From 24f5372b0af472a8f79f76029b6acc7918a2f714 Mon Sep 17 00:00:00 2001 From: Romeo Rosete <110788242+bombastictranz@users.noreply.github.com> Date: Sun, 10 Mar 2024 16:28:14 -0400 Subject: [PATCH 1/8] Communications-based train control . Stock control supervisors Wikipedia.html --- ...tions-based train control - Wikipedia.html | 3336 +++++++++++++++++ 1 file changed, 3336 insertions(+) create mode 100644 Communications-based train control - Wikipedia.html diff --git a/Communications-based train control - Wikipedia.html b/Communications-based train control - Wikipedia.html new file mode 100644 index 0000000..1536c80 --- /dev/null +++ b/Communications-based train control - Wikipedia.html @@ -0,0 +1,3336 @@ + + +
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Communications-based train control

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From Wikipedia, the free encyclopedia
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"CBTC" redirects here. For other uses, see CBTC (disambiguation).
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An underground station with two tracks in Madrid. A blue and white subway train is entering the station on the left.
CBTC deployment in Madrid Metro, Spain.
An elevated station in Sao Paolo has a design like a cable-stayed bridge..
Santo Amaro station on Line 5 of the partially CBTC-enabled São Paulo Metro
Some of the top 30 world's busiest metros in terms of annual passenger rides[1] utilise a CBTC system.
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Automated track-bound traffic
+Automatic train operation
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+Lists of automated train systems
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+Related topics
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Communications-based train control (CBTC) is a railway signaling system that uses telecommunications between the train and track equipment for traffic management and infrastructure control. CBTC allows a train's position to be known more accurately than with traditional signaling systems. This makes railway traffic management safer and more efficient. Metros (and other railway systems) are able to reduce headways while maintaining or even improving safety. +

A CBTC system is a "continuous, automatic train control system utilizing high-resolution train location determination, independent from track circuits; continuous, high-capacity, bidirectional train-to-wayside data communications; and trainborne and wayside processors capable of implementing automatic train protection (ATP) functions, as well as optional automatic train operation (ATO) and automatic train supervision (ATS) functions," as defined in the IEEE 1474 standard.[2] +

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Background and origin[edit source]

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The main objective of CBTC is to increase track capacity by reducing the time interval (headway) between trains. +

Traditional signalling systems detect trains in discrete sections of the track called 'blocks', each protected by signals that prevent a train entering an occupied block. Since every block is a fixed section of track, these systems are referred to as fixed block systems. +

In a moving block CBTC system the protected section for each train is a "block" that moves with and trails behind it, and provides continuous communication of the train's exact position via radio, inductive loop, etc.[3] +

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The SFO AirTrain in San Francisco Airport was the first radio-based CBTC system.
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As a result, Bombardier opened the world's first radio-based CBTC system at San Francisco airport's automated people mover (APM) in February 2003.[4] A few months later, in June 2003, Alstom introduced the railway application of its radio technology on the Singapore North East line. CBTC has its origins in the loop-based systems developed by Alcatel SEL (now Thales) for the Bombardier Automated Rapid Transit (ART) systems in Canada during the mid-1980s. +

These systems, which were also referred to as transmission-based train control (TBTC), made use of inductive loop transmission techniques for track to train communication, introducing an alternative to track circuit based communication. This technology, operating in the 30–60 kHz frequency range to communicate trains and wayside equipment, was widely adopted by the metro operators in spite of some electromagnetic compatibility (EMC) issues, as well as other installation and maintenance concerns (see SelTrac for further information regarding Transmission-Based-Train-Control). +

As with new application of any technology, some problems arose at the beginning mainly due to compatibility and interoperability aspects.[5][6] However, there have been relevant improvements since then, and currently the reliability of the radio-based communication systems has grown significantly. +

Moreover, it is important to highlight that not all the systems using radio communication technology are considered to be CBTC systems. So, for clarity and to keep in line with the state-of-the-art solutions for operator's requirements,[6] this article only covers the latest moving block principle based (either true moving block or virtual block, so not dependent on track-based detection of the trains)[2] CBTC solutions that make use of the radio communications. +

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Main features[edit source]

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CBTC and moving block[edit source]

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CBTC systems are modern railway signaling systems that can mainly be used in urban railway lines (either light or heavy) and APMs, although it could also be deployed on commuter lines. For main lines, a similar system might be the European Railway Traffic Management System ERTMS Level 3 (not yet fully defined[when?]). +In the modern CBTC systems the trains continuously calculate and communicate their status via radio to the wayside equipment distributed along the line. This status includes, among other parameters, the exact position, speed, travel direction and braking distance. +

This information allows calculation of the area potentially occupied by the train on the track. It also enables the wayside equipment to define the points on the line that must never be passed by the other trains on the same track. These points are communicated to make the trains automatically and continuously adjust their speed while maintaining the safety and comfort (jerk) requirements. So, the trains continuously receive information regarding the distance to the preceding train and are then able to adjust their safety distance accordingly. +

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Source: Bombardier Transportation for Wikimedia Commons
The safety distance (safe-braking distance) between trains in fixed block and moving block signalling systems
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From the signalling system perspective, the first figure shows the total occupancy of the leading train by including the whole blocks which the train is located on. This is due to the fact that it is impossible for the system to know exactly where the train actually is within these blocks. Therefore, the fixed block system only allows the following train to move up to the last unoccupied block's border. +

In a moving block system as shown in the second figure, the train position and its braking curve is continuously calculated by the trains, and then communicated via radio to the wayside equipment. Thus, the wayside equipment is able to establish protected areas, each one called Limit of Movement Authority (LMA), up to the nearest obstacle (in the figure the tail of the train in front). Movement Authority (MA) is the permission for a train to move to a specific location within the constraints of the infrastructure and with supervision of speed.[7] +

End of Authority is the location to which the train is permitted to proceed and where target speed is equal to zero. End of Movement is the location to which the train is permitted to proceed according to an MA. When transmitting an MA, it is the end of the last section given in the MA.[7] +

It is important to mention that the occupancy calculated in these systems must include a safety margin for location uncertainty (in yellow in the figure) added to the length of the train. Both of them form what is usually called 'Footprint'. This safety margin depends on the accuracy of the odometry system in the train. +

CBTC systems based on moving block allows the reduction of the safety distance between two consecutive trains. This distance is varying according to the continuous updates of the train location and speed, maintaining the safety requirements. This results in a reduced headway between consecutive trains and an increased transport capacity. +

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Grades of automation[edit source]

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Modern CBTC systems allow different levels of automation or Grades of Automation (GoA), as defined and classified in the IEC 62290–1.[8] In fact, CBTC is not a synonym for "driverless" or "automated trains" although it is considered as a basic enabler technology for this purpose. +

There are four grades of automation available: +

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  • GoA 0 - On-sight, with no automation
    • +
  • GoA 1 - Manual, with a driver controlling all train operations.
    • +
  • GoA 2 - Semi-automatic Operation (STO), starting and stopping are automated, but a driver who sits in the cab operates the doors and drives in emergencies
    • +
  • GoA 3 - Driverless Train Operation (DTO), starting and stopping are automated, but a crew member operates the doors from within the train
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  • GoA 4 - Unattended Train Operation (UTO), starting, stopping and doors are all automated, with no required crew member on board
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Main applications[edit source]

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CBTC systems allow optimal use of the railway infrastructure as well as achieving maximum capacity and minimum headway between operating trains, while maintaining the safety requirements. These systems are suitable for the new highly demanding urban lines, but also to be overlaid on existing lines in order to improve their performance.[9] +

Of course, in the case of upgrading existing lines the design, installation, test and commissioning stages are much more critical. This is mainly due to the challenge of deploying the overlying system without disrupting the revenue service.[10] +

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Main benefits[edit source]

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The evolution of the technology and the experience gained in operation over the last 30 years means that modern CBTC systems are more reliable and less prone to failure than older train control systems. CBTC systems normally have less wayside equipment and their diagnostic and monitoring tools have been improved, which makes them easier to implement and, more importantly, easier to maintain.[11] +

CBTC technology is evolving, making use of the latest techniques and components to offer more compact systems and simpler architectures. For instance, with the advent of modern electronics it has been possible to build in redundancy so that single failures do not adversely impact operational availability. +

Moreover, these systems offer complete flexibility in terms of operational schedules or timetables, enabling urban rail operators to respond to the specific traffic demand more swiftly and efficiently and to solve traffic congestion problems. In fact, automatic operation systems have the potential to significantly reduce the headway and improve the traffic capacity compared to manual driving systems.[12][13] +

Finally, it is important to mention that the CBTC systems have proven to be more energy efficient than traditional manually driven systems.[11] The use of new functionalities, such as automatic driving strategies or a better adaptation of the transport offer to the actual demand, allows significant energy savings reducing the power consumption. +

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Risks[edit source]

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The primary risk of an electronic train control system is that if the communications link between any of the trains is disrupted then all or part of the system might have to enter a failsafe state until the problem is remedied. Depending on the severity of the communication loss, this state can range from vehicles temporarily reducing speed, coming to a halt or operating in a degraded mode until communications are re-established. If communication outage is permanent some sort of contingency operation must be implemented which may consist of manual operation using absolute block or, in the worst case, the substitution of an alternative form of transportation.[14] +

As a result, high availability of CBTC systems is crucial for proper operation, especially if such systems are used to increase transport capacity and reduce headway. System redundancy and recovery mechanisms must then be thoroughly checked to achieve a high robustness in operation. +With the increased availability of the CBTC system, there is also a need for extensive training and periodical refresh of system operators on the recovery procedures. In fact, one of the major system hazards in CBTC systems is the probability of human error and improper application of recovery procedures if the system becomes unavailable. +

Communications failures can result from equipment malfunction, electromagnetic interference, weak signal strength or saturation of the communications medium.[15] In this case, an interruption can result in a service brake or emergency brake application as real time situational awareness is a critical safety requirement for CBTC and if these interruptions are frequent enough it could seriously impact service. This is the reason why, historically, CBTC systems first implemented radio communication systems in 2003, when the required technology was mature enough for critical applications. +

In systems with poor line of sight or spectrum/bandwidth limitations a larger than anticipated number of transponders may be required to enhance the service. This is usually more of an issue with applying CBTC to existing transit systems in tunnels that were not designed from the outset to support it. An alternate method to improve system availability in tunnels is the use of leaky feeder cable that, while having higher initial costs (material + installation) achieves a more reliable radio link. +

With the emerging services over open ISM radio bands (i.e. 2.4 GHz and 5.8 GHz) and the potential disruption over critical CBTC services, there is an increasing pressure in the international community (ref. report 676 of UITP organization, Reservation of a Frequency Spectrum for Critical Safety Applications dedicated to Urban Rail Systems) to reserve a frequency band specifically for radio-based urban rail systems. Such decision would help standardize CBTC systems across the market (a growing demand from most operators) and ensure availability for those critical systems. +

As a CBTC system is required to have high availability and particularly, allow for a graceful degradation, a secondary method of signaling might be provided to ensure some level of non-degraded service upon partial or complete CBTC unavailability.[16] This is particularly relevant for brownfield implementations (lines with an already existing signalling system) where the infrastructure design cannot be controlled and coexistence with legacy systems is required, at least, temporarily.[17] +

For example, the New York City Canarsie Line was outfitted with a backup automatic block signaling system capable of supporting 12 trains per hour (tph), compared with the 26 tph of the CBTC system. Although this is a rather common architecture for resignalling projects, it can negate some of the cost savings of CBTC if applied to new lines. This is still a key point in the CBTC development (and is still being discussed), since some providers and operators argue that a fully redundant architecture of the CBTC system may however achieve high availability values by itself.[17] +

In principle, CBTC systems may be designed with centralized supervision systems in order to improve maintainability and reduce installation costs. If so, there is an increased risk of a single point of failure that could disrupt service over an entire system or line. Fixed block systems usually work with distributed logic that are normally more resistant to such outages. Therefore, a careful analysis of the benefits and risks of a given CBTC architecture (centralized vs. distributed) must be done during system design. +

When CBTC is applied to systems that previously ran under complete human control with operators working on sight it may actually result in a reduction in capacity (albeit with an increase in safety). This is because CBTC operates with less positional certainty than human sight and also with greater margins for error as worst-case train parameters are applied for the design (e.g. guaranteed emergency brake rate vs. nominal brake rate). For instance, CBTC introduction in Philly's Center City trolley tunnel resulted initially in a marked increase in travel time and corresponding decrease in capacity when compared with the unprotected manual driving. This was the offset to finally eradicate vehicle collisions which on-sight driving cannot avoid and showcases the usual conflicts between operation and safety. +

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Architecture[edit source]

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The architecture of a CBTC system.
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The typical architecture of a modern CBTC system comprises the following main subsystems: +

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  1. Wayside equipment, which includes the interlocking and the subsystems controlling every zone in the line or network (typically containing the wayside ATP and ATO functionalities). Depending on the suppliers, the architectures may be centralized or distributed. The control of the system is performed from a central command ATS, though local control subsystems may be also included as a fallback.
    2. +
  2. CBTC onboard equipment, including ATP and ATO subsystems in the vehicles.
    3. +
  3. Train to wayside communication subsystem, currently based on radio links.
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Thus, although a CBTC architecture is always depending on the supplier and its technical approach, the following logical components may be found generally in a typical CBTC architecture: +

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  • Onboard ATP system. This subsystem is in charge of the continuous control of the train speed according to the safety profile, and applying the brake if it is necessary. It is also in charge of the communication with the wayside ATP subsystem in order to exchange the information needed for a safe operation (sending speed and braking distance, and receiving the limit of movement authority for a safe operation).
    • +
  • Onboard ATO system. It is responsible for the automatic control of the traction and braking effort in order to keep the train under the threshold established by the ATP subsystem. Its main task is either to facilitate the driver or attendant functions, or even to operate the train in a fully automatic mode while maintaining the traffic regulation targets and passenger comfort. It also allows the selection of different automatic driving strategies to adapt the runtime or even reduce the power consumption.
    • +
  • Wayside ATP system. This subsystem undertakes the management of all the communications with the trains in its area. Additionally, it calculates the limits of movement authority that every train must respect while operating in the mentioned area. This task is therefore critical for the operation safety.
    • +
  • Wayside ATO system. It is in charge of controlling the destination and regulation targets of every train. The wayside ATO functionality provides all the trains in the system with their destination as well as with other data such as the dwell time in the stations. Additionally, it may also perform auxiliary and non-safety related tasks including for instance alarm/event communication and management, or handling skip/hold station commands.
    • +
  • Communication system. The CBTC systems integrate a digital networked radio system by means of antennas or leaky feeder cable for the bi-directional communication between the track equipment and the trains. The 2,4GHz band is commonly used in these systems (same as WiFi), though other alternative frequencies such as 900 MHz (US), 5.8 GHz or other licensed bands may be used as well.
    • +
  • ATS system. The ATS system is commonly integrated within most of the CBTC solutions. Its main task is to act as the interface between the operator and the system, managing the traffic according to the specific regulation criteria. Other tasks may include the event and alarm management as well as acting as the interface with external systems.
    • +
  • Interlocking system. When needed as an independent subsystem (for instance as a fallback system), it will be in charge of the vital control of the trackside objects such as switches or signals, as well as other related functionality. In the case of simpler networks or lines, the functionality of the interlocking may be integrated into the wayside ATP system.
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Projects[edit source]

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CBTC technology has been (and is being) successfully implemented for a variety of applications as shown in the figure below (mid 2011). They range from some implementations with short track, limited numbers of vehicles and few operating modes (such as the airport APMs in San Francisco or Washington), to complex overlays on existing railway networks carrying more than a million passengers each day and with more than 100 trains (such as lines 1 and 6 in Madrid Metro, line 3 in Shenzhen Metro, some lines in Paris Metro, New York City Subway and Beijing Subway, or the Sub-Surface network in London Underground).[18] +

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Radio-based CBTC moving block projects around the world. Projects are classified with colours depending on the supplier; those underlined are already into CBTC operation.[note 1]
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+Despite the difficulty, the table below tries to summarize and reference the main radio-based CBTC systems deployed around the world as well as those ongoing projects being developed. Besides, the table distinguishes between the implementations performed over existing and operative systems (brownfield) and those undertaken on completely new lines (Greenfield). +

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List[edit source]

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This list is sortable, and is initially sorted by year. Click on the icon on the right side of the column header to change sort key and sort order. +

+ + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + + +
Location/System +Lines +Supplier +Solution +Commissioning +km +No. of trains +Type of Field +Grade of Automation +Notes +
Toronto Subway3
Thales
SelTrac
1985
6.4
7
GreenfieldUTOWith train attendants who monitor door status, and drive trains in the event of a disruption. +
SkyTrain (Vancouver)Expo Line, Millennium Line, Canada Line
Thales
SelTrac
1986
85.4
20
GreenfieldUTO +
DetroitDetroit People Mover
Thales
SelTrac
1987
4.7
12
GreenfieldUTO +
LondonDocklands Light Railway
Thales
SelTrac
1987
38
149
GreenfieldDTO +
San Francisco AirportAirTrain
Bombardier
CITYFLO 650
2003
5
38
GreenfieldUTO +
Seattle-Tacoma AirportSatellite Transit System
Bombardier
CITYFLO 650
2003
3
22
BrownfieldUTO +
Singapore MRTNorth East line
Alstom
Urbalis 300
2003
20
43
GreenfieldUTOwith train attendants (Train captains) who drive trains in the event of a disruption. +
Hong Kong MTRTuen Ma line
Thales
SelTrac2020 (Tuen Ma Line Phase 1) +

2021 (Tuen Ma Line and former West Rail Line) +

+
57
65
Greenfield (Tai Wai to Hung Hom section only) +

Brownfield (other sections) +

+		STOExisting sections were upgraded from SelTrac IS +
Las VegasMonorail
Thales
SelTrac
2004
6
36
GreenfieldUTO +
Wuhan Metro1
Thales
SelTrac
2004
27
32
GreenfieldSTO +
Dallas–Fort Worth AirportDFW Skylink
Bombardier
CITYFLO 650
2005
10
64
GreenfieldUTO +
Hong Kong MTRDisneyland Resort line
Thales
SelTrac
2005
3
3
GreenfieldUTO +
Lausanne MetroM2
Alstom
Urbalis 300
2008
6
18
GreenfieldUTO +
London Heathrow AirportHeathrow APM
Bombardier
CITYFLO 650
2008
1
9
GreenfieldUTO +
Madrid Metro ,
Bombardier
CITYFLO 650
2008
48
143
BrownfieldSTO +
McCarran AirportMcCarran Airport APM
Bombardier
CITYFLO 650
2008
2
10
BrownfieldUTO +
BTS SkytrainSilom Line, Sukhumvit Line (North section)
Bombardier
CITYFLO 450
2009
16.7
47
Brownfield (original line)
Greenfield (Taksin extension)		STOwith train attendants who drive trains in the event of a disruption. These train attendants are on standby in the train. +
Barcelona Metro ,
Siemens
Trainguard MT CBTC
2009
46
50
GreenfieldUTO +
Beijing Subway4
Thales
SelTrac
2009
29
40
GreenfieldSTO +
New York City SubwayBMT Canarsie Line, IRT Flushing Line
Siemens
Trainguard MT CBTC
2009
17
69[note 2]BrownfieldSTO +
Shanghai Metro6, 7, 8, 9, 11
Thales
SelTrac
2009
238
267
Greenfield and BrownfieldSTO +
Singapore MRTCircle line
Alstom
Urbalis 300
2009
35
64
GreenfieldUTOwith train attendants (Rovers) who drive trains in the event of a disruption. These train attendants are also on standby between Botanic Gardens and Caldecott stations. +
Taipei MetroNeihu-Mucha
Bombardier
CITYFLO 650
2009
26
76
Greenfield and BrownfieldUTO +
Washington-Dulles AirportDulles APM
Thales
SelTrac
2009
8
29
GreenfieldUTO +
Beijing SubwayDaxing Line
Thales
SelTrac
2010
22
GreenfieldSTO +
Beijing Subway15
Nippon Signal
SPARCS
2010
41.4
28
GreenfieldATO +
Guangzhou MetroZhujiang New Town APM
Bombardier
CITYFLO 650
2010
4
19
GreenfieldDTO +
Guangzhou Metro3
Thales
SelTrac
2010
67
40
GreenfieldDTO +
São Paulo Metro1, 2, 3
Alstom
Urbalis
2010
62
142
Greenfield and BrownfieldUTOCBTC operates in Lines 1 and 2 and it is being installed in Line 3 +
São Paulo Metro4
Siemens
Trainguard MT CBTC
2010
13
29
GreenfieldUTOFirst UTO line in Latin America +
London UndergroundJubilee line
Thales
SelTrac
2010
37
63
BrownfieldSTO +
London Gatwick AirportShuttle Transit APM
Bombardier
CITYFLO 650
2010
1
6
BrownfieldUTO +
Milan Metro1
Alstom
Urbalis
2010
27
68
BrownfieldSTO +
Philadelphia SEPTASEPTA subway–surface trolley lines
Bombardier
CITYFLO 650
2010
8
115
STO +
Shenyang Metro1
Ansaldo STS
CBTC
2010
27
23
GreenfieldSTO +
B&G MetroBusan-Gimhae Light Rail Transit
Thales
SelTrac
2011
23.5
25
GreenfieldUTO +
BTS SkytrainSukhumvit Line (East section)
Bombardier
CITYFLO 450
2011
14.35
Brownfield (original line)
Greenfield (On Nut extension)		STOwith train attendants who drive trains in the event of a disruption. These train attendants are on standby in the train. +
Dubai MetroRed, Green
Thales
SelTrac
2011
70
85
GreenfieldUTO +
Madrid Metro Extension MetroEste
Invensys
Sirius
2011
9
?BrownfieldSTO +
Paris Métro1
Siemens
Trainguard MT CBTC
2011
16
53
BrownfieldDTO +
Sacramento International AirportSacramento APM
Bombardier
CITYFLO 650
2011
1
2
GreenfieldUTO +
Shenzhen Metro3
Bombardier
CITYFLO 650
2011
42
43
STO +
Shenzhen Metro2, 5
Alstom
Urbalis 888
2010–2011
76
65
GreenfieldSTO +
Shenyang Metro2
Ansaldo STS
CBTC
2011
21.5
20
GreenfieldSTO +
Xian Metro2
Ansaldo STS
CBTC
2011
26.6
22
GreenfieldSTO +
YonginEverLine
Bombardier
CITYFLO 650
2011
19
30
UTO +
Algiers Metro1
Siemens
Trainguard MT CBTC
2012
9
14
GreenfieldSTO +
Chongqing Metro1, 6
Siemens
Trainguard MT CBTC
2011–2012
94
80
GreenfieldSTO +
Guangzhou Metro6
Alstom
Urbalis 888
2012
24
27
GreenfieldATO +
Istanbul MetroM4
Thales
SelTrac
2012
21.7
Greenfield +
M5 +Bombardier +CityFLO 650 +Phase 1: 2017 +

Phase 2: 2018 +

+
16.9
+
21
+		Greenfield +UTO + +
Ankara Metro +M1 +Ansaldo STS +CBTC +
2018
+
14.6
+		 +Brownfield +STO + +
M2 +Ansaldo STS +CBTC +
2014
+
16.5
+		 +Greenfield +STO + +
M3 +Ansaldo STS +CBTC +
2014
+
15.5
+		 +Greenfield +STO + +
M4 +Ansaldo STS +CBTC +
2017
+
9.2
+		 +Greenfield +STO + +
Mexico City MetroMexico City Metro Line 12
Alstom
Urbalis
2012
25
30
GreenfieldSTO +
Mexico City Metro Line 1
Siemens
Trainguard MT CBTC
2022-2024
18
39
BrownfieldDTO +
New York City SubwayIND Culver Line
Thales & Siemens
Various
2012
GreenfieldA test track was retrofitted in 2012; the line's other tracks will be retrofitted by the early 2020s. +
Phoenix Sky Harbor AirportPHX Sky Train
Bombardier
CITYFLO 650
2012
3
18
GreenfieldUTO +
RiyadhKAFD Monorail
Bombardier
CITYFLO 650
2012
4
12
GreenfieldUTO +
Metro Santiago1
Alstom
Urbalis
2016
20
42
Greenfield and BrownfieldDTO +
São Paulo Commuter Lines8, 10, 11
Invensys
Sirius
2012
107
136
BrownfieldUTO +
Tianjin Metro2, 3
Bombardier
CITYFLO 650
2012
52
40
STO +
Beijing Subway8, 10
Siemens
Trainguard MT CBTC
2013
84
150
STO +
Caracas Metro1
Invensys
Sirius
2013
21
48
Brownfield +
Kunming Metro1, 2
Alstom
Urbalis 888
2013
42
38
GreenfieldATO +
Málaga Metro ,
Alstom
Urbalis
2013
17
15
GreenfieldATO +
Paris Métro3, 5Ansaldo STS / SiemensInside RATP's
Ouragan project
2010, 2013
26
40
BrownfieldSTO +
Paris Métro13
Thales
SelTrac
2013
23
66
BrownfieldSTO +
Toronto subway1
Alstom
Urbalis 400
2017 to 2022
76.78[19]65[19]Brownfield (Finch to Sheppard West)
Greenfield (Sheppard West to Vaughan)		STOCBTC active between Vaughan Metropolitan Centre and Eglinton stations as of October 2021.[20] The entire line is scheduled to be fully upgraded by 2022.[21][22] +
Wuhan Metro2, 4
Alstom
Urbalis 888
2013
60
45
GreenfieldSTO +
Singapore MRTDowntown line
Invensys
Sirius
2013
42
92
GreenfieldUTOwith train attendants who drive trains in the event of a disruption. +
Budapest MetroM2, M4
Siemens
Trainguard MT CBTC2013 (M2)
2014 (M4)
17
41
 +Line M2: STO +

Line M4: UTO +

+		 +
Dubai MetroAl Sufouh LRT
Alstom
Urbalis
2014
10
11
GreenfieldSTO +
Edmonton Light Rail TransitCapital Line, Metro Line
Thales
SelTrac
2014
24 double track
94
BrownfieldDTO +
Helsinki Metro1
Siemens
Trainguard MT CBTC
2014
35
45.5
Greenfield and BrownfieldSTO[23] +
Hong Kong MTRHong Kong APM
Thales
SelTrac
2014
4
14
BrownfieldUTO +
Incheon Subway2
Thales
SelTrac
2014
29
37
GreenfieldUTO +
Jeddah AirportKing Abdulaziz APM
Bombardier
CITYFLO 650
2014
2
6
GreenfieldUTO +
London UndergroundNorthern line
Thales
SelTrac
2014
58
106
BrownfieldSTO +
Salvador Metro4Thales[24]SelTrac
2014
33
29
GreenfieldDTO +
Massachusetts Bay Transportation AuthorityAshmont–Mattapan High Speed Line
Argenia
SafeNet CBTC
2014
6
12
GreenfieldSTO +
Munich AirportMunich Airport T2 APM
Bombardier
CITYFLO 650
2014
1
12
GreenfieldUTO +
Nanjing MetroNanjing Airport Rail Link
Thales
SelTrac
2014
36
15
GreenfieldSTO +
Shinbundang LineDx Line
Thales
SelTrac
2014
30.5
12
GreenfieldUTO +
Ningbo Metro1
Alstom
Urbalis 888
2014
21
22
GreenfieldATO +
Panama Metro1
Alstom
Urbalis
2014
13.7
17
GreenfieldATO +
São Paulo Metro15
Bombardier
CITYFLO 650
2014
14
27
GreenfieldUTO +
Shenzhen Metro9
Thales Saic Transport
SelTrac
2014
25.38
Greenfield +
Xian Metro1
Siemens
Trainguard MT CBTC
2013–2014
25.4
80
GreenfieldSTO +
Amsterdam Metro50, 51, 52, 53, 54
Alstom
Urbalis
2015
62
85
Greenfield and BrownfieldSTO +
Beijing Subway1, 2, 6, 9, Fangshan Line, Airport Express
Alstom
Urbalis 888
From 2008 to 2015
159
240
Brownfield and GreenfieldSTO and DTO +
BTS SkytrainSukhumvit Line (East section)
Bombardier
CITYFLO 450
2015
1.7
GreenfieldSTOSamrong extension installation. +
Chengdu MetroL4, L7
Alstom
Urbalis
2015
22.4
GreenfieldATO +
Delhi MetroLine 7, Line 9
Bombardier
CITYFLO 650
2018 (Temp. Driver on Board) +2021 (Full ATO Operations)
||
55
|| || || || +
Nanjing Metro2, 3, 10, 12
Siemens
Trainguard MT CBTC
From 2010 to 2015
137
140
Greenfield +
São Paulo Metro5
Bombardier
CITYFLO 650
2015
20
34
Brownfield & GreenfieldUTO +
Shanghai Metro10, 12, 13, 16
Alstom
Urbalis 888
From 2010 to 2015
120
152
GreenfieldUTO and STO +
Taipei MetroCircular
Ansaldo STS
CBTC
2015
15
17
GreenfieldUTO +
Wuxi Metro1, 2
Alstom
Urbalis
2015
58
46
GreenfieldSTO +
Philadelphia SEPTA +SEPTA Routes 101 and 102 +
Ansaldo STS
+		CBTC +
2015
+
19.2
+
29
+		 +STO + +
Bangkok MRTPurple Line
Bombardier
CITYFLO 650
2015
23
21
GreenfieldSTOwith train attendants who drive trains in the event of a disruption. These train attendants are on standby in the train. +
Buenos Aires Underground
Siemens
Trainguard MT CBTC
2016
8
20
?? +
Buenos Aires Underground
Siemens
Trainguard MT CBTC
2016
4.5
18
TBDTBD +
Hong Kong MTRSouth Island line
Alstom
Urbalis 400
2016
7
10
GreenfieldUTO +
Hyderabad Metro RailL1, L2, L3
Thales
SelTrac
2016
72
57
GreenfieldSTO +
Kochi MetroL1
Alstom
Urbalis 400
2016
26
25
GreenfieldATO +
New York City SubwayIRT Flushing Line
Thales
SelTrac
2016
17
46[note 3]Brownfield and GreenfieldSTO +
Kuala Lumpur Metro (LRT)Line 3 & 4, Ampang and Sri Petaling lines
Thales
SelTrac
2016
45.1
50
BrownfieldUTO +
Kuala Lumpur Metro (LRT)Line 5, Kelana Jaya Line
Thales
SelTrac
2016
46.4
76
BrownfieldUTO +
Walt Disney WorldWalt Disney World Monorail System
Thales
SelTrac
2016
22
15
BrownfieldUTO +
Fuzhou Metro1
Siemens
Trainguard MT CBTC
2016
24
28
GreenfieldSTO +
Kuala Lumpur Metro (MRT)Line 9, Kajang Line
Bombardier
CITYFLO 650
2017
51
74
GreenfieldUTO +
Delhi Metro +LIne-8 +Nippon Signal +SPARCS +2017 (Temp. Driver on Board) +

2021 (Full ATO Operations) +

+		 + +Greenfeild +UTO + +
Lille Metro1
Alstom
Urbalis
2017
15
27
BrownfieldUTO +
Lucknow MetroL1
Alstom
Urbalis
2017
23
20
GreenfieldATO +
New York City SubwayIND Queens Boulevard LineSiemens/ThalesTrainguard MT CBTC
2017–2022
[note 4]
21.9
[note 5]		309[note 6]BrownfieldATOTrain conductors will be located aboard the train because other parts of the routes using the Queens Boulevard Line will not be equipped with CBTC. +
Stockholm MetroRed line
Ansaldo STS
CBTC
2017
41
30
BrownfieldSTO->UTO +
Taichung MetroGreen
Alstom
Urbalis
2017
18
29
GreenfieldUTO +
Singapore MRTNorth South line
Thales
SelTrac
2017
45.3
198
BrownfieldUTO[25]with train attendants (Train Captains) who drive trains in the event of a disruption. These train attendants are on standby in the train. +
BTS SkytrainSukhumvit Line (East section)
Bombardier
CITYFLO 450
2018
11
GreenfieldSTOSamut Prakarn extension installation. +
Singapore MRTEast West line
Thales
SelTrac
2018
57.2
198
Brownfield (original line)
Greenfield
(Tuas West Extension only)		UTO[25]with train attendants who drive trains in the event of a disruption. These train attendants are on standby in the train. +
Copenhagen S-TrainAll lines
Siemens
Trainguard MT CBTC
2021
170
136
BrownfieldSTO +
Doha MetroL1
Thales
SelTrac
2018
33
35
GreenfieldATO +
New York City SubwayIND Eighth Avenue LineSiemens/ThalesTrainguard MT CBTC
2018–2024
[note 7]
9.3
BrownfieldATOTrain conductors will be located aboard the train because other parts of the routes using the Eighth Avenue Line will not be equipped with CBTC. +
Ottawa Light RailConfederation Line
Thales
SelTrac
2018
12.5
34
GreenfieldSTO +
Port Authority Trans-Hudson (PATH)All lines
Siemens
Trainguard MT CBTC
2018
22.2
50
BrownfieldATO +
Rennes ARTB
Siemens
Trainguard MT CBTC
2018
12
19
GreenfieldUTO +
Riyadh MetroL4, L5 and L6
Alstom
Urbalis
2018
64
69
GreenfieldATO +
Sosawonsi Co. (Gyeonggi-do)Seohae Line
Siemens
Trainguard MT CBTC
2018
23.3
7
Greenfield
ATO +
Bangkok MRTBlue Line
Siemens
Trainguard MT CBTC
2019
47
54
Brownfield & GreenfieldSTOwith train attendants who drive trains in the event of a disruption. +
BTS SkytrainSukhumvit Line (North section)
Bombardier
CITYFLO 450
2019
17.8
24
GreenfieldSTOPhaholyothin extension installation. +
Buenos Aires Underground
TBD
TBD
2019
11
26
TBDTBD +
Panama Metro2
Alstom
Urbalis
2019
21
21
GreenfieldATO +
Sydney MetroMetro North West Line
Alstom
Urbalis 400
2019
37
22
BrownfieldUTO +
GimpoGimpo Goldline
Nippon Signal
SPARCS
2019
23.63
23
GreenfieldUTO +
Jakarta MRTNorth–south line
Nippon Signal
SPARCS
2019
20.1
16
GreenfieldSTO +
Fuzhou Metro2
Siemens
Trainguard MT CBTC
2019
30
31
greenfieldSTO +
Singapore MRTThomson–East Coast line
Alstom
Urbalis 400
2020
43
91
GreenfieldUTO +
BTS SkytrainGold Line
Bombardier
CITYFLO 650
2020
1.7
3
GreenfieldUTO +
Suvarnabhumi Airport APMMNTB to SAT-1
Siemens
Trainguard MT CBTC
2020
1
6
GreenfieldUTO +
Fuzhou MetroLine 1 Extension
Siemens
Trainguard MT CBTC
2020
29
28
BrownfieldSTO +
Bucharest Metro +Line M5 +Alstom +Urbalis 400 +2020 +6.9 +13 + +STO +To be fully operational after the delivery of the 13 Alstom Metropolis BM4 trains. +
Bay Area Rapid TransitBerryessa/North San José–Richmond line, Berryessa/North San José–Daly City line, Antioch–SFO + Millbrae line, Richmond–Millbrae + SFO line, Dublin/Pleasanton–Daly City line
Hitachi Rail STS
CBTC
2030
211.5
BrownfieldSTO +
Bangkok MRTPink, Yellow
Bombardier
CITYFLO 650
2021
64.9
72
GreenfieldUTO +
Hong Kong MTREast Rail line
Siemens
Trainguard MT CBTC
2021
41.5
37
BrownfieldSTO +
Kuala Lumpur Metro (MRT)Line 12, Putrajaya Line
Bombardier
CITYFLO 650
2021
52.2
GreenfieldUTO +
London UndergroundMetropolitan, District, Circle, Hammersmith & City
Thales
SelTrac
2021 to 2022
310
192
BrownfieldSTO +
Baselland Transport (BLT)Line 19 Waldenburgerbahn
Stadler
CBTC
2022
13.2
10
GreenfieldSTO +
São Paulo Metro17
Thales
SelTrac
2022
17.7
24
GreenfieldUTOunder construction +
São Paulo MetroLine 6
Nippon Signal
SPARCS
2023
15
24
GreenfieldUTOunder construction +
TokyoTokyo Metro Marunouchi Line[26]
Mitsubishi
?2023
27.4
53
Brownfield? +
TokyoTokyo Metro Hibiya Line??
2023
20.3
42
Brownfield? +
Seoul +Sillim Line +
LS ELECTRIC
+
LTran-CX
+
2023
+
7.8
+
?
+
?
+
?
+		 +
JR WestWakayama Line??
2023
42.5
?Brownfield? +
Kuala Lumpur Metro (LRT)Line 11, Shah Alam Line
Thales
SelTrac
2024
36
BrownfieldUTO +
Guangzhou MetroLine 4, Line 5
Siemens
Trainguard MT CBTC?
70
? +
Guangzhou MetroLine 9
Thales
SelTrac
2017
20.1
11
GreenfieldDTO +
Marmaray LinesCommuter Lines
Invensys
Sirius?
77
?GreenfieldSTO +
TokyoJōban Line[27]
Thales
SelTrac
-2017
30
70
BrownfieldSTOThe plan was abandoned because of its technical and cost problems;[28] the control system was replaced by ATACS.[28] +
Hong Kong MTRKwun Tong line, Tsuen Wan line, Island line, Tung Chung line, Tseung Kwan O line, Airport Express
Alstom-Thales
Advanced SelTracUnknown
158
BrownfieldSTO & DTODelayed from the initial commissioning date of 2019 due to a train crash while testing. +
Santiago Metro +Line 1 +Bombardier +CBTC +2012 +20.4 +? +Brownfield +ATO (GoA 3) + +
Santiago Metro +Line 6, Line 3 +Thales +CBTC +2017, 2019 respectively +15.4, 21.7 respectively +37 +Greenfield +UTO + +
AhmedabadMEGANippon SignalSPARCS?
39.259
96 coaches(Rolling Stock)
?? +
Lahore +Orange Line +Alstom- Casco +Urabliss888 +2020 +27 +27 (CRRC) +Greenfield +ATO(GOA3) + +
Melbourne +Cranbourne line, Pakenham line, Sunbury line +Bombardier +CITYFLO 650 +2023 +115.8 +70 +Brownfield + + +
+


+

+

Notes and references[edit source]

+

Notes[edit source]

+
+
    +
  1. ^ Only radio-based projects using the moving block principle are shown. +
    2. +
  2. ^ This is the number of four-car train sets available. The BMT Canarsie Line runs trains with eight cars. +
    3. +
  3. ^ This is the number of eleven-car train sets available. The IRT Flushing Line runs trains with eleven cars, though they are not all linked together; they are arranged in five- and six-car sets. +
    4. +
  4. ^ Work being done in phases; the main phase between 50th Street and Kew Gardens–Union Turnpike will be completed in 2022 +
    5. +
  5. ^ Includes a 1.48 km "express bypass" where non-stopping express trains take a different route than stopping local trains. +
    6. +
  6. ^ This is the number of four- and five- car sets to be equipped with CBTC; they will be linked up in sets of 8 or 10 cars each. +
    7. +
  7. ^ Work being done in phases; the first phase between 59th and High Streets and be completed in 2024. +
    8. +
+

References[edit source]

+
+
    +
  1. ^ Busiest Subways.[1] Archived 2018-12-26 at the Wayback Machine Matt Rosenberg for About.com, Part of the New York Times Company. Accessed July 2012. +
    2. +
  2. ^ Jump up to: a b 1474.1–1999 – IEEE Standard for Communications-Based Train Control (CBTC) Performance and Functional Requirements.[2] (Accessed at January 14, 2019). +
    3. +
  3. ^ Digital radio shows great potential for Rail [3] Bruno Gillaumin, International Railway Journal, May 2001. Retrieved by findarticles.com in June 2011. +
    4. +
  4. ^ "Bombardier Marks 15th Anniversary of Its World-First Radio-Based, Driverless Rail Control System" (Press release). Bombardier Transportation. MarketWired. March 29, 2018. Archived from the original on January 22, 2019. Retrieved January 22, 2019. +
    5. +
  5. ^ CBTC Projects. [4] Archived 2015-06-14 at the Wayback Machine www.tsd.org/cbtc/projects, 2005. Accessed June 2011. +
    6. +
  6. ^ Jump up to: a b CBTC radios: What to do? Which way to go? [5] Archived 2011-07-28 at the Wayback Machine Tom Sullivan, 2005. www.tsd.org. Accessed May 2011. +
    7. +
  7. ^ Jump up to: a b Subset-023. "ERTMS/ETCS-Glossary of Terms and Abbreviations". ERTMS USERS GROUP. 2014. Archived from the original on 2018-12-21. Retrieved 2018-12-21. +
    8. +
  8. ^ IEC 62290-1, Railway applications – Urban guided transport management and command/control systems – Part 1: System principles and fundamental concepts.[6] IEC, 2006. Accessed February 2014 +
    9. +
  9. ^ CITYFLO 650 Metro de Madrid, Solving the capacity challenge.[7] Archived 2012-03-30 at the Wayback Machine Bombardier Transportation Rail Control Solutions, 2010. Accessed June 2011 +
    10. +
  10. ^ Madrid's silent revolution.[8] in International Railway Journal, Keith Barrow, 2010. Accessed through goliath.ecnext.com in June 2011 +
    11. +
  11. ^ Jump up to: a b Semi-automatic, driverless, and unattended operation of trains.[9] Archived 2010-11-19 at the Wayback Machine IRSE-ITC, 2010. Accessed through www.irse-itc.net in June 2011 +
    12. +
  12. ^ CBTC: más trenes en hora punta.[10][permanent dead link] Comunidad de Madrid, www.madrig.org, 2010. Accessed June 2011 +
    13. +
  13. ^ How CBTC can Increase capacity – communications-based train control. [11] William J. Moore, Railway Age, 2001. Accessed through findarticles.com in June 2011 +
    14. +
  14. ^ ETRMS Level 3 Risks and Benefits to UK Railways, pg 19 [12] Transport Research Laboratory. Accessed December 2011 +
    15. +
  15. ^ ETRMS Level 3 Risks and Benefits to UK Railways, Table 5 [13] Transport Research Laboratory. Accessed December 2011 +
    16. +
  16. ^ ETRMS Level 3 Risks and Benefits to UK Railways, pg 18 [14] Transport Research Laboratory. Accessed December 2011 +
    17. +
  17. ^ Jump up to: a b CBTC World Congress Presentations, Stockholm, November 2011 [15] Global Transport Forum. Accessed December 2011 +
    18. +
  18. ^ Bombardier to Deliver Major London Underground Signalling.[16] Press release, Bombardier Transportation Media Center, 2011. Accessed June 2011 +
    19. +
  19. ^ Jump up to: a b "Service Summary" (PDF). Toronto Transit Commission. +
    20. +
  20. ^ Stuart Green [@TTCStuart] (October 2, 2021). "This weekend's scheduled #TTC subway closure is now over and full service has resumed. Crews have completed the work on this phase of the new Automatic Train Control signaling system on Line 1. ATC now operating Vaughan MC to Eglinton" (Tweet) – via Twitter. +
    21. +
  21. ^ Fox, Chris (2019-04-05). "New signal system is three years behind schedule and $98M over budget: report". CP24. Retrieved 2019-04-10. +
    22. +
  22. ^ "Modernizing the signal system: 2017 subway closures". Toronto Transit Commission. January 18, 2017. Retrieved January 23, 2017. [video position 1:56]Trains will be able to operate as frequently as every 1 minute and 55 seconds instead of the current limit of two and a half minutes. [2:19]When installation is completed along the entire line in 2019, it will allow for as much as 25% more capacity. [2:33]ATC will come online on all of Line 1 in phases by the end of 2019 starting with the portion of Line 1 between Spadina and Wilson stations and with the Line 1 extension into York Region that opens at the end of this year. +
    23. +
  23. ^ Helsinki Metro automation ambitions are scaled back. Urban Rail News Railway Gazette International 2012 +
    24. +
  24. ^ "Thales awarded signalling contract for new Salvador metro". Thales Group. 2014-03-24. Retrieved 2019-05-09. +
    25. +
  25. ^ Jump up to: a b Cheng, Kenneth (2017-04-12). "Full-day signalling tests on North-South Line to start on Sunday". TODAY Online. Retrieved 2022-05-22. +
    26. +
  26. ^ 三菱電機、東京メトロ丸ノ内線に列車制御システム向け無線装置を納入 (in Japanese), Mynavi Corporation [ja], February 22, 2018 +
    27. +
  27. ^ Briginshaw, David (January 8, 2014). "JR East selects Thales to design first Japanese CBTC". hollandco.com. Holland. Retrieved January 9, 2014. +
    28. +
  28. ^ Jump up to: a b 首都圏のＩＣＴ列車制御、ＪＲ東が海外方式導入を断念－国産「ＡＴＡＣＳ」推進 (in Japanese). Nikkan Kogyo Shimbun. Retrieved 12 January 2018. +
    29. +
+

Further reading[edit source]

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\ No newline at end of file From b0b916f42172aa6af950752d414df5e7cd90bc6f Mon Sep 17 00:00:00 2001 From: Romeo Rosete <110788242+bombastictranz@users.noreply.github.com> Date: Sun, 10 Mar 2024 16:37:58 -0400 Subject: [PATCH 2/8] Borsa Italiana-Wikipedia.html Stock control supervisors wikipedia.html --- Borsa Italiana - Wikipedia.html | 1567 +++++++++++++++++++++++++++++++ 1 file changed, 1567 insertions(+) create mode 100644 Borsa Italiana - Wikipedia.html diff --git a/Borsa Italiana - Wikipedia.html b/Borsa Italiana - Wikipedia.html new file mode 100644 index 0000000..bff4379 --- /dev/null +++ b/Borsa Italiana - Wikipedia.html @@ -0,0 +1,1567 @@ + + +
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Borsa Italiana
The Palazzo Mezzanotte with Il Dito in front
TypeStock exchange
LocationMilan, Italy
Founded1808; 216 years ago (1808)
OwnerEuronext[1]
Key peopleClaudia Parzani (Chairperson)
Fabrizio Testa (CEO)
CurrencyEUR
No. of listings353
Market capEUR[2] (2017) € billion 2,370.00 ($ billion 2,960.00)
VolumeEUR609 billion
IndicesFTSE MIB
FTSE Italia All-Share
FTSE Italia Mid Cap
FTSE Italia Small Cap
FTSE AIM Italia
Websitewww.borsaitaliana.it
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Borsa Italiana, based in Milan at Mezzanotte Palace, is the Italian stock exchange. It manages and organises domestic market, regulating procedures for admission and listing of companies and intermediaries and supervising disclosures for listed companies.[3] +

Following exchange privatisation in 1997, the Italian Bourse was established and became effective on 2 January 1998.[4] On 23 June 2007, the Italian Bourse became a subsidiary of the London Stock Exchange Group.[5] This changed on 9 October 2020, when a €4.3 billion deal was agreed between the London Stock Exchange Group and pan-European stock exchange group Euronext.[6] Euronext's acquisition of the Italian Bourse was completed on 29 April 2021. It is expected Italian Bourse will be rebranded as Euronext Milan in due course.[7] +

Borsa Italiana is also informally known as Piazza Affari (lit. 'Business Square'), after the city square of Milan where its headquarters (the Palazzo Mezzanotte building) is located. +

Borsa Italiana is chaired by Claudia Parzani, and Fabrizio Testa is the CEO.[8] +

Borsa Italiana is regulated by the Commissione Nazionale per le Società e la Borsa (CONSOB), an agency of the Ministry of Economy and Finance, based in Rome. As of April 2018, overall capitalisation for listed companies on Borsa Italiana was worth €644.3 billion, representing 37.8% of Italian GDP.[9] +

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History[edit source]

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Bourse palace in Venice, decorated with the caduceus coat of arms, representing commerce
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The Borsa di commercio di Milano (Milan Stock Exchange) was established by Eugène de Beauharnais, viceroy of the Napoleonic Kingdom of Italy, through decrees dated 16 January and 6 February 1808.[10] It overtook historically poorly regulated Borsa di Genova and became the stock exchange in the country after the Panic of 1907. +

It operated under public ownership until 1998, when it was privatized.[11] +In 1997, all the Italian stocks were merged. Before that year, other smaller stocks exchanges were based in Naples, Turin, Trieste, Venice, Genoa, Florence, Bologna, Rome, and Palermo. In 1991, the electronic exchanges were approved, and in 1994, the market with grids (A, B, C) was abolished. In Milan were also the currencies exchange rates fixing and the commodities fixing.[12] +

On 1 October 2007, Borsa Italiana was merged with the London Stock Exchange in an all-share takeover,[13] thus becoming part of the London Stock Exchange Group. In March 2016, the London Stock Exchange Group announced the agreement to merge in an all-stock deal with Deutsche Borse, but was subsequently blocked by the EU Competition Regulator.[14] +

On 18 September 2020, the London Stock Exchange Group entered into exclusive talks to sell the Italian Bourse to Euronext.[15] On 29 April 2021, following the entry of CDP Equity and Intesa San Paolo (Italian institutional investors) as shareholders of Euronext, the European group assumed control of the company.[16] Its weight on the total Italian economy is growing: the overall capitalization of listed companies in December 2021 stood at 757 billion (equal to 43.1% of GDP), up by 24.7% compared to 2020.[17] +

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Operations[edit source]

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The entrance to Palazzo Mezzanotte in Milan, headquarters of the Borsa Italiana
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Borsa Italiana acts as a market management firm operating with autonomy and flexibility. It organises and manages the domestic stock market along with Italian and international brokers through a fully electronic trading system. Among its leading tasks, Borsa Italiana supervises listed companies, defining rules for admission and listings and supervising transaction activities.[18] +

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Trading hours[edit source]

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The exchange has pre-market sessions from 8AM to 9AM, normal trading sessions from 9am to 5:30PM and post-market sessions from 6PM to 8:30PM on all days of the week except Saturdays, Sundays, and holidays declared by the Exchange in advance.[19] +

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Markets[edit source]

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Major trading markets for Borsa Italiana are: +

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  • MTA, the leading equity market, which is devoted to mid and large-size companies. It includes two segments: STAR, for mid-sized firms, and MTA International, on which shares from non-Italian issuers already listed on other European markets are traded;[20]
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  • AIM Italia, which collects stocks by small and medium high-growth companies;[21]
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  • MIV (Market For Investment Vehicles), on which retail and professional investors operates on investment vehicles which have a defined strategic vision;[22]
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Borsa Italiana also include markets for derivatives (IDEM),[23] ETF (ETFPlus) and bonds (MOT).[24] +

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Indices[edit source]

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Further information: FTSE MIB
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Borsa Italiana's main indices are:[25] +

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  • FTSE Italia All Share
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  • FTSE MIB, a capitalisation-weighted index of 40 of the biggest companies chosen to represent 10 economic sectors, created in 2009[26]
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  • FTSE Italia Mid Cap
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  • FTSE Italia Small Cap
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  • FTSE AIM Italia
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  • AIM Italia Investable
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Listed companies[edit source]

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For a full list see Category:Companies listed on the Borsa Italiana. +

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See also[edit source]

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References[edit source]

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Notes +

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  1. ^ ansa.it, "[1]" +
    2. +
  2. ^ "Borsa in tempo reale – Listino completo – Milanofinanza.it". milanofinanza.it. Archived from the original on 11 July 2017. Retrieved 4 April 2018. +
    3. +
  3. ^ italy24.ilsole4ore.com, "Borsa Italiana Archived 1 August 2017 at the Wayback Machine" +
    4. +
  4. ^ source sense.com, "Borsa Italiana" +
    5. +
  5. ^ news.bbc.co.uk, "London Stock Exchange Buys Borsa" +
    6. +
  6. ^ "Lse vende Borsa Italiana ad Euronext per 4,32 miliardi". Il Sole 24 ORE (in Italian). 9 October 2020. Retrieved 26 October 2020. +
    7. +
  7. ^ "Amendments to the Instructions to the Regulations of CC&G and related Annex – Rebranding of MTA and MIV markets" (PDF). Euronext. 22 October 2021. +
    8. +
  8. ^ "Organi Sociali e Libro Soci - Borsa Italiana". borsaitaliana.it. Retrieved 2 March 2022. +
    9. +
  9. ^ finanzalternativa.it, "[2]" +
    10. +
  10. ^ http://www.historytour.it Archived 31 December 2009 at the Wayback Machine, "History Tour – Borsa Italiana Archived 2012-03-05 at the Wayback Machine" +
    11. +
  11. ^ "Historical Stages". Borsa Italiana.[dead link] +
    12. +
  12. ^ "24 dicembre 1802: viene istituita la Borsa Valori di Roma -". parmadaily.it. 24 December 2016. Retrieved 4 April 2018. +
    13. +
  13. ^ "I Principali Indici di Borsa Italiana dopo la fusione con la Borsa di Londra". toptrading.org. 21 January 2020. +
    14. +
  14. ^ competitionpolicyinternational.com, "EU: LSE and Deutsche Börse officially announce merger" +
    15. +
  15. ^ businessinsider.com/lse-engages-euronext-in-exclusive-borsa-italiana-talks-2020-9?r=US&IR=T +
    16. +
  16. ^ "Euronext: chiuso acquisto Borsa Italiana, valore finale 4,444 mld euro (RCO)". Il Sole 24 ORE (in Italian). Retrieved 19 January 2023. +
    17. +
  17. ^ Paronetto, Paolo (30 December 2021). "Piazza Affari, +24,7% la capitalizzazione 2021 a 757 miliardi, Ipo da record". Il Sole 24 ORE (in Italian). Retrieved 19 January 2023. +
    18. +
  18. ^ borsaitaliana.it, "EU: LSE and Deutsche Börse officially announce merger[permanent dead link]" +
    19. +
  19. ^ Market Hours, Italian Stock Exchange via Wikinvest +
    20. +
  20. ^ lseg.com, "MTA Archived 18 April 2019 at the Wayback Machine" +
    21. +
  21. ^ lseg.com, "AIM Italia Archived 10 April 2021 at the Wayback Machine" +
    22. +
  22. ^ lseg.com, "MIV: Trading Archived 18 April 2019 at the Wayback Machine" +
    23. +
  23. ^ lseg.com, 'IDEM Equity Archived 18 April 2019 at the Wayback Machine" +
    24. +
  24. ^ lseg.com, "MOT Archived 18 April 2019 at the Wayback Machine" +
    25. +
  25. ^ borsaitaliana.it, "Gli indici" +
    26. +
  26. ^ strategystocks.co.uk, "Milan Stock Exchange: The Italian Index " +
    27. +
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Banking regulation and supervision

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From Wikipedia, the free encyclopedia
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Part of a series on financial services
Banking
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Types of banks
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Accounts · Cards
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Funds transfer
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Terms
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Related topics
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Banking regulation and supervision refers to a form of financial regulation which subjects banks to certain requirements, restrictions and guidelines, enforced by a financial regulatory authority generally referred to as banking supervisor, with semantic variations across jurisdictions. By and large, banking regulation and supervision aims at ensuring that banks are safe and sound and at fostering market transparency between banks and the individuals and corporations with whom they conduct business. +

Its main component is prudential regulation and supervision whose aim is to ensure that banks are viable and resilient ("safe and sound") so as to reduce the likelihood and impact of bank failures that may trigger systemic risk. Prudential regulation and supervision requires banks to control risks and hold adequate capital as defined by capital requirements, liquidity requirements, the imposition of concentration risk (or large exposures) limits, and related reporting and public disclosure requirements and supervisory controls and processes.[1] Other components include supervision aimed at enforcing consumer protection, sometimes also referred to as conduct-of-business (or simply "conduct") regulation and supervision of banks, and anti-money laundering supervision that aims to ensure banks implement the applicable AML/CFT framework. Deposit insurance and resolution authority are also parts of the banking regulatory and supervisory framework. Bank (prudential) supervision is a form of "microprudential" policy to the extent it applies to individual credit institutions, as opposed to macroprudential regulation whose intent is to consider the financial system as a whole. +

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Semantics[edit source]

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Banking supervision and regulation are closely intertwined, to the extent that in some jurisdictions (particularly the United States) the words "regulator" and "supervisor" are often used interchangeably in its context. Policy practice, however, makes a distinction between the setting of rules that apply to banks (regulation) and the oversight of their safety and soundness (prudential supervision), since the latter often entails a discretionary component or "supervisory judgment". The global framework for banking regulation and supervision, prepared by the Basel Committee on Banking Supervision, makes a distinction between three "pillars", namely regulation (Pillar 1), supervisory discretion (Pillar 2), and market discipline enabled by appropriate disclosure requirements (Pillar 3).[citation needed] +

Bank licensing, which sets certain requirements for starting a new bank, is closely connected with supervision and usually performed by the same public authority. Licensing provides the licence holders the right to own and to operate a bank. The licensing process is specific to the regulatory environment of the jurisdiction where the bank is located. Licensing involves an evaluation of the entity's intent and the ability to meet the regulatory guidelines governing the bank's operations, financial soundness, and managerial actions. The supervisor monitors licensed banks for compliance with the requirements and responds to breaches of the requirements by obtaining undertakings, giving directions, imposing penalties or (ultimately) revoking the bank's license. Bank supervision may be viewed as an extension of the licence-granting process. Supervisory activities involve on-site inspection of the bank's records, operations and processes or evaluation of the reports submitted by the bank.[2] Arguably the most important requirement in bank regulation that supervisors must enforce is maintaining capital requirements.[3] +

As banking regulation focusing on key factors in the financial markets, it forms one of the three components of financial law, the other two being case law and self-regulating market practices.[4] Compliance with bank regulation is ensured by bank supervision. +

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History[edit source]

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Banking regulation and supervision has emerged mostly in the 19th century and especially the 20th century, even though embryonic forms can be traced back to earlier periods. Landmark developments include the inception of U.S. federal banking supervision with the establishment of the Office of the Comptroller of the Currency in 1862; the creation of the U.S. Federal Deposit Insurance Corporation as the first major deposit guarantee and bank resolution authority in 1934; the creation of the Belgian Banking Commission, Europe's first modern banking supervisor in 1935; the start of formal banking supervision by the Bank of England in 1974, marking the eventual generalization of the practice among jurisdictions with large financial sectors; and the emergence of supranational banking supervision, first by the Eastern Caribbean Central Bank in 1983 and the Banking Commission of the West African Monetary Union in 1990 and then, at a much larger scale, with the start of European Banking Supervision in 2014. +

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Objectives[edit source]

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Given the interconnectedness of the banking industry and the reliance that the national (and global) economy hold on banks, it is important for regulatory agencies to maintain control over the standardized practices of these institutions. Another relevant example for the interconnectedness is that the law of financial industries or financial law focuses on the financial (banking), capital, and insurance markets.[5] Supporters of such regulation often base their arguments on the "too big to fail" notion. This holds that many financial institutions (particularly investment banks with a commercial arm) hold too much control over the economy to fail without enormous consequences. This is the premise for government bailouts, in which government financial assistance is provided to banks or other financial institutions who appear to be on the brink of collapse. The belief is that without this aid, the crippled banks would not only become bankrupt, but would create rippling effects throughout the economy leading to systemic failure. Compliance with bank regulations is verified by personnel known as bank examiners. +

The objectives of bank regulation, and the emphasis, vary between jurisdictions. The most common objectives are: +

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  • prudential—to reduce the level of risk to which bank creditors are exposed (i.e. to protect depositors)[6]
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  • systemic risk reduction—to reduce the risk of disruption resulting from adverse trading conditions for banks causing multiple or major bank failures[7]
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  • to avoid misuse of banks—to reduce the risk of banks being used for criminal purposes, e.g. laundering the proceeds of crime
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  • to protect banking confidentiality
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  • credit allocation—to direct credit to favored sectors
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  • it may also include rules about treating customers fairly and having corporate social responsibility.
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Among the reasons for maintaining close regulation of banking institutions is the aforementioned concern over the global repercussions that could result from a bank's failure; the idea that these bulge bracket banks are "too big to fail".[8] The objective of federal agencies is to avoid situations in which the government must decide whether to support a struggling bank or to let it fail. The issue, as many argue, is that providing aid to crippled banks creates a situation of moral hazard. The general premise is that while the government may have prevented a financial catastrophe for the time being, they have reinforced confidence for high risk taking and provided an invisible safety net. This can lead to a vicious cycle, wherein banks take risks, fail, receive a bailout, and then continue to take risks once again. +

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Instruments and requirements[edit source]

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Specific banking frameworks
+Market risk
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+Credit risk
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+Counterparty credit risk
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+Operational risk
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Capital requirement[edit source]

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Main article: Capital requirement
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The capital requirement sets a framework on how banks must handle their capital in relation to their assets. Internationally, the Bank for International Settlements' Basel Committee on Banking Supervision influences each country's capital requirements. In 1988, the Committee decided to introduce a capital measurement system commonly referred to as the Basel Capital Accords. The latest capital adequacy framework is commonly known as Basel III.[9] This updated framework is intended to be more risk sensitive than the original one, but is also a lot more complex. +

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Reserve requirement[edit source]

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Main article: Reserve requirement
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The reserve requirement sets the minimum reserves each bank must hold to demand deposits and banknotes. This type of regulation has lost the role it once had, as the emphasis has moved toward capital adequacy, and in many countries there is no minimum reserve ratio. The purpose of minimum reserve ratios is liquidity rather than safety. An example of a country with a contemporary minimum reserve ratio is Hong Kong, where banks are required to maintain 25% of their liabilities that are due on demand or within 1 month as qualifying liquefiable assets. +

Reserve requirements have also been used in the past to control the stock of banknotes and/or bank deposits. Required reserves have at times been gold, central bank banknotes or deposits, and foreign currency. +

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Corporate governance[edit source]

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Corporate governance requirements are intended to encourage the bank to be well managed, and is an indirect way of achieving other objectives. As many banks are relatively large, and with many divisions, it is important for management to maintain a close watch on all operations. Investors and clients will often hold higher management accountable for missteps, as these individuals are expected to be aware of all activities of the institution. Some of these requirements may include: +

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  • to be a body corporate (i.e. not an individual, a partnership, trust or other unincorporated entity)
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  • to be incorporated locally, and/or to be incorporated under as a particular type of body corporate, rather than being incorporated in a foreign jurisdiction
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  • to have a minimum number of directors
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  • to have an organizational structure that includes various offices and officers, e.g. corporate secretary, treasurer/CFO, auditor, Asset Liability Management Committee, Privacy Officer, Compliance Officer etc. Also the officers for those offices may need to be approved persons, or from an approved class of persons
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  • to have a constitution or articles of association that is approved, or contains or does not contain particular clauses, e.g. clauses that enable directors to act other than in the best interests of the company (e.g. in the interests of a parent company) may not be allowed.
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Financial reporting and disclosure requirements[edit source]

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Among the most important regulations that are placed on banking institutions is the requirement for disclosure of the bank's finances. Particularly for banks that trade on the public market, in the US for example the Securities and Exchange Commission (SEC) requires management to prepare annual financial statements according to a financial reporting standard, have them audited, and to register or publish them. Often, these banks are even required to prepare more frequent financial disclosures, such as Quarterly Disclosure Statements. The Sarbanes–Oxley Act of 2002 outlines in detail the exact structure of the reports that the SEC requires.[10] +

In addition to preparing these statements, the SEC also stipulates that directors of the bank must attest to the accuracy of such financial disclosures. Thus, included in their annual reports must be a report of management on the company's internal control over financial reporting. The internal control report must include: a statement of management's responsibility for establishing and maintaining adequate internal control over financial reporting for the company; management's assessment of the effectiveness of the company's internal control over financial reporting as of the end of the company's most recent fiscal year; a statement identifying the framework used by management to evaluate the effectiveness of the company's internal control over financial reporting; and a statement that the registered public accounting firm that audited the company's financial statements included in the annual report has issued an attestation report on management's assessment of the company's internal control over financial reporting. Under the new rules, a company is required to file the registered public accounting firm's attestation report as part of the annual report. Furthermore, the SEC added a requirement that management evaluate any change in the company's internal control over financial reporting that occurred during a fiscal quarter that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting.[11] +

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Credit rating requirement[edit source]

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Banks may be required to obtain and maintain a current credit rating from an approved credit rating agency, and to disclose it to investors and prospective investors. Also, banks may be required to maintain a minimum credit rating. These ratings are designed to provide color for prospective clients or investors regarding the relative risk that one assumes when engaging in business with the bank. The ratings reflect the tendencies of the bank to take on high risk endeavors, in addition to the likelihood of succeeding in such deals or initiatives. The rating agencies that banks are most strictly governed by, referred to as the "Big Three" are the Fitch Group, Standard and Poor's and Moody's. These agencies hold the most influence over how banks (and all public companies) are viewed by those engaged in the public market. In recent years, following the Great Recession, many economists have argued that these agencies face a serious conflict of interest in their core business model.[12] Clients pay these agencies to rate their company based on their relative riskiness in the market. The question then is, to whom is the agency providing its service: the company or the market? +

European financial economics experts – notably the World Pensions Council (WPC) have argued that European powers such as France and Germany pushed dogmatically and naively for the adoption of the "Basel II recommendations", adopted in 2005, transposed in European Union law through the Capital Requirements Directive (CRD). In essence, they forced European banks, and, more importantly, the European Central Bank itself, to rely more than ever on the standardized assessments of "credit risk" marketed aggressively by two US credit rating agencies – Moody's and S&P, thus using public policy and ultimately taxpayers' money to strengthen anti-competitive duopolistic practices akin to exclusive dealing. Ironically, European governments have abdicated most of their regulatory authority in favor of a non-European, highly deregulated, private cartel.[13] +

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Large exposures restrictions[edit source]

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Banks may be restricted from having imprudently large exposures to individual counterparties or groups of connected counterparties. Such limitation may be expressed as a proportion of the bank's assets or equity, and different limits may apply based on the security held and/or the credit rating of the counterparty. Restricting disproportionate exposure to high-risk investment prevents financial institutions from placing equity holders' (as well as the firm's) capital at an unnecessary risk. +

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Activity and affiliation restrictions[edit source]

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In the US in response to the Great depression of the 1930s, President Franklin D. Roosevelt's under the New Deal enacted the Securities Act of 1933 and the Glass–Steagall Act (GSA), setting up a pervasive regulatory scheme for the public offering of securities and generally prohibiting commercial banks from underwriting and dealing in those securities. GSA prohibited affiliations between banks (which means bank-chartered depository institutions, that is, financial institutions that hold federally insured consumer deposits) and securities firms (which are commonly referred to as “investment banks” even though they are not technically banks and do not hold federally insured consumer deposits); further restrictions on bank affiliations with non-banking firms were enacted in Bank Holding Company Act of 1956 (BHCA) and its subsequent amendments, eliminating the possibility that companies owning banks would be permitted to take ownership or controlling interest in insurance companies, manufacturing companies, real estate companies, securities firms, or any other non-banking company. As a result, distinct regulatory systems developed in the United States for regulating banks, on the one hand, and securities firms on the other.[14] +

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Bank supervisors[edit source]

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See also: List of financial regulatory authorities by jurisdiction
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Most jurisdictions designate one public authority as their national prudential supervisor of banks: e.g. the National Administration of Financial Regulation in China, the Financial Services Agency in Japan, or the Prudential Regulation Authority in the United Kingdom. The European Union and United States have more complex setups in which multiple organizations have authority over bank supervision. +

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European Union[edit source]

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The European Banking Authority plays a key role in EU banking regulation, but is not a banking supervisor. In the banking union (which includes the euro area as well as countries that join on a voluntary basis, lately Bulgaria), the European Central Bank, through its supervisory arm also known as ECB Banking Supervision, is the hub of banking supervision and works jointly with national bank supervisors, often referred to in that context as "national competent authorities" (NCAs). ECB Banking Supervision and the NCAs together form European Banking Supervision, also known as the Single Supervisory Mechanism. Countries outside the banking union rely on their respective national banking supervisors. +

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United States[edit source]

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Main article: Bank regulation in the United States
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The United States relies on state-level bank supervisors (or "state regulators", e.g. the New York State Department of Financial Services), and at the federal level on a number of agencies involved in the prudential supervision of credit institutions: for banks, the Federal Reserve, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation; and for other credit institutions, the National Credit Union Administration and Federal Housing Finance Agency. +

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See also[edit source]

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References[edit source]

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  1. ^ Morris, CHR (2019). The Law of Financial Services Groups. Oxford University Press. p. 57. ISBN 978-0-19-884465-5. +
    2. +
  2. ^ Richard Apostolik, Christopher Donohue, and Peter Went (2009), Foundations of Banking Risk. Hoboken, New Jersey: John Wiley and Sons, p. 62-63. +
    3. +
  3. ^ Investopedia:Capital Requirement +
    4. +
  4. ^ Joanna Benjamin, Financial Law (2007, Oxford University Press), 7 +
    5. +
  5. ^ Vertesy, László (2007). "The Place and Theory of Banking Law - Or Arising of a New Branch of Law: Law of Financial Industries". Collega. 2-3. XI. SSRN 3198092. +
    6. +
  6. ^ Federal Deposit Insurance Corporation. "Risk Management Manual of Exam Policies, Section 1.1". Archived from the original on 13 January 2020. Retrieved 17 August 2011. +
    7. +
  7. ^ Section 115, Dodd–Frank Wall Street Reform and Consumer Protection Act. "Pub. L. 111-203" (PDF). Archived (PDF) from the original on 8 July 2011. Retrieved 17 August 2011.{{cite web}}: CS1 maint: numeric names: authors list (link) +
    8. +
  8. ^ Rochet, Jean-Charles (2009). Why Are There So Many Banking Crises?: The Politics and Policy of Bank Regulation. Princeton University Press. ISBN 9781400828319. +
    9. +
  9. ^ "Basel II Comprehensive version part 2: The First Pillar – Minimum Capital Requirements" (PDF). November 2005. p. 86. +
    10. +
  10. ^ Oxley, Michael G. (2002-07-30). "H.R.3763 - 107th Congress (2001-2002): Sarbanes-Oxley Act of 2002". www.congress.gov. Retrieved 2021-03-06. +
    11. +
  11. ^ Section 404, Management's Report on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports. "Final Rule". Retrieved 18 October 2011.{{cite web}}: CS1 maint: numeric names: authors list (link) +
    12. +
  12. ^ The Guardian (22 August 2011). "Ratings agencies suffer 'conflict of interest', says former Moody's bos". London. Retrieved 19 February 2012. +
    13. +
  13. ^ M. Nicolas J. Firzli, "A Critique of the Basel Committee on Banking Supervision" Revue Analyse Financière, Nov. 10 2011 & Q2 2012 +
    14. +
  14. ^ Carpenter, David H. and M. Maureen Murphy. "The “Volcker Rule”: Proposals to Limit “Speculative” Proprietary Trading by Banks". Congressional Research Service, 2010. +
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Preferred stock

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Part of a series on
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Preferred stock (also called preferred shares, preference shares, or simply preferreds) is a component of share capital that may have any combination of features not possessed by common stock, including properties of both an equity and a debt instrument, and is generally considered a hybrid instrument. Preferred stocks are senior (i.e., higher ranking) to common stock but subordinate to bonds in terms of claim (or rights to their share of the assets of the company, given that such assets are payable to the returnee stock bond)[1] and may have priority over common stock (ordinary shares) in the payment of dividends and upon liquidation. Terms of the preferred stock are described in the issuing company's articles of association or articles of incorporation. +

Like bonds, preferred stocks are rated by major credit rating agencies. Their ratings are generally lower than those of bonds, because preferred dividends do not carry the same guarantees as interest payments from bonds, and because preferred-stock holders' claims are junior to those of all creditors. +

Preferred equity has characteristics similar to preferred stock, but the term is typically used for investments in real estate[2][3] or other private investments where the common stock is not publicly traded, so private equity has no public credit rating.[4] +

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Features[edit source]

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Features usually associated with preferred stock include:[5] +

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  • Preference in dividends
    • +
  • Preference in assets, in the event of liquidation
    • +
  • Convertibility to common stock
    • +
  • Callability (ability to be redeemed before maturity) at the corporation's option (possibly subject to a spens clause)
    • +
  • Nonvoting
    • +
  • Higher dividend yields
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Preference in dividends[edit source]

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In general, preferred stock has preference in dividend payments. The preference does not assure the payment of dividends, but the company must pay the stated dividends on preferred stock before or at the same time as any dividends on common stock.[5] +

+Preferred stock can be cumulative or noncumulative. A cumulative preferred requires that if a company fails to pay a dividend (or pays less than the stated rate), it must make up for it at a later time in order to ever pay common-stock dividends again. Dividends accumulate with each passed dividend period (which may be quarterly, semi-annually or annually). When a dividend is not paid in time, it has "passed"; all passed dividends on a cumulative stock make up a dividend in arrears. A stock without this feature is known as a noncumulative, or straight,[6] preferred stock; any dividends passed are lost if not declared.[7] +

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Other features or rights[edit source]

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  • Preferred stock may or may not have a fixed liquidation value (or par value) associated with it. This represents the amount of capital that was contributed to the corporation when the shares were first issued.[8]
    • +
  • Preferred stock has a claim on liquidation proceeds of a stock corporation equal to its par (or liquidation) value, unless otherwise negotiated. This claim is senior to that of common stock, which has only a residual claim.
    • +
  • Almost all preferred shares have a negotiated, fixed-dividend amount. The dividend is usually specified as a percentage of the par value or as a fixed amount (for example, Pacific Gas & Electric 6% Series A Preferred). Sometimes, dividends on preferred shares may be negotiated as floating; they may change according to a benchmark interest-rate index (such as LIBOR).
    • +
  • Some preferred shares have special voting rights to approve extraordinary events (such as the issuance of new shares or approval of the acquisition of a company) or to elect directors, but most preferred shares have no voting rights associated with them; some preferred shares gain voting rights when the preferred dividends are in arrears for a substantial time. This is all variable on the rights assigned to the preferred shares at the time of incorporation.
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The above list (which includes several customary rights) is not comprehensive; preferred shares (like other legal arrangements) may specify nearly any right conceivable. Preferred shares in the U.S. normally carry a call provision,[9] enabling the issuing corporation to repurchase the share at its (usually limited) discretion. +

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Types[edit source]

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In addition to straight preferred stock, there is diversity in the preferred stock market. Additional types of preferred stock include: +

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  • Prior preferred stock—Many companies have different issues of preferred stock outstanding at one time; one issue is usually designated highest-priority. If the company has only enough money to meet the dividend schedule on one of the preferred issues, it makes the payments on the prior preferred. Therefore, prior preferreds have less credit risk than other preferred stocks (but usually offer a lower yield).
    • +
  • Preference preferred stock—Ranked behind a company's prior preferred stock (on a seniority basis) are its preference preferred issues. These issues receive preference over all other classes of the company's preferred (except for prior preferred). If the company issues more than one issue of preference preferred, the issues are ranked by seniority. One issue is designated first preference, the next-senior issue is the second and so on.
    • +
  • Convertible preferred stock—These are preferred issues that holders can exchange for a predetermined number of the company's common-stock shares. This exchange may occur at any time the investor chooses, regardless of the market price of the common stock. It is a one-way deal; one cannot convert the common stock back to preferred stock. A variant of this is the anti-dilutive convertible preferred recently made popular by investment banker Stan Medley who structured several variants of these preferred for some forty plus public companies. In the variants used by Stan Medley, the preferred share converts to either a percentage of the company's common shares or a fixed dollar amount of common shares rather than a set number of shares of common.[10] The intention is to ameliorate the bad effects investors suffer from rampant shorting and dilutive efforts on the OTC markets.
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  • Cumulative preferred stock—If the dividend is not paid, it will accumulate for future payment.
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  • Non-cumulative preferred stock—Dividends for this type of preferred stock will not accumulate if they are unpaid; very common in TRuPS and bank preferred stock, since under BIS rules preferred stock must be non-cumulative if it is to be included in Tier 1 capital.[11]
    • +
  • Exchangeable preferred stock—This type of preferred stock carries an embedded option to be exchanged for some other security.
    • +
  • Participating preferred stock—These preferred issues offer holders the opportunity to receive extra dividends if the company achieves predetermined financial goals. Investors who purchased these stocks receive their regular dividend regardless of company performance (assuming the company does well enough to make its annual dividend payments). If the company achieves predetermined sales, earnings or profitability goals, the investors receive an additional dividend.
    • +
  • Perpetual preferred stock—This type of preferred stock has no fixed date on which invested capital will be returned to the shareholder (although there are redemption privileges held by the corporation); most preferred stock is issued without a redemption date.
    • +
  • Putable preferred stock—These issues have a "put" privilege, whereby the holder may (under certain conditions) force the issuer to redeem shares.
    • +
  • Monthly income preferred stock—A combination of preferred stock and subordinated debt.
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Usage[edit source]

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Preferred stocks offer a company an alternative form of financing—for example through pension-led funding; in some cases, a company can defer dividends by going into arrears with a little penalty or risk to its credit rating, however, such action could hurt the company meeting the terms of its financing contract.[12] With traditional debt, payments are required; a missed payment would put the company in default. +

Occasionally, companies use preferred shares as a means of preventing hostile takeovers, creating preferred shares with a poison pill (or forced-exchange or conversion features) that is exercised upon a change in control. Some corporations contain provisions in their charters authorizing the issuance of preferred stock whose terms and conditions may be determined by the board of directors when issued. These "blank checks" are often used as a takeover defence; they may be assigned very high liquidation value (which must be redeemed in the event of a change of control), or may have great super-voting powers. +

When a corporation goes bankrupt, there may be enough money to repay holders of preferred issues known as "senior" but not enough money for "junior" issues. Therefore, when preferred shares are first issued, their governing document may contain protective provisions preventing the issuance of new preferred shares with a senior claim. Individual series of preferred shares may have a senior, pari-passu (equal), or junior relationship with other series issued by the same corporation. +

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Users[edit source]

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Preferred shares are more common in private or pre-public companies, where it is useful to distinguish between the control of and the economic interest in the company. Government regulations and the rules of stock exchanges may either encourage or discourage the issuance of publicly traded preferred shares. In many countries, banks are encouraged to issue preferred stock as a source of Tier 1 capital. +

A company may issue several classes of preferred stock. A company raising venture capital or other funding may undergo several rounds of financing, with each round receiving separate rights and having a separate class of preferred stock. Such a company might have "Series A Preferred", "Series B Preferred", "Series C Preferred", and corresponding shares of common stock. Typically, company founders and employees receive common stock, while venture capital investors receive preferred shares, often with a liquidation preference. The preferred shares are typically converted to common shares with the completion of an initial public offering or acquisition. An additional advantage of issuing preferred shares to investors but common shares to employees is the ability to retain a lower 409(a) valuation for common shares and thus a lower strike price for incentive stock options. This allows employees to receive more gains on their stock.[13] +

In the United States there are two types of preferred stocks: straight preferreds and convertible preferreds. Straight preferreds are issued in perpetuity (although some are subject to call by the issuer, under certain conditions) and pay a stipulated dividend rate to the holder. Convertible preferreds—in addition to the foregoing features of a straight preferred—contain a provision by which the holder may convert the preferred into the common stock of the company (or sometimes, into the common stock of an affiliated company) under certain conditions (among which may be the specification of a future date when conversion may begin, a certain number of common shares per preferred share, or a certain price per share for the common stock). +

There are income-tax advantages generally available to corporations investing in preferred stocks in the United States. See Dividends received deduction. +

But for individuals, a straight preferred stock, a hybrid between a bond and a stock, bears some disadvantages of each type of securities without enjoying the advantages of either. Like a bond, a straight preferred does not participate in future earnings and dividend growth of the company, or growth in the price of the common stock. However, a bond has greater security than the preferred and has a maturity date at which the principal is to be repaid. Like the common, the preferred has less security protection than the bond. However, the potential increase in the market price of the common (and its dividends, paid from future growth of the company) is lacking for the preferred. One advantage of the preferred to its issuer is that the preferred receives better equity credit at rating agencies than straight debt (since it is usually perpetual). Also, certain types of preferred stock qualify as Tier 1 capital; this allows financial institutions to satisfy regulatory requirements without diluting common shareholders. Through preferred stock, financial institutions are able to gain leverage while receiving Tier 1 equity credit. +

If an investor paid par ($100) today for a typical straight preferred, such an investment would give a current yield of just over six percent. If, in a few years, 10-year Treasuries were to yield more than 13 percent to maturity (as they did in 1981) these preferreds would yield at least 13 percent; since the rate of dividend is fixed, this would reduce their market price to $46, a 54-percent loss. The difference between straight preferreds and Treasuries (or any investment-grade Federal-agency or corporate bond) is that the bonds would move up to par as their maturity date approaches; however, the straight preferred (having no maturity date) might remain at these $40 levels (or lower) for a long time. +

Advantages of straight preferreds may include higher yields and—in the U.S. at least—tax advantages; they yield about 2 percent more than 10-year Treasuries, rank ahead of common stock in case of bankruptcy and dividends are taxable at a maximum rate of 15% rather than at ordinary-income rates (as with bond interest). +

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Advantages of preference shares[edit source]

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  1. No obligation for dividends: A company is not bound to pay a dividend on preference shares if its profits in a particular year are insufficient. It can postpone the dividend in case of cumulative preference shares also. No fixed burden is created on its finances.
    2. +
  2. No interference: Generally, preference shares do not carry voting rights. Therefore, a company can raise capital without dilution of control. Equity shareholders retain exclusive control over the company.
    3. +
  3. Trading on equity: The rate of dividend on preference shares is fixed. Therefore, with the rise in its earnings, the company can provide the benefits of trading on equity to the equity shareholders.
    4. +
  4. No charge on assets: Preference shares do not create any mortgage or charge on the assets of the company. The company can keep its fixed assets free for raising loans in future
    5. +
  5. Variety: Different types of preference shares can be issued depending on the needs of investors. Participating preference shares or convertible preference shares may be issued to attract bold and enterprising investors.
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Country-by-country perspectives[edit source]

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Canada[edit source]

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Preferred shares represent a significant portion of Canadian capital markets, with over C$11.2 billion in new preferred shares issued in 2016.[14] Many Canadian issuers are financial organizations that may count capital raised in the preferred-share market as Tier 1 capital (provided that the shares issued are perpetual). Another class of issuer includes split share corporations. Investors in Canadian preferred shares are generally those who wish to hold fixed-income investments in a taxable portfolio. Preferential tax treatment of dividend income (as opposed to interest income) may, in many cases, result in a greater after-tax return than might be achieved with bonds. +

Preferred shares are often used by private corporations to achieve Canadian tax objectives. For instance, the use of preferred shares can allow a business to accomplish an estate freeze. By transferring common shares in exchange for fixed-value preferred shares, business owners can allow future gains in the value of the business to accrue to others (such as a discretionary trust). +

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Germany[edit source]

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The rights of holders of preference shares in Germany are usually rather similar to those of ordinary shares, except for some dividend preference and no voting right in many topics of shareholders' meetings. Preference shares in German stock exchanges are usually indicated with V, VA, or Vz (short for Vorzugsaktie)—for example, "BMW Vz"[15]—in contrast to St, StA (short for Stammaktie), or NA (short for Namensaktie) for standard shares.[16] Preference shares with multiple voting rights (e.g., at RWE or Siemens) have been abolished. +

Preferred stock may comprise up to half of total equity. It is convertible into common stock, but its conversion requires approval by a majority vote at the stockholders' meeting. If the vote passes, German law requires consensus with preferred stockholders to convert their stock (which is usually encouraged by offering a one-time premium to preferred stockholders). The firm's intention to do so may arise from its financial policy (i.e. its ranking in a specific index). Industry stock indices usually do not consider preferred stock in determining the daily trading volume of a company's stock; for example, they do not qualify the company for a listing due to a low trading volume in common stocks.[16] +

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United Kingdom[edit source]

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Perpetual non-cumulative preference shares may be included as Tier 1 capital. Perpetual cumulative preferred shares are Upper Tier 2 capital. Dated preferred shares (normally having an original maturity of at least five years) may be included in Lower Tier 2 capital.[17] +

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United States[edit source]

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In the United States, the issuance of publicly listed preferred stock is generally limited to financial institutions, REITs and public utilities. Because in the U.S. dividends on preferred stock are not tax-deductible at the corporate level (in contrast to interest expense), the effective cost of capital raised by preferred stock is significantly greater than issuing the equivalent amount of debt at the same interest rate. This has led to the development of TRuPS: debt instruments with the same properties as preferred stock. With the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010, TRuPS will be phased out as a vehicle for raising Tier 1 capital by bank holding companies. Outstanding TRuPS issues will be phased out completely by 2015.[18] +

However, with a qualified dividend tax rate of 23.8% (compared to a top ordinary interest marginal tax rate of 40.8%), $1 of dividend income taxed at this rate provides the same after-tax income as approximately $1.30 in interest income.[19] The size of the preferred stock market in the United States has been estimated as $100 billion (as of early 2008), compared to $9.5 trillion for equities and US$4.0 trillion for bonds.[20] The amount of new issuance in the United States was $34.1 billion in 2016.[21] +

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Other countries[edit source]

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  • In Nigeria, preferred shares make up a small percentage of a company's stock with no voting rights except in cases where they are not paid dividends; owners of preferred shares are entitled to a greater percentage of company profits.[citation needed]
    • +
  • Czech Republic—Preferred stock cannot be more than 50 percent of total equity.[citation needed]
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  • France—By a law enacted in June 2004, France allows the creation of preferred shares.[citation needed]
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  • South Africa—Dividends from preference shares are not taxable as income when held by individuals.[citation needed]
    • +
  • Brazil—In Brazil, up to 50 percent of the capital stock of a company may be composed of preferred stock. The preferred stock will have at least one less right than the common stock (normally voting power), but will have a preference in receiving dividends.[citation needed]
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  • Russia—No more than 25% of capital may be preferred stock. Voting rights are limited, but if dividends are not fully paid, shareholders obtain full voting rights.[22]
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Notes[edit source]

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  1. ^ Drinkard, T., A Primer On Preferred Stocks, +
    2. +
  2. ^ "Preferred Equity vs Common Equity: What's the Difference?". leverage.com. 2021-06-15. Retrieved 2022-06-07. +
    3. +
  3. ^ Moussa, Feras (21 February 2022). "Taking a Closer Look at Preferred Equity and Why It's So Powerful in Real Estate". Entrepreneur. Retrieved 2022-06-07. +
    4. +
  4. ^ Zilber, Ariel (2022-06-07). "Elon Musk's threat to nix $44B Twitter deal reportedly halts financing". New York Post. Retrieved 2022-06-07. +
    5. +
  5. ^ Jump up to: a b Kieso, Donald E.; Weygandt, Jerry J. & Warfield, Terry D. (2007), Intermediate Accounting (12th ed.), New York: John Wiley & Sons, p. 738, ISBN 978-0-471-74955-4. +
    6. +
  6. ^ Drinkard T. +
    7. +
  7. ^ Kieso, Weygandt & Warfield 2007, p. 739. +
    8. +
  8. ^ Harvard Business Services, Inc. Archived 2007-02-03 at the Wayback Machine Accessed February 23, 2007 +
    9. +
  9. ^ According to a Quantum Online table Archived 2016-05-23 at the Portuguese Web Archive +
    10. +
  10. ^ "Corporate Restructuring – The New Solution For Capital Raises and Survivability – Artfield Investments RD, Inc". artfieldinvestmentsrdinc.info. Archived from the original on 12 March 2013. Retrieved 29 April 2018. +
    11. +
  11. ^ +Basel Committee on Banking Supervision [Minimum Capital Requirements "Archived copy" (PDF). Archived (PDF) from the original on 2012-02-19. Retrieved 2012-02-21.{{cite web}}: CS1 maint: archived copy as title (link)] Accessed 2007-1-12 +
    12. +
  12. ^ Heinkel, R. & Zechner, J. (1990), "The Role of Debt and Preferred Stock as a Solution to Adverse Investment Incentives", Journal of Financial and Quantitative Analysis, 25 (1): 1–24 [p. 2], doi:10.2307/2330885, JSTOR 2330885, S2CID 154925142. +
    13. +
  13. ^ Cohan, William D. (2017-03-08). "Valuation Shell Game: Silicon Valley's Dirty Secret". The New York Times. ISSN 0362-4331. Retrieved 2019-09-10. +
    14. +
  14. ^ PreferredStockMarket.com Archived 2018-04-29 at the Wayback Machine +
    15. +
  15. ^ "eurex circular 036/07" (PDF). Frankfurt: Eurex Deutschland. 2007-02-27. p. 1. Archived (PDF) from the original on 11 August 2017. Retrieved 6 May 2010. +
    16. +
  16. ^ Jump up to: a b "Stammaktie, Vorzugsaktie, Inhaberaktie, Namensakti Die Arten von Aktien" (in German). 2004-03-24. Archived from the original on 16 August 2010. Retrieved 6 May 2010. +
    17. +
  17. ^ FSA Handbook, PRU 2.2 Capital resources Archived 2009-02-23 at the Wayback Machine Accessed July 31, 2006 +
    18. +
  18. ^ "Dividend Investing - Best Dividend Paying Stocks". DividendInvestor.com. Archived from the original on 25 August 2015. Retrieved 29 April 2018. +
    19. +
  19. ^ "How are capital gains taxed?". Tax Policy Center. 2019-08-01. Archived from the original on 2019-08-01. Retrieved 2019-09-10. +
    20. +
  20. ^ Standard & Poor's "Home | S&P Global Ratings" (PDF). Archived (PDF) from the original on 2011-06-13. Retrieved 2009-08-27. 2009-08-27 +
    21. +
  21. ^ PreferredStockMarket.com Archived 2016-12-29 at the Wayback Machine +
    22. +
  22. ^ "Федеральный закон "Об акционерных обществах" от 26.12.1995 N 208-ФЗ (последняя редакция) / КонсультантПлюс". www.consultant.ru. Archived from the original on 13 September 2017. Retrieved 29 April 2018. +
    23. +
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External links[edit source]

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State-owned Assets Supervision and Administration Commission of the State Council

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From Wikipedia, the free encyclopedia
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State-owned Assets
Supervision and Administration Commission of
the State Council
国务院国有资产监督管理委员会
Guówùyuàn Guóyǒu Zīchǎn Jiāndū Guǎnlǐ Wěiyuánhuì
Logo of SASAC

Gate of SASAC
Agency overview
Formed10 March 2003
HeadquartersBeijing
Agency executive
Parent agencyState Council of the People's Republic of China
Websitewww.sasac.gov.cn Edit this at Wikidata
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State-owned Assets Supervision and Administration Commission of the State Council
Simplified Chinese国务院国有资产监督管理委员会
Traditional Chinese國務院國有資產監督管理委員會
Abbreviation
Simplified Chinese国资委
Traditional Chinese國資委
Literal meaningState Assets Commission
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The State-owned Assets Supervision and Administration Commission of the State Council (SASAC) is a special commission of the People's Republic of China, directly under the State Council. It was founded in 2003 through the consolidation of various other industry-specific ministries.[1] SASAC is responsible for managing state-owned enterprises (SOEs), including appointing top executives and approving any mergers or sales of stock or assets, as well as drafting laws related to SOEs.[2] +

As of 2021, its companies had a combined assets of CN¥194 trillion (US$30 trillion), revenue of more than CN¥30 trillion (US$4.6 trillion), and an estimated stock value of CN¥65 trillion (US$10.06 trillion), making it the largest economic entity in the world.[3][4][5] Vice Premier Zhang Guoqing is responsible for the supervision of the SASAC. +

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History[edit source]

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SASAC was formed in 2003 to consolidate industry-specific bureaucracies.[6]: 15  +

In 2017, the State Council approved a change of SASAC's mission from administering SOEs to channeling state capital into strategic economic sectors.[6]: 16  +

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Significance[edit source]

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SASAC oversees China's SOEs in nonfinancial industries deemed strategically important by the State Council, including national champions in areas like energy, infrastructure, strategic minerals, and civil aviation.[6]: 79  +

The state-owned investment companies of SASAC serve as a mechanism through which the Chinese government can influence the market through the use of capital rather than government directive.[6]: 16  +

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Central SOEs[edit source]

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See also: List of state-owned enterprises of China
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As of 2023, SASAC currently oversees 97 centrally owned companies.[7][8] Companies directly supervised by SASAC are continuously reduced through mergers according to the state-owned enterprise restructuring plan with the number of SASAC companies down from over 150 in 2008.[9] +

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# +English Name +Chinese Name +
1 +State Power Investment Corporation +国家电力投资集团公司 +
2 +China Aerospace Science and Technology Corporation +中国航天科技集团公司 +
3 +China Aerospace Science and Industry Corporation +中国航天科工集团公司 +
4 +Aviation Industry Corporation of China +中国航空工业集团公司 +
5 +China State Shipbuilding Corporation +中国船舶工业集团公司 +
6 +China North Industries Group Corporation +中国兵器工业集团公司 +
7 +China South Industries Group Corporation +中国兵器装备集团公司 +
8 +China Electronics Technology Group +中国电子科技集团公司 +
9 +Aero Engine Corporation of China +中国航空发动机集团有限公司 +
10 +China National Petroleum Corporation +中国石油天然气集团公司 +
11 +China Petrochemical Corporation +中国石油化工集团公司 +
12 +China National Offshore Oil Corporation +中国海洋石油集团有限公司 +
13 +State Grid Corporation of China +国家电网公司 +
14 +China Southern Power Grid +中国南方电网有限责任公司 +
15 +China Huaneng Group +中国华能集团公司 +
16 +China Datang Corporation +中国大唐集团公司 +
17 +China Huadian Corporation +中国华电集团公司 +
18 +China Three Gorges Corporation +中国长江三峡集团公司 +
19 +China Energy Investment Corporation +国家能源投资集团有限责任公司 +
20 +China Telecommunications Corporation +中国电信集团公司 +
21 +China United Network Communications Group +中国联合网络通信集团有限公司 +
22 +China Mobile Communications Corporation +中国移动通信集团公司 +
23 +China Electronics Corporation +中国电子信息产业集团有限公司 +
24 +FAW Group +中国第一汽车集团公司 +
25 +Dongfeng Motor Corporation +东风汽车公司 +
26 +China First Heavy Industries [zh] +中国一重集团有限公司 +
27 +Sinomach +中国机械工业集团有限公司 +
28 +Harbin Electric Corporation +哈尔滨电气集团公司 +
29 +Dongfang Electric Corporation +中国东方电气集团有限公司 +
30 +Ansteel Group +鞍钢集团公司 +
31 +Baosteel Group +中国宝武钢铁集团有限公司 +
32 +Aluminum Corporation of China +中国铝业公司 +
33 +China COSCO Shipping +中国远洋海运集团有限公司 +
34 +China National Aviation Holding +中国航空集团公司 +
35 +China Eastern Airlines Group +中国东方航空集团公司 +
36 +China Southern Air Holding +中国南方航空集团公司 +
37 +Sinochem Group +中国中化集团公司 +
38 +COFCO Group +中粮集团有限公司 +
39 +China Minmetals Corporation +中国五矿集团公司 +
40 +China General Technology Group +中国通用技术（集团）控股有限责任公司 +
41 +China State Construction Engineering Corporation +中国建筑工程总公司 +
42 +China Grain Reserves Corporation [zh] +中国储备粮管理集团有限公司 +
43 +State Development & Investment Corporation +国家开发投资公司 +
44 +China Merchants Group +招商局集团有限公司 +
45 +China Resources +华润（集团）有限公司 +
46 +China Travel Service (Hong Kong) +中国旅游集团公司[香港中旅（集团）有限公司] +
47 +Commercial Aircraft Corporation of China +中国商用飞机有限责任公司 +
48 +China Energy Conservation and Environmental Protection Group +中国节能环保集团公司 +
49 +China International Engineering Consulting Corporation [zh] +中国国际工程咨询公司 +
50 +China Chengtong Holding Group [zh] +中国诚通控股集团有限公司 +
51 +China National Coal Group +中国中煤能源集团有限公司 +
52 +China Coal Technology and Engineering Group +中国煤炭科工集团有限公司 +
53 +China Academy of Machinery Science and Technology [zh] +机械科学研究总院 +
54 +Sinosteel Corporation +中国中钢集团公司 +
55 +China Iron and Steel Research Institute Group +中国钢研科技集团有限公司 +
56 +ChemChina +中国化工集团公司 +
57 +China National Chemical Engineering Group +中国化学工程集团公司 +
58 +China National Salt Industry Corporation +中国盐业总公司 +
59 +China National Building Material Group +中国建材集团有限公司 +
60 +China Nonferrous Metal Mining Group +中国有色矿业集团有限公司 +
61 +General Research Institute for Nonferrous Metals +北京有色金属研究总院 +
62 +General Research Institute of Mining and Metallurgy +北京矿冶研究总院 +
63 +China International Intellectech Corporation +中国国际技术智力合作公司 +
64 +China Academy of Building Research +中国建筑科学研究院 +
65 +CRRC Group +中国中车集团公司 +
66 +China Railway Signal and Communication +中国铁路通信信号集团公司 +
67 +China Railway Engineering Corporation +中国铁路工程总公司 +
68 +China Railway Construction Corporation +中国铁道建筑总公司 +
69 +China Communications Construction +中国交通建设集团有限公司 +
70 +Potevio Group +中国普天信息产业集团公司 +
71 +China Academy of Telecommunications Technology (Datang Telecom Group) +电信科学技术研究院 +
72 +China National Agricultural Development Group +中国农业发展集团有限公司 +
73 +China Silk Corporation +中国中丝集团公司 +
74 +China Forestry Group +中国林业集团公司 +
75 +China National Pharmaceutical Group +中国医药集团总公司 +
76 +China Poly Group Corporation +中国保利集团公司 +
77 +China Construction Technology Consulting Corporation +中国建筑设计研究院 +
78 +China Metallurgical Geology Bureau +中国冶金地质总局 +
79 +China National Administration of Coal Geology +中国煤炭地质总局 +
80 +Xinxing Cathay International Group +新兴际华集团有限公司 +
81 +TravelSky +中国民航信息集团公司 +
82 +China National Aviation Fuel Group +中国航空油料集团公司 +
83 +China Aviation Supplies Holding +中国航空器材集团公司 +
84 +Powerchina +中国电力建设集团有限公司 +
85 +China Energy Engineering Corporation +中国能源建设集团有限公司 +
86 +China National Gold Group Corporation +中国黄金集团公司 +
87 +China General Nuclear Power Group +中国广核集团有限公司 +
88 +China Hualu Group +中国华录集团有限公司 +
89 +Nokia-Sbell +上海诺基亚贝尔股份有限公司 +
90 +FiberHome Technologies Group +武汉邮电科学研究院 (烽火科技集团) +
91 +Overseas Chinese Town Enterprises +华侨城集团公司 +
92 +Nam Kwong Group +南光（集团）有限公司[中国南光集团有限公司] +
93 +XD Group +中国西电集团公司 +
94 +China Railway Materials +中国铁路物资（集团）总公司 +
95 +China Reform Holdings Corporation +中国国新控股有限责任公司 +
96 +China Certification & Inspection Group Co., Ltd +中国检验认证集团有限公司 +
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Institutions affiliated to SASAC[edit source]

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  • Information Center
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  • Technological Research Center for Supervisory Panels Work
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  • Training Center
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  • Economic Research Center
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  • China Economics Publishing House
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  • China Business Executives Academy, Dalian
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Industrial associations[edit source]

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Affiliated industrial associations include: +

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See also[edit source]

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References[edit source]

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  1. ^ Starr, John Bryan (2010-08-31). Understanding China [3rd Edition]: A Guide to China's Economy, History, and Political Culture. Farrar, Straus and Giroux. p. 99. ISBN 978-0-8090-1651-8. OCLC 932217175. +
    2. +
  2. ^ Davis, Stuart (2023). Sanctions as War: Anti-Imperialist Perspectives on American Geo-Economic Strategy. p. 112. ISBN 978-1-64259-812-4. OCLC 1345216431. +
    3. +
  3. ^ "China's 161 trillion yuan state asset watchdog says more M&As to come". +
    4. +
  4. ^ "How the Communist Party controls China's state-owned industrial titans". South China Morning Post. +
    5. +
  5. ^ "China's central SOEs deliver strong performance – Xinhua | English.news.cn". news.xinhuanet.com. +
    6. +
  6. ^ Jump up to: a b c d Liu, Zongyuan Zoe (2023). Sovereign Funds: How the Communist Party of China Finances its Global Ambitions. The Belknap Press of Harvard University Press. doi:10.2307/jj.2915805. ISBN 9780674271913. JSTOR jj.2915805. +
    7. +
  7. ^ Davis, Stuart (2023). Sanctions as War: Anti-Imperialist Perspectives on American Geo-Economic Strategy. p. 112. ISBN 978-1-64259-812-4. OCLC 1345216431. +
    8. +
  8. ^ "央企名录" [List of Central SOEs]. Official website of SASAC (in Chinese). 20 December 2016. Retrieved 10 February 2017. +
    9. +
  9. ^ "China gives state firms $8 bln to combat slowdown". Reuters. November 28, 2008. +
    10. +
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Numerical control

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From Wikipedia, the free encyclopedia
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"CNC" redirects here. For other uses, see CNC (disambiguation).
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"Numerics" redirects here. For the field of computer science, see Numerical analysis.
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A CNC machine that operates on wood
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In machining, numerical control, also called computer numerical control (CNC),[1] is the automated control of tools by means of a computer. It is used to operate tools such as drills, lathes, mills, grinders, routers and 3D printers. CNC transforms a piece of material (metal, plastic, wood, ceramic, stone, or composite) into a specified shape by following coded programmed instructions and without a manual operator directly controlling the machining operation. +

A CNC machine is a motorized maneuverable tool and often a motorized maneuverable platform, which are both controlled by a computer, according to specific input instructions. Instructions are delivered to a CNC machine in the form of a sequential program of machine control instructions such as G-code and M-code, and then executed. The program can be written by a person or, far more often, generated by graphical computer-aided design (CAD) or computer-aided manufacturing (CAM) software. In the case of 3D printers, the part to be printed is "sliced" before the instructions (or the program) are generated. 3D printers also use G-Code.[2] +

CNC offers greatly increased productivity over non-computerized machining for repetitive production, where the machine must be manually controlled (e.g. using devices such as hand wheels or levers) or mechanically controlled by pre-fabricated pattern guides (see pantograph mill). However, these advantages come at significant cost in terms of both capital expenditure and job setup time. For some prototyping and small batch jobs, a good machine operator can have parts finished to a high standard whilst a CNC workflow is still in setup. +

In modern CNC systems, the design of a mechanical part and its manufacturing program are highly automated. The part's mechanical dimensions are defined using CAD software and then translated into manufacturing directives by CAM software. The resulting directives are transformed (by "post processor" software) into the specific commands necessary for a particular machine to produce the component and then are loaded into the CNC machine. +

Since any particular component might require the use of several different tools – drills, saws, etc. – modern machines often combine multiple tools into a single "cell". In other installations, several different machines are used with an external controller and human or robotic operators that move the component from machine to machine. In either case, the series of steps needed to produce any part is highly automated and produces a part that meets every specification in the original CAD drawing, where each specification includes a tolerance. +

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Description[edit source]

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Motion is controlling multiple axes, normally at least two (X and Y),[3] and a tool spindle that moves in the Z (depth). The position of the tool is driven by direct-drive stepper motors or servo motors to provide highly accurate movements, or in older designs, motors through a series of step-down gears. Open-loop control works as long as the forces are kept small enough and speeds are not too great. On commercial metalworking machines, closed-loop controls are standard and required to provide the accuracy, speed, and repeatability demanded. +

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Parts description[edit source]

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As the controller hardware evolved, the mills themselves also evolved. One change has been to enclose the entire mechanism in a large box as a safety measure (with safety glass in the doors to permit the operator to monitor the machine's function), often with additional safety interlocks to ensure the operator is far enough from the working piece for safe operation. Most new CNC systems built today are 100% electronically controlled. +

CNC-like systems are used for any process that can be described as movements and operations. These include laser cutting, welding, friction stir welding, ultrasonic welding, flame and plasma cutting, bending, spinning, hole-punching, pinning, gluing, fabric cutting, sewing, tape and fiber placement, routing, picking and placing, and sawing. +

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History[edit source]

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Main article: History of numerical control
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The first CNC machines were built in the 1940s and 1950s, based on existing tools that were modified with motors that moved the tool or part to follow points fed into the system on punched tape.[2] These early servomechanisms were rapidly augmented with analog and digital computers, creating the modern CNC machine tools that have revolutionized machining processes. +

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Today[edit source]

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Now the CNC in the processing manufacturing field has been very extensive, not only the traditional milling and turning, other machines and equipment are also installed with the corresponding CNC, which makes the manufacturing industry in its support, greatly improving the quality and efficiency. Of course, the latest trend in CNC[4] is to combine traditional subtractive manufacturing with additive manufacturing (3D printing) to create a new manufacturing method[5] - hybrid additive subtractive manufacturing (HASM).[6] Another trend is the combination of AI, using a large number of sensors, with the goal of achieving flexible manufacturing.[7] +

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Examples of CNC machines[edit source]

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CNC machineDescriptionImage +
MillTranslates programs consisting of specific numbers and letters to move the spindle (or workpiece) to various locations and depths. Can either be a Vertical Milling Center (VMC) or a Horizontal Milling Center, depending on the orientation of the spindle. Many use G-code. Functions include: face milling, shoulder milling, tapping, drilling and some even offer turning. Today, CNC mills can have 3 to 6 axes. Most CNC mills require placing the workpiece on or in them and must be at least as big as the workpiece, but new 3-axis machines are being produced that are much smaller. +
LatheCuts workpieces while they are rotated. Makes fast, precision cuts, generally using indexable tools and drills. Effective for complicated programs designed to make parts that would be unfeasible to make on manual lathes. Similar control specifications to CNC mills and can often read G-code. Generally have two axes (X and Z), but newer models have more axes, allowing for more advanced jobs to be machined. +
Plasma cutterInvolves cutting a material using a plasma torch. Commonly used to cut steel and other metals, but can be used on a variety of materials. In this process, gas (such as compressed air) is blown at high speed out of a nozzle; at the same time, an electrical arc is formed through that gas from the nozzle to the surface being cut, turning some of that gas to plasma. The plasma is sufficiently hot to melt the material being cut and moves sufficiently fast to blow molten metal away from the cut.
CNC plasma cutting
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Electric discharge machining(EDM), also known as spark machining, spark eroding, burning, die sinking, or wire erosion, is a manufacturing process in which the desired shape is obtained using electrical discharges (sparks). Material is removed from the workpiece by a series of rapidly recurring current discharges between two electrodes, separated by a dielectric fluid and subject to an electric voltage. One of the electrodes is called the tool electrode, or simply the "tool" or "electrode", while the other is called the workpiece electrode, or "workpiece".
Master at the top, badge die workpiece at bottom, oil jets at left (oil has been drained). Initial flat stamping will be "dapped" to give a curved surface.
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Multi-spindle machineType of screw machine used in mass production. Considered to be highly efficient by increasing productivity through automation. Can efficiently cut materials into small pieces while simultaneously utilizing a diversified set of tooling. Multi-spindle machines have multiple spindles on a drum that rotates on a horizontal or vertical axis. The drum contains a drill head which consists of several spindles that are mounted on ball bearings and driven by gears. There are two types of attachments for these drill heads, fixed or adjustable, depending on whether the center distance of the drilling spindle needs to be varied.[8] +
Wire EDMAlso known as wire cutting EDM, wire burning EDM, or traveling wire EDM, this process uses spark erosion to machine or remove material from any electrically conductive material, using a traveling wire electrode. The wire electrode usually consists of brass- or zinc-coated brass material. Wire EDM allows for near 90-degree corners and applies very little pressure on the material.[9] Since the wire is eroded in this process, a wire EDM machine feeds fresh wire from a spool while chopping up the used wire and leaving it in a bin for recycling.[10] +
Sinker EDMAlso called cavity type EDM or volume EDM, a sinker EDM consists of an electrode and workpiece submerged in oil or another dielectric fluid. The electrode and workpiece are connected to a suitable power supply, which generates an electrical potential between the two parts. As the electrode approaches the workpiece, dielectric breakdown occurs in the fluid forming a plasma channel and small spark jumps. Production dies and molds are often made with sinker EDM. Some materials, such as soft ferrite materials and epoxy-rich bonded magnetic materials are not compatible with sinker EDM as they are not electrically conductive.[11] +
Water jet cutterAlso known as a "waterjet", is a tool capable of slicing into metal or other materials (such as granite) by using a jet of water at high velocity and pressure, or a mixture of water and an abrasive substance, such as sand. It is often used during the fabrication or manufacture of parts for machinery and other devices. Waterjet is the preferred method when the materials being cut are sensitive to the high temperatures generated by other methods. It has found applications in a diverse number of industries from mining to aerospace where it is used for operations such as cutting, shaping, carving, and reaming.
Thibaut Waterjet cutting machine
Waterjet cutting machine for all materials
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Punch pressUsed to rapidly punch holes and cut thin materials. Such as sheet metal, plywood, thin bar stock, and tubing. Punch presses are generally used when a CNC mill would be inefficient or unfeasible. CNC punch presses can come in the C frame, where the sheet material is clamped onto a machining table and a hydraulic ram pushes down on the material, or they can come in a portal frame variant where bar stock/tubing is fed into the machine. +
Punch machine at work
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Other CNC tools[edit source]

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Many other tools have CNC variants, including: +

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Tool/machine crashing[edit source]

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In CNC, a "crash" occurs when the machine moves in such a way that is harmful to the machine, tools, or parts being machined, sometimes resulting in bending or breakage of cutting tools, accessory clamps, vises, and fixtures, or causing damage to the machine itself by bending guide rails, breaking drive screws, or causing structural components to crack or deform under strain. A mild crash may not damage the machine or tools but may damage the part being machined so that it must be scrapped. Many CNC tools have no inherent sense of the absolute position of the table or tools when turned on. They must be manually "homed" or "zeroed" to have any reference to work from, and these limits are just for figuring out the location of the part to work with it and are no hard motion limit on the mechanism. It is often possible to drive the machine outside the physical bounds of its drive mechanism, resulting in a collision with itself or damage to the drive mechanism. Many machines implement control parameters limiting axis motion past a certain limit in addition to physical limit switches. However, these parameters can often be changed by the operator. +

Many CNC tools also do not know anything about their working environment. Machines may have load sensing systems on spindle and axis drives, but some do not. They blindly follow the machining code provided and it is up to an operator to detect if a crash is either occurring or about to occur, and for the operator to manually abort the active process. Machines equipped with load sensors can stop axis or spindle movement in response to an overload condition, but this does not prevent a crash from occurring. It may only limit the damage resulting from the crash. Some crashes may not ever overload any axis or spindle drives. +

If the drive system is weaker than the machine's structural integrity, then the drive system simply pushes against the obstruction, and the drive motors "slip in place". The machine tool may not detect the collision or the slipping, so for example the tool should now be at 210mm on the X-axis, but is, in fact, at 32mm where it hit the obstruction and kept slipping. All of the next tool motions will be off by −178mm on the X-axis, and all future motions are now invalid, which may result in further collisions with clamps, vises, or the machine itself. This is common in open-loop stepper systems but is not possible in closed-loop systems unless mechanical slippage between the motor and drive mechanism has occurred. Instead, in a closed-loop system, the machine will continue to attempt to move against the load until either the drive motor goes into an overload condition or a servo motor fails to get to the desired position. +

Collision detection and avoidance are possible, through the use of absolute position sensors (optical encoder strips or disks) to verify that motion occurred, or torque sensors or power-draw sensors on the drive system to detect abnormal strain when the machine should just be moving and not cutting, but these are not a common component of most hobby CNC tools. Instead, most hobby CNC tools simply rely on the assumed accuracy of stepper motors that rotate a specific number of degrees in response to magnetic field changes. It is often assumed the stepper is perfectly accurate and never missteps, so tool position monitoring simply involves counting the number of pulses sent to the stepper over time. An alternate means of stepper position monitoring is usually not available, so crash or slip detection is not possible. +

Commercial CNC metalworking machines use closed-loop feedback controls for axis movement. In a closed-loop system, the controller monitors the actual position of each axis with an absolute or incremental encoder. Proper control programming will reduce the possibility of a crash, but it is still up to the operator and programmer to ensure that the machine is operated safely. However, during the 2000s and 2010s, the software for machining simulation has been maturing rapidly, and it is no longer uncommon for the entire machine tool envelope (including all axes, spindles, chucks, turrets, tool holders, tailstocks, fixtures, clamps, and stock) to be modeled accurately with 3D solid models, which allows the simulation software to predict fairly accurately whether a cycle will involve a crash. Although such simulation is not new, its accuracy and market penetration are changing considerably because of computing advancements.[12] +

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Numerical precision and equipment backlash[edit source]

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Within the numerical systems of CNC programming, the code generator can assume that the controlled mechanism is always perfectly accurate, or that precision tolerances are identical for all cutting or movement directions. This is not always a true condition of CNC tools. CNC tools with a large amount of mechanical backlash can still be highly precise if the drive or cutting mechanism is only driven to apply cutting force from one direction, and all driving systems are pressed tightly together in that one cutting direction. However, a CNC device with high backlash and a dull cutting tool can lead to cutter chatter and possible workpiece gouging. The backlash also affects the precision of some operations involving axis movement reversals during cutting, such as the milling of a circle, where axis motion is sinusoidal. However, this can be compensated for if the amount of backlash is precisely known by linear encoders or manual measurement. +

The high backlash mechanism itself is not necessarily relied on to be repeatedly precise for the cutting process, but some other reference object or precision surface may be used to zero the mechanism, by tightly applying pressure against the reference and setting that as the zero references for all following CNC-encoded motions. This is similar to the manual machine tool method of clamping a micrometer onto a reference beam and adjusting the Vernier dial to zero using that object as the reference.[citation needed] +

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Positioning control system[edit source]

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In numerical control systems, the position of the tool is defined by a set of instructions called the part program. Positioning control is handled using either an open-loop or a closed-loop system. In an open-loop system, communication takes place in one direction only: from the controller to the motor. In a closed-loop system, feedback is provided to the controller so that it can correct for errors in position, velocity, and acceleration, which can arise due to variations in load or temperature. Open-loop systems are generally cheaper but less accurate. Stepper motors can be used in both types of systems, while servo motors can only be used in closed systems. +

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Cartesian coordinates[edit source]

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The G & M code positions are all based on a three-dimensional Cartesian coordinate system. This system is a typical plane often seen in mathematics when graphing. This system is required to map out the machine tool paths and any other kind of actions that need to happen in a specific coordinate. Absolute coordinates are what are generally used more commonly for machines and represent the (0,0,0) point on the plane. This point is set on the stock material to give a starting point or "home position" before starting the actual machining. +

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Coding[edit source]

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G-codes[edit source]

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G-codes are used to command specific movements of the machine, such as machine moves or drilling functions. The majority of G-code programs start with a percent (%) symbol on the first line, then followed by an "O" with a numerical name for the program (i.e. "O0001") on the second line, then another percent (%) symbol on the last line of the program. The format for a G-code is the letter G followed by two to three digits; for example G01. G-codes differ slightly between a mill and lathe application, for example: +

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[G00 Rapid Motion Positioning]
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[G01 Linear Interpolation Motion]
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[G02 Circular Interpolation Motion-Clockwise]
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[G03 Circular Interpolation Motion-Counter Clockwise]
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[G04 Dwell (Group 00) Mill]
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[G10 Set offsets (Group 00) Mill]
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[G12 Circular Pocketing-Clockwise]
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[G13 Circular Pocketing-Counter Clockwise]
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M-codes[edit source]

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[Code Miscellaneous Functions (M-Code)][citation needed]. M-codes are miscellaneous machine commands that do not command axis motion. The format for an M-code is the letter M followed by two to three digits; for example: +

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[M01 Operational stop]
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[M02 End of Program]
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[M03 Start Spindle - Clockwise]
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[M04 Start Spindle - Counter Clockwise]
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[M05 Stop Spindle]
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[M06 Tool Change]
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[M07 Coolant on mist coolant]
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[M08 Flood coolant on]
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[M09 Coolant off]
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[M10 Chuck open]
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[M11 Chuck close]
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[M12 Spindle up]
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[M13 BOTH M03&M08 Spindle clockwise rotation & flood coolant]
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[M14 BOTH M04&M08 Spindle counter clockwise rotation & flood coolant]
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[M15 BOTH M05&M09 Spindle stop and Flood coolant off]
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[M16 Special tool call]
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[M19 Spindle orientate]
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[M29 DNC mode ]
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[M30 Program reset & rewind]
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[M38 Door open]
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[M39 Door close]
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[M40 Spindle gear at middle]
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[M41 Low gear select]
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[M42 High gear select]
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[M53 Retract Spindle] (raises tool spindle above current position to allow operator to do whatever they would need to do)
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[M68 Hydraulic chuck close]
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[M69 Hydraulic chuck open]
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[M78 Tailstock advancing]
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[M79 Tailstock reversing]
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Example[edit source]

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+O0001
+G20 G40 G80 G90 G94 G54(Inch, Cutter Comp. Cancel, Deactivate all canned cycles, moves axes to machine coordinate, feed per min., origin coordinate system)
+M06 T01 (Tool change to tool 1)
+G43 H01 (Tool length comp. in a positive direction, length compensation for the tool)
+M03 S1200 (Spindle turns CW at 1200RPM)
+G00 X0. Y0. (Rapid Traverse to X=0. Y=0.)
+G00 Z.5 (Rapid Traverse to z=.5)
+G00 X1. Y-.75 (Rapid traverse to X1. Y-.75)
+G01 Z-.1 F10 (Plunge into part at Z-.25 at 10in per min.)
+G03 X.875 Y-.5 I.1875 J-.75 (CCW arc cut to X.875 Y-.5 with radius origin at I.625 J-.75)
+G03 X.5 Y-.75 I0.0 J0.0 (CCW arc cut to X.5 Y-.75 with radius origin at I0.0 J0.0)
+G03 X.75 Y-.9375 I0.0 J0.0(CCW arc cut to X.75 Y-.9375 with radius origin at I0.0 J0.0)
+G02 X1. Y-1.25 I.75 J-1.25 (CW arc cut to X1. Y-1.25 with radius origin at I.75 J-1.25)
+G02 X.75 Y-1.5625 I0.0 J0.0 (CW arc cut to X.75 Y-1.5625 with same radius origin as the previous arc)
+G02 X.5 Y-1.25 I0.0 J0.0 (CW arc cut to X.5 Y-1.25 with same radius origin as the previous arc)
+G00 Z.5 (Rapid traverse to z.5)
+M05 (spindle stops)
+G00 X0.0 Y0.0 (Mill returns to origin)
+M30 (Program End)
+%
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Having the correct speeds and feeds in the program provides for a more efficient and smoother product run. Incorrect speeds and feeds will cause damage to the tool, machine spindle, and even the product. The quickest and simplest way to find these numbers would be to use a calculator that can be found online. A formula can also be used to calculate the proper speeds and feeds for a material. These values can be found online or in Machinery's Handbook. +

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See also[edit source]

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References[edit source]

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  1. ^ "What Is A CNC Machine? | CNC Machines". cncmachines.com. Retrieved 2022-02-04. +
    2. +
  2. ^ Jump up to: a b 3ERP (2022-06-24). "What is CNC Milling and How Does it Work: Everything You Need to Know - 3ERP". Rapid Prototyping & Low Volume Production. Retrieved 2022-06-30.{{cite web}}: CS1 maint: numeric names: authors list (link) +
    3. +
  3. ^ Mike Lynch, "Key CNC Concept #1—The Fundamentals Of CNC", Modern Machine Shop, 4 January 1997. Accessed 11 February 2015 +
    4. +
  4. ^ CapableMaching. "CNC Machining Industry: new & important trend". +
    5. +
  5. ^ Chang Y C, Pinilla J M, Kao J H, et al. Automated layer decomposition for additive/subtractive solid freeform fabrication[C]. 1999 International Solid Freeform Fabrication Symposium, 1999. +
    6. +
  6. ^ W. Grzesik/ (2018). "HYBRID ADDITIVE AND SUBTRACTIVE MANUFACTURING PROCESSES..." (PDF). Journal of Machine Engineering. 18 (4): 5–24. doi:10.5604/01.3001.0012.7629. +
    7. +
  7. ^ L.C. Moreira, W. Li, X. Lu, M.E. Fitzpatrick Supervision controller for real-time surface quality assurance in CNC machining using artificial intelligence Comput. Ind. Eng., 127 (2019), pp. 158-168 +
    8. +
  8. ^ "Multi Spindle Machines - An In-Depth Overview". Davenport Machine. Retrieved 2017-08-25. +
    9. +
  9. ^ "Machining Types - Parts Badger". Parts Badger. Retrieved 2017-07-07. +
    10. +
  10. ^ "How it Works – Wire EDM | Today's Machining World". todaysmachiningworld.com. Retrieved 2017-08-25. +
    11. +
  11. ^ "Sinker EDM - Electrical Discharge Machining". www.qualityedm.com. Retrieved 2017-08-25. +
    12. +
  12. ^ Zelinski, Peter (2014-03-14), "New users are adopting simulation software", Modern Machine Shop. +
    13. +
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Further reading[edit source]

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External links[edit source]

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Retrieved from "https://en.wikipedia.org/w/index.php?title=Numerical_control&oldid=1208341056"
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\ No newline at end of file From c211910977fc30df11ec4d850dbf9c834f4dd116 Mon Sep 17 00:00:00 2001 From: Romeo Rosete <110788242+bombastictranz@users.noreply.github.com> Date: Sun, 10 Mar 2024 17:28:32 -0400 Subject: [PATCH 7/8] List of financial regulatory authorities by jurisdiction Stock control supervisors Wikipedia.html --- ...thorities by jurisdiction - Wikipedia.html | 1877 +++++++++++++++++ 1 file changed, 1877 insertions(+) create mode 100644 List of financial regulatory authorities by jurisdiction - Wikipedia.html diff --git a/List of financial regulatory authorities by jurisdiction - Wikipedia.html b/List of financial regulatory authorities by jurisdiction - Wikipedia.html new file mode 100644 index 0000000..809195a --- /dev/null +++ b/List of financial regulatory authorities by jurisdiction - Wikipedia.html @@ -0,0 +1,1877 @@ + + +
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List of financial regulatory authorities by jurisdiction

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Edit links
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From Wikipedia, the free encyclopedia
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Part of a series on
Financial markets
Looking up at a computerized stocks-value board at the Philippine Stock Exchange
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+Bond market
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+Stock market
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+Other markets
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+Over-the-counter (off-exchange)
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+Trading
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+Related areas
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The following is an incomplete list of financial regulatory and supervisory authorities by individual jurisdiction. Central banks are only listed where they act as direct supervisors of individual financial firms. Unless they are set up exclusively for financial services, competition authorities and takeover panels are not listed. Financial intelligence units and policy banks are not listed, unless they also have a financial supervisory mandate. +

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List of current authorities[edit source]

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Authorities by sovereign states[edit source]

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Location +Financial regulatory authorities +
Afghanistan +Da Afghanistan Bank +
Albania +Financial Supervisory Authority (AMF) +
Algeria +Commission d'Organisation et de Surveillance des Opérations de Bourse (COSOB) +
Andorra +Andorran Financial Authority (AFA) +
Angola +Capital Markets Commission (CMC) ; Agência Angolana de Regulação e Supervisão de Seguros (ARSEG) +
Anguilla +Eastern Caribbean Central Bank ; Financial Services Commission (FSC) +
Antigua & Barbuda +Eastern Caribbean Central Bank ; Financial Services Regulatory Commission (FSRC) +
Argentina +Central Bank of Argentina ; Comisión Nacional de Valores [es] (CNV) ; Superintendency of Insurance (SSN) +
Armenia +Central Bank of Armenia +
Aruba +Central Bank of Aruba +
Australia +Australian Prudential Regulation Authority (APRA) ; Australian Securities and Investments Commission (ASIC) ; Australian Financial Complaints Authority (AFCA) +
Austria +European Central Bank through European Banking Supervision ; Financial Market Authority (FMA) +
Azerbaijan +Central Bank of Azerbaijan ; Financial Market Supervisory Authority of Azerbaijan (FIMSA) +
Bahamas +Central Bank of The Bahamas ; Securities Commission of the Bahamas (SCB) ; Insurance Commission of The Bahamas +
Bahrain +Central Bank of Bahrain +
Bangladesh +Bangladesh Bank ; Securities and Exchange Commission (SEC) ; Insurance Development and Regulatory Authority (IDRA) +
Barbados +Central Bank of Barbados ; Financial Services Commission (FSC) +
Belarus +National Bank of the Republic of Belarus +
Belgium +European Central Bank through European Banking Supervision ; National Bank of Belgium ; Financial Services and Markets Authority (FSMA) +
Belize +International Financial Services Commission (IFSC) ; Office of Supervisor of Insurance & Private Pensions (OSIPP) +
Benin +Banking Commission of the West African Monetary Union (CB-UMOA) ; Financial Markets Authority of the West African Monetary Union (AMF-UMOA) ; Regional Insurance Control Commission (CRCA) +
Bermuda +Bermuda Monetary Authority +
Bhutan +Royal Monetary Authority of Bhutan +
Bolivia +Autoridad de Supervisión del Sistema Financiero (ASFI) +
Bosnia and Herzegovina +Central Bank of Bosnia and Herzegovina ; Securities Commission of the Federation of Bosnia and Herzegovina (KOMVP) +
Botswana +Bank of Botswana ; Non-Bank Financial Institutions Regulatory Authority (NBFIRA) +
Brazil +Central Bank of Brazil ; Securities Commission (CVM) ; Superintendency of Private Insurance (SUSEP) and Agência Nacional de Saúde Suplementar [pt] (ANS) +
British Virgin Islands +British Virgin Islands Financial Services Commission (BVIFSC) +
Brunei +Brunei Darussalam Central Bank +
Bulgaria +European Central Bank through European Banking Supervision ; Bulgarian National Bank ; Financial Supervision Commission [bg] (FSC) +
Burkina Faso +Banking Commission of the West African Monetary Union (CB-UMOA) ; Financial Markets Authority of the West African Monetary Union (AMF-UMOA) ; Regional Insurance Control Commission (CRCA) +
Burundi +Banque de la République du Burundi(BRB) ; Autorité de Régulation des Marchés des Capitaux (ARMC) Agence de Régulation et de Contrôle des Assurances (ARCA) +
Cabo Verde +Bank of Cape Verde +
Cambodia +National Bank of Cambodia ; Securities and Exchange Regulator of Cambodia (SERC) +
Cameroon +Central African Banking Commission (COBAC) ; Central African Financial Market Supervisory Commission (COSUMAF) ; Regional Insurance Control Commission (CRCA) +
Canada +Office of the Superintendent of Financial Institutions (OSFI) ; Canada Deposit Insurance Corporation (CDIC) ; Financial Consumer Agency of Canada ; Canadian Investment Regulatory Organization (CIRO) ; Canadian Public Accountability Board (CPAB) +
Cayman Islands +Cayman Islands Monetary Authority +
Central African Republic +Central African Banking Commission (COBAC) ; Central African Financial Market Supervisory Commission (COSUMAF) ; Regional Insurance Control Commission (CRCA) +
Chad +Central African Banking Commission (COBAC) ; Central African Financial Market Supervisory Commission (COSUMAF) ; Regional Insurance Control Commission (CRCA) +
Chile +Central Bank of Chile ; Comisión para el Mercado Financiero [es] (CMF) and Superintendencia de Pensiones de Chile [es] (SP) +
China +Central Financial Commission (CFC) ; Central Financial Work Commission (CFWC) ; National Administration of Financial Regulation (NAFR) ; China Securities Regulatory Commission (CSRC) +
Colombia +Superintendencia Financiera de Colombia +
Comoros +Central Bank of the Comoros ; Regional Insurance Control Commission (CRCA) +
Democratic Republic of the Congo +Central Bank of the Congo ; Autorité de Régulation et de Contrôle des Assurances (ARCA) +
Republic of Congo +Central African Banking Commission (COBAC) ; Central African Financial Market Supervisory Commission (COSUMAF) ; Regional Insurance Control Commission (CRCA) +
Costa Rica +Superintendencia General de Valores (Sugeval) and Superintendencia General de Seguros [es] +
Côte d'Ivoire +Central Bank of West African States +
Croatia +European Central Bank through European Banking Supervision ; Croatian National Bank and Croatian Financial Services Supervisory Agency [hr] (Hanfa) +
Curaçao +Central Bank of Curaçao and Sint Maarten +
Cyprus +European Central Bank through European Banking Supervision ; Central Bank of Cyprus ; Cyprus Securities and Exchange Commission (CYSEC) ; Insurance Companies Control Service (ICCS) ; Registrar of Occupational Retirement Benefit Funds +
Czech Republic +Czech National Bank +
Denmark +Financial Supervisory Authority (Finanstilsynet) +
Dominica +Eastern Caribbean Central Bank ; Financial Service Unit of the Commonwealth of Dominica (FSU) +
Dominican Republic +Superintendencia de Bancos de la República Dominicana [es] (SB) ; Superintendencia de Seguros de la República Dominicana ; ; Superintendencia del Mercado de Valores (SIMV) +
Ecuador +Superintendencia de Bancos del Ecuador [es] ; Superintendencia de Compañías, Valores y Seguros +
Egypt +Egyptian Financial Supervisory Authority +
El Salvador +Superintendencia del Sistema Financiero (SSF) ; Instituto De Garantía De Depósitos[1] (IGD) +
Equatorial Guinea +Central African Banking Commission (COBAC) ; Central African Financial Market Supervisory Commission (COSUMAF) ; Regional Insurance Control Commission (CRCA) +
Estonia +European Central Bank through European Banking Supervision ; Bank of Estonia ; Financial Supervisory Authority (Finantsinspektsioon) +
Eswatini +Central Bank of Eswatini ; Financial Services Regulatory Authority (FSRA) +
Ethiopia +National Bank of Ethiopia +
European Union (see also individual member states) +European Central Bank (ECB) ; Single Resolution Board (SRB) ; European Banking Authority (EBA) ; European Securities and Markets Authority (ESMA) ; European Insurance and Occupational Pensions Authority (EIOPA) ; European Systemic Risk Board (ESRB) +
Faroe Islands +Insurance Authority of the Faroe Islands for insurance, pension and mortgages ; all other finance is regulated by the Danish Financial Supervisory Authority +
Fiji +Reserve Bank of Fiji +
Finland +European Central Bank through European Banking Supervision ; Financial Supervision Authority (Finanssivalvonta or FIN-FSA) ; Finnish Financial Stability Authority [fi] +
France +European Central Bank through European Banking Supervision ; Prudential Supervision and Resolution Authority (ACPR) ; Financial Markets Authority (AMF) ; Haut Conseil du commissariat aux comptes [fr] (H3C) +
Gabon +Central African Banking Commission (COBAC) ; Central African Financial Market Supervisory Commission (COSUMAF) ; Regional Insurance Control Commission (CRCA) +
Georgia +National Bank of Georgia +
Germany +European Central Bank through European Banking Supervision ; Federal Financial Supervisory Authority (BaFin) and Abschlussprüferaufsichtsstelle [de] (APAS, Auditor Oversight Body) +
Ghana +Bank of Ghana ; Securities and Exchange Commission (SEC) ; National Insurance Commission (NIC) +
Gibraltar +Financial Services Commission (FSC) +
Greece +European Central Bank through European Banking Supervision ; Bank of Greece ; Hellenic Capital Market Commission (HCMC) +
Georgia +Insurance State Supervision Service of Georgia +
Grenada +Eastern Caribbean Central Bank ; Grenada International Financial Services Authority (GIFSA) +
Guatemala +Superintendencia de Bancos de Guatemala [es] (SB) +
Guernsey +Guernsey Financial Services Commission (GFSC) +
Guinea +Central Bank of the Republic of Guinea ; Regional Insurance Control Commission (CRCA) +
Guinea-Bissau +Banking Commission of the West African Monetary Union (CB-UMOA) ; Financial Markets Authority of the West African Monetary Union (AMF-UMOA) +
Honduras +National Banks and Securities Commission +
Hong Kong +Hong Kong Monetary Authority (HKMA) ; Securities and Futures Commission (SFC) ; Hong Kong Insurance Authority (IA) ; Hong Kong Mandatory Provident Fund Schemes Authority (MPFA) ; Accounting and Financial Reporting Council (AFRC) +
Hungary +Hungarian National Bank +
Iceland +Central Bank of Iceland ; Financial Supervisory Authority (FME) +
India +Reserve Bank of India (RBI) (including the Banks Board Bureau) ; National Payments Corporation of India (NPCI) ; Deposit Insurance and Credit Guarantee Corporation (DICGC) ; Securities and Exchange Board of India (SEBI) ; Banking Codes and Standards Board of India (BCSBI) ; Forward Markets Commission (FMC) ; Insolvency and Bankruptcy Board of India (IBBI) ; Insurance Regulatory and Development Authority (IRDAI) ; Pension Fund Regulatory and Development Authority (PFRDA) ; National Financial Reporting Authority (NFRA) ; Financial Stability and Development Council (FSDC) +
Indonesia +Bank Indonesia ; Financial Services Authority (OJK) ; Indonesia Deposit Insurance Corporation (LPS) ; Indonesian Bank Restructuring Agency (BPPN) ; Pusat Pembinaan Profesi Keuangan [id] (PPPK, Finance Professions Supervisory Center) +
Iran +Central Bank of Iran ; Securities and Exchange Organization (SEO) +
Iraq +Iraq Securities Commission (ISC) +
Ireland +European Central Bank through European Banking Supervision ; Central Bank of Ireland ; Pensions Authority +
Israel +Israel Securities Authority (ISA) ; Capital Market, Insurance and Savings Authority (CMISA) +
Italy +European Central Bank through European Banking Supervision ; Bank of Italy ; including the Institute for the Supervision of Insurance (IVASS) ; Commissione Nazionale per le Società e la Borsa (CONSOB) ; Commissione di Vigilanza sui Fondi Pensione (COVIP) +
Ivory Coast +Banking Commission of the West African Monetary Union (CB-UMOA) ; Financial Markets Authority of the West African Monetary Union (AMF-UMOA) ; Regional Insurance Control Commission (CRCA) +
Jamaica +Bank of Jamaica ; Financial Services Commission (FSC) +
Japan +Financial Services Agency (FSA) ; including the Securities and Exchange Surveillance Commission (SESC) +
Jersey +Jersey Financial Services Commission (JFSC) +
Jordan +Central Bank of Jordan ; Jordan Securities Commission (JSC) +
Kazakhstan +National Bank of Kazakhstan ; Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market +
Kenya +Central Bank of Kenya ; Capital Markets Authority (CMA) ; Insurance Regulatory Authority (IRA) +
South Korea +Financial Services Commission (FSC) ; Financial Supervisory Service (FSS) ; Korea Deposit Insurance Corporation (KDIC) +
Kosovo +Central Bank of Kosovo +
Kuwait +Central Bank of Kuwait ; Capital Markets Authority (CMA) +
Kyrgyzstan +State Service for Financial Market Regulation and Supervision (FSA) +
Laos +Lao Securities Commission (LSC) +
Latvia +European Central Bank through European Banking Supervision ; Bank of Latvia ; Financial and Capital Market Commission [lv](FCMC) +
Lebanon +Banking Control Commission of Lebanon (BCCL) ; Capital Market Authority (CMA) and Insurance Control Commission (ICC) +
Lesotho +Central Bank of Lesotho +
Liechtenstein +Financial Market Authority (FMA) +
Lithuania +European Central Bank through European Banking Supervision ; Bank of Lithuania +
Luxembourg +European Central Bank through European Banking Supervision ; Commission de Surveillance du Secteur Financier (CSSF) ; Commissariat aux Assurances (CAA) +
Macau +Monetary Authority of Macao +
Malawi +Reserve Bank of Malawi +
Malaysia +Central Bank of Malaysia ; Securities Commission Malaysia +
Maldives +Maldives Monetary Authority ; Capital Market Development Authority (CMDA) +
Mali +Banking Commission of the West African Monetary Union (CB-UMOA) ; Financial Markets Authority of the West African Monetary Union (AMF-UMOA) ; Regional Insurance Control Commission (CRCA) +
Malta +European Central Bank through European Banking Supervision ; Central Bank of Malta ; Malta Financial Services Authority (MFSA) +
Isle of Man +Isle of Man Financial Services Authority (IOMFSA) +
Mauritania +Central Bank of Mauritania +
Mauritius +Bank of Mauritius ; Financial Services Commission (FSC) +
Mexico +Comisión Nacional Bancaria y de Valores (CNBV) ; Comisión Nacional de Seguros y Fianzas (CNSF) ; Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros [es] (CONDUSEF) +
Moldova +National Commission for Financial Markets +
Monaco +Commission de Contrôle des Activités Financières (CCAF) +
Mongolia +Bank of Mongolia ; Financial Regulatory Commission (FRC) +
Montenegro +Central Bank of Montenegro ; Capital Market Authority of Montenegro (SCMN) ; Insurance Supervision Agency +
Montserrat +Eastern Caribbean Central Bank ; Montserrat Financial Services Commission +
Morocco +Moroccan Capital Market Authority [fr] (AMMC) ; Autorité de Contrôle des Assurances et de la Prévoyance Sociale (ACAPS) +
Mozambique +Bank of Mozambique ; Instituto de Supervisão de Seguros de Moçambique (ISSM) +
Namibia +Namibia Financial Institutions Supervisory Authority (NAMFISA) +
Nepal +Nepal Rastra Bank ; Securities Board of Nepal (SEBON) ; Nepal Insurance Authority (Beema Samiti) +
Netherlands +European Central Bank through European Banking Supervision ; De Nederlandsche Bank ; Authority for the Financial Markets (AFM) +
New Zealand +Reserve Bank of New Zealand ; Financial Markets Authority +
Niger +Banking Commission of the West African Monetary Union (CB-UMOA) ; Financial Markets Authority of the West African Monetary Union (AMF-UMOA) ; Regional Insurance Control Commission (CRCA) +
Nigeria +Central Bank of Nigeria ; Securities and Exchange Commission (SEC) ; National Insurance Commission (NAICOM) ; National Pension Commission (PENCOM) +
North Macedonia +National Bank of North Macedonia ; Securities and Exchange Commission (SEC) ; Insurance Supervision Agency (ISA) +
Norway +Financial Supervisory Authority (Finanstilsynet) +
Oman +Capital Market Authority +
Pakistan +State Bank of Pakistan ; Securities and Exchange Commission of Pakistan (SECP) +
Palestinian National Authority +Palestine Capital Market Authority (PCMA) +
Panama +Superintendencia de Bancos de Panamá [es] ; Superintendencia del Mercado de Valores [es] and Superintendencia de Seguros y Reaseguros de Panamá [es] +
Papua New Guinea +Bank of Papua New Guinea ; Securities Commission of Papua New Guinea (SCPNG) +
Paraguay +Central Bank of Paraguay ; National Securities Commission (CNV) +
Peru +Superintendencia de Banca, Seguros y AFP [es] (SBS) and Superintendencia del Mercado de Valores [es] (SMV) +
Philippines +Bangko Sentral ng Pilipinas ; Securities and Exchange Commission (SEC) ; Komisyon ng Seguro (Insurance Commission) ; Philippine Deposit Insurance Corporation (PDIC) +
Poland +Financial Supervision Authority (KNF) +
Portugal +European Central Bank through European Banking Supervision ; Bank of Portugal ; Portuguese Securities Market Commission (CMVM) and Autoridade de Supervisão de Seguros e Fundos de Pensões [pt] (ASF) +
Qatar +Qatar Central Bank ; Qatar Financial Markets Authority (QFMA) +
Romania +National Bank of Romania ; Financial Supervisory Authority (ASF) +
Russia +Central Bank of Russia +
Rwanda +National Bank of Rwanda ; Capital Market Authority (CMA) +
Saint Lucia +Eastern Caribbean Central Bank ; Financial Sector Supervision Unit +
Saint Kitts and Nevis +Eastern Caribbean Central Bank ; Financial Services Regulatory Commission ; Nevis Financial Regulatory Services Commission +
Saint Vincent and the Grenadines +Eastern Caribbean Central Bank ; International Financial Services Authority +
Samoa +Central Bank of Samoa ; Samoa International Finance Authority +
San Marino +Central Bank of San Marino (BCSM) +
Saudi Arabia +Saudi Central Bank (SAMA) ; Capital Markets Authority (CMA) +
Senegal +Banking Commission of the West African Monetary Union (CB-UMOA) ; Financial Markets Authority of the West African Monetary Union (AMF-UMOA) ; Regional Insurance Control Commission (CRCA) +
Serbia +National Bank of Serbia ; Securities Commission (SEC) +
Seychelles +Central Bank of Seychelles ; Financial Services Authority (FSA Seychelles) +
Singapore +Monetary Authority of Singapore ; Accounting and Corporate Regulatory Authority (ACRA) +
Slovakia +European Central Bank through European Banking Supervision ; National Bank of Slovakia ; Slovak Resolution Council +
Slovenia +European Central Bank through European Banking Supervision ; Bank of Slovenia ; Securities Market Agency (ATVP) ; Insurance Supervision Agency (AZN) +
South Africa +South African Reserve Bank hosting the Prudential Authority ; National Credit Regulator ; ; Financial Sector Conduct Authority (FSCA) +
Spain +European Central Bank through European Banking Supervision ; Bank of Spain ; Fondo de Reestructuración Ordenada Bancaria ; National Securities Market Commission (CNMV) ; Dirección General de Seguros y Fondos de Pensiones (DGSFP) and Instituto de Contabilidad y Auditoría de Cuentas [es] (ICAC) +
Sri Lanka +Central Bank of Sri Lanka ; Securities and Exchange Commission (SEC) ; Insurance Regulatory Commission of Sri Lanka (IRCSL) +
Suriname +Central Bank of Suriname +
Sweden +Financial Supervisory Authority (Finansinspektionen) and Swedish Inspectorate of Auditors [sv] (Revisorsinspektionen) +
Switzerland +Swiss Financial Market Supervisory Authority (FINMA) +
Syria +Central Bank of Syria ; Syrian Commission on Financial Markets and Securities (SCFMS) ; Syrian Insurance Supervisory Commission +
Taiwan +Financial Supervisory Commission (FSC) +
Tanzania +Capital Markets and Securities Authority (CMSA) ; Tanzania Insurance Regulatory Authority (TIRA) +
Thailand +Bank of Thailand ; Securities and Exchange Commission (SEC) ; Office of Insurance Commission (OIC) +
Togo +Banking Commission of the West African Monetary Union (CB-UMOA) ; Financial Markets Authority of the West African Monetary Union (AMF-UMOA) ; Regional Insurance Control Commission (CRCA) +
Trinidad and Tobago +Central Bank of Trinidad and Tobago ; Trinidad and Tobago Securities and Exchange Commission (TTSEC) +
Tunisia +Conseil du marché financier (CMF) ; Comité Général des Assurances (CGA) +
Turkey +Banking Regulation and Supervision Agency of Turkey (BRSA) ; Capital Markets Board (SPK) ; Insurance and Private Pension Regulation and Supervision Agency (IPRSA) +
Turks and Caicos +Turks and Caicos Islands Financial Services Commission (TCIFSC) +
Uganda +Bank of Uganda ; Capital Markets Authority (CMA) ; Insurance Regulatory Authority of Uganda +
Ukraine +National Securities and Stock Market Commission (NSSMC) +
United Arab Emirates +Central Bank of the UAE ; Securities and Commodities Authority (SCA) ; Insurance Authority (IA) +
United Kingdom +Prudential Regulation Authority (PRA) ; Financial Conduct Authority (FCA) ; Financial Reporting Council (FRC) ; The Pensions Regulator (TPR) +
United States +Federal Reserve ; Financial Stability Oversight Council (FSOC) ; Federal Deposit Insurance Corporation (FDIC) ; Office of the Comptroller of the Currency (OCC) ; Consumer Financial Protection Bureau (CFPB) ; National Credit Union Administration (NCUA) ; Farm Credit Administration (FCA) ; Federal Housing Finance Agency (FHFA) ; Securities & Exchange Commission (SEC) ; Commodity Futures Trading Commission (CFTC) ; Public Company Accounting Oversight Board (PCAOB) ; Financial Crimes Enforcement Network (FinCEN) ; Conference of State Bank Supervisors (CSBS) and state-level bank supervisors ; National Association of Insurance Commissioners (NAIC) and state-level insurance supervisors +
Uruguay +Central Bank of Uruguay ; Superintendencia de Servicios Financieros (SSF) +
Uzbekistan +Ministry of Economy and Finance of the Republic of Uzbekistan +
Vanuatu +Reserve Bank of Vanuatu +
Vatican City +Supervisory and Financial Information Authority +
Venezuela +Superintendencia de las Instituciones del Sector Bancario de Venezuela [es] (SUDEBAN) ; Superintendencia Nacional de Valores (SNV) +
Vietnam +State Securities Commission (SSC) +
Zambia +Securities and Exchange Commission (SEC Zambia) ; Pensions and Insurance Authority (PIA) +
Zimbabwe +Reserve Bank of Zimbabwe (RBZ) ; Securities and Exchange Commission of Zimbabwe (SECZIM) ; Insurance and Pensions Commission (IPEC) +
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Others authorities by sovereign states and dependencies[edit source]

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Location +Dependency +Financial regulatory authorities +
Bosnia and Herzegovina +Republika Srpska +Securities Commission of the Republika Srpska (SECRS) +
Canada +Canadian Securities Administrators (CSA) +Alberta Securities Commission (ASC) ; Quebec Financial Markets Authority (AMF) ; British Columbia Securities Commission (BCSC) ; Ontario Securities Commission (OSC) ; Financial and Consumer Services Commission of New Brunswick (FCNB) ; Financial Services Regulatory Authority of Ontario (FSRA) ; British Columbia Financial Services Authority (BCFSA) +
India +GIFT International Financial Services Centre +International Financial Services Centres Authority (IFSCA) +
Kazakhstan +Astana International Financial Centre +Astana Financial Services Authority (AFSA) +
Malaysia +Labuan International Business and Financial Centre +Labuan Financial Services Authority (Labuan FSA) +
Qatar +Qatar Financial Centre +Qatar Financial Centre Regulatory Authority (QFCRA) +
United Arab Emirates +Abu Dhabi Global Market +Financial Services Regulatory Authority (FSRA) +
United Arab Emirates +Dubai International Financial Center +Dubai Financial Services Authority (DFSA) +
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Extinct financial regulatory authorities[edit source]

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Only those former authorities with a dedicated Wikipedia article are listed here. +

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References[edit source]

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  1. ^ "Instituto de Garantía de Depósito". Instituto de Garantía de Depósito (in Spanish). Retrieved 2023-03-15. +
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Government-owned and controlled corporation

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From Wikipedia, the free encyclopedia
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In the Philippines, a government-owned and controlled corporation (GOCC), sometimes with an "and/or",[1] is a state-owned enterprise that conducts both commercial and non-commercial activity. Examples of the latter would be the Government Service Insurance System (GSIS), a social security system for government employees. There are 219 GOCCs as of 2022.[2] GOCCs both receive subsidies and pay dividends to the national government. +A government-owned or controlled corporation is a stock or a non-stock corporation, whether performing governmental or proprietary functions, which is directly chartered by a special law or if organized under the general corporation law is owned or controlled by the government directly, or indirectly through a parent corporation or subsidiary corporation, to the extent of at least a majority of its outstanding capital stock or of its outstanding voting capital stock. +

Under the GOCC Governance Act (Republic Act No. 10149), GOCCs are overseen by the Governance Commission for Government-Owned or Controlled Corporations (GCG).[3] The Governance Commission is the "government's central advisory and oversight body over the public corporate sector" according to the Official Gazette of the Philippine government.[4] The Governance Commission among other duties prepares for the president of the Philippines a shortlist of candidates for appointment by the president to GOCC boards.[3] +

Many but not all GOCCs have their own charter or law outlining its responsibilities and governance.[5] +

+ +

Finances[edit source]

+
2014 operation subsidies and program funds that GOCCs received from the national government
+

GOCCs receive from the government "subsidies" and "program funds".[6] Subsidies cover the day-to-day operations of the GOCCs when revenues are insufficient while program funds are given to profitable GOCCs to pay for a specific program or project.[6] +

Subsidies from the National Government in 2011 amounted to 21 billion Philippine pesos.[7] In the 2013 fiscal year, the national government gave P71.9 billion pesos to GOCCs in subsidies, nearly twice the 44.7 billion pesos that was programmed in the budget.[2] In 2014, 77.04 billion pesos was spent on GOCCs by the national government, 3% of which was classified as subsidies and 97% was classified as program funds.[6] +

In 2013, on "GOCC Dividend Day", the Philippine government received 28-billion Philippine pesos in dividends and other forms of remittances from the 2012 operations of 38 GOCCs.[8] Eight GOCCs remitted 1 billion pesos each: Philippine Reclamation Authority (PRA)(P1 billion pesos), Philippine Ports Authority (PPA)(1.03-billion), Manila International Airport Authority (MIAA)(P1.54-billion), Philippine Amusement and Gaming Corporation (PAGCOR) (P7.18-billion), Power Sector Assets and Liabilities Management Corporation (PSALM)(P2-billion), Bases Conversion Development Authority (BCDA)(P2.30-billion), Development Bank of the Philippines (DBP) (P3.16-billion) and Land Bank of the Philippines (LBP) (P6.24-billion). Under Republic Act No. 7656, all GOCCs are required to "declare and remit at least 50% of their annual net earnings as cash, stock or property dividends to the National Government."[8] The Commission on Audit reports that in 2013 of the 219 profitable GOCCs, only 45 remitted a full 50% share of their dividends to the national treasury, leaving 174 others with unremitted government shares, amounting to more than P50 billion.[2] Dividends remitted were only one-tenth (1/10) of the total required by law according to the commission.[2] +

In 2014, on "GOCC Dividend Day", the Philippine government received 32.31 billion Philippine pesos worth of dividends and other remittances from 50 GOCCs.[9] Seven GOCCs submitted over a billion pesos each: Development Bank of the Philippines (DBP) with P3.616 billion; Power Sector Assets and Liabilities Management Corporation (PSALM) with P2.5 billion; Bases Conversion Development Authority (BCDA) with P2.107 billion; Manila International Airport Authority (MIAA) with P1.577 billion; Philippine National Oil Company-Exploration Corporation (PNOC-EC) with P1.5 billion; Philippine Ports Authority (PPA) with P1.422 billion; and Philippine Deposit Insurance Corporation (PDIC) with P1.05 billion.[9] +

+

List[edit source]

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See also: Category:Government-owned and controlled corporations of the Philippines
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List adapted from Integrated Corporate Reporting System's list.[10][11] +

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Government financial institutions[edit source]

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Banking institutions[edit source]

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Non-banking institutions[edit source]

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  • Credit Information Corporation (CIC)
    • +
  • DBP Leasing Corporation (DBP-LC)
    • +
  • LBP Insurance Brokerage, Inc. (LIBI)
    • +
  • LBP Leasing and Finance Corporation (LLFC)
    • +
  • National Development Company (NDC)
    • +
  • National Home Mortgage Finance Corporation (NHMFC)
    • +
  • Philippine Crop Insurance Corporation (PCIC)
    • +
  • Philippine Deposit Insurance Corporation (PDIC)
    • +
  • Small Business Corporation (SBCorp)
    • +
  • Social Housing Finance Corporation (SHFC)
    • +
  • Philippine Guarantee Corporation
    • +
  • UCPB Leasing and Finance Corporation (ULFC)
    • +
  • UCPB Securities, Inc. (USI)
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Social security institutions[edit source]

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Trade, area development, and tourism sector[edit source]

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Trade[edit source]

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  • Center for International Trade Expositions and Missions (CITEM)
    • +
  • Duty Free Philippines Corporation (DFPC)
    • +
  • Philippine International Trading Corporation (PITC)
    • +
  • Philippine Pharma Procurement, Inc. (PPPI)
    • +
  • National Food Authority (NFA)
    • +
  • Planters Products, Inc. (PPI)
    • +
  • Planters Foundation, Inc. (PFI)
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Area development[edit source]

+ +

Tourism[edit source]

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  • Corregidor Foundation, Inc. (CFI)
    • +
  • Marawi Resort Hotel, Inc. (MRHI)
    • +
  • Philippine Retirement Authority (PRA)
    • +
  • Tourism Promotions Board (TPB)
+

Educational and cultural sector[edit source]

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Educational[edit source]

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Cultural[edit source]

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Gaming sector[edit source]

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Energy and materials sector[edit source]

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Energy[edit source]

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Materials[edit source]

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  • Batong Buhay Gold Mines, Inc. (BBGMI)
    • +
  • Bukidnon Forest, Inc. (BFI)
    • +
  • Natural Resources Development Corporation (NRDC)
    • +
  • Philippine Mining Development Corporation (PMDC)[b]
+

Agriculture, fisheries, and food sector[edit source]

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Agriculture and fisheries[edit source]

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Food[edit source]

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  • Cagayan de Oro Oil Company, Inc. (CAGOIL)
    • +
  • Food Terminal Inc. (FTI)[c]
    • +
  • Granexport Manufacturing Corporation (Granex)
    • +
  • Iligan Coconut Industries, Inc. (ILICOCO)
    • +
  • Legaspi Oil Company, Inc. (LEGOIL)
    • +
  • National Sugar Development Company (NASUDECO)[c]
    • +
  • San Pablo Manufacturing Corporation (SPMC)
    • +
  • Southern Luzon Coconut Oil Mill, Inc. (SOLCOM)
+

Utilities and communications sector[edit source]

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Utilities[edit source]

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Communications[edit source]

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Healthcare services sector[edit source]

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  • La Union Medical Center (LUMC)
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Realty and/or holding companies[edit source]

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  • Anglo Ventures Corporation
    • +
  • AP Holdings, Inc.
    • +
  • ARC Investors, Inc.
    • +
  • ASC Investors, Inc.
    • +
  • Batangas Land Company, Inc. (BLCI)
    • +
  • Fernandez Holdings, Inc.
    • +
  • First Meridian Development, Inc.
    • +
  • G. Y. Real Estate, Inc. (GYREI)
    • +
  • Kamayan Realty Corporation (KRC)
    • +
  • Pinagkaisa Realty Corporation (PiRC)
    • +
  • Randy Allied Ventures, Inc.
    • +
  • Rock Steel Resources, Inc.
    • +
  • Roxas Shares, Inc.
    • +
  • San Miguel Officers Corp. Inc.
    • +
  • Soriano Shares, Inc.
    • +
  • Te Deum Resources, Inc.
    • +
  • Toda Holdings, Inc.
    • +
  • Valhalla Properties, Inc.
+

GOCCs supervised by the Presidential Commission on Good Government[edit source]

+
See also: Presidential Commission on Good Government
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  • Banahaw Broadcasting Corporation (BBC)
    • +
  • Bataan Shipyard and Engineering Company (BASECO)
    • +
  • Chemfields, Inc. (CI)
    • +
  • Independent Realty Corporation (IRC)
    • +
  • Mid-Pasig Land Development Corporation (MLDC)
    • +
  • Performance Investment Corporation (PIC)
    • +
  • Piedras Petroleum Company, Inc. (PIEDRAS)
    • +
  • UCPB–CIIF Finance and Development Corporation (COCOFINANCE)
    • +
  • UCPB–CIIF Foundation, Inc.
    • +
  • United Coconut Chemicals, Inc. (COCOCHEM)
    • +
  • United Coconut Planters Bank General Insurance, Inc. (COCOGEN)
    • +
  • United Coconut Planters Life Assurance Corporation (COCOLIFE)
+

Under privatization[edit source]

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Non-operational, inactive, or deactivated[edit source]

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  • Anchor Estate, Inc. (AEI)
    • +
  • Aviation Services and Training Institute (ASTI)
    • +
  • BCDA Management and Holdings, Inc. (BMHI)
    • +
  • Calauag Quezon Province Integrated Coconut Processing Plant, Inc. (CQPICPPI)
    • +
  • Clark Polytechnic Development Foundation (CPDF)
    • +
  • DBP Management Corporation (DBPMC)
    • +
  • First Centennial Clark Corporation (FCCC)
    • +
  • GSIS Mutual Fund, Inc. (GSIS-MFI)
    • +
  • GSIS Properties, Inc. (GSIS-PI)
    • +
  • Integrated Feed Mills Manufacturing Corporation (IFMC)
    • +
  • Inter-Island Gas Service, Inc. (IIGSI)
    • +
  • LBP Financial Services SpA (Rome, Italy) (LBP-FSS)
    • +
  • LBP Remittance Company (USA) (LBP-RC)
    • +
  • LBP Singapore Representative Office (LBP-SRO)
    • +
  • LBP Taiwan Representative Office (LBP-TRO)
    • +
  • LWUA Consult, Inc. (LWUA-CI)
    • +
  • Manila Gas Corporation (MGC)
    • +
  • Masaganang Sakahan, Inc. (MSI)
    • +
  • Meat Packing Corporation of the Philippines (MPCP)
    • +
  • Metro Transit Organization, Inc. (MTOI)
    • +
  • NDC–Philippine Infrastructure Corporation (NPIC)
    • +
  • North Davao Mining Corporation (NDMC)
    • +
  • North Luzon Railways Corporation (NORTHRAIL)
    • +
  • Paskuhan Development, Inc. (PDI)
    • +
  • Phil. Centennial Expo '98 Corp. (EXPO FILIPINO)
    • +
  • Philpost Leasing and Financing Corporation (PLFC)
+

Under abolishment[edit source]

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  • AFP Retirement and Separation Benefits System (AFP-RSBS)
    • +
  • Alabang–Sto. Tomas Development, Inc. (ASDI)
    • +
  • CDCP Farms Corporation (CDCP-FC)
    • +
  • Disc Contractors, Builders and General Services, Inc. (DISC)
    • +
  • First Cavite Industrial Estate, Inc. (FCIEI)
    • +
  • HGC Subic Corporation (HGC-SC)
    • +
  • Human Settlements Development Corporation (HSDC)
    • +
  • National Agri-Business Corporation (NABCOR)
    • +
  • NIA Consult, Inc. (NIACI)
    • +
  • Northern Foods Corporation (NFC)[c]
    • +
  • Panay Railways Inc. (PRI)[c]
    • +
  • Partido Development Administration (PDA)
    • +
  • Philippine Agricultural Development and Commercial Corporation (PADCC)
    • +
  • Philippine Forest Corporation (PFC)
    • +
  • Philippine Fruits and Vegetables Industries, Inc. (PFVII)
    • +
  • Philippine Sugar Corporation (PHILSUCOR)[c]
    • +
  • Philippine Veterans Assistance Commission (PVAC)
    • +
  • Philippine Veterans Investment Development Corporation (PHIVIDEC)
    • +
  • PNOC Alternative Fuel Corp. (PNOC-AFC)
    • +
  • PNOC Development and Management Corporation (PNOC-DMC)
    • +
  • PNOC Shipping and Transport Corporation (PNOC-STC)
    • +
  • Quedan and Rural Credit Guarantee Corporation (QUEDANCOR)
    • +
  • San Carlos Fruits Corporation (SCFC)
    • +
  • Technology Resources Center (TRC)
    • +
  • Tierra Factors Corporation (TFC)
    • +
  • Traffic Control Products Corporation (TCPC)
    • +
  • Zamboanga National Agricultural College – Rubber Estate Corp. (ZREC)
+

Dissolved or abolished[edit source]

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  • Bataan Technology Park, Inc. (BTPI)
    • +
  • Cottage Industry Technology Center (CITC)
    • +
  • National Livelihood Development Corp. (NLDC)[d]
    • +
  • People's Credit and Finance Corporation (PCFC)
+

Privatized[edit source]

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  • Southern Utility Management and Services, Inc. (SUMSI)
+

Merged GOCCs[edit source]

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GOCCs disposed by the Privatization and Management Office[edit source]

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  • Menzi Development Corporation (MDC)
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GOCCs excluded from the coverage of Republic Act No. 10149[edit source]

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Research institutions[edit source]

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Economic zone authorities[edit source]

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Created by a Supreme Court decision[edit source]

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Sui generis[edit source]

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  • Millennium Challenge Account Philippines (MCAP)
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See also[edit source]

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Notes[edit source]

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  1. ^ formerly PostBank +
    2. +
  2. ^ formerly NRMDC +
    3. +
  3. ^ Jump up to: a b c d e f under the Privatization and Management Office of the Department of Finance +
    4. +
  4. ^ merger between Livelihood Corporation (LIVECOR) and National Livelihood Support (NLSF) +
    5. +
  5. ^ merged with PhilExim to form PHILGUARANTEE +
    6. +
  6. ^ turned over from the Presidential Commission on Good Government (PCGG) to the Governance Commission for GOCCs (GCG)[12] +
    7. +
+

References[edit source]

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    +
  1. ^ "Government-Owned and/or Controlled Corporations". Official Gazette. Republic of the Philippines. Archived from the original on May 26, 2015. Retrieved July 29, 2017. +
    2. +
  2. ^ Jump up to: a b c d Lopez, Melissa Luz T. (May 25, 2015). "State-run corporations only remitted a tenth of dividends". BusinessWorld. Retrieved July 29, 2017. +
    3. +
  3. ^ Jump up to: a b Cayabyab, Marc Jayson (May 25, 2015). "House passes DBP, LBP merger bill". Philippine Daily Inquirer. Retrieved May 26, 2015. +
    4. +
  4. ^ "President Aquino approves closure of 7 nonperforming GOCCs". Official Gazette. October 22, 2014. Retrieved May 26, 2015. +
    5. +
  5. ^ "GCG marks third year as overseer of GOCC sector". Official Gazette. June 6, 2014. Retrieved May 26, 2015. +
    6. +
  6. ^ Jump up to: a b c "GOCC 2014 OPERATING SUBSIDIES AND PROGRAM FUNDS". Governance Commission for GOCCs. Archived from the original on May 26, 2015. Retrieved May 26, 2015. +
    7. +
  7. ^ Cabuag, V.S. (March 8, 2012). "Government subsidies to GOCCs grew by 155% in 2011". BusinessMirror. Retrieved July 5, 2012.[permanent dead link] +
    8. +
  8. ^ Jump up to: a b "President Aquino receives P28-billion representing dividend contributions from 38 Government-Owned and Controlled Corporation in Malacañang". Office of the President of the Philippines. June 3, 2013. Archived from the original on August 6, 2013. Retrieved May 26, 2015. +
    9. +
  9. ^ Jump up to: a b "GOCCs remit P32.31B to National mslajjxja boopy koTreasury". Philippine national government. Official Gazette. June 9, 2014. Retrieved May 26, 2015. +
    10. +
  10. ^ "Classification of GOCCs by SECTORS as of 28 June 2022" (PDF). Integrated Corporate Reporting System. Governance Commission for GOCCs. June 28, 2022. Retrieved January 25, 2023. +
    11. +
  11. ^ Cabuag, V. S. (July 1, 2012). "Subsidies to GOCCs declined in May". BusinessMirror. Archived from the original on November 29, 2014. Retrieved July 5, 2012. +
    12. +
  12. ^ Kilayko, Jeronimo U. (March 22, 2016). "UCPB's Official Statement on the Turnover of UCPB to GCG" (Press release). United Coconut Planters Bank. Retrieved January 26, 2023. +
    13. +
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