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            The stock market is an aggregate market where buyers and sellers combine in order to process transactions. Although, buyers and sellers need not be in physical presence to trade since there is the available use of full brokerage firms and or the use of online trading. Regardless of which trading method is used, there is still the question as to what the differences are between the various exchanges in the current world markets. This paper will examine the characteristics of the NYSE and the TSX; how trade is conducted, members on the board of directors, past earnings, and using one index from each exchange to compare historical returns to investors. .
             Background Information.
             TSX Background.
             The TSX Group is a cornerstone of the Canadian financial system and is at the center of Canada’s equity capital market. TSX Group owns and operates Canada’s two national stock exchanges, the Toronto Stock Exchange, serving the senior equity market, and the TSX Venture Exchange, serving the public venture equity market. From its preeminent domestic base, TSX Group’s reach continues to extend internationally, through TSX markets and TSX Datalinx which provide the trading and data to the global financial community who access Canada’s equity capital market (TSX Group, 2003).
             NYSE Background.
             The NYSE is the world's leading and most technologically advanced equities market. The NYSE is by far the world's largest market, and more capital is raised at the NYSE than in any other equities marketplace. A broad spectrum of market participants, including listed companies, individual investors, institutional investors and member firms, create the NYSE agency auction market. Buyers and sellers meet directly in a fair, open and orderly market to realize the best possible price through the interplay of supply and demand. On an average day, more than 1.3 billion shares, whose value exceeds $35 billion, trade on the NYSE (NYSE, 2003).