GBX Currency -- Pence Sterling
Pence sterling is a subdivision of Pound sterling, the currency for the United Kingdom. Stocks are often traded in pence rather than pounds and stock exchages often use GBX to indicate that this is the case for the give stock rather than use the ISO 4217 currency symbol GBP for pounds sterling.
ISO 4217 is the international standard describing three letter codes (also known as the gbx currency code) to define the names of currencies established by the International Organization for Standardization (ISO). The ISO 4217 code list is the established norm in banking and business all over the world for defining different currencies, and in many countries the codes for the more common currencies are so well known publicly, that exchange rates published in newspapers or posted in banks use only these to define the different currencies, instead of translated currency names or ambiguous currency symbols.
The first two letters of the GBX Currency code are the two letters of ISO 3166-1 alpha-2 country codes (which are similar to those used for national top-level domains on the Internet) and the third is usually the initial of the currency itself. So Japan's currency code becomes JPY—JP for Japan and Y for yen. This eliminates the problem caused by the names dollar, franc and pound being used in dozens of different countries, each having significantly differing values. Also, if a currency is revalued, the currency code's last letter is changed to distinguish it from the old currency. In some cases, the third letter is the initial for "new" in that country's language, to distinguish it from an older currency that was revalued; the code often long outlasts the usage of the term "new" itself. Examples of this include the Mexican peso (MXN) and the Turkish lira (TRY) and GBX currency. Other changes can be seen, however; the Russian ruble, for example, changed from RUR to RUB, where the B comes from the third letter in the word "ruble".
GBX = Pence Sterling £ GBX Currency®
The United Kingdom of Great Britain (GB) and Northern Ireland (usually shortened to the United Kingdom, the UK or Britain) is a country and sovereign state occupying Great Britain and the northeast of Ireland off the northwest coast of mainland Europe. Its territory and population are primarily situated on the island of Great Britain, but it also shares a land border with the Republic of Ireland on the island of Ireland. The United Kingdom is otherwise surrounded by the Atlantic Ocean and its ancillary bodies of water- the North Sea, the English Channel, the Celtic Sea, and the Irish Sea.
The United Kingdom is a political union made up of four constituent countries: England, Scotland, and Wales on the island of Great Britain, and Northern Ireland. The United Kingdom also has several overseas territories, including Gibraltar and the Falkland Islands. The Crown has a relationship with the dependencies of the Isle of Man and the Channel Islands; they are part of the British Islands but not part of the United Kingdom. A constitutional monarchy, the United Kingdom has close relationships with fifteen other Commonwealth Realms that share the same monarch — Queen Elizabeth II — as head of state.
A member of the G8, the United Kingdom is a highly developed country with the fifth-largest gross domestic product in the world. It is the third most populous state in the European Union and is a founding member of the North Atlantic Treaty Organization (NATO) and the United Nations (UN) where it holds a permanent seat on the Security Council. The UK is also one of the world's major nuclear powers. Having previously been the hub of the world's most geographically extensive empire it retains an important and influential role in international politics, helped by the dominance of the English language in global affairs.