Australian Stock Exchange - Official site of the Australian Stock Exchange.
Bahrain Stock Exchange (BSE) - Bahrain's regulatory agency for securities and official stock market.
Beirut Stock Exchange - Lebanon - Information on and daily quotes from the Lebanese stock market.
Belgrade Stock Exchange - Serbia - Information about the exchange, membership, and news and reports.
Bendigo Stock Exchange - Australia's alternative equity market driven by the needs of small and medium enterprises.
Bermuda Stock Exchange - Fully-electronic offshore securities market. Site includes news and information about trading.
Bolsa de Barcelona - Spain - Spanish regional exchange. With information about the trading system (Site mainly in Spanish).
Bolsa de Bilbao, Bilbao Stock Exchange - Spain - Securities' exchange features general information in English (mainly in Spanish).
Bolsa de Comercio de Buenos Aires (Merval) - Argentina - Quotes and information about the exchange. In English and Spanish.
Bolsa de Comercio de Santiago - Chile - Information on the Chilean stock market, stock indexes and the market tendency. Includes a daily summary of market activity.
Bolsa de Madrid - Spain - Includes information about the stock exchange and the market, up-to-date market snapshots, and a listing of companies.
Bolsa de Valores de Caracas (CSE) - Venezuela - Includes information on the exchange, brokerage houses, companies, daily trading reports, economic indicators, and capital markets.
Bolsa de Valores de Guayaquil (BVG) - Guayaquil Stock Exchange - Ecuador - Current quotes and information on the Ecuadorian securities market.
Bolsa de Valores de Lima - Peru - Trading data, current quotes, and information on securities from the Lima Stock Exchange.
Bolsa de Valores de São Paulo (Bovespa) - Brazil - Trading data, securities information, publications about the São Paulo Stock Exchange.
Bolsa de Valores do Rio de Janeiro - Brazil - Rio De Janeiro Stock Exchange; annual report only is in English.
Bolsa Mexicana de Valores (BMV) - Securities exchange in Mexico, with current quotes, information on primary and secondary markets, quotes and statistics.
Bombay Stock Exchange - India - The Stock Exchange, Mumbai; current quotes, data, securities information.
Borza Malta - Malta Stock Exchange - Market for shares of local banks, governments bonds. Features list of brokers, regulations, news.
Boston Stock Exchange (BSE) - United States - Securities trading information, companies listed, news, publications.
Botswana Stock Exchange - Lists trading conditions and regulations, performance, stockbrokers, links to other African exchanges.
Bratislava Stock Exchange - Burza cenných papierov v Bratislave - Slovakia - Information about the exchange: members, trading system, issuers, news.
Budapest Stock Exchange - Hungary - Hungarian securities exchange features market data, information about issuers, listed securities and companies, brokers, rules and regulations.
Bulgarian Stock Exchange (BSE) - Sofia - Bulgarian securities market with annual report, quotes, trading data and investment data.
Bursa Malaysia - Organization and market information, listing and trading details. Participants and media center.
Cairo and Alexandria Stock Exchange (CASE) - Egypt - Listed securities and daily trading data, regulations, participants.
Calcutta Stock Exchange - Founded in the 1830s, offers information on local index shares, discussion forums, quotes and charts.
Cayman Islands Stock Exchange (CSX) - Provides a listing facility for offshore mutual funds, specialist deb securities, global depositary receipts, and derivative warrants.
Copenhagen Stock Exchange (KFX) - Denmark - Københavns Fondsbørs; brief page listing index values and press releases.
Cyprus Stock Exchange (CSE) - Market data, listed companies, investor information, news.
Dhaka Stock Exchange (DSE) - Bangladesh - Share price index, other statistics, trading system, personnel, investor'sguide, news.
Euronext - Integration platform of the exchanges of Bruxelles, Paris, and Amsterdam.
Euronext Paris - France - Paris Bourse securities exchange, current quotes, news, shareholder information.
Gruppe Deutsche Börse - Frankfurt Stock Exchange - Germany - Includes information, DAX index, Xetra platform, market data, listed companies, news, on Eurex Deutschland and FWB Frankfurter Wertpapierbörse.
Inter-Connected Stock Exchange of India (ISE) - Brief listing information on this securities market of India.
Irish Stock Exchange - Market information, markets, news, fund information.
Istanbul Stock Exchange (ISE) - Turkey - The securities exchange in Turkey. Site features quotes, statistics, issuers, brokers.
Italian Exchange - Borsa Italiana - Provides market data, listed companies profile, intermediaries, and options and futures.
Jakarta Stock Exchange (JSX) - Indonesia - Market summaries, corporate actions, trading data, press releases.
JSE Securities Exchange - Johannesburg, South Africa - News, quotes, index, guidelines of the exchange; with list of accredited brokers, ISIN of securities, FAQ.
Karachi Stock Exchange (KSE) - Pakistan - Market statistics, company analyses, summaries, indexes, foreign investment information.
Labuan International Financial Exchange (LFX) - Background information, regulatory structure, operations and latest news.
Ljubljanska Borza - Ljubljana Stock Exchange (LJSE) - Slovenia - Daily price list, new securities, lists, market information.
London Stock Exchange - General information about markets of London Stock Exchange UK shares equities AIM gilts stocks warrants.
Luxembourg Stock Exchange - Bourse de Luxembourg - Securities indices, prices, listings, investment information, regulations.
Macedonian Stock Exchange (MSE) - History, organization, market and trading information, listing requirements.
Moscow Interbank Currency Exchange (MICEX) - Russia - Trading operations in currency market, stock market and derivative market.
NASDAQ Stock Market - Official site featuring real time stock quotes, stock market news, and customizable tools for stock research.
National Stock Exchange of India (NSE) - India securities market information, including real time graphs, information.
New York Stock Exchange (NYSE)- United States - Real time quotes, market information, regulations, news.
New Zealand Exchange (NZX) - Securities exchange information, publications, news, statistics. Operates New Zealand's only registered national stock exchange.
Oslo Stock Exchange - Oslo Bors (OBX) - Norway - Markets, news, indices, statistics, quote lists, regulations.
OTC Bulletin Board (OTCBB) - Over the Counter securities market in the United States; statistics, trading activity reports, investor information.
Palestine Securities Exchange (PSE) - Quotes and summaries, statistics, history, structure.
Philippine Stock Exchange (PSE) - Philippines - Presentation of its activities, includes stock quotes, list of member firms, regulations, updates.
Prague Stock Exchange (PX) - Czech Republic - Online quotes, summaries, statistics, price lists.
Riga Stock Exchange (RSE)- Latvia - News, statistics, listed securities, Baltic list and links.
RTS Stock Exchange - Trading data, historic and real-time quotes, listed companies, news. Available in Russian and English.
San Diego Stock Exchange - United States - Allows search for publicly-owned companies in San Diego, California, graphs, company histories, profiles.
Singapore Exchange (SGX) - Asia-Pacific securities and derivatives. News, online quotes.
Stock Exchange of Newcastle (NSX) - Australia - Rules, companies, electronic trading information.
Stock Exchange of Thailand (SET) - News, current stock quotes, market summaries, company lists, financial statements.
Taiwan Stock Exchange Corporation (TSEC) - Market statistics, information, brokers, companies, daily quotes.
Tallinn Stock Exchange - Estonia - Online information, guides, market information, trading statistics, regulations, link to Estonian Central Depository.
Tel-Aviv Stock Exchange (TASE) - Israel - Tel Aviv stock exchange, market data, statistics, publications, indices.
Tokyo Stock Exchange - Japan - Trading information, real-time and historical index quotes, market statistics, and specialist information for Japan's stock exchange. Content in English and Japanese.
Toronto Stock Exchange (TSE) - Canada - News, regulations, market data and summaries, listings.
Trinidad and Tobago Stock Exchange (TTSE) - Reports and summaries, trading data, company lists, brokers, excerpt from selected annual reports.
Virt-X - Stock Exchange for European blue chips.
Warsaw Stock Exchange (GPW) - Poland - Indices and statistics, regulations, history, trading systems, listed securities and companies.
Wiener Börse AG - Vienna, Austria - News, market data, statistics, members, online forum, links.
Winnipeg Stock Exchange (WSE) - Canada - Trade summaries, listings, member firms, news, rules and policies, links.
Zagreb Stock Exchange - Croatia - Facts, figures, charts, indices, listed securities, reports, statistics, links to legislation and banking information.
Wednesday, August 6, 2008
Taxation
Capital gains tax
According to each national or state legislation, a large array of fiscal obligations must be respected regarding capital gains, and taxes are charged by the state over the transactions, dividends and capital gains on the stock market, in particular in the stock exchanges. However, these fiscal obligations may vary from jurisdiction to jurisdiction because, among other reasons, it could be assumed that taxation is already incorporated into the stock price through the different taxes companies pay to the state, or that tax free stock market operations are useful to boost economic growth.
According to each national or state legislation, a large array of fiscal obligations must be respected regarding capital gains, and taxes are charged by the state over the transactions, dividends and capital gains on the stock market, in particular in the stock exchanges. However, these fiscal obligations may vary from jurisdiction to jurisdiction because, among other reasons, it could be assumed that taxation is already incorporated into the stock price through the different taxes companies pay to the state, or that tax free stock market operations are useful to boost economic growth.
Investment strategies
Stock valuation
One of the many things people always want to know about the stock market is, "How do I make money investing?" There are many different approaches; two basic methods are classified as either fundamental analysis or technical analysis. Fundamental analysis refers to analyzing companies by their financial statements found in SEC Filings, business trends, general economic conditions, etc. Technical analysis studies price actions in markets through the use of charts and quantitative techniques to attempt to forecast price trends regardless of the company's financial prospects. One example of a technical strategy is the Trend following method, used by John W. Henry and Ed Seykota, which uses price patterns, utilizes strict money management and is also rooted in risk control and diversification.
Additionally, many choose to invest via the index method. In this method, one holds a weighted or unweighted portfolio consisting of the entire stock market or some segment of the stock market (such as the S&P 500 or Wilshire 5000). The principal aim of this strategy is to maximize diversification, minimize taxes from too frequent trading, and ride the general trend of the stock market (which, in the U.S., has averaged nearly 10%/year, compounded annually, since World War II).
One of the many things people always want to know about the stock market is, "How do I make money investing?" There are many different approaches; two basic methods are classified as either fundamental analysis or technical analysis. Fundamental analysis refers to analyzing companies by their financial statements found in SEC Filings, business trends, general economic conditions, etc. Technical analysis studies price actions in markets through the use of charts and quantitative techniques to attempt to forecast price trends regardless of the company's financial prospects. One example of a technical strategy is the Trend following method, used by John W. Henry and Ed Seykota, which uses price patterns, utilizes strict money management and is also rooted in risk control and diversification.
Additionally, many choose to invest via the index method. In this method, one holds a weighted or unweighted portfolio consisting of the entire stock market or some segment of the stock market (such as the S&P 500 or Wilshire 5000). The principal aim of this strategy is to maximize diversification, minimize taxes from too frequent trading, and ride the general trend of the stock market (which, in the U.S., has averaged nearly 10%/year, compounded annually, since World War II).
New issuance
Global issuance of equity and equity-related instruments totaled $505 billion in 2004, a 29.8% increase over the $389 billion raised in 2003. Initial public offerings (IPOs) by US issuers increased 221% with 233 offerings that raised $45 billion, and IPOs in Europe, Middle East and Africa (EMEA) increased by 333%, from $ 9 billion to $39 billion
Margin buying
margin buying
In margin buying, the trader borrows money (at interest) to buy a stock and hopes for it to rise. Most industrialized countries have regulations that require that if the borrowing is based on collateral from other stocks the trader owns outright, it can be a maximum of a certain percentage of those other stocks' value. In the United States, the margin requirements have been 50% for many years (that is, if you want to make a $1000 investment, you need to put up $500, and there is often a maintenance margin below the $500). A margin call is made if the total value of the investor's account cannot support the loss of the trade. (Upon a decline in the value of the margined securities additional funds may be required to maintain the account's equity, and with or without notice the margined security or any others within the account may be sold by the brokerage to protect its loan position. The investor is responsible for any shortfall following such forced sales.) Regulation of margin requirements (by the Federal Reserve) was implemented after the Crash of 1929. Before that, speculators typically only needed to put up as little as 10 percent (or even less) of the total investment represented by the stocks purchased. Other rules may include the prohibition of free-riding: putting in an order to buy stocks without paying initially (there is normally a three-day grace period for delivery of the stock), but then selling them (before the three-days are up) and using part of the proceeds to make the original payment (assuming that the value of the stocks has not declined in the interim).
In margin buying, the trader borrows money (at interest) to buy a stock and hopes for it to rise. Most industrialized countries have regulations that require that if the borrowing is based on collateral from other stocks the trader owns outright, it can be a maximum of a certain percentage of those other stocks' value. In the United States, the margin requirements have been 50% for many years (that is, if you want to make a $1000 investment, you need to put up $500, and there is often a maintenance margin below the $500). A margin call is made if the total value of the investor's account cannot support the loss of the trade. (Upon a decline in the value of the margined securities additional funds may be required to maintain the account's equity, and with or without notice the margined security or any others within the account may be sold by the brokerage to protect its loan position. The investor is responsible for any shortfall following such forced sales.) Regulation of margin requirements (by the Federal Reserve) was implemented after the Crash of 1929. Before that, speculators typically only needed to put up as little as 10 percent (or even less) of the total investment represented by the stocks purchased. Other rules may include the prohibition of free-riding: putting in an order to buy stocks without paying initially (there is normally a three-day grace period for delivery of the stock), but then selling them (before the three-days are up) and using part of the proceeds to make the original payment (assuming that the value of the stocks has not declined in the interim).
Short selling
Short selling
In short selling, the trader borrows stock (usually from his brokerage which holds its clients' shares or its own shares on account to lend to short sellers) then sells it on the market, hoping for the price to fall. The trader eventually buys back the stock, making money if the price fell in the meantime or losing money if it rose. Exiting a short position by buying back the stock is called "covering a short position." This strategy may also be used by unscrupulous traders to artificially lower the price of a stock. Hence most markets either prevent short selling or place restrictions on when and how a short sale can occur. The practice of naked shorting is illegal in most (but not all) stock markets
In short selling, the trader borrows stock (usually from his brokerage which holds its clients' shares or its own shares on account to lend to short sellers) then sells it on the market, hoping for the price to fall. The trader eventually buys back the stock, making money if the price fell in the meantime or losing money if it rose. Exiting a short position by buying back the stock is called "covering a short position." This strategy may also be used by unscrupulous traders to artificially lower the price of a stock. Hence most markets either prevent short selling or place restrictions on when and how a short sale can occur. The practice of naked shorting is illegal in most (but not all) stock markets
Leveraged strategies
Stock that a trader does not actually own may be traded using short selling; margin buying may be used to purchase stock with borrowed funds; or, derivatives may be used to control large blocks of stocks for a much smaller amount of money than would be required by outright purchase or sale.
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