scholarly journals A critical overview of the transparency and competitiveness of the London stock exchange

2018 ◽  
Vol 8 (2) ◽  
pp. 74-83 ◽  
Author(s):  
Muhammad Surajo Sanusi
Keyword(s):  
Transaction Costs ◽  
21St Century ◽  
Stock Exchange ◽  
Stock Exchanges ◽  
London Stock Exchange ◽  
Market Participants ◽  
The World ◽  
Operational Activities ◽  
Technology Transformation ◽  
Critical Overview

This paper explores the operational activities of the London Stock Exchange in the 21st century to provide an overview of its operational transparency and competitiveness; the competition among its market participants and how it competes with other developed stock exchanges around the world. Evidence was found that suggests the manifestation of both competitive and uncompetitive practices in the London Stock Exchange. The presence of the key elements that enhance the competitiveness of the market, such as continued technology transformation, strategies that promote globalisation and regulatory flexibilities was observed. Simultaneously, signs of non-competitiveness such as high membership and annual fees, transaction costs and stamp duties were also observed.

Risk Comparison of Karachi Stock Exchange with Next Eleven Countries: A Country Beta Approach

2014 ◽  
Vol 4 (1) ◽  
pp. 202
Author(s):  
Aqeel Abbas ◽  
Sajjad Ahmad Baig ◽  
Muhammad Zia-ur-Rehman ◽  
Muhammad Abrar
Keyword(s):  
South Korea ◽  
Stock Exchange ◽  
Country Risk ◽  
Stock Exchanges ◽  
Global Index ◽  
The World ◽  
Better Than

This study is based on the Country risk of different stock exchanges of the world. Here Country risk is derived from the Country Beta Approach, as this approach is described by the Erb, Harvey and Viskanta (1996). Specifically, this study is based on the risk comparison of KSE 100 with next eleven countries (South Korea, Iran, Mexico, Philippine, Indonesia, Turkey, Egypt, Nigeria, Pakistan, Vietnam and Bangladesh), which are defined by the Goldman Sachs (2005). For this purpose, the stock exchange's data of these countries is compared with the global index. Actually, the global index is consisted on the 44 countries of the world. Here only one factor is discussed, which is a country risk (country beta). Actually the riskiness is measured in this study on the basis of beta, higher the beta means higher the risk; lower the beta means low the risk. The result shows that the performance of KSE is much better than the next eleven economies but Nigerian stock exchange has less risk than the KSE 100.

scholarly journals Social responsibility of a stock exchange: Corporate governance at Borsa Istanbul

2020 ◽  
Vol 7 (1) ◽  
pp. 72-82
Author(s):  
A. Can Inci
Keyword(s):  
Corporate Governance ◽  
Social Responsibility ◽  
Financial Institution ◽  
Stock Exchange ◽  
Stock Exchanges ◽  
Successful Implementation ◽  
Market Participants ◽  
Good Corporate Governance ◽  
Call Auction ◽  
Positive Engagement

Accentuated intraday volatility and uncertainty leads to mispricing, inefficiency, and the potential unfair treatment of some market participants. As an important financial institution, the stock exchange is required to find mechanisms to reduce volatility for good corporate governance and for social responsibility. In this paper, one such mechanism, closing call auction, is explored in the actively traded industrials sector of the emerging Borsa Istanbul. Evidence of the successful implementation of the mechanism is provided. Volatility decreases and efficiency of the prices increases after the implementation of the closing call auction. The exchange executives’ positive engagement in good corporate governance is documented and is suggested to other stock exchanges as a social responsibility instrument.

scholarly journals GOLD AND OIL PRICES VERSUS STOCK EXCHANGE: ACASE STUDY OF PAKISTAN

2016 ◽  
Vol 4 (2) ◽  
pp. 129-138
Author(s):  
Rabia Najaf ◽  
Khakan Najaf ◽  
Salman Yousaf
Keyword(s):  
Standard Deviation ◽  
Global Financial Crisis ◽  
Stock Exchange ◽  
Secondary Data ◽  
Stock Exchanges ◽  
Gold Market ◽  
Investment Level ◽  
The World ◽  
Standard Value ◽  
The Impact

Due to global financial crisis, around the all over the world all developing and under developing countries are facing the low trading profit. In most of the developing country like Pakistan, there is low investment level due to political instability. Due to this condition Karachi stock exchange has the worst sell .Karachi stock exchange is known as the oldest and more profitable stock exchange of Pakistan oil and gold prices are attracting investors towards there not in the stock exchange. This thing is the barrier for the progress of the development of the country. This paper is trying to expose that stock market is going to down due to these variables. For checking the impact of oil and gold prices on the Karachi stock exchange. We have used that secondary data for this study. For this purpose we have taken data from Karachi stock exchanges from the period of 1996 to 2013.We have applies correlation matrix for this purpose. the result has shown that KSE 100 has return is 0.014503 and GDP 0.058793 ,gold 0.012026 and oil 0.00919.karachi stock exchange return  has standard value is 0.089982,while gold standard deviation 0.038716 and oil standard deviation value is 0.103375. The correlations have shown that in these markets there is not positive relationship.karachi stock exchange and GDP have inverse relationship with gold market. These results have also shown that oil growth has a significant relationship with KSE100 and GDP.For the predication correlation is not considering an authentic measure.

18. Public offers of shares

Company Law ◽  
2019 ◽  
pp. 498-521
Author(s):  
Lee Roach
Keyword(s):  
Financial Services ◽  
Stock Exchange ◽  
Listed Companies ◽  
Securities Regulation ◽  
Stock Exchanges ◽  
London Stock Exchange ◽  
The Public ◽  
Public Offer ◽  
Rights Issues ◽  
Alternative Investment

This chapter studies the sources of securities regulation, the rules relating to offering shares to the public, the various UK stock exchanges, and the process by which securities are listed. There are several types of public offer, including offers for subscription, offers for sale, placings, and rights issues. The London Stock Exchange is the principal UK stock exchange, and its two principal markets are the Main Market and the Alternative Investment Market. The principal domestic rules relating to public offers of shares are found in the Financial Services and Markets Act 2000, the Listing Rules, the Prospectus Rules, and the Disclosure and Transparency Rules. Companies that offer securities to the public or seek to admit securities to a UK regulated market must first publish a prospectus. Meanwhile, listed companies must comply with a range of continuing obligations for as long as their securities remain listed.

scholarly journals The Role of Satellite Stock Exchanges: A Case Study of the Lahore Stock Exchange

2009 ◽  
Vol 14 (2) ◽  
pp. 1-47 ◽  
Author(s):  
Jamshed Y. Uppal
Keyword(s):  
Transaction Costs ◽  
Market Integration ◽  
Price Discovery ◽  
Stock Exchange ◽  
Regulatory Compliance ◽  
Stock Exchanges ◽  
Informational Efficiency ◽  
Exchange Performance ◽  
Processing Information

In many countries, capital markets are often served by multiple stock exchanges, typically with one national or dominant exchange and several regional or satellite exchanges. While multiple exchanges create a competitive landscape, they also lead to fragmented liquidity and diseconomies in operations. This paper examines the role of the Lahore Stock Exchange (LSE) in comparison with the country’s dominant exchange, the Karachi Stock Exchange (KSE), in four areas: (i) market efficiency in processing information, (ii) transaction costs, (iii) contribution to price discovery, and (iv) market integration. A comparative analysis of the exchange performance indicates the two exchanges to be at par in terms of informational efficiency and transaction costs. There is evidence of informational linkages and interdependencies between the two exchanges; the LSE appears to contribute to price discovery and competes to an appreciable extent. Against the background of proposals to merge the country’s three stock exchanges, a major consideration in evaluating public policy is the relative performance of the LSE and its viability as an effective competitor. Eliminating interexchange competition by merging the stock exchanges is predicted to lead to higher transaction costs, lower incentives for regulatory compliance, and diminished motivation for promoting capital market development.

scholarly journals One Of The Prime Beneficiaries Of The Sarbanes Oxley Act Of 2002: The London Stock Exchange!

2011 ◽  
Vol 7 (10) ◽  
Author(s):  
RamMohan R. Yallapragada ◽  
Alfred Toma ◽  
C. William Roe
Keyword(s):  
New York ◽  
Stock Exchange ◽  
The United States ◽  
Stock Exchanges ◽  
Public Confidence ◽  
American Business ◽  
London Stock Exchange ◽  
Sarbanes Oxley ◽  
Accounting Scandals ◽  
Implementation Costs

In the late 1990s, financial markets in the United States (U S ) were rocked by accounting scandals in companies such as Enron and WorldCom. Public confidence in American business was at a low ebb. As a knee-jerk reaction to the scandals, the U S Congress hastily passed the Sarbanes-Oxley Act of 2002 (SOX) hoping to restore the lost image of the U S business firms. SOX rendered corporate governance and protecting corporate assets a matter of Federal mandates. Penalties for violation of the provisions of SOX include a maximum of 25 years of prison and/or a fine of twenty five million dollars. For small and mid-size firms, the implementation costs became prohibitive. The exorbitant implementation costs of Section 404 of SOX and the draconian criminal sanctions for senior management are driving companies to flee from The New York Stock Exchange to more favorable exchanges overseas. The London Stock Exchange appears to be the most benefited one from the passage of SOX. This paper presents the salient provisions of SOX, the havoc caused to the business firms by its implementation costs, and the present trend of flight of capital from American stock exchanges to overseas stock exchanges such as the London Stock Exchange.

scholarly journals Modeling and Forecasting the Algiers Stock Exchange Returns using the Box-Jenkins Methodology

2019 ◽  
Author(s):  
Mohamed Samir Boudrioua
Keyword(s):  
Stock Exchange ◽  
Moving Average ◽  
Forecast Accuracy ◽  
Information Criterion ◽  
Stock Exchanges ◽  
Autoregressive Integrated Moving Average ◽  
Modeling And Forecasting ◽  
The World ◽  
One Year ◽  
Better Than

The Algiers Stock Exchange (ASE) is the only stock exchange in Algeria. It’s one of the newest and smallest emerging stock exchanges in the world. The focus of this paper is to model and forecast monthly returns of the ASE index (DZAIRINDEX) using The Box- Jenkins methodology. The period of this study is from Jun 2010 to July 2019. According to Akaike’s Information Criterion (AIC) estimator, the Seasonal Autoregressive Integrated Moving Average SARIMA(2,0,0)(0,0,1) is chosen as the best model for forecasting the monthly DZAIRINDEX returns. Diagnostic tests confirm that the fitted model is adequate, where the residuals of this model are normally distributed with no autocorrelation and no heteroskedasticity. The forecast of the monthly DZAIRINDEX returns for one year ahead using this model shows a decreasing fluctuations trend. Based on different measures of forecast accuracy such as ME, MAE, RMSE, MASE, we show that the forecast accuracy of SARIMA(2,0,0)(0,0,1) is acceptable and this model performs much better than a naïve model. These results could be used by the financial communities in Algeria to deal with stock exchange risks and to improve their decisions.

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