Borse Mercànte de Montecara
|Market cap||NSD 789 billion|
|Volume||NSD 1,148 billion|
The Borse Mercànte de Montecara (Montecaran, Merchant Exchange of Montecara) is the stock exchange in the city-state of Montecara. It is the oldest stock exchange in the world, founded in 1563, and remains one of the largest by market capitalization and trading volume after the Jindao Stock Exchange and Weisstadt Stock Exchange.
The Borse operates Monday through Friday from 09:30 to 12:30 and 14:00 to 17:00, excluding holidays. It has a traditionally close relationship with the newspaper Il Finansiér, which was long the sole source of daily market numbers. The Borse's parent company, BMM s.a.i., has owned Il Finansiér since 1997. Trading was originally done by open outcry, but in 1999 the Borse adopted electronic trading to the exclusion of the traditional system.
The Borse directly grew out of informal trading groups that operated out of Montecara's cafes in the early and mid-16th century. Cafes frequented by merchants and those interested in investing in the sea trade began to collect useful information, including ship schedules, commodity prices, and lists of owners in then-novel joint-stock companies. This informal network grew along with the need to consolidate trade into a single market, and the Borse was thus created in 1563.
The concept of allowing anyone to buy and sell stock in a company was radical for the mid-16th century and remained virtually unheard-of in most of the world until the mid-19th century.
Prices were traditionally given in libra and onçiá, a non-decimal system with base 12. The Borse was decimalized in 1989.
Ownership and management
The Borse is owned by BMM s.a.i., a publicly traded company which is itself listed on the Borse. The State of Montecara owns 21.3% of the company's stock through Montepieta, its sovereign wealth fund.
Daily operations are managed by a board of 15 directors who are elected by the parent company's stockholders.
A variety of securities are available for trade on the Borse. In addition to stocks and bonds, the Borse includes futures and options markets for commodities and currencies, and a futures market for dividends.
|A. Zani & Fio||AZF||Alcohol|
|Bànca Ultramarìn||UL||Commercial banking|
|BMM s.a.i.||BMM||Financial services and media|
|Cervelli||CRV||Luxury goods, tobacco|
|Crèdit Montecarà||CM||Commercial banking|
|ia Càra s.a.i.||CARA||Publishing|
|Polar||PO||Oil and gas|
|Sgarbata||SG||Clothing and accessories|