DOCSLIB.ORG

Capital Markets

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Capital Markets Sector guides 2O15 -2O16 CAPITAL MARKETS A CountryProfiler Publication About FinanceMalta A Culture of Getting Things Done FinanceMalta Leadership Team inanceMalta, a non-profit public-private foundation, was Membership Board Members Benefits of FinanceMalta Fset up to promote Malta’s Business & Financial Centre, FinanceMalta offers two types Kenneth Farrugia (Chairman) Membership: both within, as well as outside Malta. It brings together the of membership: Corporate Prof. Joe V. Bannister (Vice-Chairman) • Direct access to the resources of the industry and government, to ensure Malta and Affiliate. Corporate Charles Borg / Mark Watkinson experience and knowledge maintains a modern and effective legal, regulatory and fiscal Membership is open to Matthew Bianchi of fellow members. framework in which the financial services sector can continue entities operating within the Chris J. Naudi • Receive regular updates, to grow and prosper. FinanceMalta’s Board of Governors, financial services industry, Annalise Micallef newsletters, and publications together with the founding associations that include the Malta such as fund, insurance John Huber on relevant issues. Funds Industry Association, the College of Stockbrokers, the and pension management André Borg • Attend partner seminars, Malta Bankers’ Association, the Malta Insurance Association, companies, while Affiliate training and workshops on the Association of Insurance Brokers, the Institute of Membership is designed for Bernice Buttigieg (Secretary to the Board) a wide range of specialist Financial Services Practitioners, and the affiliated Malta organisations and companies subjects at heavily discounted “Over the past ten years, Malta’s “FinanceMalta is working with “We are aiming to take Malta Insurance Management Association, as well as its members wishing to take advantage of rates, with some events financial services industry has all stakeholders to ensure that to the next level and create a and staff, are committed to promoting Malta as a centre of the growth of Malta’s finance being complimentary. developed from one that was more qualified individuals enter globally recognised international excellence in financial services and international business. industry and the FinanceMalta • Influence the market, primarily led by the domestic market the industry as the finance centre financial services sector that is network, including firms regulators and law makers into a truly international financial grows. We also offer training and based on our skilled workforce, providing Real Estate Services, through FinanceMalta’s services centre, attracting many re-training initiatives in order to help a stable regulatory environment Recruitment Services, Business lobbying activities. top-rated financial services firms.” professionals remain informed.” and business-friendly policies.” and Professional Services, • Benefit from FinanceMalta’s and Media Organisations. marketing and PR initiatives. Kenneth Farrugia Bernice Buttigieg Ivan Grech For further information • Regular opportunities to Chairman Head of Administration Head of Business Development on membership categories showcase your firm on the [email protected] [email protected] [email protected] and classification, visit international scene under the www.financemalta.org. umbrella of FinanceMalta. • Opportunity to publish white papers and articles on FinanceMalta’s website and to take part in topical webcast series. Follow us on: FinanceMalta, Garrison Chapel, Castille Place, Valletta VLT 1063 - Malta E: [email protected] T: +356 21 224 525 · F: +356 21 449 212 FinanceMalta @FinanceMalta FinanceMalta FinanceMaltaYT Promoting and Fostering Malta’s Finance Centre FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 2 3 Contents 1 About FinanceMalta CountryProfiler Ltd is a specialist publisher of country information that assists corporations managing Meet the Team 2 Publisher Information operations across national borders with trade, investment and relocation decisions. CountryProfiler 4 Finance Industry Stakeholders is recognised by senior business executives, government representatives, institutions and global 6 Malta at a Glance organisations as a leading provider of informative, insightful and actionable country intelligence. 7 International Finance Centre: Europe A Partner for Success 64, St Anne Court, Flat 4, Bisazza Street, Sliema SLM 1642 - Malta Garvan Keating Heidi Marttinen T: +356 2034 2034 Regional Director Editor 16 Key Reasons to do Business in Malta [email protected] [email protected] North America 18 Key Facts & Figures Suite 21-2123, Walkers Line, Burlington, Ontario L7M 42Z9 - Canada 20 Regulation & Legislation Tel: +1 905 645 1130 Fax: +1 905 963 7968 21 Malta Stock Exchange: From IPO Email: [email protected] Website: www.countryprofiler.com to Productive Investment Main Photography Sonja Lindenberg Daniel Geraldes 22 Listing Process Fritz Grimm Editor Business Executive [email protected] [email protected] 25 Trading on the Secondary Market Additional Photography Alan Carville / Malta Stock Exchange 26 The Central Securities Depository (CSD) Design 28 New MSE Products Ramon Micallef - [email protected] Printing 30 The European Wholesale Gutenberg Press, Malta Securities Market (EWSM) Morgane Stein Melissa Puglisevich Publication Date Business Executive Office Manager 32 Securitisation April 2015 [email protected] [email protected] The information included in this publication is for information purposes 34 Key Opportunities only and is subject to change. With regard to the licensing of a business, income generation or any other legal or accounting matters, the Publisher 36 A Guide for Doing Business in Malta strongly recommends that the reader seeks the advice of an appropriately licensed professional. The Guide is meant as general information and should not be interpreted as legal advice or as a technical guide in substitution of the 40 Malta: A Cosmopolitan Lifestyle in the Med relevant legislation. Additional requirements may also apply. 44 Who's Who: Malta Business Profiles All rights reserved. Reproduction in whole or part is strictly prohibited without the written permission of the publisher. Opinions expressed in this publication are not necessarily those of the editor or publisher. All reasonable care is taken to ensure truth and accuracy, but the editor and publishers cannot be held responsible for errors or omissions in articles, advertising, photographs, or illustrations. FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 4 5 Finance Industry Stakeholders Ministry for Finance Ministry for the Economy, Investment and Small Business Malta Financial Services Central Bank of Malta FinanceMalta Malta Stock Exchange www.mfin.gov.mt www.economy.gov.mt Authority (MFSA) www.centralbankmalta.org www.financemalta.org www.borzamalta.com.mt www.mfsa.com.mt Prof. Edward Scicluna Dr Christian Cardona Dr José Herrera Minister for Finance Minister for the Economy, Parliamentary Secretary Prof. Joseph Bannister Prof. Josef Bonnici Kenneth Farrugia Paul Spiteri Investment and Small Business for Competitiveness and Economic Growth Chairman Governer Chairman Chairman Finance Industry Associations Malta Association Malta Bankers Malta Fund Industry Malta Insurance Malta Insurance Management Institute of Financial Association of Insurance Society of Trust & Estate for Retirement Scheme Association (MBA) Association (MFIA) Association (MIA) Association (MIMA) Services Practitioners (IFSP) Brokers (AIB) Practitioners (STEP) Malta Practitioners (MARSP) Chairman: Chairman: Chairman: Director General: Chairman: President: Chairman: Branch Chair: Bethell Codrington Mark Watkinson Kenneth Farrugia Adrian Galea John Tortell Christopher J. Naudi Mark Spiteri Dr Jean-Philippe Chetcuti www.maltabankers.org www.mfia.org.mt www.maltainsurance.org www.mima-malta.com www.ifsp.org.mt www.aibmalta.com www.step.org/malta Additional Resources Malta Institute Malta Institute of Malta Institute of Malta Chamber Institute of Directors Malta Enterprise Malta Chamber of Taxation Accountants (MIA) Management (MIM) of Commerce (IoD) Malta of Advocates www.maintax.org www.miamalta.org www.maltamanagement.com www.maltachamber.org.mt www.iod.com/malta www.maltaenterprise.com www.avukati.org FINANCEMALTA Sector guides 2O15 -2O16 CAPITAL MARKETS CAPITAL MARKETS FINANCEMALTA Sector guides 2O15 -2O16 6 7 InternatiONAL FINANCE CENTRE InternatiONAL FINANCE CENTRE Malta at a Glance GOZO A Partner for Success Located in the centre of the Mediterranean, Malta is rapidly growing into one of the foremost business hubs for international financial services in the Euro-Med region. Country Knowledge Economy Recession Proof Economic Power Malta stands alone as an Malta has posted healthy oasis of financial prosperity economic growth for the in a Europe desiccated by last four years. In 2014, the 75% the financial crisis. From a economy and the labour Services sector share financial standpoint, Malta is market continued to perform in Malta’s economy proof that you do not have to well, and the outlook for MALTA be a big country to be a big 2015/16 is favourable. Strong player. Home to a population labour market fundamentals, of just over 421,000 recovering investment and an the growth of service-focused people and just 316 square accommodative
Load more

Recommended publications
  • LISTING SECURITIES in MALTA What You Need to Know
    LISTING SECURITIES IN MALTA What you need to know Malta offers two regulated markets on which issuers can list their securities, the Malta Stock Exchange (“MSE”) Official List for both equity and debt listings and the European Wholesale Securities Market (“EWSM”) for debt listings. The MSE also operates ‘Prospects’, a multi-lateral trading facility specifically designed for SMEs to list their equity and debt securities. KEY INFORMATION AND LISTING CONDITIONS MSE Official List Prospects (Equity / Debt)* EWSM (Debt)** (Equity / Debt)*** EU Regulated Market Yes Yes No Prospectus (Prospectus Prospectus (Prospectus Admission Document Offering / Admission Document Directive Compliant) Directive Compliant) (Prospects Template) Listing Authority MFSA MFSA N/A (Self-Regulated Market) Appointment of Sponsor / Sponsor Listing Agent Corporate Advisor Listing Agent / Advisor Minimum Denomination of Securities N/A €100,000 N/A Minimum Amount of Securities Listed €1,000,000 €1,000,000 N/A Minimum Issuer Share Capital • €1,000,000 (Equity) N/A N/A (Fully Paid-Up) • €250,000 (Debt) Minimum Free Float / • 25% (Equity) N/A N/A Securities held by Public • N/A (Debt) Whole Class to be Listed Yes Yes Yes Securities must be Freely Transferable Yes Yes Yes • 3 Financial Years (Equity) Historical Audited Financial Information N/A N/A • 2 Financial Years (Debt) Listing Application Approval Timing 1-2 months 1-2 weeks 2 weeks €12,500 - €60,000 Initial Application Fee €1,000 €5,000 (Based on Market Cap) €2,250 - €116,000 €5,000 - €32,500 Annual Exchange Fee €2,000 (Based on Market Cap) (Based on Market Cap) * MSE listing requirements vary for listing of units in collective investment schemes.
    [Show full text]
  • Malta Stock Exchange Equity Market Summary - 05 April 2019 Trading Hours - 09.30 A.M
    Malta Stock Exchange Equity Market Summary - 05 April 2019 Trading Hours - 09.30 a.m. to 15.30 p.m. MSE Equity Price Index 4,714.243 - 0.104% Shares Market2019 YTD Opening Day's Day's Closing Change % No. Div. Net Net Div. NAV/ Price E.P.S P/E Ratio Notes Issued Cap High Low % Currency Price High Low Price on previous Change of Turnover Payment Div. Div. Cover Share to Hist. Hist. 000's 000's Change close Trades Date Yield (a) (b) (c) NAV (d) (e) No. of OFFICIAL LIST %#Shares €%times € Financial Services 530,772 €732,465 1.480 1.235 3.8% Bank of Valletta plc - EUR1.00 EUR 1.375 1.380 1.350 1.380 0.000 0.00% 10 23,721 - - - - 1.87 0.74 0.097 14.25 Annual General Meeting - 09 May 2019 360,306 €587,299 1.810 1.600 -10.9% HSBC Bank Malta plc - EUR0.30 XD EUR 1.630 1.630 1.630 1.630 0.000 0.00% 1 2,000 Apr/Aug 0.038 2.31 2.11 1.27 1.28 0.080 20.47 Annual General Meeting - 17 April 2019 44,178 €103,376 2.520 2.260 -4.1% Lombard Bank Malta plc - EUR0.25 XD EUR---2.340 ‐‐- - April 0.033 1.39 5.88 2.45 0.95 0.191 12.25 Annual General Meeting - 11 April 2019 92,000 €217,120 2.380 1.830 18.6% Mapfre Middlesea plc - EUR0.21 EUR 2.360 2.360 2.360 2.360 0.000 0.00% 1 10,000 May 0.098 1 4.14 0.96 1.00 2.37 0.093 25.26 Dividend Cut-Off Date - 30 April 2019 30,000 €9,000 0.300 0.216 -9.6% GlobalCapital plc - EUR0.2912 EUR---0.300 ‐‐- - - - - - 0.54 0.56 0.105 2.86 522,288 $360,379 0.716 0.619 -8.0% FIMBank plc - USD0.50 XB USD---0.690 ‐‐- - - - - - 0.54 1.29 0.022 31.00 Annual General Meeting - 07 May 2019 Telecommunications 101,310 €492,369 5.000 3.900 22.7% GO plc - EUR0.5823 EUR---4.860 ‐‐--May0.14 3 2.88 1.34 1.11 4.37 0.187 25.95 Dividend Cut-Off Date - 24 April 2019 Food / Beverages 30,000 €262,500 8.750 7.400 0.0% Simonds Farsons Cisk plc - EUR0.30 EUR---8.750 ‐‐- - Oct/June 0.120 1.37 4.00 3.34 2.62 0.480 18.23 Tourism 615,685 €470,999 0.780 0.590 23.4% Int.
    [Show full text]
  • Admission Document
    This document, which comprises an admission document, required by the rules of Prospects MTF, a market regulated as an MTF and operated by the Malta Stock Exchange (the “MSE” or “Exchange”), has been drawn up in compliance with the Prospects MTF Rules issued by the Exchange. This document does not comprise a document drawn up in terms of the EU Prospectus Directive (2003/71/EC) or for the purposes of the Listing Rules of the Listing Authority. In terms of article 2(3)(b)(ii) of the Companies Act, Chapter 386 of the laws of Malta, this Bond Issue does not constitute an offer of securities to the public and this document does not constitute a prospectus as defined in article 2(i) of the said Act. A public limited liability company incorporated under the laws of Malta company registration number C 87809 In respect of an issue of €7.5 million 5.35% Unsecured Bonds 2028 ISIN: MT0002001205 Guaranteed by* D Shopping Malls Limited a private limited liability company registered in Malta company registration number C 87499 *Prospective investors are to refer to the guarantee contained in Annex A of this Company Admission Document for a description of the Guarantee. Reference should also be made to the sections entitled “Risk Factors” contained in this Company Admission Document for a discussion of certain risk factors, which should be considered by prospective investors in connection with the Bonds including but not limited to the guarantee provided by D Shopping Malls Limited. COMPANY ADMISSION DOCUMENT Dated 27 September 2018 THE MSE HAS AUTHORISED THE ISSUE OF THIS DOCUMENT.
    [Show full text]
  • Company Admission Document
    This document comprises an admission document, required by the rules of Prospects MTF (the market regulated as a multilateral trading facility operated by the Malta Stock Exchange (the “Exchange” or the “MSE”). This document has been drawn up in compliance with the Prospects MTF Rules for the purpose of giving information with regards to the issue of the Bonds (as herein defined). This document does not comprise a document drawn up in terms of the EU Prospectus Directive (2003/71/EC) or for the purposes of the Listing Rules of the Listing Authority. In terms of article 2(3)(b)(v) of the Companies Act, Chapter 386 of the Laws of Malta, this Bond Issue (as defined herein) does not constitute an offer of securities to the public and this document does not constitute a prospectus as defined in article 2(i) of the said Act. COMPANY ADMISSION DOCUMENT Dated 25th January 2019 In respect of an issue of €5,000,000 5% Secured Callable Bonds 2026-2029 of a nominal value of €100 per Bond issued at par by Borgo Lifestyle Finance plc Borgo Lifestyle Finance plc - A public limited liability company registered in Malta with company registration number C 88245 ISIN: MT0002151208 THE MSE HAS AUTHORISED THE ISSUE OF THIS DOCUMENT. THE MSE DOES NOT GIVE ANY CERTIFICATION, REPRESENTATION, WARRANTY OR GUARANTEE REGARDING THE POTENTIAL RISKS INVOLVED IN INVESTING IN THE SAID SECURITIES OR THE SAFETY OF INVESTING IN SUCH SECURITIES. THE MSE ACCEPTS NO RESPONSIBILITY FOR THE COMPLETENESS OR ACCURACY OF THIS ADMISSION DOCUMENT AND EXPRESSLY DISCLAIMS ANY LIABILITY WHATSOEVER FOR ANY LOSS HOWSOEVER ARISING FROM OR IN RELIANCE UPON THE WHOLE OR ANY PART OF THE CONTENTS OF THIS ADMISSION DOCUMENT.
    [Show full text]
  • Why List on the Malta Stock Exchange?
    WHY LIST ON THE MALTA STOCK EXCHANGE? More than just a cost-effective solution … An EU jurisdiction coupled A professional environment backed Cost-effective access with Passportability by cost-effective support services to capital markets The MSE has extensive experience with The Malta Stock Exchange (MSE) is There are many reasons why companies listing various categories of financial located in a well-regulated, cost-effective may seek a listing on the MSE, such as instruments such as equities, bonds, domicile which is a fast-developing seeking access to capital markets as a money market funds, property funds financial centre with an excellent source of finance or to raise new equity and venture capital or development reputation, skilled English-speaking capital. A listing may also help raise an funds. Moreover, the Maltese financial professionals and a pleasant working entity’s brand profile or address succession services sector is supported by numerous environment. The MSE is itself an planning issues. authorised organisation that has been experienced professionals who are able to provide cost-effective expertise in legal, operating to the highest international The fees applicable to companies seeking audit, accounting and brokerage services. standards for almost 25 years. admission to listing on the Main Market are very competitive and cost-effective. All the global accounting and audit firms Companies admitted to listing on the Indeed the Exchange’s fee structure is one are represented in Malta and operate MSE’s Main Market and the secondary of Europe’s most affordable. They are also together with many other accounting listing board, the Alternative Companies very straightforward and easy to establish firms, all of which provide premium List, which are both regulated markets, since they are structured on an ‘annual services at significantly competitive are listed in accordance with the fee’ basis, without any up-front charges rates when compared to many other Prospectus Directive.
    [Show full text]
  • Budget Speech 2019
    Ministry for Finance Budget Speech 2019 The Hon. Prof. Edward Scicluna Minister for Finance Malta 22nd October, 2018 Published by the Ministry for Finance, South Street, Valletta VLT 1102 Tel.: (+356) 25 99 82 59 Website: www.mfin.gov.mt Cataloguing-in-Publication Data Malta. Ministry for Finance, Valletta - Budget Speech 2019 / Edward Scicluna. Ministry for Finance, 2018 ISBN: 978-99957-58-34-9 1. Budget – Malta I. Title II. Edward Scicluna This publication is available from: Department of Information 3, Castille Place Valletta VLA 2000 Tel.: (+356) 22 00 17 00 Printed at the Government Press Price: €2.00 CONTENTS 1. INTRODUCTION .................................................................................. 1 1.1 The economic and financial context ........................................... 4 1.2 The economic and fiscal projections .......................................... 6 2. THE DISTRIBUTION OF WEALTH ...................................................... 11 2.1 The Cost of Living Adjustment .................................................. 11 2.2 An additional day of vacation leave .......................................... 11 2.3 Salary adjustment for employees earning Minimum Wage ..... 12 2.4 Increase in the Children’s Allowance for families with an income under €20,000 ........................................................................... 12 2.5 Further reduction in taxes for all employed persons ............... 13 2.6 Adjusting the tax exemption cap for single persons ................ 13 2.7 Self-employed persons
    [Show full text]
  • 2014:2 5 of the Year Was Largely Driven by Domestic Demand, Particularly Investment, Although Private and Government Consumption Also Supported the Expansion
    QUARTERLY REVIEW 2014 Vol. 47 No. 2 © Central Bank of Malta, 2014 Address Pjazza Kastilja Valletta VLT 1060 Malta Telephone (+356) 2550 0000 Fax (+356) 2550 2500 Website http://www.centralbankmalta.org E-mail [email protected] Printed by Gutenberg Press Ltd Gudja Road Tarxien, Malta All rights reserved. Reproduction is permitted provided that the source is acknowledged. The cut-off date for statistical information published in the Economic Survey of this Review is 14 August 2014. Figures in tables may not add up due to rounding. ISSN 0008-9273 (print) ISSN 1811-1254 (online) CONTENTS FOREWORD 5 ECONOMIC SURVEY 8 1. International Economic Developments and the Euro Area Economy 8 International economic developments International financial markets Commodities Economic and monetary developments in the euro area 2. Output and Employment 20 GDP and industrial production Box 1: Tourism activity Box 2: Business and consumer surveys The labour market Box 3: Developments in Malta’s structural unemployment 3. Prices, Costs and Competitiveness 38 HICP inflation Box 4: Communicating uncertainty – a fan chart for HICP projections RPI inflation Box 5: Residential property prices Costs and competitiveness 4. The Balance of Payments 50 The current account The capital and financial account International investment position 5. Government Finance 55 General government Consolidated Fund General government debt Box 6: Estimating the cyclically adjusted budget balance 6. Monetary and Financial Developments 67 Monetary aggregates and their counterparts
    [Show full text]
  • NEWSLETTER 234 September 2018
    MALTESE E-NEWSLETTER 234 September 2018 DIPARTIMENT TAL-INFORMAZZJONI DEPARTMENT OF INFORMATION MALTA 1 MALTESE E-NEWSLETTER 234 September 2018 PRESS RELEASE BY THE OFFICE OF THE SPEAKER Speaker Farrugia receives French Ambassador on a farewell visit Speaker of the House of Representatives Dr Anġlu Farrugia received a farewell visit by Ambassador of the French Republic, Ms Béatrice le Fraper du Hellen, whose term of office in Malta is coming to an end. Speaker Farrugia expressed his appreciation to Ambassador Le Fraper du Hellen for her diligent and hard work, during her tour of duty in Malta, which resulted in intensifying the very strong bilateral relations that exist between Malta and France. He also thanked the French authorities for showing solidarity in practice by taking a number of migrants who were brought to Malta on board the ships Aquarius and Lifeline. The two dignitaries referred to the Maltese community in France and Malta’s request to have observer status in the Organisation International de la Francophonie. They also discussed issues of mutual interest such as the situation in Europe vis-à-vis migrants, in Libya and Syria as well as the effect of fake news. Cooperation at Parliamentary level, with particular reference to the Parliamentary Friendship Group, also featured in the discussion. 3, CASTILLE PLACE, VALLETTA VLT 2000 Tel +(356) 2200 1700 Fax +(356) 2200 1775 www.doi.gov.mt Scott Morrison THE NEW PRIME MINISTER OF AUSTRALIA Scott Morrison has been sworn in as the country's 30th PM, after beating Peter Dutton in a vote 45-40. Josh Frydenberg has also been sworn in as Liberal deputy leader The leadership ballot was called after former prime minister Malcolm Turnbull agreed to the second leadership spill this week.
    [Show full text]
  • An Introduction to Etfs and Funds
    MALTA STOCK EXCHANGE INSTITUTE Towards a Brighter Future An Introduction Sample Topics Covered: What are funds and fund terminology to ETFs and Funds The Sharpe Ratio and risk adjusted returns Course No 101 Comparing open-ended versus closed-ended funds Open-ended funds and Exchange Traded Funds (ETFs) What is an NAV and how it is calculated have become a very popular, cost effective and efficient way for investor to build diversified portfolios. Funds Discounts, premiums, closed-ended funds are widely used by investors and include a wide variety and how they work of assets including bonds equities, real-estate and commodities. This course will focus primarily on the Characteristics of fund investing different types of funds available to investors ranging from Exchange Traded Funds (ETFs), to open-ended Exchange Traded Funds (ETFs) and closed-ended funds. The course will contrast ETFs Understanding total return, indices and tracking error versus traditional funds, differentiate between active and passive management, explain the prospectus, expense What to look out for when purchasing funds ratios and other key points. Reading a prospectus and understanding expense ratios Active versus passive ETFs and smart beta Index, commodity and currency ETFs Understanding bond, equity and balanced funds Leveraged and inverse funds ETF and fund risks Managing a portfolio of ETF classes Registration Course 101 - An Introduction to EFSs and Funds Name General Information Time: 1700 – 1930hrs Venue: Malta Stock Exchange Position Level: Introductory Language: English or Maltese Schedule Company Duration: 3 sessions / 7.5 hours Dates: 15, 16, 17 January (in English) 24, 25, 26 September (In English) Address 26, 27, 28 March (in Maltese) Prerequisites It is recommended that participants would have Mobile completed course number 100.
    [Show full text]
  • Fact Book 2002 2001 Data 1
    WARSAW STOCK EXCHANGE FACT BOOK 2002 2001 DATA 1 2001 Market indicators Equity market capitalisation 103.4 at year-end (billion zloty) Turnover value - cash market (billion zloty) 91.3 Turnover value - futures market (billion zloty) 98.6 Total turnover value per session, 760 all securities (million zloty) Average number of transactions, 12.5 equity market (thousand) Number of newly listed companies 9 Number of listed companies at year-end 230 WIG20 change in 2001 -33.46% MIDWIG change in 2001 1.57% WIG change in 2001 -21.99% TechWIG change in 2001 -59.48% NIF change in 2001 -1.32% WIRR change in 2001 -35.83% P/E ratio (at year-end, excluding NIF shares) 58.4 P/BV ratio (at year-end, excluding NIF shares) 1.31 Number of sessions in the year 250 Fact Book 2002 Warsaw Stock Exchange 1 WARSAW STOCK EXCHANGE FACT BOOK 2002 2001 Data Fact Book 2002 Warsaw Stock Exchange 2 Official publication of the Warsaw Stock Exchange © Copyright by Warsaw Stock Exchange, 2002 Książęca 4 00-498 Warsaw, Poland Internet: www.wse.com.pl; E-mail: [email protected] Cover design: Carte Blanche-2 DTP: Krzysztof Doliński - WSE Information and Marketing Department Print: Drukarnia LOTOS ISSN 1428-118X Every effort has been made to ensure that the details contained in this publication are accurate. However, the Warsaw Stock Exchange assumes no responsibility for any errors or omissions. This publication is for information purposes only, and is not intended as an offer or a solicitation with respect to any product described herein.
    [Show full text]
  • QUARTERLY REVIEW 2009 Vol
    QUARTERLY REVIEW 2009 Vol. 42 No. 2 © Central Bank of Malta, 2009 Address Pjazza Kastilja Valletta VLT 1060 Malta Telephone (+356) 2550 0000 Fax (+356) 2550 2500 Website http://www.centralbankmalta.org E-mail [email protected] Printed by Gutenberg Press Ltd Gudja Road Tarxien, Malta All rights reserved. Reproduction is permitted provided that the source is acknowledged. The Quarterly Review is prepared and issued by the Economics and External Relations Division of the Central Bank of Malta. Opinions expressed do not necessarily reflect the official views of the Bank. The cut-off date for statistical information published in the Economic Survey of this Review is 17 July 2009, except where otherwise indicated. Figures in tables may not add up due to rounding. ISSN 0008-9273 (print) ISSN 1811-1254 (online) CONTENTS FOREWORD 5 ECONOMIC SURVEY 8 1. Developments in the International and Euro Area Economy 8 International economic developments Commodities Economic and monetary developments in the euro area 2. The Maltese Economy 19 Output Box 1: Business and consumer surveys The labour market Prices Costs and competitiveness Box 2: Residential property prices The balance of payments Box 3: Impact of oil prices on the current account Box 4: Tourism activity Government finance Monetary and financial developments Box 5: Economic projections for 2009 and 2010 NEWS NOTES 56 STATISTICAL TABLES 63 ABBREVIATIONS COICOP Classification of Individual Consumption by Purpose EBRD European Bank for Reconstruction and Development ECB European Central
    [Show full text]
  • An Introduction to the Financial Markets
    MALTA STOCK EXCHANGE INSTITUTE Towards a Brighter Future An Introduction to the Sample Topics Covered: How stock markets work, their role and how they benefit Financial Markets an economy Course No 100 What is a bond, different type of bonds, their characteristics and rights of bond holders Participants will learn the basic investing concepts, How to manage a portfolio and concepts of diversification the many different variations of traditional investments available and which type of investments are most Understanding market capitalisation suitable for their needs. What are shares and their different types such as ordinary The course will delve into the history of the capital and preference shares markets, their role in the economy, the different types of markets, and the activities of exchanges. Participants When are stocks expensive will also learn about the difference between bonds and What are market indices equities, what they are, their special characteristics and terminology, how they are priced and the risks of owning What to consider before investing such investments. Dividend dates such as ex dividend, record and pay dates Students will also learn about various investment styles such as value, growth, and fund investing. Students will Funds and Exchange Traded Funds (ETFs) be taught how to and why they should take a critical look at all investing options based on sound risk/reward Concept of compounding and the time value of money assumptions. Why companies pay dividends Basic economics and what drives markets Risk and return
    [Show full text]