Talk:Stock exchange
From Academic Kids
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Rename
Some of the exchanges listed here are not stock exchanges. The CBOT, for example, is a futures exchange. Rather than split the list among several pages, I'd suggest just renaming the page. Trading exchanges or something like that.--AMT
Should this be renamed U.S. Stock Markets? Where is the international info? Rmhermen 23:01 22 Jun 2003 (UTC)
- No, the first part is general (please add more). - Patrick 23:43 22 Jun 2003 (UTC)
Would commodity exchanges be a better general name? I have already created Stock Market to redirect here since it is a more commonly used be less correct name. --- Jagged
How about Financial markets? -- "Financial markets" ordinarily refers to markets in specifically financial instruments, like treasury bonds. Commodity exchanges only deal in commodities--steel, corn, or whatever. Two problems: I don't know of a term for all kinds of trading, except "trading"; and the exchange is actually different from the market--the exchange is a specific organization to facilitate trading, the market is the overall effect of all the trades. Bottom line--I don't know what title would work.
Maybe call it "____ Trading" or "____ Markets" and add a paragraph at the top on markets or trading in general? Anyone searching on the phrase "stock exchange" would get here anyway.--AMT
The stock market is not the same as a stock exchange. A stock exchange is - well, read the article. The stock market is the market for stocks. When people speak of the stock market, they are refering to the activities associated with investing in stocks. If someone wants to learn about putting money in the stock market, a description of stock exchanges won't be a much help. So everyone is encouraged to change the Stock Market and Stock markets pages so they do not redirect here, but instead discuss the activities associated with investing in stocks.
Requirements
net income of 2.5 million to be listed? I think this must mean revenues not income.
Market Exchange
The stock market is the EXACT same thing as a stock exchange. Look it up. These articles are bogus. They are misleading this way. They need to be combined.
Think about this. What are the differences between a market and an exchange? There are no differences, only one similarity: they both trade stuff, stocks in this case. They're synonymous. Please correct this and keep it correct.
For one quick referance, look at this article (http://money.howstuffworks.com/stock3.htm) on HowStuffWorks.com.
- Most companies are not listed on a stock exchange, but there shares may be traded in the private market. - Jerryseinfeld 20:07, 21 Nov 2004 (UTC)
A stock exchange is just one part of (and perhaps the major part of) a stock market. When I deal "off-exchange" that is still part of the stock market - but it is not a deal executed on the stock exchange. Paul Beardsell 20:36, 26 Nov 2004 (UTC)
The Stock Market page doesn't reflect that difference AT ALL. --flangazor
"Organization of brokers"?
"A stock exchange is an organization of brokers and investment bankers"? An "organization of brokers"? Security exchanges don't have to be mutual organizations. There are a lot of security exchanges that are not broker membership-owned, but function like regular profitable companies, especially in Europe and Asia. The Chicago Mercantile Exchange became a shareholder-owned corporation in 2000 through a public offering. The Chicago Board of Trade is seeking approval from the SEC to do the same thing.
What may be added is a securities exchange article about the role of the exchange "members" in a for-profit exchange.
[1] (http://www.cme.com/about/ins/caag/profitcomp2799.html): "The road to this initial public offering began in June 2000, when Exchange members voted overwhelmingly to transform the then not-for-profit, membership-owned organization into a for-profit, shareholder-owned corporation. On Nov. 13, 2000, CME became the first U.S. financial exchange to demutualize into a shareholder-owned corporation."
[2] (http://www.cbot.com/cbot/pub/page/0,3181,1215,00.html): "The CBOT presently is a self-governing, self-regulated Delaware not-for-profit, non-stock corporation that serves individuals and member firms." However, "the Board of Trade of the City of Chicago, Inc. (CBOT) has filed a Registration Statement on Form S-4, including a preliminary proxy statement and prospectus, regarding the restructuring transactions with the SEC".
- Jerryseinfeld 23:31, 23 Nov 2004 (UTC)
Use a dictionary. An "organisation" is not necessarily a "mutual organisation". An organisation can be anything you like. Paul Beardsell 20:40, 26 Nov 2004 (UTC)
- But an "organization of brokers"? It doesn't sound right, does it? Can't a stock exchange be a broker itself, or a transaction services corporation? - Jerryseinfeld 21:13, 26 Nov 2004 (UTC)
- What is wrong here is the understanding of the term "organisation". It simply has its dictionary definition. And by definition a firm, company, club, association or even a transaction services corporation is an "organisation". Paul Beardsell 21:29, 26 Nov 2004 (UTC)
- It certainly is an organization, but it's not an organization of brokers. - Jerryseinfeld 20:27, 10 Dec 2004 (UTC)
- Oh yes it is. Paul Beardsell 06:40, 11 Dec 2004 (UTC)
- So where does the London stock exchange (http://www.londonstockexchange.com/en-gb/about/cooverview/whatwedo/) and the Tokyo stock exchange (http://www.tse.or.jp/english/about/index.html) say that they are an organization of brokers? The TSE "Organization Structure" includes an audit commitee, auditors, president & CEO, general administration, the listing division, self-regulation division, cash market division, derivatives market division, clearing & settlement divison, and so on. But no organization of brokers. - Jerryseinfeld 19:16, 18 Dec 2004 (UTC)
- Oh yes it is. Paul Beardsell 06:40, 11 Dec 2004 (UTC)
A golf club is an organisation of golfers. But the web site will go on about the chairman, the restaurant, the green fees, the special rules, and the club's owners. But, nevertheless, it is an organisation of golfers. Paul Beardsell 20:51, 18 Dec 2004 (UTC)
- So why don't you go to corporation and point out that it's an organization of workers? Pulte Homes is not an organization of builders, since all employees doesn't build houses. Since not all (and not even most) employees of a stock exchange are brokers why is it an organization of brokers? Isn't it more correct to call it an organization of workers? - Jerryseinfeld 21:24, 18 Dec 2004 (UTC)
Your counterexample is not persuasive. That X is an organisation of Ys does not prevent X from also being something else. You and I know that an organisation of workers is not what a corporation is primarily. No, that would be a trade union. But a trade union can have management, admin staff and even owners, nowadays. Nevertheless, a trade union is an organsiation of workers, primarily. A SE is primarily an organisation of brokers - a (nowadays virtual) place that brokers go to transact their business. A place that you and I cannot go because we are not brokers. What makes a stock broker a stock broker, legally? Membership of the exchange. A stock exchange is an organisation of stock brokers. Now, I am not saying it isn't other things too. But this discussion started with you disputing the statement that a "stock exchange is an organisation of stock brokers". Paul Beardsell 21:58, 18 Dec 2004 (UTC)
"Your counterexample is not persuasive", where did you go, to special grammar school? The exchange members are customers of the exchange. How do you think they make money? There should be a separate headline for membership. - Jerryseinfeld 22:59, 18 Dec 2004 (UTC)
The stock brokers pay membership fees and levys for the services provided by the stock exchange. This is just like the members of a golf club. Being a customer does not preclude one from being a member or even an owner. Paul Beardsell 23:50, 18 Dec 2004 (UTC)
- I give up. - Jerryseinfeld 00:16, 19 Dec 2004 (UTC)
Good grammar is, of course, a useful skill to have when writing encyclopaedia articles. Thank you. Paul Beardsell 23:50, 18 Dec 2004 (UTC)
"Organization of investment bankers"?
- The article say "a stock exchange is an organization of brokers and investment bankers". A stock market is a secondary market, investment bankers run a primary market. - Jerryseinfeld 19:21, 18 Dec 2004 (UTC)
So what does that imply? Paul Beardsell 20:53, 18 Dec 2004 (UTC)
- What do you think? - Jerryseinfeld 21:25, 18 Dec 2004 (UTC)
Well, I despair. X is not Y because of unconnected fact Z? I ask for clarification and you won't say. But, trying my best: I think your argument does not make sense: Just because investment bankers do P does not mean they can't also do Q. But, having said that, when investment bankers are at the SE they are there in their capacity as members of the exchange. And a member of a stock exchange is a ??? Paul Beardsell 22:05, 18 Dec 2004 (UTC)
You are really in pain now aren't you? - Jerryseinfeld 23:01, 18 Dec 2004 (UTC)
Language
- "But trade is less and less". "Less and less"? What? - Jerryseinfeld 21:49, 18 Dec 2004 (UTC)
- "In Europe, stock exchanges are often called bourses." Really? What language is that? "European"? Come on now. - Jerryseinfeld 21:53, 18 Dec 2004 (UTC)
- "Offer and demand in stockmarkets is driven by various factors that affect the value of stocks". That's a bad sentence. First of all it's not "offer and demand", it's supply and demand. - Jerryseinfeld 21:56, 18 Dec 2004 (UTC)
Box
The table box at the bottom doesn't look or fit well. Just take the lists and put them under "see also". - Jerryseinfeld 22:00, 18 Dec 2004 (UTC)
Introduction
We'll let the folks decide, do you want my good introduction: "A stock exchange is a corporation or mutual organization that provide the facilities for trade of company stocks and other financial instruments in the secondary market." Or the other bad introduction: "A stock exchange is an organisation of which the members are stock brokers. A stock exchange provides facilities for the trading of securities and other financial instruments." You be the judge. - Jerryseinfeld 22:54, 18 Dec 2004 (UTC)
I am not interested in your version or my version. I am interested in a good article. In "my" re-write of the introduction I have kept material contributed by others, you included, which is correct and interesting. There is still lots of room for improvement - a little re-ordering would also be helpful. The article is not finished, there is work to do. Please continue to contribute. Edit boldly. Paul Beardsell 23:32, 18 Dec 2004 (UTC)
