ecgc, exim, nasdaq

8/3/2019 Ecgc, Exim, Nasdaq

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The Export-Import Bank of India, also known as Exim Bank of India, is the leadingexport finance institution in the country. The bank was set up in the year 1982 under theExport-Import Bank of India Act 1981. The Government of India launched the Export-

Import Bank Of India with an aim to augment exports from India and also to combine thecountry's foreign trade and investment with the overall economic growth. The bank beganits operations as a supplier of export credit, but has over the period evolved into aninstitution that plays a major role in partnering Indian Industries including small andmedium enterprises.

Export-Import Bank Of India InitiativesExport-Import Bank of India has been one of the prime institutions that encouragesproject exports from India. The bank offers wide-ranging services for enhancing theprospect of Indian project exports. Exim Bank's Overseas Investment Finance programgives a variety of facilities for Indian reserves and acquirements overseas. The facilities

consist of direct equity participation by the bank in the overseas venture and non-fundedactivities by the overseas venture and loan to the Indian companies for equityparticipation in the venture abroad. As part of Exim Bank's marketing Finance Program,the bank offers support to small and medium enterprises in their export marketing effortsconsisting of financing the soft expenditure linking to completion of tactical andsystematic export market development plans.

Export-Import Bank Of India ObjectiveThe primary objective of the Export-Import Bank of India is to provide financialassistance to importers and exporters and function as the top financial institution. Someof the services of the bank include: overseas investment finance, film finance, exportcredit, finance for export oriented units and agricultural & SME finance. In the period of2005- 2006 the total amount of loan given out by the bank amounted to 150,389 million,while this figure shot up to ` 220,760 million in the flowing year.

Export-Import Bank Of India and Foreign TradeExport-Import Bank of India plays the role of source of finance, promoter, coordinatorand consultation to India's Foreign Trade. The bank is the coordinator of the WorkingGroup Mechanism for the clearance of projects, service exports and deferred paymentexports. This group comprises of Exim Bank and Government of India representativesfrom the Ministries of Finance, Commerce and external Affairs, Export Credit GuaranteeCorporation of India Ltd, commercial banks that are certified foreign exchange dealersand the Reserve Bank of India. This working group gives clearance to contractssponsored by Exim Bank or commercial banks and operates as a single windowmechanism for clearance of export proposal terms.


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Description :Government of India launched the institution with a mandate, notjust to enhance exports from India, but to integrate the countrys foreign trade andinvestment with the overall economic growth. Since its inception, Exim Bank of Indiahas been both a catalyst and a key player in the promotion of cross border trade andinvestment. Commencing operations as a purveyor of export credit, like otherExport

Credit Agencies in the world, Exim Bank of India has, over the period, evolved into aninstitution that plays a major role in partnering Indian industries, particularly the Smalland Medium Enterprises, in theirglobalisationefforts, through a wide range of productsand services offered at all stages of the business cycle, starting from import oftechnologyand exportproduct development to export production, export marketing, pre-shipmentand post-shipment and overseas investment.[3]

Organization: Exim Bank is managed by a Board of Directors, which hasrepresentatives from the Government, Reserve Bank of India,Export Credit GuaranteeCorporation of India, a financial institution,public sectorbanks, and the business

community.

The Bank's functions are segmented into several operating groups including:

Corporate Banking Group which handles a variety of financing programmes forExport Oriented Units (EOUs), Importers, and overseas investment by Indiancompanies.

Project Finance / Trade Finance Group handles the entire range of export creditservices such as supplier's credit, pre-shipment Agri Business Group, to spearheadthe initiative to promote and support Agri-exports. The Group handles projects

and export transactions in the agricultural sectorfor financing.

Small and Medium Enterprise: The group handles credit proposals from SMEsunder various lending programmes of the Bank.

Export Services Group offers variety of advisory and value-added informationservices aimed at investment promotion.

Export Marketing Services Bank offers assistance to Indian companies, to enablethem establish theirproductsin overseas markets. The idea behind this service isto promote Indian export. Export Marketing Services covers wide range of export

oriented companies and organizations. EMS group also covers Project exports andExport of Services.

Besides these, the Support Services groups, which include: Research & Planning,Corporate Finance, Loan Recovery, Internal Audit, Management InformationServices, Information Technology, Legal, Human Resources Management andCorporate Affairs.
http://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Investmenthttp://en.wikipedia.org/wiki/Economic_growthhttp://en.wikipedia.org/wiki/Export_credit_agencyhttp://en.wikipedia.org/wiki/Export_credit_agencyhttp://en.wikipedia.org/wiki/Export_credit_agencyhttp://en.wikipedia.org/wiki/Globalisationhttp://en.wikipedia.org/wiki/Globalisationhttp://en.wikipedia.org/wiki/Technologyhttp://en.wikipedia.org/wiki/Technologyhttp://en.wikipedia.org/wiki/Product_developmenthttp://en.wikipedia.org/wiki/Export_marketinghttp://en.wikipedia.org/wiki/Exim_Bank_(India)#cite_note-2http://en.wikipedia.org/wiki/Exim_Bank_(India)#cite_note-2http://en.wikipedia.org/wiki/Reserve_Bank_of_Indiahttp://en.wikipedia.org/wiki/Export_Credit_Guarantee_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Export_Credit_Guarantee_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Export_Credit_Guarantee_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Financial_institutionhttp://en.wikipedia.org/wiki/Public_sectorhttp://en.wikipedia.org/wiki/Public_sectorhttp://en.wikipedia.org/wiki/Export-orientedhttp://en.wikipedia.org/wiki/Importerhttp://en.wikipedia.org/wiki/Agricultural_sectorhttp://en.wikipedia.org/wiki/Agricultural_sectorhttp://en.wikipedia.org/wiki/Product_(business)http://en.wikipedia.org/wiki/Product_(business)http://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Investmenthttp://en.wikipedia.org/wiki/Economic_growthhttp://en.wikipedia.org/wiki/Export_credit_agencyhttp://en.wikipedia.org/wiki/Export_credit_agencyhttp://en.wikipedia.org/wiki/Globalisationhttp://en.wikipedia.org/wiki/Technologyhttp://en.wikipedia.org/wiki/Product_developmenthttp://en.wikipedia.org/wiki/Export_marketinghttp://en.wikipedia.org/wiki/Exim_Bank_(India)#cite_note-2http://en.wikipedia.org/wiki/Reserve_Bank_of_Indiahttp://en.wikipedia.org/wiki/Export_Credit_Guarantee_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Export_Credit_Guarantee_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Financial_institutionhttp://en.wikipedia.org/wiki/Public_sectorhttp://en.wikipedia.org/wiki/Export-orientedhttp://en.wikipedia.org/wiki/Importerhttp://en.wikipedia.org/wiki/Agricultural_sectorhttp://en.wikipedia.org/wiki/Product_(business)http://en.wikipedia.org/wiki/Government_of_India


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It is apex institution for co-ordinating the working of institutions in India engaged infinancing exports and import of goods and services. Exim Bank was established on Jan01, 1982 (and started functioning wef March 01, 1982) under Export Import Bank ofIndia Act 1982, which took over the export finance activities of IDBI. It raises funds byway of bonds and debentures, borrowing from RBI or other institutions, raising foreign

deposits.

It undertakes following kind of functions:

- Direct finance to exporter of goods.- Direct finance to software exports and consultancy services.- Finance for overseas joint ventures and turnkey construction project- Finance for import and export of machinery and equipment on lease basis- Finance for deferred payment facility- Issue of guarantees- Multi-currency financing facility to project exporters.

- Export bills re-discounting- Refinance to commercial banks in India- Guaranteeing the obligations.

THE INITIATIVES

Exim Bank of India has been the prime mover in encouraging project exportsfrom India. The Bank provides Indian project exporters with a comprehensiverange of services to enhance the prospect of their securing export contracts,particularly those funded by Multilateral Funding Agencies like the World Bank,Asian Development Bank, African Development Bank and European Bank for

Reconstruction and Development.

The Bank extends lines of credit to overseas financial institutions, foreigngovernments and their agencies, enabling them to finance imports of goods andservices from India on deferred credit terms. Exim Banks lines of Credit obviatecredit risks for Indian exporters and are of particular relevance to SME exporters.

The Banks Overseas Investment Finance programme offers a variety of facilitiesfor Indian investments and acquisitions overseas. The facilities include loan toIndian companies for equity participation in overseas ventures, direct equityparticipation by Exim Bank in the overseas venture and non-funded facilities suchas letters of credit and guarantees to facilitate local borrowings by the overseas

venture.

The Bank provides financial assistance by way of term loans in Indianrupees/foreign currencies for setting up new production facility,expansion/modernization/upgradation of existing facilities and for acquisition ofproduction equipment/technology. Such facilities particularly help export orientedSmall and Medium Enterprises for creation of export capabilities andenhancement of international competitiveness.


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Under its Export Marketing Finance programme, Exim Bank supports Small andMedium Enterprises in their export marketing efforts including financing the softexpenditure relating to implementation of strategic and systematic export marketdevelopment plans.

The Bank has launched the Rural Initiatives Programme with the objective oflinking Indian rural industry to the global market. The programme is intended tobenefit rural poor through creation of export capability in rural enterprises.

In order to assist the Small and Medium Enterprises, the Bank has put in place theExport Marketing Services (EMS) Programme. Through EMS, the Bank seeks toestablish, on best efforts basis, SME sector products in overseas markets, startingfrom identification of prospective business partners to facilitating placement offinal orders. The service is provided on success fee basis.

Exim Bank supplements its financing programmes with a wide range of value-added information, advisory and support services, which enable exporters to

evaluate international risks, exploit export opportunities and improvecompetitiveness, thereby helping them in their globalisation efforts.

What is ECGC?

Export Credit Guarantee Corporation of India Limited, was established in the year 1957by the Government of India to strengthen the export promotion drive by covering the risk

of exporting on credit.Being essentially an export promotion organization, it functions under the administrativecontrol of the Ministry of Commerce & Industry, Department of Commerce, Governmentof India. It is managed by a Board of Directors comprising representatives of theGovernment, Reserve Bank of India, banking, insurance and exporting community.ECGC is the fifth largest credit insurer of the world in terms of coverage of nationalexports. The present paid-up capital of the company is Rs.800 crores and authorizedcapital Rs.1000 crores.What does ECGC do?

Provides a range of credit risk insurance covers to exporters against loss in export ofgoods and services

Offers guarantees to banks and financial institutions to enable exporters to obtainbetter facilities from them

Provides Overseas Investment Insurance to Indian companies investing in jointventures abroad in the form of equity or loan
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How does ECGC help exporters?

ECGC

Offers insurance protection to exporters against payment risks

Provides guidance in export-related activities

Makes available information on different countries with its own credit ratingsMakes it easy to obtain export finance from banks/financial institutions

Assists exporters in recovering bad debts

Provides information on credit-worthiness of overseas buyers

Need for export credit insurance

Payments for exports are open to risks even at the best of times. The risks have assumedlarge proportions today due to the far-reaching political and economic changes that aresweeping the world. An outbreak of war or civil war may block or delay payment forgoods exported. A coup or an insurrection may also bring about the same result.

Economic difficulties or balance of payment problems may lead a country to imposerestrictions on either import of certain goods or on transfer of payments for goodsimported. In addition, the exporters have to face commercial risks of insolvency orprotracted default of buyers. The commercial risks of a foreign buyer going bankrupt orlosing his capacity to pay are aggravated due to the political and economicuncertainties. Export credit insurance is designed to protect exporters from theconsequences of the payment risks, both political and commercial, and to enable themto expand their overseas business without fear of loss.

In order to provide export credit and insurance support to Indian exporters, the GOI setup the Export Risks Insurance Corporation (ERIC) in July, 1957. It was transformed into

export credit guarantee corporation limited (ECGC) in 1964. Since 1983, it is now knowas ECGC of India Ltd.ECGC is a company wholly owned by the Government of India. Itfunctions under the administrative control of the Ministry of Commerce and is managed by a Board of Directors representing government, Banking, Insurance, Trade andIndustry. The ECGC with its headquarters in Bombay and several regional offices is theonly institution providing insurance cover to Indian exporters against the risk of non-realization of export payments due to occurrence of the commercial and political risksinvolved in exports on credit terms and by offering guarantees to commercial banksagainst losses that the bank may suffer in granting advances to exports, in connectionwith their export transactions.

OBJECTIVES OF ECGC:

To protect the exporters against credit risks, i.e. non-repayment by buyers To protect the banks against losses due to non-repayment of loans by exporters

COVERS ISSUED BY ECGC:

The covers issued by ECGC can be divided broadly into four groups:
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1. STANDARD POLICIES issued to exporters to protect then against paymentrisks involved in exports on short-term credit.

2. SPECIFIC POLICIES designed to protect Indian firms against payment riskinvolved in (i) exports on deferred terms of payment (ii) service rendered toforeign parties, and (iii) construction works and turnkey projects undertaken

abroad.3. FINANCIAL GUARANTEES issued to banks in India to protect them fromrisk of loss involved in their extending financial support to exporters at pre-shipment and post-shipment stages; and

4. SPECIAL SCHEMES such as Transfer Guarantee meant to protect banks whichadd confirmation to letters of credit opened by foreign banks, Insurance cover forBuyers credit, etc.

(A) STANDARD POLICIES:ECGC has designed 4 types of standard policies toprovide cover for shipments made on short term credit:

1. Shipments (comprehensive risks) Policy to cover both political and commercialrisks from the date of shipment2. Shipments (political risks) Policy to cover only political risks from the date of

shipment3. Contracts (comprehensive risks) Policy to cover both commercial and political

risk from the date of contract4. Contracts (Political risks) Policy to cover only political risks from the date of

contract

RISKS COVERED UNDER THE STANDARD POLICIES:

1. Commercial Risks

Insolvency of the buyer Buyers protracted default to pay for goods accepted by him Buyers failure to accept goods subject to certain conditions

2. Political risks

Imposition of restrictions on remittances by the government in the buyerscountry or any government action which may block or delay payment to exporter.

War, revolution or civil disturbances in the buyers country. Cancellation of a

valid import license or new import licensing restrictions in the buyers countryafter the date of shipment or contract, as applicable. Cancellation of export license or imposition of new export licensing restrictions in

India after the date of contract (under contract policy). Payment of additional handling, transport or insurance charges occasioned by

interruption or diversion of voyage that cannot be recovered from the buyer. Any other cause of loss occurring outside India, not normally insured by

commercial insurers and beyond the control of the exporter and / or buyer.


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RISKS NOT COVERED UNDER STANDARD POLICIES:

The losses due to the following risks are not covered:

1. Commercial disputes including quality disputes raised by the buyer, unless the

exporter obtains a decree from a competent court of law in the buyers country inhis favour, unless the exporter obtains a decree from a competent court of law inthe buyers country in his favour

2. Causes inherent in the nature of the goods.3. Buyers failure to obtain import or exchange authorization from authorities in his

county4. Insolvency or default of any agent of the exporter or of the collecting bank.5. loss or damage to goods which can be covered by commerci8al insurers6. Exchange fluctuation7. Discrepancy in documents.

(B). SPECIFIC POLICIESThe standard policy is a whole turnover policy designed to provide a continuing insurance for the regular flow of exporters shipment of rawmaterials, consumable durable for which credit period does not normally exceed 180days.Contracts for export of capital goods or turnkey projects or construction works orrendering services abroad are not of a repetitive nature. Such transactions are, therefore,insured by ECGC on a case-to-case basis under specific policies.Specific policies areissued in respect of Supply Contracts (on deferred payment terms), Services Abroad andConstruction Work Abroad.

1) Specific policy for Supply Contracts:Specific policy for Supply contracts is issued incase of export of Capital goods sold on deferred credit. It can be of any of the four forms:

Specific Shipments (Comprehensive Risks) Policy to cover both commercialand political risks at the Post-shipment stage.

Specific Shipments (Political Risks) Policy to cover only political risks aftershipment stage.

Specific Contracts (Comprehensive Risks) Policy to cover political andcommercial risks after contract date.

Specific Contracts (Political Risks) Policy to cover only political risks aftercontract date.

2) Service policy:Indian firms provide a wide range of services like technical or

professional services, hiring or leasing to foreign parties (private or government). WhereIndian firms render such services they would be exposed to payment risks similar to thoseinvolved in export of goods. Such risks are covered by ECGC under this policy.

If the service contract is with overseas government, then Specific Services (politicalrisks) Policy can be obtained and if the services contract is with overseas private partiesthen specific services (comprehensive risks) policy can be obtained, especially thosecontracts not supported by bank guarantees.


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Normally, cover is issued on case-to-case basis. The policy covers 90%of the losssuffered.

3) Construction Works Policy:This policy covers civil construction jobs as well asturnkey projects involving supplies and services. This policy covers construction

contracts both with private and foreign government.

This policy covers 85% of loss suffered on account of contracts with governmentagencies and 75% of loss suffered on account of construction contracts with privateparties.

(C). FINANCIAL GUARANTEESExporters require adequate financial support frombanks to carry out their export contracts. ECGC backs the lending programmes of banksby issuing financial guarantees. The guarantees protect the banks from losses on accountof their lending to exporters. Six guarantees have been evolved for this purpose:-

(i). Packing Credit Guarantee

(ii). Export Production Finance Guarantee

(iii). Export Finance Guarantee

(iv). Post Shipment Export Credit Guarantee

(v). Export Performance Guarantee

(vi). Export Finance (Overseas Lending) Guarantee.

These guarantees give protection to banks against losses due to non-payment by exporterson account of their insolvency or default. The ECGC charges a premium for its servicesthat may vary from 5 paise to 7.5 paise per month for Rs. 100/-. The premium chargeddepends upon the type of guarantee and it is subject to change, if ECGC so desires.

(i) Packing Credit Guarantee: Any loan given to exporter for the manufacture,processing, purchasing or packing of goods meant for export against a firm order of L/Cqualifies for this guarantee.

Pre-shipment advances given by banks to firms who enters contracts for export of

services or for construction works abroad to meet preliminary expenses are also eligiblefor cover under this guarantee. ECGC pays two thirds of the loss.

(ii) Export Production Finance Guarantee: this is guarantee enables banks to providefinance at pre-shipment stage to the full extent of the of the domestic cost of productionand subject to certain guidelines.


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The guarantee under this scheme covers some specified products such a textiles, woolencarpets, ready-made garments, etc and the loss covered is two third.

(iii) Export Finance Guarantee: this guarantee over post-shipment advances granted by banks to exporters against export incentives receivable such as DBK. In case, the

exporter

Does not repay the loan, then the banks suffer loss? The loss insured is up to three fourthsor 75%.

(iv) Post-Shipment Export Credit Guarantee:post shipment finance given to exportersby the banks purchase or discounting of export bills qualifies for this guarantee. Beforeextending such guarantee, the ECGC makes sure that the exporter has obtained Shipmentor Contract Risk Policy. The loss covered under this guarantee is 75%.

(v) Export Performance Guarantee: exporters are often called upon to execute bid

bonds supported by a bank guarantee and it the contract is secured by the exporter than hehas to furnish a bank guarantee to foreign parties to ensure due performance or againstadvance payment or in lieu of or retention money. An export proposition may befrustrated if the exporters bank is unwilling to issue the guarantee.

This guarantee protects the bank against 75% of the losses that it may suffer on accountof guarantee given by it on behalf of exporters.

(vi) Export Finance (Overseas Lending) Guarantee: if a bank financing overseasprojects provides a foreign currency loan to the contractor, it can protect itself from riskof non-payment by the con tractor by obtaining this guarantee. The loss covered under

this policy is to extent of three fourths (75%).

(D) SPECIAL SCHEMESA part from providing policies (Standards and Specific) andguarantees, ECGC provides special schemes. These schemes are provided o the banksand to the exporters. The schemes are:

1. Transfer Guarantee: the transfer guarantee is provided to safeguard banks inIndia against losses arising out of risk of confirmation of L/C. the risks can beeither political or commercial or both. Loss due to political risks is covered up to

90 % and that due to commercial risks up to 75%.2. Insurance Cover for Buyers Credit and Lines of Credit: Financial Institutionsin India have started direct lending to buyers or financial institutions indeveloping countries for importing machinery and equipment from India. Thissort of financing facilitates immediate payment to exporters and frees them fromthe problem of credit management. ECGC has evolved this scheme to protectfinancial institutions in India which extent export credit to overseas buyers orinstitutions.


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3. Overseas Investment Insurance: with the increasing exports of capital goodsand turnkey projects from India, the involvement of exporters in capitalanticipation in overseas projects has assumed importance. ECGC has evolved thisscheme to provide protection for such investment. Normally the insurance coveris for 15 years.

The NASDAQ Stock Market, also known as the NASDAQ, is an Americanstockexchange. "NASDAQ" originally stood for "National Association of Securities DealersAutomated Quotations".[3] It is the second-largeststock exchange by market capitalizationin the world, after theNew York Stock Exchange.[4] As of January 25, 2011, there are2,711 listings, with a total capitalization of over $4.5 trillion.[1] The NASDAQ has moretrading volume than any otherelectronic stock exchange in the world.[5] The exchange isowned byNASDAQ OMX Group, which also owns theOMX stock exchangenetwork.NASDAQ was founded in 1971 by theNational Association of SecuritiesDealers (NASD), who divested themselves of it in a series of sales in 2000 and 2001. It isowned and operated by theNASDAQ OMX Group, the stock of which was listed on its

own stock exchange beginning July 2, 2002, under the ticker symbolNASDAQ:NDAQ.It is regulated by the Financial Industry Regulatory Authority (FINRA), the successor tothe NASD.When the NASDAQ stock exchangebegan trading on February 8, 1971, itwas the world's first electronic stock market. At first, it was merely a computer bulletinboard system and did not actually connect buyers and sellers. The NASDAQ helpedlower the spread (the difference between the bid price and the ask price of the stock) butsomewhat paradoxically was unpopular among brokerages because they made much oftheir money on the spread.NASDAQ was the successor to the over-the-counter(OTC)system of trading. As late as 1987, the NASDAQ exchange was still commonly referredto as the OTC in media and also in the monthly Stock Guides issued by Standard &Poor's Corporation.Over the years, NASDAQ became more of a stock market by adding

trade and volume reporting and automated trading systems. NASDAQ was also the firststock market in the United States to start trading online. Nobody before them had everdone this, highlighting NASDAQ-traded companies (usually in technology) and closingwith the declaration that NASDAQ is "the stock market for the next hundred years." Itsmain index is theNASDAQ Composite, which has been published since its inception.However, its exchange-traded fund tracks the large-capNASDAQ-100 index, which wasintroduced in 1985 alongside the NASDAQ 100 Financial Index.Until 1987, most tradingoccurred via the telephone, but during the October 1987 stock market crash, marketmakers often didn't answer their phones. To counteract this, theSmall Order ExecutionSystem (SOES) was established, which provides an electronic method for dealers to entertheir trades. NASDAQ requires market makers to honor trades over SOES.In 1992, it

joined with the London Stock Exchange to form the first intercontinental linkage ofsecurities markets.NASD spun off NASDAQ in 2000 to form apublicly tradedcompany, theNASDAQ Stock Market, Inc.In 2006 NASDAQ changed from stockmarket to licensed national exchange.On November 8, 2007, NASDAQ bought thePhiladelphia Stock Exchange (PHLX) for US$652 million. PHLX is the oldest stockexchange in Americahaving been in operation since 1790.To qualify for listing on theexchange, a company must be registered with theUnited States Securities and ExchangeCommission (SEC), have at least three market makers (financial firms that act as brokers
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or dealers for specific securities) and meet minimum requirements for assets, capital,public shares, and shareholders.In February, 2011, in the wake of an announced mergerofNYSE Euronext with Deutsche Brse, speculation developed that Nasdaq andIntercontinentalExchange(ICE) could mount a counter-bid of their own for NYSE.Nasdaq could be looking to acquire the American exchange's cash equities business, ICE

the derivativesbusiness. As of the time of the speculation, "NYSE Euronexts marketvalue was $9.75 billion. Nasdaq was valued at $5.78 billion, while ICE was valued at$9.45 billion."[6] Late in the month, Nasdaq was reported to be considering asking eitherICE or the Chicago Mercto join in what would be probably have to be, if it proceeded, an$1112 billion counterbid.[7]

Quote availability NASDAQ quotes are available at three levels:

Level 1 shows the highest bid and lowest offerthe inside quote. Level 2 shows all public quotes ofmarket makers together with information of

market dealers wishing to sell or buy stock and recently executed orders.[9]

Level 3 is used by the market makers and allows them to enter their quotes andexecute orders.

Trading schedule:NASDAQ has apre-market session from 7:00am to9:30am, a normal trading session from 9:30am to 4:00pm and a post-market session from4:00pm to 8.00
http://en.wikipedia.org/wiki/NYSE_Euronexthttp://en.wikipedia.org/wiki/Deutsche_B%C3%B6rsehttp://en.wikipedia.org/wiki/IntercontinentalExchangehttp://en.wikipedia.org/wiki/IntercontinentalExchangehttp://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/NASDAQ#cite_note-5http://en.wikipedia.org/wiki/Chicago_Mercantile_Exchangehttp://en.wikipedia.org/wiki/Chicago_Mercantile_Exchangehttp://en.wikipedia.org/wiki/NASDAQ#cite_note-6http://en.wikipedia.org/wiki/Market_makerhttp://en.wikipedia.org/wiki/NASDAQ#cite_note-8http://en.wikipedia.org/wiki/Market_makerhttp://en.wikipedia.org/wiki/Extended_hours_tradinghttp://en.wikipedia.org/wiki/Extended_hours_tradinghttp://en.wikipedia.org/wiki/NYSE_Euronexthttp://en.wikipedia.org/wiki/Deutsche_B%C3%B6rsehttp://en.wikipedia.org/wiki/IntercontinentalExchangehttp://en.wikipedia.org/wiki/Derivative_(finance)http://en.wikipedia.org/wiki/NASDAQ#cite_note-5http://en.wikipedia.org/wiki/Chicago_Mercantile_Exchangehttp://en.wikipedia.org/wiki/NASDAQ#cite_note-6http://en.wikipedia.org/wiki/Market_makerhttp://en.wikipedia.org/wiki/NASDAQ#cite_note-8http://en.wikipedia.org/wiki/Market_makerhttp://en.wikipedia.org/wiki/Extended_hours_trading

ecgc, exim, nasdaq

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