STOCK MARKETS
AROUND THE
WORLD
Overview
Multiple listings on national markets
Trading costs in international stock
markets
Global Diversification
correlation of world equity markets
United Kingdom
London Stock Exchange (LSE)
ordinary shares of local and foreign firms
private fixed interest securities
British government securities
Operations
OTC market
Reforms
Big Bang
Germany
Frankfurt Stock Exchange (FSE)
Market Segments
official market
regulated market
Neuer Market
Japan
Tokyo Stock Exchange (TSE)
first section
second section
Operations
continuous auction market
OTC market
Reforms
financial big bang
Hong Kong
H shares
red chips
B shares
reserved for foreign
investors
Shanghai B-shares
are quoted in U.S.
dollars
Shenzen B-shares
are quoted in Hong
Kong dollars
Easdaq in Brussels
Public Institutions
France, Spain, Italy, Belgium
Banks
Switzerland, Austria
United Kingdom
Financial TimesStock Exchange
100 (FTSE 100)
Germany
Deutscher
Aktienindex (DAX)
France
CAC 40
Others
Hang Seng Index
Morgan Stanley
EAFE Index
Depository Receipt
combination of GDRs and ADRs
American Depository
Receipt
Types:
nonsponsored
sponsored
Trading Location
NYSE
ASE
OTC market
Advantages
trade stocks on U.S.
exchanges
payments made
and received are in
U.S. dollars
avoid some
country-specific
taxes