List of Trading Floor Identifier for Emissions
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The Role of MENA Stock Exchanges in Corporate Governance the Role of MENA Contents Stock Exchanges Executive Summary Introduction in Corporate Governance Part I
The Role of MENA Stock Exchanges in Corporate Governance The Role of MENA Contents Stock Exchanges Executive Summary Introduction in Corporate Governance Part I. Key Features of MENA Markets Dominant state ownership Low regional and international integration Moderate competition for listings Young markets, dominated by a few sectors High levels of retail investment Diversifi cation of fi nancial products Part II. The Role of Exchanges in Corporate Governance The regulatory role The listing authority Corporate governance codes Disclosure and transparency The enforcement powers Concluding Remarks Annex I. About The Taskforce Annex II. Consolidated Responses to the OECD Questionnaire Annex III. Largest Listed Companies in the MENA region www.oecd.org/daf/corporateaffairs/mena Photos on front cover : © Media Center/Saudi Stock Exchange (Tadawul) and © Argus/Shutterstock.com 002012151cov.indd 1 12/06/2012 12:48:57 The Role of MENA Stock Exchanges in Corporate Governance This work is published on the responsibility of the Secretary-General of the OECD. The opinions expressed and arguments employed herein do not necessarily reflect the official views of the Organisation or of the governments of its member countries. This document and any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. © OECD 2012 You can copy, download or print OECD content for your own use, and you can include excerpts from OECD publications, databases and multimedia products in your own documents, presentations, blogs, websites and teaching materials, provided that suitable acknowledgement of OECD as source and copyright owner is given. -
Reporting on the Reasons for the Acquisition of Own Shares1
REPORTING ON THE REASONS FOR THE ACQUISITION OF OWN SHARES Review Article Economics of Agriculture 3/2014 UDC: 347.728.2 REPORTING ON THE REASONS FOR THE ACQUISITION OF OWN SHARES1 Vladan Pavlović2, Janko Cvijanović3, Srećko Milačić4 Summary Mere knowledge that the company has acquired own shares is not always of great importance. Information on the acquisition of own shares from dissenting shareholders or the squeeze-out of minority shareholders is not of great importance to the users of financial statements. In the first case, it is far more significant to disclose the significant event that allowed dissenting shareholders to resign from the company. However, the purchase of own shares due to certain reasons, such as the purchase of own shares at a premium in order to influence the market value of shares, the repurchase focused on preventing greater harm to the company, which is especially true at a time of financial crisis, or the repurchase of own shares as a means of disbursing shareholders, is of great importance to the users of financial statements. Therefore, modern legislation in developed countries obliges companies to disclose a range of information regarding own shares, including the reasons for the acquisition. The above is also proscribed by the relevant EU directives and national legislation. The paper points out that the legal norms governing the obligation of reporting on own shares in Serbia are not harmonized and that most public companies in Serbia, despite the legal obligation, do not disclose the reasons for the acquisition of own shares. Key words: own shares, reporting, management report, notes to financial statements JEL: M41, G32, K22 1 This paper is a part of the results of the research on Project 179001 supported by the Ministry of Education and Science of the Republic of Serbia. -
List of the Recognized Foreign Exchanges Relative to the Reporting Requirement (3Rd December 2007)
List of the recognized foreign exchanges relative to the reporting requirement (3rd December 2007) Art. 15 para. 2 SESTA determines that securities dealers must report all the infor- mation necessary to ensure a transparent market (reporting requirement). In Art. 2 following SESTO-SFBC the appropriate implementing regulations are determined. Exceptions of the reporting requirement are recorded in Art. 4 SESTO-SFBC. Art. 4 letter a SESTO-SFBC determines that the securities dealer shall not be obliged to report transactions abroad in foreign securities admitted for trading on a Swiss stock exchange, provided that they are conducted on a foreign stock exchange recognized by Switzerland. According to established practice relative to the release of the reporting require- ment, recognized exchanges are the exchanges that are united in the World Fed- eration of Exchanges and/or the Federation of European Stock Exchanges (FESE). All foreign exchanges that are authorized by the Swiss Federal Banking Commis- sion in accordance with Art. 14 SESTO are also recognized exchanges concerning this matter, even they are neither member of the World Federation of Exchanges nor of the FESE. As an exception to this rule, besides the Deutsche Börse AG (member of World Federation of Exchanges) also the remaining German (regional) exchanges are recognized in this context. Name Location AMERICAN STOCK EXCHANGE New York, USA AMMAN STOCK EXCHANGE Amman, JORDAN ATHENS EXCHANGE Athens, GREECE AUSTRALIAN STOCK EXCHANGE Sydney, AUSTRALIA BAYERISCHE BÖRSE Munich, GERMANY BERMUDA STOCK EXCHANGE Hamilton, BERMUDA BOLSA DE COMERCIO DE BUENOS AIRES Buenos Aires, ARGENTINA BOLSA DE COMERCIO DE SANTIAGO Santiago, CHILE BOLSA DE VALORES DE COLOMBIA Bogota, COLOMBIA BOLSA DE VALORES DE LIMA Lima, PERU BOLSA DE VALORES DO SAO PAULO Sao Paulo, BRAZIL Name Location BOLSA MEXICANA DE VALORES Mexico, MEXICO BOLSAS Y MERCADOS ESPANOLES Barcelona, Bilbao, Madrid, Valencia, SPAIN BOMBAY STOCK EXCHANGE LTD. -
Bahrain Bourse (BHB)
Bahrain Bourse (BHB) General Overview & Future Outlook Table of Contents • Vision & Mission Statement • BHB’s Historical Overview • Capital Market Regulatory Structure • Organizational Structure • Cross Listing Agreements & MOUs • Memberships • Members & Market Participants • Securities Listing Requirements at BHB • Disclosure • Trading • Development of BHB’s Trading System • Markets • Listed Instruments • Market Sectors • Trading & Settlement Process • BHB Indices • Bahrain All Share Index • BHB Statistics • Foreign Investment • Supervision, Investigation, Surveillance, & Enforcement • Disciplinary & Arbitration • Awareness & Educational Programs • Sources of Revenue • Technical Infrastructure & Business Continuity Plan • Future Plans Vision & Mission Statement Vision: • Become the leading bourse regionally with a fair, transparent, diversified and efficient market. Providing unique services to all stakeholders and customers & attracting investments, thus contributing to the national economy of the Kingdom of Bahrain. Mission: • To contribute to the national economy by offering a dedicated, reliable & efficient capital markets platform, while acting as the intellectual and business hub for all capital market participants. BHB’s Historical Overview • 1987: Establishment (Amiri Decree No. 4). • 1989: Operated officially. • 2002: Regulatory Authority Assigned to CBB. • 2006: CBB and Financial Institutions Law. • Dec. 2009: (Law No. 57) to convert BHB to a closed shareholding company. • Dec. 2010: (Law No. 60) to replace Bahrain Stock Exchange -
Global IPO Trends Report Is Released Every Quarter and Looks at the IPO Markets, Trends and Outlook for the Americas, Asia-Pacific and EMEIA Regions
When will the economy catch up with the capital markets? Global IPO trends: Q3 2020 ey.com/ipo/trends #IPOreport Contents Global IPO market 3 Americas 10 Asia-Pacific 15 Europe, Middle East, India and Africa 23 Appendix 29 About this report EY Global IPO trends report is released every quarter and looks at the IPO markets, trends and outlook for the Americas, Asia-Pacific and EMEIA regions. The current report provides insights, facts and figures on the IPO market for the first nine months of 2020* and analyzes the implications for companies planning to go public in the short and medium term. You will find this report at the EY Global IPO website, and you can subscribe to receive it every quarter. You can also follow the report on social media: via Twitter and LinkedIn using #IPOreport *The first nine months of 2020 cover completed IPOs from 1 January 2020 to 30 September 2020. All values are US$ unless otherwise noted. Subscribe to EY Quarterly IPO trends reports Get the latest IPO analysis direct to your inbox. GlobalGlobal IPO IPO trends: trends: Q3Q3 20202020 || Page 2 Global IPO market Liquidity fuels IPOs amidst global GDP contraction “Although the market sentiments can be fragile, the scene is set for a busy last quarter to end a turbulent 2020 that has seen some stellar IPO performance. The US presidential election, as well as the China-US relationship post-election, will be key considerations in future cross-border IPO activities among the world’s leading stock exchanges. Despite the uncertainties, companies and sectors that have adapted and excelled in the ‘new normal’ should continue to attract IPO investors. -
The Effect of Conflict on Palestine, Israel, and Jordan Stock Markets
International Review of Economics and Finance 56 (2018) 258–266 Contents lists available at ScienceDirect International Review of Economics and Finance journal homepage: www.elsevier.com/locate/iref The effect of conflict on Palestine, Israel, and Jordan stock markets Islam Hassouneh a,*, Anabelle Couleau b, Teresa Serra b, Iqbal Al-Sharif a a College of Administrative Science and Informatics, Palestine Polytechnic University (PPU), P.O. Box 198, Abu Ruman, Hebron, Palestine b Department of Agricultural and Consumer Economics, University of Illinois, 335 Mumford Hall, 1301 W Gregory Drive, Urbana, IL 61801, United States ARTICLE INFO ABSTRACT JEL classification: This research studies how the Israeli-Palestinian conflict affects Palestine, Israel and Jordan stock C32 markets, as well as the links between these markets on a daily basis. A violence index is built and G11 used as an exogenous variable in a VECM-MGARCH model. Our findings suggest the existence of G15 an equilibrium relationship between the three markets, which is essentially kept through Pales- tinian and Jordanian stock market adjustments and that does not respond to increases in violence. Keywords: An increase in violence has short-run direct negative impacts on the Palestinian stock exchange, Stock markets but does not directly influence the Israeli and Jordanian stock markets. Volatility VECM MGARCH model 1. Introduction Understanding the dynamic relationships between different stock markets sheds light on important financial market characteristics, and provides valuable information -
ANNA Annual Report.Indd
Association of National Numbering Agencies scrl AAnnualnnual RReporteport 22014013 Contents 3 Chairman’s Report 2014 5 Objectives and mission statements of ANNA 6 General meetings – ANNA administrative review 2014 13 ANNA Service Bureau – report for 2014 14 Securities business and state of ISIN implementation – worldwide 16 Allocation of ISIN for new financial instruments 19 Working Groups, Task Forces and Reginal Groups 25 List of members by COUNTRY as per May 2015 Appendices 29 A ISO 6166 – an outline of the standard 30 B ANNA Guidelines for ISO 6166, Version 12, August 2014 40 C Geographical division of countries among substitute agencies as per May 2015 50 D ISO 10962 – outline of the CFI-(Classification of financial Instruments-) Code 2 www.anna-web.com Chairman’s Report 2014 Dear ANNA Members and Partners, Association strategy, re-evaluating the approved short, medium and long term The year 2014 has been referred to as the direction. Some modifications were made transitionary year from the Age of Recovery to and the Association strategy was presented the Age of Divergence. for validation by the members at the last EGM; Looking at the events of 2014, Central Bank - A growing number of ANNA members actions and divergence have been the under- continued to contribute to the evolution of lying themes. The view remains that these the ISO 17442 – Legal Entity Identifier (LEI) two factors are having and will continue to standard, to promote ANNA’s federated have, significant influence on the global model and the value added benefits of our financial markets and the direction they will model and the National Numbering Agencies take in the near future. -
Equity Markets USD 47 Tn
19 January 2012 2011 WFE Market Highlights 2011 equity volumes remained stable despite a fall in market capitalization. Derivatives, bonds, ETFs, and securitized derivatives continued to grow strongly. Total turnover value remained stable in 2011 at USD 63 tn despite a sharp decrease of the global market capitalization (-13.6% at USD 47 tn). High volatility and global uncertainty created from the sovereign debt crisis affected volumes all year through and made August 2011 the most active month in terms of trading value, a highly unusual annual peak for markets. Despite overall unfavorable conditions for primary markets in several regions, WFE members increased their total listings by 1.7% totaling 45 953 companies listed. Total number of trades decreased by 6.4% at 112 tn. This trend combined with the stability of turnover value led to a small increase in the average size of transaction which was USD 8 700 in 2011. The high volatility and lack of confidence that affected financial markets globally probably drove the needs of hedging as derivatives contracts traded grew by 8.9%. WFE members continued to diversify their products range as other products such as bonds, ETFs, and securitized derivatives all had solid growth in 2011. Equity Markets Market capitalization USD 47 tn -13.6% Domestic market capitalization declined significantly in 2011 to USD 47 401 bn roughly back to the same level of end 2009. The decline affected almost all WFE members, as there were only four exchanges ending 2011 with a higher market capitalization. The magnitude of the decline is quite similar among the three time zones: -15.9% in Asia-Pacific, -15.2% in EAME and -10.8% in the Americas. -
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. -
United States Securities and Exchange Commission Washington, D.C
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-36169 BLUE CAPITAL REINSURANCE HOLDINGS LTD. (Exact name of registrant as specified in its charter) Bermuda 98-1120002 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Waterloo House 100 Pitts Bay Road Pembroke, Bermuda HM 08 (Address of principal executive offices) Registrant’s telephone number, including area code: (441) 278-0400 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Common Shares, par value $1.00 per share BCRH New York Stock Exchange Common Shares, par value $1.00 per share BCRH.BH Bermuda Stock Exchange Securities registered pursuant to Section 12(g) of the Act None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No ☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No ☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. -
Securities Market Structure and Regulation
INTRODUCTION In beginning this symposium on the structure and regulation of the securities markets, I’m sure we will all keep in mind George Santayana’s caution that: “Those who cannot remember the past are condemned to repeat it.”1 Although enormous changes have taken place over the past few decades, we keep hearing echoes of the past. When the London Stock Exchange (LSE) switched from floor-based to electronic trading exactly twenty years ago, it decided that the transformation might be too traumatic for its members, so it adopted a hybrid market—an electronic market combined with traditional floor trading. The hybrid market lasted just over four months, at which time the LSE closed its floor for trading in equities. Will the New York Stock Exchange’s experience with its new hybrid market be the same or different? The Consolidated Limited Order Book (CLOB), which I expect will be discussed today, was first proposed to the SEC thirty years ago by Professor Peake, one of today’s speakers, in 1976, a year after Congress told the SEC to create a national market system. The CLOB, which would execute investors’ orders electronically under a rule of time and price priority, seemed to him the best way to assure best execution of investors’ orders throughout the national market system. In 1978, the SEC told the exchanges to create a CLOB. A year later the Commission had second thoughts: it feared that a CLOB would lead to the elimination of exchange trading floors by inexorably forcing all trading into a fully automated trading system. -
Report of the 5 Th Meeting
FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM FINAL REPORT OF THE FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM ISTANBUL, SEPTEMBER 17-18, 2011 The Marmara Hotel Istanbul, September 2011 1 FINAL REPORT OF THE FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM ISTANBUL, SEPTEMBER 17-18, 2011 The Marmara Hotel Istanbul, September 2011 2 TABLE OF CONTENTS Final Report of the Fifth Meeting of the OIC Member States’ Stock Exchanges Forum ANNEXES I. Presentation by Mr. Thomas Krabbe II. Presentation by Mr. Roland Bellegarde III. Presentation by Mr. Lauri Rosendahl IV. Presentation by Mr. Stephan Pouyat V. Presentation by Mr. Philippe Carré VI. Presentation by Mr. Rushdi Siddiqui on behalf of Thomson Reuters VII. Presentation by Mr. Ibrahim Idjarmizuan on behalf of IFSB VIII. Presentation by Mr. Gürsel Kona from the Istanbul Stock Exchange IX. Presentation by Mr. Ijlal Alvi on behalf of IIFM X. Presentation by Avşar Sungurlu, on behalf of BMD Securities Inc. XI. Presentation by Mr. Hüseyin Erkan, as Forum Chairman XII. Presentation by Şenay Pehlivanoğlu on behalf of the Task Force for Customized Indices and Exchange Traded Islamic Financial Products XIII. Presentation by Mr. Charbel Azzi on behalf of S&P Indices XIV. Presentation by Dr. Eralp Polat on behalf of the Forum Secretariat XV. Presentation by Mr. Abolfazl Shahrabadi and Mr. Hamed Soltaninejad on behalf of the Task Force for Capital Market Linkages 3 FINAL REPORT OF THE FFIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM ISTANBUL, SEPTEMBER 17-18, 2011 4 Original: English FINAL REPORT OF THE FIFTH MEETING OF THE OIC MEMBER STATES’ STOCK EXCHANGES FORUM (Istanbul, September 17-18, 2011) 1.