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List of stock exchange mergers in the Americas

From Wikipedia, the free encyclopedia

This is a list of major stock exchange mergers and acquisitions in the Americas. It also features the name of any resultant stock exchanges from mergers or acquisitions. According to Robert E. Wright of Bloomberg in 2013, historians assert that "rather than exhibiting a trend of constant consolidation, the number of exchanges active across the globe has waxed and waned several times over the past 200 years... During periods of heightened regulation, political turmoil or communication advances, exchanges tend to fail or merge. Economic prosperity, increased financial speculation and high levels of market uncertainty, by contrast, drive new entries."[1]

The National Stock Exchange ceased trading operations on May 30, 2014, bringing the number of active stock exchanges in the United States to 11. Wrote Bloomberg, that left "just one public exchange, Chicago Stock Exchange Inc., that isn’t owned BATS, Nasdaq OMX Group or IntercontinentalExchange Group Inc."[2]

YouTube Encyclopedic

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  • AT&T: The Company Behind the Telephone
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  • How Not to Lose Money in the Stock Market: Investors, Wall Street & Your Financial Future (2003)
  • How the Largest Corporate Merger in History Became an Epic Disaster (2003)

Transcription

Undoubtedly, one of the greatest inventions of the 19th century was the telephone, and it is safe to say that the world would not be the same without it. That’s why today we’ll be exploring the company that built the American telephone system and that remains the world’s largest telecom business to this day, AT&T. This video is brought to you by Tab for a Cause, a free browser extension that donates money to charity with every new tab open without costing you a single dime. While there is some controversy over the true inventor of the telephone, it is Alexander Graham Bell that was awarded the patent and it was his company that would go on to spread it across America. The phone came to life on March 10, 1876 and the first phrase ever whispered down the wires was “Mr. Watson, come here. I want to see you”, spoken by Bell to his assistant. Just a year later, he had already found several financiers to back his invention, including J. P. Morgan, and thus in 1877 they set up the Bell Telephone Company and then the New England Telephone company in 1878. Their model was to license the telephone to local operating companies around Chicago, Boston and New York. Bell himself was much more focussed on his work as an inventor and by 1879, he had sold his share in both companies to a group from Boston, who consolidated the two parts into the National Bell Telephone Company. If all these different names sound confusing, well, I see your point, but the real history of AT&T is all about whether it’s one company or many. If you look at the largest telecom businesses in the world, you’ll see that most of them were state-run telephone operators. China Mobile, Deutsche Telekom, Telefonica; all these and others started out as government entities that were originally run by the post office. But the US never had a state run phone operator, partly because it goes against the nature of American values, but also because, for America, the telephone service was a business first and utility second. So, why did the Bell company license out the operating service rather than building it’s own networks and having complete control? It’s not like they had any rivals and they did own the patent. In short, it was simply a matter of time and capital. Bell’s patents weren’t indefinite, so the Bell company had a limited time to cover as much area as possible, before competitors could pop up. By licensing, it could avoid spending the millions of dollars necessary to set up the telephone service in a new area. Instead, it gave 5- to 10-year contracts to independent operators, who would pay the Bell company $20 per phone per year and then also give it the right to buy the operator's property once the contract was over. It was actually a pretty sweet deal: the company didn’t have to invest a single dime in telephone lines and would get a fixed income, with which to buy out the operator in less than a decade. But Bell had a more important place to spend its money, so in the end the company only bought about a 30-50% stake in most operators. So what was this other project Bell was investing in? Well, part of the deal with the operators was that they could expand in their own territory, but could not link up with other operators, regardless of whether they were a part of the Bell system. This meant that there was no effective way to make long-distance calls, and this is what the Bell company was interested in. It was the only company rich enough to build its own network of long-distance telephone lines, and although in doing so it ended up with a ton of debt, it now had a complete monopoly on the long-distance phone service. The Bell company set up a subsidiary to manage this new network in 1885, and it called it the American Telephone and Telegraph Company, or AT&T for short. Over time, the long-distance network would become the backbone of the Bell company. Even after all of Bell’s patents had expired, AT&T were the only company that could provide service across the whole nation. Of course, local independent operators started popping up left and right and by 1907, they actually ran just over half of America’s telephones. By that point, around 20% of American homes had a telephone, so there was a lot of demand for the service. But while you could use your local operator to call your boss or shout complaints at the mayor, but the only way to make calls outside the city, was through AT&T. Of course, this early network wasn’t particularly good: the service quality was downright abysmal, not to mention the customer support. Because of this public relations crisis and AT&T’s immense debt, J. P. Morgan was able to take control of the company and to instate his own man, Theodore Newton Vail, as president. He set about restoring AT&T’s image, and also decided to invest heavily in research and development, setting up the now-famous Bell Laboratories in 1925. Bell Labs, by the way, is now owned by Nokia and it’s been one of the world’s leading scientific institutes for almost a century. It is responsible for 8 Nobel Prize winning works, including the creation of the transistor, the “C” programming language, and the discovery of cosmic background radiation, one of the key pieces of evidence for the Big Bang Theory. But back to AT&T. By the start of the Second World War, they had $5 billion in assets, which was light years ahead of any other competitor. Thanks to aggressive acquisition tactics, they controlled a huge majority of US phones and ran 98% of long distance lines. They played a big part in the war effort, thanks to the research done through Bell Labs and Western Electric, an early phone manufacturer who they had purchased in 1881. The war effort paid off for them too, since it caused a big jump in long distance calls, which continued even after the fighting was over. After the war came the space race, where Bell Labs was once again a major player, this time with satellite technology. Their communications satellite Telstar 1 was the first to relay television and telephone calls through space, as well as giving the first transatlantic live feed. They worked hand in hand with NASA, but despite their heavily involvement with the government on research and development, there were some big question marks over their business practices, especially around how they controlled the telecoms market. An agreement was signed in 1956 that limited AT&T to the telephone business alone and that also required it to license its patents to anyone who was interested. In 1968, a further ruling by the FCC forced AT&T to allow third parties to connect to their network, in an aim to stop their monopoly over the long-distance telephone lines. This eventually lead to the creation of the answering machine, the fax machine and the modem so, see, the FCC wasn’t always bad. But even after giving away access like that, AT&T still had huge power over the network, and so the government fought a long and bitter battle in the courts that would take 8 years to settle. Finally, in 1982, United States v. AT&T ended with the breakup of the AT&T network, or Bell System as it was called, on antitrust grounds. A total of seven independent companies were carved out of the former AT&T, leaving it a shell of its former self. These new companies came to be known as the Baby Bells. Two of them went on to become Verizon. Another one, called Southwestern Bell Corporation, eventually bought up three of the other Baby Bells and the weakened AT&T itself. In the end, although most of the Baby Bells ended up back together, the breakup did give them a unique opportunity. You see, the 1956 agreement that made AT&T stick to telephone business had prevented them from entering the computer market. So, after 1982, while AT&T did lose power over regional networks, they kept the long distance operations and, most importantly, could finally take a bite at computers...no pun intended. Of course, it wasn’t easy and the next 20 years saw the company constantly changing strategies in order to keep up with the lightning pace of development happening in the computer industry. Its long distance operations were slowly eroded, partly through new legislation, but also thanks to the development of fibre optics, which, coincidentally, was inspired by Alexander Graham Bell’s photophone that had transmitted a voice message using light, all the way back in 1880. By 2005, when Southwestern Bell Corporation finally bought its former parent for $16 billion, AT&T was like roadkill picked apart by buzzards. Only their consumer and business services had remained; their Wireless, Broadband and telephone systems were gone, not to mention Bell Labs. So, the AT&T we know today is really the work of SBC, simply rebranded under this more famous name. Today, the company’s new direction is wireless. Through a series of acquisitions, AT&T became the second largest cellular provider in the US, just barely behind Verizon. In 2015 they also acquired DirecTV, a satellite television service providing some of the biggest channels such as ESPN, HBO, and numerous major news networks. They spent almost $50 billion to get it, but of course the real elephant in the room is AT&T’s planned acquisition of Time Warner. It’s not very clear whether US regulators are gonna approve it, but if they do, the combined company would be the second largest broadband provider in the US. On top of that it would also have ownership of Warner Bros, DC Comics, CNN and a bunch of other major properties. Naturally, monopoly concerns have been raised by pretty much everyone, but this time around AT&T have definitely learnt their lesson. Since 2015, they have spent close to $30 million on political donations and today they have over a hundred registered lobbyists. It’s pretty obvious that AT&T really want this deal to go through, but for now we’ll just have to wait and see what happens. Now, before you click off this video and open a new tab, I want you to check out Tab for a Cause. It’s a free browser extension that modifies your new tab page so that every time you open a new tab, you raise between a tenth and a third of cent for your favorite charity. That might not seem much, but it actually adds up. In fact, so far Tab for a Cause has raised almost $400,000 for charity. This week they’re focusing on Puerto Rico, which as you know was hit very badly by Hurricane Maria and will likely remain without power for months to come. With Tab for a Cause you can help the recovery of Puerto Rico, and numerous other charities across the world, by simply browsing the web as you’ve always done. When it comes to charity, every little bit helps, and collectively we can make a big difference. That’s why I want you to visit the link in the description and to download their free browser extension. I’d love to hear which charities you’ll be supporting, so do let me know on Reddit, Twitter or Facebook. Thanks for watching, and a big thank you to all our patrons for supporting us, and as always: stay smart.

Contents

Major mergers or acquisitions

Canada

  • 1901: Standard Stock Exchange merged with Standard Stock and Mining Exchange[3]
  • 1901: Toronto Mining Exchange merged with Standard Stock and Mining Exchange[3]

Mexico

United States of America

See also

References

  1. ^ a b c E. Wright, Robert (January 8, 2013). "The NYSE's Long History of Mergers and Rivalries". Bloomberg. Retrieved April 10, 2017.
  2. ^ Mamudi, Sam (2014-05-02). "National Stock Exchange Files With SEC to Halt Operations". Bloomberg.com. Bloomberg News. Retrieved 2014-06-15.
  3. ^ a b c d e f g h i j k l m n o p https://wsbfiles.wsb.wisc.edu/digital/kakavajecz/intellcont_journal/JKS_Exchanges_090411-1.pdf
  4. ^ a b "BOX Promotes Liquidity in Most Liquid Names" (PDF). Archived from the original (PDF) on 2010-09-18.
  5. ^ George Winslow, "New York Gold Market" in The Encyclopedia of New York City (2d ed.: eds. Kenneth T. Jackson, Lisa Keller & Nancy Flood).
  6. ^ "The Rival Stock Exchanges". The New York Times. New York City, United States. June 14, 1877. p. 8. Retrieved March 21, 2017.
  7. ^ a b The Consolidated Stock Exchange of New York: Its History, Organization, Machinery and Methods. 1907.
  8. ^ The Consolidated Stock Exchange of New York: Its History, Organization, Machinery and Methods. 1907. p. 19.
  9. ^ "The Oil Exchange Consolidation". The New York Times. New York City. December 12, 1883. Retrieved March 11, 2017.
  10. ^ a b "Stock Exchange Monolopy". The New York Times. New York City, United States. March 21, 1886. Retrieved March 13, 2017.
  11. ^ "Seattle Has Stock Exchange; Trading to Begin Tomorrow" (PDF). The Seattle Times. Washington. March 13, 1927.
  12. ^ San Francisco in the 1930s: The WPA Guide to the City by the Bay, retrieved June 2, 2017
  13. ^ "German Street Baltimore'S 201-year-old Alex. Brown..." The Baltimore Sun. Baltimore. October 15, 2001. Retrieved March 24, 2017.
  14. ^ E. Thomas, George (March 17, 2010). The Philadelphia Stock Exchange and the City It Made. University of Pennsylvania Press. p. 235. ISBN 9780812242249.
  15. ^ "Five Midwest Exchanges Agree On Sept. 15 for Effective Merger; Chicago, Cleveland, St. Louis, Cincinnati and Twin Cities Stock Marts Will Open as One About 60 Days After That Date". The New York Times. New York City, New York, United States. August 17, 1949. Retrieved September 22, 2017.
  16. ^ "Cleveland Stock Exchange Dissolved". Cleveland, Ohio: The Evening Independent. 11 October 1949. Retrieved 26 July 2013.
  17. ^ Gigler, Rich (August 24, 1974). "The City Stock Exchange Closes as a Victim of the Times". The Pittsburgh Press. Retrieved March 25, 2017.
  18. ^ Anderson, Jenny (2005-01-04). "Market Owner Agrees to Buy Pacific Exchange". The New York Times. ISSN 0362-4331. Retrieved 2015-11-17.
  19. ^ "Nasdaq to Acquire Boston Stock Exchange". The Wall Street Journal. October 3, 2007.
  20. ^ PHLX.COM * Philadelphia Stock Exchange * The Nation's First Stock Exchange
  21. ^ Market Hours, NASDAQ OMX PHLX via Wikinvest
  22. ^ "NYSE Amex Equities Information". New York Stock Exchange.
  23. ^ "Notice of Upcoming NYSE System Changes To Support the NYSE/Amex Integration (NYSE Alternext U.S.)". New York Stock Exchange. July 7, 2008.
  24. ^ a b "CBOE Stock Exchange Completes Acquisition of National Stock Exchange". CBOE Stock Exchange Press Release. 9 January 2012. Archived from the original on 9 May 2012. Retrieved 14 February 2013.
  25. ^ "BATS Global Markets and Direct Edge Complete Merger" (PDF). 3 February 2014.
  26. ^ a b "NYSE Group to Cease Operations of National Stock Exchange upon Closing of Transaction" (PDF). Retrieved 2017-01-19.
  27. ^ "CBOE Will Acquire BATS Global Markets for $3.2 Billion". fortune.com. 26 September 2016. Retrieved 27 September 2016.

External links

This page was last edited on 22 June 2018, at 11:44
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