A Journey of Ambition, Innovation and Success Go Europe, Go Euronext
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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. -
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 -
Intraday Herding on a Cross-Border Exchange
CORE Metadata, citation and similar papers at core.ac.uk Provided by CURVE/open Intraday Herding on a Cross-Border Exchange Andrikopoulos, P, Kallinterakis, V, Pedro Leite Ferreira, M & Verousis, T Author post-print (accepted) deposited by Coventry University’s Repository Original citation & hyperlink: Andrikopoulos, P, Kallinterakis, V, Pedro Leite Ferreira, M & Verousis, T 2017, 'Intraday Herding on a Cross-Border Exchange' International Review of Financial Analysis, vol 53, pp. 25-36 https://dx.doi.org/10.1016/j.irfa.2017.08.010 DOI 10.1016/j.irfa.2017.08.010 ISSN 1057-5219 Publisher: Elsevier NOTICE: this is the author’s version of a work that was accepted for publication in International Review of Financial Analysis. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive version was subsequently published in International Review of Financial Analysis, [53, (2017)] DOI: 10.1016/j.irfa.2017.08.010 © 2017, Elsevier. Licensed under the Creative Commons Attribution- NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/ Copyright © and Moral Rights are retained by the author(s) and/ or other copyright owners. A copy can be downloaded for personal non-commercial research or study, without prior permission or charge. This item cannot be reproduced or quoted extensively from without first obtaining permission in writing from the copyright holder(s). The content must not be changed in any way or sold commercially in any format or medium without the formal permission of the copyright holders. -
Filed by the NASDAQ OMX Group, Inc
Filed by The NASDAQ OMX Group, Inc. (Commission File No. 000-32651) Pursuant to Rule 425 under the Securities Act of 1933, as amended Subject Company: NYSE Euronext (Commission File No. 001-33392) NASDAQ OMX and ICE Issue Joint Statement on Superior Proposal New York, NY and Atlanta, GA (April 25, 2011) NASDAQ OMX (NDAQ) and IntercontinentalExchange (ICE) today issued a joint statement with regard to their superior proposal for NYSE Euronext: NYSE Euronext investors should be highly skeptical that after two years of exploratory merger discussions, including more than six months dedicated to finalizing the transaction, NYSE Euronext has suddenly found a reported €100 million in additional synergies. This increase appears not to be a matter of sharpening a pencil, but an unexplained shift in strategy. The discovery that initial synergies having been understated by one-third comes after receiving a superior proposal from NASDAQ OMX and ICE that achieves greater synergies. Importantly, if there are additional synergies to be found after the merger economics have been agreed, then it has to come at the expense of NYSE Euronext stockholders because there has been no increase in the price they are being offered. NYSE Euronext should describe these newly-found synergies in detail in order to support the credibility of these revised estimates, particularly in light of commitments to retain two technology platforms and two headquarters. Increasingly it appears that NYSE Euronext is more focused on protecting the transaction than its stockholders. NASDAQ OMX and ICE have described in detail our proven and focused long-term strategy from which stockholders would benefit and our companies demonstrated outperformance relative to their proposed strategy of creating a financial supermarket. -
Intercontinental Exchange Reports Ice and Nyse May Volume
INVESTORS INTERCONTINENTAL EXCHANGE REPORTS ICE AND NYSE MAY VOLUME Released : 04 June 2014 ATLANTA--(BUSINESS WIRE)-- Intercontinental Exchange, Inc. (NYSE: ICE), the leading global network of exchanges and clearing houses, today reported exchange traded volumes for May 2014. ICE’s May average daily volume (ADV) was 5.4 million contracts, a decrease of 15% compared to May 2013. • Commodity futures and options ADV decreased 23% in May due primarily to continued low price volatility across most energy products. • Financial futures and options ADV decreased 9% in May due primarily to the low interest rate environment in Europe. This was partially offset by a 23% increase in equity derivatives ADV year to year, including a 32% increase in Liffe single stock futures. • NYSE cash equities ADV decreased 13% and Euronext cash equities ADV was flat compared to the prior May. NYSE equity options volume decreased 23% year to year. ICE Futures & Options ADV (contracts in 000s) ADV May ADV May Change ADV YTD ADV YTD Change May ’13 2014 2013 y/y May ‘14 y/y COMMODITIES Energy Brent 594 670 -11% 617 712 -13% Gasoil 214 266 -19% 220 272 -19% Other Oil (1) 248 244 2% 254 255 0% TOTAL OIL 1,055 1,179 -10% 1,092 1,239 -12% Natural Gas (2) 714 1,241 -42% 983 1,363 -28% Power (3) 131 141 -7% 130 144 -10% Emissions & Other (4) 32 30 6% 48 46 5% TOTAL ENERGY 1,932 2,591 -25% 2,252 2,792 -19% Agricultural Sugar (5) 115 113 1% 167 146 15% Other Ags & Metals (6) 156 162 -4% 192 188 2% TOTAL AGRICULTURAL & METALS 270 276 -2% 360 334 8% TOTAL COMMODITIES 2,203 2,867 -23% 2,612 3,125 -16% FINANCIALS Interest Rates Short-term Interest Rates (7) 1,729 2,213 -22% 1,761 2,312 -24% Medium & Long-term Interest Rates (8) 195 233 -16% 177 192 -8% TOTAL INTEREST RATES 1,924 2,445 -21% 1,938 2,504 -23% TOTAL EQUITY DERIVATIVES (9) 1,297 1,058 23% 1,051 1,170 -10% TOTAL FX (10) 20 43 -54% 24 38 -38% TOTAL FINANCIALS 3,241 3,547 -9% 3,012 3,712 -19% TOTAL FUTURES & OPTIONS 5,444 6,414 -15% 5,625 6,837 -18% Note: Figures may not foot due to rounding. -
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. -
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. -
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. -
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). -
Trading Activity : Cash Average Daily Volumes up 13% H1’14/H1’13 (+5% Q2’14/Q2’13)
Q2’2014 RESULTS PRESENTATION 7 AUGUST 2014 DISCLAIMER This presentation is for information purposes only and is not a recommendation to engage in investment activities. The information and materials contained in this presentation 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 presentation is not intended to be, and shall not constitute in any way a binding or legal agreement, or impose any legal obligation on Euronext. All proprietary rights and interest in or connected with this publication shall vest in Euronext. No part of it may be redistributed or reproduced without the prior written permission of Euronext. This presentation may include forward-looking statements, which are based on Euronext’s current expectations and projections about future events. By their nature, forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors because they relate to events and depend on circumstances that will occur in the future whether or not outside the control of Euronext. Such factors may cause actual results, performance or developments to differ materially from those expressed or implied by such forward-looking statements. Accordingly, no undue reliance should be placed on any forward-looking statements. Forward-looking statements speak only as at the date at which they are made. Euronext expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statements contained in this presentation to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based unless required to do so by applicable law. -
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.