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Stock exchange

(Part 2)

Recently there has been an increasing use of computers and visual display units on the Stock Exchange. These keep the members in constant touch with the changing state of the market prices of securities and shares and help them to make the best decision that is possible at the time. These facilities make the Stock Exchange a more perfect market.

The broker/dealer sends to his client the contract note, which shows:

1) the price at which the business was done;

2) the type and class of share or security;

3) the date and time of the deal;

4) the amount of commission charged;

5) the cost of the transfer fee;

6) details of the registration fee, charged to changing the names from the old owners of the shares into the new owners (in the books of the company).

Shares must be paid for on ‘settlement day’, which occurs about once every two weeks. Settlement day is usually about 10 days after the deal has been struck.

There are ‘speculators’ working on the Stock Exchange and they are often called bulls, bears and stags.

A stag buys and sells newly issued shares and securities.

A bull is an optimist who buys the shares at a low price and hopes that in the future the price will rise.

A bear is a pessimist who agrees to sell shares he doesn’t have, hoping that by the time settlement day arrives he will be able to buy the shares at a lower price than he has agreed to sell them at.

If there is a large demand for shares, then the price of the shares will rise. If there is a small demand for the shares, their price will fall.

Instead of buying shares directly via the Stock Exchange members of the public may invest in unit trusts. These are organizations that take money from the public and invest it for them in a range of stocks and shares. Investing in this way may be safer than buying shares in a single company, because falls in the value of some of the stocks held by the unit trust may be balanced by rises in the value of others.

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