Gylian Stock Exchange
| Bourse des Valeurs Gylienne | |
| Type | Stock exchange |
|---|---|
| Location | Velouria, Nerveiík-Iárus-Daláyk, Gylias |
| Founded | 1962 |
| Owner | Gylian Stock Exchange SC |
| Currency | Gylian þaler |
| Indices | GLX Composite |
| Website | http://www.glx.gls/ |
The Gylian Stock Exchange (French: Bourse des Valeurs Gylienne) is the only federal stock exchange in Gylias. It is located in Velouria. Its name is abbreviated as the GLX. Its stock market index is the GLX Composite, which is calculated in þalers.
A wide variety of companies are listed on the GLX, generally of the types SRL, SA, SP, SpA, and SC. Because of the low cost of public listing and unique organisation of the Gylian economy, many of the companies traded on the GLX are relatively small and illiquid. Liquidity is small and trading frequency reduced in comparison to other exchanges.
History
The GLX was established in 1962, through a merger of exchanges that had been set up at the regional level.
In its early years, municipal bonds and government bonds formed a significant part of its activities. To this day, stock prices are influenced by the National Capital Investment Board, which partly uses the GLX as a mechanism to direct capital.
Several significant reforms of the GLX include the switch from open outcry to electronic trading in the 1990s.
Organisation
The GLX is organised as a cooperative. It organises and manages the stock market, supervises listed companies and transaction activities. It is regulated by the Financial and Markets Inspectorate.
Trading hours are from 10:00 to 12:00 and from 14:00 to 16:00 every Monday to Friday. Trading does not take place on weekends or public holidays.
Foreign ownership of securities and assets is forbidden.
Activities
The GLX is strongly regulated, including bans on high-frequency trading, trading curbs, and trading halts, and restrictions on speculation. As a result, the exchange and its brokers have a cautious ethos and a fiercely-guarded reputation for trustworthiness, honesty, and respectability, epitomised by the adage "My word is my bond".
The leisurely activity of traders is reflected in the frequency of late arrivals and early departures from work, and the predominance of indulgent lunches.
Growth rates and losses on the GLX have been more restrained than other exchanges.
Companies
Companies listed on the GLX are members of the National Cooperative Confederation, and generally registered as SRL, SA, SP, SpA, and SC.
The majority of public organisations are not listed on the GLX.
The largest company on the GLX, Agsa, is a significant private partner for the National Capital Investment Board in directing capital, and has made investments in every Gylian company.
