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Guide to NASDAQ OMX Baltic Securities Market

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1 European Liquidity Puzzle Start Here? Oslo SE Vilnius Budapest Deutsche SE SE Borse Xetra SmartPool NASDAQ Vienna OMX SE Europe Turquoise Mid Point NYSE CrossFinder Euronext Amsterdam NYSE SE Euronext Lisbon SE Turquoise London NYSE SIX Euronext SE Swiss Brussels Exchange Tallinn SE SE OMX Stockholm SE Dublin SE Borsa Frankfurt Italiana SE Riga SE OMX Chi-Delta Helsinki Start Here? SE Athens BlockMatch SE Xetra Spanish SE MidPoint Prague (SIBE) NEURO SE Dark NYSE Euronext Paris SE Liquidnet NYSE H2O Arca Europe BATS Baikal Europe Swiss Block Chi-X OMX Europe Copenhagen SE NYFIX Istanbul EuroMillennium SE Warsaw SE Start Here? 2 European Liquidity Solution NASDAQ Chi-X OMX Europe Europe Start Here? Vilnius Budapest SE SE BATS Europe NYSE Oslo Turquoise Arca Europe OMX SE Tallinn NYSE Deutsche Helsinki Deutsche SE Euronext Vilnius Budapest Borse SE SE SE Borse Lisbon Xetra SE Xetra SmartPool NASDAQ NYSE Vienna OMX Prague Borsa Europe Dublin Euronext SE Turquoise SE Italiana Brussels Mid Point SE START HERE SE NYSE CrossFinder Euronext Amsterdam NYSE NYSE SIX SE Euronext Euronext Swiss Lisbon Paris Exchange SE SE Turquoise London NYSE Riga Vienna SIX Euronext SE SE Swiss Brussels SmartRouter SE Exchange Tallinn SE SE NYSE OMX Winner of: Euronext OMX Stockholm Copenhagen Amsterdam SE Dublin SE SE SE Borsa Frankfurt Italiana Buy Side Athens OMX SE Technology Stockholm Riga SE SE Awards 2008 SE OMX Oslo Warsaw Chi-Delta Helsinki SE Instinet SE Start Here? SE Best broker-supplied product/service Athens BlockMatch SE Xetra Istanbul Spanish SE London (SIBE) Spanish SE MidPoint Frankfurt SE Prague (SIBE) SE SE NEURO SE Dark NYSE Euronext Paris SE NEURO Baikal Dark CrossFinder Turquoise Liquidnet Mid Point NYSE H2O NYFIX Swiss Block Arca EuroMillennium BlockMatch Europe BATS Baikal Europe Xetra Chi-Delta Swiss Block MidPoint SmartPool Liquidnet H2O Chi-X OMX Europe Copenhagen SE NYFIX Istanbul EuroMillennium SE Warsaw SE Start Here? www.instinet.com SETTING THE STANDARD IN AGENCY EXECUTION FOR 40 YEARS London: +44 (0)20 7154 8844; [email protected] Paris: +33 (0)1 73 03 87 00 | Zurich: +41 (0)44 200 4747 ©2009 Instinet Europe Limited. All Rights Reserved. INSTINET is a registered trademark in the United States and other countries throughout the world. Approved for distribution in Europe by Instinet Europe Limited which is authorised and regulated by the Financial Services Authority. 3 Convergence underway in Northern Europe Emerging Nordic - the new name for the Baltics With compliments The region’s fi rst independent institutional research provider Emerging Nordic Research Raua 39-13 Tallinn 10124 Estonia +372 534 11114 “On the ground emergingnordicresearch.com in the Baltics” Euro IRP Memberships / Affi liations 4 Table of contents Welcome to the Baltic market 7 Latest developments at NASDAQ OMX Baltic 8 An in-depth look at NASDAQ OMX Baltic 10 Baltic economies 18 Taxation 21 NASDAQ OMX Baltic – a safe place to invest 24 NASDAQ OMX First North - 26 tailor-made to facilitate growth Company information 29 Formulae 75 NASDAQ OMX Baltic Main List 76 trading statistics Baltic Secondary List companies 77 Secondary List TOP 30 78 Baltic Bond List 80 Market data vendors 82 List of members 83 Contacts 84 5 6 Welcome to the Baltic market Welcome to the 2009 edition of the NASDAQ OMX Baltic Guide, your indispensable reference point for news and developments affecting the Baltic securities markets, detailed summaries of all Main List and some of the larger Secondary List companies, as well as other ideas for new and established investors. Despite the challenging times endured by the global financial Andrus Alber Chairman of the NASDAQ OMX Tallinn Management Board system, the NASDAQ OMX Baltic exchanges continue to improve the quality of their offering in the region. In 2009, all three exchanges have formally taken on the NASDAQ OMX title, reflecting the attainment of the high standards that investors around the world have come to expect from the Group. Longer trading hours – allowing better access for international investors – and the introduction of INET, a new, sleeker trading platform, are also designed to accelerate this process, removing many of the differences between local and global practices. The establishment of the Baltic’s first independent institutional equity research company, Emerging Nordic Research, in part- nership with NASDAQ OMX Baltic, will bring a new approach to equity research in the region. While there have been suffi- Daiga Auziņa-Melalksne Chairman of the NASDAQ OMX Riga Management Board cient levels of research available for retail investors, this has not been the case for institutional investors. This also gives institu- tional investors better visibility to better differentiate between their research and execution costs – leading to more efficient markets. Continued efforts to bring investors more real-time information and our commitment to provide improved education services aim to raise standards across the board, improving local equity culture as well as welcoming investors from around the globe. In the second half year of 2009, the Baltic states have seen equity values rebound strongly as investors have poured back into the markets. The OMX Baltic benchmark, the main measure of the three markets, has gained over 50% since March, putting the Arminta Saladžienė Chairman of the NASDAQ OMX Vilnius Management Board Baltics among the best performing markets in the world this year according to Financial Times (Sept 17, 2009). Henrik Elfving NASDAQ OMX Vice President / Baltic market 7 Latest developments at NASDAQ OMX Baltic For the NASDAQ OMX Baltic exchanges, 2009 has been highly produc- tive and significant for growth. Productive because many large initia- NASDAQ OMX Baltic to tives were launched in order to develop the marketplace. Significant introduce INET Nordic because of the continued development of services according to inter- national standards, making the Baltic exchanges even more accessi- The next generation INET technology is the most efficient ble and attractive for foreign investors. and scalable trading platform in the world, with micro- second speeds, and high reliability and capacity. NASDAQ OMX’s INET is the common technology utilized across NASDAQ OMX’s U.S. and European markets. INET Nordic, the new trading platform for Nordic and Baltic equities, will enable further improvements in efficiency, reduced latency and increased throughput. With INET Nordic in place by November 30, 2009 in the Baltic markets and Iceland, and by December 7, 2009 in other Nordic countries, all NASDAQ OMX equity markets will trade on the same global trading platform. As part of the INET roll-out, NASDAQ OMX Baltic and Nordic exchanges are implementing new, electronic surveillance technology to strengthen the regulatory systems on their markets. Being part of NASDAQ OMX’s global trading platform will help customers to technically streamline growth in other geo- graphic markets with a single connection, standardized access methods and trading interfaces. The trading platform also brings in a new market model, developed to match today’s Nordic and Baltic market condi- tions as well as the new European trading environment under the Markets in Financial Instruments Directive, MiFID. The Nordic and Baltic fixed income markets and derivatives are not affected by the move to the new platform. NEW NAMES OF THE NASDAQ OMX BALTIC STOCK EXCHANGES From the beginning of 2009 the legal names of the Baltic stock exchanges in Tallinn, Riga and Vilnius were changed to NASDAQ OMX Tallinn, NASDAQ OMX Riga, and NASDAQ OMX Vilnius. The continu- ing integration of the NASDAQ OMX Group enables the exchanges to better deliver the benefits of a strong global brand to their issu- ers and members and become more visible to investors around the world. It is also proof of the Group’s confidence in the quality of the Baltic exchanges’ service and their compliance with exchange indus- try standards. 8 ExTEndED TRADING HOURS ON settlement, we aim to increase the attractiveness of the Baltic mar- NASDAQ OMX BALTIC MARKET kets and reduce entry costs. The launch of this new marketplace is As of February 2, 2009 the trading hours on the NASDAQ OMX Baltic planned for the spring of 2010. exchanges were extended by two hours to better correspond to the working hours of other markets in Europe. ECSD ACCESSION TO TARGET2, SOLUTIONS FOR EUR SETTLEMENT REAL TIME LAST PRICE ON THE WEB The Estonian CSD has been a direct member of the RTGS system for Aiming to increase the Baltic market’s transparency for investors, the the EUR - Target2 (T2) - since the beginning of August 2009. T2 facili- exchanges have been publishing last price information in real time tates the further development of services in EUR, like offering pay- on their website since the begining of 2009. This includes last price, ments incurring from securities (dividend, interest, redemption) in previous close, volume and turnover and is being updated after every EUR and enhanced services to funds (subscription, redemption) in executed trade. EUR. This also covers EEK-EUR conversions and the settlement of transactions in EUR, which has been launched even before Estonia NASDAQ OMX VILNIUS CHOSEN TO ORGANIZE has adopted the EUR as its official currency. The ECSD retail payment AUCTIONS FOR GOVERNMENT BORROWING system for processing payments was also replaced by a new system In February 2009, primary auctions for Lithuanian Government in July 2009. The new system reduces operational risk and can easily bonds, previously organized by the Bank of Lithuania, started being be linked to other payment and C&S systems (e.g. Target2). held on the NASDAQ OMX Vilnius trading platform. This makes NASDAQ OMX Vilnius the second Baltic exchange to be chosen as a IMPLEMENTING A CLEARING And SETTLEMENT financial agent for state borrowing. The primary placement of Latvian STRATEGY IN THE LATVIAN And ESTONIAN Government debt has been held on NASDAQ OMX Riga’s exchange DEPOSITORIES since July 2005.
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