Editura Universitara Capital Markets and Commodity Exchanges

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ISBN: 978-606-28-0675-0

DOI: 10.5682/9786062806750

Publisher year: 2018

Edition: I

Pages: 154

Publisher: Universitară

Author: Oana Mionel

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The course aims to introduce students to the fascinating world of the stock market environment, where you earn real money, a lot, but with one exception, not to lose everything in a few seconds. The course also aims to familiarize students with the main notions and specific terms used on international stock markets, with stock market participants, with the main stock market transactions made by market participants and with the main financial instruments of capital markets.
  • Piete de capital si burse de marfuri

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OANA MIONEL
Doctor in economics, title awarded by the Academy of Economic Studies and, at the same time, associate professor at the Faculty of International Economic Relations within the "Dimitrie Cantemir" Christian University.
The author of this paper teaches at the mentioned faculty the subjects: Technique of international payments and financing and International stock exchanges.

FOREWORD / 9

PART 1. INTERNATIONAL CAPITAL MARKETS / 11

I. THE CONCEPTUAL FRAMEWORK OF INTERNATIONAL SCHOLARSHIPS / 12
1.1. History of international scholarships / 12
1.2. The specifics of international commodity and stock exchanges / 17
1.3. The notion / of / international / stock exchange / traded financial instruments / 20

II. PRIMARY FINANCIAL INSTRUMENTS MARKET. ACTIONS / 23
2.1. Trading of shares on stock exchanges / 23
2.1.1. The symbol and value of an action / 23
2.1.2. Splitting and consolidating shares / 24
2.1.3. Taxonomy of actions / 24
2.1.4. Initial public offer / 26
2.1.5. Stages of the issue of shares / 28
2.1.5.1. Show planning / 28
2.1.5.2. Issuing process / 29
2.1.6. Nature and type of orders / 31
2.1.7. Shareholders' rights / 34

III. PRIMARY FINANCIAL INSTRUMENTS MARKET. OBLIGATIONS / 36
3.2. Trading in bonds on stock exchanges / 36
3.2.1. Bonds - debt instruments / 36
3.2.2. Bond market participants / 36
3.2.3. Key terms in the use of oligations / 37
3.2.4. Bond rating / 38
3.2.5. Issuance and trading of bonds / 39
3.2.6. Taxonomy of bonds / 42
3.2.6.1. Corporate bonds / 42
3.2.6.2. Municipal obligations / 43
3.2.6.3. Government bonds / 46

IV. MARKET OF DERIVATIVE FINANCIAL INSTRUMENTS / 48
4.1. Futures contracts / 49
4.1.1. Standardization of futures contracts / 49
4.1.2. Clearing house in financial transactions / 50
4.1.3. Marja / 51
4.1.4. Hedgers, speculators and arbitrators / 51
4.2. Option contracts / 53
4.2.1. Definition of options / 54
4.2.2. Typology of options / 56
4.2.3. Elements of the options contract / 57
4.2.4. The functioning mechanism of an options contract / 60
4.2.5. Expiration codes / 60
4.2.6. Advantages and disadvantages of investing in options / 61
4.3. Stock market indices contracts / 62

V. MARILE INTERNATIONAL STOCK EXCHANGE / 63
5.1. ICE - NYSE / 63
5.2. Japan Exchange Group / 67
5.3. London Stock Exchange / 71
5.4. Scholarship members in international practice / 74

VI. STOCK EXCHANGE INDICES / 76
6.1. The importance of stock market indices for the economy / 76
6.2. Stock index categories / 77
6.3. Procedure for calculating stock market indices / 78
6.4. The main stock market indices on the international market / 78
6.4.1. Dow Jones Industrial Average / 78
6.4.2. Standard & Poor’s 500 Composite Index / 80
6.4.3. NASDAQ 100 Index / 81
6.4.4. FTSE 100 Index / 81
6.4.5. Nikkei 225/82
6.4.6. / DAX 30/82
6.4.7. CAC 40 Index / 83
6.4.8. Russell Global Index / 83
6.4.9. MSCI EAFE / 84
6.5. Stock market indices in Romania / 85
6.5.1. BET / 85 index
6.5.2. Index BET-C / 86
6.5.3. BET-FI index / 87
6.5.4. ROTX / 88 index

VIII. CAPITAL MARKET IN ROMANIA / 89
7.1. Investors and investments on the Romanian capital market / 90
7.2. Bucharest Stock Exchange / 91
7.3. Monetary-Financial and Commodity Exchange Sibiu / 97
7.4. Financial Investment Services Companies / 98
7.5. Other capital market institutions / 99
7.5.1. Financial Supervisory Authority / 99
7.5.2. Central Depository / 100
7.5.3. Clearing Houses / 100
7.5.4. Institute of Corporate Governance / 101
7.5.5. Investor Compensation Fund / 101

PART 2. INTERNATIONAL GOODS EXCHANGE / 103

VIII. GENERAL FRAMEWORK OF INTERNATIONAL GOODS EXCHANGES / 104
8.1. Definition and objectives of international commodity exchanges / 104
8.2. Functions of international commodity exchanges / 105
8.3. Characteristics of goods traded on the stock exchange / 107
8.4. Commodity exchanges versus international auctions / 108

IX. MAIN GOODS TRADED ON GOODS EXCHANGES / 114
9.1. Goods traded on commodity exchanges / 114
9.2. Cereals / 116
9.2.1. Cereals on the Market available in Romania / 117
9.2.2. AgroGo-online grain trading platform / 118
9.2.3. Graul / 121
9.2.4. Corn / 124
9.3. Meat and live animals / 125
9.3.1. Pork / 126
9.3.2. Beef / 127
9.4. Tropical products / 129
9.4.1. Cocoa / 129
9.4.2. Coffee / 131

X. GEOGRAPHICAL DISTRIBUTION OF THE MAIN GOODS EXCHANGES / 133
10.1. American market / 133
10.1.1. Chicago Mercantile Exchange Group / 133
10.1.1.1. New York Mercantile Exchange / 133
10.1.1.2. Chicago Board of Trade (CBOT) / 134
10.1.1.3. Chicago Mercantile Exchange (CME) / 135
10.1.2. Intercontinental Exchange / 136
10.2. European market / 138
10.2.1. Antwerp World Diamond Center / 138
10.2.2. London Metal Exchange / 139
10.3. Asian market - Tokyo Commodity Exchange / 141

XI. THE MECHANISM OF STOCK EXCHANGE TRANSACTIONS / 143
11.1. About the main stages in stock exchange transactions with goods / 143
11.2. Development of a contract GRAU Panificatie UE Futures / 145
11.2.1. Standard elements of the contract / 146
11.2.2. Margin and Bucharest Clearing House / 147
11.2.3. Market marking and settlement / 149

XII. ROMANIAN GOODS EXCHANGE / 152
12.1. Advantages of trading through RCE / 152
12.2. Organizing trading sessions / 155
12.3. Market participants available / 157
12.4. Stages of the trading session / 159

BIBLIOGRAPHY / 161

At the beginning of the third millennium, a new process is manifesting itself more and more on the great chessboard of the world - globalization, which has become "the buzz word" of the new century. Globalization is known and felt in the economic environment, especially in the financial field, where the changes have been among the deepest and most impressive, the serious emphasis being placed on the unprecedented competitive process manifested at the level of various important financial centers and large banks. . These evolutions registered on the financial markets and at the level of the financial actors led to the appearance and at the same time to the development of new financial instruments (futures, options, swap); thus, the changes registered in the practical activity produced in theoretical plan a change of the objectives pursued within the research of the financial market.
The scholarship is a fascinating, interesting place, which sometimes pumps your adrenaline in the bloodstream, where you earn real money, many, even fortunes, with one exception: do not lose everything! (most lose all or part of their investments, and the percentage of losers among day-traders is 95%, so only 5% of day-traders make a profit).
The stock exchange enjoys interest in the business world insofar as it ensures an organized framework for carrying out transactions and a system of principles and norms that guarantee the conclusion and execution of contracts in conditions of accuracy and fairness.
The course aims to introduce students to the fascinating world of the stock market environment, where you earn real money, a lot, but with one exception, not to lose everything in a few seconds. The course also aims to familiarize students with the main notions and specific terms used on international stock markets, with stock market participants, with the main stock market transactions made by market participants and with the main financial instruments of capital markets.

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