The South Pacific Stock Exchange (SPX) is a stock exchange based in Suva , Fiji .
32-469: On 1 July 2010, the SPX launched an electronic trading platform (ETP). The Exchange now has market phases which allow the brokers to perform tasks throughout a business day. With the electronic system of trading, the price time priority is maintained, but there are two sessions of normal trading hours. The first one is from 10.30am to 11.30am and the second normal session of trading happens from 2.30pm to 3.30pm. This
64-436: A choice of many electronic trading platforms rather than being restricted to one institution's offering. In 1995, the U.S. Securities and Exchange Commission (SEC) promulgated Rule 17a-23, which required any registered automated trading platform to report information, including participants, orders, and trades every quarter. Requiring platforms to comply with enhanced pre- and post-trade transparency requirements has provided
96-439: A customer, the institution is said to be acting as a broker . When executing trades for its own account, the institution is said to be acting as a dealer . Securities bought from clients or other firms in the capacity of dealer may be sold to clients or other firms acting again in the capacity of dealer, or they may become a part of the firm's holdings. In addition to execution of securities transactions, broker-dealers are also
128-605: A duty to obtain "best execution" of transactions, which generally means achieving the best economic price under the circumstances. On April 28, 2004, the SEC voted unanimously to change the net capital rule which applies to broker-dealers, thus allowing those with "tentative net capital" of more than $ 5 billion to increase their leverage ratios. The rule change remains in effect, though subject to modifications. Although broker-dealers often provide investment advice to their clients, in many situations they are exempt from registration under
160-1080: A financial intermediary such as brokers , market makers , Investment banks or stock exchanges . Such platforms allow electronic trading to be carried out by users from any location and are in contrast to traditional floor trading using open outcry and telephone-based trading. Sometimes the term trading platform is also used in reference to the trading software alone. Electronic trading platforms typically stream live market prices on which users can trade and may provide additional trading tools, such as charting packages, news feeds and account management functions. Some platforms have been specifically designed to allow individuals to gain access to financial markets that could formerly only be accessed by specialist trading firms using direct market access . They may also be designed to automatically trade specific strategies based on technical analysis or to do high-frequency trading . Electronic trading platforms are usually mobile-friendly and available for Windows, Mac, Linux, iOS and Android, making market entry easier and helping with
192-448: A fresh, innovative and progressive identification for the SPX operations and is aligned to international standards used by exchanges globally to depict their name. The colour combinations depicted in the rebranded SPX logo reflect the deep blue Pacific Ocean with blends of green to symbolise growth and richness. Electronic trading platform In finance, an electronic trading platform also known as an online trading platform ,
224-601: A multi-asset investment company eToro was founded, focusing on copy trading , social trading , and other types of trading services. In 2017, the bitcoin exchange Binance was founded. Trading systems evolved to allow for live streaming prices and near instant execution of orders as well as using the internet as the underlying network meaning that location became much less relevant. Some electronic trading platforms have built-in scripting tools and even APIs allowing traders to develop automatic or algorithmic trading systems and robots. The client graphical user interface of
256-433: A proprietary trading system that represented an improvement of their displayed prices. Another order handling rule required a market maker to display the size and price of any customer limit order that either increased size at the quoted price or improved the market maker's quotation. Decimalization was instituted in 2001 by the SEC, requiring market makers to value financial instruments by increments of $ 0.01 as opposed to
288-423: A stock ticker display screen which is a common sight at buildings which house stock exchanges globally. 2. Rebranding from SPSE to SPX - The rebranding exercise including the launch of a new logo was part of the progressive development being undertaken at SPX and has been a proud moment for the institution itself with 2019 being the 40th year of operations for the SPX. The rebranded acronym “SPX” promotes itself as
320-463: A stronger incentive for users to trust electronic trading platforms. Market fragmentation led some Nasdaq market makers on Instinet to quote prices that were better than their own quotes on Nasdaq. To address this discrepancy, the SEC introduced the Order Handling Rules in 1996. These rules required stock exchange specialists and Nasdaq market makers to publicly display any price quoted on
352-444: Is a computer software program that can be used to place orders for financial products over a network with a financial intermediary . Various financial products can be traded by the trading platform, over a communication network with a financial intermediary or directly between the participants or members of the trading platform. This includes products such as stocks , bonds , currencies , commodities , derivatives and others, with
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#1732873514522384-403: Is available to retail traders on different applications due to specialized news. The user's portfolio can be tracked, which is another function that is frequently seen on trading platforms and can have an impact on trades based on a trader's past performance. Broker-dealer In financial services , a broker-dealer is a natural person , company or other organization that engages in
416-409: Is constructed on a base of 1000 set at 4 January 2000. Components of this index include shares all of SPX listed securities. STRI is an accumulation index which reflects the total return from the stock market including the price and dividend returns. Trading was paper-based before the launch of ETP, conducted by a "call market" on a physical trading floor at 10:30am each weekday. Each listed entity name
448-487: Is when the orders may be entered, amended or withdrawn and are matched on entry. There are “pre-open” sessions where brokers can enter, amend or withdraw orders for their clients. The platform goes into enquiry mode after 3.30pm and is only accessible for viewing purposes. Unmatched orders at the end of the day that remain unexecuted are reloaded in the trading platform for the next day. Transactions are immediate and transparent and results of each session are reported widely to
480-553: The Fiji Development Bank . In 1993 the ownership was broadened to allow eight other financial institutions to take part. The market began as a "trading post" where orders were telephoned in and remained until matched. In 1996 it changed to its present form as a "call market" described above. In 2000 it changed its name to the South Pacific Stock Exchange, with a view to becoming a regional exchange. In 2019,
512-611: The Securities Investor Protection Corporation (SIPC) (pursuant to 15 U.S.C. § 78ccc ) and are subject to its regulations. Some regulatory authority is further delegated to the Financial Industry Regulatory Authority (FINRA), a self-regulatory organization . Many states also regulate broker-dealers under separate state securities laws (called " blue sky laws "). The 1934 Act defines "broker" as "any person engaged in
544-643: The 1970s, financial transactions started to migrate to electronic trading platforms. Platforms and trading venues included electronic communication networks , alternative trading systems , " dark pools " and others. The first electronic trading platforms were typically associated with stock exchanges and allowed brokers to place orders remotely using private dedicated networks and dumb terminals . Early systems would not always provide live streaming prices and instead allowed brokers or clients to place an order which would be confirmed some time later; these were known as ' request for quote ' based systems. In 1971, Nasdaq
576-637: The Exchange focused on improving its visibility and a rebranding exercise to be in-line with international counterparts. This included: 1. Office Relocation - In March 2019, the SPX Group relocated to Sabrina Building in Victoria Parade with a view to strengthen its visibility amongst ordinary Fijians and promote its mission to increase the attractiveness of the SPX as the preferred investment and capital raising venue. The relocation also gave SPX an option to install
608-588: The Securities and Exchange Commission and one or more self-regulatory organizations, such as the Financial Industry Regulatory Authority (FINRA). The forms of compensation may be sales loads from investors, or Rule 12b-1 fees or servicing fees paid by the mutual funds. There are several online portals that offer broker dealer assistance and search capabilities. UK securities law uses the term intermediary to refer to businesses involved in
640-506: The U.S. Investment Advisers Act of 1940, so long as (i) the investment advice is "solely incidental" to brokerage activities; and (ii) the broker-dealer receives no "special compensation" for providing the investment advice. Both elements of this exemption must be met to rely on it. Many broker-dealers also serve primarily as distributors for mutual fund shares. These broker-dealers may be compensated in numerous ways and, like all broker-dealers, are subject to compliance with requirements of
672-495: The business of effecting transactions in securities for the account of others", and defines "dealer" as "any person engaged in the business of buying and selling securities for his own account, through a broker or otherwise". Under either definition, the person must be performing these functions as a business; if conducting similar transactions on a private basis, they are considered a trader and subject to different requirements. When acting on behalf of customers, broker-dealers have
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#1732873514522704-431: The business of trading securities for its own account or on behalf of its customers. Broker-dealers are at the heart of the securities and derivatives trading process. Although many broker-dealers are "independent" firms solely involved in broker-dealer services, many others are business units or subsidiaries of commercial banks , investment banks or investment companies . When executing trade orders on behalf of
736-414: The electronic trading platforms could be used to place various orders and were also sometimes called trading turrets (though this may be a misuse of the term, as some refer to the specialized PBX phones used by traders). During the period from 2001 to 2005, the development and proliferation of trading platforms saw the setting up of dedicated online trading portals, which were electronic online venues with
768-615: The interdealer market. Interdealers facilitate price discovery and execution between dealers. In the United States, broker-dealers are regulated under the Securities Exchange Act of 1934 by the Securities and Exchange Commission (SEC), a unit of the U.S. government. All brokers and dealers that are registered with the SEC (pursuant to 15 U.S.C. § 78o ), with a number of exceptions, are required to be members of
800-798: The main sellers and distributors of mutual fund shares. After announcing the price, the dealer must announce other essential conditions of the buy-sell contract of securities: minimum and maximum number of securities subject to purchase and/or sale, as well as the term of announced price's validity. Dealers perform all the functions of a stockbroker including financial consulting. They organize and support turnover (liquidity) or market-making (price announcing, duty of sell and buy of security at announced price, announcing of min and max number of securities that can be bought/sold at announced price, implementing time periods when announced prices are available. Dealers are large financial institutions that sell securities to end users and then hedge their risk by partaking in
832-436: The market. E-Trade , a company that started as an online brokerage service, soon also launched its own platform aimed at the consumer. These platforms rapidly gained popularity with E-Trade's growth rate at 9% per month in 1999. In the late 2000s, with the emergence of digital tools, a new generation of investment companies started to appear, which began to offer services to assist non-professional investors in trading. In 2007,
864-415: The media, regulators, members, market participants, institutional investors and other interested parties. All the trading reports are automatically generated and updates in real-time. The SPX maintains the SPX total return index (STRI) which is an aggregate market capitalization index which reflects the aggregate market value of all its components relative to their aggregate value on the base day. The index
896-800: The previous standard of $ .0625. This change significantly lowered margins, providing an incentive for big dealers to utilize electronic management systems and eventually leading to lowered trading costs. Electronic trading platforms frequently provide historical data, including graphs, to help their customers make trading decisions. These diagrams may be expanded to contain a large number of dates and are frequently employed in technical analyses of particular instruments. To help consumers make decisions about their contracts, trading platforms frequently include recent news. Articles on certain businesses may be included, as well as updated ratings provided by independent companies that focus on particular commodities. The same information that professional traders have access to
928-547: The purchase and sale of securities for the account of others. The Financial Conduct Authority authorises and regulates companies engaging in such activity as "regulated activities" under the Financial Services and Markets Act 2000 . The common Japanese term for a broker-dealer is "securities company" ( 証券会社 , shōken-gaisha ) . Securities companies are regulated by the Financial Services Agency under
960-586: The surge in Retail Investing. The term 'trading platform' is generally used to avoid confusion with ' trading system ' which is more often associated with the trading method or strategy than the computer system used to execute orders within financial circles. In this case, platform is used to mean a type of computing system or operating environment such as a database or other specific software. Financial transactions had traditionally been handled manually, between brokers or counterparties. However, starting in
992-472: Was called out by the "market caller" and orders were submitted by brokers and dealers and recorded by the "chalker" and the "recorders". The market caller then matched orders on a price and time priority basis. A "chief arbiter" supervised the trading. Unmatched orders at the end of the session were carried forward to the next day. The Exchange was established in 1979 as the Suva Stock Exchange, owned by
South Pacific Stock Exchange - Misplaced Pages Continue
1024-537: Was created by the National Association of Securities Dealers and operated entirely electronically on a computer network. Nasdaq was opened on 8 February 1971. It rapidly gained popularity and by 1992, it accounted for 42% of trade volume in the US. With the advent of electronic financial markets, electronic trading platforms were also soon launched. In 1992, Globex became the first electronic trading platform to reach
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