Massive Delisting on the Prague Stock Exchange
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Financial Statements of the Budapest Stock Exchange for the Year 2016 Table of Contents
FINANCIAL STATEMENTS OF THE BUDAPEST STOCK EXCHANGE FOR THE YEAR 2016 TABLE OF CONTENTS BALANCE SHEET 3 INCOME STATEMENT 5 NOTES TO THE 2016 FINANCIAL STATEMENTS 6 BUSINESS REPORT 33 Statistical Code 12853812-6611-114-01 Company’s Reg. Num. 01-10-044764 BALANCE SHEET Budapest, 18 April, 2017 Richárd Végh Ildikó Auguszt Chairman-CEO Financial Director 3 | Financial statements of the Budapest Stock Exchange for the year 2016 Statistical Code 12853812-6611-114-01 Company’s Reg. Num. 01-10-044764 Budapest, 18 April, 2017 Richárd Végh Ildikó Auguszt Chairman-CEO Financial Director 4 | Financial statements of the Budapest Stock Exchange for the year 2016 Statistical Code 12853812-6611-114-01 Company’s Reg. Num. 01-10-044764 INCOME STATEMENT Budapest, 18 April, 2017 Richárd Végh Ildikó Auguszt Chairman-CEO Financial Director 5 | Financial statements of the Budapest Stock Exchange for the year 2016 NOTES TO THE 2016 ANNUAL REPORT GENERAL COMPANY INFORMATION Name of Company: Budapesti Értéktőzsde Zártkörűen Működő Részvénytársaság Address of Company: H-1054 Budapest, Szabadság tér 7. Company’s Registration No.: Cg. 01-10-044764 Data of persons authorised to Richárd Végh, Chairman-CEO sign the report on behalf of the Address: H-2010 Budaörs, Kálvária utca 7. Company: Ildikó Auguszt, Financial Director Address: H-1138 Budapest, Róbert Károly krt. 18/C The person charged with the management of bookkeeping tasks and the preparation of the annual report: Ildikó Auguszt (address: H-1138 Budapest, Róbert Károly krt. 18/C, registration No. 120433). Statutory audit is obligatory for the Company. Data of the Auditor KPMG Hungary, Audit, Tax and Advisory Services Limited Liability Company HU-1134 Budapest, Váci út 31. -
Initial Public Offerings
November 2017 Initial Public Offerings An Issuer’s Guide (US Edition) Contents INTRODUCTION 1 What Are the Potential Benefits of Conducting an IPO? 1 What Are the Potential Costs and Other Potential Downsides of Conducting an IPO? 1 Is Your Company Ready for an IPO? 2 GETTING READY 3 Are Changes Needed in the Company’s Capital Structure or Relationships with Its Key Stockholders or Other Related Parties? 3 What Is the Right Corporate Governance Structure for the Company Post-IPO? 5 Are the Company’s Existing Financial Statements Suitable? 6 Are the Company’s Pre-IPO Equity Awards Problematic? 6 How Should Investor Relations Be Handled? 7 Which Securities Exchange to List On? 8 OFFER STRUCTURE 9 Offer Size 9 Primary vs. Secondary Shares 9 Allocation—Institutional vs. Retail 9 KEY DOCUMENTS 11 Registration Statement 11 Form 8-A – Exchange Act Registration Statement 19 Underwriting Agreement 20 Lock-Up Agreements 21 Legal Opinions and Negative Assurance Letters 22 Comfort Letters 22 Engagement Letter with the Underwriters 23 KEY PARTIES 24 Issuer 24 Selling Stockholders 24 Management of the Issuer 24 Auditors 24 Underwriters 24 Legal Advisers 25 Other Parties 25 i Initial Public Offerings THE IPO PROCESS 26 Organizational or “Kick-Off” Meeting 26 The Due Diligence Review 26 Drafting Responsibility and Drafting Sessions 27 Filing with the SEC, FINRA, a Securities Exchange and the State Securities Commissions 27 SEC Review 29 Book-Building and Roadshow 30 Price Determination 30 Allocation and Settlement or Closing 31 Publicity Considerations -
Secondary Market Trading Infrastructure of Government Securities
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Balogh, Csaba; Kóczán, Gergely Working Paper Secondary market trading infrastructure of government securities MNB Occasional Papers, No. 74 Provided in Cooperation with: Magyar Nemzeti Bank, The Central Bank of Hungary, Budapest Suggested Citation: Balogh, Csaba; Kóczán, Gergely (2009) : Secondary market trading infrastructure of government securities, MNB Occasional Papers, No. 74, Magyar Nemzeti Bank, Budapest This Version is available at: http://hdl.handle.net/10419/83554 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu MNB Occasional Papers 74. 2009 CSABA BALOGH–GERGELY KÓCZÁN Secondary market trading infrastructure of government securities Secondary market trading infrastructure of government securities June 2009 The views expressed here are those of the authors and do not necessarily reflect the official view of the central bank of Hungary (Magyar Nemzeti Bank). -
ORCO Germany – 2013
___________________________________________________________________________ ORCO Germany – 2013 Annual Unaudited Management Report As of 31 December 2013 1 Annual unaudited Management Report 2013 - ORCO Germany ___________________________________________________________________________ 1. Group overview 3 1.1. Business and Group structure 3 1.1.1. Description of business model 3 1.1.2. Group structure 3 1.1.3. Group strategy 3 1.2. Business segments 4 2. Economic and Market environment 4 3. Group earnings performance 5 3.1. Key figures 5 3.2. Overview of major events 7 3.3. Revenue 8 3.3.1. Property Investments Segment 9 3.3.2. Development Segment 9 3.4. Other operating income 9 3.5. Net result from Fair value adjustments on Investment properties 9 3.6. Salaries and employee benefits 10 3.7. Amortisation, impairments and provisions 10 3.8. Net gain/loss on disposal of assets 10 3.9. Other operating expenses 10 4.0. Operating result 11 4.1. Adjusted EBITDA 11 4.2. Financial result 11 4.3. Income Taxes 12 4.4. Net result 12 4.5. Outlook 12 5. Group financial position 13 5.1. Net asset value 13 5.2. Assets and resources 13 5.3. Equity and debt 13 5.4. LTV 14 6. Other reporting requirements 14 6.1. Subsequent closing events 14 6.2 Financial Risks Exposure 14 6.3. Corporate Governance 14 6.4. Directors’ compensation 17 6.5. Other information 17 2 Annual unaudited Management Report 2013 - ORCO Germany ___________________________________________________________________________ 1. Group overview 1.1. Business and Group structure 1.1.1. Description of business model ORCO Germany S.A. -
Zsolt Katona Is the New CEO of the Budapest Stock Exchange
Zsolt Katona is the new CEO of the Budapest Stock Exchange Budapest, 10 May 2012 The Board of Directors of the Budapest Stock Exchange appointed Zsolt Katona to be the new Chief Executive Officer of the Budapest Stock Exchange from 15 May 2012. He is a professional with over two decades of executive experience in the financial and the stock exchange fields. He started his career over 20 years ago at one of the founding broker firms of the then reawakening BSE and has been connected to the Stock Exchange by many links ever since. He has been directing the investment services unit of the ING Group in different positions in the past 17 years while also filling several positions related to the Hungarian stock exchange and the capital market in the meantime. He was a member of the Supervisory Board of the BSE between 2002 and 2011, including a 3-year period when he was the Chairman of the BSE Supervisory Board, and he was also a member of the Supervisory Board of the Central Clearing House and Depository (KELER) between 2003 and 2004. In the last one and a half years, he has been participating in the work of the Consultation Body of the BSE, the task of which was to co-ordinate and harmonise interests in relation to the projected replacement of the trading system of the BSE. In connection with his appointment, Zsolt Katona said: “I made my first stock exchange deals in the “good old days”, at the beginning of the 90's, at the open-outcry trading floor in Váci Street, so my ties to the BSE do really go back a long way. -
Secondary Market Trading and the Cost of New Debt Issuance
Secondary Market Trading and the Cost of New Debt Issuance Ryan L. Davis, David A. Maslar, and Brian S. Roseman* November 29, 2016 ABSTRACT We show that secondary market activity impacts the cost of issuing new debt in the primary market. Specifically, firms with existing illiquid debt have higher costs when issuing new debt. We also find that with the improvement in the price discovery process brought about by introduction of TRACE reporting, firms that became TRACE listed subsequently had a lower cost of debt. The results indicate that the secondary market functions of liquidity and price discovery are important to the primary market. The results offer important implications for regulators and managers who are in a position to impact secondary market liquidity and price discovery. The results are also important for understanding the connection between the secondary market and the real economy. *Ryan L. Davis is at The Collat School of Business, University of Alabama at Birmingham; David A. Maslar is at The Haslam College of Business, University of Tennessee; Brian S. Roseman is at The Mihaylo College of Business and Economics, California State University, Fullerton. Understanding how financial market activity impacts the real economy is one of the most important topics studied by financial economists. Since firms only raise capital in the primary market it is easy to conclude that trading in the secondary market does not directly affect firm activity. This potential disconnect leads some to view secondary markets as merely a sideshow to the real economy, an idea that has been debated in the academic literature since at least Bosworth (1975). -
Secondary Mortgage Market
8-6 Legal Considerations - Real Estate Contracts - Financing Basic Appraisal Principles Other Sources of Funds Pension Funds and Insurance Companies Pension funds and insurance companies have recently had such growth that they have been looking for new outlets for their investments. They manage huge sums of money, and traditionally have invested in ultra-conservative instruments, such as government bonds. However, the booming economy of the 1990s, and corresponding budget surpluses for the federal government, left a shortage of treasury securities for these companies to buy. They had to find other secure investments, such as mortgages, to invest their assets. The higher yields available with Mortgage Backed Securities were also a plus. The typical mortgage- backed security will carry an interest rate of 1.00% or more above a government security. Pension funds and insurance companies will also provide direct funding for larger commercial and development loans, but will rarely loan for individual home mortgages. Pension funds are regulated by the Employee Retirement Income Security Act (1974). Secondary Mortgage Market The secondary mortgage market buys and sells mortgages created in the primary mortgage market (the link to Wall Street). A valid mortgage is always assignable by the mortgagee, allowing assignment or sale of the rights in the mortgage to another. The mortgage company can sell the loan, the servicing, or both. If just the loan is sold without the servicing, the original lender will continue to collect payments, and the borrower will never know the loan was sold. If the lender sells the servicing, the company collecting the payments will change, but the terms of the loan will stay the same. -
Initial Public Offering Allocations, Price Support, and Secondary Investors
Working Paper No. 2/2011 Initial Public Offering Allocations, January 2011 Price Support, and Secondary Revised March 2015 Investors Sturla Lyngnes Fjesme © Sturla Lyngnes Fjesme 2015. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission, provided that full credit, including © notice, is given to the source. This paper can be downloaded without charge from the CCGR website http://www.bi.edu/ccgr INITIAL PUBLIC OFFERING ALLOCATIONS, PRICE SUPPORT, AND SECONDARY INVESTORS Sturla Lyngnes Fjesme* The University of Melbourne, 198 Berkeley Street, Melbourne, 3010, Victoria, Australia, Telephone: +61-3-9035-6354, Fax: +61-3-8344-6914, Email: [email protected] March 2015 Forthcoming, Journal of Financial and Quantitative Analysis Abstract Tying Initial Public Offering (IPO) allocations to after-listing purchases of other IPO shares, as a form of price support, has generated much theoretical interest and media attention. Price support is price manipulation and can reduce secondary investor return. Obtaining data to investigate price support has in the past proven to be difficult. We document that price support is harming secondary investor return using new data from the Oslo Stock Exchange. We also show that investors who engage in price support are allocated more future oversubscribed allocations while harmed secondary investors significantly reduce their future participation in the secondary market. JEL classification: G24; G28 Keywords: IPO allocations; Laddering; Price -
The Use of Efficient Market Hypothesis: Beyond SOX
Michigan Law Review Volume 105 Issue 8 2007 The Use of Efficient Market Hypothesis: Beyond SOX Dana M. Muir University of Michigan Cindy A. Schipani University of Michigan Follow this and additional works at: https://repository.law.umich.edu/mlr Part of the Business Organizations Law Commons, Law and Economics Commons, and the Retirement Security Law Commons Recommended Citation Dana M. Muir & Cindy A. Schipani, The Use of Efficient Market Hypothesis: Beyond SOX, 105 MICH. L. REV. 1941 (2007). Available at: https://repository.law.umich.edu/mlr/vol105/iss8/10 This Article is brought to you for free and open access by the Michigan Law Review at University of Michigan Law School Scholarship Repository. It has been accepted for inclusion in Michigan Law Review by an authorized editor of University of Michigan Law School Scholarship Repository. For more information, please contact [email protected]. THE USE OF EFFICIENT MARKET HYPOTHESIS: BEYOND SOX Dana M. Muir* Cindy A. Schipani** This Article focuses on the regulatory use offinance theory, particularly the efficient market hypothesis ("EMH"), in two areas where securities pricing is at issue: shareholder appraisal cases and the use of employer stock in benefit plans. Regarding shareholderappraisal cases, the Article finds that the Delaware courts seem to implicitly respect the principles of EMH when ascertaining the fair value of stock, but recognize that markets cannot operate efficiently if information is withheld. Regarding employer stock in benefit plans, it concentrates on the explicit adoption of EMH by the Department of Labor to exempt directed trustees from traditional duties of inquiry regarding the prudence of investment directions. -
State of Play Analyses for Po River Basin, Italy
State of play analyses for Po River Basin, Italy Contents Socio-economic characterization of the region ............................................................... 2 General ...................................................................................................................................... 2 Hydrology .................................................................................................................................. 7 Regulatory and institutional framework .......................................................................... 8 Legal framework ........................................................................................................................ 8 Standards .................................................................................................................................. 9 Other institutional aspects ...................................................................................................... 10 Identification of key actors ............................................................................................. 10 Existing situation of wastewater treatment and agriculture ......................................... 15 Characterization of wastewater treatment sector: ................................................................ 15 Characterization of agricultural sector: .................................................................................. 15 Existing related initiatives .............................................................................................. -
Who Regulates Whom? an Overview of the US Financial Regulatory
Who Regulates Whom? An Overview of the U.S. Financial Regulatory Framework Updated March 10, 2020 Congressional Research Service https://crsreports.congress.gov R44918 Who Regulates Whom? An Overview of the U.S. Financial Regulatory Framework Summary The financial regulatory system has been described as fragmented, with multiple overlapping regulators and a dual state-federal regulatory system. The system evolved piecemeal, punctuated by major changes in response to various historical financial crises. The most recent financial crisis also resulted in changes to the regulatory system through the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 (Dodd-Frank Act; P.L. 111-203) and the Housing and Economic Recovery Act of 2008 (HERA; P.L. 110-289). To address the fragmented nature of the system, the Dodd-Frank Act created the Financial Stability Oversight Council (FSOC), a council of regulators and experts chaired by the Treasury Secretary. At the federal level, regulators can be clustered in the following areas: Depository regulators—Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and Federal Reserve for banks; and National Credit Union Administration (NCUA) for credit unions; Securities markets regulators—Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC); Government-sponsored enterprise (GSE) regulators—Federal Housing Finance Agency (FHFA), created by HERA, and Farm Credit Administration (FCA); and Consumer protection regulator—Consumer Financial Protection Bureau (CFPB), created by the Dodd-Frank Act. Other entities that play a role in financial regulation are interagency bodies, state regulators, and international regulatory fora. Notably, federal regulators generally play a secondary role in insurance markets. -
Failure Is an Option: Impediments to Short Selling and Options Prices
Failure is an Option: Impediments to Short Selling and Options Prices Richard B. Evans Christopher C. Geczy David K. Musto Adam V. Reed* This Version: May 25, 2006 Abstract Regulations allow market makers to short sell without borrowing stock, and the transactions of a major options market maker show that in most hard-to-borrow situations, it chooses not to borrow and instead fails to deliver stock to its buyers. Some of the value of failing passes through to option prices: when failing is cheaper than borrowing, the relation between borrowing costs and option prices is significantly weaker. The remaining value is profit to the market maker, and its ability to profit despite the usual competition between market makers appears to result from a cost advantage of larger market makers at failing. * Evans is from the Carroll School of Management at Boston College. Geczy and Musto are from The Wharton School at the University of Pennsylvania. Reed is from the Kenan-Flagler Business School at the University of North Carolina. We gratefully acknowledge important input from an anonymous referee, Michael Brandt, Greg Brown, Jennifer Conrad, George Constantinides, Patrick Dennis, Darrell Duffie, Bin Gao, Eitan Goldman, Jonathan Karpoff, Richard Rendleman and seminar participants at Notre Dame, USC, UT, Wharton and the Western Finance Association Meetings. We thank Wes Gray for excellent research assistance. The Frank Russell Company generously provided constitution lists for their Russell 3000 index. Corresponding Author: Adam Reed; Campus Box 3490, McColl Building; Chapel Hill, NC 27514. Phone: (919) 962-9785. E-mail: [email protected]. The market for short exposure in the United States clears differently from the market for long exposure.