The document discusses the history and development of stock exchanges around the world. It notes that the first stock exchange was established in Hamburg in the 16th century, while the first modern stock exchange opened in Amsterdam in 1611 and was the first to trade shares of public companies. It provides details on the founding dates and locations of major stock exchanges in Europe, the Americas, Asia, and the Pacific region. The largest stock exchange by market capitalization and turnover is the Tokyo Stock Exchange, which overtook the New York Stock Exchange in 1987.

1. World’s Stock Exchanges
M.Rajakrishnan
Asst.Professor in Commerce with CA
Dr.N.G.P.Arts and Science College (Autonomous)
Coimbatore

2. The Continental Europe
•The first SE – established – Hamburg – German and Dutch – Renaissance –
concerned – bills transactions
•First actual Stock market – operating – Amsterdam – 1611
•Amsterdam SE – First to trade – Shares – Public Cos. – United East India
Company
•Amsterdam SE – ranked – third – important- New York – London – Till
Second World War
•Another Oldest SE – Vienna SE – 1771 – State Institution – market – State
issued bonds
•Italy – First Formal SE – Milan SE – 1808
•Spanish Stock Market – Bolsa de Madrid – 1832
•Scandinavia – Copenhagen SE, Oslo SE – 1819
•Stockholm SE – 1864 – Internationalized in 1901
•Geneva – Oldest among 7 – 1850, - Basle – 1876 – Zurich – 1877 -
Switzerland

3. The London SE
•Oldest – Eng speaking world – Trading Companies- Coffee houses –
Spread – Risk – Backers
•6 Regional SE – Great Britain & Ireland – London, Birmingham,
Manchester, Liverpool, Glasgow and Dublin
North American SEs
• New York SE (NYSE) – 1817 – Trading – Dealer to dealer basis
•American SE (AMEX) – 1953 – Specialist Firms

4. NASDAQ System
•National Association of Securities Dealers Automated Quotations
System – Largest – over the counter market in the world – Started –
1971 – Round the Clock Trading – Fully Computerized System -
•Third Largest- World – NYSE – Tokyo SE
•Started – help – Smaller Cos – listing – Results in – Lower Commission
Charges –Greater Speed – Transactions
Canadian Exchange
•Terms of Market Capitalization – Canada – World’s fourth largest
public equity market
•Three – major SE – Toronto SE - Montreal SE - Vancouver SE

5. The SEs of Japan and the Pacific Basin
•Japan – Tokyo SE(TSE) – World’s Largest SE – in terms – market
capitalization & Turnover – overtaken NSE in 1987.
•TSE –setup – 1878
•Other SEs- Osaka – Nagoya – Kyoto – Hiroshima – Fukuoka – Niigaatta
– Sapporo
•Listed Shares – First Section
•Newly quoted/ unlisted Shares – Traded – Over the Counter – Second
Section
•Over the Counter – Third Section

6. Hong Kong
• SE- 1914 – least restricted market in the world – no exchange controls
– no distinction – resident – non resident – investors
Australia
•First SE-Founded- Melbourne – 1865 , - Sydney – 1871, Brisbane –
1884 – Adelaide – 1887 – Hobart and Perth 1891.
•Now – all SEs – Amalgamated – Australian S E Ltd (ASX)
( Refer Financial Markets and Services – Dr.S.Gurusamy - 2010 Edition –
Page no.476-477, McGraw Hill)
Video URL:

7. Hong Kong
• SE- 1914 – least restricted market in the world – no exchange controls
– no distinction – resident – non resident – investors
Australia
•First SE-Founded- Melbourne – 1865 , - Sydney – 1871, Brisbane –
1884 – Adelaide – 1887 – Hobart and Perth 1891.
•Now – all SEs – Amalgamated – Australian S E Ltd (ASX)
( Refer Financial Markets and Services – Dr.S.Gurusamy - 2010 Edition –
Page no.476-477, McGraw Hill)
Video URL: