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The '''World Stock Exchange''', is a web-based ] ] developed using ]. The WSE enables virtual companies to raise capital while providing a chance for investors to build their wealth using the fictional ] and ] that can be sold for real US Dollars. The '''World Stock Exchange''', is a web-based ] ] developed using ]. The WSE enables virtual companies to raise capital while providing a chance for investors to build their wealth using the fictional ] and ] that can be sold for real US Dollars.


Though this seemed a revolutionary idea, corruption was ever prevalent. There were several unserious CEOs, but these companies have been removed from the WSE and the WSE now conducts a Listed Company Review about once per month. There were several unserious CEOs, but these companies have been removed from the WSE and the WSE now conducts a Listed Company Review about once per month.
The World Stock Exchange began normal operations on March 7th 2007 and to date has achieved 25,000 user accounts, raised virtual businesses over L$145 million Linden Dollars and total Exchange ] exceeded L$480 million. The World Stock Exchange began normal operations on March 7th 2007 and to date has achieved 25,000 user accounts, raised virtual businesses over L$145 million Linden Dollars and total Exchange ] exceeded L$480 million.


Revision as of 17:58, 22 November 2007

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World Stock Exchange(Second Life)
[REDACTED]
Company typeStock exchange Owned by Hope Capital Pty.Ltd.
IndustryFinance
FoundedAustralia Melbourne, Australia (2006)
HeadquartersMelbourne, Australia
Key peopleLuke Connell, Chairman and CEO
ProductsStock quotation, banking, virtual office space rental
RevenueIncrease L$ 18.53 million (2007 till October 2)
Net incomeIncrease L$ 8.36 million (2007 till October 2)
Number of employees8
Websitehttps://www.wselive.com

The World Stock Exchange, is a web-based fictional securities exchange developed using Ruby on Rails. The WSE enables virtual companies to raise capital while providing a chance for investors to build their wealth using the fictional Linden Dollar and World Internet Currency that can be sold for real US Dollars.

There were several unserious CEOs, but these companies have been removed from the WSE and the WSE now conducts a Listed Company Review about once per month. The World Stock Exchange began normal operations on March 7th 2007 and to date has achieved 25,000 user accounts, raised virtual businesses over L$145 million Linden Dollars and total Exchange Turnover exceeded L$480 million.

The WSE is well-established in the virtual world of Second Life and initially used the Linden Dollar currency in Second Life. In July 2007, the WSE completed the integration of a new fictional currency independent of Second Life called the World Internet Currency (WIC).

Regulation of listed companies

Self-regulation

At first, the WSE was only regulated by listing rules and the WSE Constitution. At the start of 2007, the WSE was known for it's opinion on regulation, because at the time heavily believed in market self-regulation.

Because of that, the WSE companies listed on the WSE had a relatively high failure rate and most people were day traders, resulting in very high trading volume and a bubble when virtual stock traders saw their stock decline in value.

Increased regulation

Because of the failure rate and the desire to operate a more serious market, the WSE's CEO, Luke Connell, decided to tighten the regulation. The WSE introduced guidelines for companies to inform investors and the WSE also heavily edited the - already existing - WSE Constitution, and added a Terms of Service. From June 2007 on, it has also increasingly done at-random and monthly checks on companies to ensure compliance.

The actions taken by the WSE dramatically reduced the failure rate.

Development of the WSE Platform

Initial platform(WSE 1.0)

The WSE initially used a stock trading system operating within Second Life, but that system was discontinued because of the limits of the Linden Scripting Language(LSL), the scripting language used within Second Life.

Second trading platform: A web-based trading platform(WSE 2.0)

In March 2007, the WSE, in cooperation with an existing stock exchange in SL, the Metaverse Stock Exchange(MSE) - which was merged into the WSE - developed a completely new, primarily web-based trading platform, called WSE 2.0. WSE 2.0 introduced better portfolio management features and more options for listed companies. The developer of WSE 2.0, Second Life Solutions CEO Shaun Altman, a Second Life avatar, has been criticized because of the errors in essential parts of the WSE 2.0 system, which was, like all WSE platforms after WSE 1.0, based on the Ruby on Rails web application framework. Because of WSE 2.0, the WSE decided to hire a real-world software firm to develop the WSE applications instead of a Second Life avatar because of the better quality of development by a real-world firm in general. It took a time to even out the inefficiencies and bugs of WSE 2.0, but, after the fixing of bugs, WSE 2.0 was regarded as the first stable virtual stock exchange platform to be used by the Second Life mass market.

References

External links

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