Comparison of Capital Market
(IDX, NYSE, Shanghai SE)
Introduction
Indonesia Stock Exchange (IDX) or in Indonesian Bursa Efek Indonesia (BEI) is a stock exchange based in Jakarta, Indonesia. It was previously known as Jakarta Stock Exchange (JSX) before its name changed in 2007 after merging with Surabaya Stock Exchange (SSX). As of 31 December 2007, the Indonesia Stock Exchange had 383 listed companies with a combined market capitalization of $212 billion
The Shanghai Stock Exchange (SSE) is a Chinese stock exchange or bourse that is based in the city of Shanghai. It is one of the three stock exchanges operating independently in the People's Republic of China, the other two are the Shenzhen Stock Exchange and the Hong Kong Stock Exchange. Unlike the Hong Kong Stock Exchange, the Shanghai Stock Exchange is still not entirely open to foreign investors due to tight capital account controls exercised by the Chinese mainland authorities.
At the end of 2007, the Shanghai Stock Exchange had 860 listed companies with a combined market capitalization of US$3.95 trillion, making it the largest in China and second largest in the world. The current exchange was re-established on November 26, 1990 and was in operation on December 19 of the same year. It is a non-profit organization directly administered by the China Securities Regulatory Commission (CSRC).
The New York Stock Exchange (NYSE) is a stock exchange located at 11 Wall Street in lower Manhattan, New York City, USA. It is the world's largest stock exchange by market capitalization of its listed companies at US$28.5 trillion as of May 2008.
The NYSE is operated by NYSE Euronext, which was formed by the NYSE's 2007 merger with the fully electronic stock exchange Euronext. The NYSE trading floor is located at 11 Wall Street and is composed of four rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978, as was the 11 Wall Street building.
Related Theories
Value Of Share Trading
The value of share trading is the total number of shares traded multiplied by their respective matching prices. The table distinguishes trading value of domestic and foreign shares. Figures are single counted (only one side of the transaction is considered). Companies admitted to listing and admitted to trading are included in the data.
In order to achieve a more complete view of market activity, share trading value is split into two main categories of trades according to the facility / means used to execute the trading operation :
Trades effected through the Electronic Order Book
These trades represent the transfer of ownership effected automatically through the exchange’s electronic order book where orders placed by trading members are usually exposed to all market users and automatically matched according to precise rules set up by the exchange, generally on a price/time priority basis.
Negotiated deals
These trades represent the transfer of ownership effected through a bilateral negotiation and involving at least one exchange’s member intermediary (trades between two intermediaries or between an intermediary and a customer). These trades may not be exposed to the market until after the trade is completed. They can be executed in a number of ways, including special trading platforms, telephone or other structures, and are reported by the intermediary to the exchange’s authorities. They can be executed and/or reported on systems operated by the exchange. To be included in the statistical reporting, this activity must generate revenues for the exchange.
Total share turnover is composed of electronic order book and negotiated deals.
Number of Listed Company
Number of companies which have shares listed on an exchange at the end of the period, split into domestic and foreign, excluding investment funds and unit trusts. A company with several classes of shares is counted just once. Only companies admitted to listing are included.
Domestic / Foreign Company
A company is considered domestic when it is incorporated in the same country as where the exchange is located. A company is considered foreign when it is incorporated in a country other than that where the exchange is located.
Domestic Market Capitalization
The market capitalization of a stock exchange is the total number of issued shares of domestic companies, including their several classes, multiplied by their respective prices at a given time. This figure reflects the comprehensive value of the market at that time.
The market capitalization figures include:
- shares of domestic companies ;
- shares of foreign companies which are exclusively listed on an exchange, i.e. the foreign company is not quoted on any other exchange
- common and preferred shares of domestic companies
- shares without voting rights
The market capitalization figures exclude:
- collective investment funds ;
- rights, warrants, ETFs, convertible instruments ;
- options, futures ;
- foreign listed shares other than exclusively listed ones ;
- companies whose only business goal is to hold shares of other listed companies
- companies admitted to trading (companies admitted to trading are companies whose shares are traded at the exchange but not listed at the exchange)
Broad Stock Market Indexes
Broad indexes are, in general, market capitalization-weighted, including a large sample of listed domestic companies, as the all-share or composite indexes. They are generally recalculated to adjust to capital operations and to modifications in the company composition of the index. The index can be market capitalization-weighted or free float based.
When the index is a price index, it measures the pure change of share prices without taking into consideration returns from dividend pay-outs.
When the index is a return index, it measures the total return of investments on the index shares, including reinvested dividends.
Certain WFE member exchanges operate several markets, and report index performances on an individual basis.
(IDX, NYSE, Shanghai SE)
Introduction
Indonesia Stock Exchange (IDX) or in Indonesian Bursa Efek Indonesia (BEI) is a stock exchange based in Jakarta, Indonesia. It was previously known as Jakarta Stock Exchange (JSX) before its name changed in 2007 after merging with Surabaya Stock Exchange (SSX). As of 31 December 2007, the Indonesia Stock Exchange had 383 listed companies with a combined market capitalization of $212 billion
The Shanghai Stock Exchange (SSE) is a Chinese stock exchange or bourse that is based in the city of Shanghai. It is one of the three stock exchanges operating independently in the People's Republic of China, the other two are the Shenzhen Stock Exchange and the Hong Kong Stock Exchange. Unlike the Hong Kong Stock Exchange, the Shanghai Stock Exchange is still not entirely open to foreign investors due to tight capital account controls exercised by the Chinese mainland authorities.
At the end of 2007, the Shanghai Stock Exchange had 860 listed companies with a combined market capitalization of US$3.95 trillion, making it the largest in China and second largest in the world. The current exchange was re-established on November 26, 1990 and was in operation on December 19 of the same year. It is a non-profit organization directly administered by the China Securities Regulatory Commission (CSRC).
The New York Stock Exchange (NYSE) is a stock exchange located at 11 Wall Street in lower Manhattan, New York City, USA. It is the world's largest stock exchange by market capitalization of its listed companies at US$28.5 trillion as of May 2008.
The NYSE is operated by NYSE Euronext, which was formed by the NYSE's 2007 merger with the fully electronic stock exchange Euronext. The NYSE trading floor is located at 11 Wall Street and is composed of four rooms used for the facilitation of trading. A fifth trading room, located at 30 Broad Street, was closed in February 2007. The main building, located at 18 Broad Street, between the corners of Wall Street and Exchange Place, was designated a National Historic Landmark in 1978, as was the 11 Wall Street building.
Related Theories
Value Of Share Trading
The value of share trading is the total number of shares traded multiplied by their respective matching prices. The table distinguishes trading value of domestic and foreign shares. Figures are single counted (only one side of the transaction is considered). Companies admitted to listing and admitted to trading are included in the data.
In order to achieve a more complete view of market activity, share trading value is split into two main categories of trades according to the facility / means used to execute the trading operation :
Trades effected through the Electronic Order Book
These trades represent the transfer of ownership effected automatically through the exchange’s electronic order book where orders placed by trading members are usually exposed to all market users and automatically matched according to precise rules set up by the exchange, generally on a price/time priority basis.
Negotiated deals
These trades represent the transfer of ownership effected through a bilateral negotiation and involving at least one exchange’s member intermediary (trades between two intermediaries or between an intermediary and a customer). These trades may not be exposed to the market until after the trade is completed. They can be executed in a number of ways, including special trading platforms, telephone or other structures, and are reported by the intermediary to the exchange’s authorities. They can be executed and/or reported on systems operated by the exchange. To be included in the statistical reporting, this activity must generate revenues for the exchange.
Total share turnover is composed of electronic order book and negotiated deals.
Number of Listed Company
Number of companies which have shares listed on an exchange at the end of the period, split into domestic and foreign, excluding investment funds and unit trusts. A company with several classes of shares is counted just once. Only companies admitted to listing are included.
Domestic / Foreign Company
A company is considered domestic when it is incorporated in the same country as where the exchange is located. A company is considered foreign when it is incorporated in a country other than that where the exchange is located.
Domestic Market Capitalization
The market capitalization of a stock exchange is the total number of issued shares of domestic companies, including their several classes, multiplied by their respective prices at a given time. This figure reflects the comprehensive value of the market at that time.
The market capitalization figures include:
- shares of domestic companies ;
- shares of foreign companies which are exclusively listed on an exchange, i.e. the foreign company is not quoted on any other exchange
- common and preferred shares of domestic companies
- shares without voting rights
The market capitalization figures exclude:
- collective investment funds ;
- rights, warrants, ETFs, convertible instruments ;
- options, futures ;
- foreign listed shares other than exclusively listed ones ;
- companies whose only business goal is to hold shares of other listed companies
- companies admitted to trading (companies admitted to trading are companies whose shares are traded at the exchange but not listed at the exchange)
Broad Stock Market Indexes
Broad indexes are, in general, market capitalization-weighted, including a large sample of listed domestic companies, as the all-share or composite indexes. They are generally recalculated to adjust to capital operations and to modifications in the company composition of the index. The index can be market capitalization-weighted or free float based.
When the index is a price index, it measures the pure change of share prices without taking into consideration returns from dividend pay-outs.
When the index is a return index, it measures the total return of investments on the index shares, including reinvested dividends.
Certain WFE member exchanges operate several markets, and report index performances on an individual basis.
