DOCSLIB.ORG

Strategic Plan 2022 Investor

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Strategic Plan 2022 Investor EURONEXT INVESTOR ESG -TOOLBOX EURONEXT AT A GLANCE 7 local markets €679 million Optiq® €1.3 trillion France, Belgium, the State-of-the-art Total money raised on Netherlands, Ireland, Revenue in 2019 proprietary trading Euronext markets Portugal, Norway, UK platform over 2019 17 countries 58.8% Single-order book €7.8 billion Including technology Single gateway to the Average daily traded centres, sales office, EBITDA margin in largest liquidity pool volume on Euronext matching engines 2019 in Europe cash markets in 2019 +1,000 €5.6 billion Let’s grow together Best in class regulation 2022 compliance Employees across the Market capitalization world as of February 2020 Euronext new strategic Collegial supervision plan for 2019-2022 with a College of Regulators │ 2 EURONEXT’S DEVELOPMENT SINCE 2000 ▪ 2000 – Merger of Amsterdam, Brussels and Paris exchanges ▪ 2003 – Disposal of Clearnet ▪ 2001 – IPO ▪ 2007 – Merger with NYSE Group ▪ 2002 – Acquisition of Liffe, acquisition of Lisbon exchange ▪ 2013 – Acquisition by ICE 2019 03/2014 05/2016 ACQUISITION OF LAUNCH OF CARVE-OUT OSLO BØRS VPS CREATION OF “AGILITY FOR “NEW EURONEXT” GROWTH” RENEWAL OF IPO CLEARING LAUNCH OF 06/2014 AGREEMENT ACQUISITION OF “LET’S GROW AND 11.1% of DISPOSAL OF LIFFE THE IRISH STOCK TOGETHER LCH SA 03/2014 EXCHANGE 2022” 2017 2018 10/2019 │ 3 EURONEXT: AN OPERATING MODEL, HIGHLY SCALABLE Equity and debt issuers LISTING (large caps, SMEs) CASH & DERIVATIVES Brokers , traders and retail & TRADING institutional Investors1) Investors Banks (securities services), POST TRADE issuers Single Order Book ADVANCED DATA Index users, Data providers, SERVICES banks OPTIQ® Euronext proprietary trading platform for cash & TECHNOLOGY Exchanges, banks derivatives markets Brokers, traders & Harmonized rule book SPOT FX TRADING2) institutional Investors1) Issuers Utilities & energy POWER TRADING3) companies, traders Listed & non-listed issuers, CORPORATE SERVICES ▪ A unique gateway for investors to access our markets corporates ▪ State-of-the-art new trading platform Optiq® ▪ Enabling issuers to remain multi-listed more efficiently Broker dealers, institutional ▪ Transparent cross-border trading of securities on one single trading line INVESTOR SERVICES ▪ Ability to easily integrate and support local products and specificities Investors │ 1) Indirect users │ 4 │ 2) Spot FX trading on EuronextFX trading platform │ 3) Power trading on Nord Pool platform, consolidated from 15 January 2020 POWERING CAPITAL MARKETS TO FINANCE THE REAL ECONOMY ▪ Largest equity listing franchise in Europe: >€3.4 bn ▪ Issuers ranging from local SMEs to global large capitalisation, including family owned business Market ▪ Strong sectorial expertise including tech, oil & gas, luxury, automotive, fish and shipping industries Capitalisation ▪ Dedicated approach for each issuer profile, including post-listing advisory >42,000 ▪ Largest corporate debt listing venue globally listed bonds ▪ Extended debt listing offering with the acquisition of Euronext Dublin ▪ Local expertise attracting global clients 3.5x EU ▪ Leading European marketplace in agricultural products milling wheat ▪ Global and European benchmarks for Milling Wheat, Rapeseed and Corn production ▪ Developing value added products and services for producers, exporters, trading houses, refiners, processors and manufacturers traded ▪ Leading global exchange for price hedging of fish and seafood products Fish Pool >€180m ▪ Providing hedging tools allowing producers to invest in operational activities in a longer open position time perspective in salmon ▪ More than 200 registered trade members: fish farmers, exporters, VAP segment and financial investors │ 5 STRONG FINANCIAL PERFORMANCE SINCE ITS IPO Revenue (in €m, 3rd party revenue only) 734 679 532 60%+ 1.5x 519 496 458 EBITDA converted into net Net debt to EBITDA operating cash flow since as of Dec’19, based on 2014 2015 2016 2017 2018PF 2019 IPO proforma LTM EBITDA EBITDA (in €m, based on 3rd party revenue) 41.7% 54.7% 57.2% 55.9% 57.0% 57.0% 419 399 284 284 298 A- note, A- (outlook stable) 191 2014 2015 2016 2017 2018PF 2019 Inaugural bond Second bond Reported earnings and dividend per share €500 million, 7 years €500 million, 10 years 3.47 3.10 3.19 2.83 2.47 ▪ maturing on 18 April 2025 ▪ maturing on 12 June 2029 1.69 1.73 1.54 1.59 ▪ Coupon: 1%, ▪ Coupon: 1.125%, 1.24 1.42 0.84 Re-offer Yield: 1.047% Re-offer Yield: 1.219% ▪ Oversubscribed 4 times ▪ Oversubscribed 6 times 2014 2015 2016 2017 2018 2019 │ 2018 pro forma revenue and EBITDA rebased for the adoption of IFRS 16, including 2018 FY Commcise, Oslo Bors VPS and Euronext Dublin, with an average EUR/NOK at 9.5975 over 2018│ 6 │ 2019 revenue include 6.5 months of consolidation of Oslo Bors VPS │ 2019 dividend to be approved at May 2020 Annual General Meeting BUSINESS IS TODAY MORE DIVERSIFIED, MORE STABLE AND MORE INTERNATIONAL 2014 2019 Delta 2014-2019 Advanced Data Services Listing Advanced Data Services 20% 14% 19% Listing 19% 2) Technology Solutions & +6% share in Other Non-volume Custody & Non-volume 7% related revenue Settlement related revenue non-volume 7% 44% Technology 50% related Custody & Solutions & Settlement revenue Business Business lines Other Trading Trading 5% Clearing 6% Clearing 46% 8% 8% 41% Ireland United States Other Other Portugal 5% 3% 1% Portugal 1% Belgium 8% 5% 6% 3) Belgium 5% 17% share of Norway France New geographies 8% New geographies 49% revenue 0% 17% from new Geographies geographies France Netherlands Netherlands 58% 24% 27% │ 1) Non-volume related revenue includes Custody & Settlement, Advanced Data Services, Technology Solutions & Other and Listing excluding IPO revenue │ 2) Other includes Sweden, UK, Hong Kong │ 7 ‘LET’S GROW TOGETHER 2022’ EURONEXT STRATEGIC PLAN │ 8 LEVERAGING EURONEXT’S UNIQUE FEDERAL MODEL, CREATING A SUSTAINABLE COMPETITIVE ADVANTAGE Euronext regulated markets Euronext Tech SME initiative expansion ▪ Simplicity of access to European markets: single pool of liquidity, single best- Regulated markets in-class trading platform, single rule-book, single regulatory framework CSD Sales office Technology centre ▪ Proximity to local clients and best positioned to meet their needs ▪ Diversity of flows: global mega-flows meet local and retail flows from 7 countries Bergen Oslo Helsinki ▪ Strong links with local regulators and efficient dialogue and coordination Stockholm Tallinn with the College of Regulators ▪ Ability to attract single-country exchanges to join the federal model thanks Dublin Vilnius Amsterdam Berlin to decentralised model and strong integration track record London* Brussels ▪ Large investor customer base, especially in Europe, from generalists to Munich specialists, with a strong focus on ESG Paris Zurich Milan Porto ▪ 7 local markets, each with a group-wide responsibility Lisbon Madrid ▪ Attractive workplace with local and global career opportunities │ Euronext London is recognised as a Recognised Investment Exchange (RIE) by the Financial Conduct Authority (FCA) │ 9 BUILDING ON STRONG ASSETS TO DELIVER FUTURE GROWTH Cutting-edge proprietary technology platform Optiq® Premium level performance, increased stability and scalability Strong listing franchise with sectorial expertise, local #1 listing venue in Europe, #1 exchange for SMEs in footprint and leading global position Europe, #1 venue globally for debt and funds listings Home of the CAC 40, AEX-Index, BEL 20, PSI 20, ISEQ 20 Strong national and ESG indices and Low Carbon 100 Europe Governance, communication, compliance, advisory & Comprehensive suite of Corporate and Investors Services investors relation solutions Expertise in liquidity and yield management to remain the Largest liquidity pool as #1 cash trading venue in Europe reference market with the deepest liquidity pool Lean organisation and continuous efforts to improve Culture of efficiency assets utilisation €1+ billion capital deployed supported by long-term Agile capital deployment, flexibility financing │ 10 Our ambition Build the leading pan-European market infrastructure Our mission Connect local economies to global capital markets, to accelerate innovation and sustainable growth │ 11 LET’S GROW TOGETHER 2022: EURONEXT STRATEGIC PLAN TO FULFILL ITS AMBITION DIVERSIFY LOCAL AND ENHANCE CLIENT DELIVER OPERATIONAL GLOBAL INFRASTRUCTURES CONNECTIVITY EXCELLENCE EMPOWER PEOPLE TO ENABLE SUSTAINABLE EXECUTE VALUE-CREATIVE GROW, PERFORM AND FINANCE M&A PROGRAMME INNOVATE BUILD THE LEADING PAN-EUROPEAN MARKET INFRASTRUCTURE │ 12 INNOVATION IS AT THE HEART OF EURONEXT’S 2022 STRATEGY Empower all staff to innovate Leverage digitalisation for operational leveraging innovative methodologies innovation, enhanced client experience such as design thinking and sharing and deeper client relationships and know-how across the whole group, analytics including key learnings from recently acquired companies Deepen co-operation with clients, consistently with the Client Centricity Programme Accelerate business innovation, Further enrich Euronext’s core leveraging latest technologies technology capabilities: ▪ Tokenisation to capture alternative ▪ Continue building modular layers on financing opportunities top of Optiq® core central order book ▪ Bespoke trading models leveraging ▪ Further deployment of cloud new data approach ▪ Fully functional distributed ledger ▪ Artificial intelligence to address new technology stack data needs and opportunities │ 13 ACCELERATING THE TRANSITION TOWARDS SUSTAINABLE FINANCE “Euronext has a key position in the financial ecosystem.
Load more

Recommended publications
  • Content Requirements Checklist for Information Document
    CONTENT REQUIREMENTS CHECKLIST FOR INFORMATION DOCUMENT ADMISSION TO TRADING OF SHARES ON EURONEXT GROWTH OPERATED BY OSLO BØRS CONTENT REQUIREMENTS CHECKLIST FOR INFORMATION DOCUMENT No. Description of requirement Reference to section(s) in the information document 2.1 General information to be included in the Information Document1 The following disclaimer shall be put on the first page of the Information Document: “Euronext Growth is a market operated by Euronext. Companies on Euronext Growth, a multilateral trading facility (MTF), are not subject to the same rules as companies on a Regulated Market (a main market). Instead they are subject to a less extensive set of rules and regulations adjusted to small growth companies. The risk in investing in a company on Euronext Growth may therefore be higher than investing in a company on a Regulated Market. Investors should take this into account when making investment decisions.” The following statement shall be put on the first page of the Information Document: “The present Information Document does not constitute a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71. The present Information Document has been drawn up under the responsibility of the Issuer. It has been reviewed by the Euronext Growth Advisor and has been subject to an appropriate review of its completeness, consistency and comprehensibility by Euronext.” The following liability statement from the persons responsible 2for the Information Document shall be included in the Information Document: 1 Cf.
    [Show full text]
  • Execution Venues List
    Execution Venues List This list should be read in conjunction with the Best Execution policy for Credit Suisse AG (excluding branches and subsidiaries), Credit Suisse (Switzerland) Ltd, Credit Suisse (Luxembourg) S.A, Credit Suisse (Luxembourg) S.A. Zweigniederlassung Österreichand, Neue Aargauer Bank AG published at www.credit-suisse.com/MiFID and https://www.credit-suisse.com/lu/en/private-banking/best-execution.html The Execution Venues1) shown enable the in scope legal entities to obtain on a consistent basis the best possible result for the execution of client orders. Accordingly, where the in scope legal entities may place significant reliance on these Execution Venues. Equity Cash & Exchange Traded Funds Country/Liquidity Pool Execution Venue1) Name MIC Code2) Regulated Markets & 3rd party exchanges Europe Austria Wiener Börse – Official Market WBAH Austria Wiener Börse – Securities Exchange XVIE Austria Wiener Börse XWBO Austria Wiener Börse Dritter Markt WBDM Belgium Euronext Brussels XBRU Belgium Euronext Growth Brussels ALXB Czech Republic Prague Stock Exchange XPRA Cyprus Cyprus Stock Exchange XCYS Denmark NASDAQ Copenhagen XCSE Estonia NASDAQ Tallinn XTAL Finland NASDAQ Helsinki XHEL France EURONEXT Paris XPAR France EURONEXT Growth Paris ALXP Germany Börse Berlin XBER Germany Börse Berlin – Equiduct Trading XEQT Germany Deutsche Börse XFRA Germany Börse Frankfurt Warrants XSCO Germany Börse Hamburg XHAM Germany Börse Düsseldorf XDUS Germany Börse München XMUN Germany Börse Stuttgart XSTU Germany Hannover Stock Exchange XHAN
    [Show full text]
  • B3 Transfers Equities to Its Multi-Asset Clearing Platform
    Press release 29 August 2017 B3 transfers equities to its multi-asset clearing platform Cinnober’s real-time clearing solution now handles post trading process for both the equities and the derivatives markets in Brazil • BRL 21 billion of collateral returned to the market (approx. USD 6,4 billion) • Phase two completed of major Post-Trade Integration Project going from two clearinghouses to one for equities and derivatives • More efficient risk management by analyzing the risk on entire portfolios B3 (the Brazilian exchange and clearinghouse) successfully launched on Monday the equities, corporate bonds, and equities lending markets on its new multi-asset clearing platform. The clearing solution is delivered by Cinnober, built on its TRADExpress RealTime Clearing system. The migration of the equities clearinghouse was the target for phase two of B3’s Post-Trade Integration Project that will consolidate B3’s originally four clearinghouses into one integrated entity (managing equities, derivatives, government and corporate debt securities and FX). Derivatives and OTC products were the first to launch on the new platform in phase one. With the new integrated clearinghouse, B3 manages risk more efficiently. By analyzing the risk on entire portfolios, the clearinghouse can compensate if an investor has opposite positions in the same underlying asset across product groups and markets. When financial and commodity derivatives, along with OTC products, migrated to the new clearinghouse in phase one, the total systemic benefit in terms of margin release amounted to around BRL 20 billion. The estimated effect from Monday’s launch of phase two is BRL 21 billion of collateral that was returned to the market with complete preservation of the clearinghouse’s safety system.
    [Show full text]
  • Are Retail Investors Less Aggressive on Small Price Stocks?
    Are retail investors less aggressive on small price stocks? Carole M´etais∗ Tristan Rogery January 13, 2021 Abstract In this paper, we investigate whether number processing impacts the limit orders of retail investors. Building on existing literature in neuropsychology that shows that individuals do not process small numbers and large numbers in the same way, we study the influence of nominal stock price level on order aggressiveness. Using a unique database that allows us to identify order and trade records issued by retail investors on Euronext Paris, we show that retail investors, when posting non-marketable orders, are less aggressive on small price stocks than on large price stocks. This difference in order aggressiveness is not explained by differences in liquidity and other usual drivers of order aggressiveness. We provide additional evidence by showing that no such difference exists for limit orders of high frequency traders (HFTs) over the same period and the same sample of stocks. This finding confirms that our results are driven by a behavioral bias and not by differential market dynamics between small price stocks and large price stocks. ∗LaRGE Research Center, University of Strasbourg { Mailing address: 61 Avenue de la For^etNoire, 67000 Strasbourg FRANCE { Email: [email protected]. I acknowledge support from the French State through the National Agency for Research under the program Investissements d'Avenir ANR-11-EQPX- 006. yDRM Finance, Universit´eParis-Dauphine, PSL Research University { Mailing address: Place du Mar´echal de Lattre de Tassigny, 75775 Paris Cedex 16 FRANCE { Email: [email protected] 1 1 Introduction While conventional finance theory posits that nominal stock prices are irrelevant for firm valuation, a number of papers provide empirical evidence that nominal prices do impact investor behavior.
    [Show full text]
  • Euronext Amsterdam Notice
    DEPARTMENT: Euronext Amsterdam Listing Department ISSUE DATE: Tuesday 13 April 2021 EFFECTIVE DATE: Tuesday 13 April 2021 Document type: Euronext Amsterdam Notice Subject: EURONEXT AMSTERDAM PENALTY BENCH END DATE INTRODUCTION Pursuant to Rule 6903/3, Euronext Amsterdam may decide to include a Security to the Penalty Bench if the Issuer fails to comply with the Rules. This Notice sets out Euronext Amsterdam’s policy with respect to the term a Security can be allocated to the Penalty Bench after which it may be removed from trading. DETAILS Policy for delisting of issuers on the Penalty Bench When Euronext Amsterdam establishes that an Issuer fails to remedy the violation(s) of the Rule(s) that caused the transfer of its instruments to the Penalty Bench and the instruments have been on the Penalty bench for at least 24 months(*), Euronext will consider the violation(s) as a manifest failure of the Issuer to comply with the obligations imposed and the requirements set pursuant to the Rules in accordance with 6905/1(a). The process to come to a decision to remove the Securities will then commence. The final decision will be taken taking all relevant circumstances into account including but not limited to the the investors’ interests and the orderly functioning of the market. The process to delist will be applied in accordance with Rule 6905/1(ii) jo 6905/2 with the following specifications: - The date of the delisting will be at least 6 months after the formal decision. In the meantime, the instrument remains on the Penalty Bench and trading is possible, provided that trading is not suspended.
    [Show full text]
  • Coming Early to the Party: High Frequency Traders in the Pre-Opening Phase and the Opening Auction of NYSE Euronext Paris
    Coming Early to the Party: High Frequency Traders in the Pre-Opening Phase and the Opening Auction of NYSE Euronext Paris Mario Bellia, SAFE - Goethe University Frankfurt ∗ Loriana Pelizzon, SAFE - Goethe University Frankfurt † Marti G. Subrahmanyam, Leonard N. Stern School of Business - New York University ‡ Jun Uno, Waseda University Tokyo § Darya Yuferova, Norwegian School of Economics ¶k First Version: March 15, 2017 This Version: August 23, 2017 Abstract This paper examines the strategic behavior of High Frequency Traders (HFTs) during the pre-opening phase and the opening auction of the NYSE Euronext Paris exchange. Using data provided by the Base Européenne de Données Financières à Haute Fréquence (BEDOFIH), we find that HFTs actively participate in the pre-opening phase. Contrary to common wisdom, HFTs do not delay their order submission decisions until the very last moment of the pre-opening phase of the trading day. They are able to successfully extract information from the pre-opening order flow, as manifested by the potential profits they make on the positions they take in the opening auction. However, HFTs participate in the pre-opening phase also to post “flash crash” orders, with the aim of gaining time priority under extreme market conditions. Furthermore, HFTs make profits on orders submitted in the last second before the opening auction; however, so do slow traders, suggesting that speed is not a necessary condition to make profits in these last second orders. HFTs lead the price discovery process during the pre-opening phase, and neither harm nor improve liquidity provision in the opening auction. Our analysis highlights that HFTs who “come early to the party” enjoy the party (they make profits), however, they also help the other market participants enjoy the party (they improve market quality) and do not have a privileged entrance to the party (their speed advantage is not a necessary condition to make profits).
    [Show full text]
  • I2PO SPAC Lists on Euronext Paris • €275 Million Raised • 16Th SPAC Listing on Euronext in 2021 • 1St European SPAC Dedicated to the Entertainment and Leisure Sector
    Contacts Media Contact Investor Relations Amsterdam +31 20 721 4133 Brussels +32 2 620 15 50 +33 1 70 48 24 27 Dublin +353 1 617 4249 Lisbon +351 210 600 614 Milan +39 02 72 42 62 12 Oslo +47 22 34 19 15 Paris +33 1 70 48 24 45 I2PO SPAC lists on Euronext Paris • €275 million raised • 16th SPAC listing on Euronext in 2021 • 1st European SPAC dedicated to the entertainment and leisure sector Paris – 20 July 2021 – Euronext today congratulates I2PO, a Special Purpose Acquisition Company (SPAC) dedicated to the entertainment and leisure sector, on its listing on the professional compartment of Euronext’s regulated market in Paris (ticker code: I2PO). Iris Knobloch, along with Artemis, a patrimonial holding from the Pinault family represented by François-Henri Pinault and Alban Gréget, and Combat Holding, the entity which co-founded the 2MX Organic and Mediawan SPACs, have partnered to create the I2PO SPAC. The first SPAC in Europe to be co-founded and led by a woman, I2PO is also the first European SPAC in the entertainment and leisure sector. I2PO aims at one or several targets in the sub-sectors such as streaming and content distribution, music, intellectual property of media and services, electronic games and sports, online learning, and leisure platforms. I2PO was listed through the admission to trading of the 27.5 million units making up its equity. In total, I2PO raised €275 million in a private placement from qualified investors, exceeding the €250 million initially announced during the introductory offer. Iris Knobloch, President of the Executive Board and Director General of I2PO, said: “Launching I2PO, we succeeded in creating, with Artemis and Combat Holding, the first SPAC listed in Europe dedicated to entertainment and leisure.
    [Show full text]
  • EURONEXT GROWTH MARKETS RULE BOOK Part II: Additional Rules for the Euronext Growth Market Operated by Euronext Dublin
    EURONEXT GROWTH MARKETS RULE BOOK Part II: Additional rules for the Euronext Growth Market operated by Euronext Dublin ISSUE DATE: 9TH NOVEMBER 2020 EFFECTIVE DATE: 30 NOVEMBER 2020 TABLE OF CONTENTS Definitions ...................................................................................................................................................................... 3 1. Conditions for Admission to the Euronext Growth Market operated by Euronext Dublin .................................... 8 SPECIAL CONDITIONS FOR CERTAIN APPLICANTS .......................................................................................................... 8 2. Lock-ins for new businesses ................................................................................................................................... 8 3. Investing companies ............................................................................................................................................... 9 APPLICATION PROCEDURE ........................................................................................................................................... 10 4. Pre-admission announcement ............................................................................................................................. 10 5. Information document ......................................................................................................................................... 10 6. Further information documents .........................................................................................................................
    [Show full text]
  • Compliance Statement
    Compliance Statement Administrator: Euronext Dublin Full name: Euronext Dublin (The Irish Stock Exchange plc) Relevant National Competent Authority: CBI Compliance Statement Euronext Indices Euronext Dublin Version notes latest version February 2020 Version Version notes Euronext Dublin 1 October 2019 Initial version February 2020 Updated version including all new indices since 2 initial version. 3 4 5 6 Note: addition of indices does not lead to a new version of this statement. The lists will be kept up to date.The most recent update of the list was issued 09-Jun-2020. Only changes in significant indices and cessations of indices are marked as new version of the Compliance statement. This publication is for information purposes only and is not a recommendation to engage in investment activities. This publication is provided “as is” without representation or warranty of any kind. Whilst all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. All proprietary rights and interest in or connected with this publication shall vest in Euronext. No part of it may be redistributed or reproduced in any form without the prior written permission of Euronext. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is located at terms of use euronext For further information in relation to Euronext Indices please contact: [email protected] (c) 2020 Euronext N.V.
    [Show full text]
  • Terms & Conditions Applicable to the Admission to Listing And/Or Trading
    TERMS & CONDITIONS APPLICABLE TO THE ADMISSION TO LISTING AND/OR TRADING OF DEBT SECURITIES ON A EUROPEAN MARKET OPERATED BY EURONEXT DEFINITIONS Application Form means the application form prescribed to be completed and signed by an Applicant pursuant to the Rules when applying for admission to listing and/or trading of Debt Securities on either a Euronext Regulated Market or an MTF operated by Euronext, such application form to include by reference the relevant Terms and Conditions and Technical Term Sheet. Beneficial Owner means any natural person(s) who ultimately owns or controls the issuer/or the natural person(s) on whose behalf a transaction or activity is being conducted. A natural person with a direct or indirect shareholding or an ownership interest of more than 25% in the issuer qualifies as a Beneficial Owner. Debt Securities means any transferable instrument representing debt including, without limitation, bonds (including convertible bonds that have not (yet) been converted into Equity Securities), notes and money market instruments. Euronext means the corporate group consisting of Euronext N.V., a company with limited liability (“naamloze vennootschap”) organised under the laws of the Netherlands, the Euronext Market Undertakings and/or any other subsidiary of Euronext N.V., as the context may require. Euronext Access means the multilateral trading facility within the scope of Article 4(1)(15) of MIFID (hereinafter “MTF”) operated by Euronext Brussels, Euronext Lisbon and Euronext Paris, under the commercial name “Euronext Access”. Euronext Growth or Euronext Growth Market means Alternext a multilateral trading facility within the scope of Article 4(1)(15) of MIFID (an MTF) operated by Euronext under the commercial name “Euronext Growth”.
    [Show full text]
  • In Search of Liquidity: an Analysis of Order Exposure Strategies in Automated Markets*
    In Search of Liquidity: An Analysis of Order Exposure Strategies in Automated Markets* Hendrik Bessembinder University of Utah [email protected] Marios Panayides University of Utah [email protected] Kumar Venkataraman Southern Methodist University [email protected] This Draft November, 2006 Comments Appreciated * We thank Alex Butler, Kelsey Wei, and in particular, Harold Zhang, and seminar participants at University of Texas at Dallas and University of Cyprus for valuable comments and discussion, Machiko Hollifield for programming assistance, and Marianne Demarchi of Euronext-Paris for assistance in obtaining the data. In Search of Liquidity: An Analysis of Order Exposure Strategies in Automated Markets Abstract We study limit order traders’ joint decisions regarding order price and order exposure in markets where they have the option to hide a portion of order size. Using order-level data from Euronext-Paris, we document that hidden orders are used extensively by market participants, representing approximately 18% of the incoming orders and 44% of order volume. The usage of hidden orders is more prevalent for less liquid firms, for larger order sizes, and during slow market conditions. After controlling for known determinants of order price aggressiveness and order exposure, and allowing for simultaneity in the decisions, we document that order aggressiveness and order exposure are used as compliments, in that more price-aggressive orders tend to be exposed and less price-aggressive orders are more often hidden. Further, the relation is stronger for orders that are not expected to execute immediately, suggesting that traders are inclined to hide orders to mitigate the option value of orders that are likely to be left standing in the book.
    [Show full text]
  • Case M.9564 – LSEG/REFINITIV BUSINESS REGULATION (EC)
    EUROPEAN COMMISSION DG Competition Case M.9564 – LSEG/REFINITIV BUSINESS Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Decision on the implementation of the commitments - Purchaser approval Date: 26/2/2021 EUROPEAN COMMISSION Brussels, 26.2.2021 C(2021) 1483 final PUBLIC VERSION In the published version of this decision, some information has been omitted pursuant to Article 17(2) of Council Regulation (EC) No 139/2004 concerning non-disclosure of business secrets and other confidential information. The omissions are shown thus […]. Where possible the information omitted has been replaced by ranges of figures or a general description. London Stock Exchange Group Plc. 10 Paternoster Square EC4M 7LS - London United Kingdom Dear Sir/Madam, Subject: Case M.9564 – LONDON STOCK EXCHANGE GROUP/ REFINITIV BUSINESS Approval of Euronext N.V. as purchaser of the Divestment Business following your letter of 16.10.2020 and the Trustee’s opinion of 22.02.2021 1. FACTS AND PROCEDURE (1) By decision of 13 January 2021 (the "Decision”) based on Article 8(2) of Council Regulation (EC) No 139/20041 and Article 57 of the EEA Agreement2, the 1 OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’). With effect from 1 December 2009, the Treaty on the Functioning of the European Union ("TFEU") has introduced certain changes, such as the replacement of "Community" by "Union" and "common market" by "internal market". The terminology of the TFEU will be used throughout this decision. For the purposes of this Decision, although the United Kingdom withdrew from the European Union as of 1 February 2020, according to Article 92 of the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community (OJ L 29, 31.1.2020, p.
    [Show full text]