Nyse Euronext Welcomes Abbvie to Its European and U.S
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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. -
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). -
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. -
Compliance Statement
Compliance Statement Administrator: Euronext Dublin Full name: Euronext Dublin (The Irish Stock Exchange plc) Relevant National Competent Authority: CBI Compliance Statement Euronext Indices Euronext Dublin Version notes latest version February 2020 Version Version notes Euronext Dublin 1 October 2019 Initial version February 2020 Updated version including all new indices since 2 initial version. 3 4 5 6 Note: addition of indices does not lead to a new version of this statement. The lists will be kept up to date.The most recent update of the list was issued 09-Jun-2020. Only changes in significant indices and cessations of indices are marked as new version of the Compliance statement. This publication is for information purposes only and is not a recommendation to engage in investment activities. This publication is provided “as is” without representation or warranty of any kind. Whilst all reasonable care has been taken to ensure the accuracy of the content, Euronext does not guarantee its accuracy or completeness. Euronext will not be held liable for any loss or damages of any nature ensuing from using, trusting or acting on information provided. All proprietary rights and interest in or connected with this publication shall vest in Euronext. No part of it may be redistributed or reproduced in any form without the prior written permission of Euronext. Euronext refers to Euronext N.V. and its affiliates. Information regarding trademarks and intellectual property rights of Euronext is located at terms of use euronext For further information in relation to Euronext Indices please contact: [email protected] (c) 2020 Euronext N.V. -
Terms & Conditions Applicable to the Admission to Listing And/Or Trading
TERMS & CONDITIONS APPLICABLE TO THE ADMISSION TO LISTING AND/OR TRADING OF DEBT SECURITIES ON A EUROPEAN MARKET OPERATED BY EURONEXT DEFINITIONS Application Form means the application form prescribed to be completed and signed by an Applicant pursuant to the Rules when applying for admission to listing and/or trading of Debt Securities on either a Euronext Regulated Market or an MTF operated by Euronext, such application form to include by reference the relevant Terms and Conditions and Technical Term Sheet. Beneficial Owner means any natural person(s) who ultimately owns or controls the issuer/or the natural person(s) on whose behalf a transaction or activity is being conducted. A natural person with a direct or indirect shareholding or an ownership interest of more than 25% in the issuer qualifies as a Beneficial Owner. Debt Securities means any transferable instrument representing debt including, without limitation, bonds (including convertible bonds that have not (yet) been converted into Equity Securities), notes and money market instruments. Euronext means the corporate group consisting of Euronext N.V., a company with limited liability (“naamloze vennootschap”) organised under the laws of the Netherlands, the Euronext Market Undertakings and/or any other subsidiary of Euronext N.V., as the context may require. Euronext Access means the multilateral trading facility within the scope of Article 4(1)(15) of MIFID (hereinafter “MTF”) operated by Euronext Brussels, Euronext Lisbon and Euronext Paris, under the commercial name “Euronext Access”. Euronext Growth or Euronext Growth Market means Alternext a multilateral trading facility within the scope of Article 4(1)(15) of MIFID (an MTF) operated by Euronext under the commercial name “Euronext Growth”. -
In Search of Liquidity: an Analysis of Order Exposure Strategies in Automated Markets*
In Search of Liquidity: An Analysis of Order Exposure Strategies in Automated Markets* Hendrik Bessembinder University of Utah [email protected] Marios Panayides University of Utah [email protected] Kumar Venkataraman Southern Methodist University [email protected] This Draft November, 2006 Comments Appreciated * We thank Alex Butler, Kelsey Wei, and in particular, Harold Zhang, and seminar participants at University of Texas at Dallas and University of Cyprus for valuable comments and discussion, Machiko Hollifield for programming assistance, and Marianne Demarchi of Euronext-Paris for assistance in obtaining the data. In Search of Liquidity: An Analysis of Order Exposure Strategies in Automated Markets Abstract We study limit order traders’ joint decisions regarding order price and order exposure in markets where they have the option to hide a portion of order size. Using order-level data from Euronext-Paris, we document that hidden orders are used extensively by market participants, representing approximately 18% of the incoming orders and 44% of order volume. The usage of hidden orders is more prevalent for less liquid firms, for larger order sizes, and during slow market conditions. After controlling for known determinants of order price aggressiveness and order exposure, and allowing for simultaneity in the decisions, we document that order aggressiveness and order exposure are used as compliments, in that more price-aggressive orders tend to be exposed and less price-aggressive orders are more often hidden. Further, the relation is stronger for orders that are not expected to execute immediately, suggesting that traders are inclined to hide orders to mitigate the option value of orders that are likely to be left standing in the book. -
Case M.9564 – LSEG/REFINITIV BUSINESS REGULATION (EC)
EUROPEAN COMMISSION DG Competition Case M.9564 – LSEG/REFINITIV BUSINESS Only the English text is available and authentic. REGULATION (EC) No 139/2004 MERGER PROCEDURE Decision on the implementation of the commitments - Purchaser approval Date: 26/2/2021 EUROPEAN COMMISSION Brussels, 26.2.2021 C(2021) 1483 final PUBLIC VERSION In the published version of this decision, some information has been omitted pursuant to Article 17(2) of Council Regulation (EC) No 139/2004 concerning non-disclosure of business secrets and other confidential information. The omissions are shown thus […]. Where possible the information omitted has been replaced by ranges of figures or a general description. London Stock Exchange Group Plc. 10 Paternoster Square EC4M 7LS - London United Kingdom Dear Sir/Madam, Subject: Case M.9564 – LONDON STOCK EXCHANGE GROUP/ REFINITIV BUSINESS Approval of Euronext N.V. as purchaser of the Divestment Business following your letter of 16.10.2020 and the Trustee’s opinion of 22.02.2021 1. FACTS AND PROCEDURE (1) By decision of 13 January 2021 (the "Decision”) based on Article 8(2) of Council Regulation (EC) No 139/20041 and Article 57 of the EEA Agreement2, the 1 OJ L 24, 29.1.2004, p. 1 (the ‘Merger Regulation’). With effect from 1 December 2009, the Treaty on the Functioning of the European Union ("TFEU") has introduced certain changes, such as the replacement of "Community" by "Union" and "common market" by "internal market". The terminology of the TFEU will be used throughout this decision. For the purposes of this Decision, although the United Kingdom withdrew from the European Union as of 1 February 2020, according to Article 92 of the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community (OJ L 29, 31.1.2020, p.