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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. -
Overview of Japan Exchange Group and Recent Developments in Japanese Capital Market
Overview of Japan Exchange Group and recent developments in Japanese capital market 1 October 2015 Japan Exchange Group, Inc. © 2015 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved Establishment of JPX The January 2013 merger combined the complementary strengths of TSE and OSE in the cash equity and derivatives markets. JPX aims at market expansion and improved efficiency to improve user convenience and raise competitiveness. 【Tokyo Stock Exchange Group】 【Osaka Securities Exchange】 • A global leader boasting a comprehensive • Largest derivatives market in Japan with exchange centered on the TSE 1st Section, leading Nikkei 225 futures and options TOPIX futures and JGB futures • Operates the JASDAQ venture market • Vertically integrated group offering listing, • Japan’s only listed exchange trading, and clearing & settlement services • Dominant domestic stock market with strong brand image Japan Exchange Group Akira Kiyota, Group CEO Cash Equities Trading Derivatives Trading Self-Regulation Clearing Japan Exchange Japan Securities Clearing Tokyo Stock Exchange Osaka Exchange Koichiro Miyahara, Hiromi Yamaji Regulation Corporation President & CEO President & CEO Takafumi Sato Hironaga Miyama President President & CEO Change in trade/corporate names : Osaka Securities Exchange → Osaka Exchange (March 24, 2014), Tokyo Stock Exchange Regulation → Japan Exchange Regulation (April 1, 2014) © 2015 Japan Exchange Group, Inc. and/or its affiliates. All rights reserved 2 Markets and Products on JPX Listing examination and -
Global Stock Exchange Consolidation and the Battle for TMX
Osler, Hoskin & Harcourt llp 2011 Capital Markets Review Global Stock Exchange Consolidation and the Battle for TMX Between October 2010 and November 2011, eight transactions involving stock exchanges around the world, including Canada, were announced. This latest round of stock exchange consolidation has been driven by a number of factors including increased competition and the globalization of capital markets. Osler represented the london stock exchange group plc on its proposed merger with TMX Group Inc. Canada has been swept up in the global wave of consolidation in the stock exchange sector with the ongoing battle for control of TMX Group Inc. (TMX). TMX’s aborted merger with London Stock Exchange Group plc (LSEG) and the current proposed take-over by Maple Group Acquisition Corporation (Maple) illustrate the trends driving consolidation in the global exchange industry and the political and regulatory challenges posed by stock exchange mergers. Osler, Hoskin & Harcourt llp 2011 Capital Markets Review A Flurry of Deals Between October 2010 and November 2011 the following transactions were announced: Global Stock Exchange Consolidation and the • Singapore Exchange’s (SGX) US$8.8 billion proposed acquisition of Battle for TMX Australian Securities Exchange (ASX), which was ultimately rejected by the Australian government. • Moscow Interbank Currency Exchange’s acquisition of Russian Trading System Stock Exchange. • LSEG’s proposed merger with TMX, which did not proceed when it became clear that the transaction would not receive the requisite approval of two-thirds of TMX shareholders in the face of a competing and currently outstanding bid by Maple, a consortium of 13 of Canada’s leading financial institutions and pension plans. -
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. -
Tsx Group and Montréal Exchange Join Forces to Create Tmx Group
TSX GROUP AND MONTRÉAL EXCHANGE JOIN FORCES TO CREATE TMX GROUP Combination creates an integrated, multi-asset class exchange group Combination strengthens Montréal’s position as the Canadian centre for derivatives expertise MX shareholders to receive 0.5 of a common share of TSX Group and $13.95 in cash, after the effect of full proration Represents $39.00 in value per MX common share based on the November 28, 2007 unaffected price of TSX Group common shares Represents $42.56 in value per MX common share based on the December 7, 2007 closing price of TSX Group common shares MX Board of Directors recommends that MX shareholders vote in favour of the combination December 10, 2007 (MONTRÉAL and TORONTO) – Montréal Exchange Inc. (MX) and TSX Group Inc. (TSX Group) today announced that they have agreed to combine their organizations to create TMX Group Inc. (TMX Group), a leading integrated exchange group. “This combination grows out of a common vision for the future of the Canadian capital markets. Customers in Canada and internationally will benefit from increased liquidity levels, accelerated product development, a fully diversified product suite, and superior technology,” said Richard Nesbitt, Chief Executive Officer of TSX Group. Luc Bertrand, President and Chief Executive Officer of the Montréal Exchange continued, “The new group will redefine the Canadian capital markets and strengthen its global positioning. TMX Group will list, trade, clear and offer market data for both cash and derivatives markets across multiple asset classes.” “We are creating a new exchange group that builds on the respective strengths and successes of both organizations,” said Mr. -
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3130 W 57th St, Suite 105 Sioux Falls, SD 57108 Voice: 605-373-0201 Fax: 605-271-5721 [email protected] www.greatplainsfa.com Securities offered through First Heartland Capital, Inc. Member FINRA & SIPC. Advisory Services offered through First Heartland Consultants, Inc. Great Plains Financial Advisors, LLC is not affiliated with First Heartland Capital, Inc. In this month’s recap: the Federal Reserve eases, stocks reach historic peaks, and face-to-face U.S.-China trade talks formally resume. Monthly Economic Update Presented by Craig Heien with Great Plains Financial Advisors, August 2019 THE MONTH IN BRIEF July was a positive month for stocks and a notable month for news impacting the financial markets. The S&P 500 topped the 3,000 level for the first time. The Federal Reserve cut the country’s benchmark interest rate. Consumer confidence remained strong. Trade representatives from China and the U.S. once again sat down at the negotiating table, as new data showed China’s economy lagging. In Europe, Brexit advocate Boris Johnson was elected as the new Prime Minister of the United Kingdom, and the European Central Bank indicated that it was open to using various options to stimulate economic activity.1 DOMESTIC ECONOMIC HEALTH On July 31, the Federal Reserve cut interest rates for the first time in more than a decade. The Federal Open Market Committee approved a quarter-point reduction to the federal funds rate by a vote of 8-2. Typically, the central bank eases borrowing costs when it senses the business cycle is slowing. As the country has gone ten years without a recession, some analysts viewed this rate cut as a preventative measure. -
Conducting Business in Ukraine Brochure
Conducting Business 2017 in Ukraine All of the information included in this document is for informational purposes only, and may not reflect the most current legal developments, judgments, or settlements. This information is not offered as legal or any other advice on any particular matter. The Firm and the contributing authors expressly disclaim all liability to any person in respect of anything, and in respect of the consequences of anything, done or omitted to be done wholly or partly in reliance upon the whole or any part of the contents of Baker McKenzie’s Conducting Business in Ukraine brochure. No client or other reader should act or refrain from acting on the basis of any matter contained in this document without first seeking the appropriate legal or other professional advice on the particular facts and circumstances. Conducting Business in Ukraine 2017 Baker McKenzie Renaissance Business Center 24 Bulvarno-Kudriavska St. Kyiv 01601, Ukraine Tel.: +380 44 590 0101 Fax: +380 44 590 0110 [email protected] www.bakermckenzie.com\ukraine Conducting Business in Ukraine Table of Contents Preface ................................................................................................... i 1. Ukraine – An Overview .......................................................... 1 1.1 Geography, Topography and Population .................... 1 1.2 Government, Political and Legal Systems .................. 1 1.3 Regional Structure ...................................................... 6 1.4 Economy .................................................................... -
WFE IOMA 2018 Derivatives Report
April 2019 WFE IOMA 2018 Derivatives Report 2018 Derivatives Market Survey 1 METHODOLOGY .....................................................................................................................................3 2 2018 IOMA SURVEY HIGHLIGHTS .........................................................................................................4 3 MARKET OVERVIEW ..............................................................................................................................5 4 The global exchange traded derivatives market ..................................................................................7 Volume activity .................................................................................................................................... 7 Asset breakdown ................................................................................................................................ 8 5 Equity derivatives .................................................................................................................................11 Single Stock Options ........................................................................................................................ 11 Single Stock Futures ........................................................................................................................ 13 Stock Index Options ......................................................................................................................... 15 Stock Index Futures ......................................................................................................................... -
New Years Trading Schedule 2021
New Years Trading Schedule 2021 Product Thurs Dec 31st Fri Jan 1st Mon Jan 4th Tues Jan 5th Australian Securities Exchange | ASX 9:30pm Wednesday Night All Products Early Close Closed Normal Hours Normal Hours Chicago Mercantile Exchange | CME Currency & Eurodollar Normal Hours Closed Normal Hours Normal Hours Equity Index Normal Hours Closed Normal Hours Normal Hours Livestock 8:30am Livestock & Lumber Normal Hours Closed Open/Lumber 9am Open Normal Hours Dairy 1:55pm Early Close Closed Normal Hours Normal Hours Globex Bitcoin Normal Hours Closed Normal Hours Normal Hours Globex Currency & Eurodollar Normal Hours Closed Normal Hours Normal Hours Globex Equity Index Normal Hours Closed Normal Hours Normal Hours Pre-Open 8am - Livestock 8:30am Open/Pre-Open Globex Livestock & Lumber Normal Hours Closed 6am - Lumber 9am Open Normal Hours Globex Dairy 1:55pm Early Close Closed Normal Hours Normal Hours Chicago Board of Options Exchange | CBOE CBOE/CFE 12:15pm Early Close Closed Normal Hours Normal Hours Chicago Board of Trade | CBOT Treasuries Normal Hours Closed Normal Hours Normal Hours Grains Normal Hours Closed 8:30am Open Normal Hours Globex Treasuries Normal Hours Closed Normal Hours Normal Hours MGEX Wheat Pre-Open 7:45am/Pre-Open 8:00am - Globex Grains Normal Hours Closed 8:30am Open Normal Hours Montreal Exchange | MX Interest Rates 12:30pm Early Close Closed Normal Hours Normal Hours Stock Indices Normal Hours Closed Normal Hours Normal Hours ICE Futures Canada | ICE All Products Normal Hours Closed Normal Hours Normal Hours European -
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. -
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. -
Significance of Japan Exchange Group's Formation and Future Challenges
lakyara vol.158 Significance of Japan Exchange Group's formation and future challenges Sadakazu Osaki 12. February. 2013 Significance of Japan Exchange Group's formation and future challenges vol.158 Contents 1. Advent of JPX 2. Benefits of integration 3. Future challenges 1. Advent of JPX Sadakazu Osaki The Tokyo Stock Exchange (TSE) and Osaka Securities Exchange (OSE) merged in Head of Research 1) Center for Strategic Management January 2013 to form Japan Exchange (JPX) Group , setting the stage for an historic and Innovation business integration of the TSE and OSE, hitherto east-west rivals for nearly 130 years. NOTE 1) To be precise, the TSE's holding JPX aims to be the preferred exchange in Asia by creatively providing reliable, publicly company was merged into the OSE, which was then renamed Japan beneficial, and high-quality services under the aspirational slogan "Your Exchange of Exchange Group, and a new OSE operating subsidiary was spun out of Choice." In short, JPX aims to be Asia's top exchange. the newly merged company. The JPX Group is a holding company that initially will control the existing TSE and OSE, together with Tokyo Stock Exchange Regulation and Japan Securities Clearing 2) 2) More precisely, Tokyo Stock Exchange Corporation (JSCC), as operating subsidiaries . The TSE and OSE will remain Regulation is not a subsidiary but a self-regulatory entity incorporated by organizationally unchanged for time being, except that they are now under the control of a the TSE and TSE Group under the Financial Instrument and Exchange holding company. JPX plans to consolidate its cash market operations (First and Second Act.