China Stock Exchange

8/8/2019 China Stock Exchange

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UK Stock Market

The London Stock Exchange is a stock exchange located in London, United Kingdom. Foundedin 1801, it is one of the largest stock exchanges in the world, with many overseas listings as wellas British companies. The exchange is part of the London Stock Exchange Group and sosometimes referred to by the ticker symbol for the group, LSE

Origin of share trading:

The trade in shares in London began with the need to finance two voyages: The MuscovyCompany's attempt to reach China via the White Sea north of Russia, and the East IndiaCompany voyage to India and the east. The trading in the stocks of the second company began in

1688.

Licensing of brokers

In 1697, a law was passed to "restrain the number and ill-practice of brokers and stockjobbers"following a number of insider trading and market-rigging incidents. It required all brokers to belicensed and to take an oath promising to act lawfully.

Structure

The London Stock Exchange has four core areas:

Equity markets - enables companies from around the world to raise capital. There are fourprimary markets; Main Market, Alternative Investment Market (AIM), Professional SecuritiesMarket (PSM) and Specialist Fund Market (SFM).

Trading services - highly active market for trading in a range of securities, including UK andinternational equities, debt, covered warrants, exchange traded funds (ETFs), Exchange TradedCommodities (ETCs), reits, fixed interest, contracts for difference (CFDs) and depositaryreceipts.

Information Services - The London Stock Exchange provides real-time prices, news and other

financial information to the global financial community.

Derivatives - A major contributor to derivatives business is EDX London, created in 2003 tobring the cash equity and derivatives markets closer together
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UK STOCK MARKET STATISTICS

The London Stock Exchange operated markets in 1139 Listed Companies as at June 2007 -down from 1257 in May 2005 (source of this and other data in this section and the followingsection is the London Stock Exchange). In addition it operates the AIM market (1656 companiesat the same date - up from 1200 in May 2005), which is a less regulated market and comprisesmainly smaller companies.

The Listed market is typically classified into 100 stocks which are the largest capitalisationcompanies (and make up the FTSE 100 index), FTSE 250 companies which are the next largest(and together with the FTSE 100 stocks make up the FTSE 350), and the Smaller Companieswhich make up the rest.

The total market capitalisation in June 2007 was 2,014 billion, but 136 companies had a marketcap of more than 2 billion and represented 85% of the total so you can see that the FTSE 100companies dominate the listed market. In addition, even within the FTSE 100 there is a strongpredominance of a few larger contributors, typically truly international businesses, such as Shell,BP, GlaxoSmithKline and Vodafone.

Share Trading :

In 2004, the total value of equity shares traded on the London Stock Exchange was 2,316billion and there were 54 million bargains.

The last breakdown of share trading volumes was published by the London Stock Exchange atthe end of 2000, and the following is a brief summary.

91% of trades were on behalf of UK clients as opposed to foreign clients (32% of shareswere owned by foreign clients at this time according to the ONS).

Private clients created 65% of trades by number, but only 8% by value. It is worthpointing out how valuable therefore the role of private investors is in creating a liquidmarket, particular in smaller companies where institutional trading is often very small.

The average trade size for UK institutions was over 200,000 but only 7,800 for privateclients (and the latter was falling although the numbers were increasing, presumablybecause of lower cost trading facilities and the influence of internet trading).


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Share Ownership :

The Office of National Statistics published information in July 2007 for the 2006 year on theownership of UK shares. They reported the following:

A total market capitalisation of 1,858 billion at the end of 2006 (an increase from1,480 bn at the end of 2004).

UK private individuals owned 239 billion (ie. 12.8%) - down from 14.0% in 2004. UK insurance companies held 273 billion. UK pension funds held 236 billion. UK Banks held 63 billion. UK Unit trusts held 30 billion and Investment Trusts 45 billion.

Other UK financial institutions held 179 billion. UK charities held 16 billion. Foreign investors held 742 billion (41%).

The proportion held by foreign investors had risen from 16% in 1994 to 41% in 2006, with thisgrowth mainly coming at the expense of domestic insurance companies, pension funds andprivate individuals. These trends continued in the 2004 to 2006 period.

The proportion held by private individuals has fallen from 20% in 1994 to 13% in 2006 - this isprobably the result primarily of the government providing preferential tax rates to savings inpension funds, or via insurance policies. Also it is important to point out that the role of

privatisation and demutualisation share issues (where public utilities and financialinstitutions were sold off to small shareholders, often at bargain prices) may have distorted thepicture in that period. Many such shareholders have clearly subsequently disposed of theirholdings rather than become long term stock market investors as was once hoped.

Pension fund and insurance company holdings have probably declined in recent years due toconcern about stock market performance, more stringent rules on asset ratios and minimumfunding requirements, and a general trend to invest more in fixed interest stocks.

Individuals now hold 50% of the shares in investment trusts (up from 38% in 2004).In 2004,individuals held a higher proportion of non FTSE 100 companies, at 19%, than other types of

holders. They only held 13% of FTSE 100 companies.


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Private Share Ownership :

Proshare in conjunction with Computershare and Mori Financial Services undertook a survey of

over 1000 private shareholders in 2002. Together with other data, some of the conclusions wereas follows:

22% of adults held stocks or shares, but 12% held only privatised or demutualisedshares.

The median value of share portfolios was about 5,000, and the median number ofcompanies held was only 3.

89% held some shares in the form of share certificates, 31% held some in a PEP/ISAnominee account, 50% held some in a brokers nominee account, 12% held some in a

company nominee account, and only 4% held some in a personal Crest account.

The average number of trades executed in the last 12 months was 3. this appears torepresent a wide distribution with probably a few active traders (less than 10% of thetotal) and a large number of inactive traders (with zero or 1 trade per year).

Private shareholders in listed companies in the UK can currently hold shares in three

forms:

- In paper share certificates (probably to be replaced by a new name on register

electronic system over the next few years).

- As a personal Crest member where effectively a stockbroker manages the account butthe shareholders name is on the company share register.

- Through a brokers or company nominee account.

All trades in the last two types would be via the Crest system, and it is estimated that 85% ofshares are held within that system. But the 9 million retail shareholders who hold sharecertificates generate about 30,000 trades per business day - effectively these shareholders onlytrade on average about once per year.

There are about 40,000 personal Crest members and the numbers are rising (up from 31,000 in2001 when they represented holdings of 1.5 billion, ie. about 50,000 per shareholder onaverage). These may be shareholders with substantial portfolios, and they are likely to trade moreactively.

It is estimated that there are approximately 4 million people with nominee accounts, with 23million shareholdings in those accounts (ie. holdings by beneficial shareholders in nominee


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accounts). many of these accounts are holdings in a company nominee account, such as those ofHBOS, where shareholders in a demutualisation were placed into such a nominee.

US STOCK EXCHANGE

The New York Stock Exchange (NYSE) is a stock exchange located at 11 Wall Street in lowerManhattan, New York City, USA. It is the world's largest stock exchange by marketcapitalization of its listed companies at US$12.25 trillion as of May 2010.Average daily tradingvalue was approximately US$153 billion in 2008.

The NYSE is operated byNYSE Euronext, which was formed by the NYSE's 2007 merger withthe fully electronic stock exchange Euronext. The NYSE trading flooris located at 11 WallStreet and is composed of four rooms used for the facilitation of trading. A fifth trading room,located at 30 Broad Street, was closed in February 2007. The main building, located at 18 BroadStreet, between the corners of Wall Street and Exchange Place, was designated aNationalHistoric Landmarkin 1978, as was the 11 Wall Street building.

Trading:

Timing:

The NYSE is open for trading Monday through Friday between 9:30am 4:00pmET, with theexception of holidays declared by the Exchange in advance

NYSE Composite Index

In the mid-1960s, theNYSE Composite Index (NYSE:NYA) was created, with a base value of

50 points equal to the 1965 yearly close. This was done to reflect the value of all stocks tradingat the exchange instead of just the 30 stocks included in the Dow Jones Industrial Average. Toraise the profile of the composite index, in 2003 the NYSE set its new base value of 5,000 pointsequal to the 2002 yearly close.

Economy Stock exchange Market

Capitalization

(USD Billions)

Trade Value

(USD Billions)

United states New york StockExchange

11838 17521

.
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ROLES & FUNCTIONS OF THE STOCK EXCHANGE

Stock exchanges have existed for centuries to provide a marketplace for the buying and

selling of stock. As the primary place for trading financial instruments, stock exchanges improve

the liquidity of shares and provide a clear indication of the market price for each investment.

Stock exchanges also serve as the initial place for companies to sell shares in their companies

when they want to acquire capital.

The chief function of a stock exchange is to facilitate thebuying and selling of stock. By

having a generally accepted place for exchange, the costs of buying and selling stock is

dramatically reduced. This efficiency saves considerable resources when compared to the option

of a seller trying to locate a buyer on his own.

Monitoring by Stock Exchanges

Stock exchanges have increasingly been tasked with regulating transactions, in addition to

being the marketplace for the transaction. For example, theNew York Stock Exchange has

more than 1,000 pages of rules and regulations about transactions. Likewise, the Securities and

Exchange Commission and American stock exchanges work closely to assure that trading

activity comports with various rules and regulations.

Economic Development Resulting from Stock Exchanges

There is evidence that the existence of a stock exchange will improve economic growth

in a nation. A study published by the Atlanta Federal Reserve Bank shows that stock

exchanges improve the allocation of resources such that productivity is improved. This, in

turn, increases the wealth of the nation.

Functions as a International Stock Market

In a world that is becoming increasingly interlinked, the importance of international financial

markets cannot be overstated. Millions of dollars trade hands each day across oceans and

continents. The benefits of free trade are well-known. International financial markets use the

basic economic principle of efficiency to bring higher returns to investors around the world.
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The Role of International Financial Markets

Markets are the most efficient way of getting goods and services to the people who need

them most. Financial markets allow money to flow from those who are looking to invest tothose who need capital. Investing money internationally allows investors the freedom of

diversity and the possibility of putting their money to work in a strongereconomy than the

one at home.

Efficiency in the Global Marketplace

Efficiency is one of the driving forces of economics. It means that resources are being

optimally allocated, and consumers do not have too much or too little of a given good or

service. When it comes to financial markets, efficiency means that money is being distributed

in the most optimal manner possible. Investing globally means that your money has a greaterchance of being optimally distributed, as the global market offers more investment

opportunities than those of a national market. In addition, investments abroad might fair

better if the economy in which you invest is doing better than that of your home country.

Diversification

Diversification is an important investment principle. Investors who have diversified

portfolios have more than one type of investment, such as stocks, bonds and real estate .

Investing in international markets allows a greater chance for diversified stocks because the

more markets you expose yourself to as an investor, the more opportunities there are. Again,diversification is important because if one market fails, a market in another country might

not.

International Markets and Economic Growth

Joseph Schumpeter, a German economist, wrote in 1912 that financial markets promote

economic growth by channeling capital into projects with a high potential for returns. Years

after Schumpeter published this idea, social scientists conducted research that shows there is

a relationship between financial development and economic growth. A study published in

1993 by Ross Levine and Robert King called "Finance and Growth: Schumpeter Might BeRight" shows that gross domestic product (GDP) was higher in countries with high economic

growth. Everyone benefits from economic development. Economic development creates

greater spending power, which in turn benefits providers of goods and services, no matter

where they are.
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INVESTORS RELATIONS

NYSE Euronext (NYX) operates the worlds leading and most liquid exchange group, and seeks

to provide the highest levels of quality, customer choice and innovation. It Consists of

Corporate Governance

To best serve its investors, NYSE Euronext has created a governance structure that

reflects the highest standards of independence, oversight and transparency.

Corporate Citizenship

NYSE Euronext actively supports charities and organizations that help improve people's

quality of life and increase public confidence in the financial markets.

Stock Information

Obtain information on NYX and NYX (Paris) stock, including quotes, fundamentals, aprice chart, historical prices, and an investment calculator.

Financials

Access NYSE Euronext news releases, SEC and AMF filings, and our annual reports.

Investor Outreach

Access information on NYSE Euronext events, including an archive of earnings

presentations. Sign up for email alerts, request more information, or browse our most frequently

asked questions.

LISTINGS

For issuers of all sizes and geographies, NYSE Euronext offers maximum flexibility to raise

capital through its various listing choices. Our family of exchanges, located in six countries,

include the New York Stock Exchange, the worlds largest cash equities market; NYSE

Euronext, the Eurozones largest cash equities market; and NYSE Alternext, a pan-European

market designed specifically for emerging companies.

Listings Directory

As of Dec. 31, 2008, NYSE Euronext has approximately 8,500 listed issues, a total global

market capitalization of $16.7 trillion/12.3 trillion and its equity exchanges transact an average

daily trading value of approximately $153 billion/113 billion. IPO Showcase

Meet the NYSE Euronext's newest listed companies by viewing their IPO announcements.


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Listing Services

NYSE Euronext companies list their securities in one or two of the worlds main

currencies euros or U.S. dollars, or both gaining access to the largest base of U.S.,European and global investors.

Listed Company Earnings

Earnings presentations and conference calls are essential to informed investors around the

world. NYSE Euronext provides links to upcoming and recent listed-company live webcasts and

webcast archives.

Indices

Real time and historical data, characteristics and downloads are available for NYSE

Euronext indices.

Closed-End Funds

The NYSE Group now lists more than 650 Closed-End Investment Companies. 100% of

all qualified CEF IPOs listed on the NYSE in 2008. These types of funds offer investors

professional management, portfolio diversification, liquidity and trading ease.

ETFs

NYSE Euronext offers the most efficient and preferred market structure for the listing and

trading of ETFs and trackers. Our trading of ETF products is complementary to our core equity

business. Learn more about ETFs and trackers. Structured Products

Structured products are based on an underlying security such as a single equity, a basket of

stocks, an index, a commodity, a debt issuance or a foreign currency. The NYSE trades over 500

structured products with a market value in excess of $200 billion.

Funds

NYSE Euronext trades open-end funds, through its Euronext Fund Service. Learn more

about our funds. Warrants & Certificates

Market participants turn to NYSE Euronext for the trading of warrants and certificates, where

they can execute advanced trading strategies and diversify their portfolios in one marketplace.

Learn more about this variety of exchange-traded securities.


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Structured Products

Structured products (securities listed under 703.19 in the Listed Company Manual) listed

on NYSE refer to:

Capital Securities

Mandatory Convertible Securities

Retail Debt Securities

Repackaged Securities

The NYSE trades over 500 structured products with a market value in excess of $200 billion.Structured products list and trade on both the equity floor and the bond platform.

BONDS

Among NYSE Euronexts growing portfolio of product and service offerings is our rapidly

expanding bond market. In the U.S., the all-electronic NYSE Bonds trading platform operates

the largest centralized bond market of any U.S. exchange, offering price transparency for a broad

range of corporate, agency and government bonds. Across the Atlantic, through a partnership

with the Luxembourg Stock Exchange, NYSE Euronext members have access to nearly 40,000

instruments, including 29,000 bonds issued by more than 4,000 entities in over 100 countries.

Learn more about the NYSE Bonds trading platform and our European bond offerings here.

NYSE Bonds

The NYSE operates the largest centralized bond market of any U.S. exchange.

Euronext Bonds

Our NYSE Euronext market in Europe offers a dedicated segment for bond trading.

EQUITIES

Only NYSE Euronext has multiple equities platforms designed for all your trading needs. As

trading strategies evolve, we continually respond with the most comprehensive suite of equities

trading platforms in the US and Europe along with innovative services and partnerships for

sophisticated equity trading worldwide.


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NYSE Euronext is the world's largest cash equities market, trading more than one-third of the

world's cash equity volume using trading models from all-electronic to block to anonymous. Theaggregate market cap of our listed issuers is greater than that of those listed on the next four

largest exchanges combined. As a result, our global trading platform offers the most liquid

trading venue for the trading of equity products.

NYSE Equities

NYSE Amex

NYSE Arca Equities

Euronext Equities

NYSE Alternext Equities

.CURRENT PERFORMANCE OF US STOCK MARKET

NYSE indices closely reflect today's market as NYSE-listed companies account for a substantial

portion of the world's economy. Included in these indices are NYSE-listed companies which

represent 79.47% and 45.40% of the available market capitalization of all publicly traded

companies in the United States and around the world, respectively, as of year-end 2008.

The NYSE's objectives in developing proprietary indices are to showcase the strength of

companies listed on the Exchange, and to provide investors and issuers with benchmarks that

measure the world's largest marketplace as well as its key segments. The New York Stock

Exchange is home to many of the world's most well-established and high-quality companies that

meet NYSE's higher listing standards with respect to profitability and company size.


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Performance matrix of NYSE Indices

PERFORMANCE YTD 1 Yr 3 Yrs 5 Yrs Volat.*

NYSE U.S. 100 -4.00% 3.80%

-

11.60% -4.00% 15.70%

NYSE International 100 -9.50% -3.00%

-

11.60% -2.10% 22.40%

NYSE TMT -4.30% 5.30% -9.10% -0.80% 17.70%

NYSE World Leaders -6.50% 0.70%

-

11.50% -3.20% 18.20%

NYSE Composite -4.50% 3.90%

-

10.10% -1.90% 18.80%

NYSE Financial -4.00% -3.00%

-

20.10% -9.40% 28.00%

NYSE Energy

-

11.20% -1.50% -8.50% -0.40% 23.80%

NYSE Healthcare -7.60% 4.70% -5.10% -1.60% 14.40%

NYSE ARCA Tech 100 -0.60% 9.80% -2.40% 1.70% 18.60%
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UNITED STOCK EXCHANGE OF INDIA:

(USE) is expected to commence operations in 2010. It is the fourth pan India exchange to belaunched for trading financial instruments in India over the last 140 years.

USE has received final approval from the market regulatorSEBI to start currency futurestrading. USE represents the commitment of ALL 21 Indian public sector banks, private banksand corporate houses to build an institution of standing.

USE also has Bombay Stock Exchange as a strategic partner.

Public Sector Banks that are stakeholders of USE include Allahabad Bank, Corporation Bank,Punjab National Bank, Andhra Bank, Dena Bank, State Bank of India, Bank of Baroda, IDBIBank, Syndicate Bank, Bank of India, Indian Bank, UCO Bank, Bank of Maharashtra, IndianOverseas Bank, Union Bank of India, Canara Bank, Oriental Bank of Commerce, United Bank of

India, Central Bank of India, Punjab and Sind Bank, Vijaya Bank. Private Sector Banks like AxisBank, Federal Bank, J & K Bank, HDFC Bank. Corporate Institutions such as Jaypee Capital,MMTC and India Potash are also associated with United Stock Exchange.

Products and services

USE would begin operations in the future contracts in each of the following currency pairs:

United States Dollar-Indian Rupee (USD-INR)

Euro-Indian Rupee (EUR-INR) Pound Sterling-Indian Rupee (GBP-INR) Japanese Yen-Indian Rupee (JPY-INR)

There would be 12 contracts i.e one for each of the next 12 months in each of the above currencypair

Outright contracts as well as calendar spread contracts are available in each pair for trading.

The contract specifications are mentioned in the table

Membership

All transactions on USE must be carried out through registered members. All non-memberparticipants can access the exchange as clients of members. Membership is therefore granted tomarket participants with high credibility and an excellent track record. Members will need tomeet all requirements prescribed by the Securities Exchange Board of India (SEBI) as also therequirements stipulated by USE itself. This is to ensure that traders are protected against anycounterparty risk and also to help develop and build market confidence.
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Two types of membership is available with USE

Trading Membership: Trading Member has the privilege of trading on ones own account

as well as the accounts of their clients. However, they will not be able to clear and settlethese trades. Clearing Membership: Clearing Members are entitled to clear and settle trades for all

trading members through the Clearing House of USE, ICCL.

The United Stock Exchange (USE) will start full fledged operations in currency futures latest byearly September, a top official of the bourse has said.

"We will launch full fledged operations in the last week of August or by the first week ofSeptember this year," United Stock Exchange MD and CEO TS Narayanaswami told PTI today.

Finance Minister Pranab Mukherjee is expected to launch USE's currency futures trading,

sources said.

USE, backed by the Asia's oldest bourse the Bombay Stock Exchange, has already started themock trading, he said from Mumbai over phone.The bourse got market regulator Sebi's nod for launching currency futures trading in March thisyear."We will launch trading in the all four currency pairs as allowed by the Sebi," Narayanaswamifurther said.

At present, currency futures contracts are allowed in the country in four foreign currenciesagainst the Indian Rupee. The four foreign currencies are US Dollar, Sterling Pound, JapaneseYen and Euro.Currency futures are transferable contracts that specify the price at which the currency can bebought or sold at a future date. Currency futures contracts allow investors to hedge againstvolatility in foreign exchange rates.

United Stock Exchange to offer currency trading in Sep


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USE is promoted by 21 public sector banks, private banks and corporate houses. Its promotersinclude -- Allahabad Bank, Axis Bank, Canara Bank, HDFC Bank and Jaypee Capital.

According to Mr Narayanasami, USEs entry will add to the liquidity since it has 27 banks on

board as shareholders which can contribute their full mite by taking proprietary positions onthe platform. ICICI Bank is said to be the latest bank tipped to join as a stakeholder in theexchange.

The dollar-rupee pair accounts for a majority of the combined turnover on MCX-SX and NSE,with the euro coming next. The minimum lot size is $1,000 and the margin to take a positionvaries between 3.5% and 5%.

This market differs from the OTC market in that a client need not have an underlying forexexposure to take positions here unlike in the latter, where daily turnover is estimated to be $30-40 billion

CHINA STOCK EXCHANGE


Capitalization

(USD Billions)

Trade Value

(USD Billions)

China Shanghai StockExchange

2705 5056
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.

The Shanghai Stock Exchange (SSE) is a stock exchange that is based in the city ofShanghai,China. It is one of the three stock exchanges operating independently in the People's Republic ofChina; the other two are the Shenzhen Stock Exchange and the Hong Kong Stock Exchange.

Shanghai Stock Exchange is the world's sixth largest stock market by market capitalization atUS$955 billion as of May 2010. Unlike the Hong Kong Stock Exchange, the Shanghai StockExchange is still not entirely open to foreign investors due to tight capital account controlsexercised by the Chinese mainland authorities.

The current exchange was re-established on November 26, 1990 and was in operation onDecember 19 of the same year. It is a non-profit organization directly administered by the ChinaSecurities Regulatory Commission (CSRC).

Location Shanghai, China Founded 1891

Key people Geng Liang (Chairman)William C. Bassell (President)

Currency RMB

No. of listings 860

MarketCapUS$955 billion (May 2010)

Indexes SSE CompositeSSE 180SSE 50

STRUCTURE:

The securities listed at the SSE include the three main categories ofstocks, bonds, and funds.Bonds traded on SSE include treasury bonds (T-bond), corporate bonds, and convertiblecorporate bonds. SSE T-bond market is the most active of its kind in China.

There are two types ofstocks being issued in the Shanghai Stock Exchange: "A" shares and "B"shares. A share are priced in the local renminbiyuan currency, while B shares are quoted in U.S.dollars. Initially, trading in A shares are restricted to domestic investors only while B shares areavailable to both domestic (since 2001) and foreign investors. However, after reforms were

implemented in December 2002, foreign investors are now allowed (with limitations) to trade inA shares under the Qualified Foreign Institutional Investor (QFII) program which was officiallylaunched in 2003. Currently, a total of 79 foreign institutional investors have been approved tobuy and sell A shares under the QFII program. Quotas under the QFII program are currentlyUS$30 billion.There has been a plan to eventually merge the two types of shares in the future.

TIMING: The SSE is open for trading every Monday to Friday. The morning session beginswith centralized competitive pricing from 09:15 to 09:25, and continues with consecutive
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bidding from 09:30 to 11:30. This is followed by the afternoon consecutive bidding session,which starts from 13:00 to 15:00. The market is closed on Saturday and Sunday and otherholidays announced by the SSE

Indices:

The SSE Composite (also known as Shanghai Composite) Index is the most commonly usedindicator to reflect SSE's market performance. Constituents for the SSE Composite Index are alllisted stocks (A shares and B shares) at the Shanghai Stock Exchange. The Base Day for the SSEComposite Index is December 19, 1990. The Base Period is the total market capitalization of allstocks of that day. The Base Value is 100. The index was launched on July 15, 1991. At the endof 2006, the index reaches 2,675.47. Other important indexes used in the Shanghai StockExchanges include the SSE 50 Index and SSE 180 Index.

SSE's Top 10 Largest Stocks:

1. PetroChina (3,656.20 billion)2. Industrial and Commercial Bank of China (1,417.93 billion)3. Sinopec (961.42 billion)4. Bank of China (894.42 billion)

5. China Shenhua Energy Company (824.22 billion)6. China Life (667.39 billion)7. China Merchants Bank(352.74 billion)8. Ping An Insurance (272.53 billion)9. Bank of Communications (269.41 billion)10. China Pacific Insurance (256.64 billion)

Listing Requirements

The shares must have been publicly issued following approval of the State CouncilSecurities Management Department.

The companys total share capital must not be less than RMB 30 million. The company must have been in business for more than 3 years and have made profits

over the last three consecutive years. This requirement also applies to former state-ownedenterprises reincorporating as private or public enterprises. In the case of former state-owned enterprises re-established according to the law or founded after implementation ofthe law and if their issuers are large and medium state owned enterprises, it can becalculated consecutively. The number of shareholders with holdings of values reaching inexcess of RMB 1,000 must not be less than 1,000 persons. Publicly offered shares must
http://en.wikipedia.org/wiki/PetroChinahttp://en.wikipedia.org/wiki/Industrial_and_Commercial_Bank_of_Chinahttp://en.wikipedia.org/wiki/Sinopechttp://en.wikipedia.org/wiki/Bank_of_Chinahttp://en.wikipedia.org/wiki/China_Shenhua_Energy_Companyhttp://en.wikipedia.org/wiki/China_Lifehttp://en.wikipedia.org/wiki/China_Merchants_Bankhttp://en.wikipedia.org/wiki/Ping_An_Insurancehttp://en.wikipedia.org/wiki/Bank_of_Communicationshttp://en.wikipedia.org/wiki/China_Pacific_Insurancehttp://en.wikipedia.org/wiki/PetroChinahttp://en.wikipedia.org/wiki/Industrial_and_Commercial_Bank_of_Chinahttp://en.wikipedia.org/wiki/Sinopechttp://en.wikipedia.org/wiki/Bank_of_Chinahttp://en.wikipedia.org/wiki/China_Shenhua_Energy_Companyhttp://en.wikipedia.org/wiki/China_Lifehttp://en.wikipedia.org/wiki/China_Merchants_Bankhttp://en.wikipedia.org/wiki/Ping_An_Insurancehttp://en.wikipedia.org/wiki/Bank_of_Communicationshttp://en.wikipedia.org/wiki/China_Pacific_Insurance


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be more than 25% of the companys total share capital. For company whose total sharecapital exceeds RMB 400 million, the ratio of publicly offered shares must be more than15%.

The company must not have committed any major illegal activities or false accountingrecords in the last three years.

Trading Participants and Trading Rights

Trading participants shall conduct securities trading through the Participant Business Unit forwhich they have applied to the Exchange.

Participant Business Unit refers to a basic unit that allows a trading participant to tradesecurities on the Exchange, to own and exercise relevant trading rights and to be subjectto the administration of the Exchange in respect of relevant trading business.

Detailed rules on the administration of Participant Business Unit and relevant tradingrights will be formulated by the Exchange separately and shall come into effect upon theapproval of the CSRC.

Trading Instruments

(1) stocks;

(2) mutual funds;

(3) bonds;

(4) bond repos;

(5) warrants; and

(6) other instruments as approved by the CSRC

TRADING INFORMATION:

The Exchange will disseminate real-time quotations, indices, public information and

other trading information in respect of securities trading on each trading day.

The Exchange will timely prepare and disseminate various daily, weekly, monthly andyearly reports.

The Exchange owns the trading information generated from the Exchange. Without the permission of the Exchange, no entity or individual may use or disseminate suchinformation.


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Without the permission of the Exchange, any entity or individual authorized by theExchange to use the said trading information shall not provide such information to otherentity or individual for use or dissemination.

The specific rules governing the administration of the securities trading information shallbe formulated by the Exchange separately.

TRADING FEES:

Investors shall pay commissions to members for completed securities transactionsaccording to relevant regulations.

Members shall pay membership fees, handling fees and other relevant charges to theExchange according to applicable regulations.

The charging items and fee standards for securities trading and the administration thereofshall be governed by relevant regulations

JAPAN STOCK EXCHANGE:


Capitalization

(USD Billions)

Trade Value

(USD Billions)

Japan Tokyo StockExchange

3306 3704

The Tokyo Stock ExchangeTSE for short, is located in Tokyo, Japan and is the second largest

stock exchange in the world by aggregate market capitalization of its listed companies, secondonly to theNew York Stock Exchange. The Tokyo Stock Exchange had 2,414 listed companieswith a combined market capitalization of US$3.1 trillion as of May 2010.

Location: Tokyo, JapanEstablished on May 15, 1878 as TokyoKabushiki.Second largest stock exchanges in the world

It had 2414 listed companiesStocks listed on the TSE are separated into

The First Section - large companies.the Second Section- mid-sized companies.The mothers- high-growth startup companies.

STRUCTURE:
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The TSE is incorporated as a kabushikikaisha with nine directors, four auditors and eightexecutive officers. Its headquarters are located at 2-1NihombashiKabutocho, Ch, Tokyo."Kabutocho" is the largest financial district in Japan.

Stocks listed on the TSE are separated into the First Section for large companies, the SecondSection for mid-sized companies, and the Mothers (Market of the high-growth and emergingstocks) section for high-growth startup companies. As of April 2, 2010, there are 1,685 FirstSection companies, 446 Second Section companies and 186 Mothers companies.

TIMINGS:

Its operating hours are from 9:00 to 11:00 am, and from 12:30 to 3:00 pm. From April 24, 2006,the afternoon trading session started at its usual time of 12:30 p.m.

INDICES:

The main indices tracking the TSE are theNikkei 225 index of companies selected by theNihonKeizaiShimbun (Japan's largest business newspaper), the TOPIX index based on the share prices

of First Section companies, and the J30 index of large industrial companies maintained byJapan's major broadsheet newspapers.

ALLIANCES:

The London Stock Exchange (LSE) and the TSE are developing jointly traded products andshare technology, marking the latest cross-border deal among bourses as internationalcompetition heats up. The TSE is also looking for some partners in Asia, and morespecifically is seeking an alliance with theSingapore Exchange (SGX), which isconsidered as becoming a leading financial hub in the Asia-Pacific region. Recently, somerumors close to the deal suggest that the TSE is preparing for a takeover of the SGX, or at

least take a major stake, in the first semester of 2008. The TSE has already acquired a 5%stake in the SGX as of June 2007, deemed to be only the beginning of greater participation.

TRADING PARTICIPANTS:89 domestic and 19 foreign securities company participate in theTokyo Stock Exchange.

general trading participant;

government bond futures, etc. trading participant;

index futures, etc. trading participant; and

individual options trading participant

TRADING RIGHTS:

The trading right may be transferred only to a person who is going to obtain a tradingqualification (excluding exchange trading authorized firms) at the same time when a tradingparticipant who has applied for waiver of the trading qualification (excluding remote tradingparticipants) waives the trading qualification, subject to the waiver.
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PAYMENT OF TRADING FEES:A trading participant must pay trading participation fees to the Exchange in accordance with theprovisions of the rules prescribed by the Exchange.

PAYMENT OF CANCELLATION FEESWhere a securities trading, etc. had been executed based on an erroneous order and such trading,etc. was cancelled, a trading participant that placed such erroneous order must pay cancellationfees pertaining to the cancellation of such trading, etc.to the Exchange in accordance with theprovisions of the rules prescribed by the Exchange.TRADING INSTRUMENTS:

Stock.

Preferred stockDomestic stock

Foreign stock

Bonds.Investment securities.

Market information

Market information allows investors to assess the current market situation and judge whetherstock prices are relatively high or low. This allows investors to make accurate, informed

investment decisions.

TSE provides the following kinds of market information: the price of every transaction, theopening/highest/lowest/closing prices for each stock, trading value and trading volume, as wellas TOPIX (Tokyo Stock Price Index) information, which reflects price trends across the entireTSE first section.

Kinds of order:

Basically there are two kinds of order available on the TSE equities market, 'limit' and 'market'orders.

Limit ordersLimit orders are orders at specific prices, meaning that investors have stated that they want tosell/buy at a specific price or better. Limit orders offer investors the reassurance that they won'tfind themselves selling/buying at an unexpected low/high price.Consequently though, limit orders can only be executed when there are orders matching thespecific price requirement, which means there is a relatively high probability that they won't beexecuted. Also, limit orders tend to be inferior to market orders in terms of price.


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Market orders

Market orders don't indicate specific prices, but are executed at the best available price on themarket at the time. They take precedence over limit orders, so they may be executed more easilythan limit orders. This is a key merit for investors who need speedy transactions..

Hong Kong stock exchange:


Capitalization

(USD Billions)

Trade Value

(USD Billions)

Japan Tokyo StockExchange

2305 1416

The Hong Kong Stock Exchange (HKEX; SEHK: 0388) is the stock exchange ofHong Kong.The exchange has predominantly been the main exchange for Hong Kong where shares oflistedcompanies are traded. It is Asia's second largest stock exchange in terms ofmarket capitalisation,

behind the Tokyo Stock Exchange. As of 31 December 2007, the Hong Kong Stock Exchangehad 1,241 listed companies with a combined market capitalization of $2.7 trillion. Hong KongExchanges and Clearing is the holding company for the exchange.

Market regulation

HKEx is committed to performing its public duty to ensure orderly and fair markets and that

risks are managed prudently, consistent with the public interest and in particular, the interests ofthe investing public. It is also committed to working closely with the principal regulator of HongKong's securities and derivatives markets, the Securities and Futures Commission, anindependent statutory body responsible for administering the laws governing the markets, andfacilitating and encouraging the development of the markets.

Location: Central, Hong Kong

Established on 1891 as Association of Stockbrokers in Hong Kong and renamed on 1914.

Asia's third largest stock exchange in terms of market capitalization.

HKEx first introduced a computer- assisted trading system on 2 April 1986It had 1241 listed companies(as on 31 dec2007).

Indexes: Hang Seng Index

TIMING:A pre-opening auction session from 9:30 am to 9:50 am. The opening price of a security isreported shortly after 9:50 am.
http://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://www.hkex.com.hk/eng/invest/company/quote_page_e.asp?WidCoID=0388&WidCoAbbName=&Month=&langcode=ehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Hong_Konghttp://en.wikipedia.org/wiki/Listed_companyhttp://en.wikipedia.org/wiki/Listed_companyhttp://en.wikipedia.org/wiki/Asiahttp://en.wikipedia.org/wiki/Market_capitalisationhttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchangehttp://en.wikipedia.org/wiki/Hong_Kong_Exchanges_and_Clearinghttp://en.wikipedia.org/wiki/Hong_Kong_Exchanges_and_Clearinghttp://en.wikipedia.org/wiki/Holding_companyhttp://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://en.wikipedia.org/wiki/Shanghai_Stock_Exchangehttp://www.hkex.com.hk/eng/invest/company/quote_page_e.asp?WidCoID=0388&WidCoAbbName=&Month=&langcode=ehttp://en.wikipedia.org/wiki/Stock_exchangehttp://en.wikipedia.org/wiki/Hong_Konghttp://en.wikipedia.org/wiki/Listed_companyhttp://en.wikipedia.org/wiki/Listed_companyhttp://en.wikipedia.org/wiki/Asiahttp://en.wikipedia.org/wiki/Market_capitalisationhttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchangehttp://en.wikipedia.org/wiki/Hong_Kong_Exchanges_and_Clearinghttp://en.wikipedia.org/wiki/Hong_Kong_Exchanges_and_Clearinghttp://en.wikipedia.org/wiki/Holding_company


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Operating Hours: 10:00 to 12:30 pm and 2:30 to 4:00 pmTrading instruments:

equity

securities

warrants

eli

cbbs

debt securities

mutual funds

Principles of listing:

The listing of securities on the Exchange is governed in such a way as to ensure that investorshave and can maintain confidence in the market. The general principles are set out below:1. Applicants are suitable for listing;2. The issue and marketing of securities are conducted in a fair and orderly manner andpotential investors are given sufficient information to enable them to make a properly informedassessment of an issuer;3. Investors and the public are kept fully informed by listed issuers, and in particularimmediate disclosure is made of any information, to be evenly disseminated, which mightreasonably be expected to have a material effect on market activity in, and the prices of, listedsecurities;

.

15 largest stocks by market capitalization (in billions of Hong Kong dollars)

1. PetroChina: $2,492.042. Industrial & Commercial Bank of China: $1,810.143. China Mobile: $1,584.904. China Construction Bank: $1,514.725. HSBC Holdings: $1,433.276. Bank of China: $1,127.577. Sinopec Corp: $957.57

8. China Life Insurance: $922.649. China Shenhua Energy: $636.2310. CNOOC: $609.2911. Ping An Insurance Group of China: $448.1112. Bank of Communications: $439.8313. Standard Chartered: $429.7714. China Merchants Bank: $366.3615. China Telecom: $309.16
http://en.wikipedia.org/wiki/PetroChinahttp://en.wikipedia.org/wiki/Industrial_and_Commercial_Bank_of_Chinahttp://en.wikipedia.org/wiki/China_Mobilehttp://en.wikipedia.org/wiki/China_Construction_Bankhttp://en.wikipedia.org/wiki/HSBChttp://en.wikipedia.org/wiki/Bank_of_Chinahttp://en.wikipedia.org/wiki/Sinopechttp://en.wikipedia.org/wiki/China_Life_Insurance_Companyhttp://en.wikipedia.org/wiki/China_Shenhua_Energyhttp://en.wikipedia.org/wiki/CNOOChttp://en.wikipedia.org/wiki/Ping_An_of_Chinahttp://en.wikipedia.org/wiki/Bank_of_Communicationshttp://en.wikipedia.org/wiki/Standard_Chartered_Bankhttp://en.wikipedia.org/wiki/China_Merchants_Bankhttp://en.wikipedia.org/wiki/China_Telecomhttp://en.wikipedia.org/wiki/PetroChinahttp://en.wikipedia.org/wiki/Industrial_and_Commercial_Bank_of_Chinahttp://en.wikipedia.org/wiki/China_Mobilehttp://en.wikipedia.org/wiki/China_Construction_Bankhttp://en.wikipedia.org/wiki/HSBChttp://en.wikipedia.org/wiki/Bank_of_Chinahttp://en.wikipedia.org/wiki/Sinopechttp://en.wikipedia.org/wiki/China_Life_Insurance_Companyhttp://en.wikipedia.org/wiki/China_Shenhua_Energyhttp://en.wikipedia.org/wiki/CNOOChttp://en.wikipedia.org/wiki/Ping_An_of_Chinahttp://en.wikipedia.org/wiki/Bank_of_Communicationshttp://en.wikipedia.org/wiki/Standard_Chartered_Bankhttp://en.wikipedia.org/wiki/China_Merchants_Bankhttp://en.wikipedia.org/wiki/China_Telecom


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16. Sun Hung Kai Properties: $299.5117. Tencent Holdings: $286.53

Trading participants:

who can participate?

1. be a holder of a Stock Exchange Trading Right

2. be a licensed corporation or deemed to be a licensed corporationlicensed under section 116(1) of the Ordinance to carry on Type 1regulated activity under the Ordinance provided that if its licence issuspended under Part IX of the Ordinance, it shall not be preventedfrom continuing to be an Exchange Participant if it is otherwiseeligible to continue to be such an Exchange Participant;

3. be a company limited by shares incorporated in Hong Kong

4. the financial resources requirements specified in the FinancialResources Rules and where applicable the financial resourcesrequirements made under Rule 408

TRADING FEES:

0.005% of the amount of the consideration for each purchase or sale of securities admitted

to trading, listed, or approved to be listed on the Exchange (rounded to the nearest

cent)

monthly subscription:

holder of Stock Exchange Trading Right; 2,900

Exchange Participant; 2,900

Stock Exchange Trading Right (other than those 500,000 per Stock ExchangeTradingissued under the Stock Exchange Scheme and
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under Rule 3A13A)

Stock Exchange Trading Right under Rule 3A13A. 10,000

Functions:

The HKSE is a full exchange, listing securities and also derivatives since 1976. Hedge fundsbegan trading there in 2002. In 2008 the market capitalized over HK$10.2 trillion.

To guarantee the legal and economic security of the agreed contracts.

To provide official information about the quantities that are negotiated and of the quotedprices.

To fix the prices of the securities according to the fundamental law of the offer and thedemand.

BIBLLIOGRAPHY

WIKIPEDIAWWW.SSE.COM

WWW.HKSE.COM WWW.NYSE.COM

WWW.LONDON STOCK EXCHANGE.COM

WWW.USE.COM
http://www.sse.com/http://www.nyse.com/http://www.london/http://www.sse.com/http://www.nyse.com/http://www.london/

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