Perspectives on economics and finances with GFD

Government Benchmark Bond and Total Return Series Extended and Updated

Global Financial Data has updated a number of its long-term government bond series. These updates include both the 10-year Benchmark Bond files as well as the Total Return Series for Government Bonds. Data for several of these countries, such as Austria, Denmark, France, the Netherlands, Russia, Spain and Sweden now extend back to the 1700s. Other series have been extended further back into the 1800s and have improved their granularity. During the past few years, Global Financial Data has added extensively to its Fixed Income Securities Database which now includes over 6000 files. This database includes data for both corporate and government bonds from New York, London, Paris, Amsterdam and other exchanges. All of these exchanges were international in their coverage, listing bonds from countries throughout the world.
The data for many of these bonds was unavailable when these files were originally created. Using the extensive histories on individual securities the Fixed Income Security Database now includes, we have updated the data in the Benchmark Bond and Total Return Series. This not only allowed us to extend many of the series back in time, but also allowed us to improve the periodicity of the data, providing monthly data where only annual data were available before. This has also led to recalculation of the historical values for some of the Total Return Series. Global Financial Data continues to search for data sources that allow us to provide data to our customers that are unavailable anywhere else. Should you have any questions about these series, please feel free to contact your sales representative.

GFD Announces Data Partnership with Updata to Provide Superior Technical Analysis

Global Financial Data is pleased to announce its partnership with Updata to provide its long-term, historical data series through their software platform. Updata is the leader in providing tools that allow unparalleled technical analysis of data from other sources. Through Updata, GFD’s subscribers can use the multitude of tools that Updata offers to analyze, backtest and screen the extensive data series that GFD provides to its clients.
Updata gives end-users of Global Financial Data an array of tools to maximize use of the data. The integration is seamless and provides the following core possibilities:
  1. The widest range of high-end technical analysis techniques
  2. Quick and easy manipulation and visualization of data sets
  3. The ability to cross compare and analyze with data from over 20 other vendors
  4. Powerful back-testing capability – with over 800 pre-written indicators and studies
  5. Productivity tools for faster report writing and publishing
The GFDatabase includes data on over 100,000 series with data back to the 1200s covering total returns for asset allocation, commodities, economic data, equities, exchange rates, fixed income, government and debt, international trade and national income statistics. GFD also offers the most extensive equity databases for the United States and the United Kingdom available anywhere. The U.S. Stocks Database includes over 50,000 securities going back to 1789 covering all regional and national exchanges. The U.K. Stocks Database includes over 15,000 securities from the London Stock Exchange and extends back to 1692. “GFD is excited about partnering with Updata. The combination of the most extensive financial database available anywhere and Updata’s unique charting capabilities will give its users the ability to do analysis most traders could only dream about.” Bryan Taylor, CEO, Global Financial Data “Updata is very excited to bring out of the box analytics on top of Global Financial Data. It really does maximize the true value of this unique data set with the best analytical tools available. I have been running through the data myself in recent weeks and find more and more fascinating charts as I go. I wouldn’t want to be without GFD in my system now.” David Linton, CEO, Updata  


Global Financial Data was founded 20 years ago to provide the most complete, long-term financial and economic data series available anywhere. The GFDatabase is used by hundreds of money managers and by major universities throughout the world. Data from GFD has been used in over a thousand academic articles and books, including the research of Nobel Prize winners. The company’s headquarters is in San Juan Capistrano, California.

GFD Eliminates the Exchange Bias


Global Financial Data has eliminated the exchange bias.

Other stock databases limit themselves to providing data from the national exchanges, ignoring thousands of local companies that investors in the past would have considered when making their investments. Just as analysts and researchers want to avoid the survivorship bias of ignoring companies that have delisted, researchers and analysts should also avoid the exchange bias of ignoring the thousands of companies that listed on the regional, but not the national exchanges.
Global Financial Data has added extensive price data from regional stock exchanges to its U.S. Stocks Database. GFD now has the most extensive historical data on regional US Stock Exchanges available anywhere in the world. We have combined numerous sources to provide continuous monthly data from all the major historical regional stock exchanges in the United States up to 1972 when the NASDAQ came into existence. Data from the regional exchanges covers not only smaller, local companies that listed exclusively on a regional exchange, but also many companies that listed on a regional exchange as a first step before moving to the New York Stock Exchange or New York Curb/American Stock Exchange. Companies that listed on the regional exchanges included not only local manufacturing companies, but local banks, utilities, resource and transportation companies. Monthly price data are now available in the US Stocks Database for the following exchanges:
  • Baltimore –1803-1862, 1878-1949. In 1949, the Baltimore Stock Exchange merged into the Philadelphia Stock Exchange and ceased to exist.
  • Boston—1789-1972. Boston was one of the premier stock exchanges up until World War I. Many New England manufacturing companies listed exclusively on the Boston SE.
  • Chicago—1889-1949. Chicago provided listings for many local companies which went on to list on the New York Stock Exchange and New York Curb and was one of the largest exchanges in the US before World War II. The Chicago SE merged with several other stock exchanges in 1949 to form the Midwest Stock Exchange.
  • Cincinnati—1912-1941. This was one of the smaller, regional exchanges.
  • Cleveland—1912-1949. The Cleveland Stock Exchange merged into the Midwest Stock Exchange in 1949.
  • Detroit—1926-1972. Many companies related to the auto industry listed on the Detroit SE.
  • Los Angeles—1924-1956. Many local oil and mining companies listed on the Los Angeles SE. It merged into the Pacific Stock Exchange in 1956.
  • Midwest Stock Exchange—1949-1972. This was the successor to the Chicago, Cleveland, New Orleans and St. Louis Stock Exchanges.
  • New Orleans Stock Exchange—1810-1858, 1912-1931. This was a small, regional exchange that merged into the Midwest Stock Exchange in 1949.
  • Pacific Stock Exchange—1956-1972. This was the successor to the Los Angeles and San Francisco Stock Exchanges. The exchange was acquired by Archipelago in 2005.
  • Philadelphia Stock Exchange—1786-1850, 1878-1972. In the early 1800s, the Philadelphia SE was larger than the New York SE. Along with the New York and Boston SE, it remained one of the premier exchanges in the United States throughout the 1800s. It absorbed the Baltimore SE in 1949, the Washington SE in 1954 and the Pittsburgh SE in 1970.
  • Pittsburgh Stock Exchange—1908-1970. A small regional exchange with many companies in the steel industry. It merged into the Philadelphia SE in 1970.
  • San Francisco Stock Exchange—1905-1956. The San Francisco SE provided data on many local utility, oil and mining companies, and merged into the Pacific SE in 1956.
  • St. Louis Stock Exchange—1912-1941. The St. Louis SE listed a number of apparel companies and merged into the Midwest SE in 1949.
  • Washington Stock Exchange—1900-1931. This is a smaller regional exchange which merged into the Philadelphia SE in 1954.
If you would like more information on the United States Stock Database, please feel free to contact one of our sales representatives.

The Confederate Cotton Zombie Bonds

  Confederate bonds are now prized by collectors of Confederate memorabilia. Since the bonds were never redeemed, thousands of these remnants of the South still exist for anyone to own. One of the more interesting bonds produced by the Confederacy were the Erlanger bonds which were issued in London in an attempt to raise much needed foreign currency for the Confederacy. These bonds were authorized by an Act of the Confederacy on January 29, 1863, and were the only bonds issued in foreign markets by the Confederacy. One of the more interesting aspects of these bonds is that they were Cotton Loan Bonds, backed by and redeemable in bales of cotton. The reason for issuing Cotton Loan Bonds was that anyone who bought Confederate bonds faced the risk of default if the Confederacy lost the war. Even if the Confederate States were to survive the war, the Confederacy lacked the gold reserves requisite to back the bonds. However, the South had plenty of cotton, a commodity that was essential to the mills in England and the rest of Europe. The Cotton Loan Bonds which were backed by bales of Confederate “white gold” at a price that would provide a profit to potential buyers if the bonds were paid off in kind rather than in cash. The £100 bonds (about $485 in gold before the war) were redeemable for 8 bales (4000 pounds) of cotton. Additional bonds were issued at £250, £500 and £1000. The bonds paid 7% interest and were redeemable in 20 years. The Erlanger bonds traded on both the London and the Amsterdam Stock Exchanges. The performance of the bonds reflected traders’ faith in the Confederacy. Declines in the value of the bonds occurred as the war turned against the Confederacy, and it became more evident that the Confederacy would lose the war and be unable to redeem the bonds. A similar indicator of faith in the Confederacy is reflected in the gold premium for the Confederate Dollar. At the beginning of the war, one paper Confederate Dollar was redeemable for one dollar in gold, but as the war progressed, the premium on gold rose. As you can see in the graph below, the Confederate Dollar depreciated consistently against gold during the war. Initially, this decline was due to inflation in the Confederacy since it was funding the war primarily through paper money and through issuing bonds. Toward the end of the war, the risk of default drove the rise in the gold premium. The conversion rate for “bluebacks” as the Confederate currency was known, rose from 1.2 Confederate Dollars to a Gold Dollar at the beginning of 1862 to 3.25 at the beginning of 1863, 20 at the beginning of 1864, and 60 at the beginning of 1865. By April 1, 1865, just a week before the peace treaty was signed at Appomattox, the rate was at 70. After the South surrendered, the rate quickly collapsed, hitting 1500 by May 1, 1865. This can be seen in the graph below.
Changes in the price of the Erlanger bonds also reflected the declining fortunes of the Confederacy. Surprisingly, the Erlanger bonds continued to trade on the London Stock Exchange for years after the war was over out of hope that the Federal Government would redeem the bonds either in full or in part, or at least provide the cotton that had been promised by the Cotton Loan. The United States Federal Government was adamant that it would not redeem any Confederate Bonds, State Bonds, Confederate Currency or State Currency that had been issued during the war. The Fourteenth Amendment to the Constitution was passed on July 9, 1868 and Section 4 of the Fourteenth Amendment explicitly stated that “Neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.”  

Confederate Bonds became Zombie Bonds. Though officially dead, speculators continued to keep them alive. Since British and French courts felt that the United States government was responsible for Confederate liabilities, despite the Fourteenth Amendment, speculators in London continued to buy the 7% Erlanger Cotton Bonds. As the graph below illustrates, the price of the bonds collapsed in 1865, and fluctuated between £3 and £8 pounds from 1865 until 1871 when the bonds stopped trading on the London Stock Exchange. Thereafter, the bonds were usually quoted around £1, except between 1879 and 1884.  

Two hoards of Erlanger Cotton bonds remained in London after the war. Between 1879 and 1884, some bond holders felt that a new effort to wrest money from the Federal Government might succeed. Speculators began buying the bonds at 2% of their value, causing bonds to flow into London from the former Confederate states. When these bonds dried up, Dutch counterfeits were produced to meet the demand. A committee was formed to make the case for the bondholders, but to no avail. By 1885, the efforts had come to nothing, and most of the bonds were returned to their owners. Some bonds remained unclaimed and these bonds settled in the vault of Coutts Bank. This hoard was sold in 1987 for over £350,000. The zombies had finally come back to life a century later. Another hoard of bonds lay in the vaults of Erlanger Bank. This included about one-third of the bonds that had originally been issued, but not sold. In addition to this, in 1863, the Erlanger Bank had bought up some of the bonds in an effort to support their price. The bonds remained in the bank’s vault for the next 100 years, surviving even the Nazi bombing of London during World War II. In 1966, Douglas Ball, one of the experts on Confederate bonds, visited Mr. Leo Erlanger concerning the bonds in the bank’s vault. The bank had been sold in 1964, and Erlanger was winding down the bank’s operations. Douglas Ball, who was researching confederate bonds in preparation for his dissertation, wanted to know how many of the bonds were left. When Mr. Erlanger said they still had the bonds, Douglas Ball let him know that he could probably make Erlanger over $100,000 by slowly releasing the bonds onto the collector’s market.

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Our comprehensive financial databases span global markets offering data never compiled into an electronic format. We create and generate our own proprietary data series while we continue to investigate new sources and extend existing series whenever possible. GFD supports full data transparency to enable our users to verify financial data points, tracing them back to the original source documents. GFD is the original supplier of complete historical data.