Information:  - In finance, equity trading is the buying and selling of company stock shares. Shares in large publicly traded companies are bought and sold through one of the major stock exchanges, such as the New York Stock Exchange and the London Stock Exchange, which serve as managed auctions for stock trades. Stock shares in smaller public companies are bought and sold in over-the-counter (OTC) markets.  - Instinet is an institutional, agency-only broker that also serves as the independent equity trading arm of its parent, Nomura Group. It executes trades for asset management firms, hedge funds, insurance companies, mutual funds and pension funds. Headquartered in New York, the company provides sales trading services and trading technologies such as the Newport EMS, algorithms, trade cost analytics, commission management, independent research and dark pools of liquidity.  - The Nasdaq Stock Market is an American stock exchange. It is the second-largest exchange in the world by market capitalization, behind only the New York Stock Exchange. The exchange platform is owned by Nasdaq, Inc., which also owns the Nasdaq Nordic (formerly known as OMX) and Nasdaq Baltic stock market network and several other US stock and options exchanges.  - Investment Technology Group , Inc. is a United States - based multinational agency brokerage and financial markets technology firm aimed at a hedge fund and asset management clientele . One of the first suppliers of electronic trading services , ITG launched the industry 's second anonymous electronic trade matching system , POSIT , in 1987 ( Instinet Cross was launched in 1986 ) . ITG has since expanded its business to include tools for portfolio management , pre-trade analysis , order management , trade execution , and post-trade evaluation . ITG is headquartered in New York City and has offices in locations including Boston , Los Angeles , Toronto , Chicago , London , Dublin , Tel Aviv , Madrid , Sydney , Melbourne , Hong Kong and Singapore .  - Electronic trading, sometimes called etrading, is a method of trading securities (such as stocks, and bonds), foreign exchange or financial derivatives electronically. Information technology is used to bring together buyers and sellers through an electronic trading platform and network to create virtual market places. They can include various exchange-based systems, such as NASDAQ, NYSE Arca and Globex, as well as other types of trading platforms, such as electronic communication networks (ECNs), alternative trading systems, crossing networks and "dark pools". Electronic trading is rapidly replacing human trading in global securities markets. Electronic trading is in contrast to older floor trading and phone trading and has a number of advantages, but glitches and cancelled trades do still occur.    After reading the paragraphs above, we are interested in knowing the entity with which 'investment technology group' exhibits the relationship of 'stock exchange'. Find the answer from the choices below.  Choices: - nasdaq  - new york stock exchange
new york stock exchange

Ques: Information:  - A tax (from the Latin "taxo") is a financial charge or other levy imposed upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state to fund various public expenditures. A failure to pay, or evasion of or resistance to taxation, is usually punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labour equivalent. Most countries have a tax system in place to pay for public/common/agreed national needs and government functions: some levy a flat percentage rate of taxation on personal annual income, some on a scale based on annual income amounts, and some countries impose almost no taxation at all, or a very low tax rate for a certain area of taxation. Some countries also charge a tax on corporate income, dividends, or distributionsthis is often referred to as double taxation as the individual shareholder(s) receiving this payment from the company will also be levied some tax on that personal income.  - Double taxation is the levying of tax by two or more jurisdictions on the same declared income (in the case of income taxes), asset (in the case of capital taxes), or financial transaction (in the case of sales taxes). Double liability is mitigated in a number of ways, for example:  - A sales tax is a tax paid to a governing body for the sales of certain goods and services. Usually laws allow (or require) the seller to collect funds for the tax from the consumer at the point of purchase. When a tax on goods or services is paid to a governing body directly by a consumer, it is usually called a use tax. Often laws provide for the exemption of certain goods or services from sales and use tax.  - A use tax is a type of tax levied in the United States by numerous state governments. It is essentially the same as a sales tax but is applied not where a product or service was sold but where a merchant bought a product or service and then converted it for its own use, without having paid tax when it was initially purchased. Use taxes are functionally equivalent to sales taxes. They are typically levied upon the use, storage, enjoyment, or other consumption in the state of tangible personal property that has not been subjected to a sales tax.  - A consumption tax is a tax on spending on goods and services . The tax base of such a tax is the money spent on consumption . Consumption taxes are usually indirect , such as a sales tax or a value added tax . However , a consumption tax can also be structured as a form of direct , personal taxation , such as the Hall -- Rabushka flat tax .  - Latin (Latin: ) is a classical language belonging to the Italic branch of the Indo-European languages. The Latin alphabet is derived from the Etruscan and Greek alphabets.  - An indirect tax (such as sales tax, per unit tax, value added tax (VAT), or goods and services tax (GST)) is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the consumer). The intermediary later files a tax return and forwards the tax proceeds to government with the return. In this sense, the term indirect tax is contrasted with a direct tax, which is collected directly by government from the persons (legal or natural) on whom it is imposed. Some commentators have argued that "a direct tax is one that cannot be changed by the taxpayer to someone else, whereas an indirect tax can be."    After reading the paragraphs above, we are interested in knowing the entity with which 'consumption tax' exhibits the relationship of 'subclass of'. Find the answer from the choices below.  Choices: - branch  - capital  - charge  - failure  - financial transaction  - government  - indirect tax  - latin  - latin alphabet  - legal entity  - merchant  - money  - natural  - number  - payment  - person  - point  - product  - public  - rate  - retail  - sense  - service  - shareholder  - state  - tax  - term  - type  - value
Ans:
indirect tax