9 Things You Didn’t Know About Für Elise

9 Things You Didn’t Know About Fà ¼r Elise SAT / ACT Prep Online Guides and Tips From its first repeating notes, Fà ¼r Elise is instantly recognizable. It may even be the most famous melody ever written! But did you know that when Beethoven first drafted this short piano piece, he stuffed it in a drawer, never to be seen in his lifetime? Curious how it went from forgotten trifle to universally known? Wondering what exactly makes it such an unforgettable earworm? Need some tips on learning to play this piece? Then keep reading for everything you've ever wanted to know about one of Beethoven's best-known masterpieces. Fà ¼r Elise: The Basics Ludwig van Beethoven wrote Fà ¼r Elise 1810 as a small piece for the piano, and then put it aside with his many other draft works. We only have it because a musicologist found it and published it in 1867! And it's a good thing for us that Fà ¼r Elise was finally found! Its first five notes (alternating E and D-sharp) have become as famous as the booming da-da-da-dum first notes of Beethoven’s 5th Symphony. Why has this piece been so popular ever since its publication? Musically, Fà ¼r Elise is deeply melodic and full of nostalgic feeling, with a relatively simple harmony that makes it very accessible and not overly intellectually demanding. At the same time, because its first part is easy even for a beginner piano player to learn, but is also beautiful, it is often assigned by piano teachers the world over, perpetuating its fame. And finally, the romantic and mysterious possibilities of its name make us wonder about the identity of Elise and the love life of its composer! Where Can I Listen to Fà ¼r Elise? Before diving into the history and background of this piece, here are some versions that will give you a great sense of the range of interpretations out there. Start with this straightforward Fà ¼r Elise piano recording: [embed]https://www.youtube.com/watch?v=_8ECRYcXtEg[/embed] Then, you can explore interesting takeoffs, samples, and modifications. On the piano, there is a great blues-imbued version, as well as a ragtime version. At the same time, the piece's arpeggios make it a popular choice for classical guitar interpretations like this one. Because Fà ¼r Elise is so incredibly popular, there are a million and one versions of it on YouTube. Do a quick search and check out the versions played by wildly talented four-year-old prodigies! I wouldn't be surprised if there's a cat-playing-violin version out there somewhere. The History of Fà ¼r Elise In 1810, when he was 40 years old, Ludwig van Beethoven was already renowned as one of the greatest composers of all time. He was also already plagued by the horrible tinnitus that preceded his eventual deafness. Although the very next year he stopped performing in public altogether, he never stopped composing. On April 27th, 1810, Beethoven drafted a bagatelle - a small, unimportant song - and jotted the label "Fà ¼r Elise" on it in his famously messy handwriting. But he never published this piece of music. Instead, it sat in a drawer until 1822, when Beethoven revised it slightly, and shoved it back into the same drawer. In 1827, Beethoven died, and his bagatelle never saw the light of day. It was only in 1867, 40 years after Beethoven's death, that a musicologist named Ludwig Nohl found the piece of music and published it. Who Was Elise? Remember how I told you that Beethoven jotted the words "Fà ¼r Elise" on his final draft of the sheet music? Well, it turns out that we only know this from Ludwig Nohl, the man who found and published the piece. The actual final draft itself is missing! Not only that, but no distinct records, letters, or accounts from people at the time make mention of an "Elise" in Beethoven's life. So who was the mysterious Elise that Beethoven apparently dedicated this music to? There is no conclusive answer to this question. There are several theories, however, which I will lay out in order of most to least likely. Theory #1: "Elise" Was Beethoven's "One That Got Away" Beethoven had a doomed love affair with a woman named Therese Malfatti. She was his student, and he fell in love with her right around the time of the composition of Fà ¼r Elise. We aren't quite sure exactly how they broke up, but we do know that he proposed, and she either said no right away, or strung him along for a while and then said no. Either way, Therese then married someone else. So, the most popular theory is that our friend Ludwig Nohl misread Beethoven’s messy handwriting, and that in reality, the piece was labeled "Fà ¼r Therese" not "Fà ¼r Elise." Theory #2: "Elise" Was Beethoven's Opera Singer BFF A few years before writing Fà ¼r Elise, Beethoven became friends with an opera singer named Elisabeth Rà ¶ckel, whose nickname may well have been Elise (Elizabeth to Elise doesn't seem to be that much of a stretch, but we don't have any documentary evidence that anyone actually did call her Elise). Beethoven and Rockel were close friends until she married Beethoven's frenemy, Johann Nepomuk Hummel. Perhaps Fà ¼r Elise was written in the midst of this friendship - or as a way of saying good-bye. Theory #3: "Elise" Was One of Therese Malfatti's Friends The least likely scenario is that Beethoven wrote the piece for another woman nicknamed Elise - Juliane Katharine Elisabet Barensfeld, who used "Elise" as a variant first name. She was a musical child prodigy who was Therese Malfatti's neighbor and conceivably could have been her student. This theory holds that Beethoven was willing to do anything for his one great love, Therese, including writing a quick piece of music for one of her favorites. Since there's not enough evidence to prove it conclusively, we should probably use Occam’s razor for this one. To whom is a sad, longing love song dedicated? Probably to the lost love of Beethoven's life, Therese. What Does the Title of Fà ¼r Elise Mean? The full title of Beethoven's piece of music is Fà ¼r Elise: Bagatelle in A minor WoO 59. In reality, the stuff after the colon is the official title, and "Fà ¼r Elise" is just a nickname for the piece. This is because musical compositions have a specific naming system that references type, key, and a numbering system. Let's unpack each of the components of this title separately. Fà ¼r Elise. The words â€Å"Fà ¼r Elise† mean â€Å"for Elise† in German. Bagatelle. This is the piece of music's type (other types include sonatas, etudes, symphonies, and so on). A bagatelle is a short, lighthearted, and generally frivolous piece of music. Similar words have also been used to describe this piece. Sometimes the title uses the word "Albumblatt," which means "album leaf" - a short, pleasant, usually solo piano piece that friends could easily share by pasting into each other's musical albums. More rarely, you might find Fà ¼r Elise labeled as a "Klavierstà ¼cke" which is simply German for "piano piece." A Minor. "A" stands for the music's key, indicating the scale - the set of notes divided by regular intervals - that the piece uses. In this case, Fà ¼r Elise is based on the scale that is anchored by the A key. Keys are divided into major and minor, depending on the intervals between the notes used in the scale. Here, the minor key is a technical way to convey which notes should be played higher or lower than the corresponding natural notes. It also tells us about the musicality of the piece. In Western music, music in a minor key sounds sad, helping with the sense of longing and wistfulness that characterizes the melody. WoO 59. Usually, composers number their published pieces of music, using the Latin term "opus" (which means "work") and whatever number followed in sequence from the last piece of the same type. However, not only did Beethoven not number Fà ¼r Elise, but he really only gave opus numbers to his most significant published pieces. Because of this, much of his work has been assigned numbers by later publishers, using the German term "werk ohne opuszahl" (meaning "work without opus number" and abbreviated as WoO) and a number in sequence. So, in this case, WoO 59 means that Fà ¼r Elise was the 59th bagatelle to be published that hadn't been given a number by Beethoven himself. Fà ¼r Elise Musical Analysis Now that we've explored the history and romance behind the work, let's check out what's under the hood. How is Fà ¼r Elise Structured? As we already saw from its title, this piece is in the key of A minor. It's time signature is 3/8, so there are 3 beats in each measure and each eighth note (â™ ª) gets 1 beat. Fà ¼r Elise is a rondo, with a A–B–A–C–A structure. In other words, its first section (main theme A) is repeated between its other sections (themes B and C). The first section is the famous melody that everyone knows, with the right hand playing the melody itself and with the left hand playing arpeggios (chords played note by note instead of all at once). The other sections are more challenging, incorporating the keys E major, C major, G major, and F major. The repeated central theme's A minor key builds a melancholy, longing mood. However, Fà ¼r Elise's other themes are in complete contrast to the main theme, creating a sense of whimsy, unpredictability, and playfulness. What's the Musical Style of Fà ¼r Elise? Fà ¼r Elise is part of the Romantic music movement that developed in the late 18th and early 19th century in Europe along with Romanticism in the arts in general. Note that capital-R Romanticism has nothing to do with small-r romance. Instead, Romantic music was characterized by ideas of revolting against Industrial Revolution and the perceived triumph of hyper-rationalism. Romanticism instead embraced a preoccupation with nature, an imagined glorious past, and beautifully terrifying and unknowable spiritual and emotional experiences. We can see some of this in the way Fà ¼r Elise shuttles back and forth between the forlorn plea of the repeated main theme and the sudden, mercurial shifts in tone of the B and C themes. Romanticism is like a storm: moody, unpredictable, wild, and dominating puny humans. 8 Tips for Learning to Play Fà ¼r Elise Have you decided to learn how to play Fà ¼r Elise on the piano? Here are some things to keep in mind! Are You a Beginner? Because the most famous part of Fà ¼r Elise - the main theme - is reasonably easy to play, many piano teachers assign just that first part of the piece to their students early on in their piano learning. Not only is it not technically difficult, but it also provides a good basic exercise for piano pedaling technique. Here's some advice for mastering the piece: Watch out for tricky fingering. In this piece, precise finger position is key to the flow of the right-hand melody and the support of the left-hand arpeggios. You may want to write out each note’s fingering in your score to help you articulate the music well. Legato, legato, legato. Think of the left-hand’s arpeggios as almost-chords. You should play them as smoothly as possible, gliding each note into the next. Imagine playing the piece as if you're trying to demonstrate perpetual motion. Your gently flowing tempo and legato should unite to let the melody shine. Imagine a conversation between right and left. Start by practicing hands separately. Then, when you're combining them, listen to the way the left and right hands reply to each other - it's almost a series of call-and-response questions, or a plaintive conversation. To articulate this, carry your legato over from the right hand to the left and vice versa, and do not privilege one hand over the other in volume or tempo. Don't rush. Even after you've learned the melody, you have to keep your tempo slow to convey the wistful and sad mood. Beethoven marked the tempo as "molto grazioso," meaning a deeply graceful and even speed. Are You Playing at an Intermediate Level? If you're learning all three section of Fà ¼r Elise, here are tips to help you: Learn the sections in order of difficulty. As we've already seen, theme A is the least technically challenging. The most technically difficult section is the B theme, so you may want to save that one for last. Learn each section on its own, phrase by phrase. Rely on repetition for easier memorizing. The rondo form makes learning the piece by heart much easier, since 3 out of 5 sections are the same. Focus on the transitions between the sections to confidently go in and out of each. Stress the contrast. Fà ¼r Elise is marked by the shifting tones and moods of its three sections. Maintain the contrast demanded by the different sections, and connect your playing with the mood you want to convey. Are You an Advanced Musician? At this point in your musical career, you're no longer as worried about physically being able to carry the piece from sheet music to keyboard. Instead, here are some thoughts about your main challenges: Proper wrist placement. For an even smoother performance, you may want to rethink the way you hold your wrists and how to relieve tension in them while playing. This blog post has some very helpful pointers. Make your mark, find your voice. The biggest challenge for those who can readily overcome the technical challenges is that Fà ¼r Elise is everywhere and has been interpreted many, many times over. How do you bring your own quality to such a widely known work? You may want to simply avoid other interpretations while working on a piece, so that someone else's vision doesn't influence your version. Think deeply about what you want to convey, and which aspects of Beethoven's music you want to illuminate. Let these ideas be the guiding principles of your interpretation. All together now! Where Can I Find Fà ¼r Elise Sheet Music? For beginners. If you'd like a version that has only the first section, clearly labels each note with its corresponding key, and leaves out the sustains, check out this easy piano rendition. For more advanced players. If you're looking for sheet music to learn to play the piece, you can use this printable very cleanly edited PDF version. For research and study. If you are curious about the first printed version that has the D in the 7th measure instead of the E as we now accept, explore a PDF of a potentially misprinted publication. Or you can check out the draft in Beethoven’s hand that informs how we play the piece now. Fà ¼r Elise in the World I wasn't exaggerating when I said that Fà ¼r Elise is now everywhere. Here are some of the more and less unlikely places it has turned up: Garbage trucks in Taiwan use the tune, as part of that country's completely revolutionary approach to dealing with waste. Check out the 99% Invisible podcast for more of this great story. American rapper Nas built his 2002 song "I Can" around samples of this piece. Elephant, Gus Van Sant's 2003 movie about teenage alienation, used Fà ¼r Elise as a haunting refrain. The Peanuts character Schroeder performs the piece in A Charlie Brown Christmas. The Takeaway: 9 Amazing Fà ¼r Elise Facts Fà ¼r Elise was lost for over 50 years until a musicologist found it and published it after Beethoven's death. And then that final draft copy was lost again and has never been found. We do still have an earlier draft copy of Fà ¼r Elise in Beethoven's hand, but that one isn't labeled "Fà ¼r Elise." No one knows who Elise really was! But most likely, she was Therese Malfatti, the woman who broke Beethoven's heart. Fà ¼r Elise is versatile enough to have been musically reinterpreted as blues and ragtime, and used as a sample in a Nas song. There are actually three separate sections in Fà ¼r Elise: the first, most famous section repeats between two other sections. As part of the Romantic music movement that explored beautifully terrifying and unknowable spiritual and emotional experiences, Fà ¼r Elise contrasts the sad wistfulness of its main theme with the unpredictable wildness of its other two themes. Part of the reason Fà ¼r Elise remains so popular is that piano teachers the world over assign its first section to their beginner students. Because there are so many versions of Fà ¼r Elise out there, it can be very hard for professional musicians to put their own spin on this work. Garbage trucks in Taiwan use Fà ¼r Elise to let people know that the garbage pickup is happening, in kind of same the way ice cream trucks use tunes in the U.S. to get people to line up for frozen dessert.

The Battle of the Java Sea in World War II

The Battle of the Java Sea in World War II The Battle of the Java Sea occurred on February 27, 1942, and was an early naval engagement of World War II (1939-1945) in the Pacific. With the beginning of fighting in the Dutch East Indies, Allied forces attempted to unite to slow the Japanese advance south towards Australia. This saw a combined American, British, Dutch, and Australian fleet formed to protect Java. In late February, this fleets Eastern Strike Force, led by Rear Admiral Karel Doorman, engaged the approaching Japanese in the Java Sea. In the resulting engagement, Doorman doggedly attacked the Japanese but proved unable to halt their advance. The battle concluded with the loss of the light cruisers HNLMS De Ruyter and Java as well as Doormans death. In the wake of the fighting, the remaining Allied ships fled though most were destroyed in separate actions a short time later. Background In early 1942, with the Japanese rapidly advancing south through the Dutch East Indies, the Allies attempted to mount a defense of Java in an effort to hold the Malay Barrier. Concentrating under the unified command known as American-British-Dutch-Australian (ABDA) Command, Allied naval units were divided between bases at Tandjong Priok (Batavia) in the west and Surabaya in the east. Overseen by Dutch Vice Admiral Conrad Helfrich, ABDA forces were badly outnumbered and in poor condition for the approaching fight. To take the island, the Japanese formed two major invasion fleets. Japanese Attacks Along the Malay Barrier. US Army Center for Military History Japanese Sighted Sailing from Jolo in the Philippines, the Japanese Eastern Invasion Fleet was spotted by ABDA aircraft on February 25. This led Helfrich to reinforce Rear Admiral Karel Doormans Eastern Strike Force at Surabaya the next day with several ships from the Royal Navy. Upon their arrival, Doorman held a meeting with his captains to discuss the upcoming campaign. Departing that evening, Doormans force consisted of two heavy cruisers (USS Houston HMS Exeter), three light cruisers (HNLMS De Ruyter, HNLMS Java, HMAS Perth), as well as three British, two Dutch, and four American (Destroyer Division 58) destroyers. Sweeping the north coast of Java and Madura, Doormans ships failed to locate the Japanese and turned for Surabaya. A short distance to the north, the Japanese invasion force, protected by two heavy cruisers (Nachi Haguro), two light cruisers (Naka Jintsu), and fourteen destroyers, under Rear Admiral Takeo Takagi, slowly moved towards Surabaya. At 1:57 PM on February 27, a Dutch scout plane located the Japanese approximately 50 miles north of the port. Receiving this report, the Dutch admiral, whose ships were beginning to enter the harbor, reversed course to seek battle. ABDA Commander Rear Admiral Karel Doorman2 heavy cruisers, 3 light cruisers, nine destroyers Japanese Commanders Rear Admiral  Takeo TakagiRear Admiral Shoji Nishimura2 heavy cruisers, 2 light cruisers, fourteen destroyers The Battle Begins Sailing north, Doormans exhausted crews prepared to meet the Japanese. Flying his flag from De Ruyter, Doorman deployed his ships in three columns with his destroyers flanking the cruisers. At 3:30 PM, a Japanese air raid forced the ABDA fleet to disperse. Around 4:00 PM, Jintsu spotted the re-formed ABDA ships to the south. Turning with four destroyers to engage, Jintsus column opened the battle at 4:16 PM as the Japanese heavy cruisers and additional destroyers came up in support. As both sides exchanged fire, Rear Admiral Shoji Nishimuras Destroyer Division 4 closed and launched a torpedo attack. Exeter Disabled Around 5:00 PM, Allied aircraft struck the Japanese transports but scored no hits. At the same time, Takagi, feeling the battle was drifting too close to the transports, ordered his ships to close with the enemy. Doorman issued a similar order and the range between the fleets narrowed. As the fighting intensified, Nachi struck Exeter with an 8 shell that disabled most of the ships boilers and created confusion in the ABDA line. Badly damaged, Doorman ordered Exeter to return to Surabaya with the destroyer HNLMS Witte de With as an escort. The Sides Close Shortly thereafter, the destroyer HNLMS Kortenaer was sunk by a Japanese Type 93 Long Lance torpedo. His fleet in disarray, Doorman broke off the battle to reorganize. Takagi, believing the battle was won, ordered his transports to turn south towards Surabaya. Around 5:45 PM, the action was renewed as Doormans fleet turned back towards the Japanese. Finding that Takagi was crossing his T, Doorman ordered his destroyers forward to attack the approaching Japanese light cruisers and destroyers. In the resulting action, the destroyer Asagumo was crippled and HMS Electra sunk. Repeated Attacks At 5:50, Doorman swung his column around to a southeast heading and ordered the American destroyers to cover his withdrawal. In response to this attack and concerns about mines, Takagi turned his force north shortly before sunset. Unwilling to give in, Doorman steamed away into the darkness before planning another strike on the Japanese. Turning northeast then northwest, Doorman hoped to swing around Takagis ships to reach the transports. Anticipating this, and confirmed by sightings from spotter planes, the Japanese were in position to meet the ABDA ships when they reappeared at 7:20 PM. After a brief exchange of fire and torpedoes, the two fleets separated again, with Doorman taking his ships inshore along the Java coast in another attempt to circle around the Japanese. At approximately 9:00 PM, the four American destroyers, out of torpedoes and low on fuel, detached and returned to Surabaya. Over the next hour, Doorman lost his last two destroyers when HMS Jupiter was sunk by a Dutch mine and HMS Encounter was detached to pick up survivors from Kortenaer. A Final Clash Sailing on with his four remaining cruisers, Doorman moved north and was spotted by lookouts aboard Nachi at 11:02 PM. As the ships began to exchange fire, Nachi and Haguro fired spreads of torpedoes. One from Haguro fatally struck De Ruyter at 11:32 PM exploding one of its magazines and killing Doorman. Java was hit by one of Nachis torpedoes two minutes later and sank. Obeying Doormans final orders, Houston and Perth fled the scene without stopping to pick up survivors. Aftermath The Battle of the Java Sea was a resounding victory for the Japanese and effectively ended meaningful naval resistance by ABDA forces. On February 28, Takagis invasion force began landing troops forty miles to the west of Surabaya at Kragan. In the fighting, Doorman lost two light cruisers and three destroyers, as well as one heavy cruiser badly damaged and around 2,300 killed. Japanese losses numbered one destroyer badly damaged and another with moderate damage. HMS Exeter sinks during the Second Battle of the Java Sea, March 1, 1942. US Naval History Heritage Command Though soundly defeated, that the Battle of the Java Sea lasted seven hours is a testament to Doormans determination to defend the island at all costs. Many of the remaining units of his fleet were subsequently destroyed at the Battle of the Sunda Strait (February 28/March 1) and the Second Battle of the Java Sea (March 1). Many of the wrecks of those ships lost at the Battle of the Java Sea and the subsequent actions have been destroyed by illegal salvage operations.

Investment appraisal and NPV analysis Essay Example | Topics and Well Written Essays - 2000 words

Investment appraisal and NPV analysis - Essay Example Capital Budgeting is the other name for Investment Appraisal. Every firm, company or enterprise is faced with the decision about which investment opportunities they are to choose from all the options available. The primary task of any enterprise is to maximize the wealth of its shareholders. So taking the right decision at right time is one of the key roles of any company. It is required for the profitability and sustainability of the company. More often than not every enterprise has to invest in assets, mainly capital assets, so that they get returns out of it which they can utilize either to reinvest again or to pay back its owners (Peterson & Fabozzi, 2002, p.3). Investments in assets can be of both short-term and long-term types but every firm is primarily concerned with long-term investment requiring huge amounts of money. Thus, decision on capital budgeting have a long-term effect on the performance of the firm and are critical to the firm’s success or failure. Financial appraisal or investment appraisal of a proposed investment in a firm is one of the key steps in capital budgeting and quite complex too (Dayananda, 2002, p.2). Thus proper valuation of the proposed investment projects of a company is required before coming to the conclusion about which investment proposal to accept. Some of the tools or techniques used by firms for investment appraisal are: a) Net Present Value (NPV), b) Internal Rate of Return (IRR), c) Profitability Index (PI), d) Accounting Rate of Return, e) Payback Period, etc (Shapiro, 2008, p.33). Of these NPV and IRR techniques are mostly used by companies for investments which are capital intensive and Pay Back Period technique, which is more of a traditional technique and mostly used by companies which are less capital intensive (Bedi, 2005, p.14). Now, NPV being one of the most widely used conventional tools for investment appraisal uses the Discounted Cash Flow (DCF) technique for the evaluation of proposed investments. But it can always be argued about DCF technique used in NPV analysis as being the effective and adequate technique and its relevance with business environment in reality. NPV option is always questionable when uncertainty is involved in the real business environment. Once an investment has already begun, it is very difficult to revise the investment decisions of a company using NPV analysis for its investment project appraisal. Thus, NPV analysis has its own merits and demerits in the evaluation of investment projects which have been discussed further in this study. A comparative study of two other alternative appraisal techniques to NPV is also discussed in this study. Further, what can be a more realistic approach to investment appraisal has also been discussed in details. Investment Appraisal Approaches Different approaches are adopted by different companies for evaluating their investment proposals in order to come to a decision about which investment proposal will be best for the company. Out of the many, Pay Back Period technique is one of the traditional approaches in this regard. NPV analysis and IRR techniques are commonly used investment evaluation techniques which uses the DCF technique. Risk-adjusted Present Value (RPV) analysis is one of the recently used investment appraisal technique which takes into account the risk factors involved in the investment valuation due to uncertainties present in real business environment. The concept of break-even analysis in investment is applied through the Pay Back Period method of investment appraisal technique (Banerjee, 1990, p.317). This method takes into consideration the fact that it is important to identify the recovery period of investment made originally by a company. Pay Back Period can be calculated from the following relation: Pay

How can the treatment of cancer with recombinant antibodies be Essay

How can the treatment of cancer with recombinant antibodies be improved - Essay Example The process focuses on the production of recombined genes leading to the rapid re-production of genetically modified bacteria causing the process to continue further by virtue of reproduction of DNA segments and recombination with original DNA. Antibodies, resembled to ‘Y’ shape, refer to the protein molecules with a crucial role for keeping and restoring our health to its optimum state by identifying and attacking foreign bodies entering into our health system. Several types of antibodies have been acknowledged in scientific studies, each type has the capability to recognize unique and distinctive antigens and to get combined with the targeted antigens by using the method of molecular structuring leading to the eventual destruction of several antibodies of foreign objects like viruses or bacteria. There are several reasons associated with the advantages of application of recombinant antibodies such as there no animals are needed so inflexibility regarding the issue of u sing animals for human research could possibly be avoided. Secondly, the manufacturing time for producing recombinant antibodies is significantly less compared to the conventional method. Thirdly and most importantly the quality of the product is far more acceptable than that of the traditional one by virtue of the production of a large number of various antibodies working against a particular antigen in a single selection procedure is possible. The aim of this research is to describe the development of new role and techniques of producing recombinant antibodies in cancer treatment. The library structure of monoclonal antibodies (mAbs) may be biased towards specificities in particular present in the immunized fragments of immunized animals (Clackson et al, 1991) or naturally immunized or contaminated individuals (Burton et al, 1991). These libraries are primarily structured from VH and VL gene pools which are derived on the basis of either PCR-based (Orlandi et al,

La Bolsa De Valores De Colombia

La Bolsa De Valores De Colombia QUE ES UNA BOLSA DE VALORES Una bolsa de valores es un establecimiento, que puede ser pà ºblico o privado, autorizado por los gobiernos de los paà ­ses, en el cual se negocian (compran y venden) tà ­tulos valores como acciones, bonos, tà ­tulos de deuda pà ºblica etc. La negociacià ³n de los tà ­tulos la realizan personas autorizadas las cuales se denominan corredores de bolsa (|brokers en ingles). Los corredores de bolsa son intermediarios entre un vendedor y un comprador de tà ­tulos, generalmente representan a uno de à ©stos y negocian por orden de à ©ste. Por realizar esta actividad, los corredores de bolsa cobran una comisià ³n. Sà ³lo los corredores de bolsa autorizados pueden llevar a cabo las negociaciones. Existe una serie de exigencias y normas muy estrictas que los rigen tanto a ellos como a las empresas que deseen negociar sus valores en la bolsa. Lo anterior permite que los inversionistas (personas o empresas que quieran invertir dinero en tà ­tulos valores) sientan confianza y seriedad a la hora de negociar en la bolsa. Las bolsas, por lo tanto, se pueden considerar como un mercado centralizado y regulado (mercado que recibe el nombre de MERCADO BURSATIL. Este mercado le permite a las empresas financiar sus proyectos y actividades a travà ©s de la venta de tà ­tulos. Igualmente, permite a los inversionistas opciones de inversià ³n a travà ©s de la compra de los tà ­tulos. Existen bolsas de valores en muchos lugares del mundo: ciudades importantes como Nueva York, capitales de paà ­ses como es el caso de Londres o Tokio, etc. Es importante anotar que las bolsas se comunican entre sà ­. HISTORIA DE LA BOLSA DE VALORES DE COLOMBIA La Bolsa de Valores de Colombia (BVC), creada el 3 DE JULIO DEL 2001, es el à ºnico mercado de acciones y otros valores de Colombia organizado a travà ©s de la estructura de bolsa. Anteriormente operaban tres bolsas de valores independientes Bolsa de Bogotà ¡ (1928), Bolsa de Medellà ­n (1961) y Bolsa de Occidente (Cali, 1983) que se fusionaron para crear la BVC. Tiene oficinas en Bogotà ¡, Medellà ­n, Cali, Barraquilla y Pereira. El resto del mercado se organiza a travà ©s de sistemas centralizados de transaccià ³n de operaciones que no hacen parte de la Bolsa de Valores de Colombia. MISION DE LA BOLSA DE VALORES DE COLOMBIA Contribuir al crecimiento y desarrollo del mercado de capitales a travà ©s de la canalizacià ³n del ahorro hacia la inversià ³n productiva mediante la administracià ³n de mercados eficientes, transparentes, equitativos, competitivos, seguros y supervisados, en beneficio de emisores, inversionistas e intermediarios, y generar valor para sus accionistas mediante un adecuado equilibrio entre los objetivos de rentabilidad y el desarrollo de los objetivos de mediano y largo plazo. VISION DE LA BOLSA DE VALORES DE COLOMBIA En el 2015 la BVC serà ¡ el principal foro de negociacià ³n de activos financieros en el paà ­s, administrando un 55% del total transado en el mercado nacional. Para lograrlo, la organizacià ³n crearà ¡ valor para sus accionistas, trabajarà ¡ en conjunto con intermediarios y reguladores, ejecutarà ¡ procesos confiables orientados estratà ©gicamente hacia los resultados e incorporarà ¡ el mejor capital humano y tecnolà ³gico disponible. VALORES DE LA BOLSA DE COLOMBIA ïÆ' ¼ Excelencia o aquello que hacemos y cuando lo hacemos proactivamente bien. ïÆ' ¼ Liderazgo o el deber para crear un mejor futuro. ïÆ' ¼ Innovacià ³n o la imaginacià ³n y la creacià ³n. ïÆ' ¼ Orientacià ³n al mercado o el compromiso total con los clientes. ïÆ' ¼ Trabajo en equipo o la cooperacià ³n y el genio colectivo. ïÆ' ¼ Pasià ³n o la entrega de corazà ³n y razà ³n. ïÆ' ¼ Competitividad o en lo que participamos, ganamos. PRESENCIA INTERNACIONAL Contexto internacional Consciente de la responsabilidad como administradora de sistemas transaccionales a travà ©s de los cuales el mercado de activos financieros en Colombia realiza sus operaciones, la BVC mantiene un contacto permanente con las diferentes bolsas del mundo y organismos internacionales. El objetivo de su gestià ³n internacional es conocer y adelantar gestiones encaminadas a elevar la calidad de sus servicios y homologar sus actividades a està ¡ndares internacionales a travà ©s de instrumentos y mecanismos de negociacià ³n que tiendan a generar nuevas alternativas de inversià ³n y financiacià ³n en un escenario de seguridad y transparencia para todos los actores que en ella intervienen. A continuacià ³n, la BVC presenta un resumen sobre la actividad que adelanta con el Banco Interamericano de Desarrollo, BID, su vinculacià ³n y beneficios para Colombia al ser miembro de la Word Federation of Exchange, WFE y, finalmente como parte de la Federacià ³n Iberoamericana de Bolsas, FIAB. La presencia internacional de la BVC ante los organismos internacionales anteriormente citados, responde a la iniciativa de la BVC de integrar el mercado de valores colombiano para ofrecer nuevas alternativas de inversià ³n y financiacià ³n a los empresarios, inversionistas e intermediarios. Banco Interamericano de desarrollo BIP En abril de 2002 el Banco Interamericano de Desarrollo, BID, como administrador del Fondo Multilateral de Inversiones, Fomin, y la Bolsa de Valores de Colombia, BVC, firmaron un convenio de cooperacià ³n tà ©cnica no reembolsable para fortalecer el mercado de capitales nacional mediante el desarrollo de los siguientes proyectos. Bolsa de futuros y opciones Sus objetivos son la estructuracià ³n, diseà ±o operativo, adquisicià ³n de la plataforma tecnolà ³gica y puesta en marcha de una Bolsa de Instrumentos Derivados. En principio, esta bolsa operarà ¡ sobre contratos de divisas y tasas de interà ©s en pesos. Mà ¡s adelante, podrà ¡n transarse instrumentos sobre opciones y contratos basados en à ­ndices bursà ¡tiles y otros instrumentos de cobertura. à ¼ Cà ¡mara de compensacià ³n riesgo central de contraparte La Bolsa se apoya en servicios de consultorà ­a experta en el tema de buenas prà ¡cticas de gobierno corporativo, con el fin de evaluar, desear e implementar mejores prà ¡cticas en los emisores de valores en Colombia. Con base en los resultados de la evaluacià ³n, la BVC hoy realiza un programa de divulgacià ³n que permite promover los resultados del proyecto y redunde en mayor confianza de los inversionistas hacia los tà ­tulos emitidos por compaà ±Ãƒ ­as con dichas prà ¡cticas. à ¼ World Federation of Exchanges, WFE La Bolsa de Valores de Colombia, BVC, desde octubre de 2003 hace parte de la Word Federation Exchange, organismo internacional que agrupa a las 56 Bolsas y mercados mà ¡s grandes del mundo, para ser miembro de la WFE, la BVC cumplià ³ con requisitos propios de la industria financiera en el mundo, que aseguran una operacià ³n y funcionamiento acorde con està ¡ndares internacionales. à ¼ Beneficios para la BVC al ser miembro de la WFE à ¼ El reconocimiento internacional que le permite a la BVC interactuar con las principales bolsas de mundo. à ¼ Posibilidad de acceder a foros de intercambio de conocimientos y experiencias de otras bolsas de valores à ¼ Participacià ³n en eventos, seminarios y congresos mundiales de interà ©s para el mercado, asà ­ como acceder a los resultados o conclusiones que se generan en los mismos. à ¼ Afianzar los và ­nculos profesionales y comerciales con las Bolsas mà ¡s importantes del mundo ïÆ' ¼ A las Sociedades Comisionistas de Bolsa les beneficia en la medida que el mercado colombiano alcanza està ¡ndares internacionales y logra un reconocimiento global.  ¿Quà © es la World Federation of Exchanges? ïÆ' ¼ La World Federation of Exchanges (WFE) es la organizacià ³n comercial para las seguridades y los mercados derivados regulados, instituciones del establecimiento y cà ¡maras de compensacià ³n relacionadas, y sus diversos servicios a los mercados de capitales. ïÆ' ¼ La federacià ³n es una organizacià ³n internacional privada que abarca a los operadores mà ¡s importantes del mundo y con los niveles mà ¡s altos de la calidad de mercado. La organizacià ³n proporciona un foro para la comunicacià ³n, el anà ¡lisis y la discusià ³n entre sus miembros ïÆ' ¼ Asà ­ mismo, compartir la experiencia y el conocimiento del negocio entre los miembros de la WFE es un factor crà ­tico para el desarrollo de la industria, aà ºn mà ¡s cuando los operadores de mercado financiero ofrecen servicios en un ambiente cada vez mà ¡s competitivo. ïÆ' ¼ Su propà ³sito es facilitar la representacià ³n, el desarrollo de mercados organizados y regulados, y resolver las necesidades de los mercados de capitales para ofrecer un mejor servicio a sus usuarios. La calidad de miembro de la federacià ³n es un criterio para que reguladores e instituciones nacionales de la gerencia de activos financieros permitan el acceso privilegiado para la inversià ³n INDICES BURSATILES 1. GINI Este à ­ndice nos permite conocer el nivel de concentracià ³n de la propiedad accionaria entre sus beneficiarios reales. Cuando se habla de concentracià ³n de la propiedad accionaria se dice que la mayor parte de las acciones en circulacià ³n de una organizacià ³n esta en manos de unos pocos accionistas. Este indicador busca llegar a la propiedad accionaria de las personas naturales como objetivo mismo del indicador, basado en que las personas naturales puedan ser propietarias en forma directa o indirecta a travà ©s de otras compaà ±Ãƒ ­as. Cuando la propiedad de las empresas estas distribuida igualitariamente entre todo los accionistas, es decir, cuando hay total desconcentracià ³n, el resultado del GINI es cero y, por el contrario. Cuando la desigualdad o concentracià ³n de la propiedad es total, el indicador es uno. Su interpretacià ³n es bueno complementarla con la participacià ³n de la empresa en el sector respectivo. 2. à ndice de bursatilidad Accionaria (IBA) Mide la caracterà ­stica de una accià ³n basada en la facilidad para comprarla u ofrecerla en el mercado secundario. De acuerdo con la liquidez de la accià ³n y su negociabilidad se clasifica en alta, media, baja, minima y ninguna bursatilidad en una escala de 0 a 10. El calculo se basa en cuatro relaciones bà ¡sicas: el valor transado promedio por rueda, el numero de acciones transadas sobre el numero el numero de acciones en circulacià ³n, el numero de operaciones realizadas sobre el numero de ruedas realizadas y el numero de ruedas en que cotiza sobre el numero de ruedas realizadas. 3. à ndice de precios de la Bolsa de Bogota Es un indicador de la evolucià ³n de los precios de las acciones mas representativas que se transan en las Bolsas de Bogota. Su variacià ³n indica la tendencia al alza o a la baja de los precios de las acciones. Su objetivo como indicador no difiere de los utilizados a nivel internacional, sin embargo, diferente de estos por la forma de su cà ¡lculo al basarse en una canasta de acciones variable. (Guzmà ¡n V. Alexander, Pinilla S. Roberto Valero R. Luis, 2000, pp. 71-72). Esta canasta esta conformada por las vite acciones de mayor frecuencia de transaccià ³n en el mercado durante los à ºltimos dos aà ±os o 48 quincenas anteriores a la quincena correspondiente a la fecha del calculo. Su fecha base de calculo es el dà ­a dos de enero de 1991. Para su cà ¡lculo se multiplica el à ºltimo precio de cada accià ³n por un peso de ponderacià ³n. La sumatoria de estos veinte productos constituye el valor del à ­ndice del dà ­a. La ponderacià ³n es necesaria para minimizar la diferencia entre el precio real de una accià ³n y su valor calculado a partir del à ­ndice. Es importante advertir que todas las acciones tienen un valor nominal y mercados diferentes, que en algunos casos difieren en gran proporcià ³n. La ponderacià ³n tambià ©n es necesaria para que la participacià ³n de cada accià ³n dentro del à ­ndice guarde cierta proporcionalidad con su importancia en el mercado. La ponderacià ³n se basa en la cantidad de acciones negociadas de cada empresa en los à ºltimos tres meses. Este modelo se basa en ajustes quincenales de los pesos de ponderacià ³n y se cuenta con mecanismos matemà ¡ticos de ajuste para disminuir cambios bruscos en los pesos de ponderacià ³n de las acciones. El objetivo de estos ajustes busca que los cambios en el indicador obedezcan en mayor parte a cambios en los precios en las acciones. El modelo tiene en cuenta los cambios en el valor nominal de las acciones (Split) y la adicià ³n o retiro de compaà ±Ãƒ ­as. Para este caso se debe reprocesar la informacià ³n histà ³rica de tal suerte que siempre sea comparable. No incluye en su cà ¡lculo correcciones por aumento de acciones en circulacià ³n. Su presentacià ³n en el mercado se hace diariamente junto con la grafica del comportamiento de los à ºltimos dos meses y de las à ºltimas cincuenta semanas. Su cà ¡lculo se efectà ºa para tres sectores tres subsectores de actividad econà ³mica. (Pinilla S. Roberto â€Å"y otros†, 2000, pp. 73-74). TIPOS DE à NDICES BURSà TILES: 1. Capitalizacià ³n Bursà ¡til: Pretende reflejar el comportamiento en los precios de las acciones del à ­ndice, ponderando cada especie dentro de este de acuerdo con el tamaà ±o de la compaà ±Ãƒ ­a en tà ©rminos de capitalizacià ³n bursà ¡til: Capitalizacià ³n Bursà ¡til: Corresponde al valor total del patrimonio de una empresa, segà ºn el precio al que se cotizan sus acciones. Capitalizacià ³n Ajustada: Proporcià ³n de la compaà ±Ãƒ ­a, diferente de lo que se encuentra en manos de inversionistas con interà ©s de control (Flotante). 2. Liquidez o Rentabilidad: El objetivo de este tipo de herramientas es representar el comportamiento en los precios de las acciones de un à ­ndice, dà ¡ndole un peso a cada especie de acuerdo a sus niveles de liquidez. 3. Precios: Los à ndices de precios radican su metodologà ­a de cà ¡lculo en la sumatoria aritmà ©tica de los precios de las acciones que componen la canasta. Estos à ­ndices no son tan comunes y su funcià ³n es particularmente las mismas descritas en los casos anteriores. BVC, à ndices Bursà ¡tiles. Extraà ­do el 17 de noviembre de 2009 desde http://www.bvc.com.co/pps/tibco/portalbvc/Home/Mercados/descripciongeneral/indicesbursatiles INDICE ACCIONARIO IGBC El à ­ndice General de la Bolsa de Colombia mide de manera agregada la variacià ³n de los precios de las acciones mà ¡s representativas del mercado. El objetivo principal es representar las variaciones del conjunto de acciones mà ¡s transadas de una manera fiel, de tal forma que cumpla el requisito de replicabilidad, es decir que a partir del mismo se pueda conformar un portafolio con las acciones del à ­ndice, base fundamental para la construccià ³n de productos derivados. El à ­ndice general se calcularà ¡ en cada instante de las negociaciones, y el valor definitivo del dà ­a serà ¡ calculado 30 minutos despuà ©s del cierre del mercado. Asobancaria, Extraà ­do el 18 de Noviembre de 2009 desde http://www.asobancaria.com/glosario.jsp?accion=2id=28 INDICE ACCIONARIO DE CAPITALIZACION BURSATIL (COLCAP) COLCAP es un indicador que refleja las variaciones de los precios de las 20 acciones mas liquidas de la (BVC), donde el valor de Capitalizacià ³n Bursà ¡til ajustada de cada compaà ±Ãƒ ­a determina su nivel de ponderacià ³n1. I k (t )= E Wi Pi (t ) i Capitalizacion Ajustada: Se determina como el porcentaje de la compaà ±Ãƒ ­a que no se encuentra en poder de accionistas con situacià ³n de control dentro de la compaà ±Ãƒ ­a. Una compaà ±Ãƒ ­a entre mayor capitalizacià ³n ajustada tenga, mayor serà ¡ su participacià ³n en el à ­ndice. Siendo la mà ¡xima participacià ³n el 20%. INDICE ACCIONARIO DE LIQUIDEZ (COL20) COL20 es un indicador de rentabilidad o de liquidez que refleja las variaciones de los precios de las 20 acciones mas liquidas de la (BVC), donde el nivel de liquidez de cada compaà ±Ãƒ ­a determina su ponderacià ³n. BVC, Extraà ­do el 17 de noviembre de 2009 desde http://www.bvc.com.co/pps/tibco/portalbvc/Home/Mercados/descripciongeneral/indicesbursatiles?com.tibco.ps.pagesvc.action_Edicion.pdf Tabla 1 IGBC COL20 COLCAP TIPO DE INDICE Liquidez Liquidez Capitalizacià ³n Bursà ¡til SELECCIÓN CANASTA Liquidez: Variables Definidas Liquidez : A travà ©s de una Funcià ³n de Liquidez PONDERADOR Nà ºmero de acciones transadas Nivel de liquidez Nà ºmero de acciones determinadas en el à ºltimo aà ±o como Capitalizacià ³n Ajustada NO DE ACCIONES Variable 20 20 ACCIONES POR EMISOR Segà ºn el numero de especies seleccionadas Un solo emisor agregado Un solo emisor agregado PARTICIPACION No hay limite 20% 20% MAXIMA POR EMISOR REBALANCEO Trimestral Trimestral Trimestral Tomada de BVC elaborada por el autor LA BOLSA DE TOKIO . Es la segunda bolsa de valores mà ¡s grande del mundo y està ¡ destinada a la negociacià ³n en exclusiva de las acciones y valores convertibles o que otorguen derecho de adquisicià ³n o suscripcià ³n. Los principales à ­ndices de la Bolsa de Tokio son el Nikkei 225, à ­ndice de compaà ±Ãƒ ­as elegidas por el Nihon Keizai Shimbun (el perià ³dico de negocios mà ¡s grande de Japà ³n), el TOPIX y el J30 (à ­ndice de grandes compaà ±Ãƒ ­as industriales). El sistema de negociacià ³n utilizado se denomina CORES (Computer assited Order Routing and Execution System). * 15 de mayo de 1878 La Bolsa de Tokio es fundada. * 1 de junio de 1878 Comienza el comercio. * 30 de junio de 1943 11 bolsas en todas partes de Japà ³n (Incluyendo al TSE) fueron unificadas en una corporacià ³n casi-pà ºblica al servicio de los intereses industriales y militares del imperio. * 10 de agosto de 1945 El empeoramiento de las condiciones de guerra y los ataques aà ©reos a la isla principal de Japà ³n, forzaron al mercado de valores a suspender sus sesiones de comercio sobre todos los mercados de valores. * Segunda Guerra Mundial Despuà ©s de la Segunda Guerra Mundial, en marzo de 1947, se promulgà ³ la Ley de Valores y Mercados japonesa que es el marco regulador actual. * 16 de mayo de 1949 Se reinician las sesiones comerciales tras la guerra, bajo el patrà ³n regulador adoptado en 1947 por la Bolsa de Tokio. * 1971 La bolsa de Tokio adoptà ³ el sistema de anotaciones en cuenta para acciones. * 1973 Se determina la seccià ³n de accià ³n extranjera. * 1982 Introduccià ³n del sistema CORES (Computer assited Order Routing and Execution System), con lo que comenzà ³ la transformacià ³n del mercado de corros en el mercado informà ¡tico que conocemos hoy, uniendo los cinco mercados japoneses en un moderno mercado continuo. Formas de negociacià ³n: Fijacià ³n del precio La Bolsa de Tokio, como cualquier otro mercado de valores del mundo, tiene como cometido poner en contacto oferta y demanda con el fin de establecer precios competitivos. Y para alcanzar este objetivo las diferentes bolsas recurren a distintos mecanismos y formas de negociacià ³n. En la TSE, podemos distinguir tres â€Å"reglas de juego† diferentes, de acuerdo al momento y las condiciones que se està ©n dando. Estas tres formas son: Itayose, Zabara y las subastas. * Itayose: Este sistema su utiliza para fijar precios de apertura y cierre de cada una de las dos sesiones diarias y para fijar el nuevo precio inicial tras una parada de negociacià ³n (trading hault). El à ºltimo caso en que se usa es para fijar un precio tras una cotizacià ³n especial (special quote).Bajo este sistema todas las à ³rdenes que se introducen en el libro registro de anotaciones se tratan como simultà ¡neas, es decir que se suprime la prioridad de tiempo. Como se calcula este precio de equilibrio, es algo que viene determinado por el volumen agregado de à ³rdenes de compra y venta que existen. De hecho, el precio que resulta de una negociacià ³n con el mà ©todo Itayose serà ¡ aquel que equilibre en mayor medida oferta y demanda, ejecutando las à ³rdenes de compra/venta con precios superiores/inferiores al de equilibrio. * Zaraba: Es el mà ©todo de fijacià ³n de precios que se usa en la negociacià ³n continua de la sesiones. Es la ejecucià ³n habitual de las à ³rdenes de oferta y demanda tras la fijacià ³n del precio inicial.A medida que nuevas à ³rdenes llegan al libro registro, estas se agregan a las ya existentes y se ejecutan si procede, o se almacenan en espera de ser ejecutadas. * Subastas (ToSTNeT-1 y ToSTNeT-2): Estos dos mecanismos fueron introducidos en 1997 y 1998 respectivamente y son bà ¡sicamente sistemas electrà ³nicos de negociacià ³n en subastas y tienen como fin facilitar el comercio de grandes volà ºmenes de acciones. Este tipo de negociacià ³n esta restringida a las acciones domà ©sticas. Para estas negociaciones existen tres sesiones diarias: 8:20-9:00AM, 11:00-12:00PM y de 15:00-16:30PM. Liquidacià ³n y compensacià ³n Las tareas de compensacià ³n y liquidacià ³n resultantes de las operaciones de mercado, son llevadas a acabo por dos empresas independientes. La compensacià ³n, es decir, el balanceo individual de cada agente que determina la cantidad de acciones que al final de la jornada compra, vende y guarda, lo realiza la corporacià ³n JSCC o Japan Securities Clearing Corporation. Esta empresa es comà ºn a las seis bolsas niponas, ya que las seis està ¡n interconectadas. Por lo tanto, su trabajo es determinar los saldos y movimiento de acciones entre las diferentes partes y agentes y transmitir esa informacià ³n a los liquidadores. La liquidacià ³n es el traspaso efectivo, el cambio de manos, de unos individuos, (vendedores) hacia otros (los compradores). Las funciones propias de la liquidacià ³n son llevadas a cabo por la empresa JASDEC o Japan Securities Depository Center. Inc. Y estas funciones son: * Custodiar los saldos de acciones de los agentes participantes, y ejecutar las transferencias de unos a otros de acuerdo a las anotaciones en cuenta y a la informacià ³n que le suministra l JSCC. * Otorga los permisos para la posesià ³n directa de acciones. * Eliminar los riegos de comportamiento oportunista inherentes al intercambio. * Asegurar el crà ©dito de los participantes. Establecer garantà ­as en caso de incumplimiento o impago. Paternoster Square. LSE ocupa el edificio de la derecha. LA BOLSA DE LONDRES (London Stock Exchange-LSE) es la bolsa de valores localizada en Londres, Inglaterra. Fue fundada en 1801, y actualmente es una de las bolsas de acciones mà ¡s grandes del mundo. Muchos de sus valores son internacionales pero cuenta tambià ©n con numerosos valores de compaà ±Ãƒ ­as brità ¡nicas. Sus actuales instalaciones està ¡n situadas en Paternoster Square, cerca de la catedral de San Pablo, en la ciudad de Londres. Origen del comercio de valores El comercio de valores comenzà ³ para financiar dos viajes: el intento de la Compaà ±Ãƒ ­a de Moscovia de llegar a China cruzando el Mar Blanco al norte de Rusia, y el viaje de la Compaà ±Ãƒ ­a Brità ¡nica de las Indias Orientales a la India. Al no ser capaces de financiar tan costosos viajes con su propio capital, las compaà ±Ãƒ ­as recaudaron dinero vendiendo parte de sus valores a mercaderes, concedià ©ndoles a cambio una parte de los beneficios de la compaà ±Ãƒ ­a. La idea pronto tomà ³ fuerza y se calcula que para 1695 habà ­a mà ¡s de 140 empresas que comerciaban con sus propias valores. El comercio de valores se concentrà ³ principalmente en una zona de Londres llamada Exchange alley o Change alley, que era un pequeà ±o callejà ³n de una zona residencial de Londres. Dicha zona concentraba numerosos cofee shops, y principalmente en dos de ellos se centrà ³ el comercio de acciones: el Jonathans y el Garraways. El broker John Castaing publicaba una lista del precio de los valores a la que llamaron El curso del intercambio y otras cosas en dichos cofee-shops. Licencias para los brokers Algunos brokers, usando informacià ³n confidencial que no estaba al alcance del pà ºblico, realizaban prà ¡cticas poco à ©ticas. Para evitar este tipo de sucesos, en 1967 se creà ³ una ley que obligaba a todos los brokers a adquirir una licencia y a jurar un pacto en el que indicaban que serà ­an justos y legales en la compra-venta de valores. El South Sea Blue El Change Alley prosperà ³ durante varios aà ±os, aunque esto cambio cuando sufrià ³ un revà ©s en el aà ±o 1720. Habà ­a una empresa llamada el South Sea Blue, que habà ­a sido creada entre el Gobierno y John Blunt. Dicha empresa habà ­a causado una gran excitacià ³n entre los brokers. La empresa llevaba nueve aà ±os no siendo rentable, y el Gobierno quiso vender valores para poder hacer frente a la deuda acumulada. Los valores salieron a subasta a 128 £, pero rà ¡pidamente alcanzaron el valor de 1050 £ en apenas 6 meses. La burbuja inevitablemente explotà ³, haciendo caer los valores a 124 £. El suceso creo un clamor popular, lo que obligà ³ al gobierno a modificar la legislacià ³n para prevenir futuras burbujas como à ©sta. El mercado de valores tardà ³ mucho tiempo en recuperarse de este evento. Threadneedle Street y Capel Court El cofee-shop Jonathans se quemà ³ en 1748, y si aà ±adimos el creciente hacinamiento en la zona del Change Alley, provocà ³ que los brokers construyeran un nuevo Jonathans en la calle Threadneedle Street, y empezaron a cobrar por la entrada. El edificio rà ¡pidamente cambio su nombre por Bolsa de valores, y en 1801 volvià ³ a cambiar su nombre a Habitacià ³n de subscripcià ³n de valores tras entrar en vigor la nueva legislacià ³n. Aun y todo esto no parecà ­a suficiente, por lo que se trasladaron al recià ©n construido Capel Court. La bolsa se recuperà ³ cerca del aà ±o 1820, con el crecimiento de las industrias del ferrocarril, minerà ­a, canales y seguros. Rà ¡pidamente empezaron a crearse otras bolsas a lo largo del reino unido, y se aà ±adià ³ el comercio de bonos a la de los valores. Lema Su lema fue creado en 1923. En latà ­n es Dictum meum pactum, que se puede traducir como â€Å"Mi palabra es mi pacto†,[1] haciendo referencia a que habà ­a que cumplir con lo que cada uno habà ­a dicho BOLSA DE VALORES DE NEW YORK La Bolsa de Valores o Bolsa es una organizacià ³n financiera donde las mercancà ­as de las compaà ±Ãƒ ­as y otros valores son negociados. Los valores negociados enla bolsa incluyen acciones emitidas por las compaà ±Ãƒ ­as, unidades de consorcios y bonos o certificados de inversià ³n. En el foro de la Roma antigua ya existà ­a una prà ¡ctica similar al mercado bursà ¡til. Hasta 1487, el comercio a travà ©s de documentos se realizaba en exteriores, en las calles y aceras. Entonces, en la ciudad de Brujas, actualmente Bà ©lgica, la casa de Van Der Bursen comenzà ³ a utilizarse como locacià ³n diseà ±ada para la negociacià ³n de mercancà ­as. La Dutch East India Company fue la primera compaà ±Ãƒ ­a que emitià ³ acciones y bonos en 1602 en la bolsa de cambio de Amsterdam. La bolsa de cambio de Londres se establecià ³ en la ciudad en 1690. Los mercados bursà ¡tiles de Parà ­s y Nueva York no se crearon hasta el siglo XVIII. El celebrado Wall Street, en Manhattan, abrigà ³ el centro de operaciones de la Bolsa de Valores de Nueva York en 1792. La Bolsa de Valores de Nueva York (New York Stock Exchange, NYSE) junto a NASDAQ (North American Securities Dealers Automated Quotations) y AMEX (American Exchange) son probablemente los à ­ndices de intercambio mercantil mà ¡s importantes del mundo. La crisis mà ¡s importante del mundo capitalista ocurrià ³ el 29 de Octubre de 1929. La Bolsa de Valores de Nueva York tenà ­a 13 millones de acciones para vender pero solo un pequeà ±o grupo de compradores. Consecuentemente, los precios de las acciones cayeron generando un caos catastrà ³fico enla bolsa de Nueva York. Miles de bancos, industrias y compaà ±Ãƒ ­as rurales se fueron a la bancarrota y al menos 12 millones de norteamericanos quedaron sin empleo. Tratando de enfrentar la crisis, los Estados Unidos redujeron fuertemente las compras en el extranjero y suspendieron todos los prà ©stamos internacionales, extendiendo la crisis por todo el mundo. En los à ºltimos 50 aà ±os, sin embargo, las grandes corporaciones han dominado la economà ­a americana y han asumido dimensiones globales (GMC, Coca-Cola, General Electric, Ford, Exxon, IBM, Microsoft, ATT, etc.) Debido a la competencia y para complacer a la gente comà ºn, las corporaciones han creado la posibilidad de que cualquier americano pueda comprar acciones. En la actualidad, mà ¡s del 60% de las familias americanas reservan una parte sustancial de sus ahorros para invertirlos en mercancà ­as y acciones. La Bolsa de Nueva York (New York Stock Exchange, NYSE, en inglà ©s) es el mayor mercado de valores del mundo en volumen monetario y el primero en nà ºmero de empresas adscritas. Su masa en acciones fue superada por la del NASDAQ [1] durante los aà ±os 90, pero el capital de las compaà ±Ãƒ ­as listadas en la NYSE es cinco veces mayor que en el NASDAQ. La Bolsa de Nueva York cuenta con un volumen anual de transacciones de 21 billones de dà ³lares, incluyendo los 7,1 billones de compaà ±Ãƒ ­as no estadounidenses. Sus antecedentes se remontan a 1792, cuando 24 comerciantes y corredores de Nueva York firmaron el acuerdo conocido como Buttonwood Agreement, en el cual se establecà ­an reglas para comerciar con acciones. Fue creada en 1817, cuando un grupo de corredores de bolsa se organizaron formando un comità © llamado New York Stock and Exchange Board (NYSEB) con la finalidad de poder controlar el flujo de acciones que en aquellos tiempos se negociaban libremente y principalmente en la acera de Wall Street. En 1863 cambià ³ de nombre por el de New York Stock Exchange (NYSE), nombre que conserva hasta nuestros dà ­as, y se establece en Wall Street esquina con Broad Street dos aà ±os despuà ©s. En 1918, despuà ©s de la Primera Guerra Mundial, se convierte en la principal casa de bolsa del mundo, dejando atrà ¡s a la de Londres. El jueves 24 de octubre de 1929, llamado a partir de entonces el Jueves Negro, se produjo una de las mà ¡s grandes caà ­das en esta bolsa, que producirà ­a la recesià ³n econà ³mica mà ¡s importante de los Estados Unidos en el siglo XX, la Gran Depresià ³n. Actualmente es administrada por el NYSE Group, que fue formado con la fusià ³n de NYSE y Archipielago Holdings, una bolsa de valores electrà ³nica. NYSE Group cotiza actualmente en su propia bolsa de valores. En 2007 formà ³ junto a la bolsa europea Euronext: NYSE Euronext. SISTEMA FINANCIERO COLOMBIANO Composicià ³n Se Compone principalmente de instituciones financieras (bancos, corporaciones financieras) y las entidades de control (Superintendencia Bancaria) en funcià ³n de la captacià ³n de recursos (el ahorro) del publico. Tambià ©n se puede decir que hace parte del sistema, la financiacià ³n que se otorga a los emisores de valores a trabes del mercado publico de valores colombiano. Por lo tanto se reconoce la participacià ³n de los comisionistas de bolsa y la superintendencia de valores. 1. Marco Regulatorio La constitucià ³n polà ­tica faculta al congreso de la Republica, para que este expida leyes de carà ¡cter general en las cuales se indiquen los objetivos y criterios a los cuales debe sujetarse el gobierno al momento de expedir las normas que regulan las actividades financieras y bursà ¡tiles. La superintendencia Bancaria y la superintendencia de valores entidades que pertenecen a la rama ejecutiva del poder publico pero con facultades reguladoras en virtud del fenà ³meno de â€Å"deslegalizacion†, contante expide circulares y resoluciones que regulan el detalle de la actividad financiera. El Banco de la Republica como autoridad monetaria y cambiaria por expresa disposicià ³n expide las normas referentes al encaje de las tasas de interà ©s y de igual forma las normas cambiarias. La primera por obligacià ³n aplicable a los establecimientos de crà ©dito con relacià ³n a la restriccià ³n de circulante y la segunda en desarrollo de su labor de intermediario del mercado cambiario. Sistema financiero en le cual en el cual hacen parte varias instituciones financieras, com

Cosi HSC practice essay Essay

Discuss how Nowra’s perspective on personal relationships is conveyed in Cosi. The play Cosi by Louis Nowra is an emotional portrayal of personal relationships in a Melbourne mental institution ostracised by society. Throughout the play Nowra’s perspective on personal relationships develops and changes through character relationships and development, especially the development of the main protagonist Lewis. Nowra conveys his perspective on personal relationships through themes such as the importance of love and fidelity, the empowerment of women and learning and self-development. Techniques such as symbolism, intertextuality and contrast are also used to further highlight Nowra’s perspective. Nowra’s perspective on personal relationships is primarily shown through the character Lewis and his personal relationships with other characters in the play, especially in his relationship with his girlfriend Lucy. Act Two, Scene Two which features a confrontation between Lewis and Lucy on their relationship is significant in showing this. In this scene, Lucy comes to pick Lewis up to take him to the moratorium meeting and Lewis must decide between staying for the play and going with Lucy. Nowra’s belief on the importance of the existence of love and fidelity in a relationship is shown when Lewis says to Lucy â€Å"It’s about important things like love and fidelity†. Intertextuality is used here through Lewis’ character development and change of values that is evident in this line. This change occurred through his participation in the production of Cosi Fan Tutte with the patients and his exposure to the themes in the play. The women in both Cosi Fan Tutte and Cosi are often compared with the Arabian Phoenix which acts a symbol for a woman’s constancy or fidelity. â€Å"A woman’s constancy is like the Arabian Phoenix. Everyone swears it exists, but no one has seen it.† This is quoted by Lewis to Lucy to further convey Nowra’s belief in the importance of love and fidelity in a relationship. As Cosi was written in a time where a huge social change was occurring and women were beginning to have more sexual freedom with the invention he birth control pill, a lot of aspects of the play focus on the empowerment of women and the double standards that exist between and women in society especially when it comes to fidelity. This is shown in Nowra’s contrast of Act Two, Scene One and Act Two, Scene, Two. In Scene One, Lewis is unfaithful as he kisses Julie but in Act Two he reprimands Lucy for sleeping with Nick  failing to mention his own infidelities. Intertextuality is used in this scene when Lewis claims that a woman’s constancy is like the Arabian Phoenix, revealing his hypocrisy. Through Lewis’ condemnation, Nowra demonstrates that, although modern society has become more sexually lenient, there are still double standards that occur which condone men’s fidelity but condemn women’s fidelity. It is revealed that Nowra believes that men and women should be equal not only in relationships but in society too. Julie articulates the message at the beginning of the play when she says that men â€Å"want women to deceive them because it will prove their worst thoughts about women† which in contrast is confirmed by Lewis’ attitude towards Lucy’s infidelities.

Top Choices of Environment Essay Topics

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