The OTC turnover index (NASDAQ)

The National Association of Securities Dealers calculates a number of indices representing both OTC turnover in general, and of corporations individual industries. The main index is the NASDAQ, which are included as a component stock of about 3,500 corporations (other than listed on the stock exchanges). This index is an index weighted by the market value of its components. It was first calculated in February 1971.
Transactions in options and futures on this index are carried out on the Chicago Mercantile Exchange.
Falling stock index leads to a drop in the national currency.

NASDAQ.SYSTEM
U.S. OTC market dealers are connected with the sellers and purchasers ¬ securities via the automated Institute ¬ formation about the quotes of the National Association of Securities Dealers NASDAQ. This system transmits the most recent courses of supply and demand to 5100 shares, selected from among the most active ¬ but sold over the counter. Facilitating the establishment of con ¬ cycles between sellers and buyers, NASDAQ has made tor ¬ merce on the OTC market continuously. To conclude the transaction ¬ ki securities not listed on a system of NASDAQ, ¬ lam buyers and sellers have to find each other on the reference edition ¬ tions or access to certain dealers of the stock market. When ¬ approximately 2,900 shares of all listed in NASDAQ, meeting the convent ¬ dy requirements for financial parameters of the issuer and the activity is about ¬ Company, rendered in a special list - National market system ¬ mu in the NASDAQ (NASDAQ / NMS). Transactions on shares of that list carefully monitored by dealers and investors, so the details of their quotes are published in the financial press quotes separately from other securities of OTC turnover.

NASDAQ provides three levels of service. ¬ The first provided an opportunity to retail brokers and their customers to track the terminal, located in the very brokerage firm, or not far from it, the highest current price of the offer to purchase and the lowest current asking price for the sale. In some cases the asking prices for buying and selling - of two hundred ¬ ron each quote - can be provided by various dealers ¬ authors. The customer may not always be sure that his order will be executed at the displayed price.

The second and third levels show a firm quotes for all ¬ registered dealers of the system. However, the third level indicated ¬ The caller also changes in the quotes as the market price. Firms that do not set up bilateral to ¬ portation, but receive orders customers may prefer second-level services, which provides them with access to information on the best market prices. Some institutional investors ¬ tors, particularly insurance companies use the services of the second ¬ cerned level to accurately assess the value of its portfolio securities and to monitor the activity of dealers, such as finding out who is constantly offering the best market prices. Those who exhibited bilateral quotations must be a subscriber con ¬ ing the third level, as soon as this level allows dealers ¬ py to make or change the quotes that are displayed by the system.

NASDAQ system is divided into two parts: the issue in the conventional system and the emission in the NASDAQ National Market System (Na ¬ tional Market System - NMS). NMS, being the upper tier of NASDAQ, takes the most well-known and top-selling issue. At the time of its criteria for inclusion in the course bulletin was much ¬ nd more stringent than the usual system of NASDAQ. However, in 1990 the Board of Directors proposed to double the usual requirements for inclusion in the course bulletin NASDAQ, which would bring together the oc ¬ novnye criteria for the two parts of the system.

There are also some alternative rules CHANGES ¬ tion in the course bulletin, which apply to companies that do not meet these criteria, but the acting is not less than 3 years old, having larger assets and more shares outstanding in comparison with the above criteria.

Information reporting NMS similar reporting on emissions of shares that are traded on exchanges. These accounts shall be published in the press of business, and include: the highest and self ¬ mye low prices in the past 52 weeks, the symbols of companies in the NASDAQ, the dividend rate, the ratio of market price-earnings ratio of the volume, the highest and lowest prices at the close of trade and net changes during the day. In other words, all this information is that most investors get ¬ Institute for emissions, as quoted on the New York Stock Exchange or the American Stock Exchange, also legkodos ¬ avail able on emissions, quoted National Market System.

The volume of trading in the NASDAQ NMS system, and has long been ahead of sovo ¬ kupno trade on the American Stock Exchange and regional ¬ governmental exchanges. This market share is the third largest in the world, behind only New York and Tokyo stock exchanges.

An important tool in the American counter trading case ¬ RAT electronic recorders current transactions, combined in a nationwide network of Inter Market Trading System. Efforts to identify suspicious transactions previously carried out manually, now largely computerized. In electronic trading NASDAQ involved 50 control ¬ ditch, using 40 special electronic product designed to track suspicious transactions.

In the case of "no" automated methods of supervision con ¬ trolery NASDAQ conduct additional investigation, requesting ¬ Shivaya necessary information directly from the transaction counterparties ¬ stone. Every year they have to deal with many thousands of cases of establishing abuse. About 250 of them, a decision is to impose a fine or license revocation.

Indexes of the American Stock Exchange (AMEX)

American Stock Exchange publishes two major indexes, which are calculated on an entirely different basis.The main market index of the American Stock Exchange (AMEX Major Market Index) is a simple average of the price movements of 20 leading industrial corporations. It was conceived by the American Stock Exchange as a kind of substitute for the Dow Jones industrial average. Although it is calculated and published by the American Stock Exchange, it consists of shares of corporations listed on the New York Stock Exchange. It is noteworthy that 15 of them are also components of the Dow Jones industrial average. Transactions in futures on this index are carried out on the Chicago Mercantile Exchange.

The index of the market value of the American Stock Exchange (AMEX Market Value Index) is calculated on the basis of a fundamentally different: it is an index weighted by the market value of all issued shares of those corporations that are included in it as a component. It was first published in September 1973. It includes as a component of more than 800 issues of shares representing securities of corporations of all major industry groups registered on the American Stock Exchange, including, in addition to common stock, American depositary receipts and subscription certificates. From a technical point of view it is unique due to the fact that in its calculation assumes the form of cash dividends paid by its member shares are reinvested and, on this basis, they are reflected in the index. Options on the index are traded on the American Stock Exchange.

The index of the New York Stock Exchange (NYSE Index)

This index is a weighted index of the market value of the movement of share prices of all the corporations that have registered their shares on the New York Stock Exchange, that is, in fact, this figure represents the average price per share for all companies on the New York Stock Exchange, the weighted the market value of the shares of each corporation (with appropriate adjustments for factors stock splits, mergers and acquisitions).

Unlike the Dow, which is expressed in points, NYSE index is expressed in dollars. Transactions in options on this index are carried out on the most of the New York Stock Exchange. Transactions in futures contracts are carried out on the New York Futures Exchange, which is a division of the New York Stock Exchange.

FOREX FUNDAMENTAL ANALYSIS

The exchange rate impact factors reflecting the state of the economy of the country:
• Economic growth (gross domestic product, industrial production, etc.);
• The state of the balance of trade, the degree of dependence on external sources of raw materials
• Growth in the money supply in the domestic market
• The rate of inflation and inflation expectations
• The interest rate
• The solvency of the country and confidence in the national currency on the world market
• Speculation in the foreign exchange market
• The development of other sectors of the global financial market, such as the securities market, competing with the foreign exchange market.

Interest rates differential (difference procentnyh Rates)
JPI - 0.5% GBP - 6.00%
In view cennyh BUMAG:
T-bills (paper Treasuries)
USA - UK Bonds - Gilts
Germany - Bunds Japan - JGB
USA - Budget deficit negative
Japan - the budget deficit of positive
In Japan this razmeŝaet core assets in bonds USA around 60% to both Market.
Central Bank Rossii razmeŝaet approximately 80% MEDIUM FF rezervnyh also in bonds USA.

indexes
DJIA-USA Nikkey - 225 - Japan
FTSE - 100 - UK CAC - 40 - France
DAX - 30 - Hang Seng Germany - HK (Gong Kong)

The Dow Jones (DJI)
There are 4 of the Dow Jones.
The Dow Jones (The Dow Jones Industrial Average - DJIA) - a simple average of the movement of share prices of 30 largest industrial corporations. The Dow Jones is the oldest and most common among all indicators of the stock market. Its composition is not the same: its components may vary depending on the positions of the largest industrial corporations in the U.S. economy and the market, but in the present conditions, such cases are rare. In principle, it has to make up 15 to 20% of the market value of the shares quoted on the New York Stock Exchange. This index is calculated by adding up the prices of the included stocks and dividing this sum by a certain denominator (which is adjusted for stock splits and dividends in the form of shares representing more than 10% of the market value of the issue, as well as the replacement of components, and mergers and acquisitions). Dow Jones quoted in points. More recently, he appeared on futures contracts in Chicago.

Readymix Dow-Jones index (the Dow Jones Transportation Average - DJTA) - average component, harakterizuûŝij traffic prices of shares 20 transportnyh corporations (airlines, rail companies and avtodorožnyh).

Communal Dow-Jones index (the Dow Jones Utility Average - đưa) - Medium component motion Kursov shares of 15 companies, zanimaûŝihsâ gas - and Electricity supply.

Composite Index Dow-Jones (The Dow Jones Composite Average - DJCA) - component, sostavlâûŝijsâ the industrial base, transportation and kommunalʹnogo Indeksovo Dow-Jones.

The index of "Standard & pauerz" (S & P)
This index is published by an independent company, "Standard & pauerz." It is made in two versions - the shares of 500 corporations and 100 shares of corporations.

S & P - 500 is a market value weighted index of 500 stocks of corporations that are present in it in the following proportions: 400 industrial companies, 20 transportation, 40 utility and 40 financial companies. It includes mainly the shares of companies listed on the New York Stock Exchange, but there are also some stocks of corporations that are listed on the American Stock Exchange and over the counter in the back. The index represents about 80% of the market value of all issues listed on the New York Stock Exchange. This index is more complex compared to the Dow Jones, but it is also more accurate in view of the fact that there are a larger number of shares of corporations and the shares of each corporation are weighted by the value of all the shares in the hands of shareholders. Futures and options on it are sold on the Chicago Mercantile Exchange.

S & P - 100. The index is calculated on the same basis as the index for shares of 500 corporations, but is comprised of stocks of corporations for which there is a registered options on the Chicago Board Options Exchange. This is mainly industrial corporations.

Exchange Rates Definition

Exchange rate - is the price of the currency of one country expressed in the currency of another country, with sales transactions. Such a price can be established on the basis of supply and demand for a particular currency in the free market, or to be strictly regulated decision of the government or its main financial body, usually the central bank.

Types of exchange rates
Direct quotation - the number of national currency per unit of foreign.
In most countries, foreign currency exchange rates are expressed in national currency. This is the so-called system of direct quotations. For example, in Germany, the U.S. dollar ($) will be equated to a certain amount of DM (DM), and in New York, one German mark will be equal to a certain number of cents (or dollars if the course grade is quite high).
Reciprocal rate - the number of foreign currency per unit of domestic.

Cross Rates
This relationship between the two currencies, which stems from their course in relation to the rate of the third currency. In operations on the world market are often used cross-rate with the U.S. dollar, as the U.S. dollar is not only a major reserve currency, but the currency of the transaction in most foreign exchange transactions.
DEM / CHF, GBP / DEM
All calculations on cross-rates associated dollar, determined by dividing the
DEM / CHF = USD / CHF: USD / DEM
All calculations on cross rates associated with pound sterling, determined by multiplying the
GBP / DEM = GBP / USD  USD / DEM

Spot rate
Price of the currency of one country expressed in the currency of another country, established at the time of the transaction, subject to exchange currency counterparty banks on the second business day following the date of the transaction. Spot rate reflects how highly regarded the national currency at the time of surgery outside the country.
FOREX (Foreign Exchange) - the international exchange. The abbreviation FX
USD - U.S. Dollar

Currencies (majors)
EUR = ECU - European Currency international-euro (ECU)
USD - (U.S. Dollar)
GBP = STG (sterling)
CHF = SWF (Swiss franc, swissie)
JPY = YEN (JPY)

The finance ministers of the European Union announced currency conversion rates of 11 countries in the new common currency - the euro.
Starting with 0.00 in the European time 1 January 1999 the euro became the official currency of 11 EU countries, although banknotes and coins in circulation will not appear until 2002.
United Kingdom, Sweden, Denmark and Greece did not participate in the conversion.
The ministers announced the following conversion rates:
DEM - 1.95583
French franc - 6.55957
Italian Lira - 1936.21
The Spanish peseta - 166.386
Portuguese escudo - 200.482
Finnish mark - 5.94573
Irish pound - 0.787564
Belgian / Luxembourg franc - 40.3399
Dutch guilder - 2.20371
Austrian schilling - 13.7603


USD / CHF = 1,7050 / 60
This means that a trader can buy dollars for Swiss francs at the exchange rate of 1.7060, while the dollar sold for Swiss francs at the exchange rate of 1.7050.
1.7050 - bid (bid); 1,7060 - the ask (ask).
Point (point) - this is the minimum price change (pips) - 1,7055 - 5 pips.
Spread (spread) - the difference between the purchase price and the selling price: 1.7060 - 1.7050 = 10 pts points (standard bank spread from 5 to 10 pts).
1,7060 - 1,70 - big figure (big figure).
Hedge (fence) - insurance against currency risks.