Zusammenfassung der Ressource
Stock Exchanges
- Any publicly held company should strive to have its
shares listed on a stock exchange, since doing so
makes it much more likely that there will be regular
trading in its stock
- Stock exchange is a physical location ot an electric
system, on which investors buy and sell securities
- Creates an orderly market, which makes it easier for
transactions to be completed
- Trading
volume
- Price
volatility
- Acquisition
currency
- Prestige
- Reduced bid-ask price spread
- The steps for doing so vary
somewhat by exchange, but
generally follow these steps
- Alter
bylaws
- File application
- Investigation
- Reserve ticket symbol
- Set trading date
- Begin
trading
- The stock exchange that has the most
prestige and sets the most difficult listing
standard is the New York Stock Exchange
- It takes time to build sufficient mass to
justify being on this exchange
- The NYSE purchased the American Stock
Exchange and now calls this exchange the
NYSE MKT
- This exchange is designed for much
smaller companies than those found on
the NYSE
- The NASDAQ is a cpmputerized system
that provides price quotations and
facilitates the purchase and sale of
securities
- The global select market has the most
rigorous standards. because its designed
to compete with the NYSE
- The NASDAQ global market has listing
standards that sandwich it between the
NASDAQ global select market and the
NASDAQ capital market
- The NASDAQ capital market imposes the
easiest listing standards which makes it a
direct competitor to the NYSE MKT
- The major stock exchanges
described in the preceding
sections are by no means the
only ones on which a company
can list its shares
- The Toronto Stock Exchange and
other exchanges like it, have
designed their listing
requirements to make it relatively
easy for a smaller company to be
listed
- Australian Securities Exchange
- Deutsche Bourse
- Hong Kong Stock
Exchange
- London Stock Exchange
- Shanghai Stock
Exchange
- Tokyo Stock
Exchange
- Ongoing standards may include the
maintenance of minimum amounts
for a combination of:
- The number of
publicly traded
shares
- Total market value
- Stock price
- The number of
shareholders
- A market maker is a broker-dealer
that facilitates trading in a
security by displaying buy and sell
quotations for the issuing
company´s shares, for which it
may sell from its own inventory
- The over the counter market is
known as the Over the Counter
Bulletin Board
- Its a stock listing service that
shows real-time quotes, last-sale
price, and volume information for
all securities listed on the OTCBB
- Is not a formal stock exchange, but
rather the default designation
given to a company that is not
listed on a stock exchange but
which is current in its filings with
the SEC
- There are no other requirements
for being listed on the OTCBB
- If a company is remiss in its SEC filings
or has gone private, its shares will be
listed on the Pink Sheets
- This is essentially the default listing
for the securities of a company that
doesnt expend any effort to make its
financial results known to the public
- The Pink Sheets are administred by
OTC Markets Group, Inc.