On Fri, 2003-01-10 at 07:38, Hugh A.J. Kennedy wrote: > Ok, I have worked on three stock exchanges, a national depository and for > numerous exchange members so I have another viewpoint (which may be > inappropriate for the private trader or even plain wrong). >
Any insight from experience is valuable. :) > I prefer accounting for shares in lots because many countries implement > 'speculation taxes' that tax capital gains differently for short-term than > long term holdings. It therefore becomes extremely useful to keep track of > share packets depending upon when they were bought and their initial > purchase price. > > Valuing a share on a minute by minute basis isn't so interesting unless we > want to address the day-trader. For valuation purposes a once-per-day at > closing or on-request (and wait) is fine. > I'd prefer on-request for ad-hoc, with actual 'official' reports based on purchase cost +/- adjustments (note that adjustments are strictly optional entries, but are still good practice, in gaap). > The last point is for international processing, a share in Frankfurt is not > the same as the same share in New York. The actual share is sitting in a > registry at a central depository, either DTC in the case of the NYSE or > Deutsche Boerse Clearing in the case of Frankfurt. What this means is that > there may be additional costs if you wish to sell your Frankfurt share in > New York or vice versa. It is therefore important to be able to keep the > shares separate. > So you think we should treat them as different shares altogether, re retrieving prices, etc? That's logical--price in DM != price in $. Would the symbol be different in Frankfurt than in NY? Thanks for weighing in. -- Matthew Vanecek perl -e 'print $i=pack(c5,(41*2),sqrt(7056),(unpack(c,H)-2),oct(115),10);' ******************************************************************************** For 93 million miles, there is nothing between the sun and my shadow except me. I'm always getting in the way of something...
signature_asc_DEFANGED-2156.DEFANGED-207130
Description: application/defanged-207130
