TORONTO STOCK EXCHANGE

The Toronto Stock Exchange (TSE) now known publicly as the "TMX" is the largest stock exchange in Canada, the third largest in North America and the seventh largest in the world by market capitalization. Based in Canada's largest city, Toronto, it is owned and operated by TMX Group for the trading of senior equities. A broad range of businesses from Canada, the United States, Europe, and other countries 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. The TMX is the leader in the mining and oil & gas sector; more mining and oil & gas companies are listed on the TMX than any other exchange in the world.


HISTORY

The Art Deco façade of the former Toronto Stock Exchange building, now incorporated into the Toronto-Dominion Centre. Frieze by artist Charles Comfort. The Toronto Stock Exchange likely descended from the Association of Brokers, a group formed by Toronto businessmen on July 26, 1852. No official records of the group's transactions have survived. On October 25, 1861, twenty-four men gathered at the Masonic Hall to officially create the Toronto Stock Exchange.[2] The exchange was formally incorporated by an act of the Legislative Assembly of Ontario in 1878. The TSE grew continuously in size and in shares traded, save for a three month 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 Standard Stock and Mining Exchange. The merged markets chose to keep the name Toronto Stock Exchange. In 1977, the TSE introduced CATS (Computer Assisted Trading System), an automated trading system that started to be used for the quotation of less liquid equities. On April 23, 1997, the TSE's trading floor closed, making it the second-largest stock exchange in North America to choose a floorless, electronic (or virtual trading) environment. In 1999, the Toronto Stock Exchange announced the appointment of Barbara G. Stymiest to the position of President & Chief Executive Officer. Former logo of the TSE. Through a realignment plan, Toronto Stock Exchange became Canada's sole exchange for the trading of senior equities. The Bourse de Montréal/Montreal Exchange assumed responsibility for the trading of derivatives and the Vancouver Stock Exchange and Alberta Stock Exchange merged to form the Canadian Venture Exchange (CDNX) handling trading in junior equities. The Canadian Dealing Network, Winnipeg Stock Exchange, and equities portion of the Montreal Exchange later merged with CDNX.
The TMX Group is the leader in the oil & gas sector - more oil & gas companies are listed on Toronto Stock Exchange (TMX) and TMX Venture Exchange than any other exchange in the world. At the end of June 30, 2007, there were 434 oil & gas companies with a total market capitalization of $544.9 billion listed on Toronto Stock Exchange and TMX Venture Exchange. Oil & gas companies continue to raise equity on these exchanges with $5.56 billion raised in the first half of 2007, and $10.5 billion raised in 2006. Over 10 billion oil & gas shares, valued at $169.2 billion, traded on Toronto Stock Exchange and TMX Venture Exchange in the first half of 2007.

Name Change

Former logo of the TSX. In 2000, the Toronto Stock Exchange became a for-profit company and in 2001 its acronym was changed to TSX[2]. In 2001, the Toronto Stock Exchange acquired the Canadian Venture Exchange, which was renamed the TSX Venture Exchange in 2002. 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 June 11, 2008 at a meeting of shareholders of TSX Group Inc a resolution to change the name of the corporation to TMX Group Inc. was put forward. As of March 2009 All electronic signage, the companies website, and associated materials and programming fed to the media now use the name "TMX" for the exchange.

Hours

The exchange has a normal trading session from 09:30am to 04:00pm ET and a post-market session from 04:15pm to 05:00pm ET on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.

Companies traded on the TMX

See Category:Lists of companies listed on the Toronto Stock Exchange for a complete list. As of 31 December 2007, the TSX had 3,951 listed companies with a combined market capitalization of $2.2 trillion. The exchange is home to all of Canada's Big Five commercial banks, including: CIBC, Bank of Montreal, Bank of Nova Scotia, Royal Bank of Canada and the Toronto-Dominion Bank, making the Exchange the centre for banking in the country. This was seen as being most evident during the proposed mergers of Royal Bank of Canada and Bank of Montreal alongside CIBC and Toronto-Dominion Bank in 1998, which were seen as stopping competition by the then Finance Minister Paul Martin. The exchange is the primary listing for several energy companies including; Cameco Corporation, Canadian Natural Resources Ltd., Canadian Oil Sands Trust, EnCana Corporation, Husky Energy Inc., Imperial Oil Ltd. and Nexen Inc. all within the top 40 companies listed in on the exchange.

HISTORY OF LONDON STOCK EXCHANGE

The London Stock Exchange is one of the world’s oldest stock exchanges and can trace its history back more than 300 years. Starting life in the coffee houses of 17th century London, the Exchange quickly grew to become the City’s most important financial institution. Over the centuries following, the Exchange has consistently led the way in developing a strong, well-regulated stock market and today lies at the heart of the global financial community. We are proud of our long history that has helped to build our reputation today. Here are some of the milestones in the story of the London Stock Exchange.

1698

John Castaing begins to issue “at this Office in Jonathan’s Coffee-house” a list of stock and commodity prices called “The Course of the Exchange and other things”. It is the earliest evidence of organised trading in marketable securities in London.

1698

Stock dealers are expelled from the Royal Exchange for rowdiness and start to operate in the streets and coffee houses nearby, in particular in Jonathan’s Coffee House in Change Alley.

1720

The wave of speculative fever known as the “South Sea Bubble” bursts.

1748

Fire sweeps through Change Alley, destroying most of the coffee houses. They are subsequently rebuilt.

1761

A group of 150 stock brokers and jobbers form a club at Jonathan's to buy and sell shares.

1773

The brokers erect their own building in Sweeting’s Alley, with a dealing room on the ground floor and a coffee room above. Briefly known as “New Jonathan’s”, members soon change the name to “The Stock Exchange”.

1801

On 3 March, the business reopens under a formal membership subscription basis. On this date, the first regulated exchange comes into existence in London, and the modern Stock Exchange is born.

1802

The Exchange moves into a new building in Capel Court.

1812

The first codified rule book is created.

1836

The first regional exchanges open in Manchester and Liverpool.

1845

More speculative fever – this time “Railway mania” – sweeps the country.

1854

The Stock Exchange is rebuilt.

1876

A new Deed of Settlement for the Stock Exchange comes into force.

1914

The Great War means the Exchange market is closed from the end of July until the new year. The Stock Exchange Battalion of Royal Fusiliers is formed – 1,600 volunteered, 400 never returned.

1923

The Exchange receives its own Coat of Arms, with the motto “Dictum Meum Pactum” (My Word is My Bond).

1939

The start of World War Two. The Exchange is closed for 6 days and reopens on 7 September. The floor of the House closes for only one more day, in 1945 due to damage from a V2 rocket – trading then continues in the basement.

1972

Her Majesty the Queen opens the Exchange's new 26-storey office block with its 23,000sq ft trading floor.

1973

First female members admitted to the market. The 11 British and Irish regional exchanges amalgamate with the London exchange.

1986

Deregulation of the market, known as “Big Bang”:
Ownership of member firms by an outside corporation is allowed.
All firms become broker/dealers able to operate in a dual capacity.
Minimum scales of commission are abolished.
Individual members cease to have voting rights.
Trading moves from being conducted face-to-face on a market floor to being performed via computer and telephone from separate dealing rooms.
The Exchange becomes a private limited company under the Companies Act 1985.

1991

The governing Council of the Exchange is replaced with a Board of Directors drawn from the Exchange's executive, customer and user base. The trading name becomes “The London Stock Exchange”.

1995

We launch AIM – our international market for growing companies.

1997

SETS (Stock Exchange Electronic Trading Service) is launched to bring greater speed and efficiency to the market. The CREST settlement service is launched.

2000

We transfer our role as UK Listing Authority with HM Treasury to the Financial Services Authority (FSA). Shareholders vote to become a public limited company: London Stock Exchange plc.

2001

We list on our own Main Market in July. We begin our 200th anniversary celebrations.

2003

We create EDX London, a new international equity derivatives business, in partnership with OM Group. We acquire Proquote Limited, a new generation supplier of real-time market data and trading systems.

2004

We move to brand new headquarters in Paternoster Square, close to St Paul's Cathedral.
2007

The London Stock Exchange mergers with Borsa Italiana, creating Europe’s leading equity platform.

KARACHI STOCK EXCHANGE

VISION
To be a leading financial institution, offering efficient, fair and transparent securities market in the region and enjoying full confidence of the investors.
MISSION
To strive to provide quality and value-added services to the capital market in an efficient, transparent and orderly manner, compatible with international standards and best practices. To provide state-of-the-art technology and automated trading operations, driven by a team of professionals in accordance with good corporate governance. To protect and safeguard the interests of all its stakeholders, i.e. members, listed companies, employees and the investors at large.To reflect the country’s economic health and behavior and play its role for the growth, development and prosperity of Pakistan.

THE JOURNEY





KSE POSITIONED TO BE A HUB OF CAPITAL FORMATION IN THE REGION
South Asian Federation of Exchanges (SAFE)
Vice Chairmanship of the South Asian Federation of Exchanges Member Federation of Euro-Asian Exchanges (FEAS)
Affiliate Member of the World Federation of Exchanges (WFE)
Affiliate Member of International Organization of Securities Commissions (IOSCO)
Agreements with other Exchanges Dubai Financial Markets Abu Dhabi Securities Market Shanghai Stock Exchange

OUR FUTURE SUCCESS WILL DEPEND ON THE QUALITY OF OUR HUMAN RESOURCES
A spirit of youthful energy, high intellect and superior skills characterizes our people.
Our workforce consists of a combination of youth and experience – perfectly suitable to the organization’s current requirement and future challenges. KSE employs the best available human resource from the capital market and financial industry.Candidates are selected based on their individual energy, quick thinking ability, confidence, decision making ability, integrity and professionalism – attributes that define the person’s compatibility with KSE culture. The key to our long-term success is the creative genius of our people and their drive towards excellence.
Our employees are exposed to an organizational commitment to continuous personal and professional development. Our people get involved in various initiatives ranging from management skills, development and personal improvement, to technology advancement and process enhancement.
On a regular basis, some of our best performers are selected for our Mentoring Program, where seasoned mentors groom their portages towards positions of greater responsibility and influence.
Promoting a performance driven culture where ‘high performers’ are recognized for their exceptional contributions.


WE PLAY A KEY ROLE IN PAKISTAN’S ECONOMY


The KSE is one of Pakistan’s largest tax payer and in the fiscal year 2006- 2007 contributed over Rs. 4 billion towards the national exchequer.
Listed Companies contribute over 10% of total revenue collected by the Government of Pakistan.
KSE brokers on average pay more than 50% of their profit before tax as presumptive tax.
Our investors pay 10% tax on dividends.
OUR CUSTOMER
Issuers (Listed Companies)
Brokers and Members
Investors
OUR TECHNOLOGY
Our Information Technology Group forms the Core of our Business Operations
Development, implementation and monitoring of state-of-the-art trading system known as Karachi Automated Trading System (KATS), introduced in 2002 with a capacity of 1 million trades a day and unlimited number of users. Disaster Recovery Management and Business Continuity Programs database backups. Software Development, Testing and Training.
Customer Services Support.
Caters to member’s complaints regarding computer network and trading systems.
Administration and Maintenance of servers and operating systems.

Partnerships with Microsoft, Oracle and Unisys for I.T. infrastructure.

HISTORY OF USA STOCK EXCHANGE

AMEX's core business has shifted over the years from stocks to options and Exchange-traded funds, although it continues to trade small to mid-size stocks. An effort in the mid-1990s to initiate an Emerging Company Marketplace ended in failure, as the reduced listing standards (beyond the existing lenient AMEX standards) caused penny stock promoters to move their scams to a national exchange. In the mid 1990s the exchange was dogged by allegations of trading scandals, which were highlighted by BusinessWeek in 1999.[9] In 1998, the American Stock Exchange merged with the National Association of Securities Dealers (operators of NASDAQ) to create "The Nasdaq-Amex Market Group" where AMEX is an independent entity of the NASD parent company. After tension between the NASD and AMEX members, the latter group bought out the NASD and acquired control of the AMEX in 2004.
Out of the three major American stock exchanges, the AMEX is known to have the most liberal policies concerning company listing, as most of its companies are generally smaller compared to the NYSE and NASDAQ. The Amex also specialises in the trading of ETFs, and hybrid/structured securities. The majority of U.S. listed ETFs are traded at the AMEX including the SPDR and most Powershares.
In 2006, the AMEX attempted to popularize an American implementation of the Canadian income trust model. Listed Equity Income Hybrid Securities, (more commonly known as Income Deposit Securities) listed on the AMEX are B & G Foods Holding Corp. (BGF), Centerplate, Inc. (CVP), Coinmach Service Corp. (DRY), and Otelco Inc. (OTT). Recently Coinmach Service Corp, has been attempting to restructure itself away from being an income trust.
As of 31 December 2007, the AMEX had 592 listed companies with a combined market capitalization of $258 billion.[10]
The AMEX also produces stock market indices; perhaps the most notable of these is an index of stocks of internet companies now known as the http://en.wikipedia.org/w/index.php?title=Inter@ctive_Week&action=edit&redlink=1 Internet Index. Recently, the AMEX has also developed a unique set of indices known as Intellidexes, which attempt to gain alpha by creating indices weighted on fundamental factors. The AMEX Composite, a value-weighted index of all stocks listed on the exchange, established a record monthly close of 2,069.16 points on November 30, 2006.