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But because of the time taken for trading signals to be sent down the wire, those orders arrive at different stock exchanges at separate times.
When a company's stock trades below $1 per share for an extended period, the major stock exchanges, at their discretion can force those shares to be traded elsewhere.
Judge Diefenthaeler acquitted Eduardo da Rocha Azevedo and Sergio Barcellos, presidents of the Sao Paulo and Rio de Janeiro stock exchanges at the time of the scandal.
In 1992 the stock exchanges at Cairo (1903) and Alexandria (1881), which had been closed since the early 1960s, were reopened, and in 1997 they were fully merged as the Cairo and Alexandria Stock Exchange.
"Deal-making is important, but it takes a back seat to stopping the bleeding," said Benn Steil, an expert on stock exchanges at the Council on Foreign Relations, a research organization.
The shares, which were not traded on any major American stock exchanges at the time, were valued by Mr. Dodson at 37.5 cents apiece but were worth as little as one cent each, the S.E.C. said.
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The firm was valued on the Hong Kong stock exchange at HK$400m.
The company's stock closed Thursday on the American Stock Exchange at $148.50 ,down 50 cents.
Would it be aimed at the American Stock Exchange at 86 Trinity Place?
Two years later, Yukos was listed on Moscow's stock exchange at a value of $7 billion.
Nedbank is valued on the Johannesburg stock exchange at R70.8bn (£6.2bn), making a 70% stake worth about £4.3bn.
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