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Financial Statements of the Budapest Stock Exchange for the Year 2016 Table of Contents
FINANCIAL STATEMENTS OF THE BUDAPEST STOCK EXCHANGE FOR THE YEAR 2016 TABLE OF CONTENTS BALANCE SHEET 3 INCOME STATEMENT 5 NOTES TO THE 2016 FINANCIAL STATEMENTS 6 BUSINESS REPORT 33 Statistical Code 12853812-6611-114-01 Company’s Reg. Num. 01-10-044764 BALANCE SHEET Budapest, 18 April, 2017 Richárd Végh Ildikó Auguszt Chairman-CEO Financial Director 3 | Financial statements of the Budapest Stock Exchange for the year 2016 Statistical Code 12853812-6611-114-01 Company’s Reg. Num. 01-10-044764 Budapest, 18 April, 2017 Richárd Végh Ildikó Auguszt Chairman-CEO Financial Director 4 | Financial statements of the Budapest Stock Exchange for the year 2016 Statistical Code 12853812-6611-114-01 Company’s Reg. Num. 01-10-044764 INCOME STATEMENT Budapest, 18 April, 2017 Richárd Végh Ildikó Auguszt Chairman-CEO Financial Director 5 | Financial statements of the Budapest Stock Exchange for the year 2016 NOTES TO THE 2016 ANNUAL REPORT GENERAL COMPANY INFORMATION Name of Company: Budapesti Értéktőzsde Zártkörűen Működő Részvénytársaság Address of Company: H-1054 Budapest, Szabadság tér 7. Company’s Registration No.: Cg. 01-10-044764 Data of persons authorised to Richárd Végh, Chairman-CEO sign the report on behalf of the Address: H-2010 Budaörs, Kálvária utca 7. Company: Ildikó Auguszt, Financial Director Address: H-1138 Budapest, Róbert Károly krt. 18/C The person charged with the management of bookkeeping tasks and the preparation of the annual report: Ildikó Auguszt (address: H-1138 Budapest, Róbert Károly krt. 18/C, registration No. 120433). Statutory audit is obligatory for the Company. Data of the Auditor KPMG Hungary, Audit, Tax and Advisory Services Limited Liability Company HU-1134 Budapest, Váci út 31. -
Markets Not Capitalism Explores the Gap Between Radically Freed Markets and the Capitalist-Controlled Markets That Prevail Today
individualist anarchism against bosses, inequality, corporate power, and structural poverty Edited by Gary Chartier & Charles W. Johnson Individualist anarchists believe in mutual exchange, not economic privilege. They believe in freed markets, not capitalism. They defend a distinctive response to the challenges of ending global capitalism and achieving social justice: eliminate the political privileges that prop up capitalists. Massive concentrations of wealth, rigid economic hierarchies, and unsustainable modes of production are not the results of the market form, but of markets deformed and rigged by a network of state-secured controls and privileges to the business class. Markets Not Capitalism explores the gap between radically freed markets and the capitalist-controlled markets that prevail today. It explains how liberating market exchange from state capitalist privilege can abolish structural poverty, help working people take control over the conditions of their labor, and redistribute wealth and social power. Featuring discussions of socialism, capitalism, markets, ownership, labor struggle, grassroots privatization, intellectual property, health care, racism, sexism, and environmental issues, this unique collection brings together classic essays by Cleyre, and such contemporary innovators as Kevin Carson and Roderick Long. It introduces an eye-opening approach to radical social thought, rooted equally in libertarian socialism and market anarchism. “We on the left need a good shake to get us thinking, and these arguments for market anarchism do the job in lively and thoughtful fashion.” – Alexander Cockburn, editor and publisher, Counterpunch “Anarchy is not chaos; nor is it violence. This rich and provocative gathering of essays by anarchists past and present imagines society unburdened by state, markets un-warped by capitalism. -
Investor Agreement and Disclosure Handbook
Investor Agreement and Disclosure Handbook This document is intended to provide you, the investor, with important information regarding your agreement to terms and policies established between you and the Lincoln Investment Companies, as well as those disclosures required to be delivered by our regulatory authorities. Please read this information carefully as it pertains to your current investments, and may also be relevant to future investments. Retain this document for your records. If you have any questions regarding the information found within this document, please contact your financial professional. Information contained in this guide supersedes prior disclosures or Handbooks you may have received. CONTENTS TERMS AND CONDITIONS PRE-DISPUTE ARBITRATION AGREEMENTS ....................................................................................................................................... I CUSTOMERS OF FINANCIAL INSTITUTIONS ..................................................................................................................................... II NATURE OF THE RELATIONSHIP ....................................................................................................................................................... III CONSENT TO ELECTRONIC DELIVERY ............................................................................................................................................. IV ERROR NOTIFICATION & CORRECTION POLICY .............................................................................................................................. -
Investor Capitalism?
University of Michigan Journal of Law Reform Volume 22 1988 Beyond Managerialism: Investor Capitalism? Alfred F. Conard University of Michigan Law School Follow this and additional works at: https://repository.law.umich.edu/mjlr Part of the Business Organizations Law Commons, and the Securities Law Commons Recommended Citation Alfred F. Conard, Beyond Managerialism: Investor Capitalism?, 22 U. MICH. J. L. REFORM 117 (1988). Available at: https://repository.law.umich.edu/mjlr/vol22/iss1/5 This Symposium Article is brought to you for free and open access by the University of Michigan Journal of Law Reform at University of Michigan Law School Scholarship Repository. It has been accepted for inclusion in University of Michigan Journal of Law Reform by an authorized editor of University of Michigan Law School Scholarship Repository. For more information, please contact [email protected]. BEYOND MANAGERIALISM: INVESTOR CAPITALISM? Alfred F. Conard* Table of Contents Introduction ...................................... 118 I. The Rise and the Flaw of Managerialism ....... 120 A . T he Rise ................................ 120 B . T he Flaw ................................ 122 C. Patches on the Flaw ...................... 126 1. Shareholder derivative suits ............ 126 2. Shareholder democracy ................ 127 3. Independent directors ................. 128 4. Specific prohibitions ................... 130 II. The Investorial Alternative .................... 131 A. The Institutional Eruption ................ 131 B. The Concept of Investor Capitalism ........ 135 C. The New and the Old in Investor Capitalism 136 III. The Motivation of Institutional Investors ....... 139 A. The Players in Investor Capitalism ......... 140 1. Fund managers ....................... 140 2. Fund sponsors ........................ 141 3. Portfolio managers .................... 142 4. Investor services ...................... 143 B. The W all Street Rule ..................... 144 C. The "Collective Good" Dilemma .......... -
Shareholder Capitalism a System in Crisis New Economics Foundation Shareholder Capitalism
SHAREHOLDER CAPITALISM A SYSTEM IN CRISIS NEW ECONOMICS FOUNDATION SHAREHOLDER CAPITALISM SUMMARY Our current, highly financialised, form of shareholder capitalism is not Shareholder capitalism just failing to provide new capital for – a system driven by investment, it is actively undermining the ability of listed companies to the interests of reinvest their own profits. The stock shareholder-backed market has become a vehicle for and market-fixated extracting value from companies, not companies – is broken. for injecting it. No wonder that Andy Haldane, Chief Economist of the Bank of England, recently suggested that shareholder capitalism is ‘eating itself.’1 Corporate governance has become dominated by the need to maximise short-term shareholder returns. At the same time, financial markets have grown more complex, highly intermediated, and similarly short- termist, with shares increasingly seen as paper assets to be traded rather than long-term investments in sound businesses. This kind of trading is a zero-sum game with no new wealth, let alone social value, created. For one person to win, another must lose – and increasingly, the only real winners appear to be the army of financial intermediaries who control and perpetuate the merry-go- round. There is nothing natural or inevitable about the shareholder-owned corporation as it currently exists. Like all economic institutions, it is a product of political and economic choices which can and should be remade if they no longer serve our economy, society, or environment. Here’s the impact -
Changing Business Models of Stock Exchanges and Stock Market Fragmentation
OECD Business and Finance Outlook 2016 Changing business models of stock exchanges and stock market fragmentation. This chapter from the 2016 OECD Business and Finance Outlook provides an overview of structural changes in the stock exchange industry. It provides data on CHANGING mergers and acquisitions as well as the changes in the aggregate revenue structure of major stock exchanges. It describes the fragmentation of the stock market resulting from an increase in stock exchange-like trading venues, such as alternative trading BUSINESS MODELS systems (ATSs) and multilateral trading facilities (MTFs), and a split between dark (non-displayed) and lit (displayed) trading. Based on firm-level data, statistics are provided for the relative distribution of stock trading across different trading venues as well as for different OF STOCK EXCHANGES trading characteristics, such as order size, company focus and the total volumes of dark and lit trading. The chapter ends with an overview of recent regulatory initiatives aimed at maintaining market fairness and a level playing field among investors. AND STOCK MARKET Find the OECD Business and Finance Outlook online at www.oecd.org/daf/oecd-business-finance-outlook.htm FRAGMENTATION This work is published under the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of OECD member countries. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. OECD Business and Finance Outlook 2016 © OECD 2016 Chapter 4 Changing business models of stock exchanges and stock market fragmentation This chapter provides an overview of structural changes in the stock exchange industry. -
A Primer on Modern Monetary Theory
2021 A Primer on Modern Monetary Theory Steven Globerman fraserinstitute.org Contents Executive Summary / i 1. Introducing Modern Monetary Theory / 1 2. Implementing MMT / 4 3. Has Canada Adopted MMT? / 10 4. Proposed Economic and Social Justifications for MMT / 17 5. MMT and Inflation / 23 Concluding Comments / 27 References / 29 About the author / 33 Acknowledgments / 33 Publishing information / 34 Supporting the Fraser Institute / 35 Purpose, funding, and independence / 35 About the Fraser Institute / 36 Editorial Advisory Board / 37 fraserinstitute.org fraserinstitute.org Executive Summary Modern Monetary Theory (MMT) is a policy model for funding govern- ment spending. While MMT is not new, it has recently received wide- spread attention, particularly as government spending has increased dramatically in response to the ongoing COVID-19 crisis and concerns grow about how to pay for this increased spending. The essential message of MMT is that there is no financial constraint on government spending as long as a country is a sovereign issuer of cur- rency and does not tie the value of its currency to another currency. Both Canada and the US are examples of countries that are sovereign issuers of currency. In principle, being a sovereign issuer of currency endows the government with the ability to borrow money from the country’s cen- tral bank. The central bank can effectively credit the government’s bank account at the central bank for an unlimited amount of money without either charging the government interest or, indeed, demanding repayment of the government bonds the central bank has acquired. In 2020, the cen- tral banks in both Canada and the US bought a disproportionately large share of government bonds compared to previous years, which has led some observers to argue that the governments of Canada and the United States are practicing MMT. -
What Are Stock Markets?
LESSON 7 WHAT ARE STOCK MARKETS? LEARNING, EARNING, AND INVESTING FOR A NEW GENERATION © COUNCIL FOR ECONOMIC EDUCATION, NEW YORK, NY 107 LESSON 7 WHAT ARE STOCK MARKETS? LESSON DESCRIPTION Primary market The lesson introduces conditions necessary Secondary market for market economies to operate. Against this background, students learn concepts Stock market and background knowledge—including pri- mary and secondary markets, the role of in- OBJECTIVES vestment banks, and initial public offerings Students will: (IPOs)—needed to understand the stock • Identify conditions needed for a market market. The students also learn about dif- economy to operate. ferent characteristics of major stock mar- kets in the United States and overseas. In • Describe the stock market as a special a closure activity, students match stocks case of markets more generally. with the market in which each is most • Differentiate three major world stock likely to be traded. markets and predict which market might list certain stocks. INTRODUCTION For many people, the word market may CONTENT STANDARDS be closely associated with an image of a Voluntary National Content Standards place—perhaps a local farmer’s market. For in Economics, 2nd Edition economists, however, market need not refer to a physical place. Instead, a market may • Standard 5: Voluntary exchange oc- be any organization that allows buyers and curs only when all participating parties sellers to communicate about and arrange expect to gain. This is true for trade for the exchange of goods, resources, or ser- among individuals or organizations vices. Stock markets provide a mechanism within a nation, and among individuals whereby people who want to own shares of or organizations in different nations. -
Introduction to Financial Services: Capital Markets
Updated January 4, 2021 Introduction to Financial Services: Capital Markets This In Focus provides an overview of U.S. capital markets, stocks and bonds to enable investors to make informed Securities and Exchange Commission (SEC) regulation, decisions on whether to invest and at what price level to and related policy issues. compensate for their risks. Banking regulators, by contrast, focus more on safety and soundness to avoid bank failure. Market Composition This is largely because bank deposits are often ultimately Capital markets are where securities like stocks and bonds guaranteed by the taxpayers, whereas in capital markets, are issued and traded. U.S. capital markets instruments investors generally assume all the risk of loss. include (1) stocks, also called equities or shares, referring to ownership of a firm; (2) bonds, also called fixed income or Public and Private Securities Offerings. The SEC debt securities, referring to the indebtedness or creditorship requires that offers and sales of securities, such as stocks of a firm or a government entity; and (3) shares of and bonds, either be registered with the SEC or undertaken investment funds, which are forms of pooled investment pursuant to a specific exemption. The goal of registration is vehicles that consolidate money from investors. to ensure that investors receive key information on the securities being offered. Registered offerings, often called As a main segment of the financial system, capital markets public offerings, are available to all types of investors. By provide the largest sources of financing for U.S. contrast, securities offerings that are exempt from certain nonfinancial companies. -
News Corp Announces Acquisition of Investor's Business Daily
News Corp Announces Acquisition of Investor’s Business Daily Digitally-Focused Financial News, Tools and Research Business To Be Operated By News Corp’s Dow Jones Division More than 90% of Revenues and Subscriptions Are Digital NEW YORK, NY – March 25, 2021 - News Corp announced today it has agreed to acquire Investor’s Business Daily from O’Neil Capital Management. The high margin, profitable and rapidly growing digital first financial news and research business will be operated by Dow Jones, a News Corp subsidiary. Investor’s Business Daily (IBD), which operates the Investors.com website, was founded by William J. O’Neil in 1984 and has experienced double-digit revenue growth over the past several years, with digital representing more than 90% of IBD’s revenues and subscriptions. A majority of IBD’s annual revenues and profits come from the company’s unique investor tools, research and analysis products, which have experienced sharp increases in popularity and profitability as more and more investors seek out quality information through digital products to guide their financial decisions. In addition to its rapid growth in recent years, IBD, which is being acquired by News Corp for $275 million, has a revenue base that is almost entirely digital, representing nearly 100,000 digital subscribers across its platforms, and minimal overlap with Dow Jones’s existing subscriber base. IBD publishes a print edition once a week, in addition to continually updated news on investors.com, which reached an audience of 10.8 million average monthly unique visitors in February, 2021, according to Adobe Analytics. IBD, in collaboration with TechnoMetrica Market Intelligence, provides IBD/TIPP polls, which were rated among the most accurate presidential polls in 2012, 2016 and 2020. -
This Time It's Different
Memo to: Oaktree Clients From: Howard Marks Re: This Time It’s Different I first came across the title of this memo in an article titled “Why This Market Cycle Isn’t Different” by Anise C. Wallace in The New York Times of October 11, 1987. It went as follows: The four most dangerous words in investing are “this time it’s different,” according to John Templeton, the highly regarded 74-year-old mutual fund manager. At stock market tops and bottoms, investors invariably use this rationale to justify their emotion-driven decisions. L.P. Over the next year, many investors are likely to repeat these four words as they defend higher stock prices. But they should treat them with the same consideration they give “the check is in the mail. .” Nevertheless, in the bull market’s sixth year, the “this time it’s different” chorus is beginning to be heard. Wall Street professionals predict that, before the bull market ends, individual investors, who have mostly stayedMANAGEMENT, on the sidelines, will be swept along in the mania characterizing a market peak. RESERVED They will invest in stocks despite the fact that the Dow Jones Industrial average has more than tripled in the last five years.CAPITAL They will be hearing overwhelmingly compelling reasons why stock prices should go higher, why the bull market should last considerably longer than any otherRIGHTS in history, why this boom will not be followed by a 1929-like crash and why “this time it’s different.” ALL Many of these argumentsOAKTREE will be tempting because they will have some element of truth to them. -
Frequently Asked Questions About Initial Public Offerings
FREQUENTLY ASKED QUESTIONS ABOUT INITIAL PUBLIC OFFERINGS Initial public offerings (“IPOs”) are complex, time-consuming and implicate many different areas of the law and market practices. The following FAQs address important issues but are not likely to answer all of your questions. • Public companies have greater visibility. The media understanding IPOS has greater economic incentive to cover a public company than a private company because of the number of investors seeking information about their What is an IPO? investment. An “IPO” is the initial public offering by a company • Going public allows a company’s employees to of its securities, most often its common stock. In the share in its growth and success through stock united States, these offerings are generally registered options and other equity-based compensation under the Securities Act of 1933, as amended (the structures that benefit from a more liquid stock with “Securities Act”), and the shares are often but not an independently determined fair market value. A always listed on a national securities exchange such public company may also use its equity to attract as the new York Stock exchange (the “nYSe”), the and retain management and key personnel. nYSe American LLC or one of the nasdaq markets (“nasdaq” and, collectively, the “exchanges”). The What are disadvantages of going public? process of “going public” is complex and expensive. • The IPO process is expensive. The legal, accounting upon the completion of an IPO, a company becomes and printing costs are significant and these costs a “public company,” subject to all of the regulations will have to be paid regardless of whether an IPO is applicable to public companies, including those of successful.