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22 March 2019 FINAL TERMS the REPUBLIC of GHANA Legal Entity Identifier (LEI): 213800PP4399SNNXZ126 Issue of U.S.$1,000,000,000
22 March 2019 FINAL TERMS THE REPUBLIC OF GHANA Legal entity identifier (LEI): 213800PP4399SNNXZ126 Issue of U.S.$1,000,000,000 8.950 per cent. Amortising Notes due 2051 under the Global Medium Term Note Programme PART A – CONTRACTUAL TERMS MIFID II product governance / Professional investors and ECPs only target market – Solely for the purposes of each manufacturer’s product approval process, the target market assessment in respect of the Notes has led to the conclusion that: (i) the target market for the Notes is eligible counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, “MiFID II”); and (ii) all channels for distribution of the Notes to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Notes (a “distributor”) should take into consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for undertaking its own target market assessment in respect of the Notes (by either adopting or refining the manufacturers’ target market assessment) and determining appropriate distribution channels. In connection with Section 309B of the Securities and Futures Act (Chapter 289) of Singapore (the “SFA”) and the Securities and Futures (Capital Markets Products) Regulations 2018 of Singapore (the “CMP Regulations 2018”), the Issuer has determined the classification of the Notes as prescribed capital markets products (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products). -
Weak-Form Market Efficiency, Estimation Interval and the Nigerian Stock Exchange: Empirical Evidence
WEAK-FORM MARKET EFFICIENCY, ESTIMATION INTERVAL AND THE NIGERIAN STOCK EXCHANGE: EMPIRICAL EVIDENCE Onyemachi Maxwell Ogbulu, Abia State University Abstract Given the desirability of efficient capital markets in aiding optimal resource mobilization and allocation in the financial system, this paper is an attempt to investigate the efficiency level of the Nigerian Stock Exchange (NSE) across different data estimation intervals with reference to the weak-form variant of the Efficient Market Hypothesis (EMH). The paper employed daily, weekly, monthly and quarterly aggregate stock price data using the NSE All Share Index series from 4th January, 1999 to 31st December, 2013 to test for the weak-form efficiency of the NSE using a combination of seven (7) statistical and parametric tools namely- Autocorrelation tests, the ADF and P-P unit root tests, Variance Ratio tests, the Normality/Random Walk tests, the Granger Causality test, the ARCH-GARCH test and Regression rest. The empirical results of the investigation indicate that on balance the NSE is weak-form inefficient when daily, weekly, monthly and quarterly prices are examined irrespective of the estimation interval and the parametric test employed in the tests. It is to be noted from the findings that the NSE is still weak-form inefficient despite the implementation of various capital market reforms undertaken in the recent past as well as the adoption of automation and ICT in the operations of the Exchange. It is therefore recommended that these salutary reforms and policies should be intensified and sustained to ensure efficiency of the NSE. Keywords: Weak-form efficiency, Efficient Market Hypothesis, Estimation Interval, Parametric Tests. -
Redalyc.Market Segmentation: Venezuelan Adrs
INNOVAR. Revista de Ciencias Administrativas y Sociales ISSN: 0121-5051 [email protected] Universidad Nacional de Colombia Colombia Garay, Urbi; González, Maximiliano Market segmentation: Venezuelan ADRs INNOVAR. Revista de Ciencias Administrativas y Sociales, vol. 22, núm. 46, octubre-diciembre, 2012, pp. 73-85 Universidad Nacional de Colombia Bogotá, Colombia Available in: http://www.redalyc.org/articulo.oa?id=81827442007 How to cite Complete issue Scientific Information System More information about this article Network of Scientific Journals from Latin America, the Caribbean, Spain and Portugal Journal's homepage in redalyc.org Non-profit academic project, developed under the open access initiative Finanzas y marketing revista innovarjournal market segmentation: Venezuelan adrs Urbi Garay Ph.d. en finanzas, Universidad de massachusetts, amherst, m.a. en economía internacional y desarrollo, yale University. economista, Universidad Católica andrés Bello. Profesor, instituto de estudios superiores de administración Correo electrónico: [email protected] Maximiliano González segmentación de mercados: adrs VeneZolanos Ph.d en administración de negocios y Finanzas, tulane University. magíster en resúmen: los controles cambiarios impuestos en venezuela en 2003 administración de negocios, iesa. licenciado en Ciencias administrativas, Universidad constituyen un experimento natural que permite a los investigadores ob- metropolitana Caracas venezuela. Profesor asociado, Universidad de los andes servar el efecto que tales controles tuvieron sobre la segmentación del mercado de capitales. este trabajo presenta evidencia empírica que su- Correo electrónico: [email protected] giere que, aún cuando el mercado de capitales venezolano se encontraba altamente segmentado antes de que se impusieran los controles, las ac- ciones de la empresa Cantv estaban, por medio de sus american deposi- tary Receipts (adRs o certificados de depósito americanos), parcialmente integrados con los mercados globales. -
Singapore Exchange Limited
18 October 2016 Asia Pacific/Singapore Equity Research Diversified Financial Services Singapore Exchange Limited (SGXL.SI / SGX SP) Rating NEUTRAL Price (14 Oct 16, S$) 7.25 INITIATION Target price (S$) 7.60 Upside/downside (%) 4.8 Mkt cap (S$/US$ mn) 7,769 / 5,589 Lacks near-term catalysts Enterprise value (S$ mn) 6,887 Number of shares (mn) 1,072 ■ We initiate coverage on Singapore Exchange with a NEUTRAL rating Free float (%) 71.3 and target price of S$7.60. The key investment case for SGX is longer-term 52-wk price range (S$) 8.05-6.65 ADTO-6M (US$ mn) 10.3 growth through both equities and success in its strategy to become an Asian *Stock ratings are relative to the relevant country benchmark. regional gateway, with derivatives being the medium-term driver, in our view. ¹Target price is for 12 months. Nearer-term, its fortunes are more linked to the current level of market activity, Research Analysts which remains uninspiring, with a risk of further seasonal slowdown in 4Q. Rikin Shah 65 6212 3098 ■ Securities business remains subdued. Securities turnover and revenue hit [email protected] the decade low in FY16. The subdued turnover is mainly a result of declining velocity (peak-to-date -43%), but a dearth of IPOs and an increase in privatisation deals have further exacerbated the situation. We discuss a few structural drivers like higher free float and high frequency trading, which could improve velocity in the long term. ■ Derivatives growth secular and less volatile. Derivatives' revenue growth of 18% CAGR in the past five years has been a great stabiliser—more than offsetting a 7% fall in securities revenue. -
Norway – United States
NORWAY – UNITED STATES Overview of requirements for listing shares on Oslo Børs vs NYSE Euronext / NASDAQ April 2014 Overview ∙ This presentation has been prepared with respect to listing of shares on the regulated markets operated by the Oslo Stock Exchange and NYSE Euronext and NASDAQ − In Norway: Oslo Børs and Oslo Axess − In the United States (US): New York Stock Exchange Euronext (NYSE) and NASDAQ Stock Market (NASDAQ) ∙ This presentation has been prepared by Advokatfirmaet Selmer DA for matters pertaining to Norwegian law and by Akin Gump Straus Hauer & Feld LLP for matters pertaining to US law, based on their experience for Norway and US transactions respectively, to provide an overview with respect to certain listing requirements and obligations in relation to listing on Oslo Børs / Oslo Axess vs NYSE / Nasdaq ∙ This presentation comprises only general information on certain Norwegian and US regulations related to listing, and registration of securities, and the continuing obligations of companies listed on Oslo Børs / Oslo Axess and NYSE / Nasdaq, and is not a complete nor exhaustive description of such obligations or other matters that could impact the regulations or application of such regulations. This presentation is prepared for information purposes only as of the date hereof, and shall not be considered nor construed as legal advice in any respect. No liability or responsibility are accepted as a result of this presentation 2 Main features for listing in Norway and the US 03 Listing in Norway 05 Listing in the US 10 Listing comparisons - fees and continuing obligations 16 Prospectus and registration requirements 20 American Depository Receipts, FPIs and EGCs 24 Contact persons 31 Main features for listing in Norway vs US Norway United States Time listing process Formal listing process takes minimum 8 weeks (fast Varies. -
Looking for a Safe-Haven in a Crisis-Driven Venezuela
The current issue and full text archive of this journal is available on Emerald Insight at: https://www.emerald.com/insight/1750-6166.htm Caracas stock Looking for a safe-haven in a exchange crisis-driven Venezuela The Caracas stock exchange vs gold, oil and bitcoin 475 Ida Musialkowska Received 20 January 2020 European Studies, Poznan University of Economics, Poznan, Poland Revised 20 February 2020 Accepted 1 March 2020 Agata Kliber Department of Applied Mathematics, Poznan University of Economics, Poznan, Poland Katarzyna Swierczy nska Economic Journalism and Public Relations, Poznan University of Economics, Poznan, Poland, and Paweł Marszałek Money and Banking, Poznan University of Economics, Poznan, Poland Abstract Purpose – This paper aims to find, which of the assets: gold, oil or bitcoin can be considered a safe-haven for investors in a crisis-driven Venezuela. The authors look also at the governmental change of approach towards the use and mining of cryptocurrencies being one of the assets and potential applications of bitcoin as (quasi) money. Design/methodology/approach – The authors collected the daily data (a period from 01 May 2014 to 31 July 2018) on the development of the following magnitudes: Caracas Stock Exchange main index: Índice Bursátil de Capitalisacion (IBC) index; gold price in US dollars, the oil price in US dollars and Bitcoin price in bolivar fuerte (VEF) (LocalBitcoins). The authors estimated a threshold VAR model between IBC and each of the possible safe-haven assets, where the trigger variable was the IBC; then the authors modelled the residuals from the TVAR model using MGARCH model with dynamic conditional correlation. -
789398885.Pdf
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Burhop, Carsten; Lehmann-Hasemeyer, Sibylle H. Working Paper The geography of stock exchanges in Imperial Germany FZID Discussion Paper, No. 89-2014 Provided in Cooperation with: University of Hohenheim, Center for Research on Innovation and Services (FZID) Suggested Citation: Burhop, Carsten; Lehmann-Hasemeyer, Sibylle H. (2014) : The geography of stock exchanges in Imperial Germany, FZID Discussion Paper, No. 89-2014, Universität Hohenheim, Forschungszentrum Innovation und Dienstleistung (FZID), Stuttgart, http://nbn-resolving.de/urn:nbn:de:bsz:100-opus-9834 This Version is available at: http://hdl.handle.net/10419/98252 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. www.econstor.eu FZID Discussion Papers CC Economics Discussion Paper 89-2014 THE GEOGRAPHY OF STOCK EXCHANGES IN IMPERIAL GERMANY Carsten Burhop Sibylle H. -
Base Prospectus Dated 21 November 2019
BASE PROSPECTUS DATED 21 NOVEMBER 2019 Heimstaden Bostad AB (publ) (incorporated with limited liability in Sweden) €4,000,000,000 Euro Medium Term Note Programme Under this €4,000,000,000 Euro Medium Term Note Programme (the "Programme"), Heimstaden Bostad AB (publ) (the "Issuer") may from time to time issue notes (the "Notes") denominated in any currency agreed between the Issuer and the relevant Dealers (as defined below). Notes may be issued in bearer or registered form (respectively "Bearer Notes" and "Registered Notes") or in uncertificated book entry form ("VPS Notes") settled through the Norwegian Central Securities Depositary, Verdipapirsentralen ASA (the "VPS"). The maximum aggregate nominal amount of all Notes from time to time outstanding under the Programme will not exceed €4,000,000,000 (or its equivalent in other currencies calculated as described in the Programme Agreement described herein), subject to increase as described herein. The Notes may be issued on a continuing basis to one or more of the Dealers specified under "Overview of the Programme" and any additional Dealer appointed under the Programme from time to time by the Issuer (each a "Dealer" and together the "Dealers"), which appointment may be for a specific issue or on an ongoing basis. References in this Base Prospectus to the "relevant Dealer" shall, in the case of an issue of Notes being (or intended to be) subscribed by more than one Dealer, be to all Dealers agreeing to subscribe such Notes. An investment in Notes issued under the Programme involves certain risks. For a discussion of these risks see "Risk Factors". -
Pricing and Spread Components at the Lima Stock Exchange
Pricing and spread components at the Lima Stock Exchange Luis Chávez-Bedoya, Carlos Loaiza Álamo and Giannio Téllez De Vettori ABSTRT AC This paper analyses three aspects of the share market operated by the Lima Stock Exchange: (i) the short-term relationship between the pricing, direction and volume of order flows; (ii) the components of the spread and the equilibrium point of the limit order book per share, and (iii) the pricing, order direction and trading volume dynamic resulting from shocks in the same variables when lagged. The econometric results for intraday data from 2012 show that the short-run dynamic of the most and least liquid shares in the General Index of the Lima Stock Exchange is explained by the direction of order flow, whose price impact is temporary in both cases. KEYWORDS Stock markets, stocks, prices, econometric models, Peru JEL CLASSIFICATION G11, G12, G15 AUS THOR Luis Chávez-Bedoya teaches finance at the esan Graduate School of Business, Lima, Peru. [email protected] Carlos Loaiza Álamo teaches at the Faculty of Administration and Finance of the Peruvian University of Applied Sciences (upc), Lima, Peru. [email protected] Giannio Téllez De Vettori is a teaching assistant at the Department of Economics of the Catholic University of Peru and a researcher affiliated with the esan Graduate School of Business, Lima, Peru. [email protected] CEPAL_Review_115_3.indd 115 06/08/15 08:18 116 CEPAL REVIEW 115 • april 2015 I Introduction The Peruvian stock market has struggled to develop obtain this information for the present study, however, sustainably as an investment alternative, yet little with a view to obtaining a better understanding of the basic or applied research has been done on it. -
Sanli Bags New Contracts in Singapore and Myanmar; Boosts Order Book to S$198.0 Million
SANLI ENVIRONMENTAL LIMITED MEDIA RELEASE For Immediate Release Sanli bags new contracts in Singapore and Myanmar; boosts order book to S$198.0 million S$7.8 million O&M contract wins from the Singapore Public Utilities Board reflects the continued confidence the public sector has in the Group’s capabilities Expansion into Myanmar is progressing well, as the Group secures EPC contracts worth approximately S$4.3 million Order book stands at S$198.0 million SINGAPORE, 2 April 2019 – Sanli Environmental Limited (“Sanli” and together with its subsidiaries, the “Group”), one of Singapore’s leading environmental engineering companies, is pleased to announce that it has recently secured new contracts (“Contracts”) in Singapore and Myanmar, worth a total of approximately S$12.1 million. With these contract wins, the Group’s order book stands at S$198.0 million. These new contracts are expected to contribute to Sanli’s revenue from the financial year ending 31 March 2020 (“FY2020”). The Operations and Maintenance (“O&M”) contracts are awarded by the Singapore Public Utilities Board (“PUB”). Spanning over a period of three years from March 2019, Sanli will be involved in the refurbishment of centrifugal pumps in the NEWater Factories and Waterworks, the overhaul of centrifugal pumps, disintegrators and related equipment and maintenance works at various PUB installations, as well as the maintenance of electrical equipment at the Johor Plants. Sanli had also secured two Engineering, Procurement and Construction (“EPC”) contracts from the Myanmar government, worth a total of 4.9 billion Myanmar Kyat (Ks) or SANLI ENVIRONMENTAL LIMITED approximately S$4.3 million. -
Integration Level of Equity Markets in APEC's Emerging
Integration level of equity markets in APEC’s emerging countries: Are emerging markets regionally or globally integrated? Authors: Cynthia Ho Szee Yah Dinh Thi Quynh Anh Supervisor: Per Nilsson Student Umeå School of Business Autumn semester 2010 Master thesis, two-year, 30 hp Integration level of equity markets in APEC’s emerging countries: Are emerging markets regionally or globally integrated? Anh Dinh Cynthia Ho Abstract Supported by the investment barriers removal, financial deregulation and improved macroeconomic policies during the last three decades, the process of financial integration in those markets, emerging markets in general and emerging markets within Asia Pacific Economic Cooperation (APEC) in particular, has been pro-actively accessed these days. Moreover, recent trend in globalization in many APEC countries and especially in the emerging markets has triggered a stronger financial integration progress across countries. Nevertheless, it is surprising to find that these countries not only benefited from regional financial integration but also experienced global financial integration in the same period. Markets over the last two decades, which have been highlighted by financial crises occurred among those APEC emerging countries in the early of the year 1997, have raised political, social and economic questions. One of prominent questions among them: “Are emerging markets in APEC regionally or globally integrated?” has raised our interest in measuring the integration level in these countries. Our thesis paper, therefore, seeks to answer the question on the degree of financial integration level in nine APEC emerging countries. Collecting stock indexes from the Chile (Santiago Stock Exchange), China (Shanghai Stock Exchange), Indonesia (Indonesia Stock Exchange), Malaysia (Bursa Malaysia), Mexico (Mexican Stock Exchange), Philippines (Philippines Stock Exchange), Peru (Lima Stock Exchange), Russia (RTS Russian Stock Exchange), Thailand (Thailand Stock Exchange), we compute empirically the integration scores for these nine countries. -
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.