Funciile bursei de valori mobiliare n economie sunt:

concentrarea cererii i ofertei de valori mobiliare pe o anumit pia la un moment dat; efectuarea tranzaciilor cu valori mobiliare n conformitate cu ordinele adresate de clieni; urmrirea sistematic a cursului valorilor mobiliare nregistrate la cota bursei; promovarea securitatii legale si economice a contractelor incheiate ofera investitorilor posibilitatea de a participa la activitatile profitabile ale marilor companii asigura lichiditatea valorilor mobiliare si posibilitatea diversificarii portofoliului ofera companiilor posibilitatea de a obtine resurse financiare pe termen lung si publicitate gratuita

2.

Tema 2. Structura organizatorica si functionala a bursei 1. Structura organizatorica: statutul,regulamentul si managementul bursei Strucutra functionala ; introducerea valorilor a cota bursei,cota,cursul bursier,agentii bursieri,ordinile de bursa

Broker - Intermediar in domeniul comercializarii marfurilor (un posibil sinonim pentru agent). Brokerul nu are drept de proprietate asupra marfurilor, nu detine marfuri in stoc,
nu isi asuma riscuri si nu este implicat in procesul de finantare. Functia principala pe care o are este punerea in contact a cumparatorului cu vanzatorul si oferirea de sprijin in cursul negocierii. Primeste un comision din partea partii care l-a angajat, in functie de valoarea contractelor incheiate (brokerii sunt prezenti, indeosebi, in industria alimentara).

Bursa este o institutie juridica non-profit care poate fi publica sau privata, ce pune la dispozitie spatiu in vederea desfasurarii tranzactiilor cu valori mobiliare sau marfuri.

Bursa se autogestioneaza prin statut si regulamentul bursier. Organizatia supravegheri Bursa de valori Secundara statut Sociateati borkeri Broker licenta 1 an Fonduri

Statutul reprezinta in principal modul de organiyare i desfurare al activitii bursiere. n statut este indicat tipul de burs ( de tip inchis sau deschis) De asemenea cine poate obtine calitatea de membru in cadrul bursei,drepturile si obligatiunile conducerii bursei,precum si membrilor bursei. Regulamentul bursei prevede in detasliu,modul de realizare al tranzactiei,descrie ordinile care sunt acceptate in bursa respectiva,modul de cotare. Institutia bursei este constituita prin asociaerea membrilor bursei,numitp asociaia membrilor bursei. Prin statut este reglementat contribuia fiecrui membru la constituirea instituiei bursei,precum i durata obinerii calitii de membru Pentru a obine calitatea de membrui trebuie s contribui cu capital la instituie,s deii licent privitor la formarea operaiunilor pe piaa de capital. S te conformezi statutului i regulamentului bursei si din calitatea de membru deriv urmtoarele drepturi: Poate efectua tranzacii pe piaa bursier Poate s fie ales n organele de conducere a bursei,comitetul director S dea propunere la modificarea statului sau regulamentului Organul suprem de conducere al bursei este adunarea asocaiiilor membrilor burseo ce aprob strategia i obiectivele bursei,alege organele de decizie permanent : Comitetul director Preedintele bursei Cenzurii,care controleaz activitatea bursei ,aprob bugetul de venituri i cheltuieli,poate lua decizie de dezvoltar e,lichidarea sau asociere in cadrul bursei Comitetul director i Preedintele bursei sunt organe deciyionale temporare precum i de execuie. Comitetul directorilor este format din 5 sau p membri ( de regul,dintre societile mai de prestigiu) din cadrul membrilor care propune spre autorizare i avizri structurale organizatorice a bursei. Preedintele bursei mpreun cu efii de departament asigur activitatea de zi cu zi a bursei. Adunarea asociaiei membrilor Comitetul directorilor Preedintele bursei Departam cotare Depart membrilor Depart.financiar Depart tranzacii Depart.decontare tranzactii Depart.marketing

Organele ce asigur controlul funcionrii instituiei bursei sunt Comisia de cenzuri 9 ce verific activitatea instituiei i concordana acesteia cu prevederile legale ) Corpul experilor independeni cei care fac analiza periodic a societilor de cotare in burs precum i acord consultan organleor decizionale. 3. Structura funcionala

Cota bursier = listing bursier Cota bursier reprezint accesul aciunilor in incinta bursei . Pentru a fi introdus la cota bursei companiile trebuie s indeplineasc o serie de condiii - S prezinte darea de seam financiar pe ultimiii 3-5 ani - S prezinte date referior la registrul acionarilor i s dein un numr mare de acionari - Prezint documentuele juridice ce atest funcionalitatea companiei date Nivelul I de cotare presupune un capital social : - S aib activitate mai mult de 3 ani - Un volum impuntor de acionari ) peste 10000) Niveluri de cotare 1. Cotarea prin strigare- care este cotarea clasic in care aciunile sau mrfurile se tranzacioneaz ntr-un ring special,care este suprsvegheat de funcionari bursieri,iar edinas este condus de persoana care duce cursul 2. Cotarea prin casier- presupune centralizarea ntr-un carnet al ordinelor de vnzare-cumprare primite de la agenii de burs i n urma cruia casierul stsbilete cursul de la care se pornete tranzacia 3. Cotarea pe blocuri de titluir- blocurile de titluri sunt consdiderate contracte de volume foarte mari,ce sint negociate in afara slii principale din cauya c orice modificare al cursului titlurilor date poate perturba piaa financiar,de aceea i sunt negiciate n afara slii principale 4. Cotarea electronic rin tehnici de calcul electronic 5. Agenii bursieri reprezint o categorie de profesioniti al cror rol este de a incheia negocia,tranzaciile bursiere . Dup activitatea desfurat de ageniii bursieri se clasific : 6. ageni operativi cei care realizeaz nemijlocit tranzaciile ( brokeri,dealeri) 7. Specialiti neoperativi efectuarea de studii sau analize ce sunt furnizate agenilor care lucreaz n burs ( funcionarii bursieri ,analitii bursieri ) Din punct de vedere al rolului pe care l au agenii oficiali pe piaa bursier ,se clasific: - Brokeri de burs ageni ce efectueaz operaiuni in numele i contul clientului. - Brokeri de comision execut ordine date de clieni din afara bursei sau de la societi de brokeraj,care nu au loc n burs. - Brokeri independeni ce indeplinesc comenzile primite de la diferii ageni sau sociati de brokerajj Dilerii sau comercianii se clasific: Comerciani concureni operatori ce efectueaz tranzacii in nume i pe cont propriu i obin venitul sub form de spread. Cotarea bursierp listing bursier. Aciunile care se vind nafara cotei bursiere sunt mai ieftine de regul,dar nu neaprat i mai poart denumirea de non-listing. Creatori de piat sunt folosii,in Marea Britanie,pentru a asigura funcionalitatea pieei prin fixarea corect al crusului. Elementul de bazp al tranyaciei bursiere este ordinul de client sociatii de borkeraj. Ordinul cuprinde urmtoarea informaie: Cine este investitorul_ Tipul de ordin Volumul Pretul (cursul) n funcie de pre deosebim mai multe tipuri de ordine: 1. Ordin la pia care trebuie executat de cptre broker la cel mai bun pret oferit de pia. Aceste ordine nu pot s rmn neexecutate. Cleintul care d un astfel de ordin trebuie sp tie bine situaia pietii astfel ca s-l poat verifica pe borker. Ordin cu limit ordin in care este fixat nivelul minim i nivelul maxim de acceptri Acesta trebuie sa fie executat n favoarea clientului. Ordinile de o zi sunt acele care sunt valabile timp de o zi Sunt ordine de intrerupere ) stop order=- care indic cursul la care tranzacia nu poate s aib loc. de pre . Ordinile includ i instruciuni :

Totul sau nimik care include precizarea de a indeplini comanda integral sau anulat Executat sau anuleaz in care este indicat timpul strict de executare a comenzii (cumpr 100 aciuni Applenpn la orele 10 cu pretul de 90 dolari aciunea Execuia comenzii la cursul de deschidere Execuia la cursul de inchidere Topic3. Principalel piee bursiere internaionale particularitile i specificul lor 1. Caracteristica pieii bursiere a SUA 2. Piaa bursier a Japoniei 3. Analiza pieii bursiere a Marii britanii Caracteristicile pieii bursiere a SUA NYSE 1792,1366 membri AMEX- American Stock Exchange ,a doua ca marime NASDAQ- National Association of Securities Dealers Automatic Qualifications (30-40 aciuni )+ dup volum pe primul loc n lume,putem activa oiunde i acceptnd regulile,putem cumpara 1,2,3,lucreaz deallerii. NZSE Euronext- cel mai mare grup bursier format in 2006,prin fuyiunea dintre NYSE i Euronext,iar pe cel secundar la Pans. Capitalizarea burselor operate de NYSE a fost de 20,692 miliarde de dolari amerciani pe data de 12 iulie 2007. La data de 31 decembrie 2007,capitalizarea bursier a celor 4000 de companii listate era de 30,5 mii dolari ) 20,9 mii de miliarde euro ) Pink sheet securities pentru 30-40 mii aciuni Securities exchange comission Aprob licena cnd dorii s deschidei o banc Comunic n mod public informaiile financiare Inscrie societile ce urmeaz a fi cotate la burs Supravegheaz repsectarea regulamentelor operaiunile de burs Interzice orice incercare de manipulare a pieei

NYSE pu o limit ,pretul poate crete sau scade cu +- 20 uniti. Tipuri de ageni Comission house+ specialiti n tranzaciicu publicul 50 % din totalul tranzaciilor Intermediarii ce lucreaz cu mai multe valori pe aceeai pia 25 % din tranzacii The odd Stock Dealers- ce negociaz mai mici de 100 titluri The two Dollars Borkers ce reealizeaz tranzacii de mari dimensiuni Cotarea intre orele 10-17 - National securities clearing corporation pentru titlurile americane,sistem informatizat - American depoyitorz receipts- pentru valori ne-americane - NYFFE new york futures financial exchange creat n 1980 In modlva cifra de afaceri este de 25 mil lei. Condiii de cotare NYSE Pentru a fi admisa la listing compania trebuie sa corespunda urmatoarelor cerinte - Profitul brut din ultimul an sa constituite 25,mil - Profitul net din ultimii doi ani -2 mil - Valoarea neta a activelor materiale 18 mil - Valoarea aciunilor deinute de public 1.1 mil lei - Valoarea d epia a aciunilor 18 mln lei - Numrul minim de acionari ce dein numai puin de 100 aciuni s constituie nu mai puin de 2000 persoane Indicii bursieri -

Dow jones Standard and poors Standard and poors NYSE Composite Index

Piata Japonez In japonia activeaz 8 burse de valori : Tokzo ,Osaka,nagoya,kzoto,hiroshima,fukaoke,nzzgate,sapporor. Bursei de valori de la Tokzo infiintat in 1978 ii reveni aproximativ 80 % din volumul de tranzacionare,iar celei de la Osaka 15 % Tranzacionarea la TSE - Se tranzacioneaz prin strigare i prin sisteme CORES introdus n 1990 pentru aciunile seciei Indicii pe piaa japonez Nikkei ( nikkei dow jones average ) se calculeaz pe baza mediei a 225 de aciuni

Piaa la termen LA TIFFE ) tokyo international financial futures exchange London stock exchange
London Stock Exchange (LSE) este cea mai important burs din Europa n ceea ce privete capitalizarea companiilor listate. London Stock Exchange este una din cele mai vechi burse din lume, datnd nc din anul 1773. Aceasta se declar a fi cea mai internaional deoarece vine n permanent n ntmpinarea clienilor si cu noi produse i servicii, pstrndu-i un loc frunta n ceea ce privete lichiditatea pentru bursele europene. n prezent, bursa londonez listeaz 2,749 de companii, a cror valoare de pia la sfritul lui octombrie 2007 era de 4,21 trilioane $. Pentru anul fiscal 2007, care s-a ncheiat la 31 martie 2008, LSE a raportat un profit de 173,8 milioane de lire sterline [1] (236,4 milioane de Euro) comparativ cu 109,6 milioane de lire sterline n anul precedent . Venitul grupului bursier britanic a crescut n anul 2007 cu 56%, la 546,4 milioane de lire sterline (686,5 milioane de euro
Amongst the benefits of joining one of the Exchanges markets are: - Providing access to capital for growth and raise finance for further development - Both broadening the shareholder base and creating a market for the companys share - Placing an objective market value on the companys business There are also two specialised markets: Professional Securities Market This market facilitates the raising of capital through the issue of specialist debt securities or depositary receipts (DRs) to professional investors. The market operates under the status as a Recognised Investment Exchange, and by July 2011 it had 32 DRs, 108 Eurobonds and over 350 Medium Term Notes. Specialist Fund Market Is the London Stock Exchange dedicated market, designed to accept more sophisticated fund vehicles, governance models and security. It is suitable only for institutional, professional and highly knowledgeable investors. The Specialist Fund Market is an EU Regulated Market and thus securities admitted to the market are eligible for most investor mandates providing a pool of liquidity for issuers admitted to the market

Secondary markets[edit]
The securities available for trading on the London Stock Exchange are:

Global Depositary Receipts (GDRs) There are two main markets on which companies trade on the LSE:

Ordinary Shares Exchange-traded funds Exchange Traded Commodities Covered Warrants Structured Products Bonds Retail Bonds

Main Market The home to some of the most well-established, largest and recognised companies in the world. Over 1,300 companies from 60 different countries enjoy the balanced and globally respected standards of regulation and corporate governance that the London Stock Exchange offers. Over the past 10 years over 366 billion has been raised through new and further issues by Main Market companies. The FTSE 100 Index (footsie) is the main share index of the 100 most highly capitalised UK companies listed on the Main Market. Alternative Investment Market (AIM) The London Stock Exchanges international market for smaller growing companies. A wide range of businesses including early stage, venture capital backed as well as more established companies join AIM seeking access to growth capital. The AIM falls within the classification of a Multilateral Trading Facility (MTF) as defined under the MiFID directive in 2004, and such is a flexible market with a simpler admission process for companies wanting to be publicly listed. There are also several electronic platforms on which the different products trade. - SETS (Stock Exchange electronic Trading Service) SETS is the London Stock Exchanges flagship electronic order book, tr ading indexed securities (FTSE100, FTSE250, FTSE Small Cap Index constituents, Exchange Traded Funds, Exchange Trading Products as well as other liquid AIM, Irish and London Standard listed securities) - SETSqx (Stock Exchange electronic Trading Services quotes and crosses) SETSqx is a trading platform for securities less liquid than those traded on SETS. This platform combines a periodic electronic auction book four times a day with standalone non-electronic quote driven market making. - SEAQ SEAQ is the London Stock Exchanges non-electronically executable quotation service that allows market makers to quote prices in AIM securities and the Fixed Interest market. International Trading Service - IOB: The International Order Book offers easy and cost efficient access for traders looking to invest in fast growing economies; for example, in Central and Eastern Europe, Asia and the Middle East via depositary receipts (DRs). It is based on an electronic order book similar to SETS. - European Quoting Service: the European Quoting Service is a service that enables clients to meet their pre-trade pan-European transparency obligations. - A pan-European trade reporting service that enables clients to meet their post-trade reporting obligations whether trading on or off Exchange.
Derivatives

The trading of derivatives products is also available on the Turquoise platform (ex EDX London). The available products are Norwegian Futures and options on Norwegian single stocks and indices, Russian futures and options on the most liquid IOB Depositary Receipts, Futures and options on the FTSE RIOB index as well as futures on the FTSE 100. Futures and options on the most liquid European stock underlyings as well as on European benchmark indices are expected to be launched in Q4 2011 and Q1 2012 subject to FSA approval.

Fixed Income MTS (Mercato Telematico di Stato) MTS is a fixed income trading electronic platform, trading European government bonds, quasi-government bonds, corporate bonds, covered bonds and repo. MTS provides access to both cash and repo markets as well as fixed income market data and fixed income indices. It is majority owned by the London Stock Exchange Group. Shareholding firms also include large international banks such as J.P. Morgan, Deutsche Bank and BNP Paribas. The largest products offered are: - MTS Cash - MTS BondVision (Dealer to Client electronic market) - MTS Repo - MTS Credit (for euro-denominated non government bonds) - MTS Data - MTS Indices ORB Launched on 1 February 2010, the Order book for Retail Bonds (ORB) offers continuous two-way pricing for trading in UK gilts and retail-size corporate bonds on-exchange. ORB acts as an electronic secondary market for retail investors. 2009 saw highest ever inflow into bond funds, net total of 10.7bn, this inflow driven almost entirely by retail investors (90% of total), with corporate bonds being the best-selling sector. ORB offers an open and transparent market model for trading in retail-size. Currently there are five dedicated market makers committed to quoting two-way prices in a range of retail bonds throughout the trading day. New market models means private investors will be able to see prices on-screen and trade in bonds in a similar way as they currently do for shares. This creates a greater efficiency of electronic on-book execution and option to use straight-through-processing to settlement system. The drive in Retail Bonds is being driven by cost-effectiveness, simplicity of transaction charging and standardisation of market structure. The key aim of ORB is to increase distribution for bonds by opening up these markets to private investors who may have previously felt excluded from this market. This is by increasing the availability of publication on offer, detailing the risks and benefits involved in Retail Bonds, such as taxation. New entrants into ORB have been able to raise sufficient funds, such as Places for People who were able to raise capital of 140 million. This portrays the advantage using ORB can have, even for non-bank smaller firms seeking to raise capital.
Statistics[edit]
There are currently 2,938 companies from over 60 countries listed on the London Stock Exchange, of which 1151 are on AIM, 44 on the Professional Securities Market and 10 on the Specialist Funds Market. By June 2011, the AIM had 56 companies as per country of operations from Africa, 41 from China, 26 from Latin America, 23 from Central & Eastern Europe and 29 from India & Bangladesh, making it one of the worlds leading growth markets. Since its launch in 1995, more than 67 billion have been raised on AIM. The total market value of these companies is 3.9 trillion. The daily turnover traded in July 2011 was 4.4 billion (5.0 billion) and the daily number of trades 611,941. The LSEs share of trading in the UK lit order book trading was 62.2%. The London Stock Exchange today offers trading in more emerging markets exchange traded funds (ETFs) than any other exchange in the world. There were a total of 158 emerging market ETFs listed on the Exchange in May 2011 compared with 126 on the New York Stock Exchange (NYSE Arca) and 93 on Deutsche Boerse.

Information services[edit]
The LSE supply its participants with real time prices and trading data creating the transparency and liquidity through several services. Feeds are also available through providers such as Bloomberg and Thomson Reuters. Some of the products and references provided by the London Stock Exchange are:

Unavista LSEs business solution for Post-Trade Services, Data Solutions and Reconciliations. It offers customers a global hosted platform for integrating matching, validation and reconciliations. RNS Regulatory News Service is both a regulatory and financial communications channel for companies to communicate with the professional investor. Around 175,000 announcements are processed by RNS each year. Proquote the London Stock Exchanges data provider and information display system. It offers both Pre and Post trade Execution Monitor ing and Analysis tools.

Post trade[edit]
The trades conducted on the LSE are cleared on LCH.Clearnet, which is mutually owned by some banks, Euronext as well as the London Metal Exchange. Through the Exchange's Italian arm, Borsa Italiana, the London Stock Exchange Group as a whole offers clearing and settlement services for trades through CC&G (Cassa di Compensazione e Garanzia) and Monte Titoli. CC&G is the Groups Central Counterparty (CCP) and covers multiple asset classes throughout the Italian equity, derivatives and bond markets. CC&G also clears Turquoise derivatives. Monte Titoli (MT) is the pre-settlement, settlement, custody and asset services provider of the Group. MT operates both on-exchange and OTC trades with over 400 banks and brokers.

Technology[edit]
The LSE's current trading platform is its own Linux-based edition named "Millennium Exchange".[10] The old trading platform TradElect was based on Microsoft's .NET Framework, was developed by Microsoft and Accenture. Microsoft used the LSE software as an example of the supposed superiority of Windows over Linux in the "Get the Facts" campaign,[11] claiming that the LSE system provided "five nines" reliability, and a processing speed of 3-4 milliseconds. For Microsoft, LSE was a good combination of a highly visible exchange and yet a relatively modest IT problem.[12] Despite TradElect only being in use for about two years,[13] after suffering extended downtime and unreliability[14][15] the LSE announced in 2009 that it was planning to switch to Linux in 2010.[16][17] In October 2010, the London Stock Exchange announced that the new Linux based trading system named Millennium Exchange, had smashed the world record for trade speed, with 126 microsecond trading times being recorded on the Turquoise dark pool trading venue and would go live on 1 November.[18] The system, which was developed by Millennium IT, a Sri Lankan IT company bought by the LSE in 2009, was taken out of service following a 2-hour outage of the Turquoise venue on 2 November. The incident was according to LSE officials caused by human error that "may have occurred in suspicious circumstances." Plans were to introduce Millennium Exchange also on the main share trading platform in December. The LSE stated it was hoping the software would be ready for use again early in 2011.[19][20] In February 2011, the London Stock Exchange finished the switch to Linux. LSE chief executive Xavier Rolet insisted that the exchange, once a monopoly, would deliver record speed and stable trading in order to fight back against the fast erosion of its dominant marketshare by specialist electronic rivals. [10]

M&A activity[edit]
Borsa Italiana[edit]
On 23 June 2007, the London Stock Exchange announced that it had agreed on the terms of a recommended offer to the shareholders of the Borsa Italiana S.p.A. The merger of the two companies created a leading diversified exchange group in Europe. The combined group was named the London Stock Exchange Group, but still remained two separate legal and regulatory entities. One of the long-term strategies of the joint company is to expand Borsa Italianas efficient clearing services to other European markets.

MTS[edit]
In 2007, after Borsa Italiana announced its call option exercise right to acquire full control of MBE Holdings, the combined Group would now control Mercato del Titoli di Stato, or MTS. This merger of Borsa Italiana and MTS with the London Stock Exchanges existing bond listing business, enhanced the range of covered European fixed inc ome markets.

Turquoise[edit]
The London Stock Exchange acquired Turquoise (TQ), a Pan-European MTF, in 2009 and since coupling with MillenniumITs software, it currently offers the fastest latency bar none in Europe. Currently the speed of latency on Turquoise (as measured at the end of August 2011) is 97 micro seconds on average for 99.9% of trades. Initially founded by a consortium of nine banks, it is now majority owned by the London Stock Exchange Group. Currently shareholders include twelve of the leading Investment Banks. Turquoise operates a Maker-taker fee scheme, 0.30 basis points for Aggressive traders and 0.20 rebates for Passive traders, providing liquidity. The market share of Turquoise as an MTF has doubled over the past twelve months, from 3% to 6%. There are currently 2000 securities, across nineteen countries on Turquoise. Unlike Broker-Dealer Crossing Networks, TQ does not discriminate as to who can trade on their platform.

NASDAQ bids[edit]
In December 2005, the London Stock Exchange rejected a 1.6 billion takeover offer from Macquarie Bank. The London Stock Exchange described the offer as "derisory", a sentiment echoed by shareholders in the Exchange. Shortly after Macquarie withdrew its offer, the LSE received an unsolicited approach from NASDAQ valuing the company at 2.4 billion. This too it rejected. NASDAQ later pulled its bid, and less than two weeks later on 11 April 2006, struck a deal with LSE's largest shareholder, Ameriprise Financial's Threadneedle Asset Management unit, to acquire all of that firm's stake, consisting of 35.4 million shares, at 11.75 per share.[21] NASDAQ also purchased 2.69 million additional shares, resulting in a total stake of 15%. While the seller of those shares was undisclosed, it occurred simultaneously with a sale by Scottish Widows of 2.69 million shares.[22] The move was seen as an effort to force LSE to the negotiating table, as well as to limit the Exchange's strategic flexibility.[23] Subsequent purchases increased NASDAQ's stake to 25.1%, holding off competing bids for several months.[24][25][26] United Kingdom financial rules required that NASDAQ wait for a period of time before renewing its effort. On 20 November 2006, within a month or two of the expiration of this period, NASDAQ increased its stake to 28.75% and launched a hostile offer at the minimum permitted bid of 12.43 per share, which was the highest NASDAQ had paid on the open market for its existing shares.[27] The LSE immediately rejected this bid, stating that it "substantially undervalues" the company.[28] NASDAQ revised its offer (characterized as an "unsolicited" bid, rather than a "hostile takeover attempt") on 12 December 2006, indicating that it would be able to complete the deal with 50% (plus one share) of LSE's stock, rather than the 90% it had been seeking. The U.S. exchange did not, however, raise its bid. Many hedge funds had accumulated large positions within

the LSE, and many managers of those funds, as well as Furse, indicated that the bid was still not satisfactory. NASDAQ's bid was made more difficult because it had described its offer as "final", which, under British bidding rules, restricted their ability to raise its offer except under certain circumstances. In the end, NASDAQ's offer was roundly rejected by LSE shareholders. Having received acceptances of only 0.41% of rest of the register by the deadline on 10 February 2007, Nasdaq's offer duly lapsed.[29] Responding to the news, Chris Gibson-Smith, the LSE's chairman, said: "The Exchanges strategy has produced outstanding results for shareholders by facilitating a structural shift in volume growth in an increasingly international market at the centre of the worlds equity flows. The Exchange intends to build on its exceptionally valuable brand by progressing various competitive, collaborative and strategic opportunities, thereby reinforcing its uniquely powerful position in a fast evolving global sector."[30] On 20 August 2007, NASDAQ announced that it was abandoning its plan to take over the LSE and subsequently look for options to divest its 31% (61.3 million shares) shareholding in the company in light of its failed takeover attempt.[31] In September 2007, NASDAQ agreed to sell the majority of its shares to Borse Dubai, leaving the United Arab Emirates-based exchange with 28% of the LSE.[32]

Proposed merger with TMX Group[edit]

On 9 February 2011, the London Stock Exchange Group announced they had agreed to merge with the Toronto-based TMX Group, the owners of the Toronto Stock Exchange, creating a combined entity with a market capitalization of listed companies equal to 3.7 trillion.[33] Xavier Rolet, who currently is CEO of the LSE Group, would have head the new enlarged company, while TMX Chief Executive Thomas Kloet would have become the new firm president. The London Stock Exchange however announced it was terminating the merger with TMX on 29 June 2011 citing that "LSEG and TMX Group believe that the merger is highly unlikely to achieve the required two-thirds majority approval at the TMX Group shareholder meeting".[34] Even though the LSE obtained the necessary support from its shareholders, it failed to obtain the required support from TMX's shareholders.

Opening times[edit]
Normal trading sessions on the main orderbook (SETS) are from 08:00 to 16:30 every day of the week except Saturdays, Sundays and holidays declared by the Exchange in advance. The detailed schedule is as follows: 1. Trade Reporting 07:15 - 07:50 2. Opening Auction 07:50 - 08:00 3. Continuous Trading 08:00 - 16:20 4. Closing Auction 16:30 - 16:35 5. Order Maintenance 16:35 - 17:00 6. Trade Reporting Only 17:00 - 17:15

Topic 4. Indicii bursieri : clasificare ,constituire 1. Clasificarea indicilor bursieri 2. Construcia indicilor 3. Indicia bursieri nationali si internationalei 1,1Clasificarea indicilor bursieri Indicia bursieri- evolutia cursului valorilor mobliliare pe o anumit piata: Indicii din prima generaie- aciuni ai cror emiteni aparin aceluiai domeniu Dow jones Industrial Financial Times, Nikkei au o capacitate de informare limitat - Indicii din a doua generaie au un grad de relevan ridicat,datorit cuprinderii unui numr mai mare de firme apartinind unor domenii diferite ( institutiile bancare,companiile de asigurare,firmele de ramura transporturilor (NYSE, ftse100 pe piata londrei sau topix pe piata japonez) Dup valorile mobiliare - Indici bursieri pentru obligatiuni - Indici bursieri pentru actiuni - Indici pentru fondurile mutual ( fonduri de investitii) n funcie de gradul de cuprindere al pieii Indici generali ai pieii ( intra in calcul indici din diverse domenii) Indici sectoriali reflect evoluia unui dingur sector al economiei n funcie de intervalul de timp la care sunt calculai : Indicia calculai n timp real de la 15-35 de secunde Indicia calculai la sfiritul zileli n raport cu instituia care calcula indicia : Indicia oficiali sunt calculai de ctre instituii special (BET,CNVM32) Indicia calculai de instituiile pieii finanaciare mpreun cu publicaii financiare (ex. Indicia Dow jones,financial times) Indicia calculai de diverse societi de valori mobiliare (firme de consultan,etc de regul sunt indicia neoficiali

Dup modeul de calcul indicia pentru aciuni se impart in indicia din prima generaie ce se calcul ca o meide aritmetic a acursului aciunilor i indicia din a doua generaie care cuprind in calcul un numr mai mare de firme i aciunile component prezint diverse domenii de activitate. n funcie de tipul pieei de capital Indici sprecifici pieei bursiere ( doq jones,BET)

Indicia ai pieii extrabursiere ( rasdaq,nasdaq) Dup aprtenena valorilor mobiliare ce intr in calculul indicelui: Indici naionali ce cuprind in portofoliu aciuni de pe o anumit pia sau tar Indici mondiali in calculul crora intr actiuni de pe diferite piete bursiere 2,2Constructia indiciilor Constructia indicilor indifferent de locul sau modulde determinare se bazeaz pe anumite principii : Metodele de calcul trebuie sa reflecte intotdeauna realitatea Informatia utilizat in calculul indicilor trebuie sa fie disponibil oricui Informatiile utilizate trebuie sa fie autorizate de organism specializate In orice moment trebuie sa se asigure cantitatea si comparabilitatea cu momentele anterioare in Masura posibilitatilor Criteriile de selectare a valorilor mobiliare ce compun indicia sunt : Grad de capitalizare bursier ridicat nr. De aciuni in burs se nmulete cu cursul Grad mare de dispersie in rindul detintorilor s fie foarte mare Cotarea valorilor mobiliare s se realizeze prin sistemul burse informatizate Atribuirea unei importante majore: 1.pondere egal pentru toate valorile mobiliare 2. pondere cu capitalizarea bursier 3. fr pondere-prin luarea in considerare numai a cursului valorilor mobiliare O importan deosebit in calculul indicelui se atribuie datei de referin,de regul aceasta este data cind a fost calculate indicile pentru prima oar. n funcie de reglementrile pieei indicia se egaleaz cu 100,1000 sau 10000 puncte.

Indicii naionali Dow jones+ cei mai cunoscui indici bursieri din lume. A fost calculat pentru priam dat la 26 mai 1896 care urmrete evoluia celor mai importante 30 de blue-chip companies Indicii bursieri din SUA Standard and poors+ calculate in baya la 100 sau 500 actiuni,care reprezint 90 ramuri Indicii NYSE NAsdaQ- include 6 indici ramurali si 1 general,calculate in baza 4013 aciuni Industrial (2860 actiuni Bancar 224 aciuni Din asigurare 106 aciuni Alte instituii financiare -614 actiuni Transport Indicii din Marea Britanie FT-SE 30 cel mai vechi indice din MB a fost publicat prima dat in 1935,se calculeaz e baza a 30 aciuni a diferitor emiteni industriali i comer in fiecare or de la orele 10,00 pn la orele 15,00 i la 17,00 inchiderea bursei. Se calc pe baza mediei geoemtrice FT-SE 100 ( financial times industrial ordinarz share index) se calculeaz pe baza mediei aritmetice a 100 actiuni din care face parte ziarul Financial times ia bursei de valori de la Londra. Se calculeaz pin la 1/10m fiecare minut in timpul sesiunii de tranzactionare. Servete ca baz pentru contractile cu titluri derivate la LIFFE. Indicii Japonezi Nikkei (Nikkei dow jones average ) se calculeaz pe baza a 225 aciuni din prima seciune a I generatii TSE. A fost ppublicat pentru prima dat in 1950 TOPIX baza mediei aritmetice a aciunilor primei seciuni. Se calcul din 1968. (2 generaie)

Indicii de pe alte piee German DAX + se calculeaz la bursa de la Frankfurt,se calc pentru 30 aciuni al companiilor cele mai importante MDAX,CDAx,NEMAX Indicii mondiali Morgan stanly capital internat- in calculul cruia intra actiuni cotate pe piata SUA,europeana,Canada,mexico,australias si asia de sud est. FT-actuarisl un grup de indici din actiunile ale 32 tari din diverse regiuni geografice . Este calculate pe baza 2400 valori mobiliare. Salomon Russel ce acoper continental European,intr 650 actiuni ale celor mai performante companii Dow jones euro stoxx+ cuprinde numai tarile ce au adoptat moneda euro. Cuprinde 320 companii. Indicii bursieri ai RM CNVM32 + publicat in 2000. Se calculeaz saptaminal dup incheierea sesiunii de negocieri la bursa,in fiecare vinery. Tranzactiile a 32 de emitenti autohtoni (31 intreprinderi i 1 banc) 57,55 % intreprinderile de produse alimentare i bauturi 19,42 intreprinderi din industria usoar 15,85% industria grea 7,18 % domeniul serviciilor BVM intocmete yilnic 250 intreprinderi din RM ,se folosete pentru uz internal burs.

The NYSE Composite is a stock market index covering all common stock listed on the New York Stock Exchange, including American depositary receipts, real estate investment trusts, tracking stocks, and foreign listings. Over 2,000 stocks are covered in the index, of which over 1,600 are from United States corporations and over 360 are foreign listings; however foreign companies are very prevalent among the largest companies in the index: of the 100 companies in the index having the largest market capitalization (and thus the largest impact on the index), more than half (55) are non-U.S. issues.[1] This includes corporations in each of the ten industries listed in the Industry Classification Benchmark. It uses free-float market cap weighting. It was originally given a value of 50 points, based on the market closing on December 31, 1965, and is weighted by the number of shares listed for each issue. It was re-introduced in January 2003 with a value of 5,000 points. The NYSE Composite outperformed the Dow Jones Industrial Average, the Nasdaq Composite, and the S&P 500 in 2004, 2005, and 2006[2] and closed above the 10,000 level for the first time on June 1, 2007. The NYSE Composite set a closing high of 10,311.61 on October 31, 2007 but failed to pass the intra-day high of 10,387.17 it reached in trading on October 11, 2007. On September 29, 2008, continuing troubles in the financial sector culminated in a loss of more than 8%. On November 20, 2008, the index plummeted below 5,000 to a multi-year bear market low near 4,650. Its lifetime low (as currently calculated) stands at 347.77 points, reached in October 1974. After a gradual and volatile recovery since 2009, by September 18, 2013 the index broke out to 5-3/4 year highs approaching the 10,000 mark, a level last breached on December 12, 2007, peaking intraday at 9,906.32 and settling at 9,887.88 to close.
S&P 500 este un indice bursier care contine 500 de companii publice mari, majoritatea americane. Indicele este realizat de compania Standard & Poor's, divizie a McGrow-Hill. Dupa indicele bursier Dow Jones, S&P 500 este cel mai important indice de pe pietele financiare. Multe dintre fondurile mutuale, fondurile tranzactionate la bursa si alte fonduri, cum ar fi cele de pensii sunt proiectate pentru a urmari evolutia acestui indice. Sute de miliarde de dolari au fost investite in acest mod. Acest indice se tranzactioneaza pe una din cele doua mari piete de capital din lume: NYSE ( New York Stock Exchange ) si NASDAQ. - See more at: http://www.tranzactiiforex.ro/forex/totul-despre-forex-trading/3793-indicele-bursier-sap-500#sthash.ST3AQ5ge.dpuf

CARACTERISTICILE INDICILOR BURSIERI

Crearea contractelor futures pe instrumente sintetice se incadreaza in tendinta de intensa inovatie financiara care a caracterizat dezvoltarea pietelor bursiere in ultimele doua decenii. Indicii bursieri exprima evolutia cursurilor valorilor mobiliare pe o anumita piata. Indicele bursier este cel mai sintetic indice al unei economii si presupune raportul intre cerere si oferta la un moment dat pe piata respectiva. Din acest punct de vedere, indicele caracterizeaza starea economica in general, daca structura indicelui e reprezentativa pentru ansamblul ramurilor si sectoarelor de activitate 3.1.1. Scurt istoric

In februarie 1982, la Kansas City Board of Trade (Bursa de Marfuri din Kansas City), a fost introdus primul contract futures pe indici bursieri - Value Line Composite Average. In acelasi an 1982, au fost lansate alte doua contracte: NYSE Composite Index, la New York Futures Exchange - NYFE (filiala a NYSE) si Standard&Poor's 500 Index, la Chicago Mercantile Exchange (CME), pentru ca in 1984 Chicago Board of Trade (CBOT) sa introduca Major Market Index. In practica bursiera exista doua categorii de indici: indici din prima generatie, ca Dow Jones, Financial Times, Nikkei. Principala caracteristica se refera la faptul ca in componenta acestor indici se include valori mobiliare numai din ramuri industriale sau, chiar daca titlurile componente prezinta o diversificare pe ramuri, alcatuirea indicelui e simpla, fara ponderea titlurilor in functie de capitalizarea bursiera, ceea ce face ca nivelul de reprezentativitate al indicelui sa fie restrans; indici din a doua generatie (compoziti), cum sunt NISE, Composite Index, Financial Times, 100 TOPIX. Caracteristica pentru generatia a doua este diversificarea larga a valorilor mobiliare ce intra in compozitia indicelui, precum si alcatuirea acestuia cu respectarea anumitor criterii ca: a) selectarea esantionului de firme incluse in structura indicelui - din acest punct de vedere se aleg valori mobiliare emise de societati din toate ramurile de activitate, inclusiv sectoare bancare, de asigurari si servicii necomerciale de toate tipurile; b) dispersia valorilor mobiliare incluse in structura indicelui - ceea ce inseamna ca difuzia acestora in randul investitorilor sa fie foarte mare, astfel incat nimeni sa nu detina controlul total asupra uneia din valorile mobiliare incluse; c) gradul de capitalizare bursiera - adica in structura indicelui vor fi cuprinse valori mobiliare ce asigura un grad ridicat de capitalizare bursiera, atat din punct de vedere al valorilor tranzactionate cat si prin prisma nivelului dividendelor pe actiune repartizate de emitent; d) gradul de lichiditate al titlurilor incluse in structura indicelui - se aleg cele mai lichide valori mobiliare, cele pentru care interesul investitorilor e mare si constant; e) reprezentativitatea (ponderea) valorilor mobiliare in structura indicelui poate fi: pondere egala pentru toate valorile mobiliare luate in considerare; - pondere cu capitalizare bursiera, caz in care se atribuie o importanta mai mare acelor valori mobiliare pentru care dividendul pe actiune e mai ridicat; - ponderea atribuita numai prin prisma evolutiei preturilor valorilor mobiliare, ceea ce inseamna ca se acorda o importanta mai mare titlurilor care au un curs in crestere pe un interval de timp suficient de mare considerat astfel incat sa fie reprezentativ din punct de vedere al cererii pentru titlurile respective. f) alegerea datei de referinta pentru care nivelul indicelui se egaleaza cu 100, 1.000, 10.000 sau mai multe puncte ale indicelui. Prin urmare, nivelul initial al indicelui corespunde unui anumit moment, dupa care orice fluctuatie a indicelui pune in evidenta o crestere sau o scadere fata de nivelul de baza. Orice indice bursier se masoara, asadar, in numar de puncte de indice, iar in alcatuirea lui se tine seama de eventualele modificari care intervin la nivelul societatilor emitente ale titlurilor incluse in indice precum si de conditiile nou aparute pe piata respectiva, conditii care ar putea impune modificarea indicelui. Pe orice piata, organismele reprezentative ale bursei isi asuma dreptul de calcul, cu conditia ca orice modificare sa fie justificata si comunicata in piata anterior producerii ei. Indici bursieri pe piata americana a) Indicele Dow-Jones (Dow-Jones 30 - Share Industrial Average) - cuprinde 30 de actiuni reprezentative din ramura industriei americane. Acest indic e cel mai frecvent folosit de presa pentru a caracteriza standardul economiei americane la un moment dat. Pentru analisti financiari insa, importanta indicelui nu e aceeasi deoarece o analiza pe baza lui e restransa la ramura industriei; b) Cel mai folosit indice ce caracterizeaza ansamblul pietei americane e indicele Corporatiei Standard and Poor, numit Standard and Poor 500. In alcatuirea lui intra 500 de societati reprezentative pentru toate ramurile, sectoarele si domeniile de activitate. Acest indice este recalculat in fiecare minut al zilei de tranzactionare, motiv pentru care e considerat indice in timp real. Actiunile din structura indicelui sunt selectate cu scopul de a reprezenta gruparea pe ramuri industriale la Bursa de Valori din New York. Valoarea totala de piata a actiunilor ce compun indicele reprezinta 80% din valoarea actiunilor tranzactionate in New York Stock Exchange. Acest indice reprezinta suportul contractelor futures tranzactionate la CME si al optiunilor tranzactionate la NYSE; c) Indicele Frank Russel e calculat pe baza cursului celor mai importante 3000 de actiuni cotate in Statele Unite (din punct de vedere al capitalizarii bursiere) si reprezinta aproximativ 98% din piata valorilor mobiliare din SUA. Aceste indice are doua forme: Russel 1000 si Russel 2000. Acesti indici sunt cotati la fiecare 15 secunde. B. Indici bursieri pe piata britanica a) Indicele Financial Times 30 (FT-30), fiind cunoscut sub denumirea de FT Ordinary Share Index, este cel mai vechi indice din Marea Britanie. El se bazeaza pe cursul a 30 de actiuni tranzactionate intens fiind recalculat ori de cate ori se produc modificari ale cursurilor actiunilor care intra in componenta indicelui; b) Indicele Financial Times Stock Exchange 100 (FT-SE 100) a fost introdus pentru a satisface nevoia unui indice al actiunilor calculat in timp real (in fiecare moment al zilei). Intentia initiala la data de referinta a acestui indice (31 decembrie 1983) a fost de a evidentia importanta primelor 100 de companii cotate la bursa londoneza. In prezent, se considera ca el caracterizeaza ansamblul pietei britanice. Acest indice constituie suportul pentru contractele futures, dar mai ales pentru optiunile tranzactionate la Bursa de Valori Mobiliare Derivate din Londra. C. Indici bursieri pe piata japoneza a) Indicele Nikkei (Nikkei Stock Average), numit si Nikkei Dow, este compus din 225 de actiuni din prima sectiune a bursei din Tokyo, fiind calculat ca o medie aritmetica ponderata. Indicele se modifica in mod egal pentru aceeasi variatie a cursului actiunilor, indiferent de capitalizarea bursiera; b) Indicele TOPIX este indicele primei sectiuni al bursei din Tokyo si cuprinde in componenta sa toate (aproximativ 1200) actiunile companiilor cotate la prima sectiune a bursei. Este indicele cu cea mai larga baza de calcul, fiind structurat astfel incat sa dea cea mai buna imagine a pietei japoneze. Indicele TOPIX este calculat la fiecare 60 de secunde. D. Indici bursieri pe pietele internationale Indicii internationali ofera o baza de analiza a pietei bursiere mondiale. Exista trei indici si anume:"MSCI World Index" (Morgan Stanley Capital International), "FT Actuariers World Index" si "Solomon-Russel Global Equity Index".

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