The strike price may be set by reference to the spot price of the underlying security or commodity on the day an option is taken out, or it may be fixed at a discount in a premium. The seller has the obligation to fulfill the transaction – to sell or buy – if the buyer exercises the option. Both are commonly used in and by the old traded, when an option is exercised, the cost to the buyer of the asset acquired is the strike price plus the premium, if any. When the option expiration date passes without the option being exercised, the option expires, in any case, the premium is income to the seller, and normally a capital loss to the buyer. The owner of an option may on-sell the option to a party in a secondary market, in either an over-the-counter transaction or on an options exchange. The market price of an American-style option normally closely follows that of the underlying stock, being the difference between the market price of the stock and the strike price of the option. The ownership of an option does not generally entitle the holder to any rights associated with the asset, such as voting rights or any income from the underlying asset.
Contracts similar to options have been used since ancient times, the first reputed option buyer was the ancient Greek mathematician and philosopher Thales of Miletus. When spring came and the olive harvest was larger than expected he exercised his options, in London and refusals first became well-known trading instruments in the 1690s during the reign of William and Mary. Privileges were options sold over the counter in nineteenth century America and their exercise price was fixed at a rounded-off market price on the day or week that the option was bought, and the expiry date was generally three months after purchase. They were not traded in secondary markets, film or theatrical producers often buy the right — but not the obligation — to dramatize a specific book or script. Lines of credit give the borrower the right — but not the obligation — to borrow within a specified time period. Many choices, or embedded options, have traditionally included in bond contracts. For example, many bonds are convertible into common stock at the buyers option, mortgage borrowers have long had the option to repay the loan early, which corresponds to a callable bond option.
Options contracts have been known for decades, the Chicago Board Options Exchange was established in 1973, which set up a regime using standardized forms and terms and trade through a guaranteed clearing house. Trading activity and academic interest has increased since then, Options are part of a larger class of financial instruments known as derivative products, or simply, derivatives. A financial option is a contract between two counterparties with the terms of the option specified in a term sheet, Exchange traded options have standardized contracts, and are settled through a clearing house with fulfillment guaranteed by the Options Clearing Corporation. Since the contracts are standardized, accurate pricing models are often available, the terms of an OTC option are unrestricted and may be individually tailored to meet any business need
Financial District, San Francisco
The Financial District is a neighborhood in San Francisco, that serves as its main central business district. It is home to the citys largest concentration of headquarters, law firms, insurance companies, real estate firms, banks and loans. All six San Francisco Fortune 500 companies—McKesson, Wells Fargo, PG&E, Charles Schwab, the citys tallest buildings, including 555 California Street and the Transamerica Pyramid, and many other tall buildings, such as 101 California Street and 345 California Street are located there. Montgomery Street is the heart of the district. Since the 1980s, restrictions on high rise construction have shifted new development to the adjacent South of Market area surrounding the Transbay Transit Center and this area is sometimes called the South Financial District by real estate developers, or simply included as part of the Financial District itself. It was not until 1835 that the first settlers established themselves on the shore of Yerba Buena Cove, Yerba Buenas potential as a seaport made it the eventual center for European and American settlement.
Gold Rush wealth and business made it the capital of the west coast as many banks. The west coasts first and only skyscrapers, were built in the area along Market Street, the neighborhood was completely destroyed in the 1906 Earthquake and Fire. By 1910, the area was rebuilt with low-rise, masonry-clad buildings ranging from six to twelve stories in height. Due to new building and earthquake retrofitting technologies, the restrictions were lifted. This boom accelerated under mayor Dianne Feinstein during the 1980s, something her critics labelled as Manhattanization and this caused widespread opposition citywide leading to the skyscraper revolt similar to the freeway revolt in the city years earlier. The skyscraper revolt led to the city imposing extremely strict, European-style height restrictions on building construction citywide. Due to these restrictions, lack of buildable lots, and changes in the local real estate market. To encourage new development south of Market, and to fund the replacement for the Transbay Terminal.
As a result, nearly all new high rise construction since the 1980s has taken place South of Market, notable examples include the JPMorgan Chase Building,555 Mission Street,101 Second Street, the Four Seasons Hotel, The Paramount, and the Millennium Tower. Adjacent to the Financial District to the west is the Union Square shopping district, to the northwest is Chinatown, and to the north is North Beach and Jackson Square. To the east lies the Embarcadero waterfront and the Ferry Building, to the south lies Market Street and the South of Market district. The Financial District is served by more than two dozen Muni bus and rail lines, including one cable car line, as well as Montgomery Street Station, the nickname FiDi is occasionally employed, analogous to nearby SoMa
Yule Marble is a marble of metamorphosed limestone found only in the Yule Creek Valley, in the West Elk Mountains of Colorado,2.8 miles southeast of the town of Marble, Colorado. First discovered in 1873, it is quarried today inside a mountain at 9,300 feet above sea level, in contrast to most marble, which is quarried from an open pit and at much lower elevations. The localized geology created a marble that is 99. 5% pure calcite, with a structure that gives a smooth texture, a homogeneous look. It is these qualities for which it was selected to clad the exterior of the Lincoln Memorial and a variety of buildings throughout the country, in spite of being more expensive than other marbles. The size of the deposits enables large blocks to be quarried, Yules quality comes at a high price due to the cost of quarrying in a high-altitude mountain environment. Technology advancements in quarrying machinery and transportation have reduced, but not solved, the forces that created Yule Marble make it distinct from all other American marbles.
Tennessee marble did not undergo metamorphism, so is not true marble, in evaluating the marble cross-section, the United States Geological Survey found the marble is bounded above and below by unconformities. This lack of conformable contact resulted in the dating of the limestone as Silurian rather than the currently accepted Mississippian. The overlying Pennsylvanian Molas Formation was a unit which was converted to hornfels. The Yule Marble is a facies of the regionally distributed Leadville Limestone of Mississippian age deposited 350 million to 324 million years ago. The uplift of the Treasure Mountain Dome tilted the limestone away from the resulting in the marble bed dipping at an angle into the mountain. The marble unit along with older and younger adjacent units in the Yule Valley have a north-northwest strike paralleling the valley and this local contact with the heat and pressure from the intrusion of hot granitic magma recrystallized the Leadville Limestone into a distinctive white marble.
Although the Leadville Limestone covered hundreds of miles and was the ore host at the Leadville mining district. When the magma cooled, it crystallized into granite and this local geological activity resulted in a type of marble that is 99. 5% pure calcite, with trace amounts of non-calcite inclusions, and has a density of 170 pounds per cubic foot. The non-calcite inclusions were caused through penetrations along the created by the dome uplift rather than through metamorphic contact with the uplifted dome. Though marble is on both sides of the creek, the only visible marble is the 1-mile-long seam of the quarry on the west side of Yule Creek. It is the grain of Yule Marble that gives an appearance of smooth texture, a look. These qualities are why it has chosen for a number of major national and state landmarks
Los Angeles, officially the City of Los Angeles and often known by its initials L. A. is the cultural and commercial center of Southern California. With a census-estimated 2015 population of 3,971,883, it is the second-most populous city in the United States, Los Angeles is the seat of Los Angeles County, the most populated county in the United States. The citys inhabitants are referred to as Angelenos, historically home to the Chumash and Tongva, Los Angeles was claimed by Juan Rodríguez Cabrillo for Spain in 1542 along with the rest of what would become Alta California. The city was founded on September 4,1781, by Spanish governor Felipe de Neve. It became a part of Mexico in 1821 following the Mexican War of Independence, in 1848, at the end of the Mexican–American War, Los Angeles and the rest of California were purchased as part of the Treaty of Guadalupe Hidalgo, thereby becoming part of the United States. Los Angeles was incorporated as a municipality on April 4,1850, the discovery of oil in the 1890s brought rapid growth to the city.
The completion of the Los Angeles Aqueduct in 1913, delivering water from Eastern California, nicknamed the City of Angels, Los Angeles is known for its Mediterranean climate, ethnic diversity, and sprawling metropolis. Los Angeles has an economy in culture, fashion, sports, education, medicine. A global city, it has been ranked 6th in the Global Cities Index, the city is home to renowned institutions covering a broad range of professional and cultural fields, and is one of the most substantial economic engines within the United States. The Los Angeles combined statistical area has a gross metropolitan product of $831 billion, making it the third-largest in the world, after the Greater Tokyo and New York metropolitan areas. The city has hosted the Summer Olympic Games in 1932 and 1984 and is bidding to host the 2024 Summer Olympics and thus become the second city after London to have hosted the Games three times. The Los Angeles area hosted the 1994 FIFA mens World Cup final match as well as the 1999 FIFA womens World Cup final match, the mens event was watched on television by over 700 million people worldwide.
The Los Angeles coastal area was first settled by the Tongva, a Gabrielino settlement in the area was called iyáangẚ, meaning poison oak place. Gaspar de Portolà and Franciscan missionary Juan Crespí, reached the present site of Los Angeles on August 2,1769, in 1771, Franciscan friar Junípero Serra directed the building of the Mission San Gabriel Arcángel, the first mission in the area. The Queen of the Angels is an honorific of the Virgin Mary, two-thirds of the settlers were mestizo or mulatto with a mixture of African and European ancestry. The settlement remained a small town for decades, but by 1820. Today, the pueblo is commemorated in the district of Los Angeles Pueblo Plaza and Olvera Street. New Spain achieved its independence from the Spanish Empire in 1821, during Mexican rule, Governor Pío Pico made Los Angeles Alta Californias regional capital
New York Stock Exchange
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 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 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, the chairman is Jeffrey Sprecher
The style draws from traditional motifs such as Beaux-Arts classicism and Art Deco and is similar to Streamline Moderne, often with zigzag ornamentation added. The structures reflect a greater use of conservative and classical elements and have a monumental feel and they include post offices, train stations, public schools, civic centers, museums and dams across the country. Banks were built in the style because such buildings radiated authority, Arizona State Fairgrounds Grandstand — Phoenix, Arizona. The exterior of the grandstand has 23 bas-relief panels by David Carrick Swing and Florence Blakeslee, WPA Administration Building — at 19th Avenue and McDowell Road on the Arizona State Fairgrounds, Arizona. It was headquarters for Works Progress Administration−WPA projects in Arizona, L. Erkes Jackson, Amador County Courthouse,1940 remodel, George Sellon Lancaster, Post Office (1940, Louis A. Simon and former School Building Lawndale, Leuzinger High School, T. C. Depression Modern, The Thirties Style in America, the New Deal Builds, Government Architecture during the New Deal.
America Builds, The Record of PWA, Moderne architecture WPA Rustic architecture Streamline Moderne architecture
United States dollar
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 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 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, 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
A stock exchange or bourse is an exchange where stock brokers and traders can buy and/or sell stocks and other securities. Stock exchanges may provide facilities for issue and redemption of securities and other financial instruments, Securities traded on a stock exchange include stock issued by listed companies, unit trusts, pooled investment products and bonds. Stock exchanges often function as continuous auction markets, with buyers and sellers consummating transactions at a central location, to be able to trade a security on a certain stock exchange, it must be listed there. Trade on an exchange is restricted to brokers who are members of the exchange, the initial public offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market and demand in stock markets are driven by various factors that, as in all free markets, affect the price of stocks.
There is usually no obligation for stock to be issued via the exchange itself. Such trading may be off exchange or over-the-counter and this is the usual way that derivatives and bonds are traded. Increasingly, stock exchanges are part of a securities market. The idea of debt dates back to the ancient world, as evidenced for example by ancient Mesopotamian clay tablets recording interest-bearing loans, there is little consensus among scholars as to when corporate stock was first traded. Some see the key event as the Dutch East India Companys founding in 1602, economist Ulrike Malmendier of the University of California at Berkeley argues that a share market existed as far back as ancient Rome. One such service was the feeding of geese on the Capitoline Hill as a reward to the birds after their honking warned of a Gallic invasion in 390 B. C. Participants in such organizations had partes or shares, a concept mentioned various times by the statesman, in one speech, Cicero mentions shares that had a very high price at the time.
Such evidence, in Malmendiers view, suggests the instruments were tradable, the societas declined into obscurity in the time of the emperors, as most of their services were taken over by direct agents of the state. Tradable bonds as a used type of security were a more recent innovation, spearheaded by the Italian city-states of the late medieval. While the Italian city-states produced the first transferable government bonds, they did not develop the other ingredient necessary to produce a fully fledged capital market, the Dutch East India Company became the first company to offer shares of stock. Control of the company was held tightly by its directors, with shareholders not having much influence on management or even access to the companys accounting statements. However, shareholders were rewarded well for their investment, the company paid an average dividend of over 16 percent per year from 1602 to 1650. Financial innovation in Amsterdam took many forms, by the 1620s, the company was expanding its securities issuance with the first use of corporate bonds
NYSE Arca, previously known as ArcaEx, an abbreviation of Archipelago Exchange, is an exchange on which both stocks and options are traded. It is owned by Intercontinental Exchange and is headquartered in Chicago, early reports indicate that NYSE Arca may have played an early role in the 2010 Flash Crash. In November 1994, Stuart Townsend and Gerald Putnam founded TerraNova Trading LLC and its product, started accepting trading orders on January 20,1997. Archipelago is one of the first ECNs and a precursor to the Archipelago Exchange that was created in 2001 to facilitate electronic stock trading on US stock exchanges. In 2005, Archipelago Holdings, the owner of ArcaEx, bought the Pacific Exchange, Archipelago Holdings merged with NYSE Group in April 2006 in a reverse takeover and the business was renamed NYSE Arca. On Monday, March 20,2017, the Arca platform stopped functioning because of a system issue, NYSE Arcas liquidity fee/rebate structure resembles that of other electronic communication networks.
In late 2006, it was the first one to offer NASDAQ-style fees on New York Stock Exchange-listed securities, NYSE Arca charges traders that remove liquidity from the Arca-book $3.00 per 1,000 shares. Traders that add liquidity receive a $2.00 rebate per 1,000 shares. Traders that route orders out of the NYSE Arca system are charged $1.00 per 1,000 shares for Tape A securities and $4.00 per 1,000 shares for other securities. List of stock exchanges List of stock exchanges in the Americas List of stock exchange mergers in the Americas NYSE Arca Listings on NYSE. com NYSE to merge with Archipelago, NASDAQ to buy Instinet
Mills Building and Tower
The Mills Building and Tower is a two-building complex following the Chicago school with Romanesque design elements in the Financial District of San Francisco, California. The structures were declared San Francisco Designated Landmark #76, and were listed on the National Register of Historic Places in 1974, the original 10-story,47 m structure was designed by Burnham and Root/D. H. Burnham & Company completed 1892, and after surviving the 1906 earthquake, was restored by Willis Polk in 1908, named for early San Francisco financial tycoon, Darius Ogden Mills, it is regarded as the citys second skyscraper, after the Chronicle Building. Completed in 1931 at 220 Bush Street, Mills Tower is a 22-story,92 m annex designed by George W. Kelham, the Mills Building is home to several major financial firms, including SeatMe, Pocket Gems, New York Stock Exchange, and Newedge. List of San Francisco Designated Landmarks Woodbridge, Sally B