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GSS NEWSLETTER ISSUE 132 April 2012  2 GSS NEWSLETTER ISSUE 132 April 2012 2 INHalt EDITORIAL 5 HR NEWS 6 INTERVIEW WITH MR. MICHAEL BUHL 7 JOHN’s CORNER 9 AUSTRIA 11 Vienna Stock Exchange launches Short & Leverage Indices 11 Equity investments: attractive again 11 BELARUS 13 National Bank of Belarus decreases the refinancing rate 13 BOSNIA AND HERZEGOVINA 14 Ten years since the first transaction at the Banja Luka Stock Exchange 14 Current credit rating of Bosnia and Herzegovina 15 BULGARIA 16 Privatisation of the state’s stake in Bulgarian stock exchange 16 Bulgaria and Austria sign partnership agreement in financial services and markets 17 Bulgaria has lowest tax burden in EU 17 CROATIA 18 Parliament adopts 2012 state budget 18 Government adopts 2012 – 2014 Pre-accession Economic Programme 18 Fitch affirms Croatia’s rating, public finances remain key concern 19 CZECH REPUBLIC 20 Inflation comes in above Czech National Bank (CNB) forecast in February 2012 20 Growth in economic activity comes in just below forecast 20 Foreign trade surplus grows to record levels in January 21 Economy ministers agree on freezing budget spending 21 Issue 132, April 2012 3 HUNGARY 22 Recommendations of the OECD report on Hungary 22 Revision of the Budapest Stock Exchange (BSE) indices 23 KAZAKHSTAN 24 Shares of state-owned Kaztransoil and KEGOC to be offered in 2012 – 2013. 24 KYRGYZSTAN 25 Kyrgyzstan plans to issue long-term securities 25 POLAND 26 Polish and Romanian depositories to establish direct operational link 26 Changes to composition of WIG20 index 27 ROMANIA 28 Transelectrica: Secondary Public Offer 28 Government announces elections and increase in public sector wages 28 MFP Treasury sold RON 1 billion with one year maturity 29 Ministry of Economy signed Romgaz stock exchange listing brokerage 29 RUSSIA 30 MICEX-RTS to launch new project for access of Russian corporate Eurobonds to on-exchange trading 30 FFMS to develop draft law on creation of CSD clients committee 30 MinFin to simplify requirements for pretenders on CSD status 31 MICEX-RTS stock exchange to create high-risk equities sector 31 Antimonopoly Service considers placement of Russian strategic companies on foreign stock exchanges 31 BRICS stock exchanges to launch cross-listing of derivative instruments on its indexes 32 MICEX-RTS stock exchange to launch monitoring system to prevent market manipulation 32 MinFin plans to reduce investment limits for private pension funds 32 SERBIA 33 S&P affirms Serbia’s credit rating at BB with a Stable outlook 33 Parliamentary, provincial and local elections scheduled for 6th May 34 SLOVAK REPUBLIC 35 Investment promotion between Canada and Slovakia 35 Bratislava Stock Exchange trading in February 2012 36 Issue 132, April 2012 4 SLOVENIA 37 Brussels to monitor Slovenia for macroeconomic imbalances 37 Government adopts constitutional change to introduce Golden Rule 38 UKRAINE 39 Ukrainian stock market 2011 – year in review 39 AZERBAIJAN 40 OTC transactions to be processed through BSE clearing system 40 YOUR CONTACTS 41 DISCLAIMER 44 IMPRINT 45 Issue 132, April 2012 5 EDITORIAL But let me come back and try to give an outlook on what the future is going to bring. CCP Austria will introduce a new system, the date is fixed and we expect the go live in time on July 2, 2012. XETRA implementation in Prague is scheduled for Q4 2012. In par- allel, CCP.CEE should go live in Prague - together with SIX Clear who also signed a Memorandum of Understanding with the Prague Stock Exchange. As Dr. Michael Buhl, board member of Wiener Börse, pointed out in his interview (see p. 6) the next crucial date for the region will be the AGM of the Budapest Stock Exchange, in which we expect a final decision on the implementation of XETRA. This will be important for you and for us too, as it will drive the evolution of the market and the strategy of the Günter Schnaitt Vienna Stock Exchange, which will give at least some of the Head of GSS Austria broker dealers easier access to those markets. How will T2S affect us in 2012? As far as we at UniCredit are Dear Clients, Partners and Friends, concerned, we will further fine-tune our service offerings and enter into a detailed discussion with you, planning workshops When I looked through my last editorial, dating from Janu- to have a business discussion on the ways of accessing T2S. ary 2011, I found some interesting thoughts on regulatory In my opinion we will see most of the euro-CSDs sign the issues and infrastructure projects: T2S, the CSD regulation framework agreement, as competitive disadvantages might and the recovery of the economy in 2011. What do these occur for those not signing. projects have in common? All are delayed, the recovery of the economy went quite the opposite way and the euro crisis Will the CSD regulation have an impact? In the short term got even worse, T2S is delayed for at least another year and I don’t think so, as I do not expect the final version before on CSD regulation we saw the second draft only recently. In 2013. Nevertheless will the industry have much more to focus addition, we have to acknowledge a delay in the implemen- on UCITS V, AIFM regulation or the impacts of EMIR, which tation of CCP.CEE. will affect us even more in the short term. Especially UCITS V and AIFM will change the liability for depository banks. If this Was 2011 the year of delays? This is the impression we get, will influence the relationship between global custodians and at least. And what does it mean for us? The delay in T2S is us - we do not know yet. It seems, however, that the regula- not critical for our business, as we realize that we still have tions put much more liability and responsibility on banks. great uncertainty out in the market. Critical for the project will be the next couple of months, June 30th, to be exact, I am looking forward to discussing the upcoming projects deadline for signing the framework agreement for the CSDs. and regulative changes with you. We will continue working to find the best solutions to ensure a smooth transition and Who will sign? We still do not know. It is already clear, how- an ongoing successful relationship. ever, that a couple of important markets, such as the UK and Switzerland, will not join. Will this impact the pricing? We do Sincerely, not know, although two pre-conditions for the 15-cent pric- ing are unlikely to be fulfilled: at least 20% of volumes from non-euro currencies and an increase of volumes. The CSD regulation in its second draft seems to be more in favour of ICSDs as they can now go for an exemption license. Günter Schnaitt I do not expect the CSD regulation to become effective before Head of GSS Austria the going live of T2S, it simply would not make sense. Issue 132, April 2012 6 HR NEWS I am pleased to announce that, with effect from 5 April, Veselin Stefanov has taken over the responsibility as Head of GSS at UniCredit Bulbank in Bulgaria, replacing Yavor Dojdevski, who has decided to pursue other opportunities outside UniCredit. Veselin has been part of our securities services team in Bul- garia for the last six years. Having started his career in the Group in 2006, he played a key role in the triple merger of the local UniCredit entities in July 2007. He has since then made significant contribution to the development of our Bulgarian franchise, being responsible for operations, business and product development from 2007 until 2010, subsequently moving to relationship management and looking after both domestic and international client relationships. Júlia Barbara Romhányi Veselin has a degree in Finance and subsequent specialisa- Head of GSS Hungary tions in UCITS management, company and equity analysis and foreign exchange trading. He is fluent in English and Spanish and also has understanding of Russian. Please join us in congratulating Veselin to his new appoint- ment and in wishing him further success in affirming the leadership position of UniCredit GSS in Bulgaria. Júlia Barbara Romhányi Head of GSS Hungary Veselin Stefanov Head of GSS at UniCredit Bulbank in Bulgaria Issue 132, April 2012 7 INTERVIEW WITH MR. MICHAEL BUHL Are there any candidates for new listings among Austrian companies? Do you see any IPOs coming up? We do have a pretty well-filled IPO pipeline for the next couple of years. Some of them have been known to us for a while, others are new. As the Austrian Private Equity and Venture Capital Association (AVCO) recently stated, there are a couple of companies to come to the market over the next two to three years. But given that markets are still pretty shaky, I would rather expect them in the second half-year 2012, depending on the availability of IPO windows. Will they all choose the Vienna Stock Exchange? Michael Buhl This leads us straight to the question of how much CEO of the Vienna Stock Exchange and competition there is from Frankfurt and Warsaw. the CEE Stock Exchange Group Although international investment banks tend to pro- mote other markets as well, we strongly believe in the Let us take a look at the Austrian capital market first. home market principle. Austrian companies, even the What are the current tendencies and trends at the bigger ones, would still be mid caps or even small caps Vienna Stock Exchange? in comparison with Siemens, Nokia and the like. But particularly if most of their market and production is The Vienna Stock Exchange, located in the heart of in Austria, they are usually best off by listing at the Europe, has obviously been suffering from the global local market.
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