| Popis: |
This thesis compares various attributes of the two stock exchanges that are currently in existence in the Czech Republic: the Rm-system Czech Stock Exchange and the Prague Stock Exchange. Detailed comparisons are made between various specifics of membership policies, trading routines, fees and indices at these exchanges and these are then related to the corresponding attributes at two representative foreign exchanges: the London Stock Exchange and the New York Stock Exchange. A principal question to be answered in the thesis is whether having two independent organizers of stock-market trading is beneficial to the investors and overall practical for the market of the size of the Czech Republic. The first, theoretical part of the thesis is focused on historical evolution and characteristics of the stock exchanges. In this part we give a general classification of stock exchanges, discuss in some detail the kinds of traded financial instruments, describe trading participants and elucidate the nitty-gritty of trading systems. The second, practical part of the thesis then examines detailed facts about individual stock exchanges in the order listed in the theoretical part with the emphasis put on the differences between the stock markets under study. Various representative data is collected in tables and/or recorded in charts and graphs. Particular distinctions between the stock exchanges are analyzed and the distinguished aspects are highlighted. The conclusion summarizes obtained results and finally answers, in the mild affirmative, the question whether it is beneficial to have the stock market in the Czech Republic served by two independent stock exchanges. |
