Insiderhandel

 

Die New York Stock Exchange (NYSE) ist die größte Wertpapier börse der Welt und gehört zur IntercontinentalExchange. Die NYSE ist auch unter dem Namen „Wall Street“ bekannt, da sie an der gleichnamigen Straße in New York, USA ansässig ist.

Voor de producten op basis van estetrol is er wel nog ruimte in de VS en Europa. Hardware is all original with square hanger chain and acorn chain pulls. The flowered glass is full of color with a pleasant graceful arched shape which is pleasing to the eye. Next to the desk lamps, the Bellova lamps that are most familiar to collectors of Czech glass are those that were made in two parts, entirely of glass and advertised by the company as Gnome lamps. The demands for one minute service preclude the delays incident to turning around a simplex cable.

Navigation menu

History. High-frequency trading has taken place at least since the s, mostly in the form of specialists and pit traders buying and selling positions at the physical location of the exchange, with high-speed telegraph service to other exchanges.

The installation consists of a 6 x 12 meter screen above the entrance and three bands of animated banners in the spandrels on both sides, alternating with the window stripes and wrapped around the corners image.

The steel supports of the 2, segments are connected to the building's frame. May , a 12 storey building, featuring two facade mosaic murals of Manhattan skyline, one of which is preserved within the new tower, above the escalator leading to the Grand Central Terminal corridor. In the Manhattan Savings Bank sold the building although remaining in it for four more years and subsequently a group led by G.

Ware Travelstead were planning a replacement tower , only to fall victim of the lack of necessary development rights. Fred Wilpon, the Chairman of the developer firm, Sterling Equities along with Hines Interests , was also in the board of directors of Bear Stearns, although obtaining the rights for the site from the land-owner, the Saudi al-Babtain family required 18 months of negotiations, during which time the firm almost settled on the west Midtown location now housing the Lehman Brothers' new HQ building.

Also Chase Manhattan Bank was interested in the site until Bears Stearns's year lease deal was struck. The building has a total of 47 floors, rising as a granite-clad octagonal tower from a square 8-storey base to the flat top at m.

The top 7 floors of the building are illuminated at night to create a "crown" of light on the night sky. The octagonal shape of the building was chosen to increase the outer wall space for natural light and views. The building is partly located above rail tracks from the nearby Grand Central Terminal, necessating the location of the basement as well as the core with the elevators to the Madison Avenue side of the full-block building.

The lack of basement space also required to locate part of the electrical systems on the 15th and 16th floors, which in fact also lessened the costs of building the wiring to transfer the power to the office floor locations. The trading floors have raised floors for installation of the wiring required by the trading operations.

Moreover, the building is equipped with extensive wiring for both conventional and wireless networks. The lobby has a black and white marble decor, with faceted columns, a checkerboard terrazzo floor and an illuminated "skylight" ceiling.

The public passageway, required by the development rights program, is separated by a glass colonnade by the artist James Carpenter. Bear Stearns moved its first operations into the building in April Announced in September as part of the E Walk development, the storey building was the first new major hotel project in NYC since the Four Seasons Hotel nine years earlier.

The building's unconventional facade treatment and massing make it definitely a distinct NYC skyline fixture. The multi-coloured tower facade consists of 4, glass panels with horizontal and vertical strikes -- over 1, different types of panel in terms of form, size and 10 colours. The window panes are installed in an aluminium frame that sandwiches the clear inner glass and the tinted facade glass separated by an insulating air space.

On the south side, the feature ends well short of the roof in a series of floodlights that visually "extend" the effect into a night sky. On the north side, however, the "beam" is considerably narrower and extends all the way to the top. On both sides of the separator, a vertically separated set of lean-to roofs terminates at m. The south side of the building houses the meeting and convention rooms in a wing that expands the tower's floors 8 through The hotel's entrance corner features a glass atrium that leads to the second-floor lobby via escalators.

The lobby has striped granite and marble floor along the building's decorative theme. At the center of the south wing is the seven-storey New York Atrium, with the north interior wall made of tinted mirror panes. An extension of the "Beam of Light" curves up through that mirror wall. The meeting spaces line the atrium perimeter.

The hotel was opened in October The building was structurally unorthodox and demanding all the way from the excavation adjacent to the Eighth Avenue subway line. The building has a concrete column frame with the south wing supported on top of the E walk by the retail complex's steel frame 30 meters above the street level. The horizontal stresses between the cantilevered wing and the main tower are taken by a seismic isolator instead of the more common expansion joint, which requires more maintenance.

The storey building is a study of today's multi-faceted glass curtain building, with seemingly none of the corners at right angles and presenting a mass within a mass. The glass-walled main mass is flanked on the north and east sides by darkened-glass extrusions with slanted sides converging on the 42nd Street corner. These masses are partly striped with metal spandrels as a contrast to the homogenic walls of the tower shaft.

The whole is topped by a multi-levelled roof at The main tenant's name is displayed in illuminated lettering running down the Seventh Avenue wing's slanted end in a horizontal frame that juts out from the glass facade. Above the Seventh Avenue entrace, an advertisement billboard slants downwards. The offices within are served by 18 elevators. The 24th floor features the offices for ex-Mayor Giuliani's consulting firm, developer Boston's Mort Zuckerman being a close acquaintance who obtained the sites for both this as well as the neighbouring 7 Times Square with ample City Hall assistance.

The engineering effort rivalled the political and architectural. With the building extending to the plot lines, the proximity of subway lines on two sides and the renovated New Amsterdam Theatre which, in a way, started the 42nd Street rebirth and whose matinee shows regularly interrupted excavation work on third meant that special care had to be taken in excavation and foundation work.

The deep level of the subway line along 41st Street meant that the south end had to be founded on minicaissons bored into bedrock only 1. The rest of the perimeter was founded normally on footings, and on the Seventh Avenue subway side the distance tolerance was even less. The partial perimeter tube frame, with wider openings on the east and west faces, takes the lateral loads, allowing for a more slender core in order to maximize floor space.

The three open sides of the building feature floor-high transfer trusses and the north facade slanted feature, in fact, forms around a diagonal frame member running all the way to the top. After a search for a suitable plot -- one candidate being opposite the Bertelsmann Building at Times Square after Random House got involved in -- the choice was the Broadway plot between 55th and 56th Streets, assembly of which was begun in Gathering of air rights from nearby properties resulted in 10 extra apartment floors.

The six-storey base has a trapezoidal plan, with front wall following the diagonal line of Broadway, and extends forward to form an arcade below. The mid-portion consists of three protruding bays with tinted glass walls, whereas the flanking portions are clad in polished gray granite and uniformly gridded with windows. The tower is set-back atop the base, aligned along the Manhattan street grid. The lower shaft is similarly divided into three parts with granite and curtain wall facing, although the mid-portion is off-set into a parallelogram of three masses making the tower also, in effect, follow the diagonal of Broadway, at the same time directing more of window space toward Central Park.

The set-back top portion of the tower reaches The top is also terraced towards north. From the side, the result somewhat resembles the jagged setbacks of the GE Building at the Rockefeller Center. Considering that the base and the lower tower occupant up to the 25th floor is a book publisher, coincidentally or not, the building resembles a trio of very tall overlapping books held by the weighty stone bookends -- although the architects prefer to babble something about "three sliding crystals".

For the case of coincidence is the fact that the development was originally also considered for rental apartments or hotel use. Ground floor features retail spaces and the two basement levels include a carage for cars. The top of the tower consists of the Park Imperial's luxury apartments on 23 floors. Tihany , has a separate entrance from 56th Street. The lobby design features wood wall panelling, inlaid terrazzo floor and a circular lighting fixture above the reception desk.

In addition to the business center and terraced entertainment space with a catering kitchen, there is a health club; all features of new luxury residential developments , just like the building's jagged-form, modernist design by notable architects both inside and outside as well as the vanity-tickling arithmetics of marketing: The office portion up to the 27th floor has a steel frame, whereas the residential part above was constructed with a concrete frame of in-situ cast slabs and columns.

To transfer the loads from the upper frame to the steel structure below, with no direct vertical correlation between frame members and doubling as stiffening against wind loads , an elaborate system of girders and trusses was constructed through the 26th and 27th floors. These also form the top of the north and south wings, where the mid-rise mechanical floors are also located.

In an installation considered smaller, cheaper and less complex than a block damper, here two specially shaped, U-section concrete tanks with capacities of , and , liters of water are used to absorb the energy of oscillation. Installed by a Canadian firm, this was the first use of a liquid mass damper in the US.

The foundation work not only required supporting both the neighbouring buildings to the west with piles dug into bedrock from underneath and the Broadway subway with caisson foundations, but at the center of the site, a depression in bedrock required additional excavation of up to 10 m. Originally designed by Robert AM Stern , the work was turned over to Michael Graves as the building specifications were expanded.

The square plan transforms to octagonal above the last setback. The top of the base consists of office space. Above the first setback, the two-floor The Fifth Avenue Club features a pool and an all-around terrace.

An extended-stay apartment hotel of 57 units is operated by Envoy Club, with its own lobby on the 8th floor. The top portion of the tower houses 81 luxury condominiums. On the east side "pocket" next to the building, an elevated plaza by Thomas Balsley Assocs.

In the Metropolitan Transport Authority was looking for a multi-use replacement on this prominent site. Moshe Safdie designed a meter, twin-towered entity with and storey prismlike towers.

After public opposition and a lawsuit, David Childs replaced Safdie and a less imposing design was introduced. After more delays, the real estate market had collapsed and Salomon Brothers abandoned the project. Finally, in , the Zuckerman site deal fell through. Millenium Partners had, in fact, almost emerged victorious, but abandoned the project after the intervention by Mayor Giuliani and a demand for a large theater space within the development.

Related saved the ir day by bringing in Jazz at Lincoln Center and the required 2, seats. Like its predecessor, the development was designed from the beginning with 59th Street demapped, facing Columbus Circle in a sweeping 7-storey curve two blockfronts wide. Despite stiff opposition due to the increased volume of the building as compared to the figures used for the environmental review, steel construction started in February Even as the construction was marred by a multi-storey fire and various safety violations, leading to two deaths and injuries even to pedestrians, the building was topped out in February and opened in February An extensive six-floor retail and restaurant complex Howard F.

The space was provided for free, but the JaLC had to complete the space at its own expense. The 1,seat Frederick P. Rose Hall is separated from the rest of the building by steel and neoprene pads that isolate the hall from outside sounds. The atrium wall facing Columbus Circle is made of laminated glass panes attached to a non-rigid, 45 m high and 26 m wide cable mesh frame, the largest glass wall of its kind in the world.

Literally topping the whole are the The height was dictated by a limit that the city had included into the development charter in order to address the community worries. The tower shafts rise from and storey setback tower bases, all with parallelogram plans and curtain wall facades of dark glass.

The towers, separated by 26 meters and featuring vertical stripes at the top recall the Central Park West apartment towers of the thirties. Although the towers are physically 53 floors tall, the condominium top-floor penthouses are advertised as the 80th floor.

The hotel lobby with its glass wall facing Central Park hovers 18 floors above street level and a glass-walled swimming pool is located at the height of 90 meters. The tower base includes six floors of office space 60 Columbus Circle. All these enclosures have their own separate entrances from the side streets. There are in fact six different addresses for this compact mini-city that is served by no less than 73 elevators, the same number as the Empire State Building.

A garage for cars occupies the rear portions of the ground floor and the basement. The lower portion of the building is built with a steel frame whereas the towers, with their residential and hotel uses, use a concrete frame and 12 x 43 m concrete cores. The differing requirements of the portions of the building have led to a liberal use of special columns and two transfer trusses on the towers to accommodate the , and 7-meter column spans for the CNN, AOL Time Warner and residential spaces, respectively as well as the open spaces within the lower floors.

As the duplex was a tailor-made expansion of the standard penthouse arrangement in the building approx. In addition, the decorating and furnishing of the space cost millions more.

The department store was finally demolished in In , Vornado had obtained the controlling stake in Alexander's real estate properties -- its retail chain had gone under a few years earlier -- and the company's ex-flagship store location was of specific interest for the developer.

As years and "potential" tenants and architects came and went, a storey Ritz-Carlton hotel as well as both the Sotheby's and Christie's auction houses were eliminated from the equation. The hotel plan was scrapped and the number of apartments halved after the prospective main tenant, Bloomberg L. After three years of talks, and shortly after Vornado's World Trade Center lease bid debacle , the deal was signed in April ; Bloomberg's founder, Michael Bloomberg, in turn, announced shortly afterwards his candidacy for the Mayor of New York City.

De eerste ontslagen vielen, waardoor bestedingen afnamen en andere bedrijven op hun beurt in de problemen kwamen. Steeds meer bedrijven krompen in of gingen failliet. In de zomer van vlakten de koersen steeds verder af. Op donderdag 24 oktober begonnen de aandelenkoersen op de New York Stock Exchange extreem te dalen. In de paniek die hierdoor ontstond, probeerden beleggers hun aandelen te verkopen waardoor de koersen volledig inzakten. Aan het einde van de dag die de geschiedenis zou ingaan als Zwarte Donderdag waren de meeste aandelen sterk gedaald.

Na een kleine opleving daalden de koersen later nog verder. Het dieptepunt van de markt zou uiteindelijk pas bereikt worden op 8 juli op een niveau van 41, Dat niveau was voor het laatst gezien in de negentiende eeuw. Het zou nog tot duren vooraleer de koers weer ,17 bereikte, wat het hoogtepunt in was.

Door de crisis konden veel leningen niet terugbetaald worden waardoor banken failliet gingen. Dit had een sneeuwbaleffect tot gevolg: Das Verbot des Insiderhandels enthält Art. Diese Norm verbietet mehrere Handlungsweisen: Als Insider gilt, wer über eine kurserhebliche Information mit Bezug zu einem Insiderpapier oder dessen Emittenten verfügt, bevor diese Information öffentlich bekannt geworden ist.

Den Begriff des Insiderpapiers definiert Art. Hiernach handelt es sich um ein Finanzinstrument , auf das eine der in Art. Nach der durch das Anlegerschutzverbesserungsgesetz im Jahr erweiterten Definition sind Insiderpapiere nunmehr auch solche Finanzinstrumente , deren Preis von börsengehandelten Finanzinstrumenten abhängt.

Damit sind auch nicht an einer Börse gehandelte Werte, wenn deren Preis von börsengehandelten Finanzinstrumenten bestimmt wird, als Insiderpapiere erfasst. Als Insider kommen beispielsweise Personen in Betracht, die am Kapital eines Unternehmens oder eines mit ihm verbundenen Unternehmens beteiligt sind, die aufgrund ihrer Tätigkeit im Unternehmen Kenntnisse erlangen zum Beispiel Vorstandsmitglieder , Aufsichtsratsmitglieder , die wegen ihres Berufes oder ihrer Aufgabe Kenntnisse erlangen zum Beispiel Rechtsanwälte , Notare , Wirtschaftsprüfer , Steuerberater , Unternehmensberater oder die Insiderinformationen aufgrund der Vorbereitung oder Begehung von Straftaten erlangt haben.

Weiterhin von Bedeutung ist diese Unterscheidung allerdings für die Rechtsfolgen, die an die Tat geknüpft sind. Der Begriff der Insiderinformation wird durch Art. Hiernach handelt es sich um eine präzise Information über einen Umstand, der einen Bezug zu einem Wertpapieremittenten aufweist. Ferner muss die Information der Öffentlichkeit unbekannt sein sowie den Kurs des Wertpapiers erheblich beeinflussen können.

Als Umstände kommen zum einen Tatsachen in Betracht. Daneben können Umstände auch Werturteile und Prognosen sein, soweit sie eine hinreichend präzise Tatsachengrundlage haben. Als hinreichend präzise gilt eine Information nach Art. Etwas anderes kann gelten, wenn das Gerücht auf einer beweisbaren Tatsachengrundlage beruht. Sofern ihr Eintritt hinreichend wahrscheinlich ist, können auch solche Umstände Insiderinformationen darstellen, die erst in der Zukunft eintreten, etwa der beabsichtigte Rücktritt eines führenden Managers.

Eine hinreichende Wahrscheinlichkeit sah der Europäischen Gerichtshof in der ergangenen Geltl-Entscheidung als gegeben an, wenn der Eintritt des Umstands vernünftigerweise vorhersehbar ist.

Von Bedeutung ist dies beispielsweise bei Unternehmenskäufen oder dem Rücktritt von Führungspersonen. Der Bundesgerichtshof fordert, dass die Information einen Drittbezug aufweisen muss. Dies trifft beispielsweise auf persönliche Absichten zu, etwa die Absicht, ein Wertpapier in einem Börsenmagazin als zuverlässig zu empfehlen.

Aufgrund dieses Kriteriums handelt es sich beim Scalping grundsätzlich nicht um ein Insidergeschäft. Es kann allerdings eine verbotene Marktmanipulation darstellen.

Den notwendigen Emittentenbezug besitzt der Umstand nach Art. Dies trifft insbesondere auf solche Umstände zu, die sich auf die geschäftliche oder finanzielle Situation des Emittenten beziehen.

Daneben kann sich der Umstand auf das Wertpapier betreffen. Dies ist der Fall, wenn er sich auf den Handel mit dem Papier auswirkt.