In the history of the Indonesian capital market, shares and bonds trading began since the early 19th century. On 14 December 1912, Amserdamse Effectenbueurs established a stock exchange branch in Batavia. In Asia, the exchange was the fourth established after those in Bombay, Hong Kong, and Tokyo. The stocks traded were shares and bonds of Netherlands firms and/or plantations in Indonesia, bonds issued by the government (provinces and municipalities), securities certificates of American companies issued by the administrative offices in Netherlands, and bonds of other firms from the Netherlands.