1.
Stock exchange
–
A stock exchange or bourse is an exchange where stock brokers and traders can buy and/or sell stocks, bonds, and other securities. Stock exchanges may also 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, derivatives, 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, supply 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
Stock exchange
–
The
New York Stock Exchange on
Wall Street in
New York City, the world's largest stock exchange per total
market capitalization of its listed companies.
Stock exchange
–
Financial markets
Stock exchange
–
Among many other things, the
Code of Hammurabi recorded interest-bearing loans.
Stock exchange
–
Courtyard of the
Amsterdam Stock Exchange, circa 1670
2.
San Francisco
–
San Francisco, officially the City and County of San Francisco, is the cultural, commercial, and financial center of Northern California. It is the birthplace of the United Nations, the California Gold Rush of 1849 brought rapid growth, making it the largest city on the West Coast at the time. San Francisco became a consolidated city-county in 1856, after three-quarters of the city was destroyed by the 1906 earthquake and fire, San Francisco was quickly rebuilt, hosting the Panama-Pacific International Exposition nine years later. In World War II, San Francisco was a port of embarkation for service members shipping out to the Pacific Theater. Politically, the city votes strongly along liberal Democratic Party lines, San Francisco is also the headquarters of five major banking institutions and various other companies such as Levi Strauss & Co. Dolby, Airbnb, Weebly, Pacific Gas and Electric Company, Yelp, Pinterest, Twitter, Uber, Lyft, Mozilla, Wikimedia Foundation, as of 2016, San Francisco is ranked high on world liveability rankings. The earliest archaeological evidence of habitation of the territory of the city of San Francisco dates to 3000 BC. Upon independence from Spain in 1821, the became part of Mexico. Under Mexican rule, the system gradually ended, and its lands became privatized. In 1835, Englishman William Richardson erected the first independent homestead, together with Alcalde Francisco de Haro, he laid out a street plan for the expanded settlement, and the town, named Yerba Buena, began to attract American settlers. Commodore John D. Sloat claimed California for the United States on July 7,1846, during the Mexican–American War, montgomery arrived to claim Yerba Buena two days later. Yerba Buena was renamed San Francisco on January 30 of the next year, despite its attractive location as a port and naval base, San Francisco was still a small settlement with inhospitable geography. The California Gold Rush brought a flood of treasure seekers, with their sourdough bread in tow, prospectors accumulated in San Francisco over rival Benicia, raising the population from 1,000 in 1848 to 25,000 by December 1849. The promise of fabulous riches was so strong that crews on arriving vessels deserted and rushed off to the gold fields, leaving behind a forest of masts in San Francisco harbor. Some of these approximately 500 abandoned ships were used at times as storeships, saloons and hotels, many were left to rot, by 1851 the harbor was extended out into the bay by wharves while buildings were erected on piles among the ships. By 1870 Yerba Buena Cove had been filled to create new land, buried ships are occasionally exposed when foundations are dug for new buildings. California was quickly granted statehood in 1850 and the U. S. military built Fort Point at the Golden Gate, silver discoveries, including the Comstock Lode in Nevada in 1859, further drove rapid population growth. With hordes of fortune seekers streaming through the city, lawlessness was common, and the Barbary Coast section of town gained notoriety as a haven for criminals, prostitution, entrepreneurs sought to capitalize on the wealth generated by the Gold Rush
San Francisco
–
San Francisco and the
Golden Gate Bridge from
Marin Headlands
San Francisco
–
Mission San Francisco de Asís (Mission Dolores)
San Francisco
–
1853
United States Coast Survey Map
San Francisco
–
Francis Samuel Marryat, Hilltop of San Francisco, California, Looking toward the Bay, 1849. M.& N. Hanhart Chromolithograph
3.
Los Angeles
–
Los Angeles, officially the City of Los Angeles and often known by its initials L. A. is the cultural, financial, 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 also 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 also has an economy in culture, media, fashion, science, sports, technology, 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 also 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, indigenous 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
Los Angeles
Los Angeles
Los Angeles
Los Angeles
4.
United States
–
Forty-eight of the fifty states and the federal district are contiguous and located in North America between Canada and Mexico. The state of Alaska is in the northwest corner of North America, bordered by Canada to the east, the state of Hawaii is an archipelago in the mid-Pacific Ocean. The U. S. territories are scattered about the Pacific Ocean, the geography, climate and wildlife of the country are extremely diverse. At 3.8 million square miles and with over 324 million people, the United States is the worlds third- or fourth-largest country by area, third-largest by land area. It is one of the worlds most ethnically diverse and multicultural nations, paleo-Indians migrated from Asia to the North American mainland at least 15,000 years ago. European colonization began in the 16th century, the United States emerged from 13 British colonies along the East Coast. Numerous disputes between Great Britain and the following the Seven Years War led to the American Revolution. On July 4,1776, during the course of the American Revolutionary War, the war ended in 1783 with recognition of the independence of the United States by Great Britain, representing the first successful war of independence against a European power. The current constitution was adopted in 1788, after the Articles of Confederation, the first ten amendments, collectively named the Bill of Rights, were ratified in 1791 and designed to guarantee many fundamental civil liberties. During the second half of the 19th century, the American Civil War led to the end of slavery in the country. By the end of century, the United States extended into the Pacific Ocean. The Spanish–American War and World War I confirmed the status as a global military power. The end of the Cold War and the dissolution of the Soviet Union in 1991 left the United States as the sole superpower. The U. S. is a member of the United Nations, World Bank, International Monetary Fund, Organization of American States. The United States is a developed country, with the worlds largest economy by nominal GDP. It ranks highly in several measures of performance, including average wage, human development, per capita GDP. While the U. S. economy is considered post-industrial, characterized by the dominance of services and knowledge economy, the United States is a prominent political and cultural force internationally, and a leader in scientific research and technological innovations. In 1507, the German cartographer Martin Waldseemüller produced a map on which he named the lands of the Western Hemisphere America after the Italian explorer and cartographer Amerigo Vespucci
United States
–
Native Americans meeting with Europeans, 1764
United States
–
Flag
United States
–
The signing of the
Mayflower Compact, 1620.
United States
–
The
Declaration of Independence: the
Committee of Five presenting their draft to the
Second Continental Congress in 1776
5.
Archipelago Holdings
–
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, Archipelago, 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
Archipelago Holdings
–
The
New York Stock Exchange building on August 9, 2011, when
Deutsche Bank 's db-X Group commenced trading on NYSE Arca.
Archipelago Holdings
–
Securities
Archipelago Holdings
6.
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 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
New York Stock Exchange
–
The New York Stock Exchange in 2012.
New York Stock Exchange
–
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
–
The Stock Exchange at 10–12 Broad Street, in 1882
7.
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 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
United States dollar
–
Series of 1917
$1 United States bill
United States dollar
–
Federal Reserve Notes
United States dollar
–
Spanish silver real or
peso of 1768
United States dollar
–
Obverse of rare 1934 $500 Federal Reserve Note, featuring a portrait of President
William McKinley.
8.
California
–
California is the most populous state in the United States and the third most extensive by area. Located on the western coast of the U. S, California is bordered by the other U. S. states of Oregon, Nevada, and Arizona and shares an international border with the Mexican state of Baja California. Los Angeles is Californias most populous city, and the second largest after New York City. The Los Angeles Area and the San Francisco Bay Area are the nations second- and fifth-most populous urban regions, California also has the nations most populous county, Los Angeles County, and its largest county by area, San Bernardino County. The Central Valley, an agricultural area, dominates the states center. What is now California was first settled by various Native American tribes before being explored by a number of European expeditions during the 16th and 17th centuries, the Spanish Empire then claimed it as part of Alta California in their New Spain colony. The area became a part of Mexico in 1821 following its war for independence. The western portion of Alta California then was organized as the State of California, the California Gold Rush starting in 1848 led to dramatic social and demographic changes, with large-scale emigration from the east and abroad with an accompanying economic boom. If it were a country, California would be the 6th largest economy in the world, fifty-eight percent of the states economy is centered on finance, government, real estate services, technology, and professional, scientific and technical business services. Although it accounts for only 1.5 percent of the states economy, the story of Calafia is recorded in a 1510 work The Adventures of Esplandián, written as a sequel to Amadis de Gaula by Spanish adventure writer Garci Rodríguez de Montalvo. The kingdom of Queen Calafia, according to Montalvo, was said to be a land inhabited by griffins and other strange beasts. This conventional wisdom that California was an island, with maps drawn to reflect this belief, shortened forms of the states name include CA, Cal. Calif. and US-CA. Settled by successive waves of arrivals during the last 10,000 years, various estimates of the native population range from 100,000 to 300,000. The Indigenous peoples of California included more than 70 distinct groups of Native Americans, ranging from large, settled populations living on the coast to groups in the interior. California groups also were diverse in their organization with bands, tribes, villages. Trade, intermarriage and military alliances fostered many social and economic relationships among the diverse groups, the first European effort to explore the coast as far north as the Russian River was a Spanish sailing expedition, led by Portuguese captain Juan Rodríguez Cabrillo, in 1542. Some 37 years later English explorer Francis Drake also explored and claimed a portion of the California coast in 1579. Spanish traders made unintended visits with the Manila galleons on their trips from the Philippines beginning in 1565
California
–
A forest of redwood trees in
Redwood National Park
California
–
Flag
California
–
Mount Shasta
California
–
Aerial view of the
California Central Valley
9.
San Francisco, California
–
San Francisco, officially the City and County of San Francisco, is the cultural, commercial, and financial center of Northern California. It is the birthplace of the United Nations, the California Gold Rush of 1849 brought rapid growth, making it the largest city on the West Coast at the time. San Francisco became a consolidated city-county in 1856, after three-quarters of the city was destroyed by the 1906 earthquake and fire, San Francisco was quickly rebuilt, hosting the Panama-Pacific International Exposition nine years later. In World War II, San Francisco was a port of embarkation for service members shipping out to the Pacific Theater. Politically, the city votes strongly along liberal Democratic Party lines, San Francisco is also the headquarters of five major banking institutions and various other companies such as Levi Strauss & Co. Dolby, Airbnb, Weebly, Pacific Gas and Electric Company, Yelp, Pinterest, Twitter, Uber, Lyft, Mozilla, Wikimedia Foundation, as of 2016, San Francisco is ranked high on world liveability rankings. The earliest archaeological evidence of habitation of the territory of the city of San Francisco dates to 3000 BC. Upon independence from Spain in 1821, the became part of Mexico. Under Mexican rule, the system gradually ended, and its lands became privatized. In 1835, Englishman William Richardson erected the first independent homestead, together with Alcalde Francisco de Haro, he laid out a street plan for the expanded settlement, and the town, named Yerba Buena, began to attract American settlers. Commodore John D. Sloat claimed California for the United States on July 7,1846, during the Mexican–American War, montgomery arrived to claim Yerba Buena two days later. Yerba Buena was renamed San Francisco on January 30 of the next year, despite its attractive location as a port and naval base, San Francisco was still a small settlement with inhospitable geography. The California Gold Rush brought a flood of treasure seekers, with their sourdough bread in tow, prospectors accumulated in San Francisco over rival Benicia, raising the population from 1,000 in 1848 to 25,000 by December 1849. The promise of fabulous riches was so strong that crews on arriving vessels deserted and rushed off to the gold fields, leaving behind a forest of masts in San Francisco harbor. Some of these approximately 500 abandoned ships were used at times as storeships, saloons and hotels, many were left to rot, by 1851 the harbor was extended out into the bay by wharves while buildings were erected on piles among the ships. By 1870 Yerba Buena Cove had been filled to create new land, buried ships are occasionally exposed when foundations are dug for new buildings. California was quickly granted statehood in 1850 and the U. S. military built Fort Point at the Golden Gate, silver discoveries, including the Comstock Lode in Nevada in 1859, further drove rapid population growth. With hordes of fortune seekers streaming through the city, lawlessness was common, and the Barbary Coast section of town gained notoriety as a haven for criminals, prostitution, entrepreneurs sought to capitalize on the wealth generated by the Gold Rush
San Francisco, California
–
San Francisco and the
Golden Gate Bridge from
Marin Headlands
San Francisco, California
–
Mission San Francisco de Asís (Mission Dolores)
San Francisco, California
–
1853
United States Coast Survey Map
San Francisco, California
–
Francis Samuel Marryat, Hilltop of San Francisco, California, Looking toward the Bay, 1849. M.& N. Hanhart Chromolithograph
10.
Trading floor
–
Open outcry is the name of a method of communication between professionals on a stock exchange or futures exchange typically on a trading floor. It involves shouting and the use of signals to transfer information primarily about buy. The part of the floor where this takes place is called a pit. In an open auction, bids and offers must be made out in the open market giving all participants a chance to compete for the order with the best price. New bids or offers would be made if better than previous pricing for efficient price discovery, exchanges also value positions marked to these public market prices on a daily basis. In contrast, over-the-counter markets are where bids and offers are negotiated privately between principals, since the development of the stock exchange in the 17th century in Amsterdam, open outcry was the main method used to communicate between traders. However, this started changing in the half of the 20th century, first through the use of telephone trading. As of 2007 few exchanges still have floor trading using open outcry, the supporters of electronic trading claim that they are faster, cheaper, more efficient for users, and less prone to manipulation by market makers and broker/dealers. As of 2010 most stocks and futures contracts are no longer traded using open outcry due to the lower cost of the technological advances. Since the 1980s the open systems have been being replaced by electronic trading systems. These venues are typically stock exchanges or futures exchanges and transactions are executed by members of such an exchange using specific language or hand signals, during the 1980s and 1990s phone and electronic trading replaced physical floor trading in most exchanges around the world. As of 2007 few exchanges still have floor trading, one example is the New York Stock Exchange which still executes a small percentage of its trades on the floor. That means that the traders actually form a group around the post on the floor of the market for the specialist, someone that works for one of the NYSE member firms and handles the stock. As in an auction, there are shouts from those that want to sell, the specialist facilitates in the match and centralizing the trades. A small group of extremely high-priced stocks isnt on this system and is still auctioned on the trading floor. Even though over 82 percent of the trades take place electronically, while electronic trading is faster and provides for anonymity, there is more opportunity to improve the price of a share if it goes to the floor. Investors maintain the right to select the method they want to use, the London Stock Exchange moved to electronic trading in 1986. The Borsa Italiana, Italys stock market, located in Milan, the Bombay Stock Exchange, Mumbai, embraced electronic trading in 1995 by introducing the BSE Online Trading System on 14 March 1995
Trading floor
–
Until 2009, trades on the floor of the
New York Stock Exchange always involved a face-to-face interaction. There is one podium/desk on the trading floor for each of the exchange's three thousand or so stocks.
Trading floor
–
The New York stock exchange trading floor in September 1963, before the introduction of electronic readouts and computer screens.
11.
NYSE Arca
–
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, Archipelago, 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
NYSE Arca
–
The
New York Stock Exchange building on August 9, 2011, when
Deutsche Bank 's db-X Group commenced trading on NYSE Arca.
NYSE Arca
–
Securities
NYSE Arca
12.
Option (finance)
–
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, then 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, puts 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
Option (finance)
–
Financial markets
Option (finance)
–
Payoffs from a covered call.
13.
Financial District, San Francisco
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The Financial District is a neighborhood in San Francisco, California, 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, savings and loans. All six San Francisco Fortune 500 companies—McKesson, Wells Fargo, PG&E, Gap, 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
Financial District, San Francisco
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Looking south down
Montgomery Street from Telegraph Hill
Financial District, San Francisco
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The Financial District, looking east down
California Street.
Financial District, San Francisco
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The former
Pacific Stock Exchange on Pine Street in the Financial District.
14.
PWA Moderne
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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, libraries, civic centers, courthouses, museums, bridges, and dams across the country. Banks were also 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, Phoenix, 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
PWA Moderne
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Hoover Dam, Arizona/Nevada
PWA Moderne
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Long Beach, California Main Post Office
PWA Moderne
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San Diego County Administration Center sculpture by
Donal Hord
PWA Moderne
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Folger Shakespeare Library,
Washington, D.C.
15.
Yule marble
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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
Yule marble
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Lincoln Memorial: exterior is all Yule Marble.
Yule marble
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Tomb of the Unknown Soldier is Yule Marble, 1990 North side view with one crack the length of the side.
Yule marble
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Cross Section: Yule Marble deposit of the present day quarry. The
granite of the Treasure Mountain Dome is visible on the right
Yule marble
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Geologic Map of Yule Creek Valley - US Geological Survey. Full-size map, zoomable.
16.
Mills Building (San Francisco)
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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
Mills Building (San Francisco)
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Mills Building
17.
International Standard Serial Number
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An International Standard Serial Number is an eight-digit serial number used to uniquely identify a serial publication. The ISSN is especially helpful in distinguishing between serials with the same title, ISSN are used in ordering, cataloging, interlibrary loans, and other practices in connection with serial literature. The ISSN system was first drafted as an International Organization for Standardization international standard in 1971, ISO subcommittee TC 46/SC9 is responsible for maintaining the standard. When a serial with the content is published in more than one media type. For example, many serials are published both in print and electronic media, the ISSN system refers to these types as print ISSN and electronic ISSN, respectively. The format of the ISSN is an eight digit code, divided by a hyphen into two four-digit numbers, as an integer number, it can be represented by the first seven digits. The last code digit, which may be 0-9 or an X, is a check digit. Formally, the form of the ISSN code can be expressed as follows, NNNN-NNNC where N is in the set, a digit character. The ISSN of the journal Hearing Research, for example, is 0378-5955, where the final 5 is the check digit, for calculations, an upper case X in the check digit position indicates a check digit of 10. To confirm the check digit, calculate the sum of all eight digits of the ISSN multiplied by its position in the number, the modulus 11 of the sum must be 0. There is an online ISSN checker that can validate an ISSN, ISSN codes are assigned by a network of ISSN National Centres, usually located at national libraries and coordinated by the ISSN International Centre based in Paris. The International Centre is an organization created in 1974 through an agreement between UNESCO and the French government. The International Centre maintains a database of all ISSNs assigned worldwide, at the end of 2016, the ISSN Register contained records for 1,943,572 items. ISSN and ISBN codes are similar in concept, where ISBNs are assigned to individual books, an ISBN might be assigned for particular issues of a serial, in addition to the ISSN code for the serial as a whole. An ISSN, unlike the ISBN code, is an identifier associated with a serial title. For this reason a new ISSN is assigned to a serial each time it undergoes a major title change, separate ISSNs are needed for serials in different media. Thus, the print and electronic versions of a serial need separate ISSNs. Also, a CD-ROM version and a web version of a serial require different ISSNs since two different media are involved, however, the same ISSN can be used for different file formats of the same online serial
International Standard Serial Number
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ISSN encoded in an EAN-13 barcode with sequence variant 0 and issue number 5
18.
Geographic coordinate system
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A geographic coordinate system is a coordinate system used in geography that enables every location on Earth to be specified by a set of numbers, letters or symbols. The coordinates are chosen such that one of the numbers represents a vertical position. A common choice of coordinates is latitude, longitude and elevation, to specify a location on a two-dimensional map requires a map projection. The invention of a coordinate system is generally credited to Eratosthenes of Cyrene. Ptolemy credited him with the adoption of longitude and latitude. Ptolemys 2nd-century Geography used the prime meridian but measured latitude from the equator instead. Mathematical cartography resumed in Europe following Maximus Planudes recovery of Ptolemys text a little before 1300, in 1884, the United States hosted the International Meridian Conference, attended by representatives from twenty-five nations. Twenty-two of them agreed to adopt the longitude of the Royal Observatory in Greenwich, the Dominican Republic voted against the motion, while France and Brazil abstained. France adopted Greenwich Mean Time in place of local determinations by the Paris Observatory in 1911, the latitude of a point on Earths surface is the angle between the equatorial plane and the straight line that passes through that point and through the center of the Earth. Lines joining points of the same latitude trace circles on the surface of Earth called parallels, as they are parallel to the equator, the north pole is 90° N, the south pole is 90° S. The 0° parallel of latitude is designated the equator, the plane of all geographic coordinate systems. The equator divides the globe into Northern and Southern Hemispheres, the longitude of a point on Earths surface is the angle east or west of a reference meridian to another meridian that passes through that point. All meridians are halves of great ellipses, which converge at the north and south poles, the prime meridian determines the proper Eastern and Western Hemispheres, although maps often divide these hemispheres further west in order to keep the Old World on a single side. The antipodal meridian of Greenwich is both 180°W and 180°E, the combination of these two components specifies the position of any location on the surface of Earth, without consideration of altitude or depth. The grid formed by lines of latitude and longitude is known as a graticule, the origin/zero point of this system is located in the Gulf of Guinea about 625 km south of Tema, Ghana. To completely specify a location of a feature on, in, or above Earth. Earth is not a sphere, but a shape approximating a biaxial ellipsoid. It is nearly spherical, but has an equatorial bulge making the radius at the equator about 0. 3% larger than the radius measured through the poles, the shorter axis approximately coincides with the axis of rotation
Geographic coordinate system
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Longitude lines are perpendicular and latitude lines are parallel to the equator.
