�� "Financial innovation road and prospects" high-end Forum review �� Roman Tam Horst (the origin of the value of the author): earliest securities market and financial innovation 2_ million volume Publishing House

Classification: dynamickansas personal injury attorney publishedauto accident attorney another innovation in that time is also very important, when the company was founded by the founders of these companies find that any community which should be eligible to participate in the company's business, so that they will create a mechanism that allows the public owns shares of the company, at the same time they also set up a mechanism to allow the public to buy their shares after the later can sell shares, stock trading. Company do is allow investors each month for a company stock transactions, of course, later transactions and more frequent, more than once a month, they want to when transactions can be traded. We both want each other when buying and selling stocks, most start both of us to a company to put your name changed his name by stock transfer, later appeared the shareholders registers and stock transfer mechanism, they found a month later, and then generate the financial derivatives market. Investors say we want to be traded, but a month can only carry out a transaction, we have an appointment in the next momedical malpractice lawyers new yorknth trading day I agree with the stock sold to you, then slowly yielded options futures such financial derivatives, and today we have become accustomed, the beginning of a month the company only one day for the stock transfer, so in a month to share transactions between must sign a stock futures contracts. In this process we slowly see the shipping companies and international Netherlands has two very important financial innovation, to issue bonds and the shares for their long journey to/from international trade between Europe and Asia for their loans. Then slowly appear a lot of structured financial products, there are other financial innovation. For example, they consider how different ways to share risk. First look at an interesting note, the book has many pictures, a copy of the securities, which are used in antiques. This may be the company's stock, the company's bonds, this is a very special securities because the securities are still in use, can be said to be the world's oldest debt, the debt still in pay interest, you can say it is a living fossil, it can be said that the history of the oldest still in inventory of bonds, we call permanent annuity portfolio, this permanent annuity from 1648 years experienced war, has undergone a revolution, experienced many ups and downs of history, the first issue bonds of people at that time he said is permanent, then many of the bankrupt company does not exist will not be able to last forever, but it does have such a so-called perpetual bonds, the Netherlands is below sea level, and the Netherlands have the country to build sea and land reclamation, land of the system, they long dam to ensure that their land will not be inundated with sea water, the Government constantly find ways to finance levee, in the process the Government constantly doing this work, sometimes flood, flood may flood does not necessarily follow the frontiers, so there are some organizations to coordinate these efforts. Everyone living in the dam, dam protection behind, they want to share the responsibilities and common money to maintain the safety of the dam to ensure that their own family will not be watered down, and the military to protect the safety of the dam. You must have a clear responsibility to guard the dam dam, protection, danger to the regular repair dam, is to spend money, you need to do a lot of investment. Therefore in the process many dam appeared cracks, which need to raise capital to issue bonds to finance, in a particular year in which they need bonds, and then in a given period of time to repay the debt. This is the history of the Netherlands dam development, in 1648, permanent bonds issued, the bond is the sustainability of, any person who owns the bonds you only need to do is every time the bonds this piece of paper to take a look at them, they will pay interest to you, but also to pay interest, Yale has such a bond, a bond that still exists today. Specific for everyone to talk about, very interesting, although not everyone we think this is interesting financial history of innovation, we ask you to pension, Tontines Google search you will see a very long list, there are a lot of documentation describes what is Tontines pension, Tontines? to explain, in Western Europe in the 17th century is how debt, through the insurer to the borrower, the so-called annuity I borrow money from you, to pay interest, as long as you live every year, you pay interest, as a way of life. In other words you borrow the Government money, then you will give you the rest of the Government to provide an annuity that is in fact an old-age pension system. So Tontines pension is one such mechanism until you die every year, Tontines pension is an annuity, however the annuity is to a group of people, as long as someone alive Government will have to pay interest, as a group you can and still alive members sharing annuities, Tontines Union, is a group of people formed a collective and shared purchase of bonds, as long as the groups were not dying on the Government will continue to pay an annuity, their share of this group of people. Over time, fewer and fewer people in the Union, it was dead, they have a system to organize the distribution of Tontines pension, the pension was the Government Tontines, of course, it involves a number of issues, because some moral problems, the Government banned the Tontines pension, subsequently died. Government debt in the process of formation of innovation, a lot of people, you and I are a family, we put the money in buying a together is to purchase securities or a securities portfolio, as we are the future source of income. We as a collective, as a family, as a specific Union, formed a coalition, Tontines, to enjoy a pension, our internal to determine internal distribution, this is the financial industry innovation. Tontines pensions in the 18th century before the disappearance of a very long time, they also pass this way to the orphanage for financing and fundraising to raise funds for the orphanage of the process is also used in such a way that there are aSome sweepstakes and lottery system, pension system embedded in the Tontines.����You are in a different age group will receive a certain amount of bonuses. We see these Tontines pensions have different levels of the following on your old life is short, you get the bonus will be relatively high. When you compare the young can only give you a lower interest rate. But it is the personal lives of Tontines and linked, you have the interest income must provide Coupon bonds, and securities report together, Tontines and living together, we must have evidence to prove that this person is still alive. Do? annual interest of time must the Bills here, to the church officials, prove that this man is still a healthy and alive, this is an early feature of Tontines.