1.
Stock exchange
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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
2.
Israeli new shekel
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The new shekel is divided into 100 agora. The new shekel has been in use since 1 January 1986, the currency sign for the new shekel ⟨ ₪ ⟩ is a combination of the first Hebrew letters of the words shekel and ẖadash. Alongside the shekel sign, the abbreviations of NIS, שח. The origin of the shekel is from the ancient biblical currency by the same name. Shekel is any of several ancient units of weight or of currency in ancient Israel, initially, it may have referred to a weight of barley. In ancient Israel, the shekel was known to be about 180 grains, from the formation of the modern State of Israel on 14 May 1948 through 1952 banknotes continued to be issued by the Anglo-Palestine Bank as Palestine pound which was pegged to the British Pound. In 1952, the Anglo-Palestine Bank changed its name to Bank Leumi Le-Yisrael, the Israeli pound was the currency of the State of Israel from June 1952 until 23 February 1980, when it was replaced with the shekel on 24 February 1980. From 1955, after the Bank of Israel was established and took over the duty of issuing banknotes, only the Hebrew name was used, along with the symbol I£. The pegging to the British Pound was abolished on 1 January 1954, and in 1960, during the 1960s, a debate over the non-Hebrew name of the Israeli currency resulted in a law ordering the Minister of Finance to change the name pound into a Hebrew name, Shekel. The law allowed the minister to decide on a date for the change. The law did not come into effect until February 1980, when the Israeli government decided to change the monetary system, the shekel, now known as the old shekel, was the currency of the State of Israel between 24 February 1980 and 31 December 1985. The Israeli pound and its successor, the old shekel, all experienced frequent devaluations against foreign currencies during the 1960s and 70s and this trend culminated in the old shekel experiencing hyperinflation in the early 1980s. After inflation was contained as a result of the 1985 Economic Stabilization Plan, as a result of these factors, inflation has been relatively low and the country now maintains a positive balance of payments, with a current account surplus equivalent to about 3% of its GDP in 2010. Since 1 January 2003, the new shekel has been a freely convertible currency, since 7 May 2006, new shekel derivative trading has also been available on the Chicago Mercantile Exchange. This makes the new one of only twenty or so world currencies for which there are widely available currency futures contracts in the foreign exchange market. It is also a currency that can be exchanged by consumers in parts of the world. On 26 May 2008, CLS Bank International announced that it would settle payment instructions in new shekels, since 20 March 2003, the new shekel has gained more than 30% in value against the US dollar. In 1985, coins in denominations of 1,5, and 10 agora and ₪½, in 1990, ₪5 coins were introduced, followed by ₪10 coins in 1995
3.
Israel
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Israel, officially the State of Israel, is a country in the Middle East, on the southeastern shore of the Mediterranean Sea and the northern shore of the Red Sea. The country contains geographically diverse features within its small area. Israels economy and technology center is Tel Aviv, while its seat of government and proclaimed capital is Jerusalem, in 1947, the United Nations adopted a Partition Plan for Mandatory Palestine recommending the creation of independent Arab and Jewish states and an internationalized Jerusalem. The plan was accepted by the Jewish Agency for Palestine, next year, the Jewish Agency declared the establishment of a Jewish state in Eretz Israel, to be known as the State of Israel. Israel has since fought several wars with neighboring Arab states, in the course of which it has occupied territories including the West Bank, Golan Heights and it extended its laws to the Golan Heights and East Jerusalem, but not the West Bank. Israels occupation of the Palestinian territories is the worlds longest military occupation in modern times, efforts to resolve the Israeli–Palestinian conflict have not resulted in peace. However, peace treaties between Israel and both Egypt and Jordan have successfully been signed, the population of Israel, as defined by the Israel Central Bureau of Statistics, was estimated in 2017 to be 8,671,100 people. It is the worlds only Jewish-majority state, with 74. 8% being designated as Jewish, the countrys second largest group of citizens are Arabs, at 20. 8%. The great majority of Israeli Arabs are Sunni Muslims, including significant numbers of semi-settled Negev Bedouins, other minorities include Arameans, Armenians, Assyrians, Black Hebrew Israelites, Circassians, Maronites and Samaritans. Israel also hosts a significant population of foreign workers and asylum seekers from Africa and Asia, including illegal migrants from Sudan, Eritrea. In its Basic Laws, Israel defines itself as a Jewish, Israel is a representative democracy with a parliamentary system, proportional representation and universal suffrage. The prime minister is head of government and the Knesset is the legislature, Israel is a developed country and an OECD member, with the 35th-largest economy in the world by nominal gross domestic product as of 2016. The country benefits from a skilled workforce and is among the most educated countries in the world with one of the highest percentage of its citizens holding a tertiary education degree. The country has the highest standard of living in the Middle East and the third highest in Asia, in the early weeks of independence, the government chose the term Israeli to denote a citizen of Israel, with the formal announcement made by Minister of Foreign Affairs Moshe Sharett. The names Land of Israel and Children of Israel have historically used to refer to the biblical Kingdom of Israel. The name Israel in these phrases refers to the patriarch Jacob who, jacobs twelve sons became the ancestors of the Israelites, also known as the Twelve Tribes of Israel or Children of Israel. The earliest known artifact to mention the word Israel as a collective is the Merneptah Stele of ancient Egypt. The area is known as the Holy Land, being holy for all Abrahamic religions including Judaism, Christianity, Islam
4.
Knesset
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The Knesset is the unicameral national legislature of Israel. As the legislative branch of the Israeli government, the Knesset passes all laws, elects the President and Prime Minister, approves the cabinet, in addition, the Knesset elects the State Comptroller. The Prime Minister may also dissolve the Knesset, however, until an election is completed, the Knesset maintains authority in its current composition. The Knesset is located in Givat Ram, Jerusalem, as the legislative branch of the Israeli government, the Knesset passes all laws, elects the president, approves the cabinet, and supervises the work of the government through its committees. It also has the power to waive the immunity of its members, remove the President and the State Comptroller from office, the Knesset is presided over by a Speaker and a Deputy Speaker. The Knesset is divided into committees, which amend bills on the appropriate subjects, Committee chairpersons are chosen by their members, on recommendation of the House Committee, and their factional composition represents that of the Knesset itself. Committees may elect sub-committees and delegate powers to them, or establish joint committees for issues concerning more than one committee, to further their deliberations, they invite government ministers, senior officials, and experts in the matter being discussed. There are four types of committees in the Knesset, permanent committees amend proposed legislation dealing with their area of expertise, and may initiate legislation. However, such legislation may only deal with Basic Laws and laws dealing with the Knesset, elections to the Knesset, Knesset members, or the State Comptroller. Special committees function in a manner to permanent committees, but are appointed to deal with particular manners at hand. Parliamentary inquiry committees are appointed by the plenum to deal with issues viewed as having national importance. The Ethics Committee is responsible for jurisdiction over Knesset members who violate the rules of ethics of the Knesset, within the framework of responsibility, the Ethics Committee may place various sanctions on a member, but is not allowed to restrict a members right to vote. The Knesset numbers 120 members, a subject which has often been a cause for proposed reforms and this proposed law has also been favoured by other politicians, including Benjamin Netanyahu. The 120 members of the Knesset are popularly elected from a single electoral district to concurrent four-year terms. All Israeli citizens 18 years or older may vote in legislative elections, Knesset seats are allocated among the various parties using the DHondt method of party list proportional representation. A party or electoral alliance must pass the threshold of 3. 25% of the overall vote to be allocated a Knesset seat. Parties select their candidates using a closed list, thus, voters select the party of their choice, not any specific candidate. The electoral threshold was set at 1% from 1949 to 1992, then 1. 5% from 1992 to 2003
5.
UBS
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UBS AG is a Swiss global financial services company, incorporated in the Canton of Zurich, and co-headquartered in Zürich and Basel. In Switzerland, these services are offered to retail clients. The name UBS was originally an abbreviation for the Union Bank of Switzerland, the company traces its origins to 1856, when the earliest of its predecessor banks was founded. UBS has over CHF2.2 trillion in invested assets and its assets under management amounted in 2014 to US$1,966.9 billion, representing a 15. 4% increase in AuM compared to the equivalent data of 2013. It is the biggest bank in Switzerland, operating in more than 50 countries with about 60,000 employees around the world, as of 2014. In comparison to other European banks, UBS suffered among the largest losses during the mortgage crisis. The bank received a US$9.7 billion capital injection in 2007 from the Government of Singapore Investment Corporation, UBS also received capital from the Swiss government, further complemented by a series of equity offerings in 2007,2008, and 2009. UBS is a joint-stock company pursuant to Swiss laws and its shares are listed at the SIX Swiss Exchange, and the New York Stock Exchange. As of February 2015, UBS is present in all major financial centers worldwide, having offices in more than 50 countries, with about 35% of its approx. 60,000 employees working in the Americas, 36% in Switzerland, 17% in Europe, the bank has its major presence in the United States. The companys global business groups are wealth management, investment banking, additionally, UBS is the leading provider of retail banking and commercial banking services in Switzerland, as established already in 2009. Overall invested assets are CHF2.689 trillion, shareholders equity is CHF55.313 billion, in November 2014, the shares in UBS Group AG were listed and started trading as a new holding company on the NYSE and SIX Swiss Exchange. Upon application and with the effect as of 14 January 2015, the shares of the USB AG, Corporate Center focuses on the Group’s control functions, which are mainly finance, risk control and legal. All logistics and support services are located with this division and include operations, information technology, human resources, communications, physical security. UBSs wealth management division offers high-net-worth individuals around the world a range of advisory and investment products, as of the end of 2014, UBS Wealth Managements invested assets totaled CHF947 billion. More than 60% of total invested assets in UBS Wealth Management belong to individuals with a net-worth of CHF10 million or more, UBS offers brokerage services and products as well as asset management and other investment advisory and portfolio management products and services. The business is divided geographically with separate businesses focused on the U. S. Two-thirds of the total invested assets come from Europe and Switzerland with the final one-third coming mainly from the Asia-Pacific region, with its headquarters in Switzerland, UBS Wealth Management is present in nearly 50 countries with approximately 230 offices
6.
Deutsche Bank
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Deutsche Bank AG is a German global banking and financial services company with its headquarters in the Deutsche Bank Twin Towers in Frankfurt. It has more than 100,000 employees in over 70 countries, and has a presence in Europe, the Americas, Asia-Pacific. In 2009, Deutsche Bank was the largest foreign exchange dealer in the world with a share of 21 percent. The company was a component of the STOXX Europe 50 stock market index until being replaced on that index on August 8,2016, the bank offers financial products and services for corporate and institutional clients along with private and business clients. Deutsche Bank’s core business is investment banking, which represents 50% of equity, 75% of leverage assets, in January 2014, Deutsche Bank reported a €1.2 billion pre-tax loss for the fourth quarter of 2013. This came after analysts had predicted a profit of nearly €600 million, revenues slipped by 16% versus the prior year. On 7 June 2015, the then co-CEOs, Juergen Fitschen and Anshu Jain, Anshu Jains resignation took effect on 30 June 2015, but he provided consultancy to the bank until January 2016. Juergen Fitschen temporarily continued as joint CEO until 19 May 2016, the appointment of John Cryan as joint CEO was announced, effective 1 July 2016, he became sole CEO at the end of Juergen Fitschens term. In January 2016, Deutsche Bank pre-announced a 2015 loss before income taxes of approximately €6.1 billion, Deutsche Bank was founded in Berlin in 1870 as a specialist bank for foreign trade. The banks statute was adopted on 22 January 1870, and on 10 March 1870 the Prussian government granted it a banking licence, three of the founders were Georg Siemens whose fathers cousin had founded Siemens and Halske, Adelbert Delbrück and L. Bamberger. Its first foray overseas came shortly afterwards, in Shanghai and London followed sometime by South America, major projects in the early years of the bank included the Northern Pacific Railroad in the US and the Baghdad Railway. In Germany, the bank was instrumental in the financing of bond offerings of steel company Krupp, the second half of the 1890s saw the beginning of a new period of expansion at Deutsche Bank. The bank formed alliances with large banks, giving itself an entrée into Germanys main industrial regions. Joint ventures were symptomatic of the then under way in the German banking industry. In addition, the bank rapidly perceived the value of specialist institutions for the promotion of foreign business, the immediate postwar period was a time of liquidations. Having already lost most of its assets, Deutsche Bank was obliged to sell other holdings. A great deal of energy went into shoring up what had been achieved, but there was new business, too, some of which was to have an impact for a long time to come. The bank played a significant role in the establishment of the production company, UFA
7.
HSBC
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HSBC Holdings PLC is a British multinational banking and financial services holding company headquartered in London, United Kingdom. It is the sixth largest bank by total assets and the largest in Europe with total assets of US$2.374 trillion. It was established in its present form in London in 1991 by The Hongkong, the origins of the bank lie mainly in Hong Kong and to a lesser extent in Shanghai, where branches were first opened in 1865. The HSBC name is derived from the initials of the Hongkong, the company was first formally incorporated in 1866. The company continues to see both the United Kingdom and Hong Kong as its home markets, HSBC has around 4,000 offices in 70 countries and territories across Africa, Asia, Oceania, Europe, North America and South America, and around 37 million customers. As of 2014, it was the worlds sixth-largest public company, HSBC is organised within four business groups, Commercial Banking, Global Banking and Markets, Retail Banking and Wealth Management, and Global Private Banking. HSBC has a primary listing on the Hong Kong Stock Exchange and London Stock Exchange and is a constituent of the Hang Seng Index. As of 6 July 2012 it had a capitalisation of £102.7 billion. It has secondary listings on the New York Stock Exchange, Euronext Paris, in February 2015 the International Consortium of Investigative Journalists released information about the business conduct of HSBC under the title Swiss Leaks. The ICIJ alleges that the bank profited from doing business with tax evaders, in 2016, HSBC was sued by Mexican families involved in deaths by organised-crime gangs for processing funds for the Sinaloa Cartel. It was formally incorporated as The Hongkong and Shanghai Banking Corporation by an Ordinance of the Legislative Council of Hong Kong on 14 August 1866, in 1980, HSBC acquired a 51% shareholding in US-based Marine Midland Bank, which it extended to full ownership in 1987. HSBC Holdings acquisition of Midland Bank was completed in 1992 and gave HSBC a substantial presence in the United Kingdom. As part of the conditions for the acquisition, HSBC Holdings plc was required to relocate its world headquarters from Hong Kong to London in 1993. In May 1999, HSBC expanded its presence in the United States with the purchase of Republic National Bank of New York for $10. 3bn. Expansion into Continental Europe took place in April 2000 with the acquisition of Crédit Commercial de France, in July 2001 HSBC bought Demirbank, an insolvent Turkish bank. In July 2002, Arthur Andersen announced that HSBC USA, Inc. through a new subsidiary, Wealth, the new HSBC Private Client Services Group would serve the wealth and tax advisory needs of high-net-worth individuals. Then in August 2002 HSBC acquired Grupo Financiero Bital, SA de CV, in November 2002, HSBC expanded further in the United States. Under the chairmanship of Sir John Bond, it spent £9 billion to acquire Household Finance Corporation, in a 2003 cover story, The Banker noted when banking historians look back, they may conclude that was the deal of the first decade of the 21st century
8.
Teva Pharmaceutical Industries
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Teva Pharmaceutical Industries Ltd. is an Israeli multinational pharmaceutical company headquartered in Petah Tikva, Israel. It specializes primarily in generic drugs, but other business interests include active pharmaceutical ingredients and, to a lesser extent and it is the largest generic drug manufacturer in the world and one of the 15 largest pharmaceutical companies worldwide. Tevas facilities are located in Israel, North America, Europe, Teva shares trade on both the New York Stock Exchange and the Tel Aviv Stock Exchange. The company is a member of the Pharmaceutical Research and Manufacturers of America, Tevas earliest predecessor was Salomon, Levin, and Elstein Ltd. a wholesale distributor based in Palestine that was founded in 1901, and used camels to make deliveries. During the 1930s, new immigrants from Europe founded several companies including Teva, Assia. In 1951, Teva raised capital through the newly founded Tel-Aviv Stock Exchange after the formation of the new country, in 1964, Assia and Zori merged and acquired a controlling interest in Teva. In 1976, these three companies merged into the modern-day Teva Pharmaceutical Industries Ltd, in 1980, Teva continued to follow its vision of becoming one of the worlds biggest pharmaceutical companies by acquiring Ikapharm, then Israels second largest drug manufacturer. In 1982, Teva was granted approval by the U. S. Food and Drug Administration for its Kfar Saba manufacturing plant, in 2005, Teva opened a new, state-of-the-art pharmaceutical manufacturing plant in Har Hotzvim, a technology park in Jerusalem. The plant received FDA approval in early 2007, Teva entered the Japanese market in 2005, and in 2008 established a generics joint venture with Kowa. In 2008, sales totalled $11.08 billion, $13.9 billion in 2009, Teva acquired its U. S. rival Ivax Corporation in January 2006, Barr in 2007 and Ratiopharm in 2010. In 2010, Teva announced that it would build its main center for the Americas in Philadelphia, PA. In 2010, it had 39,660 employees, in Israel, the number of workers rose 7. 5% by 6,774. In March 2010, Teva acquired German-based company Ratiopharm in a deal worth almost $5 billion, in May 2011 Teva announced it would purchase Cephalon for US$6.8 billion, to help expand its presence in the proprietary pharmaceuticals sector. Teva Active Pharmaceutical Ingredients operates within Teva as a business unit. As well as providing for Tevas own needs, the TAPI division is a competitor in world markets. In 2009, TAPIs sales to third parties totaled $565 million, in 2000 Teva acquired Canada-based Novopharm. In January 2006, Teva said it had completed the acquisition of IVAX Corporation for around $7.4 billion, the acquisition price was $7.4 billion. On December 23,2008, Teva acquired Barr Pharmaceuticals for $7.5 billion, making Barr, on March 18,2010, Teva said it planned to acquire German generic Ratiopharm for US$5 billion
9.
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
10.
Toronto Stock Exchange
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Toronto Stock Exchange is one of the worlds largest stock exchanges. It is the ninth largest exchange in the world by market capitalization, based in Toronto, it is owned by and operated as a subsidiary of the TMX Group for the trading of senior equities. A broad range of businesses from Canada and abroad are represented on the exchange, in addition to conventional securities, the exchange lists various exchange-traded funds, split share corporations, income trusts and investment funds. More mining and oil and gas companies are listed on Toronto Stock Exchange than any other stock exchange, the Toronto Stock Exchange likely descended from the Association of Brokers, a group formed by Toronto businessmen on July 26,1852. No records of the transactions have survived. On October 25,1861, twenty-four men gathered at the Masonic Hall to create the Toronto Stock Exchange, the exchange was incorporated by an act of the Legislative Assembly of Ontario in 1878. The TSX grew continuously in size and in shares traded, save for a period in 1914 when the exchange was shut down for fear of financial panic due to World War I. In 1934, the Toronto Stock Exchange merged with its key competitor, the merged markets kept the Toronto Stock Exchange name. The TSX opened its new trading floor and headquarters in an Art Deco building on Bay Street in 1937, in 1977, the TSX introduced CATS, an automated trading system, and began to use it for the quotation of less liquid equities. In 1983, the TSX vacated its Art Deco headquarters on Bay Street, the old TSX building later became the Design Exchange, a museum and education centre. On April 23,1997, the TSXs trading floor closed, making it the second-largest stock exchange in North America to choose a floorless, in 1999, the Toronto Stock Exchange announced the appointment of Barbara G. Stymiest to the position of President & Chief Executive Officer. Through a realignment plan, Toronto Stock Exchange became Canadas sole exchange for the trading of senior equities, the Canadian Dealing Network, Winnipeg Stock Exchange, and equities portion of the Montreal Exchange later merged with CDNX. In 2000, the Toronto Stock Exchange became a for-profit company, in 2001, the Toronto Stock Exchange acquired the Canadian Venture Exchange, which was renamed the TSX Venture Exchange in 2002, this resulted in the creation of a parent to the TSX, the TSX Group. This ended 123 years of the usage of TSE as a Canadian stock exchange, on May 11,2007, the S&P/TSX Composite, the main index of the Toronto Stock Exchange, traded above the 14,000 point level for the first time ever. On December 17,2008, the TSX for the first time in history was closed for a trading day due to a technical glitch.9 trillion. Xavier Rolet, who is CEO of the LSE Group, would head the new enlarged company, based on data from December 30,2010 the new stock exchange would have been the second largest in the world with a market cap 48% greater than the Nasdaq. 8 of the 15 board members of the entity will be appointed by LSE. The provisional name for the group would be LTMX Group plc
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