Buel Stock Exchange (B.S.E)

The Buel Stock Exchange (BSE, nicknamed "The Garden") is an Ierian stock exchange in the Financial District of Gardenway in Buel City. It is the world's XX largest stock exchanges by market capitalization of its listed companies at US$XX trillion as of January 2020 The average daily trading value was approximately US$79 billion in 2018. The BSE trading floors are at the Buel Stock Exchange Building on 165 Gardenway and the building is classified as a monument of cultural importance and is a icon of Buel city. The Buel Stock Exchange is the oldest stock exchange in Avalonia opening in January 31, 1766 however it only started trading stocks a full year later.

Trading
The Buel Exchange (sometimes referred to as "The Garden") provides a means for buyers and sellers to trade shares of stock in companies registered for public trading. The BSE is open for trading Monday through Saturday from 8:30 am – 4:30 pm NAT, Sunday 8:30 am - 12:30 pm NAT

The BSE trades in two formats on separate floors. The continuous auction format is located on trading floor 1 (Nicknamed the Trees Floor). The continuous auction format, where traders can execute stock transactions on behalf of investors. They will gather around the appropriate post where a specialist broker, who is employed by a BSE member firm (that is, he/she is not an employee of the Buel Stock Exchange), acts as an auctioneer in an open outcry auction market environment to bring buyers and sellers together and to manage the actual auction. They do on occasion (approximately 6% of the time) facilitate the trades by committing their own capital and as a matter of course disseminate information to the crowd that helps to bring buyers and sellers together. The auction process moved toward automation in 1993 through the use of wireless handheld computers (HHC). The system enabled traders to receive and execute orders electronically via wireless transmission. The Trees Floor is the oldest trading floor on the BSE and in North Avalonia with floor opening in 1767, Investors typically view the floor as an exchange for older, more established companies.

The dealer market format is located on floor 2 (Nicknamed the Flowers Floor). The dealer market format, where traders on their own behalf can execute stock transactions. The dealer market was made completely electronic when the Flower floor home to the market was reopened in 1995 after renovations was carried out on the floor and the Garden building. The flower floor is seen as a place for high growth-oriented stocks with tech companies being the ones with the largest presences om the floor. The stocks on this on this floor is volatile and more the place for young and upcoming companies.

As of October 24, 2003, all BSE stocks on the Trees Floor can be traded via its electronic hybrid market (except for a small group of very high-priced stocks). Customers can now send orders for immediate electronic execution, or route orders to the floor for trade in the auction market. In the first three months of 2005, in excess of 70% of all order volume was delivered to the floor electronically. BSE works with Iere and international regulators such as the SEC and ISBA to coordinate risk management measures in the electronic trading environment through the implementation of mechanisms like circuit breakers and liquidity replenishment points.

The BSE sells one-year licenses to trade directly on the exchange. Licenses for floor trading are available for $20,000 and a license for bond trading is available for as little as $8000 as of 2020. Neither are resell-able, but may be transferable during a change of ownership of a corporation holding a trading license.

Following the market crash in XXXX, BSE imposed trading curbs to reduce market volatility and massive panic sell-offs. Following the 2011 rule change, at the start of each trading day, the NYSE sets three circuit breaker levels at levels of 7% (Level 1), 13% (Level 2), and 20% (Level 3) of the average closing price of the 700 Grouping for the preceding trading day. Level 1 and Level 2 declines result in a 15-minute trading halt unless they occur after 3:25 pm, when no trading halts apply. A Level 3 decline results in trading being suspended for the remainder of the day. (The biggest one-day decline in the 700 Grouping since XXXX was the 10.98% drop on April 29th, 2010.)

BSE Listing Requirements
For a company to be listed and trade on the BSE, it must be public and meet strict financial and structural standards.

To list on the BYSE, a company needs to have at least 100 shareholders and 500 thousand shares outstanding. Its share price must be a minimum of $1.50, and the market value of its publicly held shares must be at least $20 million—or $50 million for transfers and certain other listings.

In addition, the company must be profitable, earning at least $4 million over the past three years. Alternatively, a company may maintain a global market capitalization of at least $100 million. REITs require shareholders’ equity of $40 million.

Companies that want to get an BSE listing submit their financial records, company by-laws, and information on their executives for review. If a company is approved, it’s then listed on the NYSE within three to six weeks.