Borse Mercànte de Montecara
 | |
| Type | Securities exchange |
|---|---|
| Founded | 1563 |
| Owner | BMM s.a.i. |
| Currency | Montecaran libra, Euclo |
| Market cap | $789 billion (Q4 2019) |
| Volume | $1,148 billion (Q4 2019) |
| Website | borse.mc |
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.
History
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 Montecaran state owns 21.3% of the company's stock through Montepietà, its sovereign wealth fund.
Daily operations are managed by a board of directors elected by the parent company's stockholders. The Borse is organized into operating divisions based on trading activity:
- BMM Equità, stock trading
- BMM Obligaxò, bond and other debt securities trading
- BMM Derività, derivatives trading
- BMM Camcom, clearing services for over-the-counter derivatives
- BMM Aurea, clearing services for shipping markets
Companies listed on the Borse must be incorporated in Montecara, and their stock price must not close below Ł100 for thirty consecutive days.
The bond market is the single largest component of the Borse by number of listings, with over 1,000 sovereign, municipal, corporate, and foreign-denominated debt securities. It is the world leader in euclobonds. The Borse attracts issuers from around the world thanks to its large investor base, high profile, efficient price discovery, favorable tax and regulatory environment, and the socio-political stability that Montecara provides. Listing with the Borse also affords overseas entities access to Euclean investors without having to navigate EC red tape. Debt securities listed on the Borse must not mature in less than thirty days and must meet certain standards for credit and quantity of issue.
The Borse is the main secondary market for Montecaran bonds. Bonds with maturities ranging from 30 days to 50 years are sold on the exchange.
Top 20 stocks by market capitalization
In alphabetical order
| Company | Symbol | Industry |
|---|---|---|
| A. Zani & Fio | AZF | Food and beverage |
| Aeracara | AERA | Aviation |
| Bànca Ultramarìn | UL | Commercial banking |
| BMM s.a.i. | BMM | Financial services and media |
| Cervelli | CRV | Tobacco, luxury goods |
| Crèdit Montecarà | CM | Commercial banking |
| DeCraxi | X | Financial services |
| Farmalab | FM | Pharmaceuticals |
| Gironès | GIR | Specialty chemicals |
| ia Càra s.a.i. | CARA | Publishing |
| M&A | MA | Shipping |
| Nuvola | NU | Medical devices |
| Pelicàn | PEL | Shipping |
| Polar | PO | Food and beverage |
| SB Montecara | SBM | Professional sports |
| Sgarbata | SG | Clothing and accessories |
| Sicurasiò Xenèra | SX | Insurance |
| SpFA | FA | Merchant banking |
| Tieri | TI | Food and beverage |
| Vapòri Nereà | VN | Shipping |
Futures
| Item | Symbol | Unit traded |
|---|---|---|
| Crude oil | P | 1,000 barrels (Mbbl) |
| Natural gas | GN | 100 gigajoules (GJ) |
| Cotton | CT | 20 tonnes (t) |
| Olive oil | OLO | tonne (t) |
| Gold | XAU | troy ounce (oz t) |
| Platinum | XPT | troy ounce (oz t) |
| Silver | XAG | troy ounce (oz t) |