8Table 1: Johannesburg Stock Exchange StatisticsForm <strong>of</strong> EnterpriseJSEPublic, unlisted companyMarket Statistics 4 EUR USDDomestic Market 2002 123.276,5 116.544,40Capitalization 2003 230.431,3 260.749,10(millions) 2004 355.765,1 442.525,502005 441.315,9 549.310,31Total Value <strong>of</strong> Share Trad<strong>in</strong>g 2002 81.607,0 77.150,44(Turnover) 2003 88.206,0 99.811,26(millions) 2004 128.719,0 160.109,702005 161.762,0 201.346,78No. <strong>of</strong> Listed Companies 2002 4722003 4262004 4042005 388Number <strong>of</strong> Trad<strong>in</strong>g Days 2002 2502003 2502004 2512005 251Average Daily Turnover 2002 331,7 313,60(millions) 2003 357,5 404,502004 515,9 641,702005 644,5 802,18Average Value <strong>of</strong> Trades 2002 21,9 20,7(Transactions) 2003 27,1 30,7(thousands) 2004 32,9 40,92005 31,9 39,8Total Number <strong>of</strong> Trades 2002 3.729,87(thousands) 2003 3.253,862004 3.911,452005 5.064,04Total Number <strong>of</strong> Shares 2002 55.790,00Traded 2003 43.052,50(millions) 2004 45.438,402005 54.510,00Source: http://www.world-<strong>exchanges</strong>.org/WFE, 18/02/2006http://www.jse.co.za, 19/02/20064 See Appendix 1 for def<strong>in</strong>ition and calculation methods <strong>of</strong> the WFE
92.2.2 The National Stock Exchange <strong>of</strong> IndiaThe National Stock Exchange <strong>of</strong> India limited (NSE)is located <strong>in</strong> Mumbai, the f<strong>in</strong>ancial centre <strong>of</strong> India.The NSE was <strong>in</strong>corporated <strong>in</strong> November 1992 as atax-pay<strong>in</strong>g company and was given recognition as a <strong>stock</strong> exchange <strong>in</strong> April 1993. Itstarted operations <strong>in</strong> June 1994 and launched subsequently the Capital MarketSegment <strong>in</strong> November 1994 as a trad<strong>in</strong>g platform for equities, and the Futures andOptions Segment <strong>in</strong> June 2000 for various derivative <strong>in</strong>struments.The creation <strong>of</strong> a second <strong>stock</strong> exchange, besides the Bombay Stock Exchange, wasdue to <strong>in</strong>efficiencies <strong>in</strong> the Indian f<strong>in</strong>ancial <strong>market</strong>. Need was felt for betterregulation, discipl<strong>in</strong>e, and accountability.Although it was established as a public limited company, the NSE adopted the form<strong>of</strong> a de-mutualized exchange, hence is a for-pr<strong>of</strong>it, tax-pay<strong>in</strong>g company, owned by aset <strong>of</strong> lead<strong>in</strong>g f<strong>in</strong>ancial <strong>in</strong>stitutions, banks, <strong>in</strong>surance companies and other f<strong>in</strong>ancial<strong>in</strong>termediaries. 5 As <strong>of</strong> March 31, 2005 the number <strong>of</strong> shareholders is 21, all <strong>of</strong> themcom<strong>in</strong>g from the f<strong>in</strong>ancial sector (NSE 2005).5 http://www.nse<strong>in</strong>dia.com/, 22/02/2006
- Page 1 and 2: MARKET ARCHITECTURE OF SELECTED STO
- Page 3 and 4: ITABLE OF CONTENTSList of Figures .
- Page 5 and 6: IIIList of Figures 1Figure 1: Equit
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- Page 56 and 57: 48Order TypesGenerally, there are t
- Page 58 and 59: 50The Trading DayTable 18: Opening
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59The three stages of price variati
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61according to price/time priority
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63The Trading DayTable 29: Opening
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65Additionally, there are special a
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67Table 34: Discretionary Trading H
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69Order Entry ParametersThe rules o
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71Trading unitsPrices of B-shares o
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73Market ParticipantsISE members au
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75The Trading DayTable 39: Opening
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774.6 The Warsaw Stock ExchangeIn t
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79Must-be-filled orders can be plac
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81Figure 19: Trading Phases of the
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83executable at a determined price
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854.7 The Dubai International Finan
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88The Trading DayTable 52: Opening
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905 ConclusionThe ever-increasing n
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92Table 56: Synoptical Table of Mar
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94Trades effected through the Elect
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967 ReferencesLiteratureBARUCCI, E.
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98GIRIDHAR, G., 2004. Market Micros
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100PECHLANER, V. M., 2001. An Analy
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102EIDESSTATTLICHE ERKLÄRUNGIch er