Illqurivati Stock Exchange Association

The **Illqurivati Stock Exchange Association** (**IQSEA**, nicknamed "**The National Board**") is the leading public stock exchange in Illqurivati, based in Kobenhagen, Illqurivati. It is by far the world's largest stock exchange by market capitalization of it's listed companies at 14.7 trillion SHD as of 2017. IQSEA's trading floors is located at the National Exchange Building and a additional one in the Bosallas Building.

IQSEA was founded on January 7th, 2016 as a merger between the Haikto Stock Exchange (HSE) and the Kekuode Stock Exchange (KSX). the IQSEA is owned by the International Exchange Group, a Illkursiee holding company which it also lists (**IQSEA**: IQ-IEXG).

## History

The Illqurivati Stock Exchange Association was founded through the merger of the Haikto Stock Exchange and the Kekuode Stock Exchange on January 7th, 2016, becoming the newest stock exchange in Sahurle at the time. After the birth of the stock exchange, Mansa Jakande, the former president of the Haikto Stock Exchange, became the president of the Illqurivati Stock Exchange Association with Cruise Nanda, the former president of the Kekuode Stock Exchange, becoming the chairwoman of the exchange.

## Trading

The Illqurivati Stock Exchange Association provides a means for buyers and sellers to trade shares of stock in companies registered for public trading. The IQSEA is open for trading Monday through Friday from 5:00 am – 10:00 pm IGT, with the exception of holidays declared by the exchange in advance.

The IQSEA trades in a continuous auction format, where traders can execute stock transactions on behalf of investors. They will gather around appropriate post where a specialist broker who is employed by a IQSEA member firm and is not a employee of the Illqurivati Stock Exchange acts as an auctioneer in a open outcry auction market environment to bring buyers and sellers together and to manage the actual auction. The auction process moved towards automation in 1995 through the use of wireless handheld computers. The system enabled traders to receive and execute orders electronically via wireless transmission, ending the 206-year process of paper transactions across the world and ushering in a era of automated trading.

### Electronic

All IQSEA stocks can be traded via it's electronic hybrid market. Customers can send orders for immediate electronic execution or route orders to the floor for trade in the auction market. IQSEA works with Illkursiee regulators to coordinate risk management measures in the electronic trading environment through the implementation of circuit breakers and liquidity replenishment points.

The IQSEA has also imposed trading curbs to reduce massive panic sell-offs and reducing market volatility. At the start of each trading day, the IQSEA sets three circuit breakers at levels of 5% (Level 1), 14% (Level 2), and 26% (Level 3) of the average closing prices of the Technology 500 Index and the Standard 50 for the preceding trading day. Level 1 and Level 2 declines result in a 15-minute trading halt unless they occur after 3:00 pm, when no trading halts apply. A Level 3 decline results in trading being suspended for the remainder of the day.

## Opening & closing bells

The IQSEA's opening and closing bells mark the beginning and the end of each trading day. The opening bell is rung at 5 am IGT to mark the start of the day's trading session. At 10 pm IGT the closing bell is rung and trading for the day stops. There are bells located in each of the five main sections of the IQSEA that all ring at the same time once a button is pressed. There are two buttons which control the bells, located on the control panel behind a podium which overlooks the trading floor. The main bell, which is rung at the beginning and the end of the trading day, is controlled by a blue button. The second red button controls a backup bell which is used in case the main bell fails to ring.

A common sight today is the highly publicized events in which a celebrity or a company executive stands behind the IQSEA podium and pushes the button that signals the bells to ring. Due to the amount of coverage that the opening and closing bells receive, many companies coordinate marketing-related events to start on the same day as when the company's representatives ring the bell.