Ayten Akhmed



    Analysis of the world's top 5 stock exchanges

    Published: March 08, 2021

    We researched the top 5 stock exchanges in the world: NYSE, NASDAQ, Tokyo, Shanghai and Hong Kong stock exchanges. We have included information about the establishment of each exchange. The presentation also includes detailed information about their working system, their traded indices, companies traded on stock exchanges and how much share they have, swot analysis for each, and how Covid-19 affects stock markets.


    Analysis of the world's top 5 stock exchanges

    • 1. Slide1 Analysis of the world's top 5 stock exchanges
    • 2. Slide121 The stock market falls and rises. So what is this stock market? ... In short, it is the name given to the organized market for the demanded goods according to certain rules. The places where valuable documents such as stocks are bought and sold are called stock exchanges. Each exchange can have its own rules and standards. At the same time, there are regulatory and supervisory institutions in stock exchanges. In exchanges, buyers and sellers often face the mediation of brokers. In this encounter, the supply of the seller and the demand of the buyer determine the price. The word stock market, literally, refers to the place where merchants and especially those dealing with the exchange of valuable papers and bonds with sarrafs do business under state control for the purpose of buying, selling and exchanging.
    • 4. Slide104 NYSE (NEW YORK STOCK EXCHANGE) Web sitesi: https://www.nyse.com
    • 5. Slide147 YEAR OF FOUNDATION 8 march 1817 LOCATION FOUNDER NYSE Euronext New York City, Aşağı Manhattan, 11 Wall Street MARKET VALUE $25.53 trilyon (2020 mart) İndexes •NYSE U.S 100 Endeksi: •NYSE World Leaders Endeksi •NYSE International 100 Endeksi •NYSE Composite Endeksi • Dow Jones Global •S&P 500… Jeffrey Sprecher CEO
    • 6. Slide161 . It is the largest and most developed stock market in the USA and the world. It is the market with the strictest quotation conditions among the stock markets. It is very selective about the companies that will be traded in its markets. NYSE, which previously operated as a private company, became a public company on March 8, 2006, following the acquisition of Archipelago electronic commerce exchange. In 2007, it merged with Euronext, Europe's largest stock exchange, and NYSE Euronext was later acquired by the Intercontinental Exchange, the current main partner of the New York Stock Exchange. The history of the New York Stock Exchange goes back to 1792. On this date, a group of 24 people formed by traders and brokers gathered under a tree on Wall Street and started trading in bills. In rainy weather, business was run in a coffee shop. With all who wanted to join the group freely, the number of people doing open-air exchanges increased.
    • 7. Slide164 How does NYSE work? The New York Stock Exchange uses some trading methods: brokers, dealers, and electronics. Regardless of the exchange method, all stock transactions are an auction. Broker: They are actively trading stocks on a NYSE basis. They represent the institution that sells the stock, whether it is a retail brokerage firm or institutional investors such as pension funds. It determines the "offer" price, which is the price you want to pay for the stock. Electronic: Most transactions take place electronically. A computer acts as a vendor matching buyers and sellers. Even brokers and dealers engage in e-commerce. Dealers: Before trading, brokers and dealers can be approved by the NYSE and have a trading license. Matches brokers with stock sellers who offer "buy" prices. They spend the difference between the selling price and the bid price, minus wages and work.
    • 8. Slide165 Private Market Maker function (DMM) in NYSE DMM (Designated Market Maker) is a market maker responsible for maintaining fair and regular markets for a given set of stocks. NYSE has both a physical auction managed by DMMs and a fully automated auction that includes algorithmic bids from DMMs and other market participants. DMMs: Having real obligations to maintain a fair and regular market in stocks, bid at a certain percentage on the NBBO and facilitate price discovery throughout the day, as well as during the opening, closing and periods of significant instability and high volatility It provides price improvement and matches incoming orders using special trading algorithms; It is on par with orders from other market participants, encourages DMM participation and ensures higher market quality. This 'high touch' approach is important for discovering and improving prices, reducing volatility, adding liquidity and increasing value.
    • 9. Slide126 5-day change of NYSE composite and S&P 500 indexes
    • 10. Slide129 IMPORTANT COMPANIES TRADING IN THE EXCHANGE $144,26 $5,23 $127,69 $45,92 $7,60 $163,70 $276,38 $126,34 $144,26 $228,15
    • 11. Slide127 SWOT analysis Strengths Weaknesses Opportunities Threats •Location advantage •Wide product portfolio •Capacity to expand customer base •Strong online presence on different social networking sites •Effective social media management •Strong horizontal and vertical integration •The potential to meet the changing customer needs, tastes and preferences associated with having good market knowledge •Ability to select and present new and creative products as a result of changing customer tastes •A trend in e-commerce and social media marketing •State subsidy support •Some commercial activities cannot be integrated with others •Cash shortage or availability of insufficient current assets •Low expenditure on R&D studies •Delays in introducing new products to the market •High job stress in the environment due to a large stock market •Changing the regulatory framework and introducing new strict rules and regulations •Lack of skilled labor in the market •Problems in recruiting the right and equipped personnel •Worsening economic conditions •Inflation fluctuations •Globalization
    • 12. Slide172 Covid 19's impact on the NYSE NYSE had stopped working for about 2 months due to Covid 19. When it reopened, it reopened its trading base with about 25% capacity. The Dow Jones Industrial Average rose more than 500 points or just over 2%. The S&P index rose 1.2% with 500 points. While it was shut down, NYSE's listed companies came together to provide critical funds, resources and services. Companies selected for their activities in this direction: 8x8 Inc., Aaron`s, ABB, Bank of America, Banco Santander Brasil, Barrick Gold Corporation, BP, Delta Airlines, Honda, HP Enterprise, Johnson & Johnson and b. To see other contributing companies: https://www.nyse.com/nyse-community-response
    • 13. Slide116 NASDAQ (National Association of Securities Dealers Automated Quotations) Web sitesi: https://www.nasdaq.com
    • 14. Slide9 Location Founder CEO Market price Year of foundation The headquarters of the company is located in New York.. Adena Friedman (2017-) Gordon Macklin The company was established on February 4, 1971. $11.23 trillion (2020 march) İncome $4,2 billion (2018)
    • 15. Slide21 As it is an electronic exchange, NASDAQ does not offer trading space. The stock market is the market for investors themselves, so brokers buy and sell stocks from a market investor, not directly from each other. In addition to being a global electronic marketplace for stock trading, it is the benchmark index for US technology stocks. NASDAQ is a private exchange that does not have an official regulator and displays the trading prices of securities traded on the over-the- counter markets. It has the feature of being the first electronic exchange in the world. It trades stocks in a variety of companies, including capital goods, consumer durables, and non-durable goods, energy, finance, healthcare, utilities, and transportation, but is best known for its high-tech stocks.
    • 16. Slide12 NASDAQ Index The NASDAQ 100 is an index of the top 100 companies by market capitalization traded on the NASDAQ. These companies cover a range of industries, but the largest of these are often related to technology. NASDAQ Composite Index - measures the change in over 3,000 stocks traded on the NASDAQ. NASDAQ Composite is often referred to as "NASDAQ". Both NASDAQ Composite and NASDAQ 100 include US and non-US companies. It is quite different from other main indices in that it includes foreign companies. As with any exchange, NASDAQ uses an index to give a snapshot of market performance. NASDAQ presents NASDAQ Composite and NASDAQ 100 as primary index.
    • 17. Slide117 5-day change of NASDAQ 100 and NASDAQ Composite indices
    • 18. Slide119 IMPORTANT COMPANIES TRADING IN THE EXCHANGE $ 215,81 $ 116,97 $ 3286,65 $ 55,45 $ 3,286.65 $ 434,00 $ 1510,45 A $ 264,45 $ 197,27 $ 539,44 $ 90,01 NASDAQ 100
    • 19. Slide136 Strengths •Exceptional performance in new markets •High customer satisfaction •Strong distribution network •Strong free cash flow •Successful track record in developing new products •Strong brand portfolio Weaknesses •Limited success outside of core business •More investment in new technologies •Investment in R&D is below the fastest growing players in the industry. •The high wear rate in the workforce and the training and development of its employees must spend much more than its competitors. •It is not very successful in integrating companies with different business cultures. •New customers from online channel - This investment opened a new sales channel for Nasdaq. In the next few years, the company can take advantage of this opportunity by getting to know the customer better and meeting their needs using big data analytics. •New trends in consumer behavior may open a new market for the Nasdaq. •The new taxation policy could significantly affect the way business does business and open up new opportunities for established players like the Nasdaq to increase their profitability. Opportunities Threats •Since the company operates in many countries, it is exposed to exchange rate fluctuations. •New environmental regulations under the Paris agreement (2016) can be a threat to some existing product categories. •Stable profitability has increased the number of players in the industry over the past two years, putting downward pressure not only on profitability but also on overall sales. SWOT ANALYSİS
    • 20. Slide167 NASDAQ`s superior market model NASDAQ has more intraday liquidity than NYSE even for NYSE charts. NASDAQ has more competitive spread rates (Covid-19 pandemic data)
    • 21. Slide173 NASDAQ team's response to Covid-19 Crisis time unite us, we are stronger together! NASDAQ-listed companies such as NYSE also continued their charity activities. These are: Mattel, Tesla, Smile Direct Club, Crocs and b. Additionally, NASDAQ has suffered a sharp decline with the worldwide spread of the coronavirus, but now this is out of the question. The technology- heavy NASDAQ index rose with increases in share prices of companies such as Amazon, Microsoft and Netflix, which performed well during the Covid-19 lockdown.
    • 22. Slide163 NYSE vs NASDAQ : SWOT MATRİX Strengths - Opportunities 1. The geographic presence of NYSE and NASDAQ in different regions can help the organization enter the international market and target its geographically dispersed customer base. 2.Thanks to their strong online presence E-commerce trends max. 3. The well-developed IT infrastructure between them enables them to benefit from innovative technologies. Weaknesses - Opportunities 1. The opportunities offered by the market segments should be evaluated by attaching importance to R&D studies. 2. By using the creative thinking skills of the workforce, they can reduce work stress and increase employee morale to launch new, creative products. 3. They can improve their customer service on different social networking sites. Strengths - Threats 1. Access to suppliers that offer raw materials at lower cost can help address the threat posed by rising inflation. 2. The NASDAQ's competent and committed human capital versus the NYSE can overcome the problem of labor shortages in the market. 3. Workplace diversity can help an organization view globalization as an opportunity rather than a threat, due to high intercultural intelligence.. Weaknesses - Threats 1. Due to the increase in the number of indirect and direct competitors, an organization may increase its expenditure on R&D activities to cope with competitive pressure. 2. The organization can improve waste management practices and integrate them into business operations. 3. Pricing strategy can be reorganized to maximize value for money and overcome problems.
    • 23. Slide166 NASDAQ vs NYSE in stressful markets In the graph of the test result conducted in stressful markets, we see that the opening auction (Floor Open) and the closing auction (Floor Closed) price exit is lower in NASDAQ compared to NYSE, and we also see that close price volatility for NASDAQ lists is less compared to NYSE. The data also show that in the week the NYSE's base closed, trading was facilitated and prices for all stocks dropped, thanks to the difference in volatility at the close. Conclusion: The data show that the NASDAQ has increased its lead on NYSE electronic closures in these stressful markets by more than 3 basis points (bps) or 15%.
    • 24. Slide174 Covid-19 "test" of NASDAQ and NYSE indices While there are normal decreases and increases in the indices in January and February, when we look at March, we can see from the graph that there is an extraordinary decrease in the indexes. The main cause of the declines is the Covid-19 outbreak. Stock markets saw a significant drop on March 23 when more cases were reached.. 23 March
    • 25. Slide11 Your Text Here TOKYO STOCK EXCHANGE Web sitesi: https://www.jpx.co.jp
    • 26. Slide150 Tokyo Kabushiki Torihikijo exchange was established on May 15, 1878. In terms of total market value, it is the third largest stock exchange in the world and the largest in Asia. The owner of the exchange is the Japan Exchange Group company. As of June 2020, there were more than 3,700 listed companies with a total market capitalization of more than $ 5.6 trillion. In 1943, the exchange was merged with 10 other exchanges to form a single Japanese Stock Exchange. It was closed shortly after Nagasaki was bombed and reopened under the current Japanese name under the new Stock Exchange Act on May 16, 1949. Securities, derivatives and bonds are traded on the Tokyo Stock Exchange using electronic trading systems. Listing on the Tokyo Stock Exchange is determined by evaluating it to see if a company meets the stock market standards. Investors who want to be active in the stock market must pass the certification exams under the sponsorship of the employer and comply with ethical standards. As with other exchanges, the Tokyo Stock Exchange has a dress code and code of conduct for traders. You may also be fined for violating the policy.
    • 27. Slide170 Shares in the stock market is divided into 5 sections: qFirst Section: This is for large companies followed by TOPIX. qSecond section: Medium sized companies are listed here. qMothers: This section is for fast growing and developing ventures. qJasdaq Section: Companies using unique technologies are among those listed here. qTokyo Pro Market: This is aimed at professional investors and is characterized by a dedicated advisor or J-Adviser system.
    • 28. Slide168 Traded products Domestic stocks Futures and options •Listing TSE conducts rigorous review using certain numerical listing criteria that companies must meet. It should be checked whether the public interest and protection of investors can be properly achieved. Stocks of emerging companies are listed in another market called "Mothers". Listed securities are removed from the list if they lose the eligibility criteria for quotation. Foreign products •Base price: final price. Same with domestic stocks. •Types of trading: Normal trading, margin trading of foreign stocks. •Commissions: Same as domestic stocks. It also depends on the rates set by the securities company. A 5% consumption tax is applied to commissions. •Futures transactions The derivatives listed on Tdex (TSE's Derivatives Market) offer investors a variety of effective hedging tools and a variety of opportunities for investment. It includes domestic and foreign investors. Tdex products: Topix Futures, mini-Topix Futures, Topix Banks index ... • Options Topix options: Provides a way to manage risk to reduce systematic risk (price change from global events) Portfolio managers can adjust their portfolios without having a big impact on the underlying stock market. It provides new investment tools such as arbitrage trading. Individual options: TSE offers its business to meet the diverse needs of market users and to provide a hedging target for individual primary assets.
    • 29. Slide169 Real estate investment fund (REIF) •They are public companies that allow Individual Investors to purchase shares in real estate portfolios that generate income from a variety of properties. •Securities commitments are traded on the TSE market throughout Japan, such as GYH stocks. •Investing in different properties and managing assets by diversifying them. •Dividends are derived from the rents of many properties that expect high returns. Exchange Traded Fund (ETF) •Monitoring indicators such as the TOPIX stock index are managed by the investment firm. •ETFS reduces investment risk because the underlying assets are widely diversified. •In addition to Japanese stocks, there are numerous ETFS, including those that track foreign stocks, REIFs, and commodity indices. •When investing in individual stocks, 10 thousand or even millions of Japanese yen are usually required, but with ETFS, the initial investment is possible with 1000 yen. •Administration costs of 0.1-1% are generally lower than those of investment trusts.
    • 30. Slide38 1 2 3 4 5 Ensuring that transactions can be carried out easily Auditing transactions Quotation of securities Monitoring and auditing of listed securities Monitoring and auditing of members who make transactions The main functions of the Tokyo Stock Exchange
    • 31. Slide152 TSE İndices The main indexes following the TSE are the Nikkei 225 company index selected by Nihon Keizai Shimbun (Japan's largest business newspaper), the TOPIX index based on the share prices of First Section companies, and the J30 index of major industrial companies owned by Japan. It has been calculated daily by the Nihon Keizai Shimbun (Nikkei) newspaper since 1950. It is a price-weighted index (unit) and its components are reviewed annually. Nikkei measures the performance of 225 large, publicly traded companies from a wide variety of industry sectors in Japan. Since January 2010, the index has been updated every 15 seconds during trading sessions. The TOPIX stock index includes all stocks traded on the Tokyo Stock Exchange I. Market and is calculated by weighting with the total market value. New TOPIX stock indices were created according to market value and liquidity criteria. Likewise, the stocks of companies traded on the Tokyo Stock Exchange I. market are also included in the calculation. Nikkei 225 TOPIX
    • 32. Slide130 Nikkei 225 and TOPIX indices (5-day change)
    • 33. Slide153 IMPORTANT COMPANIES TRADING ON THE EXCHANGE ¥ 7757,0 ¥ 7016,0 ¥ 2149,5 ¥ 376,6 ¥ 2498,5 ¥ 861,0 ¥ 14175,0 ¥ 6915,0 Currency: Japanese yuan 1$= 61,95¥
    • 34. Slide175 Covid-19 and Tokyo stock exchange “FACE TO FACE” In Japan, where the number of cases was high, the Nikkei index continued to “suffer” and fell 15.5 percent below early February levels. As we approach July, we see that the value of the index decreased further and became 5.2%.
    • 35. Slide182 Strengths •To be one of the 3 largest stock exchanges in the world •To be a global hub with international agreements •Agile and flexible market management with the adoption of the J-Adviser system •Continuous support from growing economies •Success in purchasing Weaknesses •System problems (the famous news spread recently: 1 day stock market inactivity with system crash) •Despite its size, it remains inefficient against US stock markets •Poor in technology Opportunities Threats •National institutional weakness •Decrease in population according to its geographical location •Ignoring some issues as they are busy attracting more investors to the stock market •On the other hand, the loss of confidence in the stock market due to efforts to attract investors SWOT ANALYSİS •Being an international live market •Continuous support from growing economies
    • 36. Slide132 SHANGHAİ STOCK EXCHANGE Web sitesi: https://www.english.sse.com.cn
    • 37. Slide140 Year of foundation 26 November 1990 LOCATİON CEO Huang Hongyuan China, Shangai Market price 5.01trillion ABD doları (2019, May) Endexes •SSE Composite •SSE 50 •SSE 180 •SSE 380 İNCOME 127.42 trillion yuan (2019)
    • 38. Slide22 The Shanghai Stock Exchange was established on November 26, 1990, and the first transaction took place on December 19 of the same year. Shanghai Stock Exchange thus became the first securities exchange of the PRC. The Stock Exchange is a non-profit organization and has over 550 local and 25 foreign brokerage houses as members. In addition to Type A stocks that Chinese investors can buy and sell, Type B stocks, which foreigners can invest in, are also traded on the ISE. Unlike the Hong Kong Stock Exchange, the Shanghai Stock Exchange is still not entirely open to foreign investors due to capital account controls enforced by mainland Chinese authorities. In 2019, the Shanghai Stock Exchange launched the STAR Market with only technology companies to rival the NASDAQ.
    • 40. Slide142 IMPORTANT COMPANIES TRADING IN THE EXCHANGE 4,92 4,11 30,95 $ 3,286.65 3,20 19,41 4,6 (Cisen Pharmaceutical Co., Ltd.) Currency: Japan yuan(CNY) 1$=6.72 CNY (China Satellite Communications Co. Ltd.) (China National Nuclear Power Co., Ltd. ) 6,20 15,32 4,97 (China United Network Communications Group Co., Ltd.) (China Petroleum & Chemical Corporation veya Sinopec Ltd.) 3,92 4,73
    • 41. Slide143 Strengths •Large market depending on population size •The «catch-up» effect (The catch-up effect is the theory that poorer economies tend to grow faster than richer economies. In other words, poor economies will literally "catch up" to stronger economies (also called the convergence theory). •Educated investors Weaknesses • Immaturity of the legal system •Strict foreign exchange rules • Long-term lockout times due to QFII- (QFII- is a program that allows licensed international investors to participate in mainland China's stock exchanges. The lockout period is a period of time in which investors are not allowed to buy back or sell shares of a particular investment.) Opportunities Threats •Not fully open to foreign investors •The QFII restriction is useful for other exchanges. • Foreign companies investing in Hong Kong instead of Shanghai Stock Exchange SWOT ANALYSİS • A large population in China (1.4 billion) •Great development potential • It is one of the most efficient infrastructures among stock exchanges in Asia and continues to evolve.
    • 42. Slide177 Effects of the pandemic on Shanghai indexes Asian markets have been the earliest reacting to Covid-19. Concerns about the coronavirus pandemic overshadowed hopes that major resuscitation plans would mitigate the impact of the outbreak, while sudden declines in stocks rebounded on Asian stock markets. During the pandemic period, the SSE Composite reached a decline of about 8%, its biggest daily decline in over 4 years.
    • 43. Slide155 HONG KONG STOCK EXCHANGE Web sitesi: https://www.hkex.com.hk
    • 44. Slide157 The first organized marketplace was established in 1891 as the Hong Kong Securities Professionals Association. In 1914, this association changed its name to Hong Kong Stock Exchange. The owner of the Exchange is the Hong Kong Stock Exchanges and Clearing Company. As of 2018, its total market capitalization is 29.9 trillion Hong Kong. And it has 2315 listed companies. It is known as the fastest growing stock market in Asia. The Hong Kong Stock Exchange is operated as a non-profit corporation against its shareholders. This exchange is a relatively new international market compared to its more established and larger counterparts such as NYSE and NASDAQ. But it is not devoid of the potential to have abnormal, high-risk and high-income assets. In June 2012, HKEX announced its cash offer to purchase the London Metal Exchange, the world's leading metal exchange since its foundation (1877), for 1388 billion pound sterling. The acquisition took place in December 2012. HKEX also owns the majority of the Gianhai Commodity Exchange, a commodity trading platform that has not yet been launched in the People's Republic of China. The Gianhai Authority gave the green light for HKEX-e to establish its commodity platform in the exclusive economic zone, but official pressures on the spot trading platform in the People's Republic of China caused the delay.
    • 45. Slide158 Hang Seng and Hang Seng China Enterprises indices (5-day change)
    • 46. Slide159 IMPORTANT COMPANIES TRADING ON THE EXCHANGE HK$ 5,40 HK$ 573,50 HK$ 30,00 HK$ 297,60 HK$ 23,50 HK$ 81,35 Currency Hong Kong dollar 1$= 7,75 HK$ HK$ 18,92 HK$ 83,05
    • 47. Slide160 HKEX-determined tasks To develop its leading position in Hong Kong and become a world-renowned organization. Adding value to our general dealers. Contributing to China's continued expansion and modernization, attractive capital markets for its businesses and investors interact with the rest of the world. Acting as a destination market for diversity to China and the rest of Asia and a major capital raising center. Interacting with our communities and promoting wider social responsibility; Strong career development for our employees; Continuous technological and financial innovation. To provide attractive long-term value to our shareholders.
    • 48. Slide102 The main functions in the operation of the Hong Kong Stock Exchange §Facilitating stock trading on a transparent platform; §Providing clearing and settlement; §Providing automated trading services; §Pre-arrangement for companies traded on the stock exchange; §Listing department.
    • 49. Slide178 Stock types traded on the Hong Kong stock exchange H shares: Refers to the shares of companies established in mainland China traded on the Hong Kong Stock Exchange. Many companies simultaneously buy and sell their shares on the Hong Kong market and two Chinese stock exchanges. A : Private shares that are purchased and traded on the Shanghai and Shenzhen stock exchanges. B: It is owned by foreigners who cannot purchase A shares due to restrictions by the Chinese government.
    • 50. Slide88 The power and opportunities of listing qWell established legal system; qCompliance with international accounting standards; qFree flow of capital within a robust regulatory framework; qTo be the first choice of companies in mainland China to be listed in the international market; qIt is the first choice for international investors to invest in mainland Chinese companies.
    • 51. Slide16 Shanghai-Hong Kong-Shenzhen stock link Stock Connect, a unique collaboration between the Hong Kong, Shanghai and Shenzhen Stock Exchanges, allows international and Mainland Chinese investors to buy and sell securities in each other's markets through the trading and bartering capabilities of home exchanges. Originally launched in November 2014, the program currently covers more than 2,000 eligible stocks in Shanghai, Shenzhen and Hong Kong.
    • 52. Slide180 Strengths •Flexible, educated, highly motivated workforce •Have close links with many Asian economies •Having a deep-rooted legal system •Free transferability of securities •An excellent supporting infrastructure •Listing program Weaknesses •Market with limited places and a fixed number of local investors •Great dependence on mainland China and listing of mainland businesses •It is behind the Shanghai stock exchange in terms of average daily trading volume •Delays in stock market review Opportunities Threats •The rise of your rivals •Serious competition in the Chinese market •China's repressive influence on foreign and defense policies •Inadequacies in risk management SWOT ANALYSİS •Strong and attractive foundations for exporters to raise funds •Cooperation with the Chinese market •Being a regional financial center
    • 53. Slide171 Covid 19 effect on HKEx The outlook for their savings and investment had become a bigger concern for investors since the pandemic. Before the coronavirus epidemic, 19% of Hong Kong investors considered their investments at least weekly, while this rate jumped to 34% after Covid-19. Overall, 76% of Hong Kong investors now started calculating their portfolios at least monthly.
    • 54. Slide35 Thanks... Ayten AHMEDOVA Zakhra ALLAHVERDİ