The history f Canadian stock exchanges is about 125 years old. The Montreal Stock Exchange (now known as the Montreal Exchange or ME) was the first to incorporate in 1874, while the Toronto Stock Exchange (TSE) was founded in 1878. Other exchanges followed in the early years f the 20th century, but, by 1999, four main stock exchanges were operating in Canada-the ME, the TSE, the Alberta Stock Exchange (ASE), and the Vancouver Stock Exchange (VSE).
The agreement was implemented at the end f 1999 and in early 2000. As a result, the trading f senior equities was consolidated on the TSE, derivatives trading was transferred to the ME, and the ASE and the VSE, after merging to become the Canadian Venture Exchange (CDNX), specialized in the trading f junior securities.
The rationale behind the restructuring was a desire to strengthen the overall competitiveness f the Canadian exchanges by reducing fragmentation. At the time, this was seen as especially critical, given the increasing globalization f markets and the growing competition between traditional stock exchanges and new trading mechanisms. In addition, the restructuring promised to eliminate some duplication and simplify trading rules and regulation, thereby contributing to lower costs for issuers, dealers, and investors. Finally, each exchange hoped to increase its expertise by concentrating its efforts on a specific segment f the financial market.
The TSE is by far the largest exchange in Canada. At the end f December 2000, market capitalization on the exchange was $1,434 billion with 1,421 companies listed (the average issue size was almost $850 million). To put this in perspective, in terms f market capitalization f domestic companies, as f December 2000, the TSE was the eighth-largest equity exchange in the world, but it was 15 times smaller than the largest (US$770 billion versus US$11,442 billion in market capitalization at the New York Stock Exchange (NYSE)). The volume f activity on the TSE, like most other exchanges in the world, has surged in the last few years. In 2000, an average f 131,000 transactions was made each day, representing an average f 162 million shares for a total value f $3.8 billion. From 1998 to 2000, the number f transactions grew by a factor f 2.5, and the dollar value f trading and the number f shares traded almost doubled.
The Canadian Venture Exchange (CDNX) officially commenced trading on 29 November 1999. Given its focus on small and emerging companies, the average equity market capitalization f the 2,600 firms listed on the exchange is relatively low at $5.7 million. Thus, total market capitalization was roughly $15 billion in December 2000, only 1 per cent that f the TSE. The structure f the Canadian equity market is continuing to evolve, following an agreement in principle between the CDNX and the TSE, under which the CDNX would become a wholly owned subsidiary f the TSE. Shareholders f both exchanges voted in favor f the merger in May 2001, and regulatory approval was granted in late July.
The TSE and CDNX operate under a similar market structure. Both have a modified electronic auction/ order-driven market. The TSE market structure can be characterized as a modified continuous auction market because f the role played by two groups to support the trading process: registered traders and investment dealers. The role f investment dealers in the upstairs market is very important to the TSE, and it has grown over the years. In terms f value f activity, the share f upstairs trades has increased from 37 per cent in 1984 to around 53 per cent in 1996, f which 90 per cent were large or block trades (TSE ...
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A plan for business expansion may not be realised if there is a dearth of financial resources. This exemplifies the importance of ‘capital’ in a business. The business managers strive hard to achieve an optimal capital mix so as to maximise the firm value and minimise the average cost of capital.
CRITERION 2.1. Data analysis and interpretation…………………………....………..5 2.2 Results………………………………………………………..…..…….6 3.0. STANDARD FOR EVALUATION 3.1 Alternative Analysis ………………………………………….………18 3.1.1 Demography…………………………………….…………………..18 3.1.2.
After all the analysis it is concluded to invest in Q.CRB whose charts are as below :
Since Q.CRB is in upward trend, as it has taken support at $210 and trending upwards, the decision to buy it, has the potential of major gains. Also I shall keep the stop loss of $210 and keep increasing my stop losses with the increasing prices.
The way to invite share capital from the public is through a 'Public Issue'. Simply stated, a public issue is an offer to the public to subscribe to the share capital of a company. Once this is done, the company allots shares to the applicants as per the prescribed rules and regulations laid down by concerned bodies.
It shows the percentage of a company's equity that has been financed by external debts. The debt-to-equity ratio for Wal-Mart has been calculated as:
In the Weighted Average Cost of Capital (WACC) involves the calculation of separate items in the capital employed and then weighting the cost of each element by its proportion of the total capital employed.
f the 20th century, but, by 1999, four main stock exchanges were operating in Canada--the ME, the TSE, the Alberta Stock Exchange (ASE), and the Vancouver Stock Exchange (VSE).
The TSE has gradually established itself as Canadas principal market for equity trading; in 1998, its
ehensive market research and input from stakeholders in the business, cultural and tourism sectors, has ascertain that despite the fact that there is positive perception towards the Capital, there is still inadequate appreciation for its relevance among sections of the national
This is usually done by taking out such a debt security as a loan, popularly confirmed by a note in addition to offering security to the lender. The most common form of a corporate debt security is referred to as a bond; which
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