What is an Exchange?


Book Description

New technology has revolutionized the nature and threatened the existence of traditional stock and futures exchanges. This book analyses how they have responded to developments in automation,




The World's First Stock Exchange


Book Description

This account of the sophisticated financial hub that was 17th-century Amsterdam “does a fine job of bringing history to life” (Library Journal). The launch of the Dutch East India Company in 1602 initiated Amsterdam’s transformation from a regional market town into a dominant financial center. The Company introduced easily transferable shares, and within days buyers had begun to trade them. Soon the public was engaging in a variety of complex transactions, including forwards, futures, options, and bear raids, and by 1680 the techniques deployed in the Amsterdam market were as sophisticated as any we practice today. Lodewijk Petram’s award-winning history demystifies financial instruments by linking today’s products to yesterday’s innovations, tying the market’s operation to the behavior of individuals and the workings of the world around them. Traveling back in time, Petram visits the harbor and other places where merchants met to strike deals. He bears witness to the goings-on at a notary’s office and sits in on the consequential proceedings of a courtroom. He describes in detail the main players, investors, shady characters, speculators, and domestic servants and other ordinary folk, who all played a role in the development of the market and its crises. His history clarifies concerns that investors still struggle with today—such as fraud, the value of information, trust and the place of honor, managing diverging expectations, and balancing risk—and does so in a way that is vivid, relatable, and critical to understanding our contemporary world.




Foreign Exchange Operations


Book Description

The ultimate nuts-and-bolts guide to foreign exchange operations The foreign exchange landscape is particularly risky since so much of the world is unregulated and takes place over the counter (off exchange). Brilliant traders and money managers who are profitable may find themselves underperforming, or worse, losing, simply because they failed to establish strong operations. In this book, David DeRosa provides industry players with everything they need for strong operational functions from all the types of trades to execution, master trading agreements, documentation, settlement, margin and collateral, and prime brokerage services. Contains vital work flow solutions for trading in the volatile foreign exchange marketplace Offers information for mastering the operational aspect of foreign exchange trading to help determine best partners such as prime brokers and others Written by David DeRosa a leading foreign exchange expert who has consulted to hundreds of financial institutions Foreign Exchange Operations helps traders mitigate risks and offers a guide to all aspects of trading operations from mastering trading agreements to margin documentation.







Tokens of Exchange


Book Description

The problem of translation has become increasingly central to critical reflections on modernity and its universalizing processes. Approaching translation as a symbolic and material exchange among peoples and civilizations—and not as a purely linguistic or literary matter, the essays in Tokens of Exchange focus on China and its interactions with the West to historicize an economy of translation. Rejecting the familiar regional approach to non-Western societies, contributors contend that “national histories” and “world history” must be read with absolute attention to the types of epistemological translatability that have been constructed among the various languages and cultures in modern times. By studying the production and circulation of meaning as value in areas including history, religion, language, law, visual art, music, and pedagogy, essays consider exchanges between Jesuit and Protestant missionaries and the Chinese between the seventeenth and nineteenth centuries and focus on the interchanges occasioned by the spread of capitalism and imperialism. Concentrating on ideological reciprocity and nonreciprocity in science, medicine, and cultural pathologies, contributors also posit that such exchanges often lead to racialized and essentialized ideas about culture, sexuality, and nation. The collection turns to the role of language itself as a site of the universalization of knowledge in its contemplation of such processes as the invention of Basic English and the global teaching of the English language. By focusing on the moments wherein meaning-value is exchanged in the translation from one language to another, the essays highlight the circulation of the global in the local as they address the role played by historical translation in the universalizing processes of modernity and globalization. The collection will engage students and scholars of global cultural processes, Chinese studies, world history, literary studies, history of science, and anthropology, as well as cultural and postcolonial studies. Contributors. Jianhua Chen, Nancy Chen, Alexis Dudden Eastwood, Roger Hart, Larissa Heinrich, James Hevia, Andrew F. Jones, Wan Shun Eva Lam, Lydia H. Liu, Deborah T. L. Sang, Haun Saussy, Q. S. Tong, Qiong Zhang




The Exchange of Words


Book Description

The capacity to speak is not only the ability to pronounce words, but the socially-recognized capacity to make one's words count in various ways. We rely on this capacity whenever we tell another person something and expect to be believed, and what we learn from others in this way is the basis for most of what we take ourselves to know about the world. In The Exchange of Words, Richard Moran provides a philosophical exploration of human testimony as a form of intersubjective understanding in which speakers communicate by making themselves accountable for the truth of what they say. The book brings together themes from literature, philosophy of language, moral psychology, action theory, and epistemology, for a new approach to this fundamental human phenomenon. The account developed here starts from the difference between what may be revealed in one's speech (like a regional accent) and what we explicitly claim and make ourselves answerable for. Some prominent themes include: the meaning of sincerity in speech, the nature of mutuality and how it differs from 'mind-reading', the interplay between the first-person and the second-person perspectives in conversation, and the nature of the speech act of telling and related illocutions as developed by philosophers such as J. L. Austin and Paul Grice. Everyday dialogue is the locus of a kind of intersubjective understanding that is distinctive of the transmission of reasons in human testimony, and The Exchange of Words is an original and integrated account of this basic way of being informative to and in touch with one another.




What is an Exchange?


Book Description

Important reference point on the recent development of exchanges.' - Dr Rolf E. Breuer, Chairman of Deutsche Bank and Chairman of Deutsche Borse; 'Ruben Lee has long been a thoughtful student of securities trading markets.




Standard for Automatic Exchange of Financial Account Information in Tax Matters, Second Edition


Book Description

This publication contains the following four parts: A model Competent Authority Agreement (CAA) for the automatic exchange of CRS information; the Common Reporting Standard; the Commentaries on the CAA and the CRS; and the CRS XML Schema User Guide.




The Philadelphia Stock Exchange and the City It Made


Book Description

The Philadelphia Stock Exchange and the City It Made recounts the history of America's first stock exchange and the ways it shaped the growth and decline of the city around it. Founded in 1790, the Philadelphia Stock Exchange, its member firms, and the companies they financed had profound impacts on the city's place in the world economy. At its start, the exchange and its members helped spur the development of the early United States, its financial sector, and its westward expansion. During the nineteenth century, they invested in making Philadelphia the center of industrial America, raising capital for the railroads and coal mines that connected cities to one another and built a fossil fuel-based economy. After financing the Civil War, they underwrote the growth of the modern metropolis, its transportation infrastructure, utility systems, and real estate development. At the turn of the twentieth century, stagnation of the exchange contributed to Philadelphia's loss of power in the national and world economy. This original interpretation of the roots of deindustrialization holds important lessons for other cities that have declined. The exchange's revival following World War II is a remarkable story, but it also illustrates the limits of economic development in postindustrial cities. Unlike earlier eras, the exchange's fortunes diverged from those of the city around it. Ultimately, it became part of a larger, global institution when it merged with NASDAQ in 2008. Far more than a history of a single institution, The Philadelphia Stock Exchange and the City It Made traces the evolving relationship between the exchange and the city. For people concerned with cities and their development, this study offers a long-term history of the public-private partnerships and private sector-led urban development popular today. More generally, it traces the networks of firms and institutions revealed by the securities market and its participants. Herein lies a critical and understudied part of the history of metropolitan economic development.




Confusion de Confusiones [1688]


Book Description

This book is the first that describes the practices of any stock exchange; it makes evident a high development of practices, with puts, calls, pools, and manipulations; and it appeared as early as the seventeenth century. Not inappropriately the stock exchange described is that of Amsterdam, a city which at the date of the volume’s publication —1688 — was still the leading financial center of the world. The book, to be sure, is hardly a systematic account of the institution; the author pursued moral, philosophical, and rhetorical objectives, and, while saying a lot that seems now to be of little value, manages somehow to leave unsaid a great deal that would be of interest for us. Nevertheless, it represents, even in its peculiar form, a really important source of information about the stock exchange, and indeed about the Dutch business world of that period.