DOCSLIB.ORG

Cross-Border Ipo Index: Global 2017

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Cross-Border Ipo Index: Global 2017 CROSS-BORDER IPO INDEX: GLOBAL 2017 2012 17.4 “The IPO market in 2017 has put in its best 2013 21.3 performance in 10 years. A more stable political environment in some of the key markets, combined 2014 24.1 with strong economic growth, has boosted both the 2015 17.4 number of listings and the volume of capital raised.” 2016 17.4 Koen Vanhaerents 2017 17.1 Global Head of Capital Markets at Baker McKenzie 0 5 10 15 20 25 Cross-Border IPO Index Score s 1.33 2.28 13 Hong Kong Hong Kong 6.60 (HKEx and HK GEM) 20 (HKEx and HK GEM) London NASDAQ (Mainboard and AIM) Proceeds in Number 15.97 New York Stock Exchange 82 New York Stock Exchange USD Billion 21 of Deals NASDAQ London (Mainboard and AIM) 8.13 Warsaw Stock Exchange Australian Securities Exchange (Mainboard and New Connect) 35 s 2017 2017 Issuer Capital Raised Home Jurisdiction (USD Billion) and Exchange Allied Irish Banks PLC 3.84 Ireland / LSE Healthcare Consumer Products Financials Guotai Junan Securities Co Ltd 2.22 China / HKEx and Services ZhongAn Online P&C 32 IPOs 30 IPOs 26 IPOs Insurance Co Ltd 1.75 China / HKEx EN+ Group PLC 1.50 Russia / LSE USD 3.32 USD 2.61 USD 14.59 China Literature Ltd 1.23 China / HKEx BILLION BILLION 25% 55% 195 USD 37.6 CHANGE IN CHANGE IN CROSS-BORDER CAPITAL RAISED CAPITAL RAISED IPOs BILLION CROSS-BORDER DOMESTIC CAPITAL RAISED BY CROSS-BORDER IPOs IPOs IPOs Methodology: Baker McKenzie’s Cross-Border IPO Index is a composite measurement of the strength of cross-border IPO activity relative to overall IPO activity. The index calculation is based on an analysis of several IPO data elements, including capital raised, deal volume, stock exchanges involved and issuer home jurisdictions. All data underlying calculation of the index are sourced through Thomson One. Correct to 4 December 2017. s 2017 45 400 "The continued increasing demand in emerging 348 countries, and strong sector performance, even in 40 350 light of changing consumer demands and the role 35 300 NUMBER OF IPOs 249 250 of technology, has driven the rise in IPOs in the 30 241 250 Consumer Goods & Retail sector.” 25 200 Alyssa Gallot-Auberger 20 156 Global Chair, CG&R Industry Group, Baker McKenzie 157 150 15 VALUE USD BILLION VALUE 100 10 5 50 0 0 Value (USD billion) 2012 2013 2014 2015 2016 2017 Number of IPOs s 1.83 23 4.34 New York Stock Exchange New York Stock Exchange 1.91 45 Shanghai Stock Exchange Shanghai Stock Exchange Proceeds in Number Euronext Euronext USD Billion of Deals 42 1.96 B3 (formerly BM&F Bovespa) B3 (formerly BM&F Bovespa) NASDAQ NASDAQ 18 2.30 4.04 Hong Kong (HKEx and HK GEM) Hong Kong (HKEx and HK GEM) 3 6 s 2017 ISSUER CAPITAL 1.42 1.30 1.17 0.91 0.89 RAISED USD BILLION BILLION BILLION BILLION BILLION Bolsa de HOME Euronext South JURISDICTION Brazil B3 France Paris JSE Mexico BMV Spain Madrid & EXCHANGE Africa 63% 348 33% USD 30.5 CHANGE IN IPOs CHANGE IN BILLION CAPITAL RAISED CAPITAL RAISED DOMESTIC & CROSS-BORDER CAPITAL RAISED IPOs BY IPOs CROSS-BORDER IPOs Methodology: Baker McKenzie’s Cross-Border IPO Index is a composite measurement of the strength of cross-border IPO activity relative to overall IPO activity. The index calculation is based on an analysis of several IPO data elements, including capital raised, deal volume, stock exchanges involved and issuer home jurisdictions. All data underlying calculation of the index are sourced through Thomson One. Correct to 4 December 2017. CROSS-BORDER IPO INDEX: ASIA PACIFIC 2017 2012 19.3 “We are bullish about transactional activity as a whole in the region in 2017. We predict that M&A 2013 29.5 activity will be strong and this will drive secondary 2014 23.1 offerings of equity and debt capital markets 2015 23.3 transactions. China will continue to drive a lot of the IPO activity, both domestically and cross border, 2016 20.0 mainly on the HK exchange. Cross-border IPOs will 2017 16.1 continue to be a significant feature of IPO activity in the region.” 0 5 10 15 20 25 30 David Holland Cross-Border IPO Index Score Asia Pacific Head of Capital Markets at Baker McKenzie s .16 .23 .19 4 2 .28 3 Hong Kong Hong Kong (HKEx and HK GEM) 13 (HKEx and HK GEM) Australian Securities Exchange Australian Securities Exchange Proceeds in Korea Exchange (including KOSDAQ) Number Korea Exchange (including KOSDAQ) USD Billion of Deals Singapore Exchange Singapore Exchange (Including Catalist) (Including Catalist) Taiwan Stock Exchange 82 Taiwan Stock Exchange 15.98 (including OTC) (including OTC) s 2017 2017 Issuer Capital Raised Home Jurisdiction (USD Billion) and Exchange Guotai Junan Securities Co Ltd 2.22 China / HKEx Consumer Products ZhongAn Online P&C Industrials Healthcare Insurance Co Ltd 1.75 China / HKEx and Services China Literature Ltd 1.23 China / HKEx 20 IPOs 18 IPOs 14 IPOs Guangzhou Rural Commercial Bank Co Ltd 1.19 China / HKEx USD 1 USD 0.71 USD 1.45 Zhongyuan Bank Co Ltd 1.19 China / HKEx BILLION BILLION 24% CHANGE IN 26% 107 USD 17 CAPITAL RAISED CHANGE IN CROSS-BORDER CROSS-BORDER CAPITAL RAISED IPOs BILLION IPOs DOMESTIC CAPITAL RAISED BY CROSS-BORDER IPOs IPOs Methodology: Baker McKenzie’s Cross-Border IPO Index is a composite measurement of the strength of cross-border IPO activity relative to overall IPO activity. The index calculation is based on an analysis of several IPO data elements, including capital raised, deal volume, stock exchanges involved and issuer home jurisdictions. All data underlying calculation of the index are sourced through Thomson One. Correct to 4 December 2017 CROSS-BORDER IPO INDEX: EMEA 2017 “After a slow start to 2017, a stronger second half 2012 34.5 means we’ve witnessed a year of growth. In London – 2013 28.8 which attracts the largest pool of capital in Europe – 2014 19.9 Brexit has had little-to-no impact on choice of listing venue. Throughout Europe, there have been fewer 2015 11.6 political shocks to the European system in 2017, with 2016 9.1 fewer surprises in elections across EMEA. We continue 2017 17.6 to see a broadening of geographies in EMEA equity capital markets, with more markets open for business.” 0 5 10 15 20 25 30 35 Adam Farlow Cross-Border IPO Index Score EMEA Head of Capital Markets at Baker McKenzie s .21 1 .57 1 .47 London (Mainboard and AIM) 2 London (Mainboard and AIM) Warsaw Stock Exchange (Mainboard 1.33 Euronext and New Connect 2 Proceeds in Frankfurt Stock Exchange (Mainboard Number Warsaw Stock Exchange (Mainboard USD Billion and Xetra of Deals and New Connect Euronext Frankfurt Stock Exchange (Mainboard and Xetra) Bucharest Stock Exchange 20 NASDAQ First North 8.13 s 2017 2017 Issuer Capital Raised Home Jurisdiction (USD Billion) and Exchange Allied Irish Banks PLC 3.84 Ireland / LSE Financials Energy and Power High Technology EN+ Group PLC 1.5 Russia / LSE Luxembourg / Warsaw Play Communications SA 1.21 Stock Exchange 7 IPOs 5 IPOs 4 IPOs Sherborne Investors Guernsey / LSE (Guernsey) C 0.90 USD 6.06 USD 1.08 USD 0.53 Spain / Frankfurt Befesa SA 0.47 Stock Exchange BILLION BILLION 722% 45% 28 USD 10.7 CHANGE IN CHANGE IN CROSS-BORDER CAPITAL RAISED CAPITAL RAISED IPOs BILLION CROSS-BORDER DOMESTIC CAPITAL RAISED BY CROSS-BORDER IPOs IPOs IPOs Methodology: Baker McKenzie’s Cross-Border IPO Index is a composite measurement of the strength of cross-border IPO activity relative to overall IPO activity. The index calculation is based on an analysis of several IPO data elements, including capital raised, deal volume, stock exchanges involved and issuer home jurisdictions. All data underlying calculation of the index are sourced through Thomson One. Correct to 4 December 2017 CROSS-BORDER IPO INDEX: NORTH AMERICA 2017 “2017 was a bounce-back year for the North American 2012 13.1 capital markets, not a surprise considering so many issuers and sponsors had sat on the sidelines in 2016 2013 14.4 as a result of the US election and Brexit referendum. While 2017 has not been without its challenges from a 2014 31.8 geopolitical point of view, issuers and sponsors came 2015 17.4 back into the US markets in significant numbers and were rewarded with a rising tide. Issuers and sponsors 2016 25.3 have either accepted a greater level of political 2017 22.2 uncertainty, or they have simply decided that they could no longer wait until things settled down politically.” 0 5 10 15 20 25 30 35 Amar Budarapu Cross-Border IPO Index Score North America Head of Capital Markets at Baker McKenzie s 0.57 1 New York Stock Exchange NASDAQ 2.27 21 Proceeds in NASDAQ Number New York Stock Exchange USD Billion Toronto (including TSVX of Deals Toronto (including TSVX and Nex Board and Nex Board) 35 6.60 s 2017 2017 Issuer Capital Raised Home Jurisdiction (USD Billion) and Exchange Loma Negra Cia Industrial 1.10 Argentina / NYSE Healthcare High Technology Consumer Products Qudian Inc 0.90 China / NYSE and Services Sea Ltd 0.65 Singapore / NYSE 16 IPOs 10 IPOs 9 IPOs Sogou Inc 0.59 China / NYSE USD 1.44 USD 2.09 USD 1.50 Nexa Resources SA 0.57 Luxembourg / TSX BILLION BILLION 46% 133% 59 USD 9.5 CHANGE IN CHANGE IN CROSS-BORDER CAPITAL RAISED CAPITAL RAISED IPOs BILLION CROSS-BORDER DOMESTIC CAPITAL RAISED BY CROSS-BORDER IPOs IPOs IPOs Methodology: Baker McKenzie’s Cross-Border IPO Index is a composite measurement of the strength of cross-border IPO activity relative to overall IPO activity.
Load more

Recommended publications
  • 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.
    [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]
  • 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]
  • 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]
  • 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.
    [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]
  • Your Exchange of Choice Overview of JPX Who We Are
    Your Exchange of Choice Overview of JPX Who we are... Japan Exchange Group, Inc. (JPX) was formed through the merger between Tokyo Stock Exchange Group and Osaka Securities Exchange in January 2013. In 1878, soon after the Meiji Restoration, Eiichi Shibusawa, who is known as the father of capitalism in Japan, established Tokyo Stock Exchange. That same year, Tomoatsu Godai, a businessman who was instrumental in the economic development of Osaka, established Osaka Stock Exchange. This year marks the 140th anniversary of their founding. JPX has inherited the will of both Eiichi Shibusawa and Tomoatsu Godai as the pioneers of capitalism in modern Japan and is determined to contribute to drive sustainable growth of the Japanese economy. Contents Strategies for Overview of JPX Creating Value 2 Corporate Philosophy and Creed 14 Message from the CEO 3 The Role of Exchange Markets 18 Financial Policies 4 Business Model 19 IT Master Plan 6 Creating Value at JPX 20 Core Initiatives 8 JPX History 20 Satisfying Diverse Investor Needs and Encouraging Medium- to Long-Term Asset 10 Five Years since the Birth of JPX - Building Milestone Developments 21 Supporting Listed Companies in Enhancing Corporate Value 12 FY2017 Highlights 22 Fulfilling Social Mission by Reinforcing Market Infrastructure 23 Creating New Fields of Exchange Business Editorial Policy Contributing to realizing an affluent society by promoting sustainable development of the market lies at the heart of JPX's corporate philosophy. We believe that our efforts to realize this corporate philosophy will enable us to both create sustainable value and fulfill our corporate social responsibility. Our goal in publishing this JPX Report 2018 is to provide readers with a deeper understanding of this idea and our initiatives in business activities.
    [Show full text]
  • The S&P/B3 Ingenius Index: Bringing Global Innovation to the Brazilian
    Index Education The S&P/B3 Ingenius Index: Bringing Global Innovation to the Brazilian Market Contributor INTRODUCTION Silvia Kitchener Over the past five years, the world witnessed the dramatic rise in the Director, Global Equity Indices market capitalization of technology-driven companies like Facebook, Latin America [email protected] Amazon, Apple, Netflix, and Google (now Alphabet), collectively known as the FAANG stocks. The growth rates of these stocks over the past five years have been quite remarkable, with the average price change exceeding 250% and outperforming the S&P 500® by 15.5% (see Exhibit 1). On May 11, 2020, S&P Dow Jones Indices (S&P DJI) and B3 introduced the S&P/B3 Ingenius Index to the Brazilian market. The index seeks to measure the performance of global companies creating many of the innovative products and services that permeate today’s modern world and are transforming almost every aspect of daily life, including the way we communicate, work, entertain, and shop, and nearly everything in between. By launching the S&P/B3 Ingenius Index, S&P DJI is providing an index that is designed to measure the performance of 15 innovative global companies trading on B3 as Brazilian Depositary Receipts (BDRs), giving local investors access to foreign securities. Exhibit 1: Five-Year Average Price Change FAANG Stocks S&P 500 Facebook, Inc. Cl A Alphabet Inc. Cl A Amazon.com, Inc. Netflix, Inc. Apple Inc. 0% 100% 200% 300% 400% 500% Five-Year Average Price Change Source: S&P Dow Jones Indices LLC. Data as of July 30, 2021.
    [Show full text]
  • The Australian Stock Market Development: Prospects and Challenges
    Risk governance & control: financial markets & institutions / Volume 3, Issue 2, 2013 THE AUSTRALIAN STOCK MARKET DEVELOPMENT: PROSPECTS AND CHALLENGES Sheilla Nyasha*, NM Odhiambo** Abstract This paper highlights the origin and development of the Australian stock market. The country has three major stock exchanges, namely: the Australian Securities Exchange Group, the National Stock Exchange of Australia, and the Asia-Pacific Stock Exchange. These stock exchanges were born out of a string of stock exchanges that merged over time. Stock-market reforms have been implemented since the period of deregulation, during the 1980s; and the Exchanges responded largely positively to these reforms. As a result of the reforms, the Australian stock market has developed in terms of the number of listed companies, the market capitalisation, the total value of stocks traded, and the turnover ratio. Although the stock market in Australia has developed remarkably over the years, and was spared by the global financial crisis of the late 2000s, it still faces some challenges. These include the increased economic uncertainty overseas, the downtrend in global financial markets, and the restrained consumer confidence in Australia. Keywords: Stock Market, Australia, Stock Exchange, Capitalization, Stock Market *Corresponding Author. Department of Economics, University of South Africa, P.O Box 392, UNISA, 0003, Pretoria, South Africa Email: [email protected] **Department of Economics, University of South Africa, P.O Box 392, UNISA, 0003, Pretoria, South Africa Email: [email protected] / [email protected] 1. Introduction key role of stock market liquidity in economic growth is further supported by Yartey and Adjasi (2007) and Stock market development is an important component Levine and Zevros (1998).
    [Show full text]
  • Reporting Guidelines
    REPORTING GUIDELINES These guidelines provide the Contracting Party and/or its Affiliates with more detailed information on how to fulfil their market data reporting obligations to Euronext, as described in the EMDA Reporting Policy, as per 1 February 2019. This EMDA Reporting Policy, which forms part of the Euronext Market Data Agreement (EMDA) and other documentation are available here. For more information, please e-mail [email protected]. Note, the information and materials contained in this document are provided ‘as is’ and Euronext does not warrant the accuracy, adequacy or completeness of the information and materials and expressly disclaims liability for any errors or omissions. This document is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Euronext. 1 © 2019, Euronext - All rights reserved. Version 1.1 CONTENT Introduction to the Reporting Requirement ................................................................................................. 3 Monthly Reports (submitted via TCB Data) ................................................................................................... 4 TCB Data ............................................................................................................................................................... 4 Display Use of Real Time Market Data ................................................................................................................. 4 Market Data Display Use Fees .............................................................................................................................
    [Show full text]
  • Change to Equity Derivatives Physical Delivery Settlement Cycle
    Transitional Arrangements - Change to Equity Derivatives Physical Delivery Settlement Cycle 1 Exercise/Expiry/Trade 2 Underlying Stock Exchange Current Settlement Cycle New Settlement Cycle Settlement Date Date Futures/Options: Second Borsa Istanbul, Borsa Italiana, Futures/Options: Third Business Thursday 30 June Tuesday 05 July Business Day after Expiry Copenhagen Stock Exchange, Day after Expiry Day/Exercise Day/Exercise Deutsche Boerse, Euronext Amsterdam, Euronext Brussels, Friday 01 July Tuesday 05 July Euronext Lisbon, Euronext Paris, Helsinki Stock Exchange, Irish Stock Exchange, London Stock Exchange, London Stock Exchange (IOB), Oslo Stock Contingent Trades: Stock Contingent Trades: Thursday 30 June Monday 04 July Stock Exchange, SIX Swiss Exchange, Second Business Day after Trade Second Business Day after Trade Stockholm Stock Exchange, Vienna Date Date (no change) Stock Exchange Friday 01 July Tuesday 05 July Futures/Options: Second Futures/Options: Fourth Thursday 30 June Wednesday 06 July Business Day after Expiry Business Day after Expiry Day/Exercise Day/Exercise Friday 01 July Tuesday 05 July Madrid Stock Exchange Stock Contingent Trades: Thursday 30 June Tuesday 05 July Stock Contingent Trades: Third Second Business Day after Trade Business Day after Trade Date Date Friday 01 July Tuesday 05 July Thursday 30 June Thursday 07 July Futures/Options: Fourth Futures/Options: Third Business Business Day after Expiry Day after Expiry Day/Exercise Day/Exercise Friday 01 July Thursday 07 July NYSE, NASDAQ Thursday 30 June Wednesday 06 July Stock Contingent Trades: Third Stock Contingent Trades: Third Business Day after Trade Date Business Day after Trade Date (no change) Friday 01 July Thursday 07 July 1 Effective on and from Friday 01 July 2016 2 For NYSE/NASDAQ, dates reflect the 4th July U.S.
    [Show full text]
  • Enhancing Liquidity in Emerging Market Exchanges
    ENHANCING LIQUIDITY IN EMERGING MARKET EXCHANGES ENHANCING LIQUIDITY IN EMERGING MARKET EXCHANGES OLIVER WYMAN | WORLD FEDERATION OF EXCHANGES 1 CONTENTS 1 2 THE IMPORTANCE OF EXECUTIVE SUMMARY GROWING LIQUIDITY page 2 page 5 3 PROMOTING THE DEVELOPMENT OF A DIVERSE INVESTOR BASE page 10 AUTHORS Daniela Peterhoff, Partner Siobhan Cleary Head of Market Infrastructure Practice Head of Research & Public Policy [email protected] [email protected] Paul Calvey, Partner Stefano Alderighi Market Infrastructure Practice Senior Economist-Researcher [email protected] [email protected] Quinton Goddard, Principal Market Infrastructure Practice [email protected] 4 5 INCREASING THE INVESTING IN THE POOL OF SECURITIES CREATION OF AN AND ASSOCIATED ENABLING MARKET FINANCIAL PRODUCTS ENVIRONMENT page 18 page 28 6 SUMMARY page 36 1 EXECUTIVE SUMMARY Trading venue liquidity is the fundamental enabler of the rapid and fair exchange of securities and derivatives contracts between capital market participants. Liquidity enables investors and issuers to meet their requirements in capital markets, be it an investment, financing, or hedging, as well as reducing investment costs and the cost of capital. Through this, liquidity has a lasting and positive impact on economies. While liquidity across many products remains high in developed markets, many emerging markets suffer from significantly low levels of trading venue liquidity, effectively placing a constraint on economic and market development. We believe that exchanges, regulators, and capital market participants can take action to grow liquidity, improve the efficiency of trading, and better service issuers and investors in their markets. The indirect benefits to emerging market economies could be significant.
    [Show full text]