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RAFMM participants
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Financial World PlatformsStock MarketsStock market (market of securities, bonds and stocks) – is a part of the capital market; securities market accepted to the trading on any stocks as well as over the counter (OTC market). Stock market is an abstract concept denotive for cumulative actions and mechanisms, which make securities trading possible. You should not mix up this concept with stock exchange, which is the organization with the following aims: providing the place for trading deals and arranging together buyers and sellers of securities. NYSE NYSE (New-York Stock Exchange) – the main stock exchange of the USA, the largest in the world. The symbol of the USA financial power and financial industry of the world. World-wide known Dow Jones index for industrial stocks and the NYSE Composite index are defined at the NYSE. The NYSE Composite is one of the most popular stock indexes in the world. It reflects rate changes of all shares, quoted at New-York stock exchange, including more than 1500 American largest companies with total capitalization more than 20 billion USD. That is why the NYSE Composite can be as indicator of the USA economy. The stock was founded on 17 May 1972. Since 1975 became non-commercial corporation owned by 1336 members (this number is unchanging since 1953). Members places can be sold, the price for one place has reached 3 million dollars by now . In the beginning of March 2006 the NYSE finished merger with electronic stock Archipelago Holdings and for the first time offered shares to investors, became in this way commercial organization. Share trading of the NYSE Group runs at the stock; by the beginning of March capitalization had been 12,5 billion dollars. Operations with more than one thousand different shares are executed at the stock. Securities of more than 1.5 thousand companies are quoted at the stock. Total capitalization of the companies trading at NYSE had been 26,5 billion dollars by the end of 2006. Working hours:
NASDAQ NASDAQ (National Association of Securities Dealers Automated Quotation) – American OTC Market, specialized on shares of high-technology companies (electronics, software production etc.). One of three main USA stock markets (together with NYSE and AMEX), is NASD unit controlled by SEC. American company NASDAQ OMX Group is the owner of the stock. Besides NASDAQ, it owns more than 8 European stocks. At present moment more than 3200 companies including Russian companies are trading at NASDAQ. Regular NASDAQ trading session begins at 09:30 am. and ends at 04:00 pm. (USA East coast time). Trading operations take place on the basis of the SuperMontage and the Primex platforms. After regular session ends it is possible to trade till 08:00 pm. by the SelectNet platform. Trading scheme at the NASDAQ stock is different from traditional one. Several market-makers compete for execution of clients' orders. At present moment there are about 600 market-makers at the stock. The main function of market-maker at the NASDAQ (as well as at the NYSE) is permanent quotation providing and liquidity sustaining of certain shares group during the trading. Market-maker must execute client's orders at his own expense in case there is no appropriate opposite order. Some market-makers support hundreds of shares, other – thousands. As a result, on average, one type of shares are supported by fourteen market-makers, other types of shares – up to 50. NASDAQ quotations are the result of the quotation correlation, provided by market-makers and alternative trading systems. Working hours:
NYMEX The NYMEX (New-York Merchantile Exchange) was founded in 1872, takes first place in the world on oil futures trading. Oil, gas, platinum, palladium, gold, silver, copper and aluminum contracts are trading at the NUMEX. According to the data from Futures Industry Association about 216 million deals were maid in 2006. In 2006 NYSE income was 497,3 million dollars, net profit – 154,8 million dollars, capitalization – 11,4 billion dollars. Working hours:
LSE The LSE (London Stock Exchange) – one of the most largest and oldest European Stock Exchange. Officially founded in 1801, but in fact its history began in 1570, when royal broker and counselor Thomas Gresham built «Royal Exchange» on his own money. The LSE is a joint-stock company, there are traded its own shares. Some well-known Russian companies such as «Rosneft», «Lukoil», «Cherkizovo-group», «Evraz» trade (mostly depositary receipts) at the LSE. In 2005 futures and options for RTS Index were put on (trade volumes for this contracts are 3 billion rubles and 700 million rubles respectively). In October 2006 LSE put on new index FTSE Russia, which is counted according to price changes of ten most liquid depositary receipts of Russian companies. Working hours:
TSE The TSE (Tokyo Stock Exchange) was founded in 1878. The TSE is unprofitable member organization. It is legal body and it has broad rights in self-management area. More than 80% of country's stock turnover belong to the TSE. The main sellers and customers are institutional owners of securities. In Japan individual owners have only 20% of stock shares, and 80% belong to financial organizations, insurance companies and corporations. Share holders do not reckon on dividends (in the beginning of 1990 they were 70 times cheaper than market price of shares), but on the rise of shares and getting income as result of selling the shares for a higher price (average annual income for sold share class of 1980-1994 was 34,7%). The main trading method is opened double auction. Up to 80% of all turning over shares in the country are selling and buying at the TSE. 1517 joint-stock companies out of 1,3 – 1,5 million are registered at the TSE, but more than 25% of all goods and services belong to these companies. In 2005 the TSE took the second place in the world classification of stock markets. 2500 companies at the TSE bring more than 3000 billion dollars income every year. Working hours:
VSE The VSE (Vienna Stock Exchange, Wiener borse AG, WBAG) one of the most oldest World Stock Exchange, the only one trading floor in Austria. The VSE is realizing shares, bonds and derivative. Was founded in 1771 by the empress Maria Teressa for government bonds trading. It is the private company. Trading volume: 48 468 billion dollars.
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FBW The FBW (Frankfurter Wertpapierborse) – the largest German and one of the largest world stock exchange. The operator of this trading floor is Deutsche Boerse Group AG. In 1585 common exchange rate was taken by merchants in Frankfurt am Mein, this date became point of existence of this Stock Exchange. Have been taking the leading position in Germany since 1949. Since 1993 is under «Deutsche Boerse Group» control. Main index: DAX (Deutscher Aktienindex) – reflects shares prices of 30 biggest German companies and shows condition of German economy. Working hours:
RTS The RTS (Russian Trading System) was founded in the middle of 1995, the main aim was to unite regional markets in one organized securities market in Russia. Fall under the RTS Group. The RTS – generally recognized center of shares and bonds of a wide range of issuers pricing. Information about auction at the RTS – the most important source about condition of Russian securities market, because this floor serve a large proportion of foreign and Russian portfolio investments in shares of Russian companies. Working hours:
Currency marketsFOREXFOREX (FOReign EXchange). Term FOREX is used to denote interchange of freely convertible currency, but not for total transactions. Forex transactions are divided as trading, speculative, hedging, regulating (currency intervention). In RuNet Forex means solely speculative currency trading through credit banks and dealing centers, this is a marginal trading. Forex is an international interbank market. Transactions are made through the system of institutes: national banks, credit banks, investment banks, brokers and dealers, pension funds, insurance companies, transnational corporations, etc. A contract volume with real currency delivery on the second working day (spot market) usually come to 5 million dollars or its equivalent. One conversion payment costs from 60 till 300 dollars. Besides, about 6000 dollars will be spend for interbank informative trading terminal. Because of this there is no conversions for small sums on Forex. Financial intermediaries (bank or currency broker) will do this operation cheaper, they will do the conversion for the small percent of the transaction. With a big number of clients and different orders intermediaries do not always need to make a real conversion through Forex. But they always get their commissions from clients. Intermediaries can offer to the clients commissions, which are more cheaper than direct transactions at Forex, because not all clients orders get into Forex. Meanwhile, if intermediaries are eliminated conversion value will rise inevitably for the client. Current currency quotation are used for the large number of operations, which unnecessarily have direct market entry. For example, change of national currency rate by national bank, which must keep proportions between foreign currency in accordance with their proportions at Forex, even if the real demand/supply up country out of keeping with trends at Forex. For example, if if there is excess supply of Euro at the internal market, but hereby EURO price against dollar going up at Forex, then national bank will be forced to raise the price, instead of put down the price under pressure of excess supply. Speculative marginal currency trading, which is focused on fixation of current quotations at Forex, but in its own conditions it is going without real rate. Almost all intermediaries at currency market offer clients not only services for the direct conversion, but also speculative trading with leverage. Generally commissions for such transactions are more lower the for direct conversion, as necessity of contracts' delivery in real trading appears rarely because of a great number and short-time deals. Very often commissions take form of spread – fixed difference between buying price and selling price at the same moment. Generally the chain between Forex and speculator line up out of several intermediaries, each of them take its own commission. Margin transactions can lead to creation of extra demand or supply at the currency market, especially at short-time period. But they do not form common rate trend. Working hours: within 24 hours MICEXFOREX (FOReign EXchange). Term FOREX is used to denote interchange of freely convertible currency, but not for total transactions. Forex transactions are divided as trading, speculative, hedging, regulating (currency intervention). In RuNet Forex means solely speculative currency trading through credit banks and dealing centers, this is a marginal trading. Forex is an international interbank market. Transactions are made through the system of institutes: national banks, credit banks, investment banks, brokers and dealers, pension funds, insurance companies, transnational corporations, etc. A contract volume with real currency delivery on the second working day (spot market) usually come to 5 million dollars or its equivalent. One conversion payment costs from 60 till 300 dollars. Besides, about 6000 dollars will be spend for interbank informative trading terminal. Because of this there is no conversions for small sums on Forex. Financial intermediaries (bank or currency broker) will do this operation cheaper, they will do the conversion for the small percent of the transaction. With a big number of clients and different orders intermediaries do not always need to make a real conversion through Forex. But they always get their commissions from clients. Intermediaries can offer to the clients commissions, which are more cheaper than direct transactions at Forex, because not all clients orders get into Forex. Meanwhile, if intermediaries are eliminated conversion value will rise inevitably for the client. Current currency quotation are used for the large number of operations, which unnecessarily have direct market entry. For example, change of national currency rate by national bank, which must keep proportions between foreign currency in accordance with their proportions at Forex, even if the real demand/supply up country out of keeping with trends at Forex. For example, if if there is excess supply of Euro at the internal market, but hereby EURO price against dollar going up at Forex, then national bank will be forced to raise the price, instead of put down the price under pressure of excess supply. Speculative marginal currency trading, which is focused on fixation of current quotations at Forex, but in its own conditions it is going without real rate. Almost all intermediaries at currency market offer clients not only services for the direct conversion, but also speculative trading with leverage. Generally commissions for such transactions are more lower the for direct conversion, as necessity of contracts' delivery in real trading appears rarely because of a great number and short-time deals. Very often commissions take form of spread – fixed difference between buying price and selling price at the same moment. Generally the chain between Forex and speculator line up out of several intermediaries, each of them take its own commission. Margin transactions can lead to creation of extra demand or supply at the currency market, especially at short-time period. But they do not form common rate trend. Working hours: within 24 hours MICEX The MICEX (Moscow Interbank Currency Exchange) one of the biggest multifunctional stock exchange in Russia, CIS countries and Eastern Europe. Opened in 1992. The MICEX is a leading Russian stock exchange, on which about 600 Russian issuers trading everyday with total capitalization almost 24 billion rubles. About 650 organizations are members of the MICEX, they are professional participants of the stock exchange, more than 490 thousand investors are clients of these organizations. 98% of shares and ADR of Russian companies' turnover on the assumption of Russian exchange and about 70% on the assumption of world trading of this securities fall at MICEX. During the period from 1992 till 1998 currency trading was taking place in auction at MICEX, in the course of which common fixed exchange rate of the Russian ruble to the US dollar and to the D-mark was set for the all trading participants. In 1997 System of Electronic Lot Trading (SELT) was created, till the crisis in 1998 was acting in parallel with auction, then became the main exchange country's floor. At the present time trading through SELT unites under unified trading session eight interbank currency exchanges. Every day tradings take place with US dollar, EURO, Ukraine's hryvnia, Kazakhstan tenge, Belorussian ruble, as well as trading with currency swaps. Total capacity of trading with foreign currency in 2006 was 25,9 billion rubles or 956 billion US dollars (about a half of total stock turnover of MICEX). At present time currency stock effective system of risk management is created at MICEX , it allows to guarantee timely discharging by all traders. One of elements of this system is principle «payment against payment», in accordance with which MICEX makes calculations with traders only after traders carry out their obligations. 540 credit organizations are members of currency stock at MICEX. Working hours:
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