International List of Exchanges June 2020
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An Evaluation of Factors Contributing to the Stock Market Liquidity Constraints Or Companies Listed on the Namibian Stock Exchange
International Journal of Accounting Research (IJAR) Vol. 2, No. 8, 2015 Publisher: ZARSMI, UAE, and Regent Business School, South Africa AN EVALUATION OF FACTORS CONTRIBUTING TO THE STOCK MARKET LIQUIDITY CONSTRAINTS OR COMPANIES LISTED ON THE NAMIBIAN STOCK EXCHANGE Albert Mutonga Matongela Graduate of the Regent Business School, Durban Republic of South Africa External Supervisor Attached to the Regent Business School, Durban, Republic of South Africa Anis Mahomed Karodia akarodia@regent,ac.za Professor, Senior Academic and Researcher, Regent Business School, Durban, Republic of South Africa Abstract In 1992, the Namibian Stock Exchange (NSX) was established, amongst others, to facilitate investment in capital markets. Stakeholders have raised concerns that liquidity is low on the NSX. The African Economic Outlook has pointed out that the NSX faces the challenge of few locally issued securities and low liquidity. On its part, the Ministry of Finance is of the view that the NSX is characterized by low levels of liquidity. The aim of this research was to evaluate factors contributing to the stock market liquidity constraints for companies listed on the NSX. Key Words: Evaluation, Factors, Stock Exchange, Liquidity, Regulatory, Corporate Governance, Capital Markets Introduction Stock market liquidity is linked to savings mobilization, long-term capital investment, risk diversification, stock market development and economic growth (Ahmed, Shahbaz and Ali, 2008: 191; Antonios, 2010: 8; Omet, 2011: 4). Lack of liquidity is a serious impediment to the efficient functioning of stock markets and impacts stock prices adversely (Bokpin (2013: 2143). Liquidity is the ability to trade financial securities easily and at a low cost (Yartey, 2008: 16). -
Apêndice a País Código MIC Identificação Do Mercado/MTF
Apêndice A Código País MIC Identificação do Mercado/MTF ALBANIA XTIR TIRANA STOCK EXCHANGE ALGERIA XALG ALGIERS STOCK EXCHANGE ARGENTINA XBUE BUENOS AIRES STOCK EXCHANGE ARGENTINA XMAB MERCADO ABIERTO ELECTRONICO S.A. ARGENTINA XMEV MERCADO DE VALORES DE BUENOS AIRES S.A. ARGENTINA XMTB MERCADO A TERMINO DE BUENOS AIRES S.A. ARGENTINA XBCM BOLSA DE COMMERCIO DE MENDOZA S.A. ARGENTINA XROS BOLSA DE COMERCIO ROSARIO ARMENIA XARM ARMENIAN STOCK EXCHANGE AUSTRALIA XNEC STOCK EXCHANGE OF NEWCASTLE LTD AUSTRALIA XASX ASX OPERATIONS PTY LIMITED AUSTRALIA XSFE SYDNEY FUTURES EXCHANGE LIMITED AUSTRALIA XYIE YIELDBROKER PTY LTD AUSTRIA XNEW NEWEX OESTERREICHISCHE TERMIN- UND AUSTRIA XOTB OPTIONENBOERSE, CLEARING BANK AG AUSTRIA XWBO WIENER BOERSE AG AZERBAIJAN XIBE BAKU INTERBANK CURRENCY EXCHANGE BAHAMAS XBAA BAHAMAS INTERNATIONAL STOCK EXCHANGE BAHRAIN XBAH BAHRAIN STOCK EXCHANGE BANGLADESH XCHG CHITTAGONG STOCK EXCHANGE LTD. BANGLADESH XDHA DHAKA STOCK EXCHANGE LTD BARBADOS XBAB SECURITIES EXCHANGE OF BARBADOS BELGIUM XBRU EURONEXT BRUSSELS BELGIUM XEAS NASDAQ EUROPE BERMUDA XBDA BERMUDA STOCK EXCHANGE LTD, THE BOLIVIA XBOL BOLSA BOLIVIANA DE VALORES S.A. BOTSWANA XBOT BOTSWANA STOCK EXCHANGE BRAZIL XBVP BOLSA DE VALORES DO PARANA BRAZIL XBBF BOLSA BRASILIERA DE FUTUROS BRAZIL XRIO BOLSA DE VALORES DO RIO DE JANEIRO SOCIEDADE OPERADORA DO MERCADO DE BRAZIL XSOM ATIVOS S.A. BRAZIL XBMF BOLSA DE MERCADORIAS E FUTUROS BRAZIL XBSP BOLSA DE VALORES DE SAO PAULO BULGARIA XBUL BULGARIAN STOCK EXCHANGE MONTREAL EXCHANGE THE / BOURSE DE CANADA XMOD MONTREAL -
Incoming Letter: Taipei Exchange Main Board and Taipei Exchange
New York Paris Northern California Madrid Washington DC Tokyo São Paulo Beijing London Hong Kong James C. Lin Partner Resident Hong Kong Partners Davis Polk & Wardwell 852 2533 3368 tel William F. Barron* Gerhard Radtke* Hong Kong Solicitors 852 2533 1768 fax Bonnie Chan* Martin Rogers † The Hong Kong Club Building [email protected] Karen Chan † Patrick S. Sinclair* 3A Chater Road Paul K. Y. Chow* † Miranda So* Hong Kong James C. Lin* James Wadham † Hong Kong Solicitors * Also Admitted in New York † Also Admitted in England and Wales August 29, 2019 Re: Application for Designation of the Taipei Exchange Main Board and Taipei Exchange Bond Market as a “Designated Offshore Securities Market” Michael Coco, Chief Office of International Corporate Finance Division of Corporation Finance United States Securities and Exchange Commission 450 Fifth Street. N.W. Washington, DC 20549 Dear Mr. Coco: We are writing to the United States Securities and Exchange Commission (the “SEC” or the “Commission”) on behalf of the Taipei Exchange (the “TPEx”) to apply for the classification of a “designated offshore securities market” for purposes of Regulation S (“Regulation S”) under the U.S. Securities Act of 1933, as amended, for (i) the portion of the TPEx known as the Taipei Exchange Main Board (the “TPEx Main Board”) and (ii) the portion of the TPEx known as the Taipei Exchange Bond Market (the “TPEx Bond Market” and together with the TPEx Main Board, the “TPEx Platforms”). Designation is being sought in order to assist market participants to the TPEx Platforms who are eligible for the safe harbor provision provided by Rule 904 of Regulation S to satisfy the requirements specified in that rule when reselling securities “in, on or through the facilities of” the TPEx Platforms. -
Relationship Between Risk and Return of Stocks Listed at the Nairobi Securities Exchange
RELATIONSHIP BETWEEN RISK AND RETURN OF STOCKS LISTED AT THE NAIROBI SECURITIES EXCHANGE DANIEL MWANGI MWANIKI D61/84153/2012 A RESEARCH PROJECT SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION, UNIVERSITY OF NAIROBI NOVEMBER, 2015 DECLARATION This Research Project is my original work and has not been presented for an award of a degree in any other university or learning institution. Signature: …………………………………….. Date: ……………………………. Daniel Mwangi Mwaniki D61/84153/2012 This Research Project has been submitted for examination with my approval as the University supervisor. Signature: …………………………………………….. Date: ……………………………. Prof. Josiah Aduda The Dean, School of Business, University of Nairobi II ACKNOWLEDGEMENT I express my sincere gratitude to my supervisor, Prof. Josiah Aduda, for his guidance; scholarly assistance and inspiration in making this research a reality. His devotion and encouragement towards the progress of this study from the initial stages to completion is highly appreciated. I would also like to take this opportunity to sincerely thank the Chairman of the Department of Finance and Accounting, Mr. Herick O. Ondigo. A special thanks to my family; Carmel, the love of my life and our children Andrew, Stephanie and Mary. Thanks also to my parents, my brothers and sisters, my classmates; David Mwangi, and George Maina. Sincere gratitude goes to my friends who supported me and those who we studied together. Finally, while I may not be able to mention and recognize the effort of others who contributed in one way or the other, I avail myself of this opportunity to thank you all. III DEDICATION I dedicate this project to my wife, Carmel Mwangi, for her unconditional support and help. -
Smes and Public Equity Financing: a New Dataset of SME Boards in Emerging-Market and Developing Economies
SMEs and Public Equity Financing: A New Dataset of SME Boards in Emerging-Market and Developing Economies John Schellhase and Jim Woodsome August 2017 Introduction In recent years, a number of stock exchanges in emerging-market and developing economies have established dedicated market segments for small and medium-sized enterprises (SMEs). The main purpose of these SME boards, as they are often called, is to expand access to equity finance for relatively small but growing firms with the potential, as a group, to significantly contribute to economic growth and employment. In some cases, SME boards also serve as feeder exchanges, incubating firms for later graduation to a stock exchange’s main board. Today, there around 30 dedicated SME boards in emerging-market and developing economies, the majority of which have been established in the last decade or so. Due to the role these firms can play in creating jobs and diversifying economies, improving access to finance for SMEs is a long-standing policy goal in developed and developing countries alike. As banks have curbed their lending to SMEs in the wake of the global financial crisis, policymakers and industry bodies are now increasingly emphasizing non-bank financing alternatives for SMEs. Public equity financing is one option that may be suitable for fast-growing SMEs with the capacity to meet the listing requirements. SME boards may contribute to expanding financial access for SMEs both directly, by facilitating access to public equity financing, and indirectly, by incentivizing listing firms to improve their financial reporting and corporate governance practices, which may, in turn, make them more appealing to credit-based lenders. -
IOSCO Members Ordinary Members (129)
IOSCO Members Ordinary Members (129) AGENCY COUNTRY Albanian Financial Supervisory Authority ALBANIA Alberta Securities Commission ALBERTA, CANADA Commission d’Organisation et de Surveillance des Opérations de Bourse ALGERIA Autoritat Financera Andorrana ANDORRA, PRINCIPALITY OF Comissão do Mercado de Capitais ANGOLA Comisión Nacional de Valores* ARGENTINA Central Bank of Armenia ARMENIA Australian Securities and Investments Commission* AUSTRALIA Financial Market Authority AUSTRIA Securities Commission of The Bahamas* BAHAMAS, THE Central Bank of Bahrain BAHRAIN, KINGDOM OF Bangladesh Securities and Exchange Commission BANGLADESH Financial Services Commission BARBADOS Financial Services and Markets Authority* BELGIUM Bermuda Monetary Authority BERMUDA Autoridad de Supervisión del Sistema Financiero BOLIVIA Securities Commission of the Federation of Bosnia and Herzegovina BOSNIA AND HERZEGOVINA, FEDERATION OF Comissão de Valores Mobiliários* BRAZIL British Columbia Securities Commission CANADA British Virgin Islands Financial Services Commission BRITISH VIRGIN ISLANDS Autoriti Monetari Brunei Darussalam BRUNEI Financial Supervision Commission BULGARIA Auditoria Geral do Mercado de Valores Mobiliários, Banco Central of Cabo Verde CABO VERDE Cayman Islands Monetary Authority CAYMAN ISLANDS Commission de Surveillance du Marché Financier de l’Afrique Centrale CENTRAL AFRICA Comisión para el Mercado Financiero (Financial Market Commission) CHILE China Securities Regulatory Commission* CHINA Financial Supervisory Commission CHINESE TAIPEI Superintendencia -
Enhancing Liquidity in Emerging Market Exchanges
ENHANCING LIQUIDITY IN EMERGING MARKET EXCHANGES ENHANCING LIQUIDITY IN EMERGING MARKET EXCHANGES OLIVER WYMAN | WORLD FEDERATION OF EXCHANGES 1 CONTENTS 1 2 THE IMPORTANCE OF EXECUTIVE SUMMARY GROWING LIQUIDITY page 2 page 5 3 PROMOTING THE DEVELOPMENT OF A DIVERSE INVESTOR BASE page 10 AUTHORS Daniela Peterhoff, Partner Siobhan Cleary Head of Market Infrastructure Practice Head of Research & Public Policy [email protected] [email protected] Paul Calvey, Partner Stefano Alderighi Market Infrastructure Practice Senior Economist-Researcher [email protected] [email protected] Quinton Goddard, Principal Market Infrastructure Practice [email protected] 4 5 INCREASING THE INVESTING IN THE POOL OF SECURITIES CREATION OF AN AND ASSOCIATED ENABLING MARKET FINANCIAL PRODUCTS ENVIRONMENT page 18 page 28 6 SUMMARY page 36 1 EXECUTIVE SUMMARY Trading venue liquidity is the fundamental enabler of the rapid and fair exchange of securities and derivatives contracts between capital market participants. Liquidity enables investors and issuers to meet their requirements in capital markets, be it an investment, financing, or hedging, as well as reducing investment costs and the cost of capital. Through this, liquidity has a lasting and positive impact on economies. While liquidity across many products remains high in developed markets, many emerging markets suffer from significantly low levels of trading venue liquidity, effectively placing a constraint on economic and market development. We believe that exchanges, regulators, and capital market participants can take action to grow liquidity, improve the efficiency of trading, and better service issuers and investors in their markets. The indirect benefits to emerging market economies could be significant. -
ICE Global Network Global Content Coverage List
ICE Global Network Global Content Coverage List North America North America EMEA APAC Activ Financial ICE TMC Aquis Exchange ASX (NTP Derivatives) Aequitas NEO Exchange ICE Swap Trade BME - Bolsas y Mercados Españoles CXA (CHI-X Australia) ATG Americas IEX (Investors Exchange) Borsa Italiana Group CXJ (CHI-X Japan) Barclays Capital IIROC Börse Stuttgart (SID platform) HKEX (OMD C Securities & D Derivatives) BGC Fenics Itiviti (NYFIX, ULLink PTRMS (Canada)) CBOE Europe ICE Clear Singapore BOX (Boston Stock Exchange) Jane Street Capital CME (BrokerTech EU) ICE Futures Singapore Broadridge (ADP) JP Morgan Chase Deutsche Börse Group (Xetra, Eurex) JPX (TSE Flex Standard/Full, OSE) Broadridge Financial Solutions Lime Brokerage Equiduct KRX - Korea Stock Exchange Canadian Imperial Bank of Commerce - CIBC LTSE (Long Term Stock Exchange) Euronext Group SBI Japanext CBOE US MEMX (Members Exchange) Fastmatch (Euronext FX) SGX (Equities, Derivatives) CBOE FX (Hotspot NY4) MIAX Options, MIAX Pearl Options, Miax Pearl Equities FIS Global (Sungard London-Paris) TAIFEX – Taiwan Futures Exchange CME (CME, NYMEX, COMEX, CBOT) Morgan Stanley Unicast Services Goldman Sachs Sigma-X TPEX – Taipei Exchange CME (BME, DME, MGEX, Indexes, Bitcoin) MSCI Indexes ICE Benchmark Administration TWSE - Taiwan Stock Exchange CME (BrokerTec US) MT Newswires ICE Clear Europe LATAM Credit Suisse NASDAQ Canada (CXC, CX2, CXD, Basic) ICE Clear Netherlands B3 - BM&F & Bovespa Creditex NASDAQ US (All Markets) ICE Futures Europe BCS - Bolsa de Santiago CSE - Canadian Securities -
Doing Data Differently
General Company Overview Doing data differently V.14.9. Company Overview Helping the global financial community make informed decisions through the provision of fast, accurate, timely and affordable reference data services With more than 20 years of experience, we offer comprehensive and complete securities reference and pricing data for equities, fixed income and derivative instruments around the globe. Our customers can rely on our successful track record to efficiently deliver high quality data sets including: § Worldwide Corporate Actions § Worldwide Fixed Income § Security Reference File § Worldwide End-of-Day Prices Exchange Data International has recently expanded its data coverage to include economic data. Currently it has three products: § African Economic Data www.africadata.com § Economic Indicator Service (EIS) § Global Economic Data Our professional sales, support and data/research teams deliver the lowest cost of ownership whilst at the same time being the most responsive to client requests. As a result of our on-going commitment to providing cost effective and innovative data solutions, whilst at the same time ensuring the highest standards, we have been awarded the internationally recognized symbol of quality ISO 9001. Headquartered in United Kingdom, we have staff in Canada, India, Morocco, South Africa and United States. www.exchange-data.com 2 Company Overview Contents Reference Data ............................................................................................................................................ -
Over 100 Exchanges Worldwide 'Ring the Bell for Gender Equality in 2021' with Women in Etfs and Five Partner Organizations
OVER 100 EXCHANGES WORLDWIDE 'RING THE BELL FOR GENDER EQUALITY IN 2021’ WITH WOMEN IN ETFS AND FIVE PARTNER ORGANIZATIONS Wednesday March 3, 2021, London – For the seventh consecutive year, a global collaboration across over 100 exchanges around the world plan to hold a bell ringing event to celebrate International Women’s Day 2021 (8 March 2020). The events - which start on Monday 1 March, and will last for two weeks - are a partnership between IFC, Sustainable Stock Exchanges (SSE) Initiative, UN Global Compact, UN Women, the World Federation of Exchanges and Women in ETFs, The UN Women’s theme for International Women’s Day 2021 - “Women in leadership: Achieving an equal future in a COVID-19 world ” celebrates the tremendous efforts by women and girls around the world in shaping a more equal future and recovery from the COVID-19 pandemic. Women leaders and women’s organizations have demonstrated their skills, knowledge and networks to effectively lead in COVID-19 response and recovery efforts. Today there is more recognition than ever before that women bring different experiences, perspectives and skills to the table, and make irreplaceable contributions to decisions, policies and laws that work better for all. Women in ETFs leadership globally are united in the view that “There is a natural synergy for Women in ETFs to celebrate International Women’s Day with bell ringings. Gender equality is central to driving the global economy and the private sector has an important role to play. Our mission is to create opportunities for professional development and advancement of women by expanding connections among women and men in the financial industry.” The list of exchanges and organisations that have registered to hold an in person or virtual bell ringing event are shown on the following pages. -
Index Methodology Guide for the Factset Global E-Business Indextm
Index Methodology Guide for the FactSet Global e-Business IndexTM Version 1.2 – August 17, 2020 Copyright © 2019 FactSet Research Systems Inc. All rights reserved Table of Contents Index Methodology Guide for the FactSet Global e-Business IndexTM ......................................................... 1 Table of Contents .......................................................................................................................................... 2 Index Introduction and Objective ................................................................................................................. 3 Index Construction ........................................................................................................................................ 4 Index Maintenance ..................................................................................................................................... 10 Index Calculation and Data Correction ....................................................................................................... 11 Additional Information................................................................................................................................ 12 Copyright © 2019 FactSet Research Systems Inc. All rights reserved Index Introduction and Objective 1.1 Index Overview The FactSet Global e-Business Index is an equity benchmark designed to track the performance of companies engaged in electronic business activities. By using the Internet and other cloud and software technologies, -
Listing in Africa
LISTING IN AFRICA 2014/2015 kpmg.com/Africa Contents Introduction 04 Key De nitions 08 Summary of Listing Criteria 12 Botswana 24 Kenya 44 Mauritius 68 Namibia 88 Nigeria 114 South Africa 132 Zambia 160 Zimbabwe 186 Key sources 210 Contributors 211 Introduction Purpose of this publication There is an increasing interest in Africa as a potential investment destination due to the fact that the developed markets are not expected to grow as they have done previously. In addition, Africa is seen to be becoming more politically mature and easier to access and this, together with its growing population and rise in consumption, is adding to its attractiveness for foreign investors. Africa also has vast tracts of unutilised land and signicant mineral and other resources. The purpose of this document is to provide an overview of the considerations for listing, listing criteria, processes, documentation requirements and continuing obligations relating to certain African stock exchanges, as well as an overview of the composition and liquidity of the equity markets in these countries. This information will give potential investors and applicant issuers’ valuable insights into listing in these environments. Advantages and disadvantages of an equity listing Some of the advantages of listing equity on any stock exchange are set out below: › Enables the company to raise equity capital to fund existing projects and acquisition opportunities and/or to reduce current gearing levels in the company; › Provides a future and current exit route for the existing