Merchant Trading System, The history in words and pictures

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Merchant Trading System The history in words and pictures Oslo Børs celebrated its th anniversary in Its secondary market is liquid, it is regarded as attractive by international investors, and it is faring well in what Merchant Trading System an increasingly competitive environment for stock exchanges. This situation, however, has a history. It became the home of commerce, and it was a long time before it also became a venue for securities.

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It was an even longer time before securities trading came to dominate its activities. These webpages provide some information on the history of Oslo Børs and how it made the transition from commerce to finance.

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Merchant Trading System number of previous attempts to create an exchange had come to nothing. Inhowever, there was some momentum behind the idea of setting up an exchange.

Representatives of Christiania in Tehke kauplemissusteem new parliament pursued the proposal of setting up an exchange in the capital by means of legislation. During the course of a brief parliamentary session, a committee Merchant Trading System set up, a bill was drafted and an act was passed.

In terms of its design, the act was centred on the establishment of an exchange in Christiania, but it did permit other exchanges to be set up in other cities using the same template. This silver-based solution took a very long time to materialise. There was not sufficient trust in the new country, nor was there enough currency available.

Instead, the value of Norwegian banknotes fluctuated on international markets such as Hamburg. The ability to set exchange rates for the Norwegian currency at an exchange in Christiana would provide prices that were based on local supply and demand.


In the major centres of commerce such as London, Paris and Amsterdam, exchanges had been set up as a way for merchants to formalise their self-organisation, and only later did they start to receive support in the form of legislation.

However, in Christiania, which at this time was a town with a population of slightly over 10, commercial activity was not on a scale that could allow an exchange to come into being organically. Assistance from the state, through legislation and rights, was therefore essential.

The most important Merchant Trading System received by Christiania Børs consisted of the state ensuring that the exchange had a revenue base.

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In addition, ships that docked in Christiania had to pay a fee to the exchange. The revenue from these sources enabled Christiania Børs to erect the stock exchange building designed by architect Christian Heinrich Grosch between andwhich became one of the first monumental buildings in the new capital.

The exchange now had revenue and a building. What it now needed was business activity. From a small, sleepy provincial town that was part of the Danish-Norwegian conglomerate state, Christiania took on the role of capital city in a new independent state — admittedly linked with Sweden in a personal union shared head of state.

Serving as the capital city was itself a source of growth: public institutions Merchant Trading System government ministries had to be set up and staffed. As a result of a process that can be associated with industrialisation, the division of labour and production for a market, the pace of economic growth was transformed. Where previously people could not hope to be significantly wealthier than their parents, new generations could now expect to Merchant Trading System clear material progress over the course of their lives.

One way in which this expressed itself was in how Christiania itself became an industrial city, initially in the form of textile firms along the Akerselven river in the s and later through the establishment of significant mechanical engineering companies. By the end of the nineteenth century, it had a population of over a quarter of a million — more than 5, of whom were obliged to pay membership fees to the exchange. In a rapidly growing and changing Parabool SAR RSI strateegia, Christiania Børs had to find its way.

It never became an actual exchange in the sense of a formalised arena for trading in commodities, but it had a clear sense of what an exchange should in essence be: a place that brings supply and demand together in time and space in a concentrated fashion. Indeed, the information aspect of its activities was important. It subscribed to a wide range of newspapers, journals and telegram services whose information on prices and transportation rates was sought-after news.

At a time when accessing information in a timely fashion was expensive, the aim was for the exchange to be the place to go if you wanted to know what was happening and at what price. In the decade preceding the outbreak of World War I, the level of attendance seems to have stabilised at a new level. Important new initiatives were also launched around this time.

Christiania Børs also set up its own evening classes for those undertaking apprenticeships in commerce. The war generated a prodigious amount of revenue for Norwegian ship owners and an abundant supply of funds for the Norwegian economy, and this found its way into a massive wave of speculation in ships and shares in shipping companies in the period.

Merchant Trading System

This wave of wild speculation transformed the exchange and brought it to the attention of the entire population. After the war, share prices fell sharply, with trading volumes falling by even more. The level of securities trading seen in the interwar period was higher than before the war but was still only a shadow of the activity levels seen during the war.

Only in some specific sub-markets, above all in whaling companies, did the level of trading remain as before. For Christiania Børs, Mis variatsioon see tekitab kaubandust in this period changed its name to Oslo Børs, the boom was therefore an episode that gave rise to strongly held ideas about what a stock exchange was, but such ideas bore little relation to what it actually did or to the significance it would come to have over the subsequent fifty years.

Merchant Trading System

Instead, the interwar period was the last heyday for Oslo Børs as the home of commerce. New initiatives — such as radio broadcasts, an advertising school, and popular courses in French business correspondence — suggest that Oslo Børs was trying to find new ways of facilitating commerce. It was, though, battling against a headwind in this work. Its biggest competitive advantage as a meeting place — the access it provided to information — was being eroded as the information it offered was gradually becoming available via new channels and more cheaply.

Similarly, the development of telephony, and not least the frequency with which telephony services were used, resulted in fewer people travelling to Tollbugata 2.

At the same time, Oslo Børs was a victim of the urban growth to which it had contributed in that its location was no longer as central to the city as it had been when it was built in The biggest of these was preventing the building from being requisitioned by occupying forces and preventing Oslo Merchant Trading System from being taken over and run by Nazi sympathisers.

The Exchange Commissioner and the Exchange Committee essentially succeeded in this work, even if the Committee was supplemented with a couple of government representatives for this new period.

As a consequence, important issues were resolved elsewhere.

Merchant Trading System

Peace brought further challenges for Oslo Børs. The price restrictions introduced during the war were continued. Its function as a venue for the listing of prices for commodities therefore essentially came to an end, even though it continued to include the prices set by the authorities in its lists for many years. The final commodity for which prices were actually listed was eggs, and this ceased at the end of The post-war years were therefore the swansong for Oslo Børs as an arena for merchants.

Its strategy for generating growth and welfare provision was centred on a high level of investment, a policy of low interest rates, and the political management of resource allocation.

Merchant Trading System

Such thinking affords little space for an exchange-based debt market. For large Norwegian businesses, particularly those that were export-oriented, this was not a problem. Their ability to access cheap debt capital also made it much less attractive to raise new equity. Oslo Børs survived during these years due to its basis in legislation, its building and the strength Varustus investeerida krupteerimisprogrammi voi its finances relative to the circumstances.

As an organisation, it was small, with employees. Its secondary market was illiquid, and many securities were traded only infrequently. Some episodes — such as the mini-boom associated with the initial public listing of companies at the start of the s — resulted in higher levels of activity for a period, but did not lead to lasting change in the exchange's role in the economy.

It is a stock exchange with a liquid secondary market that plays a central role in providing debt and equity capital financing to business and industry.

The pro-interventionist regulatory Merchant Trading System of the post-war years fell apart at the seams. Free-market thinking was in the ascendant. International recessions hit established export industries at the same time as oil began to make its mark on the economy.

Business and industry were changing. Traditional industries were struggling just as the oil sector was advancing. Within companies, management-driven structures and owner constellations were being challenged by shareholder activism, acquisitions and calls for greater emphasis on shareholder value.

In the face Merchant Trading System difficult times, the weak equity financing of Norwegian businesses was high on the political agenda. This wind of change was undeniably to the benefit of Oslo Børs. Being on the right side of history is not, however, on its own a sufficient explanation for its progress. Oslo Børs moved into the space created by the Merchant Trading System societal changes that had taken place. It presented itself as a source of Merchant Trading System for business and industry, and it strongly emphasised the link between the primary and secondary markets.

Turusidemed. Kaubandus, kommunikatsioon ja lõimumine Lääne- ja Põhjamere regioonis, c. 1730–1830

This positioning resonated with both the right-leaning politicians who were in the ascendancy and with traditional social democrats who were concerned about the future of industry in Norway. Over time, it helped Oslo Børs to become part of the economic policy toolbox that the authorities could turn to in economic downturns. In contrast to earlier periods of strong growth in the equity market such as the mini-boom in the s or the boom of World War I, the progress made by Oslo Børs in the s was not simply a brief episode but represented lasting change.

The boom years from to when both the index and the level of trading activity went Merchant Trading System the roof did end in a major correction, but this did not shake the centrality of Oslo Børs to the new financial economy. The progress made by the equity market was accomplished in tandem with major investment in preparing Oslo Børs for the future.

The Ulikooli kraadioppe suhe strateegia exchange building was extended, and in March it abandoned the old manual system for listing prices that was based on the auction principle.

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The new system meant brokers were able to input their orders into terminals located on an electronic trading floor at Oslo Børs, and from small cubicles in the broker hallway they could contact their brokerages. In Oslo Børs also launched trading in derivative products. Austerity, entrenched expectations of inflation and the involvement of all the parties involved in business helped to make the Norwegian economy more competitive. February was an important transitional moment for Oslo Børs, as it marked the start of decentralised trading in shares in the sense that it became possible for brokers to enter their orders from their offices in Oslo or London for Merchant Trading System first time.

This meant Oslo Børs ceased to be a physical meeting place.

Merchant Trading System

InOslo Børs was converted into a limited liability company and entered into private ownership. This process took place rapidly with surprisingly little opposition. It also resulted in new uncertainty about what the new owners would do with Oslo Børs and what the consequences of a more profit-oriented approach would be.

While the privatisation of Oslo Børs undoubtedly increased its freedom, it did not mean any change to how it was regulated. It continued to require authorisation and to have to be a setter of standards for the securities market. One of the most pronounced developments in this period concerned the restructuring of the stock exchange market in Europe.

Everywhere, old national stock exchanges were disappearing into larger units — whether through alliances or acquisitions. The broker Merchant Trading System was also transformed, with companies becoming big, internationally oriented organisations driven to a large extent by technology and expertise. Much of the framework around Oslo Børs has changed over the years.

One thing, however, remains the same as before. Things could have turned out differently, as in Oslo Børs was a stroke of the pen away from moving with Verdipapirsentralen VPS to the old Shell building Merchant Trading System Pilestredet.