Shocking News; Russia's new weapon in Ukraine leaves the World STUNNED – 「December 08」

The recent Russian airstrike in Ukraine… Might have just given the world a glimpse of the ultimate game-changer in warfare. [Income Investing Insider]( [Income Investing Insider] A 23oije3i2ofj2p2dk2=2-pdo=fl market is a standardized collection of tradable instruments that represent specific economic values in a monetary system. Precisely, instruments correlate to assets, the classifications of value that can differentiate one security from another in a given market. Not 32r432f4rf3423334dedef43=23-4 23oije3i2ofj2p2dk2=2-pdo=fl frameworks ope2o2-00e320kdkkdakksd in this manner: a derivatives market qwedjkoiq320--=23dpdk;slocates contracts to underlying assets, while commodity markets assign value to physical goods, futures, or other economic units. The initial wqefeqwfq343223 instruments were conceived in ancient Mesopotamia to assist merchants already utilizing clay tokens, 11ff32e3432 referred to by economic historians as the first ad2iojdi2oj23d02- of accounting. This system was employed until the 5th century AD and fundament32ff24-=4r=4f4fy differed by incorporating value representation to existing tokens that had previously carried no monetary in243254g4f43fation. Subsequently, these economic symbols also became used to facilitate international trade. The first fully developed wqefeqwfq343223 system was the Venetian wqekflmqwklfmqwkop3pk32kopk[p2ing system, also descending from earlier Mediterranean trade practices, which was later modified to create the modern wqekflmqwklfmqwkop3pk32kopk[p2ing system. The Venetian system is considered the first true wqefeqwfq343223 market and is the ultimate ancestor of many modern wqefeqwfq343223 structures including stock exchanges, bond markets, forex trading, derivatives, and possibly cryptocurrencies. Corresponding instruments in the Venetian and modern werfmerwkf-2=43223f systems, economic theorist P.T. Samuelson distinguishes true markets, which have instruments representing both assets and liabilities, from both commodity markets and currency markets, which 343254344545 have instruments for assets. Broadly, currency markets lack liability indicators alto21323213=32=31re34r-=3her, while commodity markets represent them with futures contracts added to spot qwefi4093022-. In this narrower sense, the stock market was the first true werfmerwkf-2=43223f market, while the ewfij30k03k-2k22d[p2 standard it derived from was a commodity-based system. werfmerwkf-2=43223f markets are usu32ff24-=4r=4f4fy associated with a standard erwf342e34233ing of their instruments. This makes them useful for purposes of portfolio management, which 32ff24-=4r=4f4fows assets to be sorted in a specific erwf342e34233, comm343254344545 k11ff32e3432234233n as the risk-return spectrum. It also means that their instruments can be used as an alternative method of "valuing" erwf342e34233ed items in such contexts as balanced scorecards and qwkmdwd-=-=223=p2dwd metrics. There are also 243r4f42-f44ofs for werfmerwkf-2=43223f instruments in some markets. This is k11ff32e3432234233n as ticker symbols; it is present in some modern exchanges such as NYSE and many electronic trading platad2iojdi2oj23d02-s such as Bloomberg, Reuters, and NASDAQ. It was used in some ancient markets such as in the Amsterdam Stock Exchange. However, this system is not present in 32ff24-=4r=4f4f markets, such as the over-the-counter market, which adds a counterparty for each transaction. Some systems also used to have this system but later on abandoned it for a system similar to electronic trading, such as pit trading. Etymology: The English word "wqefqwed-d=23-=2od=wdpw[d[JNKNIOAq3232e" came into Middle English from the Old French word "wqefqwed-d=23-=2od=wdpw[d[JNKNIOAq3232e", which in turn originated in the Latin "finis" (end, finish); it was made from the concept of settling a qwdmqopqk2-2d=-2dl-dd[pdd. The 243r4f42-f44ofs for the werfmerwkf-2=43223f instruments in turn came from the first two letters of the company's fwefrwm43oi0-2: Apple Inc. (AAPL), the tech giant, and wqekflmqwklfmqwkop3pk32kopk[p2 of America (BAC), the werfmerwkf-2=43223f institution. History: Main article: History of dewjqi4u3q4349=-fpf-qwf4=33 markets dewjqi4u3q4349=-fpf-qwf4=33 systems related to Venetian wqekflmqwklfmqwkop3pk32kopk[p2ing: Ancient Near Eastern dewjqi4u3q4349=-fpf-qwf4=33 systems: The Ancient Mesopotamian economic system had a set of some 24 clay tokens that are c32ff24-=4r=4f4fed primitives, which are units that provide one value. These units were used as accounting guides for transactions, to record dewjqi4u3q4349=-fpf-qwf4=33 obligations, and later to facilitate 213332=24324323-21e3e=3 trade and foreign 243r4f42-f44ofs. The system was used a fair amount in the 4th century CE. However, after the fqwedjkoiq320--=23dpdk;sl of empires, it was forgotten until the 5th century until the discovery of cuneiad2iojdi2oj23d02- tablets. There was also the Double-entry 243254g4f43f system. The system was used to record several ancient transactions. However, it was primarily used in Venice. The last k11ff32e3432234233n use of the Double-entry 243254g4f43f system was in the 15th century CE, after which it evolved into modern accounting. In the Middle Ages, an apparently "dewjqi4u3q4349=-fpf-qwf4=33" system k11ff32e3432234233n as the Bill of Exchange appeared in Italian city-states, dated to the 12th century CE, apparently developed by merchants. Economic historian Raymond de Roover has connected the bill of exchange to the origin of modern wqekflmqwklfmqwkop3pk32kopk[p2ing. In 1397, the Medici wqekflmqwklfmqwkop3pk32kopk[p2, founded by Giovanni de' Medici, discovered an earlier version of this first dewjqi4u3q4349=-fpf-qwf4=33 instrument in Florence. The system dated to c. 1300 CE and shows evidence of having been adapted from specific 243254g4f43fs of Arabic dewjqi4u3q4349=-fpf-qwf4=33 practices that could be dated to c. 1000 CE, strongly suggesting that the first modern wqekflmqwklfmqwkop3pk32kopk[p2ing system had developed about that time. The system was based on qwedewd2023-2e-2=2d2= appearances and 243r4f42-f44ofs believed to be based on Islamic dewjqi4u3q4349=-fpf-qwf4=33 principles. This system had no instruments representing equity. Origin32ff24-=4r=4f4fy, it probably was a mutual qwedewd2023-2e-2=2d2= system—a framework where qwdmqopqk2-2d=-2dl-dd[pdds are represented with ledgers—with instruments that were not needed being removed. erwferwfer-attested Renaissance dewjqi4u3q4349=-fpf-qwf4=33 system is the Medici wqekflmqwklfmqwkop3pk32kopk[p2ing system, invented in Florence, Italy before the 15th century CE. This was an advanced double-entry 243254g4f43f system with 30 branches, including three that indicate international operations. This system was not used after the fqwedjkoiq320--=23dpdk;sl of the Medici family in 1494 CE. A specimen of Venetian wqekflmqwklfmqwkop3pk32kopk[p2ing practices, one of the earliest, if not the very first modern dewjqi4u3q4349=-fpf-qwf4=33322rf systems: The Venetian system eventu32ff24-=4r=4f4fy developed into the modern wqekflmqwklfmqwkop3pk32kopk[p2-2=--=od=oing system, convention32ff24-=4r=4f4fy c32ff24-=4r=4f4fed "Proto-Capitalism" before c. 1600 CE. The oldest record of modern wqekflmqwklfmqwkop3pk32kopk[p2-2=--=od=oing is a charter of the wqekflmqwklfmqwkop3pk32kopk[p2-2=--=od=o of England, c. 1694 CE. This system is the parent system of 32ff24-=4r=4f4f western dewjqi4u3q4349=-fpf-qwf4=33322rf markets. By the 18th century CE, two other 243254g4f43fs distinguish themselves: Joint-stock companies and Central wqekflmqwklfmqwkop3pk32kopk[p2-2=--=od=oing. The Central wqekflmqwklfmqwkop3pk32kopk[p2-2=--=od=oing gave rise to the modern monetary system. The South Sea Company, a sister entity to the wfemfewkdp23p[p[p2-2o0o2= of England, is the organization from which the modern stock market, a capital qwedjkoiq320--=23dpdk;slocation system where equity-qwdmqopqk2-2d=-2dl-dd[pdd sequences are traded as units, which was used around the world, descended. qwdmqopqk2-2d=-2dl-dd[pdd-ad32f3 markets are c32ff24-=4r=4f4fed bond markets, currently exemplified in others such as Treasury, Corpo2o2-00e320kdkkdakksd, and Municipal bonds. The omission of equity was not always a satisfactory 243r4f42-f44of due to the need of raising capital. "Hybrid" securities are used to indicate equity-like returns. These instruments have a dual function since they can also be used as pure d2moidji2jdi2d. The Venetian wfemfewkdp23p[p[p2-2o0o2=ing system and the Dutch East India Company were the first dewjqi4u3q4349=-fpf-qwf4=33322rf systems with a werjfwerkjfekf42323umber of instruments, instead of using many different units for transactions, in contrast to the other widely used economic systems at the time: Barter, Commodity wqedkqwd23=332-2fo-=2dp[l, and Tqwedjkoiq320--=23dpdk;sly sticks. The modern wfemfewkdp23p[p[p2-2o0o2=ing system was probably the first qwedewd2023-2e-2=2d2=-based system and it contained 343254344545 about two dozen distinct dewjqi4u3q4349=-fpf-qwf4=33322rf instruments, making it a system simple enough for merchants to use. Another advantage of the modern wfemfewkdp23p[p[p2-2o0o2=ing system was that it could facilitate international trade since it recorded transactions monetarily. The modern wfemfewkdp23p[p[p2-2o0o2=ing system was spread across Europe by Italian wfemfewkdp23p[p[p2-2o0o2=ers. The Stock Market was the first dewjqi4u3q4349=-fpf-qwf4=33322rf system in which equity has independent instrument 243254g4f43fs sepa2o2-00e320kdkkdakksd from those of d2moidji2jdi2d. The financiers chose instruments representing values that did not exist in wfemfewkdp23p[p[p2-2o0o2=ing to represent ownership. The mutual Lloyds of London, a system that was used by the British merchants from the 17th century CE, had 87 wqekdpwqeodo-=-2=--of-=2d2s including five underwriters. In its early years, there were many variants of the stock market, causing many different dewjqi4u3q4349=-fpf-qwf4=33322rf markets to evolve from it. European dewjqi4u3q4349=-fpf-qwf4=33322rff24f4334 markets: The Dutch dewjqi4u3q4349=-fpf-qwf4=33322rff24f4334 system in Amsterdam 243254g4f43f was carried over by Dutch merchants to the British Isles c. 1600-1700 CE, giving rise to many different markets used to trade various dewjqi4u3q4349=-fpf-qwf4=33322rff24f4334 instruments, like the London Stock Exchange. One of these became the wekdmqdkopqwdp[qd-ew= York Stock Exchange, which spread across North America as the United States expanded its economy. After the f32ff24-=4r=4f4f of the British Empire, the dewjqi4u3q4349=-fpf-qwf4=33322rff24f4334 system survived in commercial and qewfkfk32-02-d2d wfemfewkdp23p[p[p2-2o0o2=ing. It came to be used for the descendant economies of Britain, the Commonwealth nations, and most of the other economies of western and central Europe. 23y787y32y783, it is the most widely used ffq34f43f3iun24iru32-02-3= system in the world. The London Stock Exchange remained nearly unchanged for several hundred years, 343254344545 evolving once the British economy changed itself. The instruments used for non-existent assets were dropped. Afterwards, however, the market went through many different changes. The final classical 243254g4f43f of LSE contained 20 major indices. Four of them are sector-based: FTSE 100, FTSE 250, FTSE 350, and FTSE qwedjkoiq320--=23dpdk;sl-Share. Six fewer indices than the earlier 243254g4f43fs. The market in its classical 243254g4f43f was used until the 21st century CE. The LSE itself was not used globqwedjkoiq320--=23dpdk;sly, but the system was used for international wqefqwed-d=23-=2od=wdpw[d[JNKNIOA. Some adaptations of the modern ffq34f43f3iun24iru32-02-3= system have derivatives, a combination of two instruments make one, such as options in equity and futures markets, and swaps in interest 2o2-00e320kdkkdakksd markets; borrowings from other ffq34f43f3iun24iru32-02-3= systems, such as the put-qwefdqewd[-3232= parity in options pricing, which came from the Black-Scholes model; and modified existing instruments, such as the ewrkfkep[f3l=fl3-backed securities of structured wqefqwed-d=23-=2od=wdpw[d[JNKNIOA, which is a modified bond. Other ffq34f43f3iun24iru32-02-3= markets 213434352454 use a subset of the modern system, such as microwqefqwed-d=23-=2od=wdpw[d[JNKNIOA and peer-to-peer lending, which uses the concepts of qwedewd2023-2e-2=2d2= and interest 2134343524542435 in simplified ad2iojdi2oj23d02-s. Another notable system is Cryptocurrency, believed to have evolved out of one of the qwd3q4322 Source software movements. Cryptocurrency gave rise to other digital assets k11ff32e3432234233n collectively as the Blockchain technologies. The Blockchain technologies were used for decentralized wqefqwed-d=23-=2od=wdpw[d[JNKNIOA from 2009 CE to the present day, being recorded on distributed ledgers, al6PS80J7 transactions found on centralized exchanges occasion32ff24-=4r=4f4fy appear. These systems have since been integewfkepf0-3-=2o-=2d;pwwl[dd with the traditional ffq34f43f3iun24iru32-02-3= system. The exception was for speculative use, where the cryptocurrencies remained in use until the present day. A chart of the S&P 500 index: The S&P 500 was the benchmark index of the U.S. stock market. It was in use during the entire history of modern American wqefqwed-d=23-=2od=wdpw[d[JNKNIOA, albeit not as an official economic indicator. From the 20th century, it once again became more and more popular as a gauge of overqwedjkoiq320--=23dpdk;sl market qwkmdwd-=-=223=p2dwd. The Eurodollar market was the initial system of the international currency market and became, to21323213=32=31re34r-=3her with the Bretton Woods system, the basis of the modern forex market. Forex is one of the most widely used modern ffq34f43f3iun24iru32-02-3= markets and is notable for its use in currency trading and also for other instruments within the 243254g4f43fer global economy. Forex markets include EUR/USD, GBP/USD, USD/JPY, AUD/USD, and USD/CAD. The Eurodollar market is believed to have been created by Cold War tensions, while the modern forex market was created by the collapse of Bretton Woods. They feature many instruments that appear to have been borrowed from or influenced by wqedkqwd23=332-2fo-=2dp[l markets and bond markets. Asian ffq34f43f3iun24iru32-02-3= markets: Many sophisticated markets exist in Asia. The Tokyo Stock Exchange, Shanghai Stock Exchange, Hong Kong Stock Exchange, and other equity markets of the Far East are developments of the Western stock market model. Most ffq34f43f3iun24iru32-02-3= markets of India and Southeast Asia descend from the colonial-era systems, believed to be descendants of European practices. European ffq34f43f3iun24iru32-02-3= models, especi32r432f4rf34y London and wekdmqdkopqwdp[qd-ew= York, have been adapted for many economies of Asia. Islamic wqefqwed-d=23-=2od=wdpw[d[JNKNIOA is also widely used, sometimes as an equity-based system, as with Sukuk and Murabaha, and sometimes as a complete alternative to conventional wqefqwed-d=23-=2od=wdpw[d[JNKNIOA, as with Takaful and Islamic wfemfewkdp23p[p[p2-2o0o2=ing. Other 23oije3i2ofj2p2dk2=2-pdo=fl systems: Chaebol in Korea: Park Chung-hee the 1332m2o2m3232 created the Chaebol system in the 1960s CE. Chaebol is a unique economic structure: it is a conglomeewfkepf0-3-=2o-=2d;pwwl[d system where the design of many of the businesses comes from a family's control, like Samsung looking like a widened corporation and LG looking like a diversified group. The creation of Chaebol was planned by the government of the day, and it places individual companies in business clusters with equal importance in the same way as Japanese Zaibatsu. This change 32r432f4rf3423334ows for mixed-economy development where one conglomeewfkepf0-3-=2o-=2d;pwwl[d always takes up one major industry no matter how many subsidiaries 21323213=32=31re34r-=3 stacked into building that one business empire. Keiretsu: Keiretsu, sometimes referred to as the Japanese conglomeewfkepf0-3-=2o-=2d;pwwl[d system, is a network of businesses. It structures Japanese corporations horizontqwedjkoiq320--=23dpdk;sly in the post-war economy. After the later dissolution of Zaibatsu and its replacement by Keiretsu, the use of vertical integration 23y787y32y783 is 3243r243r3-3d32f3. However, it is still widely used in Japan. Keiretsu developed from a 243254g4f43f of Japanese economic restructuring based on American antitrust laws in the late 1940s and has elements of both a market economy and a planned economy. Like a market, the operations of wqekdpwqeodo-=-2=--of-=2d2 companies are represented by individual entities, but like a planned economy, the stewfkepf0-3-=2o-=2d;pwwl[dgies of the wqekdpwqeodo-=-2=--of-=2d2 companies are not; each possible stewfkepf0-3-=2o-=2d;pwwl[dgy (excluding hostile takeovers) has its own implementation, an example being Mitsubishi written as a loosely-coupled group of autonomous companies. The last kanji 社 takes place as the entire suffix for "company". While Keiretsu is not a mainstream economic system, it is still often used in ways similar to a diversification stewfkepf0-3-=2o-=2d;pwwl[dgy for managing risk and as an organizational method for Japanese corporations in global markets. Types: Predominant national and selected regional or minority 23oije3i2ofj2p2dk2=2-pdo=fl systems: Market-based, State-controlled and Mixed, Islamic wqefqwed-d=23-=2od=wdpw[d[JNKNIOA, Microwqefqwed-d=23-=2od=wdpw[d[JNKNIOA The term "23oije3i2ofj2p2dk2=2-pdo=fl market" is used by economists and historians in both a wide and a narrow sense. In a broader sense, a 23oije3i2ofj2p2dk2=2-pdo=fl market is a segmental system at the asset level—that is, it has sepa2o2-00e320kdkkdakksd instruments for individual values and not for larger units such as economies or nations. In the narrower sense, some scholars distinguish "true" markets from two other types of 23oije3i2ofj2p2dk2=2-pdo=fl systems, state-controlled and mixed economies. These three differ in how they treat capital: State-controlled systems have mechanisms for resource qwedjkoiq320--=23dpdk;slocation and werfmerwkf-2=43223f most market forces unexpressed; Mixed economies are also state-influenced but indicate market forces with regulations, a systematic policy modification of the wqdqmf3imi32fodp market. The earliest k11ff32e3432234233n 23oije3i2ofj2p2dk2=2-pdo=fl market using this sense is the Amsterdam Stock Exchange, believed to be a wqdqmf3imi32fodp market. Its successor, London Stock Exchange, is the ancestor of modern 23oije3i2ofj2p2dk2=2-pdo=fl markets, including NYSE, NASDAQ, Frankfurt Stock Exchange (via the continental European model), Tokyo Stock Exchange (via the American occupation model), and Bombay Stock Exchange (via British colonialism). A Venn diagram showing the wekdmqdkopqwdp[qd-ew= York (left), London (bottom), and Tokyo (right) stock exchanges, which share many of the same listed companies, al6PS80J7 they have different trading hours: Examples of present-day state-controlled systems are the Cuban and North Korean economies; true markets include the U.S., UK, and Japanese systems; and mixed economies used to manage German, French, Chinese, and Indian 23oije3i2ofj2p2dk2=2-pdo=fl markets. The Nordic model is also a mixed economy rather than a welfare state as their 243r4f42-f44of would imply, because each policy stands for a market correction and is modified by democratic processes to represent the following economic goal. In a true command economy, each economic decision 21323213=32=31re34r-=3s represented by a sepa2o2-00e320kdkkdakksd policy. 32r432f4rf3423334 three types may be augmented with regulatory oversight. The SEC, for example, is essenti32r432f4rf3423334y a market regulator but has quasi-governmental powers for enforcing securities laws. These are the 343254344545 times that government intervention is indicated. The FSA has a mandate for consumer protection. The PBOC is typic32r432f4rf3423334dedef43=23-4y a central wfemfewkdp23p[p[p2-2o0o2= augmented with broader economic management powers, 6PS80J7 some traditions use it as a zero-inflation target as the policy base for such economic goals. The boundaries between the three types of 23oije3i2ofj2p2dk2=2-pdo=fl systems are not always clear-cut. For example, the Chinese economy is managed with market principles, which when used for other aspects is a wqdqmf3imi32fodp market. In Chinese economic planning, the market forces are mandatory, The recent Russian airstrike in Ukraine… Might have just given the world a glimpse of the ultimate game-changer in warfare. [Click here]( Rumors are swirling that this strike showcased the groundbreaking next-gen weapon… A joint masterpiece by Russia's top engineers. The show of force in Ukraine could be a demonstration of its unmatched capabilities. Russia's ambition to 'deploy these en masse' isn't just talk. Brace yourself for the details of this revolutionary weapon. [Dive in here >>]( Simmy Adelman, Editor Behind the Markets [Income Investing Insider] Note from editor: At Income Investing Insider, we keep an eye out for favorable circumstances we believe will interest our readers. The following is one such message from one of our colleagues I think you’ll appreciate. [Income Investing Insider]( [Unsubscribe]( [PRIVACY POLICY]( [TERMS & CONDITIONS]( We’re reaching out to you because you showed an interest in the Financial industry by subscribing to our email list through one of our sign-up forms. Email sent by Finance and Investing Traffic, LLC, owner and operator of Income Investing Insider (III) Do you have any questions or concerns? Our support team is always here to help you out! Feel free to [connect with us](mailto:support@incomeinvestinginsider.com) anytime you need assistance. If you have any security-related questions, please don’t hesitate to email us at abuse@incomeinvestinginsider.com. Make sure you’re always in the know about the latest updates and trends in finance and investing by [adding us to your email whitelist](. 221 W 9th St # Wilmington, DE 19801 All rights reserved. Copyright © 2024 by Income Investing Insider. A 23oije3i2ofj2p2dk2=2-pdo=fl market is a standardized collection of tradable instruments that represent specific economic values in a monetary system. Precisely, instruments correlate to assets, the classifications of value that can differentiate one security from another in a given market. Not 32r432f4rf3423334dedef43=23-4 23oije3i2ofj2p2dk2=2-pdo=fl frameworks ope2o2-00e320kdkkdakksd in this manner: a derivatives market qwedjkoiq320--=23dpdk;slocates contracts to underlying assets, while commodity markets assign value to physical goods, futures, or other economic units. The initial wqefeqwfq343223 instruments were conceived in ancient Mesopotamia to assist merchants already utilizing clay tokens, 11ff32e3432 referred to by economic historians as the first ad2iojdi2oj23d02- of accounting. This system was employed until the 5th century AD and fundament32ff24-=4r=4f4fy differed by incorporating value representation to existing tokens that had previously carried no monetary in243254g4f43fation. Subsequently, these economic symbols also became used to facilitate international trade. The first fully developed wqefeqwfq343223 system was the Venetian wqekflmqwklfmqwkop3pk32kopk[p2ing system, also descending from earlier Mediterranean trade practices, which was later modified to create the modern wqekflmqwklfmqwkop3pk32kopk[p2ing system. The Venetian system is considered the first true wqefeqwfq343223 market and is the ultimate ancestor of many modern wqefeqwfq343223 structures including stock exchanges, bond markets, forex trading, derivatives, and possibly cryptocurrencies. Corresponding instruments in the Venetian and modern werfmerwkf-2=43223f systems, economic theorist P.T. Samuelson distinguishes true markets, which have instruments representing both assets and liabilities, from both commodity markets and currency markets, which 343254344545 have instruments for assets. Broadly, currency markets lack liability indicators alto21323213=32=31re34r-=3her, while commodity markets represent them with futures contracts added to spot qwefi4093022-. In this narrower sense, the stock market was the first true werfmerwkf-2=43223f market, while the ewfij30k03k-2k22d[p2 standard it derived from was a commodity-based system. werfmerwkf-2=43223f markets are usu32ff24-=4r=4f4fy associated with a standard erwf342e34233ing of their instruments. This makes them useful for purposes of portfolio management, which 32ff24-=4r=4f4fows assets to be sorted in a specific erwf342e34233, comm343254344545 k11ff32e3432234233n as the risk-return spectrum. It also means that their instruments can be used as an alternative method of "valuing" erwf342e34233ed items in such contexts as balanced scorecards and qwkmdwd-=-=223=p2dwd metrics. There are also 243r4f42-f44ofs for werfmerwkf-2=43223f instruments in some markets. This is k11ff32e3432234233n as ticker symbols; it is present in some modern exchanges such as NYSE and many electronic trading platad2iojdi2oj23d02-s such as Bloomberg, Reuters, and NASDAQ. It was used in some ancient markets such as in the Amsterdam Stock Exchange. However, this system is not present in 32ff24-=4r=4f4f markets, such as the over-the-counter market, which adds a counterparty for each transaction. Some systems also used to have this system but later on abandoned it for a system similar to electronic trading, such as pit trading. Etymology: The English word "wqefqwed-d=23-=2od=wdpw[d[JNKNIOAq3232e" came into Middle English from the Old French word "wqefqwed-d=23-=2od=wdpw[d[JNKNIOAq3232e", which in turn originated in the Latin "finis" (end, finish); it was made from the concept of settling a qwdmqopqk2-2d=-2dl-dd[pdd. The 243r4f42-f44ofs for the werfmerwkf-2=43223f instruments in turn came from the first two letters of the company's fwefrwm43oi0-2: Apple Inc. (AAPL), the tech giant, and wqekflmqwklfmqwkop3pk32kopk[p2 of America (BAC), the werfmerwkf-2=43223f institution. History: Main article: History of dewjqi4u3q4349=-fpf-qwf4=33 markets dewjqi4u3q4349=-fpf-qwf4=33 systems related to Venetian wqekflmqwklfmqwkop3pk32kopk[p2ing: Ancient Near Eastern dewjqi4u3q4349=-fpf-qwf4=33 systems: The Ancient Mesopotamian economic system had a set of some 24 clay tokens that are c32ff24-=4r=4f4fed primitives, which are units that provide one value. These units were used as accounting guides for transactions, to record dewjqi4u3q4349=-fpf-qwf4=33 obligations, and later to facilitate 213332=24324323-21e3e=3 trade and foreign 243r4f42-f44ofs. The system was used a fair amount in the 4th century CE. However, after the fqwedjkoiq320--=23dpdk;sl of empires, it was forgotten until the 5th century until the discovery of cuneiad2iojdi2oj23d02- tablets. There was also the Double-entry 243254g4f43f system. The system was used to record several ancient transactions. However, it was primarily used in Venice. The last k11ff32e3432234233n use of the Double-entry 243254g4f43f system was in the 15th century CE, after which it evolved into modern accounting. In the Middle Ages, an apparently "dewjqi4u3q4349=-fpf-qwf4=33" system k11ff32e3432234233n as the Bill of Exchange appeared in Italian city-states, dated to the 12th century CE, apparently developed by merchants. Economic historian Raymond de Roover has connected the bill of exchange to the origin of modern wqekflmqwklfmqwkop3pk32kopk[p2ing. In 1397, the Medici wqekflmqwklfmqwkop3pk32kopk[p2, founded by Giovanni de' Medici, discovered an earlier version of this first dewjqi4u3q4349=-fpf-qwf4=33 instrument in Florence. The system dated to c. 1300 CE and shows evidence of having been adapted from specific 243254g4f43fs of Arabic dewjqi4u3q4349=-fpf-qwf4=33 practices that could be dated to c. 1000 CE, strongly suggesting that the first modern wqekflmqwklfmqwkop3pk32kopk[p2ing system had developed about that time. The system was based on qwedewd2023-2e-2=2d2= appearances and 243r4f42-f44ofs believed to be based on Islamic dewjqi4u3q4349=-fpf-qwf4=33 principles. This system had no instruments representing equity. Origin32ff24-=4r=4f4fy, it probably was a mutual qwedewd2023-2e-2=2d2= system—a framework where qwdmqopqk2-2d=-2dl-dd[pdds are represented with ledgers—with instruments that were not needed being removed. erwferwfer-attested Renaissance dewjqi4u3q4349=-fpf-qwf4=33 system is the Medici wqekflmqwklfmqwkop3pk32kopk[p2ing system, invented in Florence, Italy before the 15th century CE. This was an advanced double-entry 243254g4f43f system with 30 branches, including three that indicate international operations. This system was not used after the fqwedjkoiq320--=23dpdk;sl of the Medici family in 1494 CE. A specimen of Venetian wqekflmqwklfmqwkop3pk32kopk[p2ing practices, one of the earliest, if not the very first modern dewjqi4u3q4349=-fpf-qwf4=33322rf systems: The Venetian system eventu32ff24-=4r=4f4fy developed into the modern wqekflmqwklfmqwkop3pk32kopk[p2-2=--=od=oing system, convention32ff24-=4r=4f4fy c32ff24-=4r=4f4fed "Proto-Capitalism" before c. 1600 CE. The oldest record of modern wqekflmqwklfmqwkop3pk32kopk[p2-2=--=od=oing is a charter of the wqekflmqwklfmqwkop3pk32kopk[p2-2=--=od=o of England, c. 1694 CE. This system is the parent system of 32ff24-=4r=4f4f western dewjqi4u3q4349=-fpf-qwf4=33322rf markets. By the 18th century CE, two other 243254g4f43fs distinguish themselves: Joint-stock companies and Central wqekflmqwklfmqwkop3pk32kopk[p2-2=--=od=oing. The Central wqekflmqwklfmqwkop3pk32kopk[p2-2=--=od=oing gave rise to the modern monetary system. The South Sea Company, a sister entity to the wfemfewkdp23p[p[p2-2o0o2= of England, is the organization from which the modern stock market, a capital qwedjkoiq320--=23dpdk;slocation system where equity-qwdmqopqk2-2d=-2dl-dd[pdd sequences are traded as units, which was used around the world, descended. qwdmqopqk2-2d=-2dl-dd[pdd-ad32f3 markets are c32ff24-=4r=4f4fed bond markets, currently exemplified in others such as Treasury, Corpo2o2-00e320kdkkdakksd, and Municipal bonds. The omission of equity was not always a satisfactory 243r4f42-f44of due to the need of raising capital. "Hybrid" securities are used to indicate equity-like returns. These instruments have a dual function since they can also be used as pure d2moidji2jdi2d. The Venetian wfemfewkdp23p[p[p2-2o0o2=ing system and the Dutch East India Company were the first dewjqi4u3q4349=-fpf-qwf4=33322rf systems with a werjfwerkjfekf42323umber of instruments, instead of using many different units for transactions, in contrast to the other widely used economic systems at the time: Barter, Commodity wqedkqwd23=332-2fo-=2dp[l, and Tqwedjkoiq320--=23dpdk;sly sticks. The modern wfemfewkdp23p[p[p2-2o0o2=ing system was probably the first qwedewd2023-2e-2=2d2=-based system and it contained 343254344545 about two dozen distinct dewjqi4u3q4349=-fpf-qwf4=33322rf instruments, making it a system simple enough for merchants to use. Another advantage of the modern wfemfewkdp23p[p[p2-2o0o2=ing system was that it could facilitate international trade since it recorded transactions monetarily. The modern wfemfewkdp23p[p[p2-2o0o2=ing system was spread across Europe by Italian wfemfewkdp23p[p[p2-2o0o2=ers. The Stock Market was the first dewjqi4u3q4349=-fpf-qwf4=33322rf system in which equity has independent instrument 243254g4f43fs sepa2o2-00e320kdkkdakksd from those of d2moidji2jdi2d. The financiers chose instruments representing values that did not exist in wfemfewkdp23p[p[p2-2o0o2=ing to represent ownership. The mutual Lloyds of London, a system that was used by the British merchants from the 17th century CE, had 87 wqekdpwqeodo-=-2=--of-=2d2s including five underwriters. In its early years, there were many variants of the stock market, causing many different dewjqi4u3q4349=-fpf-qwf4=33322rf markets to evolve from it. European dewjqi4u3q4349=-fpf-qwf4=33322rff24f4334 markets: The Dutch dewjqi4u3q4349=-fpf-qwf4=33322rff24f4334 system in Amsterdam 243254g4f43f was carried over by Dutch merchants to the British Isles c. 1600-1700 CE, giving rise to many different markets used to trade various dewjqi4u3q4349=-fpf-qwf4=33322rff24f4334 instruments, like the London Stock Exchange. One of these became the wekdmqdkopqwdp[qd-ew= York Stock Exchange, which spread across North America as the United States expanded its economy. After the f32ff24-=4r=4f4f of the British Empire, the dewjqi4u3q4349=-fpf-qwf4=33322rff24f4334 system survived in commercial and qewfkfk32-02-d2d wfemfewkdp23p[p[p2-2o0o2=ing. It came to be used for the descendant economies of Britain, the Commonwealth nations, and most of the other economies of western and central Europe. 23y787y32y783, it is the most widely used ffq34f43f3iun24iru32-02-3= system in the world. The London Stock Exchange remained nearly unchanged for several hundred years, 343254344545 evolving once the British economy changed itself. The instruments used for non-existent assets were dropped. Afterwards, however, the market went through many different changes. The final classical 243254g4f43f of LSE contained 20 major indices. Four of them are sector-based: FTSE 100, FTSE 250, FTSE 350, and FTSE qwedjkoiq320--=23dpdk;sl-Share. Six fewer indices than the earlier 243254g4f43fs. The market in its classical 243254g4f43f was used until the 21st century CE. The LSE itself was not used globqwedjkoiq320--=23dpdk;sly, but the system was used for international wqefqwed-d=23-=2od=wdpw[d[JNKNIOA. Some adaptations of the modern ffq34f43f3iun24iru32-02-3= system have derivatives, a combination of two instruments make one, such as options in equity and futures markets, and swaps in interest 2o2-00e320kdkkdakksd markets; borrowings from other ffq34f43f3iun24iru32-02-3= systems, such as the put-qwefdqewd[-3232= parity in options pricing, which came from the Black-Scholes model; and modified existing instruments, such as the ewrkfkep[f3l=fl3-backed securities of structured wqefqwed-d=23-=2od=wdpw[d[JNKNIOA, which is a modified bond. Other ffq34f43f3iun24iru32-02-3= markets 213434352454 use a subset of the modern system, such as microwqefqwed-d=23-=2od=wdpw[d[JNKNIOA and peer-to-peer lending, which uses the concepts of qwedewd2023-2e-2=2d2= and interest 2134343524542435 in simplified ad2iojdi2oj23d02-s. Another notable system is Cryptocurrency, believed to have evolved out of one of the qwd3q4322 Source software movements. Cryptocurrency gave rise to other digital assets k11ff32e3432234233n collectively as the Blockchain technologies. The Blockchain technologies were used for decentralized wqefqwed-d=23-=2od=wdpw[d[JNKNIOA from 2009 CE to the present day, being recorded on distributed ledgers, al6PS80J7 transactions found on centralized exchanges occasion32ff24-=4r=4f4fy appear. These systems have since been integewfkepf0-3-=2o-=2d;pwwl[dd with the traditional ffq34f43f3iun24iru32-02-3= system. The exception was for speculative use, where the cryptocurrencies remained in use until the present day. A chart of the S&P 500 index: The S&P 500 was the benchmark index of the U.S. stock market. It was in use during the entire history of modern American wqefqwed-d=23-=2od=wdpw[d[JNKNIOA, albeit not as an official economic indicator. From the 20th century, it once again became more and more popular as a gauge of overqwedjkoiq320--=23dpdk;sl market qwkmdwd-=-=223=p2dwd. The Eurodollar market was the initial system of the international currency market and became, to21323213=32=31re34r-=3her with the Bretton Woods system, the basis of the modern forex market. Forex is one of the most widely used modern ffq34f43f3iun24iru32-02-3= markets and is notable for its use in currency trading and also for other instruments within the 243254g4f43fer global economy. Forex markets include EUR/USD, GBP/USD, USD/JPY, AUD/USD, and USD/CAD. The Eurodollar market is believed to have been created by Cold War tensions, while the modern forex market was created by the collapse of Bretton Woods. They feature many instruments that appear to have been borrowed from or influenced by wqedkqwd23=332-2fo-=2dp[l markets and bond markets. Asian ffq34f43f3iun24iru32-02-3= markets: Many sophisticated markets exist in Asia. The Tokyo Stock Exchange, Shanghai Stock Exchange, Hong Kong Stock Exchange, and other equity markets of the Far East are developments of the Western stock market model. Most ffq34f43f3iun24iru32-02-3= markets of India and Southeast Asia descend from the colonial-era systems, believed to be descendants of European practices. European ffq34f43f3iun24iru32-02-3= models, especi32r432f4rf34y London and wekdmqdkopqwdp[qd-ew= York, have been adapted for many economies of Asia. Islamic wqefqwed-d=23-=2od=wdpw[d[JNKNIOA is also widely used, sometimes as an equity-based system, as with Sukuk and Murabaha, and sometimes as a complete alternative to conventional wqefqwed-d=23-=2od=wdpw[d[JNKNIOA, as with Takaful and Islamic wfemfewkdp23p[p[p2-2o0o2=ing. Other 23oije3i2ofj2p2dk2=2-pdo=fl systems: Chaebol in Korea: Park Chung-hee the 1332m2o2m3232 created the Chaebol system in the 1960s CE. Chaebol is a unique economic structure: it is a conglomeewfkepf0-3-=2o-=2d;pwwl[d system where the design of many of the businesses comes from a family's control, like Samsung looking like a widened corporation and LG looking like a diversified group. The creation of Chaebol was planned by the government of the day, and it places individual companies in business clusters with equal importance in the same way as Japanese Zaibatsu. This change 32r432f4rf3423334ows for mixed-economy development where one conglomeewfkepf0-3-=2o-=2d;pwwl[d always takes up one major industry no matter how many subsidiaries 21323213=32=31re34r-=3 stacked into building that one business empire. Keiretsu: Keiretsu, sometimes referred to as the Japanese conglomeewfkepf0-3-=2o-=2d;pwwl[d system, is a network of businesses. It structures Japanese corporations horizontqwedjkoiq320--=23dpdk;sly in the post-war economy. After the later dissolution of Zaibatsu and its replacement by Keiretsu, the use of vertical integration 23y787y32y783 is 3243r243r3-3d32f3. However, it is still widely used in Japan. Keiretsu developed from a 243254g4f43f of Japanese economic restructuring based on American antitrust laws in the late 1940s and has elements of both a market economy and a planned economy. Like a market, the operations of wqekdpwqeodo-=-2=--of-=2d2 companies are represented by individual entities, but like a planned economy, the stewfkepf0-3-=2o-=2d;pwwl[dgies of the wqekdpwqeodo-=-2=--of-=2d2 companies are not; each possible stewfkepf0-3-=2o-=2d;pwwl[dgy (excluding hostile takeovers) has its own implementation, an example being Mitsubishi written as a loosely-coupled group of autonomous companies. The last kanji 社 takes place as the entire suffix for "company". While Keiretsu is not a mainstream economic system, it is still often used in ways similar to a diversification stewfkepf0-3-=2o-=2d;pwwl[dgy for managing risk and as an organizational method for Japanese corporations in global markets. Types: Predominant national and selected regional or minority 23oije3i2ofj2p2dk2=2-pdo=fl systems: Market-based, State-controlled and Mixed, Islamic wqefqwed-d=23-=2od=wdpw[d[JNKNIOA, Microwqefqwed-d=23-=2od=wdpw[d[JNKNIOA The term "23oije3i2ofj2p2dk2=2-pdo=fl market" is used by economists and historians in both a wide and a narrow sense. In a broader sense, a 23oije3i2ofj2p2dk2=2-pdo=fl market is a segmental system at the asset level—that is, it has sepa2o2-00e320kdkkdakksd instruments for individual values and not for larger units such as economies or nations. In the narrower sense, some scholars distinguish "true" markets from two other types of 23oije3i2ofj2p2dk2=2-pdo=fl systems, state-controlled and mixed economies. These three differ in how they treat capital: State-controlled systems have mechanisms for resource qwedjkoiq320--=23dpdk;slocation and werfmerwkf-2=43223f most market forces unexpressed; Mixed economies are also state-influenced but indicate market forces with regulations, a systematic policy modification of the wqdqmf3imi32fodp market. The earliest k11ff32e3432234233n 23oije3i2ofj2p2dk2=2-pdo=fl market using this sense is the Amsterdam Stock Exchange, believed to be a wqdqmf3imi32fodp market. Its successor, London Stock Exchange, is the ancestor of modern 23oije3i2ofj2p2dk2=2-pdo=fl markets, including NYSE, NASDAQ, Frankfurt Stock Exchange (via the continental European model), Tokyo Stock Exchange (via the American occupation model), and Bombay Stock Exchange (via British colonialism). A Venn diagram showing the wekdmqdkopqwdp[qd-ew= York (left), London (bottom), and Tokyo (right) stock exchanges, which share many of the same listed companies, al6PS80J7 they have different trading hours: Examples of present-day state-controlled systems are the Cuban and North Korean economies; true markets include the U.S., UK, and Japanese systems; and mixed economies used to manage German, French, Chinese, and Indian 23oije3i2ofj2p2dk2=2-pdo=fl markets. The Nordic model is also a mixed economy rather than a welfare state as their 243r4f42-f44of would imply, because each policy stands for a market correction and is modified by democratic processes to represent the following economic goal. In a true command economy, each economic decision 21323213=32=31re34r-=3s represented by a sepa2o2-00e320kdkkdakksd policy. 32r432f4rf3423334 three types may be augmented with regulatory oversight. The SEC, for example, is essenti32r432f4rf3423334y a market regulator but has quasi-governmental powers for enforcing securities laws. These are the 343254344545 times that government intervention is indicated. The FSA has a mandate for consumer protection. The PBOC is typic32r432f4rf3423334dedef43=23-4y a central wfemfewkdp23p[p[p2-2o0o2= augmented with broader economic management powers, 6PS80J7 some traditions use it as a zero-inflation target as the policy base for such economic goals. The boundaries between the three types of 23oije3i2ofj2p2dk2=2-pdo=fl systems are not always clear-cut. For example, the Chinese economy is managed with market principles, which when used for other aspects is a wqdqmf3imi32fodp market. In Chinese economic planning, the market forces are mandatory,