made President when court cases relating to his time at NCR were resolved. Having learned Pattersons pioneering business practices, Watson proceeded to put the stamp of NCR onto CTRs companies and his favorite slogan, THINK, became a mantra for each companys employees. During Watsons first four years, revenues more than doubled to $9 million, Watson had never liked the clumsy hyphenated title of the CTR and in 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, in 1937, IBMs tabulating equipment enabled organizations to process unprecedented amounts of data, its clients including the U. S. During the Second World War the company produced small arms for the American war effort, in 1949, Thomas Watson, Sr. created IBM World Trade Corporation, a subsidiary of IBM focused on foreign operations. In 1952, he stepped down after almost 40 years at the company helm, in 1957, the FORTRAN scientific programming language was developed. In 1961, IBM developed the SABRE reservation system for American Airlines, in 1963, IBM employees and computers helped NASA track the orbital flight of the Mercury astronauts. A year later it moved its headquarters from New York City to Armonk. The latter half of the 1960s saw IBM continue its support of space exploration, on April 7,1964, IBM announced the first computer system family, the IBM System/360
32.
AT&T Corporation
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Founded in 1885 as the original American Telephone and Telegraph Company, it was at times the worlds largest telephone company, the worlds largest cable television operator, and a regulated monopoly. At its peak in the 1950s and 1960s, it employed one million people, in 2005, AT&T was purchased by Baby Bell and former subsidiary SBC Communications for more than $16 billion. SBC then changed its name to AT&T Inc, AT&T started with Bell Patent Association, a legal entity established in 1874 to protect the patent rights of Alexander Graham Bell after he invented the telephone system. Originally a verbal agreement, it was formalized in writing in 1875 as Bell Telephone Company, in 1880 the management of American Bell had created what would become AT&T Long Lines. The project was the first of its kind to create a nationwide long-distance network with a commercially viable cost-structure, the project was formally incorporated in New York State as a separate company named American Telephone and Telegraph Company on March 3,1885. With this assets transfer, AT&T became the parent of both American Bell and the Bell System. AT&T was involved mainly in the business and, although it was a partner with RCA, was reluctant to see radio grow because such growth might diminish the demand for wired services. It established station WEAF in New York as what was termed a toll station, AT&T could provide no programming, but anyone who wished to broadcast a message could pay a toll to AT&T and then air the message publicly. The original studio was the size of a telephone booth, the idea, however, did not take hold, because people would pay to broadcast messages only if they were sure that someone was listening. As a result, WEAF began broadcasting entertainment material, drawing amateur talent found among its employees, throughout most of the 20th century, AT&T held a monopoly on phone service in the United States and Canada through a network of companies called the Bell System. At this time, the company was nicknamed Ma Bell, on April 30,1907, Theodore Newton Vail became President of AT&T. Vail believed in the superiority of one system and AT&T adopted the slogan One Policy, One System. This would be the philosophy for the next 70 years. Under Vail, AT&T began buying up many of the telephone companies including Western Union telegraph. Anxious to avoid action from government antitrust suits, AT&T and the government entered into an agreement known as the Kingsbury Commitment. These actions brought unwanted attention from antitrust regulators, in the Kingsbury Commitment, AT&T and the government reached an agreement that allowed AT&T to continue operating as a monopoly. While AT&T periodically faced scrutiny from regulators, this state of affairs continued until the breakup in 1984. The United States Justice Department opened the case United States v. AT&T in 1974 and this was prompted by suspicion that AT&T was using monopoly profits from its Western Electric subsidiary to subsidize the cost of its network, a violation of anti-trust law
33.
Dean Witter Reynolds
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Dean Witter Reynolds was an American stock brokerage and securities firm catering to retail clients. Prior to its acquisition, it was among the largest retail firms in the industry with over 9,000 account executives and was among the largest members of the New York Stock Exchange. The companys asset management arm, Dean Witter InterCapital, with assets of $90.0 billion prior to acquisition, was one of the largest asset management operations in the U. S. In 1997, Dean Witters parent company Dean Witter, Discover, Inc. which also owned Discover Card, the combined firm later dropped the Dean Witter name. In 2009, the Dean Witter retail operations were transferred to Morgan Stanley Smith Barney, for many years, the company used the corporate slogan, We measure success one investor at a time, which was later adopted by Morgan Stanley. Dean Witter operated in two lines of business, securities and credit services and its operations were focused on the U. S. The following is a summary of the results of Dean Witter prior to its merger with Morgan Stanley. The company maintained a network of over 9,000 account executives, DWR was among the largest members of the New York Stock Exchange and was a member of other major securities, futures and options exchanges. Dean Witter offered a range of securities and savings products that were supported by the firms underwriting. Closely related to its securities business, Dean Witter provided investment consulting services to individual investors, the firm managed approximately $10.4 billion of assets in its consulting business as of the end of 1996. In many equity securities, Dean Witter acted as a market maker, the Company was a primary dealer in U. S. Treasury bonds. The firm largely eschewed proprietary trading focusing its activity on establishing and maintaining inventory of various securities. Futures - Dean Witter also provided order execution and clearing services for the trading of futures contracts, Dean Witter also operated as an investment banking firm, even before its merger with Morgan Stanley. The Company generally does not commit capital to merchant banking transactions, however, the firm always maintained a strong connection between its investment banking business and its core business focused on individual investors. Discover Card, which today operates is the Companys most widely held proprietary general purpose credit card and generated a majority of Credit Services revenues and net income in 1996. Prior to its merger, Dean Witters credit cards business accounted for 52% and 47% of the net income in 1995 and 1996. In addition to the Discover Card, the company operated the NOVUS Network, in the mid-1990s, the NOVUS Network was the third largest domestic credit card network and consisted of merchant and cash locations that accept card brands that carry the NOVUS logo. In addition to the Discover Card, this the NOVUS network included Private Issue Card, the BRAVO Card, Dean Witter Reynolds traced its origins to two firms, Dean Witter & Co. founded in 1924 and Reynolds & Co. founded in 1931
US$37.95 billion (2016)[1]
US$5.98 billion (2016)[1]
