Misplaced Pages

#52947

27-504: The Baltic Exchange (incorporated as The Baltic Exchange Limited ) is a membership organisation for the maritime industry , and freight market information provider for the trading and settlement of physical and derivative contracts . Situated since Edwardian times at 24–28 St Mary Axe , London EC3 , the building was destroyed by a bomb in 1992 . The Baltic Exchange then relocated to 38 St Mary Axe on 15 May 1995, before establishing its headquarters at 77 Leadenhall Street in

54-1055: A private limited company with shares owned by its members on 17 January 1900, the Baltic Exchange was acquired in November 2016 by the Singapore Exchange (SGX) and remains headquartered in London . The exchange provides daily freight market prices and maritime shipping cost indices which are used to guide freight traders as to the current level of various global shipping markets, as well as being used to set freight contract rates and settle freight futures (known as Forward Freight Agreements or FFAs). Historically operating on its trading floor , Baltic members' transactions are nowadays primarily conducted via other means of communication ( eg . telephone, e-mail, instant messaging etc ), although face-to-face client meetings remain integral to building trust . The exchange

81-593: A dry cargo fixture list, sale and purchase values, LPG & LNG assessments, daily market news, and the market settlement data for freight derivative contracts. BIFFEX, the Baltic International Freight Futures Exchange , was a London-based exchange for trading ocean freight futures contracts with settlement based on the Baltic Freight Index . It started trading dry cargo freight futures contracts in 1985, and

108-904: A market. In September 2007, the German trade association for Fachverband Verbindungs- und Befestigungstechnik (VBT) and five fastener companies were fined 303 million euros by the European Commission for operating cartels in the markets for fasteners and attaching machines in Europe and worldwide. In one of the cartels, the YKK Group , Coats plc , the Prym group, the Scovill group, A. Raymond, and Berning & Söhne "agreed [...] on coordinated price increases in annual 'price rounds' with respect to 'other fasteners' and their attaching machines, in

135-500: A specific corporate product, such as a specific brand of cheese or toilet paper, industry trade groups advertisements generally are targeted to promote the views of an entire industry. These ads mention only the industry's products as a whole, painting them in a positive light in order to have the public form positive associations with that industry and its products. For example, in the US the advertising campaign "Beef. It's what's for dinner"

162-471: A trade association in the first place. Examples of larger trade associations that publish a comprehensive range of media include European Wind Energy Association (EWEA), Association of British Travel Agents (ABTA) and the Confederation of British Industry (CBI). Industry trade groups sometimes produce advertisements, just as normal corporations do. However, whereas typical advertisements are for

189-489: Is the source of market-wide information and publishes seven daily indices made up from a suite of wet and dry bench-marked time-charter and voyage routes: In April 2018, the Baltic Exchange announced a global container index called the Freightos Baltic Index (FBX) in partnership with Freightos . Liquified Natural Gas (LNG) assessments launched in 2019. The exchange also provides forward curves,

216-847: Is used by the National Cattlemen's Beef Association to promote a positive image of beef in the public consciousness. These are adverts targeted at specific issues. For example, in the US in the early 2000s the Motion Picture Association of America (MPAA) began running advertisements before films that advocate against movie piracy over the Internet. Trade associations have faced frequent criticism due to allegations that they operate not as profit-making organizations, but rather as fronts for cartels involved in anti-competitive practices . Critics contend that these associations engage in activities such as price-fixing ,

243-660: The City of London as well as further offices in Europe, across Asia, and in the United States. Its international community of 650 member companies encompasses the majority of world shipping interests and commits to a code of business conduct overseen by the Baltic Exchange: its members are responsible for a large proportion of all dry cargo and tanker fixtures as well as the sale and purchase of merchant vessels. The Baltic Exchange traces its roots back to 1744 at

270-580: The Tulip mania . The price collapsed on October 1. In the seventeenth century, the Dutch were the first to use the stock market to finance companies. The first company to issue stocks and bonds was the Dutch East India Company , introduced in 1602. The London Stock Exchange started operating and listing shares and bonds in 1688. The Paris Stock Exchange was founded in 1724. In 1774,

297-549: The Virginia and Baltick Coffee House on Threadneedle Street , near the Royal Exchange . With the rapid expansion of Britain's network of global trade, London's mercantile coffee houses operated as a maritime commercial node for communication and business. As British influence in trade to Virginia began to wane after American Independence , focus shifted to Russian Empire and other emerging markets. Incorporated as

SECTION 10

#1732765650053

324-431: The government 's approach to consulting business associations has been noted by the European Commission as a good practice example. Almost all trade associations are heavily involved in publishing activities in print and online. The main media published by trade associations are as follows: The opportunity to be promoted in such media (whether by editorial or advertising) is often an important reason why companies join

351-497: The Baltic Exchange's management comprises: The exchange was historically located at 24–28 St Mary Axe in the City of London until it was destroyed in 1992 by a terrorist bomb attack . The grandeur of the Baltic's interior is depicted by Finnemore 's engraving in 1918 of its Exchange Hall ( ie. trading floor ). Now based at 77 Leadenhall Street , London EC3 , the Baltic Exchange has further offices in Europe, Asia, and

378-533: The Italian Republics of Genoa , Florence and Venice , conducted business in the late medieval period. The building, which was established by Robert van der Beurze as a hostelry, had operated from 1285. Its managers became famous for offering judicious financial advice to the traders and merchants who frequented the building. This service became known as the "Beurze Purse" which is the basis of bourse , meaning an organized place of exchange. Eventually,

405-437: The United States, is to attempt to influence public policy in a direction favorable to the group's members. It can take the form of contributions to the campaigns of political candidates and parties through political action committees (PACs); contributions to "issue" campaigns not tied to a candidate or party; and lobbying legislators to support or oppose particular legislation. In addition, trade groups attempt to influence

432-770: The United States, outlined the potentially anti-competitive nature of some trade association activity in a speech to the American Bar Association in Washington, DC , in March 2005 called "The Good, the Bad and the Ugly: Trade Associations and Antitrust ". For instance, he said that under the guise of "standard setting", trade associations representing the established players in an industry can set rules that make it harder for new companies to enter

459-410: The United States. Past chairmen include: 51°30′54″N 0°04′49″W  /  51.5151°N 0.0802°W  / 51.5151; -0.0802 Trade association In countries with a social market economy , the role of trade associations is often taken by employers' organizations , which also take a role in social dialogue . One of the primary purposes of trade groups, particularly in

486-651: The United States. Regulators also started using the term trading venue to describe the wider definition which encompasses both traditional exchanges and electronic exchanges. Exchanges bring together brokers and dealers who buy and sell these objects. These various financial instruments can typically be sold either through the exchange, typically with the benefit of a clearing house to reduce settlement risk . Exchanges can be subdivided: In practice, futures exchanges are usually commodity exchanges, i.e., all derivatives , including financial derivatives, are usually traded at commodity exchanges. This has historical reasons:

513-509: The activities of regulatory bodies . In the United States, direct contributions by PACs to candidates are required to be disclosed to the Federal Election Commission or state and local election overseers; are considered public information; and have registration requirements for lobbyists (FEC: Lobbyist). Even so, it can sometimes be difficult to trace the funding for issue and non-electoral campaigns. In Slovenia ,

540-566: The building became solely a place for trading in commodities. During the 18th century, the façade of the Huis ter Beurze was rebuilt with a wide frontage of pilasters . However, in 1947 it was restored to its original medieval appearance. In the thirteenth century, the Lombard bankers were the first to share state claims in Pisa, Genoa, and Florence. In 1409, the phenomenon was institutionalized by

567-422: The courts required that it be shouted to improve the transparency of operations. In the nineteenth century, the industrial revolution enabled rapid development of stock markets, driven by the significant capital requirements for the finance industry and transport. Since the computer revolution of the 1970s, there has been a dematerialization of securities traded on the stock exchange. In 1971, Nasdaq became

SECTION 20

#1732765650053

594-477: The creation and maintenance of barriers to entry in the industry, and other subtle self-serving actions that are detrimental to the public interest. These criticisms raise concerns about the true nature and intentions of trade associations, questioning their commitment to fair competition and the welfare of the broader economy. Jon Leibowitz , a commissioner at the Federal Trade Commission in

621-821: The creation of the Exchange Bruges. It was quickly followed by others, in Flanders and neighboring countries (Ghent and Amsterdam). It is still in Belgium and the first building designed to house a scholarship was built in Antwerp. The first scholarship organized in France was born in Lyon in 1540. The first documented crash took place in 1636 in Holland. The prices of tulip bulbs reaching excessively high levels, known as

648-603: The debts of agricultural communities on behalf of banks. These were actually the first brokers. They met on the Grand Bridge in Paris, the current Pont au Change . It takes its name from the forex brokers. The term bourse is related to the 13th-century inn named " Huis ter Beurze " owned by Van der Beurze  [ nl ] family in Bruges , Belgium , where traders and foreign merchants from across Europe, especially

675-494: The framework of work circles organised by VBT". Exchange (organized market) An exchange , bourse ( / b ʊər s / ), trading exchange or trading venue is an organized market where (especially) tradable securities , commodities , foreign exchange , futures , and options contracts are bought and sold. In the twelfth century, foreign exchange dealers in France were responsible for controlling and regulating

702-476: The world's first electronic stock market. In France, the dematerialization was effective from November 5, 1984. The development of information technology during the late part of the 20th century led to a new type of electronic exchange that replaced the more traditional physical markets. This led to new definitions in financial regulations that recognized these new exchanges, such as the multilateral trading facility in Europe and alternative trading system in

729-495: Was modestly successful for some years. All contracts were cleared by the ICCH (International Commodity Clearing House), later renamed LCH.Clearnet (London Clearing House). A tanker freight futures contract was introduced in 1986, but never became popular and was suspended indefinitely the same year. Volumes in the dry cargo contracts dwindled over the years, and the contracts ceased trading due to lack of liquidity in 2001. As of 2023,

#52947