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129-492: Launched in 2001 as a fully electronic regional exchange. Trades are settled on a one day after trade (T+1) cycle and cleared on a delivery against payment (DVP) basis. Equities are listed Sovereign Debt is listed for: This article about stock exchanges is a stub . You can help Misplaced Pages by expanding it . This Caribbean-related article is a stub . You can help Misplaced Pages by expanding it . Stock exchange A stock exchange , securities exchange , or bourse

258-583: A Platanus occidentalis (buttonwood tree) in New York City , as 24 stockbrokers signed the Buttonwood Agreement , agreeing to trade five securities under that buttonwood tree. Bombay Stock Exchange was started by Premchand Roychand in 1875. While BSE Limited is now synonymous with Dalal Street, it was not always so. In the 1850s, five stock brokers gathered together under a Banyan tree in front of Mumbai Town Hall, where Horniman Circle

387-539: A "complex network of trade routes" that gave people the chance to exchange goods and culture. A maritime Silk Route opened up between Chinese-controlled Giao Chỉ (centred in modern Vietnam , near Hanoi ), probably by the 1st century. It extended, via ports on the coasts of India and Sri Lanka , all the way to Roman -controlled ports in Roman Egypt and the Nabataean territories on the northeastern coast of

516-596: A "silk" one in particular. William Dalrymple points out that in pre-modern times, maritime travel cost only a fifth of overland transport, and argues for the pre-13th century primacy of an India-dominated " Golden Road " extending from Rome to Japan. The southern stretches of the Silk Road, from Khotan ( Xinjiang ) to Eastern China, were first used for jade and not silk, as long as 5000 BCE , and are still in use for this purpose. The term "Jade Road" would have been more appropriate than "Silk Road" had it not been for

645-755: A Chinese tomb of Shanxi province dated to the Sui dynasty (581–618). Both the Old Book of Tang and New Book of Tang , covering the history of the Chinese Tang dynasty (618–907), record that a new state called Fu-lin (拂菻; i.e. Byzantine Empire) was virtually identical to the previous Daqin (大秦; i.e. Roman Empire). Several Fu-lin embassies were recorded for the Tang period, starting in 643 with an alleged embassy by Constans II (transliterated as Bo duo li , 波多力, from his nickname "Kōnstantinos Pogonatos") to

774-557: A building near the Town Hall until 1928. The present site near Horniman Circle was acquired by the exchange in 1928, and a building was constructed and occupied in 1930. The street on which the site is located came to be called Dalal Street in Hindi (meaning "Broker Street") due to the location of the exchange. On 31 August 1957, the BSE became the first stock exchange to be recognized by

903-500: A central location such as the floor of the exchange or by using an electronic system to process financial transactions. To be able to trade a security on a particular stock exchange, the security must be listed there. Usually, there is a central location for record keeping, but trade is increasingly less linked to a physical place as modern markets use electronic communication networks , which give them advantages of increased speed and reduced cost of transactions. Trade on an exchange

1032-631: A contingent of Roman legionaries. The Romans may have been part of Antony 's army invading Parthia . Sogdiana (modern Bukhara ), east of the Oxus River, on the Polytimetus River, was apparently the most easterly penetration ever made by Roman forces in Asia. The margin of Chinese victory appears to have been their crossbows, whose bolts and darts seem easily to have penetrated Roman shields and armour. The Han dynasty army regularly policed

1161-589: A group of financial corporations announced plans to open a members owned exchange, MEMX , an ownership structure similar to the mutual organizations of earlier exchanges. In the 19th century, exchanges were opened to trade forward contracts on commodities . Exchange traded forward contracts are called futures contracts . These commodity markets later started offering future contracts on other products, such as interest rates and shares, as well as options contracts. They are now generally known as futures exchanges . Lists : Silk Road The Silk Road

1290-737: A leading astronomer and physician in Khanbaliq , at the court of Kublai Khan , Mongol founder of the Yuan dynasty (1271–1368) and was even granted the noble title 'Prince of Fu lin' ( Chinese : 拂菻王; Fú lǐn wáng). The Uyghur Nestorian Christian diplomat Rabban Bar Sauma , who set out from his Chinese home in Khanbaliq (Beijing) and acted as a representative for Arghun (a grandnephew of Kublai Khan), traveled throughout Europe and attempted to secure military alliances with Edward I of England , Philip IV of France , Pope Nicholas IV , as well as

1419-405: A means of currency, just as valuable as silk yarn and textiles. Under its strong integrating dynamics on the one hand and the impacts of change it transmitted on the other, tribal societies previously living in isolation along the Silk Road, and pastoralists who were of barbarian cultural development, were drawn to the riches and opportunities of the civilisations connected by the routes, taking on

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1548-486: A number of important technologies, and in addition to raiding vulnerable settlements for these commodities, they also encouraged long-distance merchants as a source of income through the enforced payment of tariffs. Sogdians played a major role in facilitating trade between China and Central Asia along the Silk Roads as late as the 10th century, their language serving as a lingua franca for Asian trade as far back as

1677-509: A report by the World Federation of Exchanges (WFE) , stock exchanges contribute to economic growth by enabling companies to access long-term capital, thereby fostering innovation and job creation. While stock exchanges are not designed to be platforms for the redistribution of wealth, they play a significant role in allowing both casual and professional stock investors to partake in the wealth generated by profitable businesses. This

1806-409: A stock exchange, a company is required to adhere to a set of rules and regulations established by the exchange itself. These regulations serve as a framework for corporate governance, financial transparency, and accountability, thereby ensuring that listed companies operate in a manner that is conducive to investor confidence and market stability. By imposing these standards, stock exchanges contribute to

1935-418: A wide and varied scope of owners, companies generally tend to improve management standards and efficiency to satisfy the demands of these shareholders and the more stringent rules for public corporations imposed by public stock exchanges and the government. This improvement can be attributed in some cases to the price mechanism exerted through shares of stock, wherein the price of the stock falls when management

2064-571: Is a modern name, acquired from its similarity to the overland Silk Road. Like the overland routes, the ancient maritime routes through Southeast Asia and the Indian Ocean had no particular name for the majority of its very long history. Despite the modern name, the Maritime Silk Road involved exchanges in a wide variety of goods over a very wide region, not just silk or Asian exports. It differed significantly in several aspects from

2193-441: Is achieved through the distribution of dividends and the potential for stock price increases leading to capital gains. As a result, individuals who invest in stocks have the opportunity to share in the prosperity of successful companies, effectively participating in a form of wealth redistribution through their investment activities. Thus, while not the primary purpose of stock exchanges, the opportunity for individuals to benefit from

2322-614: Is an exchange where stockbrokers and traders can buy and sell securities , such as shares of stock , bonds and other financial instruments . Stock exchanges may also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividends . Securities traded on a stock exchange include stock issued by listed companies , unit trusts , derivatives , pooled investment products and bonds. Stock exchanges often function as "continuous auction" markets with buyers and sellers consummating transactions via open outcry at

2451-414: Is considered poor (making the firm vulnerable to a takeover by new management) or rises when management is doing well (making the firm less vulnerable to a takeover). In addition, publicly listed shares are subject to greater transparency so that investors can make informed decisions about a purchase. Consequently, it is alleged that public companies (companies that are owned by shareholders who are members of

2580-748: Is little consensus among scholars as to when corporate stock was first traded. Some view the key event as the Dutch East India Company 's founding in 1602, while others point to much earlier developments (Bruges, Antwerp in 1531 and in Lyon in 1548). The first book in history of securities exchange, the Confusion of Confusions, was written by the Dutch-Jewish trader Joseph de la Vega and the Amsterdam Stock Exchange

2709-497: Is not limitless (it was approximately $ 15 million in 2001 for a biotechnology company). Another alternative source of cash for a private company is a corporate partner, usually an established multinational company, which provides capital for the smaller company in return for marketing rights, patent rights, or equity. Corporate partnerships have been used successfully in a large number of cases. When people draw their savings and invest in shares (through an initial public offering or

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2838-580: Is now situated. A decade later, the brokers moved their location to another leafy setting, this time under banyan trees at the junction of Meadows Street and what was then called Esplanade Road, now Mahatma Gandhi Road. With a rapid increase in the number of brokers, they had to shift places repeatedly. At last, in 1874, the brokers found a permanent location, the one that they could call their own. The brokers group became an official organization known as "The Native Share & Stock Brokers Association" in 1875. The Bombay Stock Exchange continued to operate out of

2967-670: Is often considered the oldest "modern" securities market in the world. On the other hand, economist Ulrike Malmendier of the University of California at Berkeley argues that a share market existed as far back as ancient Rome , that derives from Etruscan "Argentari". In the Roman Republic , which existed for centuries before the Empire was founded, there were societates publicanorum , organizations of contractors or leaseholders who performed temple-building and other services for

3096-475: Is open to both the large and small stock investors as minimum investment amounts are minimal. Therefore, the stock exchange provides the opportunity for small investors to own shares of the same companies as large investors. Governments at various levels may decide to borrow money to finance infrastructure projects such as sewage and water treatment works or housing estates by selling another category of securities known as bonds . These bonds can be raised through

3225-405: Is restricted to brokers who are members of the exchange. In recent years, various other trading venues such as electronic communication networks, alternative trading systems and " dark pools " have taken much of the trading activity away from traditional stock exchanges. Initial public offerings of stocks and bonds to investors is done in the primary market and subsequent trading is done in

3354-523: Is the usual way that derivatives and bonds are traded. Increasingly, stock exchanges are part of a global securities market. Stock exchanges also serve an economic function in providing liquidity to shareholders in providing an efficient means of disposing of shares. In recent years, as the ease and speed of exchanging stocks over digital platforms has increased, volatility in the day-to-day market has increased, too. The beginnings of lending were in Italy in

3483-793: The Alans ], Lijian [Syria under the Greek Seleucids], Tiaozhi (Mesopotamia), and Tianzhu [northwestern India] ... As a rule, rather more than ten such missions went forward in the course of a year, and at the least five or six. ( Hou Hanshu , Later Han History). These connections marked the beginning of the Silk Road trade network that extended to the Roman Empire. The Chinese campaigned in Central Asia on several occasions, and direct encounters between Han troops and Roman legionaries (probably captured or recruited as mercenaries by

3612-546: The Alternext , CAC Small , SDAX , TecDAX ). Alternative investment funds refer to funds that include hedge funds, venture capital, private equity, angel funds, real estate, commodities, collectibles, structured products , etc. Alternative investment funds are an alternative to traditional investment options (stocks, bonds, and cash). Companies have also raised significant amounts of capital through R&D limited partnerships . Tax law changes that were enacted in 1987 in

3741-656: The Berel burial ground in Kazakhstan , confirmed that the nomadic Arimaspians were not only breeding horses for trade but also produced great craftsmen able to propagate exquisite art pieces along the Silk Road. From the 2nd millennium BCE, nephrite jade was being traded from mines in the region of Yarkand and Khotan to China. Significantly, these mines were not very far from the lapis lazuli and spinel ("Balas Ruby") mines in Badakhshan , and, although separated by

3870-849: The Hungarian plain and the Carpathian Mountains to the Chinese Gansu Corridor, and linking the Middle East with Northern India and the Punjab , undoubtedly played an important role in the development of the Silk Road. Scythians accompanied the Assyrian Esarhaddon on his invasion of Egypt, and their distinctive triangular arrowheads have been found as far south as Aswan . These nomadic peoples were dependent upon neighbouring settled populations for

3999-697: The Indian Government under the Securities Contracts Regulation Act. Construction of the present building, the Phiroze Jeejeebhoy Towers at Dalal Street , Fort area , began in the late 1970s and was completed and occupied by the BSE in 1980. Initially named the BSE Towers , the name of the building was changed soon after occupation, in memory of Sir Phiroze Jamshedji Jeejeebhoy , chairman of

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4128-779: The Karakum Desert . Both routes joined the main southern route before reaching ancient Merv , Turkmenistan. Another branch of the northern route turned northwest past the Aral Sea and north of the Caspian Sea , then and on to the Black Sea. A route for caravans, the northern Silk Road brought to China many goods such as "dates, saffron powder and pistachio nuts from Persia; frankincense , aloes and myrrh from Somalia ; sandalwood from India; glass bottles from Egypt, and other expensive and desirable goods from other parts of

4257-564: The Kushan Empire between the first and third centuries reinforced the role of the powerful merchants from Bactria and Taxila . They fostered multi-cultural interaction as indicated by their 2nd century treasure hoards filled with products from the Greco-Roman world, China, and India, such as in the archeological site of Begram . The Silk Road trade did not sell only textiles, jewels, metal and cosmetic, but also slaves, connecting

4386-991: The Magyars , Armenians , and Chinese. The Silk Road reached its peak in the west during the time of the Byzantine Empire ; in the Nile- Oxus section, from the Sassanid Empire period to the Il Khanate period; and in the sinitic zone from the Three Kingdoms period to the Yuan dynasty period. Trade between East and West also developed across the Indian Ocean , between Alexandria in Egypt and Guangzhou in China. Persian Sassanid coins emerged as

4515-758: The Malay Peninsula , and the Mekong Delta ; through which passed the main routes of the Austronesian trade ships to Giao Chỉ (in the Tonkin Gulf ) and Guangzhou (southern China ), the endpoints (later also including Quanzhou by the 10th century CE). Secondary routes also passed through the coastlines of the Gulf of Thailand ; as well as through the Java Sea , Celebes Sea , Banda Sea , and

4644-862: The Maldives . It branches from here into routes through the Arabian Sea entering the Gulf of Oman (into the Persian Gulf ), and the Gulf of Aden (into the Red Sea ). Secondary routes also pass through the coastlines of the Bay of Bengal , the Arabian Sea, and southwards along the coast of East Africa to Zanzibar , the Comoros , Madagascar , and the Seychelles . The term "Maritime Silk Road"

4773-520: The Persian Gulf and Red Sea into Persia , Mesopotamia (sailing up the Euphrates River in modern-day Iraq ), Arabia , Egypt , Aksum (Ethiopia), and Somalia in the Horn of Africa . The Silk Road represents an early phenomenon of political and cultural integration due to inter-regional trade. In its heyday, it sustained an international culture that strung together groups as diverse as

4902-884: The Red Sea . The earliest Roman glassware bowl found in China was unearthed from a Western Han tomb in Guangzhou , dated to the early 1st century BCE, indicating that Roman commercial items were being imported through the South China Sea . According to Chinese dynastic histories , it is from this region that the Roman embassies arrived in China, beginning in 166 CE during the reigns of Marcus Aurelius and Emperor Huan of Han . Other Roman glasswares have been found in Eastern-Han-era tombs (25–220 CE) further inland in Luoyang , Nanyang , and Nanjing . Soon after

5031-745: The Sasanian Empire that allowed the Byzantines to bypass the Sasanian merchants and trade directly with the Sogdians for purchasing Chinese silk. Although the Byzantines had already procured silkworm eggs from China by this point, the quality of Chinese silk was still far greater than anything produced in the West, a fact that is perhaps emphasized by the discovery of coins minted by Justin II found in

5160-575: The Silla Kingdom in Gyeongju , Korea. Chinese wealth grew as they delivered silk and other luxury goods to the Roman Empire, whose wealthy women admired their beauty. The Roman Senate issued, in vain, several edicts to prohibit the wearing of silk, on economic and moral grounds: the import of Chinese silk caused a huge outflow of gold, and silk clothes were considered decadent and immoral. I can see clothes of silk, if materials that do not hide

5289-668: The Sulu Sea , reconnecting with the main route through the northern Philippines and Taiwan . The secondary routes also continue onward to the East China Sea and the Yellow Sea for a limited extent. The main route of the western regions of the Maritime Silk Road directly crosses the Indian Ocean from the northern tip of Sumatra (or through the Sunda Strait ) to Sri Lanka , southern India and Bangladesh , and

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5418-581: The São Paulo Stock Exchange (2007). The Shenzhen Stock Exchange and Shanghai Stock Exchange can be characterized as quasi-state institutions insofar as they were created by government bodies in China and their leading personnel are directly appointed by the China Securities Regulatory Commission . Another example is Tashkent Stock Exchange established in 1994, three years after the collapse of

5547-715: The Wusun . Zhang Qian's report suggested the economic reason for Chinese expansion and wall-building westward, and trail-blazed the Silk Road, making it one of the most famous trade routes in history and in the world. After winning the War of the Heavenly Horses and the Han–Xiongnu War , Chinese armies established themselves in Central Asia, initiating the Silk Route as a major avenue of international trade. Some say that

5676-767: The seasoned equity offering of an already listed company), it usually leads to rational allocation of resources because funds, which could have been consumed, or kept in idle deposits with banks, are mobilized and redirected to help companies' management boards finance their organizations. This may promote business activity with benefits for several economic sectors such as agriculture, commerce and industry, resulting in stronger economic growth and higher productivity levels of firms. Companies view acquisitions as an opportunity to expand product lines , increase distribution channels, hedge against volatility , increase their market share , or acquire other necessary business assets . A takeover bid or mergers and acquisitions through

5805-456: The secondary market . A stock exchange is often the most important component of a stock market . Supply and demand in stock markets are driven by various factors that, as in all free markets , affect the price of stocks (see stock valuation ). There is usually no obligation for stock to be issued through the stock exchange itself, nor must stock be subsequently traded on an exchange. Such trading may be off exchange or over-the-counter . This

5934-544: The stock indexes can be an indicator of the general trend in the economy. Stock exchanges offer employment opportunities to various individuals such as jobbers and other members who perform activities within the stock exchange. This makes the stock exchange a source of employment, not only for investors but also for the members and their employees. The diverse range of roles within the stock exchange, including trading, analysis, compliance, and administrative functions, creates an ecosystem of employment opportunities that support

6063-508: The stock market is one of the simplest and most common ways for a company to grow by acquisition or fusion. By going public and listing on a stock exchange, companies gain access to a broader pool of investors, which can provide the necessary funds for expansion, research and development, and other growth initiatives. Additionally, being listed on a stock exchange enhances a company's visibility and credibility, making it more attractive to potential partners, customers, and employees. According to

6192-428: The 12th century, the route was used to ship bullion from Yunnan (gold and silver are among the minerals in which Yunnan is rich), through northern Burma, into modern Bangladesh , making use of the ancient route, known as the 'Ledo' route. The emerging evidence of the ancient cities of Bangladesh, in particular Wari-Bateshwar ruins, Mahasthangarh , Bhitagarh , Bikrampur , Egarasindhur, and Sonargaon , are believed to be

6321-407: The 4th century. The Silk Road was initiated and spread by China's Han dynasty through exploration and conquests in Central Asia . With the Mediterranean linked to the Fergana Valley , the next step was to open a route across the Tarim Basin and the Hexi Corridor to China Proper . This extension came around 130 BCE, with the embassies of the Han dynasty to Central Asia following the reports of

6450-417: The 640s and 650s. During Emperor Taizong's reign alone, large campaigns were launched against not only the Göktürks , but also separate campaigns against the Tuyuhun , the oasis states , and the Xueyantuo . Under Emperor Taizong , Tang general Li Jing conquered the Eastern Turkic Khaganate . Under Emperor Gaozong , Tang general Su Dingfang conquered the Western Turkic Khaganate , an important ally of

6579-433: The Americas were overblown. In London, Parliament passed the Bubble Act , which stated that only royally chartered companies could issue public shares. In Paris, Law was stripped of office and fled the country. Stock trading was more limited and subdued in subsequent decades. Yet the market survived, and by the 1790s shares were being traded in the young United States. On May 17, 1792, the New York Stock Exchange opened under

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6708-571: The BSE share which is traded in NSE only closed with ₹999. Stock exchanges have multiple roles in the economy. This may include the following: Besides the borrowing capacity provided to an individual or firm by the banking system , in the form of credit or a loan, a stock exchange provides companies with the facility to raise capital for expansion through selling shares to the investing public. Capital intensive companies, particularly high tech companies, typically need to raise high volumes of capital in their early stages. For this reason,

6837-400: The BSE since 1966, following his death. In 1986, the BSE developed the S&P BSE SENSEX index, giving the BSE a means to measure the overall performance of the exchange. In 2000, the BSE used this index to open its derivatives market, trading S&P BSE SENSEX futures contracts. The development of S&P BSE SENSEX options along with equity derivatives followed in 2001 and 2002, expanding

6966-432: The BSE's trading platform. Historically an open outcry floor trading exchange, the Bombay Stock Exchange switched to an electronic trading system developed by Cmc ltd . in 1995. It took the exchange only 50 days to make this transition. This automated, screen-based trading platform called BSE On-Line Trading (BOLT) had a capacity of 8 million orders per day. Now BSE has raised capital by issuing shares and as on 3 May 2017

7095-439: The Byzantine empire. After these conquests, the Tang dynasty fully controlled the Xiyu , which was the strategic location astride the Silk Road. This led the Tang dynasty to reopen the Silk Road, with this portion named the Tang-Tubo Road ("Tang-Tibet Road") in many historical texts. The Tang dynasty established a second Pax Sinica , and the Silk Road reached its golden age, whereby Persian and Sogdian merchants benefited from

7224-437: The Byzantine ruler Andronikos II Palaiologos . Andronikos II had two half-sisters who were married to great-grandsons of Genghis Khan , which made him an in-law with the Yuan-dynasty Mongol ruler in Beijing, Kublai Khan. The History of Ming preserves an account where the Hongwu Emperor , after founding the Ming dynasty (1368–1644), had a supposed Byzantine merchant named Nieh-ku-lun (捏古倫) deliver his proclamation about

7353-414: The Central Asian Silk Road through their ports in Barygaza (known today as Bharuch ) and Barbaricum (known today as the city of Karachi , Sindh , Pakistan ) and continued along the western coast of India. An ancient "travel guide" to this Indian Ocean trade route was the Greek Periplus of the Erythraean Sea written in 60 CE. The travelling party of Maës Titianus penetrated farthest east along

7482-478: The Chinese Emperor Wu became interested in developing commercial relationships with the sophisticated urban civilizations of Ferghana, Bactria, and the Parthian Empire : "The Son of Heaven on hearing all this reasoned thus: Ferghana (Dayuan "Great Ionians " ) and the possessions of Bactria ( Ta-Hsia ) and Parthian Empire ( Anxi ) are large countries, full of rare things, with a population living in fixed abodes and given to occupations somewhat identical with those of

7611-412: The Chinese people, but with weak armies, and placing great value on the rich produce of China" ( Hou Hanshu , Later Han History ). Others say that Emperor Wu was mainly interested in fighting the Xiongnu and that major trade began only after the Chinese pacified the Hexi Corridor . The Chinese were also strongly attracted by the tall and powerful horses (named " heavenly horses ") in the possession of

7740-407: The Dayuan (literally the "Great Ionians," the Greek kingdoms of Central Asia ), which were of capital importance in fighting the nomadic Xiongnu. They defeated the Dayuan in the Han-Dayuan war . The Chinese subsequently sent numerous embassies, around ten every year, to these countries and as far as Seleucid Syria. Thus more embassies were dispatched to Anxi [Parthia], Yancai [who later joined

7869-437: The East included tea, dyes, perfumes, and porcelain ; among Western exports were horses, camels, honey, wine, and gold. Aside from generating substantial wealth for emerging mercantile classes, the proliferation of goods such as paper and gunpowder greatly affected the trajectory of political history in several theatres in Eurasia and beyond. The Silk Road was utilized over a period that saw immense political variation across

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7998-510: The Empire as a whole. The Roman-style glassware discovered in the archeological sites of Gyeongju , the capital of the Silla kingdom (Korea) showed that Roman artifacts were traded as far as the Korean peninsula. The Greco- Roman trade with India started by Eudoxus of Cyzicus in 130 BCE continued to increase, and according to Strabo (II.5.12), by the time of Augustus , up to 120 ships were setting sail every year from Myos Hormos in Roman Egypt to India. The Roman Empire connected with

8127-407: The Ganges, they are only private citizens." His comments are interesting as Roman beads and other materials are being found at Wari-Bateshwar ruins , the ancient city with roots from much earlier, before the Bronze Age , presently being slowly excavated beside the Old Brahmaputra in Bangladesh. Ptolemy's map of the Ganges Delta , a remarkably accurate effort, showed that his informants knew all about

8256-436: The German term Seidenstraße (literally "Silk Road") and was first popularized in 1877 by Ferdinand von Richthofen , who made seven expeditions to China from 1868 to 1872. However, the term itself had been in use in decades prior to that. The alternative translation "Silk Route" is also used occasionally. Although the term was coined in the 19th century, it did not gain widespread acceptance in academia or popularity among

8385-400: The Han general dispatched envoy Gan Ying to Daqin (Rome). The Silk Road essentially came into being from the 1st century BCE, following these efforts by China to consolidate a road to the Western world and India , both through direct settlements in the area of the Tarim Basin and diplomatic relations with the countries of the Dayuan, Parthians and Bactrians further west. The Silk Roads were

8514-502: The ISIN system is used worldwide by funds, companies, and governments. However, when poor financial, ethical or managerial records become public, stock investors tend to lose money as the stock and the company tend to lose value. In the stock exchanges, shareholders of underperforming firms are often penalized by significant share price decline, and they tend as well to dismiss incompetent management teams. As opposed to other businesses that require huge capital outlay, investing in shares

8643-432: The Roman conquest of Egypt in 30 BCE, regular communications and trade between China, Southeast Asia, India, the Middle East, Africa, and Europe blossomed on an unprecedented scale. The Roman Empire inherited eastern trade routes that were part of the Silk Road from the earlier Hellenistic powers and the Arabs. With control of these trade routes, citizens of the Roman Empire received new luxuries and greater prosperity for

8772-587: The Roman craze for Chinese silk (supplied through the Parthians), even though the Romans thought silk was obtained from trees. This belief was affirmed by Seneca the Younger in his Phaedra and by Virgil in his Georgics . Notably, Pliny the Elder knew better. Speaking of the bombyx or silk moth, he wrote in his Natural Histories "They weave webs, like spiders, that become a luxurious clothing material for women, called silk." The Romans traded spices, glassware, perfumes, and silk. Roman artisans began to replace yarn with valuable plain silk cloths from China and

8901-421: The Silk Road from the Mediterranean world, probably with the aim of regularising contacts and reducing the role of middlemen, during one of the lulls in Rome's intermittent wars with Parthia, which repeatedly obstructed movement along the Silk Road. Intercontinental trade and communication became regular, organised, and protected by the "Great Powers." Intense trade with the Roman Empire soon followed, confirmed by

9030-419: The Silk Road slave trade to the Bukhara slave trade as well as the Black Sea slave trade , particularly slave girls. Byzantine Greek historian Procopius stated that two Nestorian Christian monks eventually uncovered the way silk was made. From this revelation, monks were sent by the Byzantine Emperor Justinian (ruled 527–565) as spies on the Silk Road from Constantinople to China and back to steal

9159-410: The Silk Road trade. The originating source seems sufficiently reliable, but silk degrades very rapidly, so it cannot be verified whether it was cultivated silk (which almost certainly came from China) or a type of wild silk , which might have come from the Mediterranean or Middle East. Following contacts between Metropolitan China and nomadic western border territories in the 8th century BCE, gold

9288-678: The Soviet Union, mainly state-owned but has a form of a public corporation ( joint-stock company ). Korea Exchange (KRX) owns 25% less one share of the Tashkent Stock Exchange. In 2018, there were 15 licensed stock exchanges in the United States, of which 13 actively traded securities. All of these exchanges were owned by three publicly traded multinational companies, Intercontinental Exchange , Nasdaq, Inc. , and Cboe Global Markets , except one, IEX . In 2019,

9417-601: The Tarim Basin, in the modern day Xinjiang region, until replaced by Turkic influences from the Xiongnu culture to the north and by Chinese influences from the eastern Han dynasty , who spoke a Sino-Tibetan language . Some remnants of what was probably Chinese silk dating from 1070 BCE have been found in Ancient Egypt . The Great Oasis cities of Central Asia played a crucial role in the effective functioning of

9546-515: The United States changed the tax deductibility of investments in R&;D limited partnerships. In order for a partnership to be of interest to investors today, the cash on cash return must be high enough to entice investors. A general source of capital for startup companies has been venture capital . This source remains largely available today, but the maximum statistical amount that the venture company firms in aggregate will invest in any one company

9675-779: The West for land-based trade. The Tang captured the vital route through the Gilgit Valley from Tibet in 722, lost it to the Tibetans in 737, and regained it under the command of the Goguryeo General Gao Xianzhi . While the Turks were settled in the Ordos region (former territory of the Xiongnu ), the Tang government took on the military policy of dominating the central steppe. The Tang dynasty (along with Turkic allies) conquered and subdued Central Asia during

9804-656: The Xiong Nu) are recorded, particularly in the 36 BCE battle of Sogdiana (Joseph Needham, Sidney Shapiro). It has been suggested that the Chinese crossbow was transmitted to the Roman world on such occasions, although the Greek gastraphetes provides an alternative origin. R. Ernest Dupuy and Trevor N. Dupuy suggest that in 36 BCE, [A] Han expedition into Central Asia, west of Jaxartes River , apparently encountered and defeated

9933-754: The ambassador Zhang Qian (who was originally sent to obtain an alliance with the Yuezhi against the Xiongnu ). Zhang Qian visited directly the kingdom of Dayuan in Ferghana , the territories of the Yuezhi in Transoxiana , the Bactrian country of Daxia with its remnants of Greco-Bactrian rule, and Kangju . He also made reports on neighbouring countries that he did not visit, such as Anxi ( Parthia ), Tiaozhi ( Mesopotamia ), Shendu ( Indian subcontinent ) and

10062-724: The best known include the Eurasian Land Bridge and the Chinese Belt and Road Initiative (BRI). In June 2014, UNESCO designated the Chang'an-Tianshan corridor of the Silk Road as a World Heritage Site , while the Indian portion remains on the tentative site list. The Silk Road derives its name from the lucrative trade in silk , first developed in China , and a major reason for the connection of trade routes into an extensive transcontinental network. It derives from

10191-431: The body, nor even one's decency, can be called clothes. ... Wretched flocks of maids labour so that the adulteress may be visible through her thin dress, so that her husband has no more acquaintance than any outsider or foreigner with his wife's body. The Western Roman Empire , and its demand for sophisticated Asian products, collapsed in the fifth century . The unification of Central Asia and Northern India within

10320-538: The book described a market that was sophisticated but also prone to excesses, and de la Vega offered advice to his readers on such topics as the unpredictability of market shifts and the importance of patience in investment. In England, the Dutch King William III sought to modernize the kingdom's finances to pay for its wars, and thus the first government bonds were issued in 1693 and the Bank of England

10449-437: The commerce between East and West. At the same time, the Chinese empire welcomed foreign cultures, making it very cosmopolitan in its urban centres. In addition to the land route, the Tang dynasty also developed the maritime Silk Route. Chinese envoys had been sailing through the Indian Ocean to India since perhaps the 2nd century BCE, yet, it was during the Tang dynasty that a strong Chinese maritime presence could be found in

10578-479: The company has demonstrated credibility and potential from successful outcomes: clinical trials, market research, patent registrations, etc. This shift in market expectations has led to an increased reliance on private equity and venture capital funding in the early stages of high-tech companies. This is quite different from the situation of the 1990s to early-2000s period, when a number of companies (particularly Internet boom and biotechnology companies) went public in

10707-524: The continent, exemplified by major events such as the Black Death and the Mongol conquests . The network was highly decentralized, and security was sparse: travelers faced constant threats of banditry and nomadic raiders, and long expanses of inhospitable terrain. Few individuals traveled the entire length of the Silk Road, instead relying on a succession of middlemen based at various stopping points along

10836-884: The course of the Brahmaputra River, crossing through the Himalayas then bending westward to its source in Tibet . It is doubtless that this delta was a major international trading center, almost certainly from much earlier than the Common Era. Gemstones and other merchandise from Thailand and Java were traded in the delta and through it. Chinese archaeological writer Bin Yang and some earlier writers and archaeologists, such as Janice Stargardt, strongly suggest this route of international trade as Sichuan – Yunnan – Burma – Bangladesh route. According to Bin Yang, especially from

10965-510: The court of Emperor Taizong of Tang . The History of Song describes the final embassy and its arrival in 1081, apparently sent by Michael VII Doukas (transliterated as Mie li yi ling kai sa , 滅力伊靈改撒, from his name and title Michael VII Parapinakēs Caesar) to the court of Emperor Shenzong of the Song dynasty (960–1279). However, the History of Yuan claims that a Byzantine man became

11094-523: The establishment of a new dynasty to the Byzantine court of John V Palaiologos in September 1371. Friedrich Hirth (1885), Emil Bretschneider (1888), and more recently Edward Luttwak (2009) presumed that this was none other than Nicolaus de Bentra, a Roman Catholic bishop of Khanbilaq chosen by Pope John XXII to replace the previous archbishop John of Montecorvino . Although the Silk Road

11223-663: The far larger and geographically wider nature of the silk trade; the term is in current use in China. The Silk Road consisted of several routes. As it extended westwards from the ancient commercial centres of China, the overland, intercontinental Silk Road divided into northern and southern routes bypassing the Taklamakan Desert and Lop Nur . Merchants along these routes were involved in "relay trade" in which goods changed "hands many times before reaching their final destinations". The northern route started at Chang'an (now called Xi'an ), an ancient capital of China that

11352-568: The formidable Pamir Mountains , routes across them were apparently in use from very early times. Genetic study of the Tarim mummies , found in the Tarim Basin , in the area of Loulan located along the Silk Road 200 kilometres (124 miles) east of Yingpan, dating to as early as 1600 BCE, suggest very ancient contacts between East and West. These mummified remains may have been of people who spoke Indo-European languages , which remained in use in

11481-441: The general public and trade shares on public exchanges) tend to have better management records than privately held companies (those companies where shares are not publicly traded, often owned by the company founders, their families and heirs, or otherwise by a small group of investors). Despite this claim, some well-documented cases are known where it is alleged that there has been considerable slippage in corporate governance on

11610-551: The government. One such service was the feeding of geese on the Capitoline Hill as a reward to the birds after their honking warned of a Gallic invasion in 390 B.C. Participants in such organizations had partes or shares, a concept mentioned various times by the statesman and orator Cicero . In one speech, Cicero mentions "shares that had a very high price at the time". Such evidence, in Malmendier's view, suggests

11739-498: The head of the Persian Gulf and across to Petra and on to Alexandria and other eastern Mediterranean ports from where ships carried the cargoes to Rome . The southwestern route is believed to be the Ganges / Brahmaputra Delta, which has been the subject of international interest for over two millennia. Strabo, the 1st-century Roman writer, mentions the deltaic lands: "Regarding merchants who now sail from Egypt ... as far as

11868-566: The instruments were tradable, with fluctuating values based on an organization's success. The societas declined into obscurity in the time of the emperors, as most of their services were taken over by direct agents of the state. Tradable bonds as a commonly used type of security were a more recent innovation, spearheaded by the Italian city-states of the late medieval and early Renaissance periods. Joseph de la Vega , also known as Joseph Penso de la Vega and by other variations of his name,

11997-692: The international trade centers in this route. The Maritime Silk Road or Maritime Silk Route is the maritime section of the historic Silk Road that connected Southeast Asia , East Asia , the Indian subcontinent , the Arabian Peninsula , eastern Africa , and Europe . It began by the 2nd century BCE and flourished until the 15th century CE. The Maritime Silk Road was primarily established and operated by Austronesian sailors in Southeast Asia who sailed large long-distance ocean-going sewn-plank and lashed-lug trade ships . The route

12126-789: The journey by sea from various points. Crossing the high mountains, it passed through northern Pakistan , over the Hindu Kush mountains, and into Afghanistan , rejoining the northern route near Merv, Turkmenistan . From Merv, it followed a nearly straight line west through mountainous northern Iran , Mesopotamia , and the northern tip of the Syrian Desert to the Levant , where Mediterranean trading ships plied regular routes to Italy , while land routes went either north through Anatolia or south to North Africa . Another branch road travelled from Herat through Susa to Charax Spasinu at

12255-442: The late Middle Ages. In the 14th century, Venetian lenders would carry slates with information on the various issues for sale and meet with clients, much like a broker does today. Venetian merchants introduced the principle of exchanging debts between moneylenders ; a lender looking to unload a high-risk, high-interest loan might exchange it for a different loan with another lender. These lenders also bought government debt issues. As

12384-520: The major stock exchanges have demutualized , where the members sell their shares in an initial public offering . In this way the mutual organization becomes a corporation, with shares that are listed on a stock exchange. Examples are Australian Securities Exchange (1998), Euronext (merged with New York Stock Exchange), NASDAQ (2002), Bursa Malaysia (2004), the New York Stock Exchange (2005), Bolsas y Mercados Españoles , and

12513-460: The maritime spice networks between Southeast Asia and South Asia , and the West Asian maritime networks in the Arabian Sea and beyond, coinciding with these ancient maritime trade roads by the current era. Austronesian thalassocracies controlled the flow of trade in the eastern regions of the Maritime Silk Road, especially the polities around the straits of Malacca and Bangka ,

12642-425: The maritime route faced different perils like weather and piracy , but they were not affected by political instability and could simply avoid areas in conflict. Central Eurasia has been known from ancient times for its horse riding and horse breeding communities, and the overland Steppe Route across the northern steppes of Central Eurasia was in use long before that of the Silk Road. Archeological sites, such as

12771-519: The missions and explorations of the Chinese imperial envoy Zhang Qian , which brought the region under unified control . The Chinese took great interest in the security of their trade products, and extended the Great Wall of China to ensure the protection of the trade route. By the first century CE, Chinese silk was widely sought-after in Rome, Egypt, and Greece. Other lucrative commodities from

12900-468: The most prominent stock exchanges around the world in the total absence of sales, earnings, or any type of well-documented promising outcome. Though it is not as common, it still happens that highly speculative and financially unpredictable hi-tech startups are listed for the first time in a major stock exchange. Additionally, there are smaller, specialized entry markets for these kind of companies with stock indexes tracking their performance (examples include

13029-621: The natural evolution of their business continued, the lenders began to sell debt issues to the first individual investors. The Venetians were the leaders in the field and the first to start trading securities from other governments, yet did not embark on private trade with India. Nor did the Italians connect on land with the Chinese Silk Road . Along the potential overland trade route, Holy Roman Emperor Frederick II repulsed advances by Mongol Batu Kahn ( Golden Horde ) in 1241. There

13158-417: The operations and functions of the exchange. Additionally, the stock exchange's role in facilitating capital formation and investment in businesses also indirectly contributes to job creation and economic growth, making it a significant player in the employment landscape. The stock exchange plays a role in regulating companies by exerting a significant influence on their management practices. To be listed on

13287-592: The other going north of the Tian Shan mountains through Turpan , Talgar , and Almaty (in what is now southeast Kazakhstan ). The routes split again west of Kashgar, with a southern branch heading down the Alai Valley towards Termez (in modern Uzbekistan) and Balkh (Afghanistan), while the other travelled through Kokand in the Fergana Valley (in present-day eastern Uzbekistan) and then west across

13416-628: The overall integrity and reliability of the financial markets, fostering an environment where companies are held accountable for their actions and decisions, ultimately benefiting both investors and the broader economy. Each stock exchange imposes its own listing requirements upon companies that want to be listed on that exchange. Such conditions may include minimum number of shares outstanding, minimum market capitalization, and minimum annual income. The listing requirements imposed by some stock exchanges include: Stock exchanges originated as mutual organizations , owned by its member stockbrokers. However,

13545-431: The overland Silk Road, and thus should not be viewed as a mere extension of it. Traders traveling through the Maritime Silk Road could span the entire distance of the maritime routes, instead of through regional relays as with the overland route. Ships could carry far larger amounts of goods, creating greater economic impact with each exchange. Goods carried by the ships also differed from goods carried by caravans. Traders on

13674-464: The overland routes, which prompted European polities to seek alternatives while themselves gaining leverage over their trade partners. This marked the beginning of the Age of Discovery , European colonialism , and the further intensification of globalization . In the 21st century, the name "New Silk Road" is used to describe several large infrastructure projects along many of the historic trade routes; among

13803-873: The part of some public companies, particularly in the cases of accounting scandals . The policies that led to the dot-com bubble in the late 1990s and the subprime mortgage crisis in 2007–08 are also examples of corporate mismanagement. The mismanagement of companies such as Pets.com (2000), Enron (2001), One.Tel (2001), Sunbeam Products (2001), Webvan (2001), Adelphia Communications Corporation (2002), MCI WorldCom (2002), Parmalat (2003), American International Group (2008), Bear Stearns (2008), Lehman Brothers (2008), General Motors (2009) and Satyam Computer Services (2009) all received plenty of media attention. Many banks and companies worldwide utilize securities identification numbers ( ISIN ) to identify, uniquely, their stocks, bonds and other securities. Adding an ISIN code helps to distinctly identify securities and

13932-412: The principal when the bonds mature. At the stock exchange, share prices rise and decreases depending, largely, on economic forces. Share prices tend to rise or remain stable when companies and the economy in general show signs of stability and growth. A recession , depression , or financial crisis could eventually lead to a stock market crash . Therefore, the movement of share prices and in general of

14061-439: The public market provided by the stock exchanges has been one of the most important funding sources for many capital intensive startups . In the 1990s and early 2000s, hi-tech listed companies experienced a boom and bust in the world's major stock exchanges. Since then, it has been much more demanding for the high-tech entrepreneur to take his/her company public, unless either the company is already generating sales and earnings, or

14190-503: The public until the 20th century. The first book entitled The Silk Road was by Swedish geographer Sven Hedin in 1938. The use of the term 'Silk Road' is not without its detractors. For instance, Warwick Ball contends that the maritime spice trade with India and Arabia was far more consequential for the economy of the Roman Empire than the silk trade with China , which at sea was conducted mostly through India and on land

14319-592: The silkworm eggs , resulting in silk production in the Mediterranean, particularly in Thrace in northern Greece, and giving the Byzantine Empire a monopoly on silk production in medieval Europe. In 568, the Byzantine ruler Justin II was greeted by a Sogdian embassy representing Istämi , ruler of the First Turkic Khaganate , who formed an alliance with the Byzantines against Khosrow I of

14448-440: The stock exchange whereby members of the public buy them, thus loaning money to the government. The issuance of such bonds can obviate, in the short term, direct taxation of citizens to finance development—though by securing such bonds with the full faith and credit of the government instead of with collateral, the government must eventually tax citizens or otherwise raise additional funds to make any regular coupon payments and refund

14577-470: The success of businesses can be seen as a form of wealth redistribution within the financial markets. Both casual and professional stock investors , as large as institutional investors or as small as an ordinary middle-class family , through dividends and stock price increases that may result in capital gains , share in the wealth of profitable businesses. Unprofitable and troubled businesses may result in capital losses for shareholders. By having

14706-554: The term Silk Routes , on the grounds that it more accurately describes the intricate web of land and sea routes connecting Central , East , South , Southeast , and West Asia as well as East Africa and Southern Europe . The Silk Road derives its name from the highly lucrative trade of silk textiles that were primarily produced in China. The network began with the expansion of the Han dynasty (202 BCE – 220 CE) into Central Asia around 114 BCE, through

14835-453: The trade route against nomadic bandit forces generally identified as Xiongnu . Han general Ban Chao led an army of 70,000 mounted infantry and light cavalry troops in the 1st century CE to secure the trade routes, reaching far west to the Tarim Basin. Ban Chao expanded his conquests across the Pamirs to the shores of the Caspian Sea and the borders of Parthia . It was from here that

14964-506: The trades of marauders or mercenaries. "Many barbarian tribes became skilled warriors able to conquer rich cities and fertile lands and to forge strong military empires." The Sogdians dominated the east–west trade after the 4th century up to the 8th century. They were the main caravan merchants of Central Asia. A.V. Dybo noted that "according to historians, the main driving force of the Great Silk Road were not just Sogdians, but

15093-609: The way. In addition to goods, the network facilitated an unprecedented exchange of religious ( especially Buddhist ), philosophical, and scientific thought, much of which was syncretised by societies along the way. Likewise, a wide variety of people used the routes. Diseases such as plague also spread along the Silk Road, possibly contributing to the Black Death. From 1453 onwards, the Ottoman Empire began competing with other gunpowder empires for greater control over

15222-537: The world." In exchange, the caravans sent back bolts of silk brocade , lacquer-ware , and porcelain . The southern route or Karakoram route was mainly a single route from China through the Karakoram mountains, where it persists in modern times as the Karakoram Highway , a paved road that connects Pakistan and China . It then set off westwards, but with southward spurs so travelers could complete

15351-474: Was a network of Eurasian trade routes active from the second century BCE until the mid-15th century. Spanning over 6,400 km (4,000 mi), it played a central role in facilitating economic, cultural, political, and religious interactions between the Eastern and Western worlds . The name "Silk Road" was first coined in the late 19th century, but some 20th- and 21st-century historians instead prefer

15480-410: Was acting in effect as France's central banker. Investors snapped up shares in both, and whatever else was available. In 1720, at the height of the mania, there was even an offering of "a company for carrying out an undertaking of great advantage, but nobody to know what it is". By the end of that same year, share prices had started collapsing, as it became clear that expectations of imminent wealth from

15609-580: Was also utilized by the dhows of the Persian and Arab traders in the Arabian Sea and beyond, and the Tamil merchants in South Asia . China also started building their own trade ships ( chuán ) and followed the routes in the later period, from the 10th to the 15th centuries CE. The network followed the footsteps of older Austronesian jade maritime networks in Southeast Asia, as well as

15738-401: Was an Amsterdam trader from a Spanish Jewish family and a prolific writer as well as a successful businessman in 17th-century Amsterdam. His 1688 book Confusion of Confusions explained the workings of the city's stock market . It was the earliest book about stock trading and inner workings of a stock market, taking the form of a dialogue between a merchant, a shareholder and a philosopher,

15867-617: Was excavated and found to have not only Greek bronzes but also Chinese silks. Similar animal-shaped pieces of art and wrestler motifs on belts have been found in Scythian grave sites stretching from the Black Sea region all the way to Warring States era archaeological sites in Inner Mongolia (at Aluchaideng) and Shaanxi (at Keshengzhuang  [ de ] ) in China. The expansion of Scythian cultures, stretching from

15996-537: Was handled by numerous intermediaries such as the Sogdians . Going as far as to call the whole thing a "myth" of modern academia, Ball argues that there was no coherent overland trade system and no free movement of goods from East Asia to the West until the period of the Mongol Empire . He notes that traditional authors discussing east–west trade such as Marco Polo and Edward Gibbon never labelled any route

16125-644: Was initially formulated during the reign of Emperor Wu of Han (141–87 BCE), it was reopened by the Tang Empire in 639 when Hou Junji conquered the Western Regions , and remained open for almost four decades. It was closed after the Tibetans captured it in 678, but in 699, during Empress Wu 's period, the Silk Road reopened when the Tang reconquered the Four Garrisons of Anxi originally installed in 640, once again connecting China directly to

16254-418: Was introduced from Central Asia, and Chinese jade carvers began to make imitation designs of the steppes, adopting the Scythian -style animal art of the steppes (depictions of animals locked in combat). This style is particularly reflected in the rectangular belt plaques made of gold and bronze, with other versions in jade and steatite . An elite burial near Stuttgart , Germany, dated to the 6th century BCE,

16383-487: Was moved further east during the Later Han to Luoyang . The route was defined around the 1st century BCE when Han Wudi put an end to harassment by nomadic tribes. The northern route travelled northwest through the Chinese province of Gansu from Shaanxi Province and split into three further routes, two of them following the mountain ranges to the north and south of the Taklamakan Desert to rejoin at Kashgar , and

16512-653: Was posting regular lists of stock and commodity prices. Those lists mark the beginning of the London Stock Exchange . One of history's greatest financial bubbles occurred around 1720. At the center of it were the South Sea Company , set up in 1711 to conduct English trade with South America, and the Mississippi Company , focused on commerce with France's Louisiana colony and touted by transplanted Scottish financier John Law , who

16641-480: Was set up the following year. Soon thereafter, English joint-stock companies began going public. London's first stockbrokers, however, were barred from the old commercial center known as the Royal Exchange, reportedly because of their rude manners. Instead, the new trade was conducted from coffee houses along Exchange Alley . By 1698, a broker named John Castaing, operating out of Jonathan's Coffee House ,

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