Shailesh GCM fINAL

Index
Serial No. Contents Page No.
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.
Financial Market The formation of the Global Capital Market Globalization Globalization of Financial services Merger and Acquisition Global Equity Market Stock Exchanges Major and Emerging Stock Exchanges Cross Listing (Multi Listing) Depositary Receipts Bond Market Global Bond Market EURO Bonds FOREX Bibliography
7 8 9 12 13 15 16 17 18 29 30 31 70 71 72
Global Capital Market FINANCIAL MARKET It is a market where creation and exchange of financial asset take place. Financial Market plays a vital role in allocating resources in an economy by performing three important function: Facilitating price discovery, providing liquidity to financial assets and reducing the cost of transaction. Financial Market is broadly divided into two Group; 1] Capital Market 2] Money Market
CAPITAL MARKET
A capital market is a market for Securities (debt and equity), where business enterprises (companies) and government can raise long term fund . It is defined as a market in which money is provided for the period longer than a year as the raising of short term funds takes place on other market <e.g. Money Market>. The capital market includes the Stock Market (Equity Sec) and the Bond Market (Debt).Capital Markets may be classified as Primary Market and Secondary market. In primary market, new stock or bond issue are sold to the investor via a mechanism known as underwriting. In secondary market, existing securities are sold and bought among investors or traders, usually on security exchange, over the counter or elsewhere.
MONEY MARKET
Money market is a centre in which financial institution joint together for the purpose of dealing in financial or monetary assets which may be of short term maturity. Thus, money market is a market for short term financial instruments, maturity period of which is less than a year. The deals are over the counter. The number of players in the market are limited and it is regulated by RBI <Reserve bank of India >
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Global Capital Market
M0NEY MARKET ........ ............. 1 Money Market is a market for short term loan able funds for a period of not exceeding one year. 2 Money market supplies funds for financing current business operations working capital requirements of industries and short period requirements of the government 3 The central bank and commercial banks are the major institution in the money market 4 Transaction mostly take place over the phone and there is no formal place 5 Money Market Instrument generally do not have secondary market
CAPITAL MARKET .... ............. Capital Market for long-term funds exceeding a period of one year Capital Market supplies fund for financing the fixed capital requirement of trade and commerce as well as the long term requirement of the government In the capital market development banks and insurance companies plays a dominant role In capital market transaction take place at a formal place viz., Stock Exchange Capital market instrument generally have secondary market
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CAPITAL MARKET INSTRUMENTS

The following are the instrument traded in this market; Foreign Exchange Market Equity Market Insurance Market Credit Market instrument Derivatives instrument Hybrid Instrument
Instrument issued and traded in the capital market differ in certain characteristics; Term to maturity Interest rate paid on the nominal value Interest payment date Nominal amount in issue
Role and function of capital market

Mobilization of saving: Capital market is an important source for mobilizing idle savings from the economy. It mobilizes funds from people for further investments in the productive channel of economy. In that sense it activates the ideal monetary resource and puts them in proper investments. Capital Formation: Capital market helps in capital formation. Capital formation is the net addition to the existing stock of capital in the economy. Through mobilization of ideal resources it generates savings; the mobilized savings are made available to various segments such as agriculture, industries etc. This helps in capital formation. TYBFM pg. 4
Global Capital Market Provision of investment avenue: Capital market raises resources for long period of time. Thus it provide an investment avenue for people who wish to invest resources for a long period of time. It provide suitable interest rate returns also to the investor. Speed up economic growth and development: Capital market enhances production and productivity in the national economy. As it makes funds available for long period of time, the financial requirements of the business houses are meet by the capital market. It helps in research and development. Proper regulation of funds: Capita market not only helps in mobilization of funds but also helps in proper allocation of these resources. Continuous availability if fund: Capital market is a place where the investment avenue is continuously available for long term investment.This is a liquid market as it makes fund available on continuous basis. Both buyer and seller can easily buy and sell securities as the are available continuously. Basically capital market transaction are related to stock exchanges. Thus marketability in the capital market become easy. Technological up-gradation: it serve as an important source for technological up-gradation in the industrial sector.
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Primary Market.
When companies need financial resources for its expansion, they borrow money from investors through issue of securities Securities issued :- Preference Shares, Equity Shares, Debentures etc.. Equity shares is issued by the under writers and merchant bankers on behalf of the company. People who apply for these securities are: High net worth individual, Retail investors, Employees, Financial Institutions, Mutual Fund Houses, Banks etc. One time activity by the company.
Secondary Market
The place where such securities are traded by these investors is known as the secondary market. Securities like Preference Shares and Debentures cannot be traded in the secondary market. Equity shares are tradable through a private broker or a brokerage house. Securities that are traded, are traded by the retail investors. Helps in mobilizing the funds for the investors in the short run.
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The formation of the Global Capital Market

Todays global capital market developed after the major nations of the world abandoned the adjustable peg system rates in the early 1970s and eliminated the rigid foreign exchange controls that went with them. Advances in technology that enables greate capital mobility, coupled with lack of fiscal discipline, mostly on the part the united states, made a quasi-fixed rate system unworkable and inefficient. In 20 years since abandonment, the resulting financial freedom and the boom in the technology (information and processing), have allowed profit seeking investors, issuers, and intermediaries to create an ever expanding global market for financial instrument in all denominations. As trading volumes soared and the variety of instruments multiplied, this global market acquired considerable power. But the process is only help complete. While the markets for the money , foreign exchange and bonds have already became global, the equities markets are only in the process of globalizing. Moreover, as bank deposits continue to be securitized around the world, more and more of the flow of funds in the economies of the developed world will be in instruments which can be traded and there by linked directly to the global capital market. Finally, more and more of the developing countries of the world are reforming there financial systems and, in the process linking into the global capital market. As this process continues, the global capital market will continue to grow, becoming more powerful and integrated, until it reaches maturity sometime in the next century. Worldwide capital supply and demand will be intermediated through this market, which will be the mechanism for capital pricing and allocation. The phenomenon of globalization began in a primitive form when humans first settled into different areas of the world; however, it has shown a rather steady and rapid progress in the recent times and has become an international dynamic which, due to technological advancements, has increased in speed and scale, so that countries in all five continents have been affected and engaged.
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GLOBALIZATION
Globalization is defined as a process which, based on international strategies, aims to expand business operations on a worldwide level and was precipitated by the facilitation of global communications due to technological advancements, and socioeconomic, political and environmental developments. The goal of globalization is to provide organizations a superior competitive position with lower operating costs, to gain greater numbers of products, services and consumers. This approach to competition is gained via diversification of resources, the creation and development of new investment opportunities by opening up additional markets, and accessing new raw materials and resources. Diversification of resources is a business strategy that increases the variety of business products and services within various organizations. Diversification strengthens institutions by lowering organizational risk factors, spreading interests in different areas, taking advantage of market opportunities and acquiring companies both horizontal and vertical in nature. Industrialized or developed nations are specific countries with a high level of economic development and meet certain socioeconomic criteria based on economic theory such as gross domestic product (GDP), industrialization and human development index (HDI) as defined by the International Monetary Fund (IMF), the United Nations (UN) and the World Trade Organization (WTO). Using these definitions, some industrialized countries in 2010 were: Austria, United Kingdom, Belgium, Denmark, Finland, France, Germany, Japan, Luxembourg, Norway, Sweden, Switzerland, and the United States. Components of Globalization The components of globalization include GDP, industrialization and the Human Development Index (HDI). The GDP is the market value of all finished goods and services produced within a country's borders in a year and serves as a measure of a country's overall economic output. Industrialization is a process which, driven by technological innovation, effectuates social change and economic development by transforming a country into a modernized industrial, or developed, nation. The Human Development Index comprises three components. Specifically, a country's (a) population's life expectancy, (b) knowledge and education measured by the adult literacy and (c) income. The degree to which an organization is globalized and diversified has bearing on the strategies that it uses to pursue greater development and investment opportunities. TYBFM pg. 8
Global Capital Market The Economic Impact on Developed Nations Globalization compels businesses to adapt to different strategies based on new ideological trends that try to balance rights and interests of both the individual and the community as a whole. This change enables businesses to compete worldwide and also signifies a dramatic change for business leaders, labor and management by legitimately accepting the participation of workers and government in developing and implementing company policies and strategies. Risk reduction via diversification can be accomplished through company involvement with international financial institutions and partnering with both local and multinational businesses. Globalization brings reorganization at the international, national and sub-national levels. Specifically, it brings the reorganization of production, international trade and the integration of financial markets, thus affecting capitalist economic and social relations via multilateralism and microeconomic phenomena, such as business competitiveness, at the global level. The transformation of the production systems affects the class structure, the labor process, the application of technology and the structure and organization of capital. Globalization is now seen as marginalizing the less educated and low-skilled workers. Business expansion will no longer automatically imply increased employment. Additionally, it can cause high remuneration of capital due to its higher mobility compared to labor. The phenomenon seems to be driven by three major forces: globalization of all product and financial markets, technology and deregulation. Globalization of product and financial markets refers to an increased economic integration in specialization and economies of scale, which will result in greater trade in financial services through both capital flows and cross-border entry activity. The technology factor, specifically telecommunication and information availability, have facilitated remote delivery and provided new access and distribution channels while revamping industrial structures for financial services by allowing entry of non-bank entities such as telecoms and utilities. Deregulation pertains to the liberalization of capital account and financial services in products, markets and geographic locations. It integrated banks by offering a broad array of services, allowed entry of new providers and increased multinational presence in many markets and more cross-border activities. In a global economy, power is the ability of a company to command both tangible and intangible assets that create customer loyalty, regardless of location. Independent of size or geographic location, a company can meet global standards and tap into global networks, thrive and act as a world class thinker, maker and trader, by using its greatest assets: its concepts, competence and connections. TYBFM pg. 9
Global Capital Market Beneficial Effects Some economists have a positive outlook regarding the net effects of globalization on economic growth. These effects have been analyzed over the years by several studies attempting to measure the impact of globalization on various nations' economies using variables such as trade, capital flows and their openness, GDP per capita, foreign direct investment (FDI) and more. These studies examined the effects of several components of globalization on growth using time series cross sectional data on trade, FDI and portfolio investment. Although they provide an analysis of individual components of globalization on economic growth, some of the results are inconclusive or even contradictory. However, overall, the findings of those studies seem to be supportive of the economists' positive position instead of the one held by the public and noneconomist view. Trade among nations via the use of comparative advantage promotes growth, which is attributed to a strong correlation between the openness to trade flows and the affect on economic growth and economic performance. Additionally there is a strong positive relation between capital flows and their impact on economic growth. Foreign Direct Investment's impact on economic growth has had a positive growth effect in wealthy countries and an increase in trade and FDI resulted in higher growth rates. Empirical research examining the effects of several components of globalization on growth using time series and cross sectional data on trade, FDI and portfolio investment found that a country tends to have a lower degree of globalization if it generates higher revenues from trade taxes. Further evidence indicates that there is a positive growth-effect in countries which are sufficiently rich as are most of the developed nations. The World Bank reports that integration with global capital markets can lead to disastrous effects without sound domestic financial systems in place. Furthermore globalized countries have lower increases in government outlays, as well as taxes, and lower levels of corruption in their governments. One of the potential benefits of globalization is to provide opportunities for reducing macroeconomic volatility on output and consumption via diversification of risk.
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Global Capital Market Harmful Effects Non-economists and the wide public expect the costs associated with globalization to outweigh the benefits, especially in the short-run. Less wealthy countries from those among the industrialized nations may not have the same highly-accentuated beneficial effect from globalization as more wealthy countries measured by GDP per capita etc. Free trade, although increases opportunities for international trade, it also increases the risk of failure for smaller companies that cannot compete globally. Additionally it may drive up production and labor costs including higher wages for more skilled workforce. Domestic industries in some countries may be endangered due to comparative or absolute advantage of other countries in specific industries. Another possible danger and harmful effect is the overuse and abuse of natural resources to meet the new higher demand in the production of goods The Bottom Line One of the major potential benefits of globalization is to provide opportunities for reducing macroeconomic volatility on output and consumption via diversification of risk. The overall evidence of the globalization effect on macroeconomic volatility of output indicates that, although in theoretical models the direct effects are ambiguous, financial integration helps in a nation's production base diversification, leads to an increase in specialization of production. However, the specialization of production based on the concept of comparative advantage can also lead to higher volatility in specific industries within an economy and society of a nation. As time passes, successful companies, independent of size, will be the ones that are part of the global economy.
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Globalization of financial Services

In this age of globalization, the key to survival and success for many financial institutions is to cultivate strategic partnerships that allow them to be competitive and offer diverse services to consumers. In examining the barriers to - and impact of - mergers, acquisitions and diversification in the financial services industry, it's important to consider the keys to survival in this industry: 1. Understanding the individual client's needs and expectations 2. Providing customer service tailored to meet customers' needs and expectations In 2008, there were very high rates of mergers and acquisition (M&A) in the financial services sector. Let's take a look at some of the regulatory history that contributed to changes in the financial services landscape and what this means for the new landscape investors now need to traverse. Diversification Encouraged by Deregulation Because large, international mergers tend to impact the structure of entire domestic industries, national governments often devise and implement prevention policies aimed at reducing domestic competition among firms. Beginning in the early 1980s, the Depository Institutions Deregulation and Monetary Control Act of 1980 and the Garn-St. Germaine Depository Act of 1982 were passed. By providing the Federal Reserve with greater control over non-member banks, these two acts work to allow banks to merge and thrift institutions (credit unions, savings and loans and mutual savings banks) to offer checkable deposits. These changes also became the catalysts for the dramatic transformation of the U.S. financial service markets in 2008 and the emergence of reconstituted players as well as new players and service channels. Nearly a decade later, the implementation of the Second Banking Directive in 1993 deregulated the markets of European Union countries. In 1994, European insurance markets underwent similar changes as a result of the Third Generation Insurance Directive of 1994. These two directives brought the financial services industries of the United States and Europe into fierce competitive alignment, creating a vigorous global scramble to secure customers that had been previously unreachable or untouchable.
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Global Capital Market The ability for business entities to use the internet to deliver financial services to their clientle also impacted the product-oriented and geographic diversification in the financial services arena.
Going Global
Asian markets joined the expansion movement in 1996 when "Big Bang" financial reforms brought about deregulation in Japan. Relatively farreaching financial systems in that country became competitive in a global environment that was enlarging and changing swiftly. By 1999, nearly all remaining restrictions on foreign exchange transactions between Japan and other countries were lifted. Following the changes in the Asian financial market, the United States continued to implement several additional stages of deregulation, concluding with the Gramm-Leach-Bliley Act of 1999. This law allowed for the consolidation of major financial players, which pushed U.S.-domiciled financial service companies involved in M&A transactions to a total of $221 billion in 2000. According to a 2001 study by Joseph Teplitz, Gary Apanaschik and Elizabeth Harper Briglia in Bank Accounting & Finance, expansion of such magnitude involving trade liberalization, the privatization of banks in many emerging countries and technological advancements has become a rather common trend. The immediate effects of deregulation were increased competition, market efficiency and enhanced consumer choice. Deregulation sparked unprecedented changes that transformed customers from passive consumers to powerful and sophisticated players. Studies suggest that additional, diverse regulatory efforts further complicated the running and managing of financial institutions by increasing the layers of bureaucracy and number of regulations. Simultaneously, the technological revolution of the internet changed the nature, scope and competitive landscape of the financial services industry. Following deregulation, the new reality has each financial institution essentially operating in its own market and targeting its audience with narrower services, catering to the demands of a unique mix of customer segments. This deregulation forced financial institutions to prioritize their goals by shifting their focus from ratesetting and transaction-processing to becoming more customer-focused. Challenges and Drawbacks of Financial Partnerships Since 1998, the financial services industry in wealthy nations and the United States has been experiencing a rapid geographic expansion; customers previously served by local financial institutions are now targeted at a global level. Additionally, according to Alen Berger and Robert DeYoung in their TYBFM pg. 13
Global Capital Market article Technological Progress and the Geographic Expansion of the Banking Industry (Journal of Money, Credit and Banking, September 2006), between 1985 and 1998, the average distance between a main bank and its affiliates within U.S. multibank holding companies has increased by more than 50%, from 123.4 miles to 188.9 miles. This indicates that the increased ability of banks to make small business loans at greater distances enabled them to suffer fewer diseconomies of scale and boost productivity. Deregulation has also been the major factor behind this geographic diversification, and beginning in the early 1980s, a sequence of policy changes implemented a gradual reduction of intrastate and interstate banking restrictions. In the European Union, a similar counterpart of policy changes enabled banking organizations and certain other financial institutions to extend their operations across the member-states.Latin America, the transitional economies of Eastern Europe and other parts of the world also began to lower or eliminate restrictions on foreign entry, thus enabling multinational financial institutions headquartered in other countries to attain considerable market shares. Transactions without Boundaries, Borders: Recent innovations in communications and information technology have resulted in a reduction in diseconomies of scale associated with business costs faced by financial institutions contemplating geographic expansion. ATM networks and banking websites has enabled efficient long-distance interactions between institutions and their customers, and consumers have become so dependent on their newfound ability to conduct boundary-less financial transactions on a continuous basis that businesses lose all competitiveness if they are not technologically connected. An additional driving force for financial service firms' geographic diversification has been the proliferation of corporate combination strategies such as mergers, acquisitions, strategic alliances and outsourcing. Such consolidation strategies may improve efficiency within the industry, resulting in M&As, voluntary exit, or forced withdrawal of poorly performing firms. Consolidation strategies further empower firms to capitalize on economies of scale and focus on lowering their unit production costs. Firms often publicly declare that their mergers are motivated by a desire for revenue growth, an increase in product bases, and for increased shareholder value via staff consolidation, overhead reduction and by offering a wider array of products. However, the main reason and value of such strategy combinations is often related to internal cost reduction and increased productivity TYBFM pg. 14
Unfavorable facts about the advantages and disadvantages of the major strategies used as a tool for geographic expansions within the financial services sectors were obscured in 2008 by the very high rates of M&As, such as those between Nations Bank and Bank of America (NYSE:BAC), Travelers Group and Citicorp (NYSE:C), JP Morgan Chase (NYSE:JPM) and Bank One. Their dilemma was to create a balance that maximized overall profit.
Conclusion
The conclusion regarding the impact, advantages and disadvantages of domestic and international geographic diversification and expansion on the financial service industry is the fact that with globalization, the survival and success of many financial service firms lies in understanding and meeting the needs, desires and expectations of their customers. The most important and continually emerging factor for financial firms to operate successfully in extended global markets is their ability to efficiently serve discerning, highly sophisticated, better educated, more powerful consumers addicted to the ease and speed of technology. Financial firms that do not to realize the significance of being customer-oriented are wasting their resources and eventually will perish. Businesses that fail to recognize the impact of these consumer-driven transformations will struggle to survive or cease to exist in a newly forged global financial service community that has been forever changed by deregulation.
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MERGER AND ACQUISITION

One plus one makes three: this equation is the special alchemy of a merger or an acquisition. The key principle behind buying a company is to create shareholder value over and above that of the sum of the two companies. Two companies together are more valuable than two separate companies - at least, that's the reasoning behind M&A. This rationale is particularly alluring to companies when times are tough. Strong companies will act to buy other companies to create a more competitive, costefficient company. The companies will come together hoping to gain a greater market share or to achieve greater efficiency. Because of these potential benefits, target companies will often agree to be purchased when they know they cannot survive alone. Distinction between Mergers and Acquisitions Although they are often uttered in the same breath and used as though they were synonymous, the terms merger and acquisition mean slightly different things. When one company takes over another and clearly established itself as the new owner, the purchase is called an acquisition. From a legal point of view, the target company ceases to exist, the buyer "swallows" the business and the buyer's stock continues to be traded. In the pure sense of the term, a merger happens when two firms, often of about the same size, agree to go forward as a single new company rather than remain separately owned and operated. This kind of action is more precisely referred to as a "merger of equals." Both companies' stocks are surrendered and new company stock is issued in its place. For example, both Daimler-Benz and Chrysler ceased to exist when the two firms merged, and a new company, DaimlerChrysler, was created. In practice, however, actual mergers of equals don't happen very often. Usually, one company will buy another and, as part of the deal's terms, simply allow the acquired firm to proclaim that the action is a merger of equals, even if it's technically an acquisition. Being bought out often carries negative connotations, therefore, by describing the deal as a merger, deal makers and top managers try to make the takeover more palatable. A purchase deal will also be called a merger when both CEOs agree that joining together is in the best interest of both of their companies. But when the deal is unfriendly - that is, when the target company does not want to be purchased - it TYBFM pg. 16
Global Capital Market is always regarded as an acquisition. Whether a purchase is considered a merger or an acquisition really depends on whether the purchase is friendly or hostile and how it is announced. In other words, the real difference lies in how the purchase is communicated to and received by the target company's board of directors, employees and shareholders. Synergy Synergy is the magic force that allows for enhanced cost efficiencies of the new business. Synergy takes the form of revenue enhancement and cost savings. By merging, the companies hope to benefit from the following:
Staff reductions - As every employee knows, mergers tend to mean job losses. Consider all the money saved from reducing the number of staff members from accounting, marketing and other departments. Job cuts will also include the former CEO, who typically leaves with a compensation package. Economies of scale - Yes, size matters. Whether it's purchasing stationery or a new corporate IT system, a bigger company placing the orders can save more on costs. Mergers also translate into improved purchasing power to buy equipment or office supplies - when placing larger orders, companies have a greater ability to negotiate prices with their suppliers. Acquiring new technology - To stay competitive, companies need to stay on top of technological developments and their business applications. By buying a smaller company with unique technologies, a large company can maintain or develop a competitive edge. Improved market reach and industry visibility - Companies buy companies to reach new markets and grow revenues and earnings. A merge may expand two companies' marketing and distribution, giving them new sales opportunities. A merger can also improve a company's standing in the investment community: bigger firms often have an easier time raising capital than smaller ones.
That said, achieving synergy is easier said than done - it is not automatically realized once two companies merge. Sure, there ought to be economies of scale when two businesses are combined, but sometimes a merger does just the opposite. In many cases, one and one add up to less than two. Sadly, synergy opportunities may exist only in the minds of the corporate leaders and the deal makers. Where there is no value to be created, the CEO and investment bankers - who have much to gain from a successful M&A deal - will TYBFM pg. 17
Global Capital Market try to create an image of enhanced value. The market, however, eventually sees through this and penalizes the company by assigning it a discounted share price. We'll talk more about why M&A may fail in a later section of this tutorial. Varieties of Mergers From the perspective of business structures, there is a whole host of different mergers. Here are a few types, distinguished by the relationship between the two companies that are merging:

Horizontal merger - Two companies that are in direct competition and share the same product lines and markets. Vertical merger - A customer and company or a supplier and company. Think of a cone supplier merging with an ice cream maker. Market-extension merger - Two companies that sell the same products in different markets. Product-extension merger - Two companies selling different but related products in the same market. Conglomeration - Two companies that have no common business areas. There are two types of mergers that are distinguished by how the merger is financed. Each has certain implications for the companies involved and for investors: o Purchase Mergers - As the name suggests, this kind of merger occurs when one company purchases another. The purchase is made with cash or through the issue of some kind of debt instrument; the sale is taxable. Acquiring companies often prefer this type of merger because it can provide them with a tax benefit. Acquired assets can be written-up to the actual purchase price, and the difference between the book value and the purchase price of the assets can depreciate annually, reducing taxes payable by the acquiring company. We will discuss this further in part four of this tutorial. Consolidation Mergers - With this merger, a brand new company is formed and both companies are bought and combined under the new entity. The tax terms are the same as those of a purchase merger.
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Acquisitions
As you can see, an acquisition may be only slightly different from a merger. In fact, it may be different in name only. Like mergers, acquisitions are actions through which companies seek economies of scale, efficiencies and enhanced market visibility. Unlike all mergers, all acquisitions involve one firm purchasing another - there is no exchange of stock or consolidation as a new company. Acquisitions are often congenial, and all parties feel satisfied with the deal. Other times, acquisitions are more hostile. In an acquisition, as in some of the merger deals we discuss above, a company can buy another company with cash, stock or a combination of the two. Another possibility, which is common in smaller deals, is for one company to acquire all the assets of another company. Company X buys all of Company Y's assets for cash, which means that Company Y will have only cash (and debt, if they had debt before). Of course, Company Y becomes merely a shell and will eventually liquidate or enter another area of business. Another type of acquisition is a reverse merger, a deal that enables a private company to get publicly-listed in a relatively short time period. A reverse merger occurs when a private company that has strong prospects and is eager to raise financing buys a publicly-listed shell company, usually one with no business and limited assets. The private company reverse merges into the public company, and together they become an entirely new public corporation with tradable shares. Regardless of their category or structure, all mergers and acquisitions have one common goal: they are all meant to create synergy that makes the value of the combined companies greater than the sum of the two parts. The success of a merger or acquisition depends on whether this synergy is achieved.
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GLOBAL EQUITY MARKET

Equity Market The market in which shares are issued and traded, either through exchanges or over-the-counter markets. Also known as the stock market, it is one of the most vital areas of a market economy because it gives companies access to capital and investors a slice of ownership in a company with the potential to realize gains based on its future performance. Participants: A few decade ago, worldwide, buyer and seller were individual investors, such as wealthy businessmen, usually with long family histories to particular corporations. Over time markets more institutionalized; buyer and seller are largely institutions (e.g., Pension Funds, Insurance Companies, Mutual Funds, Exchange traded funds, Hedge funds, Investor Groups, Banks and other financial institutions). The rise of the institutional investor has brought with improvement in market operations.
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Global Equity Market
The equity market have been slower to globalize than the foreign exchange or the bond markets. Price linkages remain weak across equity markets. Significant differences in valuation still exist across different national equity market even for comparable companies in identical industries. Equity market have been difficult and slow to globalize for many reasons. Unlike foreign exchange and government bonds, equities and not pure commodities.The valuation of the equity of a company is highly unique to the particular circumstances of that company and the total amount of market value being traded can also be relatively small. As a result of both of these factors, these markets are less liquid and the full transaction costs(such as equities, research, commission, etc.) are higher than in the other markets. While the total daily volume of the global foreign exchange markets is on the market is on the order of $1 trillion a day and the total daily trading volume of the government bonds is on the order of $200 billion a day, the total daily volume of all the worlds stock exchanges is only $23 billion a day
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DAILY TRADING VOLUME OF FOREIGN EXCHANGE, GOVERNMENT BONDS AND EQUITES 1992 U.S $ Billion
Estimate based on U.S daiy transaction volume (approximately $100 billion, $30-$50 billion long term) Strictly speaking there is no international equity market in the sense that there are international bond and international currency market. Rather many countries have their own domestic equity market in which stock are traded. The largest of these domestic equity market are to be found in the United States, Great Britain, Japan and Germany. Although each domestic equity market is still dominated by investors who are citizens of that country and companies incorporated in that country, development are internationalizing the world equity market. Investors are investing heavily in foreign equity markets to diversify the portfolio. One of the greatest limitations to the globalization of the equity markets has been the lack of any agent to drive the process. The illiquidity and volatility of individual equity prices makes it prohibitively risky for the highly leveraged, multinational commercial banks to hold equities in volume for even a short period of time. As a result, multinational banks have historically been reluctant to try to make money (even where permitted by regulation) by trading or investing in international equities, and therefore, have not driven the globalization of equity. TYBFM pg. 22
Global Capital Market A stock exchange is an entity that provides services for stock brokers and traders to trade stocks, bonds, and other securities. Stock exchanges also provide facilities for issue and redemption of securities and other financial instruments, and capital events including the payment of income and dividends. Securities traded on a stock exchange include shares issued by companies, unit trusts, derivatives, pooled investment products and bonds. To be able to trade a security on a certain stock exchange, it must be listed there. Usually, there is a central location at least for record keeping, but trade is increasingly less linked to such a physical place, as modern markets are electronic networks, which gives them advantages of increased speed and reduced cost of transactions. Trade on an exchange is by members only. The initial offering of stocks and bonds to investors is by definition done in the primary market and subsequent trading is done in the secondary market. A stock exchange is often the most important component of a stock market. Supply and demand in stock markets is driven by various factors that, as in all free markets, affect the price of stocks (see stock valuation). There is usually no compulsion to issue stock via the stock exchange itself, nor must stock be subsequently traded on the exchange. Such trading is said to be off exchange or over-the-counter. This is the usual way that derivatives and bonds are traded. Increasingly, stock exchanges are part of a global market for securities.
The role of stock exchanges

Stock exchanges have multiple roles in the economy. This may include the following: Raising capital for businesses The Stock Exchange provide companies with the facility to raise capital for expansion through selling shares to the investing public. Mobilizing savings for investment When people draw their savings and invest in shares (through a IPO or the issuance of new company shares of an already listed company), it usually leads to rational allocation of resources because funds, which could have been consumed, or kept in idle deposits with banks, are mobilized and redirected to help companies' management boards finance their organizations. This may promote business activity with benefits for several economic sectors such as agriculture, commerce and industry, resulting in stronger economic growth and TYBFM pg. 23
Global Capital Market higher productivity levels of firms. Sometimes it is very difficult for the stock investor to determine whether or not the allocation of those funds is in good faith and will be able to generate long-term company growth, without examination of a company's internal auditing. Facilitating company growth Companies view acquisitions as an opportunity to expand product lines, increase distribution channels, hedge against volatility, increase its market share, or acquire other necessary business assets. A takeover bid or a merger agreement through the stock market is one of the simplest and most common ways for a company to grow by acquisition or fusion. Profit sharing Both casual and professional stock investors, as large as institutional investors or as small as an ordinary middle class family, through dividends and stock price increases that may result in capital gains, share in the wealth of profitable businesses. Unprofitable and troubled businesses may result in capital losses for shareholders. Corporate governance By having a wide and varied scope of owners, companies generally tend to improve management standards and efficiency to satisfy the demands of these shareholders, and the more stringent rules for public corporations imposed by public stock exchanges and the government. Consequently, it is alleged that public companies (companies that are owned by shareholders who are members of the general public and trade shares on public exchanges) tend to have better management records than privately held companies (those companies where shares are not publicly traded, often owned by the company founders and/or their families and heirs, or otherwise by a small group of investors). Despite this claim, some well-documented cases are known where it is alleged that there has been considerable slippage in corporate governance on the part of some public companies. The dot-com bubble in the late 1990s, and the subprime mortgage crisis in 2007-08, are classical examples of corporate mismanagement. Companies like Pets.com (2000), Enron Corporation (2001), One.Tel (2001), Sunbeam (2001), Webvan (2001), Adelphia (2002), MCI WorldCom (2002), Parmalat (2003), American International Group (2008), Bear Stearns (2008), Lehman Brothers (2008), General Motors (2009) and Satyam Computer Services (2009) were among the most widely scrutinized by the media. TYBFM pg. 24
Global Capital Market However, when poor financial, ethical or managerial records are known by the stock investors, the stock and the company tend to lose value. In the stock exchanges, shareholders of underperforming firms are often penalized by significant share price decline, and they tend as well to dismiss incompetent management teams. Creating investment opportunities for small investors As opposed to other businesses that require huge capital outlay, investing in shares is open to both the large and small stock investors because a person buys the number of shares they can afford. Therefore the Stock Exchange provides the opportunity for small investors to own shares of the same companies as large investors. Government capital-raising for development projects Governments at various levels may decide to borrow money to finance infrastructure projects such as sewage and water treatment works or housing estates by selling another category of securities known as bonds. These bonds can be raised through the Stock Exchange whereby members of the public buy them, thus loaning money to the government. The issuance of such bonds can obviate the need, in the short term, to directly tax citizens to finance developmentthough by securing such bonds with the full faith and credit of the government instead of with collateral, the government must eventually tax citizens or otherwise raise additional funds to make any regular coupon payments and refund the principal when the bonds mature. Barometer of the economy At the stock exchange, share prices rise and fall depending, largely, on market forces. Share prices tend to rise or remain stable when companies and the economy in general show signs of stability and growth. An economic recession, depression, or financial crisis could eventually lead to a stock market crash. Therefore the movement of share prices and in general of the stock indexes can be an indicator of the general trend in the economy.
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Rank Economy Stock exchanges Market capitalization (USD BILLION) 15,970 TRADE VALUE (USD BILLION) 19,813
United States Europe United States Europe Japan United Kingdom China Hong Kong Canada India India Brazil Australia Germany China Switzerland Spain South Korea Russia South Africa
NYSE Euronext
NASDAQ OMX
4,931
13,439
3 4
Tokyo Stock Exchange London Stock Exchange
3,827 3613
3,787 2741
5 6 7 8 9 10 11 12 13 14 15 16 17 18
Shanghai Stock Exchange Hong Kong Stock Exchange Toronto Stok Exchange Bombay Stock Exchange
2717 2711 2170 1631
4496 1496 1368 258 801 868 1062 1628 3572 788 1360 1607 408 340
National stock Exchange of 1596 India BM&F Bovespa 1545 Australian exchange Deutsche Borse securities 1454 1429 1311 1229 1771 1091 949 925
Shenzhen Stock Exchange SIX Swiss exchange BME Spanish Exchange Korea Exchange MICEX JSE LIMITED
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Global Capital Market Major stock exchanges I. US Markets 1. NASDAQ 100, NASDAQ Composite and NASDAQ Financial
The Nasdaq, United States of America. The National Association of Securities Dealers Automated Quotations known as NASDAQ, is an American stock exchange. It is the largest electronic screenbased equity securities trading market in the United States. With approximately 3,800 companies and corporations, it has more trading volume per hour than any other stock exchange in the world. This exchange is monitored by the Securities and Exchange Commission (SEC). Its main index is the NASDAQ Composite, which has been published since its inception. However, its exchange-traded fund tracks the large-cap NASDAQ100 index, which was introduced in1985 alongside the NASDAQ100 Financial Index. TYBFM pg. 27
Global Capital Market The NASDAQ - 100 is a stock market index of 100 of the largest domestic and international non-financial companies listed on the NASDAQ. It is a modified market value-weighted index. The companies' weights in the index are based on their market capitalizations, with certain rules capping the influence of the largest components. It does not contain financial companies, and includes companies incorporated outside the United States. Both of those factors differentiate it from the Dow Jones Industrial Average, and the exclusion of financial companies distinguishes it from the S&P 500 Index. This particular index consists of Industrial, Technology, Retail, Telecommunication, Biotechnology, Health Care, Transportation, Media and Service companies; and the NASDAQ Financial-100, consists of. By creating these two indices, the NASDAQ hoped that mutual funds, options and futures would correlate and trade in conjunction with them.
The NASDAQ Financial-100 Index includes 100 of the largest domestic and international financial securities listed on The NASDAQ Stock Market based on market capitalization. They include companies classified according to the Industry Classification Benchmark as Financials, including Banking Companies, Insurance Firms, Brokerage Houses and Mortgage Companies, which are included within the NASDAQ Bank, NASDAQ Insurance, and NASDAQ Other Finance Indexes TheNASDAQ-100 is often abbreviated as NDX in the Derivatives Markets. The NASDAQ Composite is a stock market index of all of the common stocks and similar securities (e.g. ADRs, tracking stocks, limited partnership interests) listed on the NASDAQ stock market, meaning that it has over 3,000 components. It is highly followed in the U.S. as an indicator of the performance of stocks of technology companies and growth companies. Since both U.S. and non-U.S. companies are listed on the NASDAQ stock market, the index is not exclusively a U.S. index. Launched in January 1985, each security in the Index is proportionately represented by its market capitalization in relation to the total market value of the Index. The Index reflects NASDAQ's largest growth companies across major industry groups. All index components have a minimum market capitalization of $500 million, and an average daily trading volume of at least 100,000 shares. The number of securities in the NASDAQ-100 index makes it an effective vehicle for arbitrageurs and securities traders. In October 1993, the NASDAQTYBFM pg. 28
Global Capital Market 100 Index began trading on the Chicago Board Options Exchange. On April 10, 1996 the Chicago Mercantile Exchange began trading futures and futures options on the NASDAQ-100 Index. The NASDAQ Composite Index measures all NASDAQ domestic and non-U.S. based common stocks listed on The NASDAQ Stock Market. The Index is market-value weighted. This means that each company's security affects the Index in proportion to it's market value. The market value, the last sale price multiplied by total shares outstanding, is calculated throughout the trading day, and is related to the total value of the Index. Today the NASDAQ Composite includes over 5,000 companies, more than most other stock market indexes. Because it is so broad-based, the Composite is one of the most widely followed and quoted major market indexes.
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Global Capital Market 2. S&P 500 The S&P500 is a stock market index containing the stocks of 500 American Large-Cap corporations. The index is owned and maintained by Standard & Poor's, a division of McGraw-Hill. The S&P500 is often quoted using the symbol SPX or INX, and may be prefixed with a caret (^) or with a dollar sign ($). The S&P500 index is not made up of the 500 largest corporations in the U.S., since other factors such as liquidity of the stock and industry grouping are also considered in selecting members for the index. For example, Berkshire Hathaway is not included in the S&P 500 index since it is a holding company and does not meet liquidity guidelines due to its high share price. The Standard &Poor's 500 Index is calculated using a base-weighted aggregate methodology; that means the level of the Index reflects the total market capitalization of all 500 component stocks relative to a particular base period. The S&P 500's base period is 1941-43. The actual total market value of the stocks in the Index during the base period has been set equal to an indexed value of 10. This is often indicated by the notation 1941-43=10. In practice, the daily calculation of the Standard & Poor's 500 Index is computed by dividing the total market value of the 500 companies in the Index by a number called the Index Divisor. By itself, the Divisor is an arbitrary number. However, in the context of the calculation of the S&P 500 Index, it is the only link to the original base period value of the Index. The Divisor keeps the Index comparable over time and is the manipulation point for all Index Maintenance adjustments. In 2005, the Index was changed to be "float" weighted, i.e. the index weighting is determined by the amount of shares available for public trading. It works exactly the same way as the market-cap weighting, only that instead of making each component proportional to their respective market capitalization, they are made to be proportional to their public float. E.g.: When Google was included in the index in March 2006, only its Class A shares, which are publicly traded, were used to determine Google's weight in the index. Only a minority of companies in the index has this sort of public float lower than their total capitalization; for most companies in the index S&P considers all shares to be part of the public float and thus the capitalization used in the index calculation equals the market capitalization for those companies.
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3. DOW JONES INDUSTRIAL AVERAGE (DJIA) The Dow Jones Industrial Average (NYSE: DJI, also called the DJIA, Dow30, or informally the Dow Jones or The Dow) is one of several stock market indices, created by nineteenth-century Wall Street Journal editor and Dow Jones & Company co-founder Charles Dow. The average is named after Dow and one of his business associates, statistician Edward Jones. The Industrial portion of the name is largely historical, as many of the modern 30 components have little or nothing to do with traditional heavy industry. The Dow Jones Industrial Average is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq. It is one of three major indicators of the movement of the U.S. stock market - the other two are the NASDAQ Composite and the Standard & Poor's 500. The average is price-weighted, and to compensate for the effects of stock splits and other adjustments, it is currently a scaled average: not the actual average of the prices of its component stocks, but rather the sum of the component prices divided by a divisor, which changes whenever one of the component stocks has TYBFM pg. 31
Global Capital Market a stock split or stock dividend, so as to generate the value of the index. Since the divisor is currently less than one, the value of the index is higher than the sum of the component prices. To calculate the DJIA, the sum of the prices of all 30 stocks is divided by a Divisor, the Dow Divisor. The divisor is adjusted in case of stock splits, spinoffs or similar structural changes, to ensure that such events do not in themselves alter the numerical value of the DJIA. The present divisor, after many adjustments, is less than one (meaning the index is actually larger than the sum of the prices of the components). Also events like stock splits or changes in the list of the companies composing the index alter the sum of the component prices. In these cases, in order to avoid discontinuity in the index, the Dow Divisor is updated so that the quotations right before and after the event coincides. This is done in order to keep the index value consistent. The current value of the Dow Divisor is 0.132129493. Every $1 change in price in a stock within the average, results in a 7.57 (1/0.132129493) change in the DJIA. The Dow is among the most closely watched benchmark indices tracking targeted stock market activity. Although Dow compiled the index to gauge the performance of the industrial sector within the American economy, the index's performance continues to be influenced by not only corporate and economic reports, but also by domestic and foreign political events such as war and terrorism, as well as by natural disasters that could potentially lead to economic harm. Components of the Dow trade on both the NASDAQ OMX and the NYSE Euronext, two of the largest stock market companies.
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II. Asian Markets 1. BSE SENSEX The BSE Sensex is a market capitalized index / a value-weighted index that tracks 30 stocks from the Bombay Stock Exchange, which are representative of the stocks from various sectors of the Bombay Stock Exchange. They account for approximately one fifth of the capitalization of the exchange. The index is calculated based on a free-float capitalization method; a variation of the market cap method. Instead of using a company's outstanding shares it uses its float, or shares that are readily available for trading. The free-float method, therefore, does not include restricted stocks, such as those held by company insiders. The Free Float Adjustment factor, or FAF for short, represents the proportion of shares that is free floated as a percentage of issued shares and then its rounded up to the nearest multiple of 5% for calculation purposes. To find the free-float capitalization of a company, first find its market cap (number of outstanding shares x share price) then multiply its free-float factor. Bombay Stock Exchange is the oldest stock exchange in Asia What is now popularly known as the BSE was established as "The Native Share & Stock Brokers' Association" in 1875. Over the past 135 years, BSE has facilitated the growth of the Indian corporate sector by providing it with an efficient capital raising platform. Today, BSE is the world's number 1 exchange in the world in terms of the number of listed companies (over 4900). It is the world's 5th most active in terms of number of transactions handled through its electronic trading system. And it is in the top ten of global exchanges in terms of the market capitalization of its listed companies (as of December 31, 2009). The companies listed on BSE command a total market capitalization of USD Trillion 1.28 as of Feb, 2010. BSE is the first exchange in India and the second in the world to obtain an ISO 9001:2000 certification. It is also the first Exchange in the country and second in the world to receive Information Security Management System Standard BS 7799-2-2002 certification for its BSE On-Line trading System (BOLT). Presently, BSE ISO 27001:2005 certified, which is a ISO version of BS 7799 for Information Security. TYBFM pg. 33
Global Capital Market The BSE Index, SENSEX, is India's first and most popular Stock Market benchmark index. Exchange traded funds (ETF) on SENSEX, are listed on BSE and in Hong Kong. Futures and options on the index are also traded at BSE. List of SENSEX stocks: 1. ACC Ltd. 2. Bharat Heavy Electricals Ltd. 3. Bharti Airtel Lt d. 4. DLF Ltd. 5. Grasim Industries Ltd. 6. HDFC 7. HDFC Bank Ltd. 8. Hero Honda Motors Ltd. 9. Hindalco Industries Ltd. 10. Hindustan Unilever Ltd. 11. ICICI Bank Ltd. 12. Infosys Technologies Lt d. 13. ITC Ltd. 14. Jai prakash Associates Lt d. 15. Larsen & Toubro Limited 16. Mahindra & Mahindra Lt d. 17. Maruti Suzuki India Ltd. 18. NTPC Ltd. 19. ONGC Ltd. 20. Reliance Communications Limited 21. Reliance Industries Ltd. 22. Reliance Infrastructure Ltd. 23. State Bank of India TYBFM pg. 34
Global Capital Market 24. Sterlite Industries (India) Ltd. 25. Sun Pharmaceutical Industries Ltd. 26. Tata Consultancy Services Ltd. 27. Tata Motors Ltd. 28. Tata Power Company Ltd. 29. Tata Steel Ltd. 30. Wipro Lt d.
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The Bombay Stock Exchange Ltd., Mumbai, India 2. NATIONAL STOCK EXCHANGE (NSE) The National Stock Exchange (NSE) is India's leading stock exchange covering various cities and towns across the country. NSE was set up by leading institutions to provide a modern, fully automated screen-based trading system with national reach. The Exchange has brought about unparalleled transparency, speed & efficiency, safety and market integrity. It is the 9th largest stock exchange in the world by market capitalization and largest in India by daily turnover and number of trades, for both equities and derivative trading. NSE has a market capitalization of around US$1.59 trillion and over 1,552 listings as of December 2010. The NSE's key index is the S&P CNX Nifty, known as the NSE NIFTY (National Stock Exchange Fifty), an index of fifty major stocks weighted by market capitalisation. There are at least 2 foreign investors NYSE Euronext and Goldman Sachs who have taken a stake in the NSE. As of 2006, the NSE VSAT terminals, 2799 in total, cover more than 1500 cities across India. NSE is the third largest Stock Exchange in the world in terms of the number of trades in equities. It is the second fastest growing stock exchange in the world with a recorded growth of 16.6%.
3. HANG SENG TYBFM pg. 36
The Hang Seng Index (abbreviated: HSI) is a free float-adjusted market capitalization-weighted stock market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the Hong Kong stock market and is the main indicator of the overall market performance in Hong Kong. These 43 constituent companies represent about 60% of capitalisation of the Hong Kong Stock Exchange. HSI was started on November 24, 1969, and is currently compiled and maintained by Hang Seng Indexs Company Limited, which is a wholly owned subsidiary of Hang Seng Bank, one of the largest bank registered and listed in Hong Kong in terms of market capitalization. It is responsible for compiling, publishing and managing the Hang Seng Index and a range of other stock indexes, such as Hang Seng China Enterprises Index, Hang Seng China AH Index Series, Hang Seng China H-Financials Index, Hang Seng Composite Index Series, Hang Seng China A Industry Top Index, Hang Seng Corporate Sustainability Index Series and Hang Seng Total Return Index Series. There are four sub-indices established in order to make the index clearer and to classify constituent stocks into four distinct sectors. There are 43 HSI constituent stocks in total under the sub indices: 1) HangSeng Finance Sub-index 2) HangSeng Utilities Sub-index 3) HangSeng Properties Sub-index 4) HangSeng Commerce& Industry Sub-index
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Global Capital Market 4. NIKKEI 225 Nikkei 225 is a stock market index for the Tokyo Stock Exchange (TSE).It is a price weighted average (the unit is yen), and the components are reviewed once a year. Currently, the Nikkei is the most widely quoted average of Japanese equities, similar to the Dow Jones Industrial Average. In fact, it was known as the "Nikkei Dow Jones Stock Average" from 1975 to 1985. The Nikkei 225 began to be calculated on September 7, 1950, retroactively calculated back to May 16, 1949. Currently, the index is updated every 15 seconds during trading sessions. Stocks are weighted on the Nikkei 225 by giving an equal weighting based on a par value of 50 yen per share. Events such as stock splits, removals and additions of constituents impact upon the effective weighting of individual stocks and the divisor. The Nikkei 225 is designed to reflect the overall market, so there is no specific weighting of industries.
To calculate an equal weighted index, the market capitalization for each stock used in the calculation of the index is redefined so that each index constituent has an equal weight in the index at each re-balancing date. In addition to being the product of the stock price, the stocks shares outstanding, and the stocks float factor and the exchange rate when applicable; a new adjustment factor is also introduced in the market capitalization calculation to establish equal weighting. Stock Market Value= Price of shares * Number of shares outstanding * Free float factor * Exchange Rate (if applicable) * Adjustment Factor The Adjustment factor of a stock is assigned to the stock at each re-balancing date, which makes the stock value for each stock equal. For index component, the value would be: Adjustment Factor= Index specific constant "Z"/(Number of shares of the stock*Adjusted stock market value before re-balancing The main criticism with this index is that a $5 priced share would have the same weight as the $200 priced share, which gives the smaller shares more weight than their due. Moreover, the stocks keep changing and so does the equality, so the stock has to be rebalanced from time to time as compared to a cap weighted index.
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Tokyo Stock Exchange, Japan. 5. KOSPI The Korea Composite Stock Price Index or KOSPI is the index of all common stocks traded on the Stock Market Division previously, Korea Stock Exchange of the Korea Exchange. It's the representative stock market index of South Korea, like the Dow average in U.S. KOSPI was introduced in 1983 with the base value of 100 as of January 4, 1980. In November 2005, the index's Korean name was officially changed to Koseupi jisu. It's calculated based on market capitalization. It is the worlds largest derivatives exchange (by number of transactions). The KOSPI is calculated as current market capitalization (at the time of comparison) divided by base market capitalization. Current index = Current total market cap of constituents 100 / Base Market Capitalization
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The South Korea Stock Exchange Building. 6. STRAITS TIMES The Straits Times Index (also called the STI) is the benchmark index for the Singapore Exchange. It covers 30 companies which are deemed representative of the Singapore market. The Singapore Exchange works with the UK Based Financial Times Stock Exchange 100 Index (UKX-LN) in order to maintain the FTSE STI index Series. The STI was evolved as a market capitalization weighted index. It involves the total market capitalization of the companies weighted by their effect on the index, so the larger stocks would make more of a difference to the index as compared to a smaller market cap company. The basic formula for any index is (be it capitalization weighted or any other stock index): Index level = (Price of stock* Number of shares)*Free float factor/ Index Divisor. The Free float Adjustment factor represents the proportion of shares that is free floated as a percentage of issued shares and then its rounded up to the nearest multiple of 5% for calculation purposes. To find the free-float capitalization of a TYBFM pg. 40
Global Capital Market company, first find its market cap (number of outstanding shares x share price) then multiply its free-float factor. The free-float method, therefore, does not include restricted stocks, such as those held by company insiders. FTSE has partnered with Singapore Press Holdings (SPH) and the Singapore Exchange (SGX) to jointly calculate the Singapore stock market's main benchmark, the Straits Times Index (STI), and create a comprehensive series of stock indices for the Singapore market. The suite of 77 indices allow investors to measure and invest in the major capital segments of the Singapore market and facilitate cross-border analysis and comparisons. Following the relaunch of the STI and creation of a family of 3 themed and 10 industry/sector indices in Jan 2008, the partnership continues to explore and introduce new indices to the market. In July 2008, the FTSE ST China Top tradable index was launched for access to liquid Singapore listed Chinese stocks. FTSE ST Catalist Index and FTSE ST Maritime Index were launched the following year to provide investors with a transparent and cost-efficient way to access Singapore's Catalist Market and the prosperous maritime industry.
Singapore's Stock Exchange Centre.
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On 1 June 2010 the series was further expanded and now includes 19 Supersector and 39 Sector indices to provide investors with a set of tools for deeper analysis of the Singapore market and the opportunity to create sector specific funds and index-linked products. With the adoption of FTSE's market-leading international index methodology and the application of FTSE's cutting edge free float weighting and liquidity screening, the existing market benchmark is now more transparent, investable and easy to trade. The new family of indices can be used as the basis for trading and benchmarking of financial products, such as institutional and retail funds, exchange traded funds, derivatives contracts and other financial products.
III. European Markets 1. FTSE 100 Also called the footsie, the Financial Times Stock Exchange100 is a market capitalization weighted index representing the top 100 blue chip companies on the London Stock Exchange. Although FTSE is jointly owned by the Financial Times and the London Stock Exchange, the initials are not an acronym and do not stand for 'Financial Times Stock Exchange. They are simply borrowed from FTSE's two parent companies. The index began on 3 January 1984 with a base level of 1000; the highest value reached to date is 6950.6, on 30 December 1999. It is the most widely used of the FTSE Group's indices, and is frequently reported (e.g. on UK news bulletins) as a measure of business prosperity. The index is said to map more than 80% of the total capitalization in the United Kingdom. Stocks are free-float weighted to ensure that only the investable opportunity set is included within the index. The FTSE group manages the Index, which in turn is a joint venture between the Financial Times and the London Stock Exchange. They involve the total market capitalization of the companies weighted by their effect on the index, so the larger stocks would make more of a difference to the index as compared to a smaller market cap company. This is also called the free TYBFM pg. 42
Global Capital Market float method. The basic formula for any index is (be it capitalization weighted or any other stock index):
Index level= (Price of stock* Number of shares)*Free float factor/ Index Divisor. The Free Float Adjustment factor represents the proportion of shares that is free floated as a percentage of issued shares and then its rounded up to the nearest multiple of 5% for calculation purposes. To find the free-float capitalization of a company, first find its market cap (number of outstanding shares x share price) then multiply its free-float factor. The free-float method, therefore, does not include restricted stocks, such as those held by company insiders.
The index is maintained by the FTSE Group, an independent company which originated as a joint venture between the Financial Times and the London Stock Exchange. It is calculated in real time and published every 15 seconds.
FTSE 100 is by far the most widely used UK stock market indicator.
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2. DAX The Deutscher Aktien Index, or DAX30 for short, is the blue chip market index for the Frankfurt Stock Exchange. It follows the top 30 German stocks on the electronic Xetra system that is used on the exchange. The DAX indices are all calculated using capitalization weighted index using the total return Laspeyres index for calculations. DAX Indices are weighted by shares. The formula is: Current index = Current total market cap of constituents Previous Value / Previous Period In comparison, the Shanghai SSE indices use the Paasche weighted composite price index formula. This means that the index is bases its calculations on its previous period for its calculations as compared to the Shanghai Composite Index, which bases it on the base period. The Base date for the index is 30 December, 1987 and it was started from a base value of 1,000. The Xetra system calculates the index after every 1 second since January 1st, 2006.
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The Bear and Bull statue outside the Frankfurt Stock Exchange, Germany.
3. CAC 40 (FCHI) CAC 40 is used as a benchmark for investors in the Paris Bourse (the Stock exchange). It is also used as a benchmark for the French economy, similar to the Dow Jones Industrial Average (DJIA) in the United States. But unlike the Dow, the CAC 40 is a market capitalization weighted index that follows the top 40 stocks in the Bourse (the Dow is a price-weighted index). TYBFM pg. 45
Global Capital Market The CAC 40, which takes its name from the Paris Bourse's early automation system Cotation Assiste en Continu (Continuous Assisted Quotation), is a benchmark French stock market index. The index represents a capitalizationweighted measure of the40 most significant values among the100 highest market caps on the Paris Bourse (now Euronext Paris). It is one of the main national indices of the pan-European stock exchange group Euronext alongside Brussels' BEL20, Lisbon's PSI-20 and Amsterdam's AEX. A stock market index is weighted by the market capitalization of each stock in the index. In such a weighting scheme, larger companies account for a greater portion of the index. If a company's market capitalization is $1 million and the market capitalization of all stocks in the index is $100 million, then the company would be worth1% of the index. This is also called the free float method. The basic formula for any index is (be it capitalization weighted or any other stock index): Index level = (Price of stock* Number of shares)*Free float factor/ Index Divisor. The Free Float Adjustment factor represents the proportion of shares that is free floated as a percentage of issued shares and then its rounded up to the nearest multiple of 5% for calculation purposes. To find the free-float capitalization of a company, first find its market cap (number of outstanding shares x share price) then multiply its free-float factor. The free-float method, therefore, does not include restricted stocks, such as those held by company insiders. Its base value of 1,000 was set on 31 December 1987, equivalent to a market capitalisation of 370,437,433,957.70 French francs. In common with many major world stock markets, its all-time high to date (6922.33 points) was reached at the peak of the dot-com bubble in September 2000. On 1st December 2003, the index's weighting system switched from being dependent on total market capitalisation to free float market cap only, in line with other leading indices. The CAC 40 is a market value-weighted index. The number of issued shares (used to calculate the market cap and hence the index weight) of a company is reviewed quarterly, on the third Friday of March, June, September and December. Since December 2003, the index weightings of companies in the index have been capped at 15% at each quarterly index review, but these range freely with share price subsequently. A capping factor is used to limit the weights to 15% (if necessary), and is reviewed annually by the Index Steering Committee on the third Friday of September.
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The Euronext Paris, formerly known as Paris Bourse. Other Indices MERVAL The MERVAL Index (MERcado de VALores, literally Stock Exchange) is the most important index of the Buenos Aires Stock Exchange. It is a priceweighted index, calculated as the market value of a portfolio of stocks selected based on their market share, number of transactions and quotation price. The base of MERVAL is set at 30 June 1986 = 0.01 Argentine pesos. The corporations and weighted prices that compose MERVAL are updated every three months, based on their market share during the previous period. The index hit its minimum value in 2001, some time before the explosion of the economic crisis, but recovered in an accelerated fashion after that.
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BOVESPA The BOVESPA Index (Portuguese: ndice Bovespa) is an index of about 50 stocks that are traded on the So Paulo Stock, Mercantile & Futures Exchange (Bovespa: BOlsa de Valores do Estado de So PAulo). The index is composed by a theoretical portfolio with the stocks that accounted for 80% of the volume traded in the last 12 months and that were traded at least on 80% of the trading days. It's revised quarterly, in order to keep its representativeness of the volume traded and in average the components of BOVESPA represent 70% of the all the stock value traded. IBOVESPA is an accumulation index. Its index number represents the present value of a portfolio begun on 2 January 1968, with a starting value of 100 and taking into account share price increases plus the reinvestment of all dividends, subscription rights and bonus stocks received.
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The Sau Paolo Stock Exchange, Brazil.
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Global Capital Market Shanghai Stock Exchange The Shanghai Stock Exchange (SSE) was founded on Nov. 26th, 1990 and in operation on Dec.19th the same year. It is a membership institution directly governed by the China Securities Regulatory Commission (CSRC) The SSE Composite Index is an index of all stocks (A shares and B shares) that are traded at the Shanghai Stock Exchange. SSE Indices are all calculated using a Paasche weighted composite price index formula. This means that the index is based on a base period on a specific base day for its calculation. The base day for SSE Composite Index is December 19, 1990, and the base period is the total market capitalization of all stocks of that day. The Base Value is 100. The index was launched on July 15, 1991. * The formula is: Current index = Current total market cap of constituents Base Value / Base Period Total market capitalization = (price shares issued) * The B share stocks are generally denominated in US dollars for calculation purposes. For calculation of other indices, B share stock prices are converted to RMB (Renminbi) at the applicable exchange rate (the middle price of US dollar on the last trading day of each week) at China Foreign Exchange Trading Center and then published by the exchange.
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Shanghai Stock Exchange, China.
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Global Capital Market Austrian Traded Index The Austrian Traded Index (ATX) is the most important stock market index of the Wiener Brse and the largest trading place in the Austrian economy. The ATX is, like most European indices, defined as a price index and currently consists of 20 stocks. The index was left unchanged at the quarterly review of June 2010.
The Wiener Borse Stock Exchange in Vienna, Austria.
BEL 20 The BEL20 is the benchmark stock market index of Euronext Brussels. In general, the index consists of a minimum of 10 and a maximum of 20 companies traded at the Brussels Stock Exchange. Since Nyrstar was promoted to the index on 4 March 2008, the BEL20 has contained a full 20 listings. The BEL20 is a market value-weighted index. No changes were made to its composition in the March 2010 annual review.
TYBFM
pg. 52
The Brussels Stock Exchange, Belgium.
Amsterdam Exchange Index The AEX index, derived from Amsterdam Exchange index, is a stock market index composed of Dutch companies that trade on Euronext Amsterdam, formerly known as the Amsterdam Stock Exchange. Started in 1983, the index is composed of a maximum of 25 of the most actively traded securities on the exchange. It is one of the main national indices of the pan-European stock exchange group Euronext alongside Brussels' BEL20, Paris's CAC 40 and Lisbon's PSI-20. The AEX is a market value-weighted index. At each main annual review, the index weightings of companies in the index are capped at 15%, but range freely with share price subsequently. The index weights are calculated with respect to the closing prices of the relevant companies on March 1. At the interim review in September, weightings after adjustment are left as close as possible to those of the previous day and are not re-capped. The index comprises a basket of shares, the numbers of which are based on the constituent weights and index value at the time of readjustment. 25 stocks constitute the index as of the annual review effective 2 March 2009. The index was left unchanged in the March 2010 review. TYBFM pg. 53
Global Capital Market Swiss Market Index The Swiss Market Index (SMI) is Switzerland's blue-chip stock market index, which makes it the most important in the country. It is made up of twenty of the largest and most liquid SPI large- and mid-cap stocks. As a price index, the SMI is not adjusted for dividends, but a performance index that takes account of such distributions is available.
The SMI was introduced on 30 June 1988 at a baseline value of 1500 points. Its composition is examined once a year. Calculation takes place in real-time: as soon as a new transaction occurs in a security contained in the SMI, an updated index level is calculated and displayed.
The securities contained in the SMI currently represent more than 90% of the entire market capitalisation, as well as of 90% trading volume, of all Swiss and Liechtenstein equities listed on the SIX Swiss Exchange. Because the SMI is considered to be a mirror of the overall Swiss stock market, it is used as the underlying index for numerous derivative financial instruments such as options, futures and index funds
The SMI comprises a fixed number of 20 securities as of the ordinary review date in September 2007. Prior to this date, the index contained 25 listings. The ranking as of 30 June 2007 (according to average capitalisation and the turnover achieved during one year, i.e. from 1 July 2006 through 30 June 2007) determined which companies would remain within the SMI. On 5 July 2007, SWX announced that Ciba Specialty Chemicals, Lonza Group, Givaudan, SGS and one of the two classes of shares of Swatch Group would leave the SMI as of 24 September 2007 leaving 20 securities in the index.
TYBFM
pg. 54
The SWX Stock Exchange in Switzerland.
TYBFM
pg. 55
Global Capital Market Stockholm Stock Exchange The Stockholm Stock Exchange (SX-16) includes shares of the top 16 Swedish companies ranked by turnover during the 12 month period ending one month before the reconstitution of the index sample; turnover figures are adjusted for temporary events such as tender offers. The SX-16 is calculated using the Capitalization-weighted value ratio method. On December 31st, 1979 the base value was decided as 100. The calculations of this index is done real time. Adjustment procedures account for the inclusion of new stocks (starting the earliest on the second day after registration), stock dividends and stock splits, secondary offerings, issuance of new classes of stock, convertible bonds and warrants with preferential rights for existing shareholders, and the conversion of bonds or the exercise of options. The following events, by contrast, do not prompt action: Dividend payments, the sale of assets such as stock in subsidiaries (spin-off) to shareholders, the issuing of convertible bonds or warrants without preferential rights for existing shareholders, and the (temporary) suspension from trading.
TYBFM
pg. 56
The Stockholm Stock Exchange.
TYBFM
pg. 57
Global Capital Market Important Stock Exchanges The prominent stock market indices are presented in the following Table:
Index
Country
Weight
No. of Stocks
Base Year
S&P CNX NIFTY SENSEX 30
India
Market Cap
50
1995
India
Free Float
30
1978-79
NASDAQ 100
USA
Market Cap
100
1985
FTSE 100 Hang Seng
UK Hong Kong
Free Float Market Cap
100 33
1984 1964
Dow Jones Nikkei 225
USA Japan
Price Price
30 225
1928 1949
TYBFM
pg. 58
Different Stock Exchange Timings
TYBFM
pg. 59
Cross Listing
The listing of a company's common shares on a different exchange than its primary and original stock exchange. In order to be approved for cross-listing, the company in question must meet the same requirements as any other listed member of the exchange, such as basic requirements for the share count, accounting policies, filing requirements for financial reports and company revenues. Some of the advantages to cross-listing include having shares trade in multiple time zones and in multiple currencies. This gives issuing companies more liquidity and a greater ability to raise capital. Most foreign companies that cross-list in the U.S. markets do so via American depositary receipts (ADRs). The term often applies to foreign-based companies that choose to list their shares on U.S.-based exchanges like the New York Stock Exchange (NYSE). But firms based in the U.S. may choose to cross-list on European or Asian exchanges, a strategy that may become more popular if the U.S. dollar struggles against major foreign currencies for a lengthy period of time. The adoption of Sarbanes-Oxley (SOX) requirements in 2002 made crosslisting on U.S. exchanges more costly than in the past; the requirements put a heavy emphasis on corporate governance and accountability. This, along with generally accepted accounting principles (GAAP) accounting, makes for a challenging hurdle for many companies whose "home" exchange may have laxer standards.
DEPOSITARY RECEIPT
A depositary receipt (DR) is a type of negotiable (transferable) financial security that is traded on a local stock exchange but represents a security, usually in the form of equity, that is issued by a foreign publicly-listed company. The DR, which is a physical certificate, allows investors to hold shares in equity of other countries. One of the most common types of DRs is the American depositary receipt (ADR), which has been offering companies, investors and traders global investment opportunities since the 1920s. DRs have spread to other parts of the globe in the form of global depositary receipts (GDRs) European DRs and International DRs. ADRs are typically traded on a U.S. national stock exchange, such as the New York Stock Exchange (NYSE) or the American Stock Exchange, TYBFM pg. 60
Global Capital Market while GDRs are commonly listed on European stock exchanges such as the London Stock Exchange. Both ADRs and GDRs are usually denominated in U.S. dollars, but can also be denominated in euros. American Depositary Receipt A negotiable certificate issued by a U.S. bank representing a specified number of shares (or one share) in a foreign stock that is traded on a U.S. exchange. ADRs are denominated in U.S. dollars, with the underlying security held by a U.S. financial institution overseas. ADRs help to reduce administration and duty costs that would otherwise be levied on each transaction.This is an excellent way to buy shares in a foreign company while realizing any dividends and capital gains in U.S. dollars. However, ADRs do not eliminate the currency and economic risks for the underlying shares in another country. For example, dividend payments in euros would be converted to U.S. dollars, net of conversion expenses and foreign taxes and in accordance with the deposit agreement. ADRs are listed on either the NYSE, AMEX or Nasdaq.
Global Depositary Receipt

1. A bank certificate issued in more than one country for shares in a foreign company. The shares are held by a foreign branch of an international bank. The shares trade as domestic shares, but are offered for sale globally through the various bank branches. 2. A financial instrument used by private markets to raise capital denominated in either U.S. dollars or Euros.
TYBFM
pg. 61
Bond Market
The environment in which the issuance and trading of debt securities occurs. The bond market primarily includes government-issued securities and corporate debt securities, and facilitates the transfer of capital from savers to the issuers or organizations requiring capital for government projects, business expansions and ongoing operations. Most trading in the bond market occurs over-the-counter, through organized electronic trading networks, and is composed of the primary market (through which debt securities are issued and sold by borrowers to lenders) and the secondary market (through which investors buy and sell previously issued debt securities amongst themselves). Although the stock market often commands more media attention, the bond market is actually many times bigger and is vital to the ongoing operation of the public and private sector.
Type of bonds
Government Bonds In general, fixed-income securities are classified according to the length of time before maturity. These are the three main categories: Bills - debt securities maturing in less than one year. Notes - debt securities maturing in one to 10 years. Bonds - debt securities maturing in more than 10 years. Marketable securities from the U.S. government - known collectively as Treasuries - follow this guideline and are issued as Treasury bonds, Treasury notes and Treasury bills (T-bills). Technically speaking, T-bills aren't bonds because of their short maturity. (You can read more about T-bills in our Money Market tutorial.) All debt issued by Uncle Sam is regarded as extremely safe, as is the debt of any stable country. The debt of many developing countries, however, does carry substantial risk. Like companies, countries can default on payments. Municipal Bonds:Municipal bonds, known as munnis , are the next progression in terms of risks. Cities dont go bankrupt that often, but it can happen. The major advantage to munnis is that the returns are free from federal tax. Furthermore, local governments will sometimes make their debt non taxable for residents, thus making some municipal bonds completely tax free. Because of these tax savings, the yield on a munni is usually lower TYBFM pg. 62
Global Capital Market than that of a taxable bond. Depending on your personal situation, a munni can be a great investment on an after-tax basis.
Corporate Bonds:A company can issue bonds just as it can issue stock . Large corporation have a lot of flexibility as to how much debt they can issue: the limit is whatever the market will bear. Generally a short term corporate bond is less than 5 years intermediate is 5 to 12 years and longer term is over 12 years. Corporate bonds are characterized by higher yield because there is higher risk of a company defaulting than a government. The upside is that they can also be the most rewarding fixed income investment because of the risk the investor must take on it. Convertible Bonds Other variation on corporate bonds include convertible bonds which the holder can convert into stock, and callable bonds, which allows the company to redeem and issue prior to maturity. A convertible bond (convertible) is a bond that can be exchanged for share on or before maturity. A convertible bond is equivalent to a straight plus a warrant: in other words it contains an embedded option. Zero coupon bonds This is a type of bond that makes no coupon payment but instead is issued at a considerable discount to par value.
Eurobond
A bond issued in a currency other than the currency of the country or market in which it is issued. Usually, a eurobond is issued by an international syndicate and categorized according to the currency in which it is denominated. A eurodollar bond that is denominated in U.S. dollars and issued in Japan by an Australian company would be an example of a eurobond. The Australian company in this example could issue the eurodollar bond in any country other than the U.S. TYBFM pg. 63
Eurobonds are attractive financing tools as they give issuers the flexibility to choose the country in which to offer their bond according to the country's regulatory constraints. They may also denominate their eurobond in their preferred currency. Eurobonds are attractive to investors as they have small par values and high liquidity.
Foreign Bond
A bond that is issued in a domestic market by a foreign entity, in the domestic market's currency. Foreign bonds are regulated by the domestic market authorities and are usually given nicknames that refer to the domestic market in which they are being offered. Since investors in foreign bonds are usually the residents of the domestic country, investors find them attractive because they can add foreign content to their portfolios without the added exchange rate exposure. Types of foreign bonds include bulldog bonds, matilda bonds, and samurai bonds
TYBFM
pg. 64
FOREX
The foreign exchange and the money market were the first to globalize because they were the easiest to link up. Over the last 20 years, linkage in the foreign exchange market has become quite tight for many reasons: the simplicity and short life of the instruments traded; the lack of restrictions; the increased liquidity of foreign exchange, forward , futures and option markets ;the ready availability of market information ; the steadily lower cost of telecommunication and system technology. However, one of the most important reason why the foreign exchange were the first to globalize was the worlds commercial banks were well positioned to make the linkages. Much before 1973 , when the adjustable peg exchange rate system broke down , the large multinational commercial banks had foreign exchange trading quick to spot opportunities to profit from the removal of exchange control. The complete removal of foreign exchange control has taken 20 years to complete. Some major nation ( example Spain and Italy) lifted foreign exchange control as late as the early 1990s . The globalizations of the foreign exchange markets was closely linked to the ability to trade short term funds across borders. One of the major opportunities to profit was from arbitrage. This was possible because a forward market had already been established for trading goods across nations. Since then, a wide variety of different arbitrage techniques have been employed by commercial banks to make profits. One of the simplest and most important arbitrage technique is covered interest arbitrage. Covered Interest Arbitrage involves taking advantage of interest rates between two different currencies. Since cross border trades in Bonds, Equities and Commodities requires foreign exchange transactions, foreign exchange trading volumes have soared. In 1973 aat the end of the quasi fixed exchange rate era, daily foreign exchange has no more than US $10 TO $20 million a day. By 1986, when the global foreign exchange market were already very strong linked, daily trading volume in London, New York and Tokio was roughly $200million dollar a Day. But now daily volume exceeds $1trillion a day.
TYBFM
pg. 65
Global Capital Market Bibliography
www.money.cnn.com www.nasdaq.com www.finance.yahoo.com www.wikipedia.com www.bseindia.com www.nseindia.com www.bolsamadrid.es www.sgx.com Books- Global Capital Markets, Financial Services, Equity Markets. www.investopedia.com www.managementparadise.com
Economic Times.
TYBFM
pg. 66

Shailesh GCM fINAL

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Index

Serial No. Contents Page No.

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.

Global Capital Market

Global Capital Market

CAPITAL MARKET INSTRUMENTS

Role and function of capital market

Global Capital Market

Global Capital Market

The formation of the Global Capital Market

Global Capital Market

Global Capital Market

Globalization of financial Services

Global Capital Market

Global Capital Market

MERGER AND ACQUISITION

Global Capital Market

Global Capital Market

GLOBAL EQUITY MARKET

Global Capital Market

Global Equity Market

Global Capital Market

The role of stock exchanges

Global Capital Market

Tokyo Stock Exchange London Stock Exchange

2717 2711 2170 1631

Global Capital Market

Global Capital Market

Global Capital Market

3. HANG SENG TYBFM pg. 36

Global Capital Market

Global Capital Market

Global Capital Market

Singapore's Stock Exchange Centre.

Global Capital Market

Global Capital Market

Global Capital Market

Global Capital Market

Global Capital Market

Global Capital Market

The Sau Paolo Stock Exchange, Brazil.

Global Capital Market

Shanghai Stock Exchange, China.

The Wiener Borse Stock Exchange in Vienna, Austria.

Global Capital Market

The Brussels Stock Exchange, Belgium.

Global Capital Market

The SWX Stock Exchange in Switzerland.

Global Capital Market

The Stockholm Stock Exchange.

S&P CNX NIFTY SENSEX 30

FTSE 100 Hang Seng

Free Float Market Cap

Dow Jones Nikkei 225

Global Capital Market

Different Stock Exchange Timings

Global Capital Market

Global Depositary Receipt

Global Capital Market

Global Capital Market

Global Capital Market

Global Capital Market Bibliography

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