There are three major stock exchanges in Pakistan: the Karachi Stock Exchange, established in 1947; the Lahore Stock Exchange, established in 1970; and the Islamabad Stock Exchange, established in 1989. The Karachi Stock Exchange is the largest, with 652 listed companies and a market capitalization of $53.3 billion as of May 2013. To invest, individuals open an account with a broker registered with the SECP and deposit a minimum of Rs. 50,000. When purchasing shares, the broker acts as an intermediary between the investor and jobbers on the stock exchange floor, negotiating prices and facilitating the transaction.