Foreign Exchange Futures-What is the currency futures?
Foreign Exchange Futures are trading at a future time, the two sides agree, based on the ratio is now agreed to exchange one currency to another currency trading standardized contracts. Refers to the exchange rate for the subject matter of the futures contracts used to avoid exchange rate risk. It is the financial futures in the earliest varieties. Since May 1972 the Chicago Mercantile Exchange's International Monetary Market division launched the first foreign exchange futures contracts, along with the development of international trade and world economic integration process has accelerated, foreign exchange futures trading has maintained a strong momentum of development. It is not only for the majority of investors and financial institutions and other economic subjects provide an effective hedging tool, but also for arbitrageurs and speculators to provide a new means of profit.
Foreign Exchange Futures - History
In May 1972, the Chicago Mercantile Exchange, the formal establishment of the international currency markets division, launched a seven kinds of foreign exchange futures contracts, thus opening a futures market innovation and development of the regiment. Since 1976, the rapid development of foreign exchange futures market, trading volume increased by several dozen times. 1978, the New York Mercantile Exchange has also increased the foreign exchange futures business in 1979, the New York Stock Exchange also announced the establishment of a new exchange to specifically engage in foreign currency and financial futures. In February 1981, the Chicago Mercantile Exchange for the first time opened its Euro-dollar futures. Subsequently, Australia, Canada, the Netherlands, Singapore and other countries and regions have also opened a foreign exchange futures market, Since then, the currency futures market is booming up.
At present, the main varieties of foreign exchange futures are: U.S. dollar, British pound, German mark, Japanese yen, Swiss franc, Canadian dollar, Australian dollar, French franc, Dutch guilder and so on. From a global perspective, the major currency futures markets in the United States, which has largely focused on the Chicago Mercantile Exchange's International Monetary Market (IMM), Central America Commodity Exchange (MCE) and Philadelphia Futures Exchange (PBOT).
The international currency markets mainly for Australian dollars, British pound, Canadian dollar, deutsche mark, French franc, Japanese yen and Swiss franc futures contract transactions;
Central America, commodity exchanges pounds, Canadian dollars, deutsche mark, Japanese yen and Swiss franc futures exchange;
In addition, the major currency futures exchange include: the London International Financial Futures Exchange (LIFFE), the Singapore International Monetary Exchange (SIMEX), the Tokyo International Financial Futures Exchange (TIFFE), French International Futures Exchange (MATIF) and so on, each exchange are basically there is the national currency with the other major currencies traded futures contracts. In the foreign exchange market, there is a traditional way of forward foreign exchange transactions, which in many respects, and foreign exchange futures have the same or similar, is often mistaken for futures trading. At this point, it is necessary for them to make a simple distinction. The so-called forward foreign exchange transactions refer to transactions in the transaction when the two sides agreed on a future date at an exchange rate determined at the time transactions settled a certain amount of a foreign exchange transaction. Forward foreign exchange transactions are generally by banks and other financial institutions with each other by phone, fax, etc. to reach, trading volume, duration, price freely agreed, compared with more flexible foreign exchange futures. In hedging, the long-term transactions, more targeted, often can make all the hedging risk. However, the forward price of the transaction futures prices do not have that kind of openness, fairness and impartiality. Forward transaction is not exchanges, clearing houses as the intermediary, flow well below the futures, but also faces the risk of counterparty default.
Foreign Exchange Futures - Specifications
Foreign exchange futures contracts based on foreign exchange as the standardization of the content delivery futures contracts. It includes the following aspects:
First, the foreign exchange futures contracts trading units, each of the foreign exchange futures contracts trading unit of the required standards by the exchange. For example, the German mark trading of futures contracts for each unit of 125,000 marks;
Second, the delivery month, the international currency market all foreign exchange futures contracts are the same delivery month for each year in March, June, September and December. Delivery on the third Wednesday of the delivery date for that month;
Third, the universal code, in the day, making operation, exchanges and futures dealers and futures commission price list are coded to indicate the foreign exchange futures. Eight kinds of major currencies, currency futures are a common code, the pound BP, the Canadian dollar CD, Dutch guilders DG, Deutsche Mark DM, Yen JY, Mexican peso MP, Swiss Franc SF, French franc FR;
Fourth, the minimum price fluctuation in international currency markets for each currency futures quotes makes provision for the smallest fluctuations. In the trading floor, brokers bid or bid made only in multiples of the smallest fluctuations. Eight major fluctuations in foreign currency futures contracts, the minimum price is as follows; sterling 0.0005 U.S. dollars, Canadian dollars 0.0001 U.S. dollars, Dutch guilders 0.0001 U.S. dollars, German marks 0. 0001 U.S. dollars, Japanese yen 0.0000001 U.S. dollars, Mexican pesos 0.00001 U.S. dollars, Swiss francs 0.0001 U.S. dollars, French franc 0.00005 U.S. dollars; Fifth, the Daily Price Limit the amount of daily Price Limit the amount of a futures contract in one day than the previous day's settlement price higher or lower than the maximum fluctuation. Eight kinds of foreign exchange futures contracts rose daily limit of the amount as follows: Mark 1250 U.S. dollars, Japanese yen 1250 U.S. dollars, Swiss francs 1875 U.S. dollars, 1,500 U.S. dollars Mexican peso NLG 1250 U.S. dollars, French franc 1250 U.S. dollars, once the bid exceeds the amount of circuit breakers, then the transaction is invalid .
Philadelphia Futures Exchange, the main trading French, British pound, Canadian dollar, Australian dollar, Japanese yen, Swiss franc, German mark and the European Currency Unit.
Monday, October 26, 2009
Trading stocks books-Top stocks books
Trading stocks books-Top stocks books
Top 1 【Technical Analysis of the Futures Markets】, [the US] Writer: John. Murphy Description, This book is the New York Institute of Finance textbooks, this book Top of the Department of the U.S. market, technology, class-level analysis of representative works by Master John Murphy, known as the contemporary market Technical analysis of the Bible! This book sets the various market technical analysis theory and method of Shing, always sharply pointed out the practical application of various methods of strengths, weaknesses, and in a variety of environmental conditions used in conjunction with them to learn from each other in a specific practice, the same time, both an excellent teaching materials, the authority of books, the three major characteristics of practical operational guidelines.
TOP 2, 【futures trading technical analysis】 [The US] jack d. Schwager (Zweig Ph.D.) Description: Shi Wage was to be the speculative wisdom】 English original author, is a real family investment analysis of the books written in the book contains a How did he become one of today's leading investment experts the authority of the underlying reasons. This is a practical book, but not everyone understand the benefits, only to encounter a problem you actually used when the only experience when you look at the book, followed by the fifth chapter is the essence. The book is divided into five 22 chapters, fully described in the chart analysis of futures trading methods and strategies in order to get user-friendly language to describe futures technical analysis of the important principles and techniques, such as the stop-loss point of choice. The principles of goal-setting and exit, etc. (Note: The above two books are a must-see futures industry were two books! Like learning Chinese characters can not be without Xinhua Dictionary, learning English did not like the Oxford Dictionary, is in on the pillow continuous reading of the two essential reference tool. At first, the next money books (two add up to 155 ocean!), go through the school library to see, in order to be able to see more of reservations a few days, depends on the not yet, the last to be seriously extended for nearly a year and sentenced to heavy fines!
TOP 3, 【Market】 English outline of the theory formerly known as: "Market Profile". Description: It is from American Stock Exchange floor traders in emerging methods of analysis, the Hong Kong translated as "four-dimensional." But the domestic edition of this book Ben Wang Hong Kong version of the main control and feel a better translation, but also very deep. For the study of short-term trading to help in particular. By the American Stock Exchange floor traders invented the world's most advanced short-term analysis techniques, the most detail version.
TOP 4, 【speculative wisdom】 [Hong Kong] Yi Xu light (where the domestic translated version of the original English version is also a jack d. Schwager writable) Description: This paper describes the United States 11 futures, stock trading successes and failures of the master course of blood and tears. Whenever the market in my bear after being hit time and again re-read, who have given me a lot of support, restore confidence, many of them war stories Jiaoren lovely planning.
TOP 5, 【Wall Street point of Jin - Interview with the Wall Street elite】 Author: [the US] Jack. About Dr. Zweig: "speculative wisdom" of the sequel, even better than the. In the financial markets there are always traders outstanding, in the situation unpredictable changes in the market, these techniques is how to master surprisingly winning it? Their differences lie? Please listen to the "Wall Street point of Jin" insights bar.
TOP 6, short-term trading tips】 【Williams Description: The author is, "Williams indicators" of the inventor. Of today's well-known US Futures traders and asset managers, he was Robbins Futures Championship Cup overall champion, in less than 12 months time to make 10000 dollars into a 1.1 million U.S. dollars. Has 35 years experience in a real master of the short-term character to introduce their unique way.
TOP 7, "Futures Call of Duty 108" Author: [Hong Kong] Liu Mengxiong Description: The best futures of domestic entry books, a simple and illustrated. Describes the development of client and customer brokers just to get into a lot of stories. (Which is a few years ago a very popular books. Now this book into print in the mainland have been few, worth turning several times, I am willing to buy 20 times the original price! He He ... ...)
TOP 8, the stock master memoirs (stocks for hand Memoirs) Author: [the U.S.] Edwin. Rife Description: It is 70 years of the most worthy of recommendation to investors, a classic book to introduce far the greatest genius of the stock and futures speculation Jesse Livermore's life story of the classic works in the early twentieth century in the futures, stock market, the rise of a number of bankruptcy several times sweet and sour experience, particularly in the trading mentality depicted outstanding, Crowe never met a mentor. Generation after generation of financial professionals and traders have read this book.
TOP 9, 【System Trading Methods】 Description: trading system, mathematical model design series of the most recommended is the Incumbent of domestic stock market management "Taihe Fund" Harvest Fund's investment waves to write Dr. Jin Rong, director of living in America, the book describes a computer program trading system transition from theory to actual combat experiences and internationally renowned master of the five trading system.
TOP 10, [Trader proposal - the world's top traders and the mentality of successful practice] (United Kingdom) Aerpeixi Patel, a Brief Introduction: The secret of success lies in a kind of mental structure and the method of looking at things. This is a difficult journey, you should learn from successful experiences and lessons learned to avoid the loss of personal experience. Book to explore the world's top traders operating philosophy, behavior and tactics, identify successful strategy in the market and the winning approach. This book put all of the operations strategies are put in the mental framework to discuss, through the experience of top traders to show up, and access to these traders heart of hearts, they explore how to implement the winning strategy and what is unusual mental structures, so that these traders to stabilize profits.
TOP 11, futures trading strategies (direct download) Author: STANLEY KROLL Stanley. Krogh (United States, one of 9 major futures master works of a seminar in China) Brief Introduction: "through all these years, I am still concerned about the profits from the market - to obtain profits. However, in large measure the financial risks, stress, loneliness, isolation, self-doubt, and even fear of nameless, naturally it was all the futures operator regular partner, you should not only profitable to satisfy. profiteering must be be your goal. "- Stanley Kroll
TOP 12,【 the Professional speculative theory】 [America] Victor Si Bolang Edge Description: The writer is a man of Wall Street, Wall Street hit from 1978 to 1989, investment in profit for 12 consecutive years without a loss in any one year of pride human record. So, How did he do to flourish it? From the "Wall Street's Terminator," Victor's expert advice and answers to all in this in 1992 by "Business Week" named "Best Business Books "and" professional speculative principle "inside the ...
TOP 13, [Chaos France] (Trading Chaos) Author: [the US] Bill. William finally talk about a few books, they are also my mentor transactions,
Top 1 【Technical Analysis of the Futures Markets】, [the US] Writer: John. Murphy Description, This book is the New York Institute of Finance textbooks, this book Top of the Department of the U.S. market, technology, class-level analysis of representative works by Master John Murphy, known as the contemporary market Technical analysis of the Bible! This book sets the various market technical analysis theory and method of Shing, always sharply pointed out the practical application of various methods of strengths, weaknesses, and in a variety of environmental conditions used in conjunction with them to learn from each other in a specific practice, the same time, both an excellent teaching materials, the authority of books, the three major characteristics of practical operational guidelines.
TOP 2, 【futures trading technical analysis】 [The US] jack d. Schwager (Zweig Ph.D.) Description: Shi Wage was to be the speculative wisdom】 English original author, is a real family investment analysis of the books written in the book contains a How did he become one of today's leading investment experts the authority of the underlying reasons. This is a practical book, but not everyone understand the benefits, only to encounter a problem you actually used when the only experience when you look at the book, followed by the fifth chapter is the essence. The book is divided into five 22 chapters, fully described in the chart analysis of futures trading methods and strategies in order to get user-friendly language to describe futures technical analysis of the important principles and techniques, such as the stop-loss point of choice. The principles of goal-setting and exit, etc. (Note: The above two books are a must-see futures industry were two books! Like learning Chinese characters can not be without Xinhua Dictionary, learning English did not like the Oxford Dictionary, is in on the pillow continuous reading of the two essential reference tool. At first, the next money books (two add up to 155 ocean!), go through the school library to see, in order to be able to see more of reservations a few days, depends on the not yet, the last to be seriously extended for nearly a year and sentenced to heavy fines!
TOP 3, 【Market】 English outline of the theory formerly known as: "Market Profile". Description: It is from American Stock Exchange floor traders in emerging methods of analysis, the Hong Kong translated as "four-dimensional." But the domestic edition of this book Ben Wang Hong Kong version of the main control and feel a better translation, but also very deep. For the study of short-term trading to help in particular. By the American Stock Exchange floor traders invented the world's most advanced short-term analysis techniques, the most detail version.
TOP 4, 【speculative wisdom】 [Hong Kong] Yi Xu light (where the domestic translated version of the original English version is also a jack d. Schwager writable) Description: This paper describes the United States 11 futures, stock trading successes and failures of the master course of blood and tears. Whenever the market in my bear after being hit time and again re-read, who have given me a lot of support, restore confidence, many of them war stories Jiaoren lovely planning.
TOP 5, 【Wall Street point of Jin - Interview with the Wall Street elite】 Author: [the US] Jack. About Dr. Zweig: "speculative wisdom" of the sequel, even better than the. In the financial markets there are always traders outstanding, in the situation unpredictable changes in the market, these techniques is how to master surprisingly winning it? Their differences lie? Please listen to the "Wall Street point of Jin" insights bar.
TOP 6, short-term trading tips】 【Williams Description: The author is, "Williams indicators" of the inventor. Of today's well-known US Futures traders and asset managers, he was Robbins Futures Championship Cup overall champion, in less than 12 months time to make 10000 dollars into a 1.1 million U.S. dollars. Has 35 years experience in a real master of the short-term character to introduce their unique way.
TOP 7, "Futures Call of Duty 108" Author: [Hong Kong] Liu Mengxiong Description: The best futures of domestic entry books, a simple and illustrated. Describes the development of client and customer brokers just to get into a lot of stories. (Which is a few years ago a very popular books. Now this book into print in the mainland have been few, worth turning several times, I am willing to buy 20 times the original price! He He ... ...)
TOP 8, the stock master memoirs (stocks for hand Memoirs) Author: [the U.S.] Edwin. Rife Description: It is 70 years of the most worthy of recommendation to investors, a classic book to introduce far the greatest genius of the stock and futures speculation Jesse Livermore's life story of the classic works in the early twentieth century in the futures, stock market, the rise of a number of bankruptcy several times sweet and sour experience, particularly in the trading mentality depicted outstanding, Crowe never met a mentor. Generation after generation of financial professionals and traders have read this book.
TOP 9, 【System Trading Methods】 Description: trading system, mathematical model design series of the most recommended is the Incumbent of domestic stock market management "Taihe Fund" Harvest Fund's investment waves to write Dr. Jin Rong, director of living in America, the book describes a computer program trading system transition from theory to actual combat experiences and internationally renowned master of the five trading system.
TOP 10, [Trader proposal - the world's top traders and the mentality of successful practice] (United Kingdom) Aerpeixi Patel, a Brief Introduction: The secret of success lies in a kind of mental structure and the method of looking at things. This is a difficult journey, you should learn from successful experiences and lessons learned to avoid the loss of personal experience. Book to explore the world's top traders operating philosophy, behavior and tactics, identify successful strategy in the market and the winning approach. This book put all of the operations strategies are put in the mental framework to discuss, through the experience of top traders to show up, and access to these traders heart of hearts, they explore how to implement the winning strategy and what is unusual mental structures, so that these traders to stabilize profits.
TOP 11, futures trading strategies (direct download) Author: STANLEY KROLL Stanley. Krogh (United States, one of 9 major futures master works of a seminar in China) Brief Introduction: "through all these years, I am still concerned about the profits from the market - to obtain profits. However, in large measure the financial risks, stress, loneliness, isolation, self-doubt, and even fear of nameless, naturally it was all the futures operator regular partner, you should not only profitable to satisfy. profiteering must be be your goal. "- Stanley Kroll
TOP 12,【 the Professional speculative theory】 [America] Victor Si Bolang Edge Description: The writer is a man of Wall Street, Wall Street hit from 1978 to 1989, investment in profit for 12 consecutive years without a loss in any one year of pride human record. So, How did he do to flourish it? From the "Wall Street's Terminator," Victor's expert advice and answers to all in this in 1992 by "Business Week" named "Best Business Books "and" professional speculative principle "inside the ...
TOP 13, [Chaos France] (Trading Chaos) Author: [the US] Bill. William finally talk about a few books, they are also my mentor transactions,
Lapmo Listing-UPC
IAPMO (U.S. Agency for International Pipe Machinery HVAC Certification Association) certification mark is the UPC, IAPMO is English International Association of Plumbing and Mechanical Officials in short, which is headquartered in California, is a non-profit organization. Since the 1926 inception, IAPMO has been engaged in the construction industry and building ventilation, water supply and drainage systems safe use of standards and the formulation of objectives, and related products for testing, certification.
UPC in accordance with the United States a unified pipelines, HVAC, sanitary norms, can be certified products main categories:
1. Kitchen bath faucet, shower nozzles;
2. Antifreeze faucet;
3. Ceramic sanitary ware;
4. Bathtubs, bathroom, massage bathtub surfing;
5. Preparation of hose;
6. Metal bellows;
7. Copper alloy tubes, copper pipe joints;
8. Plastic pipe, plastic pipe joints;
9. Cast iron pipes, pipe fittings;
10. Rubber hose coupling;
11. Copper ball valve, gate valve;
12. Toilet tank fittings;
13. Metal / non-metallic cut-off valve, check valve;
14. Copper alloy floor drain;
15. Cast iron floor drain;
16. Aluminum-plastic composite pipe;
17. Plastic toilet cover;
18. Ceramic Shaft (faucet use);
19. Rubber washers;
20. Ventilation ducts;
21. ANSI / NSF certified non-toxic;
22. Dispenser (R. O.), water softener.
Part of the UPC certification standards
1. Faucet (Plumbing fixture fittings), ASME A112.18.1;
2. Metal Hose (Flexible water connectors), ASME A112.18.6;
3. Ceramic sanitary ware (Vitreous China plumbing fixtures), ASME A112.19.2;
4. Cistern fittings (Anti-siphon fill valves (ballcocks) for gravity water closet flush tanks), ASSE 1002;
5. Drain Valve (Trim for water-closet bowls, tanks, and urinals), ASME A112.19.5;
6. Faucet shower (Hand-held Showers), ASSE 1014;
7. Pipe coupling and fittings (Shielded couplings joining hubless cast iron soil pipe and fittings), ASTM C1277;
8. Cast Iron Pipe / and pipe fittings (Hubless cast iron soil pipe and fittings for sanitary and storm drain waste, and went piping applications), ASTM A888-04a.
IAPMO Product Registration
Step 1, complete, all the way to read the application form, fill in the blank field on the application form. Signed original will be returned.
Step2, fill in the initial plant evaluation questionnaire.
Step3, read the attached product registration agreement. Two original signature will be returned.
Step 4 calculations to determine the appropriate costs (attached) to the IAPMO submit an application form, product registration agreement and fees, as well as this article made the following first step 5-14 the relevant information and data.
Step 5 Annex "G" (attached), select the appropriate IAPMO certification mark. Product registration under the terms of the agreement, the mark will be applied in the registration products.
Step 6 to provide seven copies of a detailed, specified size of product engineering drawings (eg blueprints), and includes the required added to the product IAPMO certification mark of the position, font, and added to the product in such a way, such as etching, glass-covered , labeled or protruding markings. Showers and shower tray then the drawings, the ratio of the size required: 1 "= 1'0."
Step 7 to provide seven copies of product test reports, shows that the performance of products in line with the corresponding performance standards. The test report should be IAPMO approved laboratories for column names. IAPMO approved laboratory list can be obtained upon request. For applications for registration of new products, the test report date must be less than one year and must be according to the required format.
Step 8 free of charge to IAPMO Research Committee of the samples submitted to one or more, and prepaid freight. The exact number of samples from the IAPMO's technical staff to determine. The sample initially in the original product-based approach coupled with Step 5 above selected IAPMO certification mark. IAPMO any material submitted to the loss or damage irresponsible. Unless the applicant for registration after the notice is given within two weeks of the return of samples required, or IAPMO free to handle any samples.
Step 9 made within a 50-word description about the product, after editorial review incorporated into the study recommends the directory.
Step 10 for each product submitted for registration shall be submitted to a normal size (about 3.5 "* 5") color photographs, each photo should be as much as possible the marking and identification of features to be displayed.
Step 11 to submit seven copies of a document to display and describe the product (or brochures) of the original.
Step 12 according to product registration requirements of section 17 of the agreement, to provide every one manufacturing and registration of the product will be manufactured factory warehouse address, telephone number, contact names and other information. Only the final assembly where it was necessary to provide the above information, which does not require components manufactured goods.
Step 13 If the product is imported or to be imported, should be provided importer and consignee's name, street address, telephone number and contact name. This information is the first step 12 the information requested in addition to the need to provide for.
Step 14 Study Committee will be based on the applicant prior to the IAPMO product registration to provide the appropriate product samples to determine the product's registration. Product samples should be accompanied by the final determination of the appropriate tags. If a product sample can not be archived, it must be labeled with pictures of product samples available in conjunction with the product label.
UPC in accordance with the United States a unified pipelines, HVAC, sanitary norms, can be certified products main categories:
1. Kitchen bath faucet, shower nozzles;
2. Antifreeze faucet;
3. Ceramic sanitary ware;
4. Bathtubs, bathroom, massage bathtub surfing;
5. Preparation of hose;
6. Metal bellows;
7. Copper alloy tubes, copper pipe joints;
8. Plastic pipe, plastic pipe joints;
9. Cast iron pipes, pipe fittings;
10. Rubber hose coupling;
11. Copper ball valve, gate valve;
12. Toilet tank fittings;
13. Metal / non-metallic cut-off valve, check valve;
14. Copper alloy floor drain;
15. Cast iron floor drain;
16. Aluminum-plastic composite pipe;
17. Plastic toilet cover;
18. Ceramic Shaft (faucet use);
19. Rubber washers;
20. Ventilation ducts;
21. ANSI / NSF certified non-toxic;
22. Dispenser (R. O.), water softener.
Part of the UPC certification standards
1. Faucet (Plumbing fixture fittings), ASME A112.18.1;
2. Metal Hose (Flexible water connectors), ASME A112.18.6;
3. Ceramic sanitary ware (Vitreous China plumbing fixtures), ASME A112.19.2;
4. Cistern fittings (Anti-siphon fill valves (ballcocks) for gravity water closet flush tanks), ASSE 1002;
5. Drain Valve (Trim for water-closet bowls, tanks, and urinals), ASME A112.19.5;
6. Faucet shower (Hand-held Showers), ASSE 1014;
7. Pipe coupling and fittings (Shielded couplings joining hubless cast iron soil pipe and fittings), ASTM C1277;
8. Cast Iron Pipe / and pipe fittings (Hubless cast iron soil pipe and fittings for sanitary and storm drain waste, and went piping applications), ASTM A888-04a.
IAPMO Product Registration
Step 1, complete, all the way to read the application form, fill in the blank field on the application form. Signed original will be returned.
Step2, fill in the initial plant evaluation questionnaire.
Step3, read the attached product registration agreement. Two original signature will be returned.
Step 4 calculations to determine the appropriate costs (attached) to the IAPMO submit an application form, product registration agreement and fees, as well as this article made the following first step 5-14 the relevant information and data.
Step 5 Annex "G" (attached), select the appropriate IAPMO certification mark. Product registration under the terms of the agreement, the mark will be applied in the registration products.
Step 6 to provide seven copies of a detailed, specified size of product engineering drawings (eg blueprints), and includes the required added to the product IAPMO certification mark of the position, font, and added to the product in such a way, such as etching, glass-covered , labeled or protruding markings. Showers and shower tray then the drawings, the ratio of the size required: 1 "= 1'0."
Step 7 to provide seven copies of product test reports, shows that the performance of products in line with the corresponding performance standards. The test report should be IAPMO approved laboratories for column names. IAPMO approved laboratory list can be obtained upon request. For applications for registration of new products, the test report date must be less than one year and must be according to the required format.
Step 8 free of charge to IAPMO Research Committee of the samples submitted to one or more, and prepaid freight. The exact number of samples from the IAPMO's technical staff to determine. The sample initially in the original product-based approach coupled with Step 5 above selected IAPMO certification mark. IAPMO any material submitted to the loss or damage irresponsible. Unless the applicant for registration after the notice is given within two weeks of the return of samples required, or IAPMO free to handle any samples.
Step 9 made within a 50-word description about the product, after editorial review incorporated into the study recommends the directory.
Step 10 for each product submitted for registration shall be submitted to a normal size (about 3.5 "* 5") color photographs, each photo should be as much as possible the marking and identification of features to be displayed.
Step 11 to submit seven copies of a document to display and describe the product (or brochures) of the original.
Step 12 according to product registration requirements of section 17 of the agreement, to provide every one manufacturing and registration of the product will be manufactured factory warehouse address, telephone number, contact names and other information. Only the final assembly where it was necessary to provide the above information, which does not require components manufactured goods.
Step 13 If the product is imported or to be imported, should be provided importer and consignee's name, street address, telephone number and contact name. This information is the first step 12 the information requested in addition to the need to provide for.
Step 14 Study Committee will be based on the applicant prior to the IAPMO product registration to provide the appropriate product samples to determine the product's registration. Product samples should be accompanied by the final determination of the appropriate tags. If a product sample can not be archived, it must be labeled with pictures of product samples available in conjunction with the product label.
Bearer shares-How to transfer bearer shares?
Bearer shares-What is a bearer shares?
Bearer shares, also known as bearer shares, that means stocks and shares face the shareholders are not recorded on the register the names of shareholders to vote. Comparing it with bearer shares, the difference is not in the shareholder rights, etc., but in the way the stock records.
This is characterized by the stock ownership must be specifically hold shares in itself, holding bearer shares, the shareholders of the company prompted the need to keep the shares, the shareholders of the General Assembly carefully messages. The advantage of issuing bearer shares is simple, easy to buy and transfer, the shortfall is that the Company's shareholders is difficult to control, may lead to greater business risks. According to regulations, the public issuance of shares for bearer shares, bearer shares can also.
Bearer shares - Overview Bearer shares
The so-called bearer shares means that the stock is not recorded in the name of the holder may be any transfer of shares. Any person holding such a stock is the company's shareholders, can virtue of the equity shareholders of the company's claim the right to enjoy the rights represented by the stock. Does not issue bearer shares are normally left stub Alliance, which formally divided into two parts: the main body of the stock, the company recorded matters, such as company name, the number of shares represented by stock, etc.; the other part of the dividend votes , used for replenishment of dividends and the exercise of the rights of settlement.
a shareholder in the stock is not recorded in the name of the shares to the former Federal Republic of Germany the most popular. All holders of bearer shares, namely, the shareholders eligible. Such shares alone the attached coupon to receive stock dividends, and can therefore be freely transferable. But the bearer shares must be fully paid to the company only after the issue, because the stock is not recorded in the shareholders name, if allowed to pay part of the shares of shareholders shall the granting of stock in the future the shareholders do not know the names of outstanding shares shall not be reminders. Compared with the bearer shares, bearer shares, there are two outstanding issues, namely, inability to send letters to the shareholders, not easy to collect letters of appointment, or even affect the general meeting of shareholders; second distribution company is unable to grasp the secret the names of the shareholders, it is difficult to avoid the stock package purchased and the company has been usurped situation. It is precisely because there are certain disadvantages of bearer shares, and some countries do not allow issuance of such shares. UK companies may allow the issuance of bearer shares, but subject to strict control and management of the trading system, and many civil law countries Inc. shares are almost always by secret ballot form issued. Procedures for transfer and transfer of bearer shares is simple, convenient transaction, upon transfer of shares changed hands at once.
Bearer shares - Features
Bearer shares Ownership of bearer shares must be specifically characterized by possession of the stock itself, shareholders holding bearer shares prompted the need to keep the company's stock, shareholders of the message carefully. The advantage of issuing bearer shares is simple, easy to buy and transfer, the shortfall is that the transfer of bearer shares, by the shareholders after the shares delivered to the assignee of an assignment's effectiveness.
1, shareholder rights vested in holders of the stock Confirmed that the shareholders of bearer shares are not eligible for the name of a specific record based on, but in possession of the facts. Therefore, the person holding the stock is a shareholder, you can exercise the rights of shareholders. Because of this, in order to prevent counterfeiting, fraud and other acts of bearer shares of the publication of fine, its printing technology, color, paper, watermarks, numbers, etc. must meet stringent standards.
2, when the demands of shares fully paid Bearer shares is not recorded in the names of shareholders, if the shareholders pay part of the unit shall allow the granting of stock, after the fact will not be able to pay the reminder at the end of the stock models, so the subscription must be fully paid before receiving the stock.
3, the transfer is relatively simple Compared with the bearer shares, the transfer of bearer shares is more simple and convenient, as long as the original holders of the stock will be delivered to the assignee of the legal effect of an assignment, the assignee does not require the shareholders eligible to apply for transfer formalities.
4, safety less Because there is no record of shareholders, the name of the legal basis and, therefore, non-bearer shares, once lost, the original stock holders will lose their shareholder rights, and can not report the loss. The Company's shareholders is difficult to control, may lead to greater business risks. Shares issued to the public, can be registered shares, bearer shares can also.
Bearer shares - Transfer
How to transfer bearer shares?
With the transfer of bearer shares as compared to the transfer of bearer shares is relatively simple. Law in most countries, the transfer of bearer shares in a manner in accordance with the general rules of the transfer of bearer securities, so long as the holder of shares of stock were delivered to the payment later, the act that is legally effective, the assignee becomes a legitimate shareholder. "Company Law" also made a similar provision, namely, the transfer of bearer shares must be legally established securities trading sites, or else should be illegal transactions; equity holders of the stock after the delivery of legal effect, while the original holders will lose its corresponding of the shares and shareholder rights, shares of the transferee shall become the lawful holders of shares of the Company.
Bearer shares - the rights of shareholders
Shareholders according to the proportion of shares they hold have the following basic rights:
(1) The company's decision to participate. : Ordinary shareholders entitled to participate in general meeting of shareholders and has recommendatory powers, voting rights and the right to vote, you can also appoint a proxy to exercise his rights of shareholders.
(2) The profit distribution rights. : Ordinary shareholders have the right to get the distribution of profits from the company dividends. Common stock dividend is not fixed, by the company profit status and its distribution policy decisions. Common stock shareholders must obtain a fixed dividend preference shareholders are entitled to dividends only after the allocation of rights.
(3) stock options. : If the company needs to expand and the additional shares of common stock, the existing common stock shareholders are entitled to their equity ratio to below the market price of a particular priority in purchasing a certain number of newly issued shares, so as to maintain its ownership of enterprises the original ratio.
(4) the right of the remaining asset allocation. : When a company goes bankrupt or liquidation, if the company's assets are remaining after the repayment of debt, according to the first part of its remaining preferred shareholders, common shareholders after the distribution of the order.
Bearer shares, also known as bearer shares, that means stocks and shares face the shareholders are not recorded on the register the names of shareholders to vote. Comparing it with bearer shares, the difference is not in the shareholder rights, etc., but in the way the stock records.
This is characterized by the stock ownership must be specifically hold shares in itself, holding bearer shares, the shareholders of the company prompted the need to keep the shares, the shareholders of the General Assembly carefully messages. The advantage of issuing bearer shares is simple, easy to buy and transfer, the shortfall is that the Company's shareholders is difficult to control, may lead to greater business risks. According to regulations, the public issuance of shares for bearer shares, bearer shares can also.
Bearer shares - Overview Bearer shares
The so-called bearer shares means that the stock is not recorded in the name of the holder may be any transfer of shares. Any person holding such a stock is the company's shareholders, can virtue of the equity shareholders of the company's claim the right to enjoy the rights represented by the stock. Does not issue bearer shares are normally left stub Alliance, which formally divided into two parts: the main body of the stock, the company recorded matters, such as company name, the number of shares represented by stock, etc.; the other part of the dividend votes , used for replenishment of dividends and the exercise of the rights of settlement.
a shareholder in the stock is not recorded in the name of the shares to the former Federal Republic of Germany the most popular. All holders of bearer shares, namely, the shareholders eligible. Such shares alone the attached coupon to receive stock dividends, and can therefore be freely transferable. But the bearer shares must be fully paid to the company only after the issue, because the stock is not recorded in the shareholders name, if allowed to pay part of the shares of shareholders shall the granting of stock in the future the shareholders do not know the names of outstanding shares shall not be reminders. Compared with the bearer shares, bearer shares, there are two outstanding issues, namely, inability to send letters to the shareholders, not easy to collect letters of appointment, or even affect the general meeting of shareholders; second distribution company is unable to grasp the secret the names of the shareholders, it is difficult to avoid the stock package purchased and the company has been usurped situation. It is precisely because there are certain disadvantages of bearer shares, and some countries do not allow issuance of such shares. UK companies may allow the issuance of bearer shares, but subject to strict control and management of the trading system, and many civil law countries Inc. shares are almost always by secret ballot form issued. Procedures for transfer and transfer of bearer shares is simple, convenient transaction, upon transfer of shares changed hands at once.
Bearer shares - Features
Bearer shares Ownership of bearer shares must be specifically characterized by possession of the stock itself, shareholders holding bearer shares prompted the need to keep the company's stock, shareholders of the message carefully. The advantage of issuing bearer shares is simple, easy to buy and transfer, the shortfall is that the transfer of bearer shares, by the shareholders after the shares delivered to the assignee of an assignment's effectiveness.
1, shareholder rights vested in holders of the stock Confirmed that the shareholders of bearer shares are not eligible for the name of a specific record based on, but in possession of the facts. Therefore, the person holding the stock is a shareholder, you can exercise the rights of shareholders. Because of this, in order to prevent counterfeiting, fraud and other acts of bearer shares of the publication of fine, its printing technology, color, paper, watermarks, numbers, etc. must meet stringent standards.
2, when the demands of shares fully paid Bearer shares is not recorded in the names of shareholders, if the shareholders pay part of the unit shall allow the granting of stock, after the fact will not be able to pay the reminder at the end of the stock models, so the subscription must be fully paid before receiving the stock.
3, the transfer is relatively simple Compared with the bearer shares, the transfer of bearer shares is more simple and convenient, as long as the original holders of the stock will be delivered to the assignee of the legal effect of an assignment, the assignee does not require the shareholders eligible to apply for transfer formalities.
4, safety less Because there is no record of shareholders, the name of the legal basis and, therefore, non-bearer shares, once lost, the original stock holders will lose their shareholder rights, and can not report the loss. The Company's shareholders is difficult to control, may lead to greater business risks. Shares issued to the public, can be registered shares, bearer shares can also.
Bearer shares - Transfer
How to transfer bearer shares?
With the transfer of bearer shares as compared to the transfer of bearer shares is relatively simple. Law in most countries, the transfer of bearer shares in a manner in accordance with the general rules of the transfer of bearer securities, so long as the holder of shares of stock were delivered to the payment later, the act that is legally effective, the assignee becomes a legitimate shareholder. "Company Law" also made a similar provision, namely, the transfer of bearer shares must be legally established securities trading sites, or else should be illegal transactions; equity holders of the stock after the delivery of legal effect, while the original holders will lose its corresponding of the shares and shareholder rights, shares of the transferee shall become the lawful holders of shares of the Company.
Bearer shares - the rights of shareholders
Shareholders according to the proportion of shares they hold have the following basic rights:
(1) The company's decision to participate. : Ordinary shareholders entitled to participate in general meeting of shareholders and has recommendatory powers, voting rights and the right to vote, you can also appoint a proxy to exercise his rights of shareholders.
(2) The profit distribution rights. : Ordinary shareholders have the right to get the distribution of profits from the company dividends. Common stock dividend is not fixed, by the company profit status and its distribution policy decisions. Common stock shareholders must obtain a fixed dividend preference shareholders are entitled to dividends only after the allocation of rights.
(3) stock options. : If the company needs to expand and the additional shares of common stock, the existing common stock shareholders are entitled to their equity ratio to below the market price of a particular priority in purchasing a certain number of newly issued shares, so as to maintain its ownership of enterprises the original ratio.
(4) the right of the remaining asset allocation. : When a company goes bankrupt or liquidation, if the company's assets are remaining after the repayment of debt, according to the first part of its remaining preferred shareholders, common shareholders after the distribution of the order.
Futures Market-Futures brokers
Futures Market-What is a futures market?
Futures market is a place to conduct futures trading is a multi-period trading relationships. It is based on "open, fair and just" principle, in the spot market developed on the basis of the highly organized and highly regulated market of the form. Is an extension of the spot market, but also the market has a high stage of development. From the organizational structure point of view, the broad sense of the futures markets, including futures exchanges, clearing houses and clearing houses, brokerage firms and Futures traders; in the narrow sense refers only to the Futures Exchange futures market.
Futures markets are made up of four parts.
(1) the Futures Exchange;
(2) futures clearing house;
(3) futures brokerage companies;
(4) futures (including hedgers and speculators.
1. the Futures Exchange 1, the definition and nature of the Futures Exchange Futures provide a forum for futures trading, facilities, services, and trading rules of the non-profit organization. Exchanges generally adopts a membership system. Exchange's membership requirements are very strict, the exchanges have specific provisions. I must first apply for membership in exchange from the Exchange, the investigation of the credit applicant's financial situation, pass the examination, meet the requirements before approval of the Board membership. Members of the exchanges can be assigned seats in general. Exchange, the highest authority is the General Meeting. Board of Directors consists of members of the General Assembly or the Council, the general membership of the General Assembly by the elected board of directors appointed exchanges president responsible for the daily exchange administration and management.
2, the Futures Exchange's main role is to:
(1) to provide an organized and orderly market place. Ensure that futures trading in the "just, fair and open" principle running smoothly.
(2) to provide an open transaction price.
(3) to provide a unified trading rules and standards to ensure orderly trading.
(4) provide a good communication information services.
(5) to provide transaction security and compliance assurance that the transaction guarantee.
3, the exchange system: Exchange, a membership system, the exchange operations of the major decisions such areas as decided jointly by all members.
4, the Futures Exchange revenue and budget management an income comes from dues. (B) Futures Clearing Countries today the composition of the form of futures clearing houses generally have three kinds: The first one is subordinate to exchange clearing house, clearing members are also members of the exchanges; Species belong to the first exchange clearing house, but only a few members of the exchanges became a deep-pocketed by clearing members; The third is independent of the exchange clearing house in addition to become completely independent clearing houses.
Futures Clearing House function and role of the main ones are:
(1) is responsible for trading in futures contracts settlement;
(2) to undertake a security futures trading;
(3) monitoring physical delivery;
(4) publishing market information. Futures Clearing the majority of the membership system. Clearing Member must pay the full deposit deposited in the clearing house, to ensure that clearing houses in the futures market risk control. Futures Clearing the highest authority is the Board of Directors (Council). Daily work by the Executive.
(C) futures brokerage firm Futures brokerage firm (or brokers) is a proxy client to futures trading, and provide information on futures trading services to corporate legal. Futures trading in the proxy client, the charge a commission. Futures trading activities as an intermediary organization, the composition in the futures market plays an important role. On the one hand it is the exchange with a number of transactions between the bridges, widen and improve the service functions of the exchange; On the other hand, it is for the traders engaged in trading activities to provide financial guarantees to the Stock Exchange. Futures brokerage companies are generally settled within the agency set up the Department of the Ministry of deposit, credit department, orders to the Department of the Ministry of Information, the cash settlement department, research department and so on. A standardized brokerage firm should have sound risk management systems, compliance with national regulations and policies, subject to the supervision of government regulatory bodies, abide by professional ethics and safeguard the interests of industry as a whole, a sharp distinction between self and agency business, strict customer management, brokerage, quality of personnel Higher condition.
(D) futures were According to the purpose of trading in the futures division period. Basically divided into two types of people: namely, hedgers and speculators. 1 hedgers. The purpose of such a person engaging in futures trading is the use of futures market hedging transactions in order to reduce the risks of price fluctuations and ensure normal production and operating profit. Do this kind of hedging and the general production operators, traders, real users. 2, speculators also known as venture investors. Speculators to participate in futures trading and hedging purposes are the opposite, they are willing to take the risk of price fluctuations. It is intended that a small amount of funds to win more of the profits. By way of speculative futures can be said that variety and diversity, its practice more complicated than hedging. In the futures market, if there is no speculators involved, their risk aversion and price discovery function of the two can not be achieved. Involved in the transaction market, speculators increase liquidity, act as a "lubricant" role.
Futures market is a place to conduct futures trading is a multi-period trading relationships. It is based on "open, fair and just" principle, in the spot market developed on the basis of the highly organized and highly regulated market of the form. Is an extension of the spot market, but also the market has a high stage of development. From the organizational structure point of view, the broad sense of the futures markets, including futures exchanges, clearing houses and clearing houses, brokerage firms and Futures traders; in the narrow sense refers only to the Futures Exchange futures market.
Futures markets are made up of four parts.
(1) the Futures Exchange;
(2) futures clearing house;
(3) futures brokerage companies;
(4) futures (including hedgers and speculators.
1. the Futures Exchange 1, the definition and nature of the Futures Exchange Futures provide a forum for futures trading, facilities, services, and trading rules of the non-profit organization. Exchanges generally adopts a membership system. Exchange's membership requirements are very strict, the exchanges have specific provisions. I must first apply for membership in exchange from the Exchange, the investigation of the credit applicant's financial situation, pass the examination, meet the requirements before approval of the Board membership. Members of the exchanges can be assigned seats in general. Exchange, the highest authority is the General Meeting. Board of Directors consists of members of the General Assembly or the Council, the general membership of the General Assembly by the elected board of directors appointed exchanges president responsible for the daily exchange administration and management.
2, the Futures Exchange's main role is to:
(1) to provide an organized and orderly market place. Ensure that futures trading in the "just, fair and open" principle running smoothly.
(2) to provide an open transaction price.
(3) to provide a unified trading rules and standards to ensure orderly trading.
(4) provide a good communication information services.
(5) to provide transaction security and compliance assurance that the transaction guarantee.
3, the exchange system: Exchange, a membership system, the exchange operations of the major decisions such areas as decided jointly by all members.
4, the Futures Exchange revenue and budget management an income comes from dues. (B) Futures Clearing Countries today the composition of the form of futures clearing houses generally have three kinds: The first one is subordinate to exchange clearing house, clearing members are also members of the exchanges; Species belong to the first exchange clearing house, but only a few members of the exchanges became a deep-pocketed by clearing members; The third is independent of the exchange clearing house in addition to become completely independent clearing houses.
Futures Clearing House function and role of the main ones are:
(1) is responsible for trading in futures contracts settlement;
(2) to undertake a security futures trading;
(3) monitoring physical delivery;
(4) publishing market information. Futures Clearing the majority of the membership system. Clearing Member must pay the full deposit deposited in the clearing house, to ensure that clearing houses in the futures market risk control. Futures Clearing the highest authority is the Board of Directors (Council). Daily work by the Executive.
(C) futures brokerage firm Futures brokerage firm (or brokers) is a proxy client to futures trading, and provide information on futures trading services to corporate legal. Futures trading in the proxy client, the charge a commission. Futures trading activities as an intermediary organization, the composition in the futures market plays an important role. On the one hand it is the exchange with a number of transactions between the bridges, widen and improve the service functions of the exchange; On the other hand, it is for the traders engaged in trading activities to provide financial guarantees to the Stock Exchange. Futures brokerage companies are generally settled within the agency set up the Department of the Ministry of deposit, credit department, orders to the Department of the Ministry of Information, the cash settlement department, research department and so on. A standardized brokerage firm should have sound risk management systems, compliance with national regulations and policies, subject to the supervision of government regulatory bodies, abide by professional ethics and safeguard the interests of industry as a whole, a sharp distinction between self and agency business, strict customer management, brokerage, quality of personnel Higher condition.
(D) futures were According to the purpose of trading in the futures division period. Basically divided into two types of people: namely, hedgers and speculators. 1 hedgers. The purpose of such a person engaging in futures trading is the use of futures market hedging transactions in order to reduce the risks of price fluctuations and ensure normal production and operating profit. Do this kind of hedging and the general production operators, traders, real users. 2, speculators also known as venture investors. Speculators to participate in futures trading and hedging purposes are the opposite, they are willing to take the risk of price fluctuations. It is intended that a small amount of funds to win more of the profits. By way of speculative futures can be said that variety and diversity, its practice more complicated than hedging. In the futures market, if there is no speculators involved, their risk aversion and price discovery function of the two can not be achieved. Involved in the transaction market, speculators increase liquidity, act as a "lubricant" role.
PVC-PVC Futures
PVC-WHAT IS PVC Futures?
pvc futures are futures pvc as a variety of subject matter.
Basic physical and chemical properties of PVC PVC (polyvinyl chloride), referred to as PVC, as a thermoplastic resin. And steel, timber, cement, adding that the four basic building materials, with the PP, PE, ABS, PS and said the five common resin, is the largest Chlor-Alkali Industry organic consumption of chlorine products. PVC has a stable physical and chemical properties, insoluble in water, alcohol, gasoline, gas, water vapor leakage is low; at room temperature, may be resistant to any concentration of hydrochloric acid, 90% or less of sulfuric acid, 50-60% of nitric acid and 20% or less The caustic soda solution, with a certain degree of resistance to chemical corrosion; pairs of salts fairly stable, but can be dissolved in ether, ketones, chlorinated aliphatic hydrocarbons and aromatic hydrocarbons and other organic solvents. In addition, POVC of light, poor thermal stability at 100 ℃ and above, or by prolonged sun exposure, it will decomposition of hydrogen chloride, and further auto-catalytic decomposition, discoloration, physical and mechanical properties decreased rapidly, and therefore must be included in the practical application stabilizer to raise awareness of heat and light stability.
pvc futures are futures pvc as a variety of subject matter.
Basic physical and chemical properties of PVC PVC (polyvinyl chloride), referred to as PVC, as a thermoplastic resin. And steel, timber, cement, adding that the four basic building materials, with the PP, PE, ABS, PS and said the five common resin, is the largest Chlor-Alkali Industry organic consumption of chlorine products. PVC has a stable physical and chemical properties, insoluble in water, alcohol, gasoline, gas, water vapor leakage is low; at room temperature, may be resistant to any concentration of hydrochloric acid, 90% or less of sulfuric acid, 50-60% of nitric acid and 20% or less The caustic soda solution, with a certain degree of resistance to chemical corrosion; pairs of salts fairly stable, but can be dissolved in ether, ketones, chlorinated aliphatic hydrocarbons and aromatic hydrocarbons and other organic solvents. In addition, POVC of light, poor thermal stability at 100 ℃ and above, or by prolonged sun exposure, it will decomposition of hydrogen chloride, and further auto-catalytic decomposition, discoloration, physical and mechanical properties decreased rapidly, and therefore must be included in the practical application stabilizer to raise awareness of heat and light stability.
Non-financial assets
Non-financial assets-what is Non-financial assets?
Non-financial assets is defined in the investment financing instruments (such as stocks, bonds) and money (including bank deposits) other than the assets, including fixed assets, intangible assets, goodwill, materials. Generally speaking, people are the company to hold stocks, bonds and other financing instruments and currency is called the financial assets, other known non-financial assets.
Non-financial assets - an overview
Recognition of non-financial assets used in standard models of risk and reward. Recognition of financial assets, due to the complexity of financial instruments, it is difficult to use risk-reward model to size-fits-a. For instance trust scheme, the principal and earnings can separate income people can not have any risk, the light receive remuneration; in such commitments. Non-production / non-financial assets transaction is non-productive physical assets (land and subsoil assets) and intangible assets (patents, copyrights, trademarks and distribution rights, etc.) to buy and give up. Specific financial items, including direct investment, portfolio investment and other investment projects.
Survey data on non-financial assets
With the stock market crash and non-financial listed companies, financial assets held for sale are also lower than that. Statistics show that, excluding financial enterprises, listed companies available for sale financial assets, the end of 2007 than the year was reduced by 37%, which means that these companies return on investment "reservoir" of the water level dropped Jinsi Cheng. 1619 in Shanghai and Shenzhen listed companies held by the end of 2007 a total of 3.2304 trillion yuan available for sale financial assets, financial assets, close to the deal 8 times. In the trading market value of financial assets, fluctuations in the premise of current performance, the listed company's management is clearly more likely to be equity investments classified as available for sale financial assets. However, in the available for sale financial assets derecognised Jibei disposal, will release a profit. Because the original owner's equity into account changes in the fair value of parts will be transferred out, counting the current return on investment. In this sense, a listed company owned by more than 3 trillion yuan available for sale financial assets, equivalent to a huge reservoir of profits. Compared with the beginning of the number of 3.209 trillion yuan, 1619 listed companies in late 2007, a slight increase in financial assets available for sale. However, excluding financial enterprises, the situation is quite different. 1591 non-financial listed companies in late 2007 has available for sale financial assets, 114.5 billion yuan, 183.1 billion yuan over the beginning of the number of dropped 68.6 billion, down by as much as 37%. 1591 in the above-mentioned non-financial listed companies in 2007 for sale of financial assets decreased by more than 100 million yuan of up to 104, of which more than one billion yuan are 21. Available for sale financial assets decreased by no more than two reasons: first, sell, and second, the fair value has shrunk. The fall caused due to the fair market value of the diminution in value is no doubt these listed companies held by the sharp reduction in available for sale financial assets, the main reason. Youngor available for sale financial assets, six months had fallen by 60 billion, this amount of all non-financial listed companies in the first place. The company has available for sale financial assets, beginning 16.5 billion by the end of 2007 fell to 10.5 billion yuan. This is the company sold some of CITIC Securities shares held by related, but more often a result of holding the stock price down. One is the company's 240 million shares held by CITIC Securities, the market value of between six months loss of as high as 3.5 billion. Came in second place in Nanjing Hi-tech in 2007 available for sale financial assets decreased by nearly 3.9 billion, down 47% ratio, that is, the company held by CITIC Securities, Qixia building, Nanjing Bank, the Science City and other stock market value has shrunk due.
Derivatives
(1) futures contracts. Futures contract refers to the Futures Exchange to develop a unified, the provision in the future delivery of a particular time and place a certain amount and quality of the physical commodity or financial products, the standardization of contracts.
(2) options contracts. Option contract is the contract the buyer to pay a certain amount of money available after an option contract. The stock market launch warrants are call options, put warrants are part of put options.
(3) forward contracts. Forward contract is a contract the two sides agreed at a future date in order to agree the value of the seller by the buyer to purchase a certain number of underlying contracts for the projects.
(4) The swap contract. Swap contract is a contract the two sides in a future series of cash flows during the exchange of contracts. The subject of the project under contract is different swap can be divided into interest rate swaps, currency swaps, commodity swaps, equity swaps and so on. Among them, interest rate swaps and currency swaps are more common. Classification of non-financial assets, classified according to whether the material form of tangible assets and intangible assets, according to the manner or process produces can be divided into productive assets and non-produced assets. In the non-financial assets, the "productive assets" by fixed assets, inventories and valuables composition. "Non-produced assets" can be broadly divided into two categories: one category is resource assets, that is tangible non-produced assets, from land assets, water resources, assets, underground assets and the composition of the non-cultivated biological assets; the other is intangible non-produced assets , such as patents, leases and other transferable contracts, purchased goodwill. As China's accounting of assets and liabilities faced by the sources of information and technical constraints, only the simple non-financial assets classified as fixed assets, inventories and other non-financial assets categories. Other non-financial assets refers to fixed assets, inventories other than productive, non-productive non-financial assets, tangible and intangible assets. Has a store of value, such as valuable items, land, underground resources, non-cultivated biological resources, water resources, physical resources such as assets, mineral exploration, computer software, literary and artistic originals, patents, copyright, trademark, goodwill and so on. Reduced assets as the stock market crash, investors have to face the listed company held by the book value of financial assets available for sale a drastic shrinkage of reality. Quarterly data on the three statistics, excluding financial enterprises, listed companies in the third quarter compared with the end of the beginning of financial assets available for sale decreased by 42%, which means that cross-shareholdings of listed companies to build profits "passbook" also shrunk Yusi Cheng. Shanghai and Shenzhen A total of 1466 listed companies to disclose three quarterly, the end of holding a total of 2.9259 trillion yuan available for sale financial assets, trading financial assets of 392.1 billion yuan. Listed companies held by the financial assets available for sale financial assets are trading at 7.5 times. In the trading market value of financial assets, fluctuations in the premise of current performance, the listed company's management is clearly more likely to be equity investments classified as available for sale financial assets. According to corporate accounting standards, financial assets available for sale to confirm the termination of Jibei disposal, will release a profit. Because the original owner's equity into account changes in the fair value of parts will be transferred out, counting the current return on investment. In this sense, the listed company has nearly 3 trillion yuan available for sale financial assets, equivalent to a huge profit "passbook." Compared with the beginning of the number of 2.9509 trillion yuan, 1466 listed companies at the end of the third quarter, slightly less available for sale financial assets 25.0 billion, down less than 1% rate. Yet after taking out one of the 25 financial companies, the situation is quite different. 1441 non-financial listed companies, the end of the third quarter, has available for sale financial assets 71.0 billion, 122.8 billion yuan over the beginning of the number of dropped 51.8 billion, down by as much as 42%. 1441 in the above-mentioned non-financial listed companies available for sale financial assets decreased by more than 100 million yuan of up to 102, accounting for 7% of the total number of companies, of which more than 1 billion yuan are 15. Available for sale financial assets decreased by no more than two reasons: first, sell, and second, the fair value has shrunk. Bao new energy sources, such as financial assets available for sale early next year the number was 11.5 million, three-quarter-end is zero, the company has available for sale financial assets held by all the sales. Overall, however, due to the fair market value decline caused by the diminution in value, is a listed company held by the sharp reduction in available for sale financial assets, the main reason. Eastern Electric B available for sale financial assets 9 months time reduced by 42.8 billion, this amount has been disclosed in the three quarterly non-financial listed companies in the first place. The company has available for sale financial assets, beginning of 6.48 billion yuan, down 2.2 billion. Bank of East Electric B holds, China Merchants Bank and Industrial Bank shares in three listed banks, the company sold some holdings at market value plus three banks declined, resulting in the for-sale financial assets, a decrease of 66%. Shrinking the amount came in second place in Nanjing Hi-tech available for sale financial assets decreased by 4.1 billion, down 50% the proportion of main reasons is the company held by CITIC Securities, Qixia building, Nanjing Bank, the Science City and other stock market value has shrunk due.
Non-financial assets is defined in the investment financing instruments (such as stocks, bonds) and money (including bank deposits) other than the assets, including fixed assets, intangible assets, goodwill, materials. Generally speaking, people are the company to hold stocks, bonds and other financing instruments and currency is called the financial assets, other known non-financial assets.
Non-financial assets - an overview
Recognition of non-financial assets used in standard models of risk and reward. Recognition of financial assets, due to the complexity of financial instruments, it is difficult to use risk-reward model to size-fits-a. For instance trust scheme, the principal and earnings can separate income people can not have any risk, the light receive remuneration; in such commitments. Non-production / non-financial assets transaction is non-productive physical assets (land and subsoil assets) and intangible assets (patents, copyrights, trademarks and distribution rights, etc.) to buy and give up. Specific financial items, including direct investment, portfolio investment and other investment projects.
Survey data on non-financial assets
With the stock market crash and non-financial listed companies, financial assets held for sale are also lower than that. Statistics show that, excluding financial enterprises, listed companies available for sale financial assets, the end of 2007 than the year was reduced by 37%, which means that these companies return on investment "reservoir" of the water level dropped Jinsi Cheng. 1619 in Shanghai and Shenzhen listed companies held by the end of 2007 a total of 3.2304 trillion yuan available for sale financial assets, financial assets, close to the deal 8 times. In the trading market value of financial assets, fluctuations in the premise of current performance, the listed company's management is clearly more likely to be equity investments classified as available for sale financial assets. However, in the available for sale financial assets derecognised Jibei disposal, will release a profit. Because the original owner's equity into account changes in the fair value of parts will be transferred out, counting the current return on investment. In this sense, a listed company owned by more than 3 trillion yuan available for sale financial assets, equivalent to a huge reservoir of profits. Compared with the beginning of the number of 3.209 trillion yuan, 1619 listed companies in late 2007, a slight increase in financial assets available for sale. However, excluding financial enterprises, the situation is quite different. 1591 non-financial listed companies in late 2007 has available for sale financial assets, 114.5 billion yuan, 183.1 billion yuan over the beginning of the number of dropped 68.6 billion, down by as much as 37%. 1591 in the above-mentioned non-financial listed companies in 2007 for sale of financial assets decreased by more than 100 million yuan of up to 104, of which more than one billion yuan are 21. Available for sale financial assets decreased by no more than two reasons: first, sell, and second, the fair value has shrunk. The fall caused due to the fair market value of the diminution in value is no doubt these listed companies held by the sharp reduction in available for sale financial assets, the main reason. Youngor available for sale financial assets, six months had fallen by 60 billion, this amount of all non-financial listed companies in the first place. The company has available for sale financial assets, beginning 16.5 billion by the end of 2007 fell to 10.5 billion yuan. This is the company sold some of CITIC Securities shares held by related, but more often a result of holding the stock price down. One is the company's 240 million shares held by CITIC Securities, the market value of between six months loss of as high as 3.5 billion. Came in second place in Nanjing Hi-tech in 2007 available for sale financial assets decreased by nearly 3.9 billion, down 47% ratio, that is, the company held by CITIC Securities, Qixia building, Nanjing Bank, the Science City and other stock market value has shrunk due.
Derivatives
(1) futures contracts. Futures contract refers to the Futures Exchange to develop a unified, the provision in the future delivery of a particular time and place a certain amount and quality of the physical commodity or financial products, the standardization of contracts.
(2) options contracts. Option contract is the contract the buyer to pay a certain amount of money available after an option contract. The stock market launch warrants are call options, put warrants are part of put options.
(3) forward contracts. Forward contract is a contract the two sides agreed at a future date in order to agree the value of the seller by the buyer to purchase a certain number of underlying contracts for the projects.
(4) The swap contract. Swap contract is a contract the two sides in a future series of cash flows during the exchange of contracts. The subject of the project under contract is different swap can be divided into interest rate swaps, currency swaps, commodity swaps, equity swaps and so on. Among them, interest rate swaps and currency swaps are more common. Classification of non-financial assets, classified according to whether the material form of tangible assets and intangible assets, according to the manner or process produces can be divided into productive assets and non-produced assets. In the non-financial assets, the "productive assets" by fixed assets, inventories and valuables composition. "Non-produced assets" can be broadly divided into two categories: one category is resource assets, that is tangible non-produced assets, from land assets, water resources, assets, underground assets and the composition of the non-cultivated biological assets; the other is intangible non-produced assets , such as patents, leases and other transferable contracts, purchased goodwill. As China's accounting of assets and liabilities faced by the sources of information and technical constraints, only the simple non-financial assets classified as fixed assets, inventories and other non-financial assets categories. Other non-financial assets refers to fixed assets, inventories other than productive, non-productive non-financial assets, tangible and intangible assets. Has a store of value, such as valuable items, land, underground resources, non-cultivated biological resources, water resources, physical resources such as assets, mineral exploration, computer software, literary and artistic originals, patents, copyright, trademark, goodwill and so on. Reduced assets as the stock market crash, investors have to face the listed company held by the book value of financial assets available for sale a drastic shrinkage of reality. Quarterly data on the three statistics, excluding financial enterprises, listed companies in the third quarter compared with the end of the beginning of financial assets available for sale decreased by 42%, which means that cross-shareholdings of listed companies to build profits "passbook" also shrunk Yusi Cheng. Shanghai and Shenzhen A total of 1466 listed companies to disclose three quarterly, the end of holding a total of 2.9259 trillion yuan available for sale financial assets, trading financial assets of 392.1 billion yuan. Listed companies held by the financial assets available for sale financial assets are trading at 7.5 times. In the trading market value of financial assets, fluctuations in the premise of current performance, the listed company's management is clearly more likely to be equity investments classified as available for sale financial assets. According to corporate accounting standards, financial assets available for sale to confirm the termination of Jibei disposal, will release a profit. Because the original owner's equity into account changes in the fair value of parts will be transferred out, counting the current return on investment. In this sense, the listed company has nearly 3 trillion yuan available for sale financial assets, equivalent to a huge profit "passbook." Compared with the beginning of the number of 2.9509 trillion yuan, 1466 listed companies at the end of the third quarter, slightly less available for sale financial assets 25.0 billion, down less than 1% rate. Yet after taking out one of the 25 financial companies, the situation is quite different. 1441 non-financial listed companies, the end of the third quarter, has available for sale financial assets 71.0 billion, 122.8 billion yuan over the beginning of the number of dropped 51.8 billion, down by as much as 42%. 1441 in the above-mentioned non-financial listed companies available for sale financial assets decreased by more than 100 million yuan of up to 102, accounting for 7% of the total number of companies, of which more than 1 billion yuan are 15. Available for sale financial assets decreased by no more than two reasons: first, sell, and second, the fair value has shrunk. Bao new energy sources, such as financial assets available for sale early next year the number was 11.5 million, three-quarter-end is zero, the company has available for sale financial assets held by all the sales. Overall, however, due to the fair market value decline caused by the diminution in value, is a listed company held by the sharp reduction in available for sale financial assets, the main reason. Eastern Electric B available for sale financial assets 9 months time reduced by 42.8 billion, this amount has been disclosed in the three quarterly non-financial listed companies in the first place. The company has available for sale financial assets, beginning of 6.48 billion yuan, down 2.2 billion. Bank of East Electric B holds, China Merchants Bank and Industrial Bank shares in three listed banks, the company sold some holdings at market value plus three banks declined, resulting in the for-sale financial assets, a decrease of 66%. Shrinking the amount came in second place in Nanjing Hi-tech available for sale financial assets decreased by 4.1 billion, down 50% the proportion of main reasons is the company held by CITIC Securities, Qixia building, Nanjing Bank, the Science City and other stock market value has shrunk due.
Saturday, October 24, 2009
New York Stock Exchange listing requirements for non-US companies
New York Stock Exchange-New York Stock Exchange listing requirements for non-US companies
New York Stock Exchange listing requirements for non-US companies:
1. Minimum public float of the volume and business records The company should at least 2000 shareholders (each shareholder owns 100 shares and above); or 2200 shareholders (the last 6 months, the monthly average trading volume of 10 million); or 500 shareholders (the most recent 12-month average monthly trading volume of 100 million); at least 110 million the number of shares owned by investors in the market (public shares 110 million).
2. A minimum market value of Public stock market value of 4,000 million U.S. dollars; tangible net assets of 40 million U.S. dollars.
3. Profit requirements Listing Two years ago, an annual pre-tax income of 200 million dollars, the last year pre-tax income was 2.5 million dollars; or three years, must all be profitable, pre-tax income totaled 6.5 million U.S. dollars, the recent A minimum one-year pre-tax income was 4.5 million dollars; or the most recent fiscal year, the total market value of not less than 500 million dollars and revenues of 200 million dollars in company: three-year adjusted net income Total 25 million U.S. dollars (annual report must be a positive number).
4. Listed Company Type Mainly for mature companies.
5. Use of accounting standards The United States generally accepted accounting principles or international accounting standards.
6.'s Place of business registration and No specific provisions.
7.'s Business information disclosure requirements To comply with Exchange's annual report, quarterly and interim reporting system.
8. Other factors. The company's management and operation of a number of requirements; detailed description of the relative stability of the companies by sector, the company's position in the industry, the company's products market conditions. U.S. domestic companies listed conditions require:
(1) The company's most recent year pre-tax profit of not less than 2.5 million U.S. dollars;
(2) The public ownership of the company's stock is not less than l10 million;
(3) Company of at least 2,000 investors, each investor owns 100 shares of stock or more;
(4) Amount of common stock at market prices cases counted no less than 40 million U.S. dollars;
(5) The company's net tangible assets of not less than 40 million U.S. dollars.
New York Stock Exchange-NYSE ==>
New York Stock Exchange - History and stock price index ==>
New York Stock Exchange listing requirements for non-US companies:
1. Minimum public float of the volume and business records The company should at least 2000 shareholders (each shareholder owns 100 shares and above); or 2200 shareholders (the last 6 months, the monthly average trading volume of 10 million); or 500 shareholders (the most recent 12-month average monthly trading volume of 100 million); at least 110 million the number of shares owned by investors in the market (public shares 110 million).
2. A minimum market value of Public stock market value of 4,000 million U.S. dollars; tangible net assets of 40 million U.S. dollars.
3. Profit requirements Listing Two years ago, an annual pre-tax income of 200 million dollars, the last year pre-tax income was 2.5 million dollars; or three years, must all be profitable, pre-tax income totaled 6.5 million U.S. dollars, the recent A minimum one-year pre-tax income was 4.5 million dollars; or the most recent fiscal year, the total market value of not less than 500 million dollars and revenues of 200 million dollars in company: three-year adjusted net income Total 25 million U.S. dollars (annual report must be a positive number).
4. Listed Company Type Mainly for mature companies.
5. Use of accounting standards The United States generally accepted accounting principles or international accounting standards.
6.'s Place of business registration and No specific provisions.
7.'s Business information disclosure requirements To comply with Exchange's annual report, quarterly and interim reporting system.
8. Other factors. The company's management and operation of a number of requirements; detailed description of the relative stability of the companies by sector, the company's position in the industry, the company's products market conditions. U.S. domestic companies listed conditions require:
(1) The company's most recent year pre-tax profit of not less than 2.5 million U.S. dollars;
(2) The public ownership of the company's stock is not less than l10 million;
(3) Company of at least 2,000 investors, each investor owns 100 shares of stock or more;
(4) Amount of common stock at market prices cases counted no less than 40 million U.S. dollars;
(5) The company's net tangible assets of not less than 40 million U.S. dollars.
New York Stock Exchange-NYSE ==>
New York Stock Exchange - History and stock price index ==>
New York Stock Exchange - History and stock price index
New York Stock Exchange - History and stock price index
New York Stock Exchange History
May 17, 1792, the New York Stock Exchange was born. March 8, 1817 the organization drafted a constitution, and his name changed to "New York Securities and Exchange Commission." 1863 changed to its present name, the New York Stock Exchange. In 1868, only members from the then buy the old seats in order to obtain membership.
In July 1914, the Stock Exchange shortly after the First World War was closed, but this year, November 28 has re-opened, allowing free trading of various bonds, support the war effort. October 24, 1929, "Black Thursday", the U.S. stock market crash, stock prices fall due to panic also contributed to the Great Depression. October 31, 1938, in order to restore investor confidence, enhance the protection of the investing public, the exchange introduced a 15-point plan.
October 1, 1934, the Stock Exchange with the U.S. Securities and Exchange Commission for registration as a national stock exchange, there is a chairman and 33 members of the board of directors. February 18, 1971, non-profit corporation was established, reduce the number of board members to 25.
In 1953, the membership is limited to 1366. America is only 2.5 million profit (before tax), the minimum issue shares sold 100 million shares, to common shareholders the right to vote and to regularly publish a financial company, its shares are eligible to the Stock Exchange. Until February 1999, the exchange's average daily trading volume of 670 million shares, trading volume reached 30 billion U.S. dollars. As of February 1999, in exchange-listed company has more than 3000, including those from 48 countries, 385 foreign companies in the global capital markets, financing more than 10 trillion. In addition, the U.S. government, corporations and foreign governments, companies and international banking transactions of thousands of kinds of bonds are traded.
The corporate brand in the World Brand Lab (WorldBrandLab) prepared in 2006, "the world's 500 Most Influential Brands" list ranked 271st.
New York Stock Exchange stock price index
New York Stock Exchange stock price index is compiled by the New York Stock Exchange stock price index. It began with June 1996, first common stock price index, was later converted into mixed indicators, including the 1500 New York Stock Exchange listed companies 1570 kinds of stocks. The specific calculation method is to separate high and low prices of these stocks ranked according to the respective terms of industrial stocks, the financial sector stocks, utility stocks, transportation stocks price index, the largest and most widespread industrial stock price index, there are 1093 kinds of stock composition of ; New York stock price index is based on December 31, 1965, the 50 points as the base, using the comprehensive index of the form. The New York Stock Exchange announced every half hour time index movements. Although the establishment of the New York Stock Exchange stock price index time is not long, but it can be the full and timely response to their overall status of stock market activities and thus are more welcomed by the investors.
New York Stock Exchange-NYSE ==>
New York Stock Exchange listing requirements for non-US companies ==>
New York Stock Exchange History
May 17, 1792, the New York Stock Exchange was born. March 8, 1817 the organization drafted a constitution, and his name changed to "New York Securities and Exchange Commission." 1863 changed to its present name, the New York Stock Exchange. In 1868, only members from the then buy the old seats in order to obtain membership.
In July 1914, the Stock Exchange shortly after the First World War was closed, but this year, November 28 has re-opened, allowing free trading of various bonds, support the war effort. October 24, 1929, "Black Thursday", the U.S. stock market crash, stock prices fall due to panic also contributed to the Great Depression. October 31, 1938, in order to restore investor confidence, enhance the protection of the investing public, the exchange introduced a 15-point plan.
October 1, 1934, the Stock Exchange with the U.S. Securities and Exchange Commission for registration as a national stock exchange, there is a chairman and 33 members of the board of directors. February 18, 1971, non-profit corporation was established, reduce the number of board members to 25.
In 1953, the membership is limited to 1366. America is only 2.5 million profit (before tax), the minimum issue shares sold 100 million shares, to common shareholders the right to vote and to regularly publish a financial company, its shares are eligible to the Stock Exchange. Until February 1999, the exchange's average daily trading volume of 670 million shares, trading volume reached 30 billion U.S. dollars. As of February 1999, in exchange-listed company has more than 3000, including those from 48 countries, 385 foreign companies in the global capital markets, financing more than 10 trillion. In addition, the U.S. government, corporations and foreign governments, companies and international banking transactions of thousands of kinds of bonds are traded.
The corporate brand in the World Brand Lab (WorldBrandLab) prepared in 2006, "the world's 500 Most Influential Brands" list ranked 271st.
New York Stock Exchange stock price index
New York Stock Exchange stock price index is compiled by the New York Stock Exchange stock price index. It began with June 1996, first common stock price index, was later converted into mixed indicators, including the 1500 New York Stock Exchange listed companies 1570 kinds of stocks. The specific calculation method is to separate high and low prices of these stocks ranked according to the respective terms of industrial stocks, the financial sector stocks, utility stocks, transportation stocks price index, the largest and most widespread industrial stock price index, there are 1093 kinds of stock composition of ; New York stock price index is based on December 31, 1965, the 50 points as the base, using the comprehensive index of the form. The New York Stock Exchange announced every half hour time index movements. Although the establishment of the New York Stock Exchange stock price index time is not long, but it can be the full and timely response to their overall status of stock market activities and thus are more welcomed by the investors.
New York Stock Exchange-NYSE ==>
New York Stock Exchange listing requirements for non-US companies ==>
New York Stock Exchange-NYSE
New York Stock Exchange-NYSE
New York Stock Exchange (NewYorkStockExchange) - American Stock Exchange (AmericanStockExchange) - OTC (Over-the-Counter (OTC))
New York Stock Exchange (NYSE) => New York Stock Exchange, the main hall of the capitalist enterprise growth arsenal. Although the people to get rich as Microsoft and Intel are in Nasdaq trading, the New York Stock Exchange is still the largest, oldest and most popular market. Sound of the movie my wife hit the headlines, stock market, than the hands and feet and the lens, in the use of computers and telephone transactions, Nasdaq can not see. To feel the heat kind of money games, only to Wall Street on the 11th of the New York Stock Exchange.
The New York Stock Exchange, there is the history of 200 in 2005, there are about 2920 stocks, including most of the long history of "Fortune 500 Largest Companies", shares amounting to seven trillion U.S. dollars. In contrast, Nasdaq is only 26 years old, although 5540 shares, but most are small new company. The biggest difference between the two exchanges that trading in the stock. In the New York Stock Exchange, brokers shouting at the venue to find the best trade move the primary. In the Nasdaq, trading talk on the phone or computer.
In the New York Stock Exchange, the broker according to customers on condition openly for sale in the Market Complex, Lord, itself is not about price, buyers and sellers, is actually in direct transactions. In the Nasdaq, the buyer or seller to deal with traders, traders at random asking price, buyers and sellers not know his costs.
The New York Stock Exchange a total of 17 horseshoe-shaped floor "trading station", every trading station at a fixed stock trading. Pitch sub-working within the "experts" and "broker" two groups. Experts observe fixed point in the transaction, only the sale of their shares allocated to the six. They presided over bid, the execution of transaction, record and transmit pricing information. Broker on behalf of securities dealers, who went from trading stations may buy or sell any shares. The stock market the movie camera, multi-station a group of brokers in the transaction before the bidding. Experts like the auction host, he must cry in front of a number of agents select the best price tag. Exchanges are not allowed inside of any secret deals.
The other camp is inside the wall "members" of stalls. The New York Stock Exchange a total of 480 members, mostly securities dealer. Member Booth received the company's trading instructions, immediately walk to use mobile phone to tell the agent, broker and then to look for the sale of the main trading points. In recent years, in order to increase efficiency, simple instruction from the securities business computer network directly to the trading station, agent, deal only with large or complex instructions. The New York Stock Exchange, TV advertising slogan is: "We are not only a venue, but also represent a way of doing business." No matter how scientific and technological progress, face to face transaction integrity and always let people feel at ease, and this is the New York Stock Exchange, a unique charm. Company's shares you want to go to the New York Stock Exchange must have the following conditions: There are at least 1,100,000 in the market for the stocks owned by the public and the market value of the stock be at least U.S. ￥ 18,000,000
We need at least 2,000 shareholders (each shareholder owns 100 shares and above), or a total of 2,200 shareholders. The recent six months, the average monthly trading volume be at least 100,000 stocks.
The last fiscal year, a minimum of U.S. 2,500,000 in pre-tax income.
Many of our familiar, several large U.S. companies have chosen to list its shares listed here, such as the IBM computer company (InternationalBusinessMachinesCorporation), The Boeing Company (TheBoeingCompany (BA)), General Electric Company (GeneralElectricCompany (GE)) ... and so on.
New York Stock Exchange - History and stock price index ==>
New York Stock Exchange listing requirements for non-US companies ==>
New York Stock Exchange (NewYorkStockExchange) - American Stock Exchange (AmericanStockExchange) - OTC (Over-the-Counter (OTC))
New York Stock Exchange (NYSE) => New York Stock Exchange, the main hall of the capitalist enterprise growth arsenal. Although the people to get rich as Microsoft and Intel are in Nasdaq trading, the New York Stock Exchange is still the largest, oldest and most popular market. Sound of the movie my wife hit the headlines, stock market, than the hands and feet and the lens, in the use of computers and telephone transactions, Nasdaq can not see. To feel the heat kind of money games, only to Wall Street on the 11th of the New York Stock Exchange.
The New York Stock Exchange, there is the history of 200 in 2005, there are about 2920 stocks, including most of the long history of "Fortune 500 Largest Companies", shares amounting to seven trillion U.S. dollars. In contrast, Nasdaq is only 26 years old, although 5540 shares, but most are small new company. The biggest difference between the two exchanges that trading in the stock. In the New York Stock Exchange, brokers shouting at the venue to find the best trade move the primary. In the Nasdaq, trading talk on the phone or computer.
In the New York Stock Exchange, the broker according to customers on condition openly for sale in the Market Complex, Lord, itself is not about price, buyers and sellers, is actually in direct transactions. In the Nasdaq, the buyer or seller to deal with traders, traders at random asking price, buyers and sellers not know his costs.
The New York Stock Exchange a total of 17 horseshoe-shaped floor "trading station", every trading station at a fixed stock trading. Pitch sub-working within the "experts" and "broker" two groups. Experts observe fixed point in the transaction, only the sale of their shares allocated to the six. They presided over bid, the execution of transaction, record and transmit pricing information. Broker on behalf of securities dealers, who went from trading stations may buy or sell any shares. The stock market the movie camera, multi-station a group of brokers in the transaction before the bidding. Experts like the auction host, he must cry in front of a number of agents select the best price tag. Exchanges are not allowed inside of any secret deals.
The other camp is inside the wall "members" of stalls. The New York Stock Exchange a total of 480 members, mostly securities dealer. Member Booth received the company's trading instructions, immediately walk to use mobile phone to tell the agent, broker and then to look for the sale of the main trading points. In recent years, in order to increase efficiency, simple instruction from the securities business computer network directly to the trading station, agent, deal only with large or complex instructions. The New York Stock Exchange, TV advertising slogan is: "We are not only a venue, but also represent a way of doing business." No matter how scientific and technological progress, face to face transaction integrity and always let people feel at ease, and this is the New York Stock Exchange, a unique charm. Company's shares you want to go to the New York Stock Exchange must have the following conditions: There are at least 1,100,000 in the market for the stocks owned by the public and the market value of the stock be at least U.S. ￥ 18,000,000
We need at least 2,000 shareholders (each shareholder owns 100 shares and above), or a total of 2,200 shareholders. The recent six months, the average monthly trading volume be at least 100,000 stocks.
The last fiscal year, a minimum of U.S. 2,500,000 in pre-tax income.
Many of our familiar, several large U.S. companies have chosen to list its shares listed here, such as the IBM computer company (InternationalBusinessMachinesCorporation), The Boeing Company (TheBoeingCompany (BA)), General Electric Company (GeneralElectricCompany (GE)) ... and so on.
New York Stock Exchange - History and stock price index ==>
New York Stock Exchange listing requirements for non-US companies ==>
Foreign exchange rates - pricing approach
Foreign exchange rates - pricing approach
There are two foreign exchange rates, price methods: Exchange rate
1. direct quotation (Direet Quotation) (refer to "meet the price tag Act"), also known as the price quotation refers to a certain unit (1,100,1000, etc.) of foreign currency as the standard, to calculate the equivalent number of units of national currency. Is equivalent to the calculation of the deal to buy a certain number of units of foreign currency local currency, so they are called to cope with price method. The world, including China, the majority of countries are currently using direct quotation. In the international foreign exchange market, the Japanese yen, Swiss franc, Canadian dollar, are the direct pricing method, such as 119.05 yen ¥ 119.05 against the dollar.
Under the law in a direct price, if a certain unit of foreign currency equivalent to the amount of local currency is more than the early, then foreign currency rise or decline in the value of this currency, called the foreign exchange rate; the other hand, if the word less than the original currency that can be converted to the same the amount of foreign currency, foreign currency This shows a decrease or increase in value of the currency, called the foreign exchange rate fell, that is, the value of foreign currency exchange rate is proportional to the Change.
2, indirect quotation (IndireetQuotation) (refer to "accounts receivable denominated Act"), also known as accounts receivable denominated indirect quotation method. It is based on a certain units (such as a unit) of the domestic currency as the standard, to calculate the number of units of foreign currency receivables. In the international foreign exchange markets, the euro, British pound, Australian dollar and so are the indirect quotation. Such as the euro 0.9705 that a euro 0.9705 U.S. dollars.
In the indirect price law, the amount of the national currency remained unchanged, the amount of foreign currency and domestic currency's value compared with the changes in movement. , If a certain amount of local currency to foreign currency exchange amount less than the previous, which indicates that increased foreign currency, the currency value decline, the rise in foreign currency exchange rates; other hand, if a certain amount of local currency to foreign currency exchange amount over the previous period, then decline in foreign currency , the currency value rise, foreign exchange rates fall, that is, the value of foreign currency and exchange rates rise or fall in inverse proportion. Foreign exchange markets generally offer two-way prices, that offer their own party at the same time reported that the bid and offer prices, the sale by the client to decide the direction. Bid and offer prices of the spread the smaller the mean cost for smaller investors. Inter-bank transactions in the normal pricing point of difference for the 2-3 point, banks (or dealer) to the customer's offer spread varies according to Gejia bigger offer margin trading in foreign countries, basically in the 3-5 point spread, Hong Kong 6 -- 8:00, the domestic banks to trading in the 10-40 point range. In the gold standard, the exchange rate decision was based on the gold points (Golel Point), under the conditions of the notes in circulation, its decision is based on purchasing power parity (Purchase Powerpar)
3, direct and indirect quotation price The direct and indirect price price law expressed the opposite meaning of the ebb and flow rate, so in reference to a currency's exchange rate and description of its exchange rate when the level of Change, what pricing method adopted must be clear to avoid confusion.
4, New York, also known as dollar-denominated price France France France also known as the New York dollar-denominated price law is that in New York, the international financial markets, in addition to sterling by direct quotation, the pairs of other foreign currencies the price of using the indirect method of quotation. U.S. dollar-denominated France by the United States in September 1, 1978 to develop and implement the current international financial market price prevailing in France .
Must be made clear is that foreign exchange transactions with the development of globalization, the traditional pricing method for a national direct and indirect price method has been very difficult to meet the needs of the development of international exchange, we must need a unified exchange rate expression. Thus, there A major international currencies or key money (KeyCurrency) as the standard price approach. Present. Countries in the foreign exchange market are U.S. dollar exchange rates published by the standard. Other than the U.S. dollar exchange rate between two currencies must pass their own currencies against the dollar for sets of operators obtained. This pricing method is called "dollar-denominated Act."
Foreign Exchange Rate ==>
Classification of Foreign Exchange Rate ==>
There are two foreign exchange rates, price methods: Exchange rate
1. direct quotation (Direet Quotation) (refer to "meet the price tag Act"), also known as the price quotation refers to a certain unit (1,100,1000, etc.) of foreign currency as the standard, to calculate the equivalent number of units of national currency. Is equivalent to the calculation of the deal to buy a certain number of units of foreign currency local currency, so they are called to cope with price method. The world, including China, the majority of countries are currently using direct quotation. In the international foreign exchange market, the Japanese yen, Swiss franc, Canadian dollar, are the direct pricing method, such as 119.05 yen ¥ 119.05 against the dollar.
Under the law in a direct price, if a certain unit of foreign currency equivalent to the amount of local currency is more than the early, then foreign currency rise or decline in the value of this currency, called the foreign exchange rate; the other hand, if the word less than the original currency that can be converted to the same the amount of foreign currency, foreign currency This shows a decrease or increase in value of the currency, called the foreign exchange rate fell, that is, the value of foreign currency exchange rate is proportional to the Change.
2, indirect quotation (IndireetQuotation) (refer to "accounts receivable denominated Act"), also known as accounts receivable denominated indirect quotation method. It is based on a certain units (such as a unit) of the domestic currency as the standard, to calculate the number of units of foreign currency receivables. In the international foreign exchange markets, the euro, British pound, Australian dollar and so are the indirect quotation. Such as the euro 0.9705 that a euro 0.9705 U.S. dollars.
In the indirect price law, the amount of the national currency remained unchanged, the amount of foreign currency and domestic currency's value compared with the changes in movement. , If a certain amount of local currency to foreign currency exchange amount less than the previous, which indicates that increased foreign currency, the currency value decline, the rise in foreign currency exchange rates; other hand, if a certain amount of local currency to foreign currency exchange amount over the previous period, then decline in foreign currency , the currency value rise, foreign exchange rates fall, that is, the value of foreign currency and exchange rates rise or fall in inverse proportion. Foreign exchange markets generally offer two-way prices, that offer their own party at the same time reported that the bid and offer prices, the sale by the client to decide the direction. Bid and offer prices of the spread the smaller the mean cost for smaller investors. Inter-bank transactions in the normal pricing point of difference for the 2-3 point, banks (or dealer) to the customer's offer spread varies according to Gejia bigger offer margin trading in foreign countries, basically in the 3-5 point spread, Hong Kong 6 -- 8:00, the domestic banks to trading in the 10-40 point range. In the gold standard, the exchange rate decision was based on the gold points (Golel Point), under the conditions of the notes in circulation, its decision is based on purchasing power parity (Purchase Powerpar)
3, direct and indirect quotation price The direct and indirect price price law expressed the opposite meaning of the ebb and flow rate, so in reference to a currency's exchange rate and description of its exchange rate when the level of Change, what pricing method adopted must be clear to avoid confusion.
4, New York, also known as dollar-denominated price France France France also known as the New York dollar-denominated price law is that in New York, the international financial markets, in addition to sterling by direct quotation, the pairs of other foreign currencies the price of using the indirect method of quotation. U.S. dollar-denominated France by the United States in September 1, 1978 to develop and implement the current international financial market price prevailing in France .
Must be made clear is that foreign exchange transactions with the development of globalization, the traditional pricing method for a national direct and indirect price method has been very difficult to meet the needs of the development of international exchange, we must need a unified exchange rate expression. Thus, there A major international currencies or key money (KeyCurrency) as the standard price approach. Present. Countries in the foreign exchange market are U.S. dollar exchange rates published by the standard. Other than the U.S. dollar exchange rate between two currencies must pass their own currencies against the dollar for sets of operators obtained. This pricing method is called "dollar-denominated Act."
Foreign Exchange Rate ==>
Classification of Foreign Exchange Rate ==>
Classification of Foreign Exchange Rate
Classification of Foreign Exchange Rate
1, from the perspective of development of the exchange rate to examine:
1, the exchange rate (Basic Rate) Often choose an international economic transactions, the most commonly used in the foreign exchange reserves had the largest share of the key can be freely convertible currency as the main object, compared with the national currency, setting out the exchange rate, this rate is the basic rate. Key currency generally refers to a world currency, is widely used in valuation, settlement, reserve currency, freely convertible and internationally accepted currencies. Currently as a key currency is usually U.S. dollars, the national currency against the U.S. dollar as the benchmark rate. The RMB exchange rate is the benchmark by the People's Bank of the previous day's interbank foreign exchange market to form the weighted average dollar against the yuan, the very day the major trading currencies (dollar, yen and Hong Kong dollars) to RMB transactions in the benchmark rate, that is, market transactions U.S. Dollar.
2. To develop the basic exchange rate after the currency's exchange rate against other foreign currencies can be set through the basic rate calculation, so that the exchange rate is derived cross rates, (GossRate) also called set of currencies. Cases of March 5, 2002 the People's Bank announced the base rate USD / RMB = 8.2767, while the international market, USD / CAD = 1.5913, so you can calculate the set of CAD / RMB = 5.2012, indicated that a Canadian dollar can be exchanged for 5.2012 yuan. 2, from the perspective of exchange rate regimes: 1, the fixed exchange rate (Fixed Rate) Refers to a country's currency with another currency's fixed exchange rate, exchange rate fluctuations small. In the gold standard system, the fixed exchange rate determined by the two gold coins of the gold content, the boundaries are caused by fluctuations in gold input and output of the exchange rate, volatility of gold in the cost of transportation between the two countries. After the Second World War to the early seventies of the Bretton Woods monetary system, members of the monetary provisions of the International Monetary Fund gold content and the U.S. dollar. Strictly limit the volatility of exchange rates at the official exchange rate of the upper and lower 1% range next. Due to exchange rate fluctuations is small, it is also a fixed exchange rate. 2, a floating exchange rate (Floating Rate) Refers to a country's monetary authorities did not provide for the national currency against other currencies, the official exchange rate, nor any exchange rate fluctuations of the upper and lower limits, the currency supply and demand in the foreign exchange market by the decision to swing free. When an oversupply of foreign currencies, foreign currency devaluation, the currency appreciation, foreign currency exchange rates fell; the contrary, foreign exchange rates increases. National monetary authorities in the foreign exchange market, appropriate intervention, so that the currency exchange rate fluctuations will not be too large to safeguard their own economic stability and development.
RMB exchange accumulated a record high 3, from the perspective of foreign exchange trading banks: 1, buying rate (BuyingRate) Also called the bid price is the foreign exchange banks to their customers to use when buying foreign currency prices. In general, the foreign currency equivalent to local currency exchange rate is that fewer of the buying rate, which indicates a certain amount of foreign currency needed to buy how much national currency. Its customers are mainly exporters, selling price is often referred to as "import exchange rates." Such as the March 5, 2002 USD / RMB exchange rate is 8.2635 to buy the bank to buy one U.S. dollars in foreign exchange, paid to the client 8.2735 yuan. 2, selling rate (selling Rate) Also known as the foreign exchange selling price refers to the banks to sell foreign exchange to their customers to use when the exchange rate. In general, the foreign currency equivalent to local currency exchange rate is that a few more selling exchange rate, it is that the banks can sell a certain amount of foreign exchange necessary to recover the number of national currency. Its customers are mainly importers, selling price is often referred to as "import exchange rates." Such as the March 5, 2002 USD / RMB exchange rate is 8.2899 to sell the bank to buy out the one U.S. dollars in foreign exchange, charging their customers for 8.2899 yuan. Bid Offer Price is based on foreign exchange transactions in which the buyer or the seller's status determined. The difference between the purchase and sale price is generally about 1% ~ 5%, which is bank charges, foreign exchange earnings. Such as the March 5, 2002 USD / RMB exchange rate of the buying rate and selling the difference 0.0264, which is bank charges.
3, intermediate exchange rate It is the buying price and selling price average. Newspapers reported that the exchange rate used when the middle of the exchange rate news. Fourth, foreign exchange transactions from the perspective of the payment form of notification: 1, wire transfers the exchange rate Telegraphic transfer exchange rate is the bank selling foreign exchange, with its cable as the delivery vehicle, to inform their foreign branches or correspondent bank for payment to the payee to use when an exchange rate. Wire transfer international funds transfer system the most rapid way of an international exchange, can in one payment within three days, banks can not use customer funds, and therefore the exchange rate the highest wire.
Exchange rate 2, mail transfer rate Mail Transfer exchange rate is in the bank to sell foreign exchange, you use the notification by correspondence to the payee bank transfer as a remittance method. As the postal process needs a longer time, banks can process during the use of postal customers money, mail transfer rate lower than the telegraphic transfer exchange rate.
3, ticket exchange rates Votes in exchange rate refers to the bank to sell foreign currency, the opening of a foreign branch or correspondent bank for payment by money order to the sender, who shall be brought or sent overseas withdrawals. As the votes to sell foreign currency exchange rates from foreign exchange to pay for some interval of time, banks can take up during this time of customers funds, so the votes in exchange rates generally lower than the telegraphic transfer exchange rate.
5, from the delivery of foreign exchange trading period of the length of study:
1, the spot exchange rate (SpotRate) Refers to the spot foreign exchange trading exchange rate. Namely, foreign exchange transaction, the buyers and sellers in the day or within two business days for delivery by the use of exchange rates. The spot exchange rate is the spot exchange rate. Spot exchange rate is the spot delivery of the currency determined by supply and demand. Generally listed in the foreign exchange market, exchange rate, unless otherwise marked other than the forward rate, generally refers to the spot exchange rate.
2, the forward exchange rate (ForwardRate) It is certain period of time for delivery in the future, while the pre-contract by the seller and the buyer reach an agreement rate of exchange. To the delivery date, booked by the parties to the agreement according to the exchange rate, the amount for delivery. Forward foreign exchange trading is a reservation transaction is the result of foreign buyers of foreign exchange funds are required at different times, and in order to avoid foreign exchange risks introduced. Forward rate is the spot exchange rate-based, that is, with the spot exchange rate of the "premium", "premium", "parity" to express. Among them, if the forward rate than the spot rate expensive, higher than the difference between the call premium (Premium); if the forward rate cheaper than the spot rate, low-margin called out of discount (Discount); if the forward rate and the spot exchange rate are equal, there is no premium and discount, known as parity (Par).
6, from the perspective of foreign exchange banking hours:
1, Opening Rate: This is a foreign exchange bank business day in the beginning of a business to carry out foreign exchange trading when the exchange rate used.
2, the closing rate: This is a foreign exchange bank foreign exchange transactions of a business day at the end of the exchange rate. With the development of modern science and technology, the modernization of equipment, foreign exchange transactions, foreign exchange markets around the world as a single entity. Because there is time difference between countries in major cities, while the interaction of the major foreign exchange market exchange rate, it opened a foreign exchange market exchange rates is often subject to a time zone on the foreign exchange market, the impact of the closing rate. Opening and closing rate only a few hours apart, but in the exchange rate turbulence of today, there will always be greater access.
7, according to the different foreign exchange controls to divide 1, the official exchange rate The official exchange rate is by a country's foreign exchange regulatory body established and published exchange rates. Strict foreign exchange controls in the country, this form of exchange dominated, while the foreign exchange regulations are quite loose state, the official exchange rate only to take the role of the central rate. According to the International Monetary Fund (IMF) data, the present members of the official exchange rate under the following categories:
(1) a particular currency peg under;
(2) limited the flexibility of a currency peg;
(3 ) cooperative arrangements to decide;
(4) adjustment based on a set of indicators;
(5) provided by a managed float;
(6) In accordance with provisions of the independent variable; 2, the market exchange rate In a free market exchange rate refers to the foreign exchange market trading of foreign currency the real exchange rate. With the changes in foreign exchange supply and demand fluctuations. The Government to make its exchange rate adjustment, it must by influencing the foreign exchange market intervention. When the government powerless to intervene in the market exchange rates or control, tend to adopt announced devaluation of the methods to resolve. 3, the black market exchange rate The black market exchange rate is in the foreign exchange black market sale of foreign currency exchange rates. The strict exchange controls in the country, all foreign exchange transactions carried out according to the official exchange rate. Some holders of foreign currency are higher than the official rate of exchange on the black market sale of foreign currency could be in exchange for more domestic currency, which is the black market foreign exchange market, foreign exchange providers; while others can not access or access to the official exchange rate does not sufficient demand for foreign exchange will have to make the price higher than the official exchange rate from the black market foreign exchange market to buy foreign currency, which is the foreign exchange market foreign exchange black market demand for those. Interest rates on the important impact of foreign exchange rates 8 In addition, people often talk about the exchange rate types are the following: 1, cash exchange rate (Bank Notes Rate) Also known as cash sale price. Refers to the bank to buy or sell foreign currencies in the exchange rate to use when. In theory, the cash price with the sale of payment instruments in foreign currency, foreign currency credit vouchers and other forms of sale and purchase price of foreign exchange should be the same. But in real life, because most countries do not permit the foreign currency in domestic circulation, the need to buy foreign currency in cash delivered to the issuing country or region to be able to flow, it is necessary to take a certain degree of freight and insurance, these costs need to be borne by the customer. Therefore, the banks hand the use of foreign currencies in the exchange rate, slightly below that of other forms of buying foreign currency exchange rates; and banks to sell foreign currencies using the exchange rate is the same as in the Exchange Offer Price. 2, the nominal exchange rate That is the market exchange rate, and the real exchange rate symmetry, is a convertible currency to another currency amount. The nominal exchange rate is usually the first to set a specific currency like the dollar, the SDR as a standard, and then determine in connection with such currency exchange rates. The exchange rate in accordance with U.S. dollars, SDRs to changes in currency. The nominal exchange rate does not reflect the real value of the two currencies, is with the foreign exchange market to changes in foreign exchange supply and demand in the foreign exchange buying and selling prices. 3, the real exchange rate The official rate of exchange. Mint parity in accordance with the real exchange rate or gold to formulate the exchange rate parity. In the gold standard system, the national provisions of the gold content of each unit of coinage, gold content in contrast to the two currencies is called Mint parity. This is the gold standard system, two kinds of comparison of the formation of the real value of the currency exchange rate, is the gold standard system, the real exchange rate. In the notes in circulation system, notes the value of gold symbols, initially provided for notes gold content of the gold content of this note is called gold parity comparison to gold parity as the basis for the decision of the exchange rate. After the decree due to paper money and notes of the actual gold content of gold representative of the amount of out of touch, which notes the real value of the exchange rate changed by comparison to determine its exchange rate. In short, whether in the gold standard, paper money in circulation system, the basis for determining the exchange rate are the comparison of the real value of the currency the real exchange rate fluctuations in non-compliance of supply and demand fluctuations in the foreign exchange market, not the actual market exchange rate foreign exchange trading should be the basis for the sale of foreign exchange. The actual sale of the foreign exchange market foreign exchange rate is always deviate from the real exchange rates.
Foreign Exchange Rate ==>
Classification of Foreign Exchange Rate ==>
Foreign exchange rates - pricing approach ==>
1, from the perspective of development of the exchange rate to examine:
1, the exchange rate (Basic Rate) Often choose an international economic transactions, the most commonly used in the foreign exchange reserves had the largest share of the key can be freely convertible currency as the main object, compared with the national currency, setting out the exchange rate, this rate is the basic rate. Key currency generally refers to a world currency, is widely used in valuation, settlement, reserve currency, freely convertible and internationally accepted currencies. Currently as a key currency is usually U.S. dollars, the national currency against the U.S. dollar as the benchmark rate. The RMB exchange rate is the benchmark by the People's Bank of the previous day's interbank foreign exchange market to form the weighted average dollar against the yuan, the very day the major trading currencies (dollar, yen and Hong Kong dollars) to RMB transactions in the benchmark rate, that is, market transactions U.S. Dollar.
2. To develop the basic exchange rate after the currency's exchange rate against other foreign currencies can be set through the basic rate calculation, so that the exchange rate is derived cross rates, (GossRate) also called set of currencies. Cases of March 5, 2002 the People's Bank announced the base rate USD / RMB = 8.2767, while the international market, USD / CAD = 1.5913, so you can calculate the set of CAD / RMB = 5.2012, indicated that a Canadian dollar can be exchanged for 5.2012 yuan. 2, from the perspective of exchange rate regimes: 1, the fixed exchange rate (Fixed Rate) Refers to a country's currency with another currency's fixed exchange rate, exchange rate fluctuations small. In the gold standard system, the fixed exchange rate determined by the two gold coins of the gold content, the boundaries are caused by fluctuations in gold input and output of the exchange rate, volatility of gold in the cost of transportation between the two countries. After the Second World War to the early seventies of the Bretton Woods monetary system, members of the monetary provisions of the International Monetary Fund gold content and the U.S. dollar. Strictly limit the volatility of exchange rates at the official exchange rate of the upper and lower 1% range next. Due to exchange rate fluctuations is small, it is also a fixed exchange rate. 2, a floating exchange rate (Floating Rate) Refers to a country's monetary authorities did not provide for the national currency against other currencies, the official exchange rate, nor any exchange rate fluctuations of the upper and lower limits, the currency supply and demand in the foreign exchange market by the decision to swing free. When an oversupply of foreign currencies, foreign currency devaluation, the currency appreciation, foreign currency exchange rates fell; the contrary, foreign exchange rates increases. National monetary authorities in the foreign exchange market, appropriate intervention, so that the currency exchange rate fluctuations will not be too large to safeguard their own economic stability and development.
RMB exchange accumulated a record high 3, from the perspective of foreign exchange trading banks: 1, buying rate (BuyingRate) Also called the bid price is the foreign exchange banks to their customers to use when buying foreign currency prices. In general, the foreign currency equivalent to local currency exchange rate is that fewer of the buying rate, which indicates a certain amount of foreign currency needed to buy how much national currency. Its customers are mainly exporters, selling price is often referred to as "import exchange rates." Such as the March 5, 2002 USD / RMB exchange rate is 8.2635 to buy the bank to buy one U.S. dollars in foreign exchange, paid to the client 8.2735 yuan. 2, selling rate (selling Rate) Also known as the foreign exchange selling price refers to the banks to sell foreign exchange to their customers to use when the exchange rate. In general, the foreign currency equivalent to local currency exchange rate is that a few more selling exchange rate, it is that the banks can sell a certain amount of foreign exchange necessary to recover the number of national currency. Its customers are mainly importers, selling price is often referred to as "import exchange rates." Such as the March 5, 2002 USD / RMB exchange rate is 8.2899 to sell the bank to buy out the one U.S. dollars in foreign exchange, charging their customers for 8.2899 yuan. Bid Offer Price is based on foreign exchange transactions in which the buyer or the seller's status determined. The difference between the purchase and sale price is generally about 1% ~ 5%, which is bank charges, foreign exchange earnings. Such as the March 5, 2002 USD / RMB exchange rate of the buying rate and selling the difference 0.0264, which is bank charges.
3, intermediate exchange rate It is the buying price and selling price average. Newspapers reported that the exchange rate used when the middle of the exchange rate news. Fourth, foreign exchange transactions from the perspective of the payment form of notification: 1, wire transfers the exchange rate Telegraphic transfer exchange rate is the bank selling foreign exchange, with its cable as the delivery vehicle, to inform their foreign branches or correspondent bank for payment to the payee to use when an exchange rate. Wire transfer international funds transfer system the most rapid way of an international exchange, can in one payment within three days, banks can not use customer funds, and therefore the exchange rate the highest wire.
Exchange rate 2, mail transfer rate Mail Transfer exchange rate is in the bank to sell foreign exchange, you use the notification by correspondence to the payee bank transfer as a remittance method. As the postal process needs a longer time, banks can process during the use of postal customers money, mail transfer rate lower than the telegraphic transfer exchange rate.
3, ticket exchange rates Votes in exchange rate refers to the bank to sell foreign currency, the opening of a foreign branch or correspondent bank for payment by money order to the sender, who shall be brought or sent overseas withdrawals. As the votes to sell foreign currency exchange rates from foreign exchange to pay for some interval of time, banks can take up during this time of customers funds, so the votes in exchange rates generally lower than the telegraphic transfer exchange rate.
5, from the delivery of foreign exchange trading period of the length of study:
1, the spot exchange rate (SpotRate) Refers to the spot foreign exchange trading exchange rate. Namely, foreign exchange transaction, the buyers and sellers in the day or within two business days for delivery by the use of exchange rates. The spot exchange rate is the spot exchange rate. Spot exchange rate is the spot delivery of the currency determined by supply and demand. Generally listed in the foreign exchange market, exchange rate, unless otherwise marked other than the forward rate, generally refers to the spot exchange rate.
2, the forward exchange rate (ForwardRate) It is certain period of time for delivery in the future, while the pre-contract by the seller and the buyer reach an agreement rate of exchange. To the delivery date, booked by the parties to the agreement according to the exchange rate, the amount for delivery. Forward foreign exchange trading is a reservation transaction is the result of foreign buyers of foreign exchange funds are required at different times, and in order to avoid foreign exchange risks introduced. Forward rate is the spot exchange rate-based, that is, with the spot exchange rate of the "premium", "premium", "parity" to express. Among them, if the forward rate than the spot rate expensive, higher than the difference between the call premium (Premium); if the forward rate cheaper than the spot rate, low-margin called out of discount (Discount); if the forward rate and the spot exchange rate are equal, there is no premium and discount, known as parity (Par).
6, from the perspective of foreign exchange banking hours:
1, Opening Rate: This is a foreign exchange bank business day in the beginning of a business to carry out foreign exchange trading when the exchange rate used.
2, the closing rate: This is a foreign exchange bank foreign exchange transactions of a business day at the end of the exchange rate. With the development of modern science and technology, the modernization of equipment, foreign exchange transactions, foreign exchange markets around the world as a single entity. Because there is time difference between countries in major cities, while the interaction of the major foreign exchange market exchange rate, it opened a foreign exchange market exchange rates is often subject to a time zone on the foreign exchange market, the impact of the closing rate. Opening and closing rate only a few hours apart, but in the exchange rate turbulence of today, there will always be greater access.
7, according to the different foreign exchange controls to divide 1, the official exchange rate The official exchange rate is by a country's foreign exchange regulatory body established and published exchange rates. Strict foreign exchange controls in the country, this form of exchange dominated, while the foreign exchange regulations are quite loose state, the official exchange rate only to take the role of the central rate. According to the International Monetary Fund (IMF) data, the present members of the official exchange rate under the following categories:
(1) a particular currency peg under;
(2) limited the flexibility of a currency peg;
(3 ) cooperative arrangements to decide;
(4) adjustment based on a set of indicators;
(5) provided by a managed float;
(6) In accordance with provisions of the independent variable; 2, the market exchange rate In a free market exchange rate refers to the foreign exchange market trading of foreign currency the real exchange rate. With the changes in foreign exchange supply and demand fluctuations. The Government to make its exchange rate adjustment, it must by influencing the foreign exchange market intervention. When the government powerless to intervene in the market exchange rates or control, tend to adopt announced devaluation of the methods to resolve. 3, the black market exchange rate The black market exchange rate is in the foreign exchange black market sale of foreign currency exchange rates. The strict exchange controls in the country, all foreign exchange transactions carried out according to the official exchange rate. Some holders of foreign currency are higher than the official rate of exchange on the black market sale of foreign currency could be in exchange for more domestic currency, which is the black market foreign exchange market, foreign exchange providers; while others can not access or access to the official exchange rate does not sufficient demand for foreign exchange will have to make the price higher than the official exchange rate from the black market foreign exchange market to buy foreign currency, which is the foreign exchange market foreign exchange black market demand for those. Interest rates on the important impact of foreign exchange rates 8 In addition, people often talk about the exchange rate types are the following: 1, cash exchange rate (Bank Notes Rate) Also known as cash sale price. Refers to the bank to buy or sell foreign currencies in the exchange rate to use when. In theory, the cash price with the sale of payment instruments in foreign currency, foreign currency credit vouchers and other forms of sale and purchase price of foreign exchange should be the same. But in real life, because most countries do not permit the foreign currency in domestic circulation, the need to buy foreign currency in cash delivered to the issuing country or region to be able to flow, it is necessary to take a certain degree of freight and insurance, these costs need to be borne by the customer. Therefore, the banks hand the use of foreign currencies in the exchange rate, slightly below that of other forms of buying foreign currency exchange rates; and banks to sell foreign currencies using the exchange rate is the same as in the Exchange Offer Price. 2, the nominal exchange rate That is the market exchange rate, and the real exchange rate symmetry, is a convertible currency to another currency amount. The nominal exchange rate is usually the first to set a specific currency like the dollar, the SDR as a standard, and then determine in connection with such currency exchange rates. The exchange rate in accordance with U.S. dollars, SDRs to changes in currency. The nominal exchange rate does not reflect the real value of the two currencies, is with the foreign exchange market to changes in foreign exchange supply and demand in the foreign exchange buying and selling prices. 3, the real exchange rate The official rate of exchange. Mint parity in accordance with the real exchange rate or gold to formulate the exchange rate parity. In the gold standard system, the national provisions of the gold content of each unit of coinage, gold content in contrast to the two currencies is called Mint parity. This is the gold standard system, two kinds of comparison of the formation of the real value of the currency exchange rate, is the gold standard system, the real exchange rate. In the notes in circulation system, notes the value of gold symbols, initially provided for notes gold content of the gold content of this note is called gold parity comparison to gold parity as the basis for the decision of the exchange rate. After the decree due to paper money and notes of the actual gold content of gold representative of the amount of out of touch, which notes the real value of the exchange rate changed by comparison to determine its exchange rate. In short, whether in the gold standard, paper money in circulation system, the basis for determining the exchange rate are the comparison of the real value of the currency the real exchange rate fluctuations in non-compliance of supply and demand fluctuations in the foreign exchange market, not the actual market exchange rate foreign exchange trading should be the basis for the sale of foreign exchange. The actual sale of the foreign exchange market foreign exchange rate is always deviate from the real exchange rates.
Foreign Exchange Rate ==>
Classification of Foreign Exchange Rate ==>
Foreign exchange rates - pricing approach ==>
Foreign Exchange Rate
Foreign Exchange Rate-what is foreign exchange rate
Foreign Exchange Rate is a country's currency into another national currency conversion rate parity or price. It can be said, are expressed in domestic currency to foreign currency "price." Foreign Exchange Trading generally concentrated in commercial banks and other financial institutions. Of their foreign exchange trading is aimed at the pursuit of profit, is cheap buying expensive goods to sell, bid-ask spread earn their buying foreign exchange when the exchange rate based on buying rate, also known as the bid price; sell foreign exchange when the exchange rate based on called the selling exchange rate, also known as the selling price. In direct price law, the buying rate for banks to buy one unit of foreign currency to pay for the number of banks selling currency to sell a unit of foreign currency received by the number of the local currency. Intermediate exchange rate is the buying rate and selling rate of the central parity, that is buying rate selling rate 10 1 / 2 = intermediate exchange rate applicable to the sale of foreign exchange between banks, which means that they buy and sell foreign currency would not make a profit.
Foreign exchange rates - exchange rate system
1. The concept of exchange rate regime Exchange rate system, also known as exchange rate arrangements (Exchange Rate Arrangement): is widely used to determine their own national currency and other currencies, the exchange rate system. States or the international community for the determination, maintenance, adjustment and management of the exchange rate principles, methods, modalities and institutions, the provisions made by the system. Exchange rate regime on the national exchange-rate decision to have a significant impact. Review and understand the exchange rate system, you can give us the international financial market fluctuations in the exchange rate to gain a deeper understanding. In accordance with the size of the exchange rate volatility, exchange rate system can be divided into a fixed exchange rate regime and floating exchange rate system.
Fixed exchange rate system (fixed exchange rate system) refers to itself or the legal gold content-based currency exchange rate, the benchmark for determining the exchange rate as a relatively stable exchange rate system. In different monetary systems have different fixed exchange rate system.
a. floating exchange rate system (floating exchange rate system) refers to a State does not require local currency and foreign currency exchange rate fluctuations in the gold parity and the limits of the monetary authorities do not undertake any obligation to maintain the boundaries of exchange rate fluctuations, the exchange rate with the foreign exchange market to changes in supply and demand and free a floating exchange rate system from top to bottom. The system already existed in history, but the real epidemic is in 1972 dollars as the center after the collapse of the fixed exchange rate system.
2. The contents of the exchange rate regime a. the principles and basis for determining the rate. For example, based on the value of the currency itself, or the value of a statutory basis for such representatives.
b. to maintain and adjust the exchange rate approach. For example, to adopt an open approach to statutory revaluation or devaluation, or allowed to float or official to take a limited intervention approach.
c. management of the exchange rate of the laws, institutions and policies. For example, national foreign exchange control exchange rates and scope of the relevant provisions.
d. The establishment, maintenance and management of the exchange rate of the body, such as Foreign Exchange Authority, the Exchange Stabilization Fund Committee.
Foreign Exchange Rate ==>
Classification of Foreign Exchange Rate ==>
Foreign exchange rates - pricing approach ==>
Foreign Exchange Rate is a country's currency into another national currency conversion rate parity or price. It can be said, are expressed in domestic currency to foreign currency "price." Foreign Exchange Trading generally concentrated in commercial banks and other financial institutions. Of their foreign exchange trading is aimed at the pursuit of profit, is cheap buying expensive goods to sell, bid-ask spread earn their buying foreign exchange when the exchange rate based on buying rate, also known as the bid price; sell foreign exchange when the exchange rate based on called the selling exchange rate, also known as the selling price. In direct price law, the buying rate for banks to buy one unit of foreign currency to pay for the number of banks selling currency to sell a unit of foreign currency received by the number of the local currency. Intermediate exchange rate is the buying rate and selling rate of the central parity, that is buying rate selling rate 10 1 / 2 = intermediate exchange rate applicable to the sale of foreign exchange between banks, which means that they buy and sell foreign currency would not make a profit.
Foreign exchange rates - exchange rate system
1. The concept of exchange rate regime Exchange rate system, also known as exchange rate arrangements (Exchange Rate Arrangement): is widely used to determine their own national currency and other currencies, the exchange rate system. States or the international community for the determination, maintenance, adjustment and management of the exchange rate principles, methods, modalities and institutions, the provisions made by the system. Exchange rate regime on the national exchange-rate decision to have a significant impact. Review and understand the exchange rate system, you can give us the international financial market fluctuations in the exchange rate to gain a deeper understanding. In accordance with the size of the exchange rate volatility, exchange rate system can be divided into a fixed exchange rate regime and floating exchange rate system.
Fixed exchange rate system (fixed exchange rate system) refers to itself or the legal gold content-based currency exchange rate, the benchmark for determining the exchange rate as a relatively stable exchange rate system. In different monetary systems have different fixed exchange rate system.
a. floating exchange rate system (floating exchange rate system) refers to a State does not require local currency and foreign currency exchange rate fluctuations in the gold parity and the limits of the monetary authorities do not undertake any obligation to maintain the boundaries of exchange rate fluctuations, the exchange rate with the foreign exchange market to changes in supply and demand and free a floating exchange rate system from top to bottom. The system already existed in history, but the real epidemic is in 1972 dollars as the center after the collapse of the fixed exchange rate system.
2. The contents of the exchange rate regime a. the principles and basis for determining the rate. For example, based on the value of the currency itself, or the value of a statutory basis for such representatives.
b. to maintain and adjust the exchange rate approach. For example, to adopt an open approach to statutory revaluation or devaluation, or allowed to float or official to take a limited intervention approach.
c. management of the exchange rate of the laws, institutions and policies. For example, national foreign exchange control exchange rates and scope of the relevant provisions.
d. The establishment, maintenance and management of the exchange rate of the body, such as Foreign Exchange Authority, the Exchange Stabilization Fund Committee.
Foreign Exchange Rate ==>
Classification of Foreign Exchange Rate ==>
Foreign exchange rates - pricing approach ==>
Quote Currency
Quote Currency-What is the Quote Currency?
Denominated currency is specified in the contract is used to calculate the price of currencies, these currencies may be exporting or importing country's currency can also be a third country currency, but must be freely convertible currency. The specific use of the currency in which the agreement by both parties. Payments for those who signed the agreement with China, and limit the use of a currency, a State may use the provisions of the currency.
Denominated currency - denominated in the currency flow chart of the basic profile
Denominated currency (Money of Account) is used to calculate the price stipulated in the contract currency. If the price of the contract the parties agreed in a currency (eg U.S. dollars) to represent, and does not provide for payments in other currencies, then the provisions of the contract currency is denominated in the currency, but also the currency of payment (Money of Payment). Denominated in currencies such as the addition, but also provides for other currencies (eg, pounds) to pay, then the pound is the currency of payment.
The International Sale of Goods in general, the prices are expressed as a certain amount of specific currencies (such as 300 U.S. dollars per tonne), usually no longer requires the currency of payment. According to the characteristics of international trade, the currency used for pricing, you can export the national currency of importing countries can also be a currency or a mutually agreed third country currency, by the buyers and sellers through consultation. As the monetary value of the world is not static, especially in the world in many countries generally under conditions of floating exchange rates, often used a variety of major currencies-denominated market value of more serious instability. International Sale of Goods longer than the usual delivery time, from contracting to perform the contract, often need to have a process. During this period, denominated in the currency market is to change, even drastic ups and downs, the result would directly affect the economic interests of both imports and exports. Therefore, how to choose a contract denominated in the currency on the great economic significance in determining the prices buyers and sellers must pay attention to.
In addition to both countries there are trade agreements and payment agreements, the transaction is itself part of the agreement the transaction must be liquidated according to the provisions of the currency, the general import-export contracts are based on convertibility, international general or agreed to pay means of pricing and payment. However, at present the extent of these soft and hard currency is not the same, the trend is inconsistent. Therefore, specific to a particular transaction, must be in-depth investigations and studies, based on the trend as much as possible and strive to develop our favorable currency as a quote currency. In theory, for export transactions, the use of coins in a more favorable pricing;, while import contracts are more cost-effective with a soft currency-denominated. However, in practical business, what are denominated in the currency as a currency, but also depending on the two sides of the transaction practices, management intentions, as well as prices. If a deal has to be adopted right side adverse currency, you can try to remedy with the following two ways: First, according to the kinds of possible future changes in currency rate, the corresponding adjustment of the external quote; second is possible under the conditions of Terms of fighting for the hedge in order to avoid the risk of exchange rate movements denominated in the currency.
Denominated currency is specified in the contract is used to calculate the price of currencies, these currencies may be exporting or importing country's currency can also be a third country currency, but must be freely convertible currency. The specific use of the currency in which the agreement by both parties. Payments for those who signed the agreement with China, and limit the use of a currency, a State may use the provisions of the currency.
Denominated currency - denominated in the currency flow chart of the basic profile
Denominated currency (Money of Account) is used to calculate the price stipulated in the contract currency. If the price of the contract the parties agreed in a currency (eg U.S. dollars) to represent, and does not provide for payments in other currencies, then the provisions of the contract currency is denominated in the currency, but also the currency of payment (Money of Payment). Denominated in currencies such as the addition, but also provides for other currencies (eg, pounds) to pay, then the pound is the currency of payment.
The International Sale of Goods in general, the prices are expressed as a certain amount of specific currencies (such as 300 U.S. dollars per tonne), usually no longer requires the currency of payment. According to the characteristics of international trade, the currency used for pricing, you can export the national currency of importing countries can also be a currency or a mutually agreed third country currency, by the buyers and sellers through consultation. As the monetary value of the world is not static, especially in the world in many countries generally under conditions of floating exchange rates, often used a variety of major currencies-denominated market value of more serious instability. International Sale of Goods longer than the usual delivery time, from contracting to perform the contract, often need to have a process. During this period, denominated in the currency market is to change, even drastic ups and downs, the result would directly affect the economic interests of both imports and exports. Therefore, how to choose a contract denominated in the currency on the great economic significance in determining the prices buyers and sellers must pay attention to.
In addition to both countries there are trade agreements and payment agreements, the transaction is itself part of the agreement the transaction must be liquidated according to the provisions of the currency, the general import-export contracts are based on convertibility, international general or agreed to pay means of pricing and payment. However, at present the extent of these soft and hard currency is not the same, the trend is inconsistent. Therefore, specific to a particular transaction, must be in-depth investigations and studies, based on the trend as much as possible and strive to develop our favorable currency as a quote currency. In theory, for export transactions, the use of coins in a more favorable pricing;, while import contracts are more cost-effective with a soft currency-denominated. However, in practical business, what are denominated in the currency as a currency, but also depending on the two sides of the transaction practices, management intentions, as well as prices. If a deal has to be adopted right side adverse currency, you can try to remedy with the following two ways: First, according to the kinds of possible future changes in currency rate, the corresponding adjustment of the external quote; second is possible under the conditions of Terms of fighting for the hedge in order to avoid the risk of exchange rate movements denominated in the currency.
International Bond
International Bond-What is International Bond?
International bonds are a government, financial institutions, industrial and commercial enterprises or national organizations for the mobilization and intermediation of funds in foreign financial markets, issued to foreign currency denominated bonds.
The important feature of international bonds is the issuer and investors belonging to different countries, to raise funds from foreign financial markets.
International bond issuance and trading, can be used to balance the issuing country's international balance of payments, can also be used for distribution of funds into government or business engaged in the development and production.
In accordance with the currency and the issuance of bonds issued in different locations, international bonds can be divided into foreign bonds and Eurobonds.
International bond issues - the specific characteristics of
International bonds are a kind of cross-border bond issues involving two or more countries, compared with domestic bond has a certain particularity.
1, funding sources, Canton International bond issues in international stock market fund-raising, distribution targeted at investors in many countries, and therefore its source of funding is much broader than the domestic debt, through the issuance of international bonds, the issuer can make a flexible and adequate for their construction projects and other needs funding.
2, issue large-scale Issuance of international bonds, are generally large scale, it is because of this debt borrowed one of the purposes is to utilize the breadth of international stock market sources of funding and adequacy. Also, because the issuer to enter the international bond market to be from the international credit rating agencies bond credit grading, only the high credibility of the issuer in order to successfully carry out fund-raising, so in the issuer's credit conditions have been fully affirmed the circumstances, a huge debt is possible.
3, there are exchange rate risk The issuance of domestic bonds, raising and debt service funds are the national currency, so there is no exchange rate risk. Issuance of international bonds to raise money is in foreign currencies, exchange rate fluctuations in the event, issuers and investors are likely to suffer accidental loss or to obtain windfall profits, therefore, very important part of the international bond risk is exchange rate risk.
4, there is protection of national sovereignty In the international bond market to raise funds, and sometimes can be a sovereign national government's commitment to ensure that the final payment, if such a commitment to be guaranteed in all international bond market are willing to open to sovereign states, which also makes the international bond market has a higher security. Of course, on behalf of state sovereignty, the Government must own the issuer of the bond market, borrowing in the international inspection and control.
5, in order to measure the currency freely convertible currency as a International bond issuance in international markets, so the quote currency is often an international common currency, a surge in U.S. dollars, pound sterling, deutsche mark, Japanese yen and Swiss franc-based, so that the issuer to raise capital can be an universal free foreign exchange funds.
International bond issues - the major categories International bond issues from different angles and can be divided into different categories, which are optional major categories are presented below.
(1) foreign bonds and Eurobonds.
A. refers to the borrower in foreign bonds in their own country other than the one issued in order to release the country where the currency denominated bonds. Foreign bonds is the traditional international financial markets business, has existed for centuries, its distribution must be approved by issuing country where the Government's approval and subject to the jurisdiction of the country's financial laws. Foreign bonds issued in the United States (USD) is called Yankee bonds; of foreign bonds issued in Japan (yen) is called Samurai bonds. B. European bonds. European bonds in the bond borrower countries face currency other than the State or in the country's offshore international financial markets bonds. European bonds are European money market, one of three main business, so it's issued without any jurisdiction of the country's financial laws.
(2) The public offering of bonds and private placement bonds.
A. public offering bonds to the community bonds issued by the general public can be publicly traded in the Stock Exchange. Public offering bonds must be internationally recognized credit rating agency's rating, the borrower must own the case made public.
B. private placement bonds, privately to a limited number of investors bonds. This bond issuance amount of smaller, short duration and can not be listed publicly traded, and the coupon rate on the high side; but the issue price low, to protect the interests of investors. Private placement bonds, flexible, generally without credit rating agency ratings, does not require the issuer to own situation made public, the more simple procedures for the issuance.
(3) General bonds may be against the shares of bonds and notes attached to stock options.
A. General bonds, is based on the general debt service bonds issued by way of bonds, including those commonly referred to government bonds, financial bonds and corporate bonds, it is relative to bonds versus stocks, bonds and other debt attached to stock options new varieties for the purposes of the latter two kinds of bonds, known as "equity-linked bonds."
B. may be against the shares of bonds, refers to the stock can be converted into corporate bonds. When the bonds are issued, give investors a right, that investors over a certain period of time, the right to vote for bond denominated corporate bonds will be converted into shares of the enterprise to become corporate shareholders enjoy the treatment of stock dividends. Issuing such bonds are mostly large enterprises, the international bond markets in recent years against the shares of corporate bonds can be developed very rapidly.
C. Warrant Attached bonds, is able to obtain loans to buy company shares the rights of corporate bonds. Once investors have purchased these bonds, in which the enterprises to increase, that is the priority to buy its shares, but also access to the original issue price by the stock purchase discounts. Issuance of such bonds are mostly large enterprises.
(4) The fixed-rate bonds, floating rate bonds and interest-free bonds.
A. fixed-rate bonds, is the issuance of bonds when the coupon will be fixed rate bonds.
B. floating-rate bonds, is the bond coupon rate based on changes in interest rates and changes in the international market bonds. Such bonds and floating duration of the benchmark interest rate also generally refer to the London Interbank Offered Rate. Floating rate notes is 80 years since the international bond market, developed a new financial instruments. Issuing such bonds have a certain interest rate risk, but if the trend of significantly lower international interest rates float, or the borrower of funds in the future to do the same duration of the use of floating interest rate, interest rate risk, you can credit.
C. non-interest bearing bonds, was referring to coupon bonds. When this bond issue is based on less than the face value of tickets sold for face value tickets to recover by maturity, issue price and face value ticket price difference is the proceeds of investors. Issuing such bonds to the borrower, the coupon can save printing costs, thereby reducing financing costs; for investors who can get more than a coupon bond interest.
(5) a dual-currency bonds and the European Currency Unit bond.
A. dual currency bonds, and is involved in two kinds of currency bonds. The bonds are issued interest-bearing when the adoption of a currency, but the payback time to pay in another currency, the exchange rate between two currencies to issue bonds when identified by the. The biggest advantage of issuing such bonds can be prevented and to avoid foreign exchange earning money and borrowing the currency exchange rate risk arising from inconsistencies.
B. The European currency unit bonds, based on ECU-denominated bonds, the value of relatively stable in recent years, such bonds in the Eurobond market share increased every year.
International bonds - distribution method The main mode of international bond issue are as follows:
(1) public offering. This is the general public to the community bonds can be publicly traded in the Stock Exchange. Public offering bonds must be internationally recognized credit rating agency ratings. Borrowers need to own all of the public. Every time borrowers issuing bonds, to be re-established a credit level.
(2) private placement. It refers to a limited number of private investors to the bonds issued. The amount of this bond is shorter than the duration of filial piety can not be listed publicly traded. However, private placement bonds, flexible, generally does not require credit rating agencies, rating, and do not release their situation will be made public, the more simple procedures for the issuance.
In addition, the distribution methods can also be divided into:
(1) Direct release. By the people themselves come forward to release the issuance of bonds issued by the issuer all the procedures for its own account and do the pre-release preparation, and selling bonds directly to investors, the remaining bonds are also handled by themselves. In the bond issuer may also issue before the stipulated period of time the recipient's application, according to the number of printed applications for bonds, and direct distribution, this can prevent excess bonds.
(2) Indirect distribution. Entrusted by the issuer intermediary agency to issue bonds, is also divided into raising and underwriting commission to raise. Delegate is to entrust to raise sales group to sell bonds, sell bonds could not finish processing returned to the issuer. Acquisition raised by the acquisition group marketing, marketing could not finish by the buyer who bought the bonds. In the international bond market, generally have adopted a way to issue bonds to raise purchase.
International bonds are a government, financial institutions, industrial and commercial enterprises or national organizations for the mobilization and intermediation of funds in foreign financial markets, issued to foreign currency denominated bonds.
The important feature of international bonds is the issuer and investors belonging to different countries, to raise funds from foreign financial markets.
International bond issuance and trading, can be used to balance the issuing country's international balance of payments, can also be used for distribution of funds into government or business engaged in the development and production.
In accordance with the currency and the issuance of bonds issued in different locations, international bonds can be divided into foreign bonds and Eurobonds.
International bond issues - the specific characteristics of
International bonds are a kind of cross-border bond issues involving two or more countries, compared with domestic bond has a certain particularity.
1, funding sources, Canton International bond issues in international stock market fund-raising, distribution targeted at investors in many countries, and therefore its source of funding is much broader than the domestic debt, through the issuance of international bonds, the issuer can make a flexible and adequate for their construction projects and other needs funding.
2, issue large-scale Issuance of international bonds, are generally large scale, it is because of this debt borrowed one of the purposes is to utilize the breadth of international stock market sources of funding and adequacy. Also, because the issuer to enter the international bond market to be from the international credit rating agencies bond credit grading, only the high credibility of the issuer in order to successfully carry out fund-raising, so in the issuer's credit conditions have been fully affirmed the circumstances, a huge debt is possible.
3, there are exchange rate risk The issuance of domestic bonds, raising and debt service funds are the national currency, so there is no exchange rate risk. Issuance of international bonds to raise money is in foreign currencies, exchange rate fluctuations in the event, issuers and investors are likely to suffer accidental loss or to obtain windfall profits, therefore, very important part of the international bond risk is exchange rate risk.
4, there is protection of national sovereignty In the international bond market to raise funds, and sometimes can be a sovereign national government's commitment to ensure that the final payment, if such a commitment to be guaranteed in all international bond market are willing to open to sovereign states, which also makes the international bond market has a higher security. Of course, on behalf of state sovereignty, the Government must own the issuer of the bond market, borrowing in the international inspection and control.
5, in order to measure the currency freely convertible currency as a International bond issuance in international markets, so the quote currency is often an international common currency, a surge in U.S. dollars, pound sterling, deutsche mark, Japanese yen and Swiss franc-based, so that the issuer to raise capital can be an universal free foreign exchange funds.
International bond issues - the major categories International bond issues from different angles and can be divided into different categories, which are optional major categories are presented below.
(1) foreign bonds and Eurobonds.
A. refers to the borrower in foreign bonds in their own country other than the one issued in order to release the country where the currency denominated bonds. Foreign bonds is the traditional international financial markets business, has existed for centuries, its distribution must be approved by issuing country where the Government's approval and subject to the jurisdiction of the country's financial laws. Foreign bonds issued in the United States (USD) is called Yankee bonds; of foreign bonds issued in Japan (yen) is called Samurai bonds. B. European bonds. European bonds in the bond borrower countries face currency other than the State or in the country's offshore international financial markets bonds. European bonds are European money market, one of three main business, so it's issued without any jurisdiction of the country's financial laws.
(2) The public offering of bonds and private placement bonds.
A. public offering bonds to the community bonds issued by the general public can be publicly traded in the Stock Exchange. Public offering bonds must be internationally recognized credit rating agency's rating, the borrower must own the case made public.
B. private placement bonds, privately to a limited number of investors bonds. This bond issuance amount of smaller, short duration and can not be listed publicly traded, and the coupon rate on the high side; but the issue price low, to protect the interests of investors. Private placement bonds, flexible, generally without credit rating agency ratings, does not require the issuer to own situation made public, the more simple procedures for the issuance.
(3) General bonds may be against the shares of bonds and notes attached to stock options.
A. General bonds, is based on the general debt service bonds issued by way of bonds, including those commonly referred to government bonds, financial bonds and corporate bonds, it is relative to bonds versus stocks, bonds and other debt attached to stock options new varieties for the purposes of the latter two kinds of bonds, known as "equity-linked bonds."
B. may be against the shares of bonds, refers to the stock can be converted into corporate bonds. When the bonds are issued, give investors a right, that investors over a certain period of time, the right to vote for bond denominated corporate bonds will be converted into shares of the enterprise to become corporate shareholders enjoy the treatment of stock dividends. Issuing such bonds are mostly large enterprises, the international bond markets in recent years against the shares of corporate bonds can be developed very rapidly.
C. Warrant Attached bonds, is able to obtain loans to buy company shares the rights of corporate bonds. Once investors have purchased these bonds, in which the enterprises to increase, that is the priority to buy its shares, but also access to the original issue price by the stock purchase discounts. Issuance of such bonds are mostly large enterprises.
(4) The fixed-rate bonds, floating rate bonds and interest-free bonds.
A. fixed-rate bonds, is the issuance of bonds when the coupon will be fixed rate bonds.
B. floating-rate bonds, is the bond coupon rate based on changes in interest rates and changes in the international market bonds. Such bonds and floating duration of the benchmark interest rate also generally refer to the London Interbank Offered Rate. Floating rate notes is 80 years since the international bond market, developed a new financial instruments. Issuing such bonds have a certain interest rate risk, but if the trend of significantly lower international interest rates float, or the borrower of funds in the future to do the same duration of the use of floating interest rate, interest rate risk, you can credit.
C. non-interest bearing bonds, was referring to coupon bonds. When this bond issue is based on less than the face value of tickets sold for face value tickets to recover by maturity, issue price and face value ticket price difference is the proceeds of investors. Issuing such bonds to the borrower, the coupon can save printing costs, thereby reducing financing costs; for investors who can get more than a coupon bond interest.
(5) a dual-currency bonds and the European Currency Unit bond.
A. dual currency bonds, and is involved in two kinds of currency bonds. The bonds are issued interest-bearing when the adoption of a currency, but the payback time to pay in another currency, the exchange rate between two currencies to issue bonds when identified by the. The biggest advantage of issuing such bonds can be prevented and to avoid foreign exchange earning money and borrowing the currency exchange rate risk arising from inconsistencies.
B. The European currency unit bonds, based on ECU-denominated bonds, the value of relatively stable in recent years, such bonds in the Eurobond market share increased every year.
International bonds - distribution method The main mode of international bond issue are as follows:
(1) public offering. This is the general public to the community bonds can be publicly traded in the Stock Exchange. Public offering bonds must be internationally recognized credit rating agency ratings. Borrowers need to own all of the public. Every time borrowers issuing bonds, to be re-established a credit level.
(2) private placement. It refers to a limited number of private investors to the bonds issued. The amount of this bond is shorter than the duration of filial piety can not be listed publicly traded. However, private placement bonds, flexible, generally does not require credit rating agencies, rating, and do not release their situation will be made public, the more simple procedures for the issuance.
In addition, the distribution methods can also be divided into:
(1) Direct release. By the people themselves come forward to release the issuance of bonds issued by the issuer all the procedures for its own account and do the pre-release preparation, and selling bonds directly to investors, the remaining bonds are also handled by themselves. In the bond issuer may also issue before the stipulated period of time the recipient's application, according to the number of printed applications for bonds, and direct distribution, this can prevent excess bonds.
(2) Indirect distribution. Entrusted by the issuer intermediary agency to issue bonds, is also divided into raising and underwriting commission to raise. Delegate is to entrust to raise sales group to sell bonds, sell bonds could not finish processing returned to the issuer. Acquisition raised by the acquisition group marketing, marketing could not finish by the buyer who bought the bonds. In the international bond market, generally have adopted a way to issue bonds to raise purchase.
GEM-What is GEM?
GEM-What is GEM?
GEM also known as the second board market, that is the second stock market, refers to the board other than the listing for temporarily unable to provide financing to SMEs and start-up companies means and room for growth in the securities trading market, is the motherboard market, the effective supply , in the capital market occupies an important position. GEM-listed companies are mainly engaged in high-tech businesses with high growth potential, but often shorter set up a smaller scale, the performance is not outstanding.
GEM - Category NASDAQ Stock Exchange In the long river of history in the securities, the GEM is to correspond to the beginning of the company's board with large mature markets to small and medium sized companies as the main image of the object market to arise. The late 19th century, some do not meet the listing standards of large-scale small companies only choose the OTC market and the local exchange as a listed place. By the 20th century, the gradual demise of a number of local exchanges and OTC markets, there are many irregularities in the office. Since the 60s, the United States as represented by regions in North America and Europe, etc. In order to solve the financing problem of SMEs and began vigorously to create their own Growth Enterprise Market.
Development to date, GEM has developed into helping emerging small and medium enterprises, especially high-growth technology companies finance market. According to the relationship between the division of the Main Board, the global second board market can be divided into two modes. One is "discrete." Completely independent of outside board, with its own distinct role. The world's most successful second board market --- the U.S. Nasdaq Stock Market (Nasdaq) shall be guilty of such. Nasdaq Stock Market was born in 1971, the New York Stock Exchange Main Board Listing Rules to streamline than the much more high-tech companies gradually become the nation's largest securities market. As of the end of 1999, a total of 4829 listed companies, market capitalization of up to 5.2 trillion U.S. dollars, of which the proportion of high-tech companies for about 40%, emergence of a group such as Cisco, Microsoft, Intel, like the famous high-tech giants . "Thirty years east of the river, thirty years Hexi", 30 years after the Nasdaq market, full-fledged, total number of companies listed on the New York Stock Exchange, more than 60%, trading volume in 1994, more than the New York Stock Exchange.
The other is "sub-type." Attached to the motherboard market, is designed to train board listed company. Second Board listed companies is ripe, can be upgraded to the Main Board. In other words, act as the Main Board of the "second echelon." Singapore is such a case Sesdaq
GEM also known as the second board market, that is the second stock market, refers to the board other than the listing for temporarily unable to provide financing to SMEs and start-up companies means and room for growth in the securities trading market, is the motherboard market, the effective supply , in the capital market occupies an important position. GEM-listed companies are mainly engaged in high-tech businesses with high growth potential, but often shorter set up a smaller scale, the performance is not outstanding.
GEM - Category NASDAQ Stock Exchange In the long river of history in the securities, the GEM is to correspond to the beginning of the company's board with large mature markets to small and medium sized companies as the main image of the object market to arise. The late 19th century, some do not meet the listing standards of large-scale small companies only choose the OTC market and the local exchange as a listed place. By the 20th century, the gradual demise of a number of local exchanges and OTC markets, there are many irregularities in the office. Since the 60s, the United States as represented by regions in North America and Europe, etc. In order to solve the financing problem of SMEs and began vigorously to create their own Growth Enterprise Market.
Development to date, GEM has developed into helping emerging small and medium enterprises, especially high-growth technology companies finance market. According to the relationship between the division of the Main Board, the global second board market can be divided into two modes. One is "discrete." Completely independent of outside board, with its own distinct role. The world's most successful second board market --- the U.S. Nasdaq Stock Market (Nasdaq) shall be guilty of such. Nasdaq Stock Market was born in 1971, the New York Stock Exchange Main Board Listing Rules to streamline than the much more high-tech companies gradually become the nation's largest securities market. As of the end of 1999, a total of 4829 listed companies, market capitalization of up to 5.2 trillion U.S. dollars, of which the proportion of high-tech companies for about 40%, emergence of a group such as Cisco, Microsoft, Intel, like the famous high-tech giants . "Thirty years east of the river, thirty years Hexi", 30 years after the Nasdaq market, full-fledged, total number of companies listed on the New York Stock Exchange, more than 60%, trading volume in 1994, more than the New York Stock Exchange.
The other is "sub-type." Attached to the motherboard market, is designed to train board listed company. Second Board listed companies is ripe, can be upgraded to the Main Board. In other words, act as the Main Board of the "second echelon." Singapore is such a case Sesdaq
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