...I. History of London Stock Exchange A. Early days (1693—1801) 1. Coffee House The early history of the London securities market can be traced back to the seventeenth century. A broker called John Castaing began to issue a list of stock and commodity prices called “The Course of the Exchange and other things” at his office in what was known as Jonathan’s Coffee-house. It is the earliest evidence of organized trading in marketable securities in London. 2. Royal exchange This is something similar to the exchange that we see today. The Royal Exchange not only housed brokers but also merchants and merchandise. However, this was the birth of a regulated market and, as such, had its teething problems in the shape of unlicensed brokers. B. Opportunities (1801—1914) 1. Establishment On 3 March, 1801, the first regulated institution of the London Stock Exchange was formed and the modern Stock Exchange was born. 2. First codified rule book In February 1812, the General Purpose Committee confirmed a set of recommendations, which later became the foundation of the first codified rule book for the Exchange. With its new governmental commandments and increasing trading volume in place, the Exchange was progressively becoming an accepted part of the financial life in the City. The government used the Exchange's organized market to raise the enormous amount of money in the wars against Napoleon. C. During the Wars (1914 —1945) 1. The...
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...Abstract This paper explores the origin of wire services, major new agencies providing those services, and the evolution of the service over its history. Wire services are necessary for the facilitation of news internationally. The methods of providing news from a wire service, or news agency, to other newspaper, periodical, radio, television, or other communication outlet has evolved throughout history. This paper explores the humble beginnings of wire services and highlights several of the major wire service providers, including Reuters, The Associated Press (AP), United Press International, Agence France Presse (AFP), and Bloomberg. The Evolution of Wire Services: Then and Now Wire services are integral components of international communication. Also referred to as a news agency, a wire service is an organization “that sends out syndicated news copy to subscribers by wire or by satellite transmission (Mish, 1997).” With origins dating back to the early 1850s (McPhail, 2010), wire services have not always conducted communication transfers with advanced technology like satellite transmissions. From telegraphy to teleprinters to radio, the process of getting news from a wire service to its dependent news and other providers has evolved substantially throughout the years. The conception and continued modernization of wire services can be attributed to various agency titans, including Reuters, The Associated Press (AP), United Press International, Agence France Presse (AFP)...
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...Topic: The biggest scams in the banking history Course: Banking Students: Nino Vepkhvadze, Gohar Trchunyan, Giorgi Menteshashvili & Giorgi Paksashvili Date: 04.06.2012 A fraud, by definition, is the act of deliberate deception of people to secure an unlawful gain. These are mainly for the purpose of defrauding money as well as prestige rather than immediate financial gain. A study by BBC has revealed that the average woman lies twice a day while a man tells three lies a day. However, the lies they tell differ from each other a lot, both in essence and the results yielded. This is why we decided that the frauds and scams of the banking industry as well as their influence on other financial institutions would be quite interesting and intriguing. Let us together investigate how far a human mind can go to earn as much money and glory as we desire. Jerome Kerviel’s case-Societe Generale on the edge In January 2008, A French court sentenced former Société Générale trader Jérôme Kerviel to three years in prison for his role in one of the world's biggest-ever trading scandals and ordered him to repay his former employer €4.9 billion—a sum it would take him 180,000 years to pay at his current salary. In convicting Mr. Kerviel of breach of trust, forgery, and unauthorized computer use, the judge also handed Mr. Kerviel a lifetime trading ban. The prison sentence handed to Mr Kerviel is for five years, of which two years were suspended. Throughout the trial, Mr. Kerviel and...
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...COMMODITY EXCHANGES AROUND THE WORLD By the UNCTAD Secretariat ∗ Virtually all of the futures exchanges in the United States date from the late nineteenth or early twentieth century. They all started as commodity exchanges, but since the early 1980s trade in financial futures has become more and more important for most of them. Until 1998, the Chicago Board of Trade used to be the world=s largest futures exchange, but is now the second-largest place with a volume of 255 million contracts in 1999 (11 per cent of total world volume). The Chicago Mercantile Exchange, the world=s fourth-largest, accounted for about 8.5 per cent of world volume, while the New York Mercantile Exchange (former NYMEX and COMEX), the world=s eighth-largest, accounted for more than 4 per cent. Among the large exchanges, NYMEX is the only one trading solely commodities, and is the world=s largest commodity exchange. Two years ago, the CSCE, NYSE and NYCE merged to form the New York Board of Trade which was in 1999 the world=s twentiethlargest exchange. Up to 1993, the United States exchanges used to account for the major part of world futures and options trade. As the table below shows, it is not anymore the case today. 1400 Legend Country has one ore more active commodity futures exchanges. Country has one ore more exchanges active in the physical trade of commodities or forward delivery. There are, or have been, plans for the introduction of a commodity exchange. Total US Exchanges 1200 1000...
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...Dow Jones Industrial AverageTM Stated Objective To represent large and well-known U.S. companies. Covers all industries with the exception of Transportation and Utilities. Key Features — The index is maintained by the Averages Committee. — Components are added and deleted on an as-needed basis. For the sake of continuity, such changes are rare, and typically occur following corporate acquisitions or other significant changes in a component company's core business. When one component is replaced, all of them are reviewed. — While stock selection is not governed by quantitative rules, a stock typically is added only if the company has an excellent reputation, demonstrates sustained growth and is of interest to a large number of investors. Maintaining adequate sector representation within the index is also a consideration in the selection process. — The index is price weighted. — The Dow Jones Industrial AverageTM was first calculated on May 26, 1896. Descriptive Statistics Market Capitalization (Billions) ComponentCurrency Number | Float-Full Adjusted Mean Median Largest Smallest | USD 30 | 5,016.6 4,769.7 159.0 137.8 412.4 34.2 | Data calculated as of end of October, 2014. Mean, median, largest component and smallest component values are based on float-adjusted market capitalization. Performance ...
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...economic and financial crises during the recent 200 years. Society was suffering from such downturns, because each of them had its own characteristics and consequences which affected the whole economic world. In the next passages I would like to tell you about the history of financial crises and about the solutions made by governments and departments which helped to reduce the bad effects of it. Not a single year has gone by in the past two centuries where there was not a financial crisis somewhere in the world (see figure 1). Arguably, the world witnessed its first international financial crisis in 1825. The opening up of Latin America after the overthrow of the Spanish empire led to the opening up of international trade between England and the Latin American republics. The result was massive capital flows from London to finance infrastructure, mining and government spending. But once the capital outflows impinged on the Bank of England’s (BoE) gold reserves, the policy rate was raised, leading to a banking crisis. A sudden stop of capital flow from London resulted in banking panics in the US and currency crashes across Latin America. Figure 1: The history of financial crises Indeed, the crisis in 1825 marked the first of seven clusters of sovereign defaults in the period 1800 to 2010 In the first cluster of defaults, which happened during 1824-1834, 13 Latin American countries defaulted. The following...
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...Street needs reforms after the financial debacle of 2008. But then it has always needed reforming, because it has been in a constant state of evolution for 218 years. And most of that reform was accomplished by Wall Street itself, not government. In the early days of Wall Street the trading that took place there was so limited that little regulation was needed. On Mar. 16, 1830, the New York Stock and Exchange Board--as the New York Stock Exchange was then called--traded a grand total of 31 shares. But the Civil War changed everything. As the national debt soared from $65 million to $2.7 billion, and as the economy expanded enormously to meet wartime needs, Wall Street exploded in size. By 1865 it was second only to London. But regulation was almost nonexistent. New exchanges had sprung to meet the hugely increased trading, and the curb market operated on Broad Street with no regulation whatever. Worse, New York state and city governments were utterly corrupt; an English magazine of the time reported that "in New York there is a custom among litigants as peculiar to that city, it is to be hoped, as it is supreme within it, of retaining a judge as well as a lawyer." When Cornelius Vanderbilt tried to buy enough common stock in the Erie Railway to control the company, members of the Erie board just started printing more and more of it. "If this printing press don't break down," one of the directors said, "I'll be damned if I don't give the old hog all he wants of Erie." The...
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...Marius a military leader created a burial club among his troops, so in the event of the unexpected death of a clubs member, other members would pay for the funeral expense. The history of life insurance dates back to 3000BC. Learned scholars expression “Yagaksheman” found in the Rig Veda refers to a sort of social welfare insurance; the ancient Aryans seem to have developed such a concept. Edwin W Kopt in his treatise origin developed and practices of livestock insurance , credits India with being the mother of insurance practices, and opines that the development started in India and after that spread to ancient Babylon. Insurance began as a way of reducing the risk of traders, as early as 5000 BC in china and 4500 BC in Babylon. Life insurance dates only to ancient Rome; burial clubs covered the cost of member’s funeral expenses and helped survivors monetarily. Modern life insurance started in late 17th century in England, originally as insurance for traders: Merchants, ship owners and underwriters met to discuss deals at Lloyds coffee house, predecessor to the famous Lloyds of London. The first insurance company, the society for the assurance of widows and orphans, was founded in London in 1699. After repel of the royal charter in 1720 providing monopoly to the London assurance and the royal exchange assurance companies was phenomenal. Competing companies started launching many new attractive life insurance plans. The first life insurance company of the United States was Corporation...
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...Muhammad Faisal Shaikh SP11-MB-0101 Vision Create an exploration led and Sustainable cash generative oil and gas business Offering shareholders exposure to material Capital growth potential. By constructing a balanced portfolio of growth opportunities, Whilst retaining a strong balance sheet, we Are well placed to repeat the cycle of creating, adding and realizing shareholder value. 2012 Acquisition of Nautical Petroleum Nautical was an independent oil and gas exploration and production company. It had development assets in the United Kingdom North Sea (including interests in the Catcher, Kraken and Mariner fields) and exploration assets in the United Kingdom, Ireland and France. Acquisition of Agora Oil & Gas AS Agora was a private Norwegian company with non-operated, exploration, appraisal and developmental assets in the UK and Norwegian North Sea. Proposed $3.5 billion return of cash to shareholders announced Shareholders to receive £1.60/share dividend for each Ordinary Share. 2011 Simon Thomson becomes Chief Executive Part sale of shareholding in Cairn India to Vedanta Resources plc completed Cairn retains an approximate 22 per cent shareholding in Cairn India. 2010 Proposed part sale of Cairn India to Vedanta Resources plc Cairn announces the proposed part sale of up to 51% of its shareholding in Cairn India to Vedanta. Cairn's interests in Bangladesh acquired by Santos Santos acquires all of Cairn's assets in Bangladesh, including its interest...
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...Muhammad Faisal Shaikh SP11-MB-0101 Vision Create an exploration led and Sustainable cash generative oil and gas business Offering shareholders exposure to material Capital growth potential. By constructing a balanced portfolio of growth opportunities, Whilst retaining a strong balance sheet, we Are well placed to repeat the cycle of creating, adding and realizing shareholder value. 2012 Acquisition of Nautical Petroleum Nautical was an independent oil and gas exploration and production company. It had development assets in the United Kingdom North Sea (including interests in the Catcher, Kraken and Mariner fields) and exploration assets in the United Kingdom, Ireland and France. Acquisition of Agora Oil & Gas AS Agora was a private Norwegian company with non-operated, exploration, appraisal and developmental assets in the UK and Norwegian North Sea. Proposed $3.5 billion return of cash to shareholders announced Shareholders to receive £1.60/share dividend for each Ordinary Share. 2011 Simon Thomson becomes Chief Executive Part sale of shareholding in Cairn India to Vedanta Resources plc completed Cairn retains an approximate 22 per cent shareholding in Cairn India. 2010 Proposed part sale of Cairn India to Vedanta Resources plc Cairn announces the proposed part sale of up to 51% of its shareholding in Cairn India to Vedanta. Cairn's interests in Bangladesh acquired by Santos Santos acquires all of Cairn's assets in Bangladesh, including its interest...
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...1231001 Abdullah Al Masud - 1210380 Imtiaz Ahmed - 1220812 2015 Table of Contents Introduction 1 Identification of Alternative Instruments 2 Art 2 History 2 Characteristics and details 3 Prospects in Bangladesh 5 Gold 6 History 6 Characteristics and details 7 Prospect in Bangladesh 9 Real Estate 10 History 10 Characteristics and details 11 Prospects in Bangladesh 13 Private Equity 14 History 15 Characteristics and details 15 Prospects in Bangladesh 17 Venture Capital 18 History 19 Characteristics and details 19 Prospects in Bangladesh 21 Conclusion 22 References 23 Introduction As volatile as the stock market can be, many investors have been looking into safer ways to invest their money. So, “alternative investments” have become increasingly popular. An alternative investment is any investment other than the three traditional asset classes: stocks, bonds and cash. These alternatives don’t take the place of those more traditional assets. Investors shouldn’t sell their stocks, cash out their savings accounts and put all their money in these less traditional options. Most financial experts agree that alternative investments are best when used to diversify financial portfolios. In other words, instead of putting all of the money in stocks put some in stocks, some in bonds and some in alternative investments like hedge funds, private equity or even fine art and wine. Historically, many of these alternative investments...
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...history of auditing The evolution of auditing is a complicated history that has always been changing through historical events. Auditing always changed to meet the needs of the business environment of that day. Auditing has been around since the beginning of human civilization, focusing mainly, at first, on finding fraud. As the United States grew, the business world grew, and auditing began to play more important roles. In the late 1800’s and early 1900’s, people began to invest money into large corporations. The Stock Market crash of 1929 and various scandals made auditors realize that their roles in society were very important. Scandals and stock market crashes made auditors aware of deficiencies in auditing, and the auditing community was always quick to fix those deficiencies. The auditors’ job became more difficult as the accounting principles changed, and became easier with the use of internal controls. These controls introduced the need for testing; not an in-depth detailed audit. Auditing jobs would have to change to meet the changing business world. The invention of computers impacted the auditors’ world by making their job at times easier and at times making their job more difficult. Finally, the auditors’ job of certifying and testing companies’ financial statements is the backbone of the business world. Introduction Auditing has been the backbone of the complicated business world and has always changed with the times. As the business world grew strong, auditors’...
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...reveals that as many as 70 NHS PFI projects are based off-shore. 4. Expensive PFI contracts have become a huge burden on dozens of NHS trusts. Last week the government announced that ‘hit squads’ of senior government auditors are to be dispatched to seven NHS trusts who are struggling to pay PFI bills. Earlier this year, South London Healthcare Trust, which manages three South London hospitals, was the first trust forced into administration after its £61m annual PFI bills saw the trust’s budget deficit spiral unsustainably. 5. These budgetry black holes are having a real impact on patient care. In a paper for the British Medical Journal, academic Alyson Pollack claims that hospitals blighted by expensive PFI contracts are compromising on care, reducing staff numbers and cutting frontline services. 6. The findings of the European Services Strategy Unit report make particularly unsavoury reading given this backdrop of threatened patient care. 7. The Queen Elizabeth hospital in Woolwich, one of those run by the distressed South London Healthcare Trust, is just one of the PFI contracts implicated in the report. 8. The first hospital in London to be built with PFI money, the Queen Elizabeth is part-owned by three separate funds: Semperian PPP Investment Partners, Innisfree and John Laing Infrastructure Fund (JLIF). Guernsey-based JLIF owns over a quarter of the hospital along with a raft of other PFI stakes in hospital,...
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...PROPOSED RESEARCH TITLE: AN INVESTIGATION INTO THE DOWNWARD TREND IN GLOBAL STOCK MARKETS: A CASE STUDY OF THE NIGERIAN STOCK MARKET RESEARCH BRIEF The history of stock trading and trading associations can be traced as far back as the 11th century when Jewish and Muslim merchants set up trade associations. After centuries of evolution, stock markets have become the symbol of commerce in the modern world. It operates in various countries and trades a range of securities. The world stock market capitalisation is estimated to be about $ 36.6 Trillion. The stock market has various functions such as capital mobilisation, investing opportunities, risk distribution etc. The major stock exchanges in the world today include New York Stock Exchange, London Stock Exchange, Frankfurt Stock Exchange, Italian Stock Exchange, Hong Kong Stock Exchange and Tokyo Stock Exchange. There have been various stock market crashes in the past such as the Wall Street crash of 1929, the crash of 1973/74, the 1987 crash; called black Monday, the dotcom bubble of 2000 and the more recent crash in 2008 caused by the subprime mortgage crisis in America. The economic crisis of 2008 which originated in America spread to various economies in the world and their stock markets were affected. It reduced the value of stocks around the world by as much as 41% and affected both major and emerging stock markets. The Nigerian stock market is an emerging market in Africa. After attaining the position of one of...
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...PROPOSAL PROPOSED RESEARCH TITLE: AN INVESTIGATION INTO THE DOWNWARD TREND IN GLOBAL STOCK MARKETS: A CASE STUDY OF THE NIGERIAN STOCK MARKET RESEARCH BRIEF The history of stock trading and trading associations can be traced as far back as the 11th century when Jewish and Muslim merchants set up trade associations. After centuries of evolution, stock markets have become the symbol of commerce in the modern world. It operates in various countries and trades a range of securities. The world stock market capitalisation is estimated to be about $ 36.6 Trillion. The stock market has various functions such as capital mobilisation, investing opportunities, risk distribution etc. The major stock exchanges in the world today include New York Stock Exchange, London Stock Exchange, Frankfurt Stock Exchange, Italian Stock Exchange, Hong Kong Stock Exchange and Tokyo Stock Exchange. There have been various stock market crashes in the past such as the Wall Street crash of 1929, the crash of 1973/74, the 1987 crash; called black Monday, the dotcom bubble of 2000 and the more recent crash in 2008 caused by the subprime mortgage crisis in America. The economic crisis of 2008 which originated in America spread to various economies in the world and their stock markets were affected. It reduced the value of stocks around the world by as much as 41% and affected both major and emerging stock markets. The Nigerian stock market is an emerging market in Africa. After attaining the position of one of the...
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