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Modern Changes in International Equity Markets
Few things, you might think, are as enduring as a national stock exchange. From pillared entrance to pulsating floor, they display an institutional solidarity that can surely defy forces for change. And yet most of the world’s bourses are now in turmoil, as they scrabble to be seen making alliances or mergers, to fend off electronic competitors, or simply to survive. Even New York, the biggest of the lot, is worried: while London, the biggest in Europe, seems to lurch from one misstep to another. (The Economist, 17th June 2000). These missteps have come about from a number of structural changes that have, and are still occurring within national, and global economic environments. A major change is with mergers of many equity and derivative markets, Switzerland 1993, Germany 1994, Netherlands, Finland, France and Austria in 1997. (Bank Of England, 1999). This and other changes such as cross member ship agreements and new parallel links between exchanges, have, and still are creating and manipulating the international markets. The essay will then explain why these changes have occurred, looking in depth at technology advances, technology and scale of economies, technology and competition, cross border investment, globalisation and new role taken by finical intermediaries, providing specific examples of these changes seen with current examples. The essay will conclude with a brief summary of what the larger markets are doing to combat this changes.
There have been two major structural changes in markets over the past decades. The first of which is the mergers between equity and derivative exchanges within countries and secondly the new types of links, created by technological advances between exchanges. Firstly mergers between equity and derivative markets like the aforementioned Swiss, German, French, Netherlands, Finnish and Austrian markets. It also should be noted other links now exist, or soon will, like the Hong Kong Stock Exchange and the Hong Kong Futures Exchange, and between the Australian Stock Exchange and the Sydney Futures Exchange. Also there are new platforms being formed, especially within Europe, which provide a parallel link between exchanges that list similar products. This is seen with Sweden’s OM/OMLx and Norway’s Oslo Stock exchange developed a shared trading-platform for eq...
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...ank of New York, vol 5, July, pp9-28
Chelley-Steely, P. L. (2000). “Interdependence of international equity market volatility”, Applied Economics, vol. 7, May, pp. 341-346
Clementi, D. (2001). “Current threats to global financial stability”: a European view’ Bank of England. Quarterly Bulletin, vol. 41, spring, pp.129-176
Kosterlitz, J. (2000). “Levvitt to markets”: Adapt or suffer’ National Journal, vol 32, February, pp.531-534
Millner, B. (2000). “NASDAQ north”, Barron’s, vol. 80, July, pp. 25-29
Rafferty, M., (2000). “Finical Markets in Transition”: Globalisation, Investment and Economic Growth’, Journal of International Business Studies, Vol. 31, First Quarter, pp. 193-197
The Economist. (2000). “Running into trouble”, 17th June, pp. 87
The Economist. (2000). “Stock Exchanges”: The battle for efficient markets’. 17th June, pp. 80-82
The Economist. (2000). “Tomorrow’s Stock markets”, 17th June, pp.17-18
Viney, C. (2000) Financial Institutions, Instruments and Markets, Roseville N.S.W., McGraw-Hill
Williamson, C., (1999). “Structural Changes in exchange”: traded markets’, Bank of England. Quarterly Bulletin. Vol. 39, May, pp. 202-208
Aspirin is much more than just a pill to take for aches, it has changed life for the better. It is used for medical purposes as well as everyday household needs. If people did not know about this simple yet life-changing molecule, the world would not be the same.
The threat of online competitors is also present to every discount broker that has not switched to online trading or chooses to remain with their current business model and not offer online services. These online trading sites have unique trading capabilities that otherwise are not present at Edward Jones. They offer sound advice on stocks and other investments instantly. Each customer has to call their Edward Jones advisor in order to place a trade. This makes sense to Edward Jones because they want to help prevent the rash decisio...
[10] “Havana’s Policy in Africa, 1959-76: New Evidence from the Cuban Archives” by Piero Gleijeses, CWIHP Document Library.
Through the many years that Tylenol has been on the market, it has been a highly recommended analgesic by doctors. Reports show that doctors recommend Tylenol for headaches three times more than Advil, five times more than Excedrin, and seven times more than Aleve(Tylenol.com). Tylenol is also one of the mostly used analgesics by hospitals. Some of the reasons it is recommended so highly is because it is gentle on the stomach and is less likely to react with other medications. This would enable people with hypertension and gastrointestinal ulcers to use this medication. Arthritis experts also recommend Tylenol for osteoarthritic patients due to its wide margin of safety. The Tylenol Elixir product also has a proven record of safety and recommendation by doctors when used according to the correct dosage. These products ushered the McNeil company into a world wide company with well known products liked by the consumer. In a independent survey by myself, I found that seventy-nine percent of the people said they used Tylenol products. The recommendation by doctors of the safe product helped to establish the Tylenol products as being trustworthy and reliable fo...
Whitney, Robert. "The Architect of the Cuban State: Fulgencio Batista and Populism in Cuba, 1937-1940." Journal of Latin American Studies 32.2 (2000): 435-59. JSTOR. Web. 24 May 2014. .
...ing what the main ingredient responsible for relieving pain actually was and how much of it was contained inside each pill to effectively relieve pain. The active ingredient that is contained in aspirin is acetyl acid and the amount of active ingredient that is present will directly determine the strength of the aspirin. This question is significant and worthy of being investigated because the pharmaceutical industry is very large and people usually just buy it based on what they see on the ad for the medicine, suppose the ingredients were wrong or under dosed so they actually never work at all, the end result of the research that I am conducting will be helpful in real life situations to help figure out which brand of painkiller actually has the correct dosages or most effective dosages so that you would know what is best to purchase and ingest for optimum relief.
If financial markets are instable, it will lead to sharp contraction of economic activity. For example, in this most recent financial crisis, a deterioration in financial institutions’ balance sheets, along with asset price decline and interest rate hikes increased market uncertainty thus, worsening what is called ‘adverse selection and moral hazard’. This is a serious dilemma created before business transactions occur which information is misleading and promotes doing business with the ‘most undesirable’ clients by a financial institution. In turn, these ‘most undesirable’ clients later engage in undesirable behavior. All of this leads to a decline in economic activity, more adverse selection and moral hazards, a banking crisis and further declining in economic activity. Ultimately, the banking crisis came and unanticipated price level increases and even further declines in economic activity.
"An aspirin a day keeps the doctor away." Although this saying can be true, it is not only aspirin that can cure the pains of life, but also several other types of analgesics. There are a wide variety of analgesics. More commonly known as painkillers. The narcotic analgesics act on the central nervous system and change the user's perception; they are more often used for severe pain and can make the user develop an addiction. The nonnarcotic analgesics, known as over the counter or OTC, work at the site of the pain. These do not create tolerance or dependence and do not vary the user's perception. OTC's are more commonly used everyday to treat mild pain.
Financialization is a complex process that labels global finance as the dominant force that drives all economic and political bearings. In order to understand this concept and the process of how financialization works, this essay will evaluate and assess how the collapse of the housing market led to the fiancial crisis in 2008. According to Economic Geography a contemporary introduction, financialization “is when all sorts of things are transformed into financial instruments for trading among individuals and firms in the international capital markets. Through financialization, fixed properties such as housing are financialized into structured investment vehicles such as mortgages—back securities that can be easily traded among global investors through a variety of financial institutions” (Coe, Kelly, and Yeung, 2013). Trading mortgages, or shares at the global level proved to be a financial disaster for many involved. Ultimately the collateralized debt obligation market collapsed and thus dragged down the entire global financial market.
Upon the examination of the brazilian populist movement, the transformation of a society from an agrarian to an industrialized society presented a lot of challenges to the people. The citizens faced a hard time in the transition stages and poverty was rampant. Populist leaders, by empathizing and identifying with the common citizens, gained an almost cultic following among the poor and the middle class. The demise of populist politics in Brazil came through the hands of the military, after the 1964 takeover. Ten years later, the military relaxed its reins and allowed for more public participation. Nevertheless, Populism and La Moral have left their mark in politics, history, economy and social life.
Economist Raghuram Rajan was one of the prophetic ones at the central bankers conference where Alan Greenspan was present in 2005 and delivered his paper asking, “Has Financial Development Made the World Risker?” The answer to this question in Rajan’s head was yes, but all other critics it was no, however more recent events; that of the 2008 crisis has proved him correct.
Wang, Jing 2008, ‘Why Are Exchange Rates So Difficult To Predict’, Economic Letter, Vol. 3, no. 6.
The liberalization of capital developments and deregulation, particularly of fiscal administrations, prompted a spurt in cross-border capital flows. The globalization of financial markets has triggered a rapid growth in investment portfolio ...
Ferguson et al. International financial stability. Geneva: International Center for Monetary and Banking Studies, 2007. Print.
The biggest stock exchanges are the New York Stock Exchange and NASDAQ. The New York Stock Exchange is a large building in Lower Manhattan that does auction-style trading with a lot of face to face interaction through specialists, brokers, and buyers. There are upper floors in this exchange on which specialists determine the prices of all the stocks. This information then travels to the brokers who work auctions face to face with buyers in order to sell the stocks. America’s biggest companies, like Coca-Cola and McDonald’s, sell their stocks through this exchange. NASDAQ is a virtual stock exchange with no physical building. This exchange was created during the 1970s but began thriving during the tech boom of the 1990s. The tech boom helped this exchange become the home of more technological companies li...