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On the Italian Exchange

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On the Italian Exchange FACTS 1998 FIGURES &on the Italian Exchange January FACTS November99 Update included &FIGURES FACTS 1998 FIGURES &on the Italian Exchange Writing and Paging: Borsa Italiana Spa, Research and Market Analysis Design: Graphicamente, MT Communications Editing: MT Communications Illustrations: Datanord Multimedia - DNM Print: Tiemme Tipografia © 1999 Borsa Italiana Spa All rights reserved Reproduction or adaptation - in total or in part - only with prior written permission of Borsa Italiana Spa Introduction ver the two year period 1997-98, there has been a gradual integration of the Italian economy at European level, with important results achieved as regards bringing Odown interest rates, stabilising exchange rates and considerably improving public sector accounts, helping to mitigate and in some cases eliminate the weaknesses in our eco- nomic system. The efforts and results produced, more than influencing the real economy, where growth was slower than that of our main partners, have had a positive effect on the financial market, and the stock market in particular, which during the period saw a high and continuous increase in capitalisation and share prices, to the point of exceeding the previous all time peaks estab- lished during the second half of the 1980’s. Completing a regulatory process - which from 1991 onwards led to the total reform of the insti- tutional structure of the stock market, its mode of operating and the type of participants -, the awareness of the growing integration of the financial markets guided the strategic decision to privatise the market management body. Through privatisation, which took place between September and December 1997, Borsa Italiana procured the tools it needed to develop the managed markets, achieve a suitable com- petitive position and face the challenges of globalisation. Borsa Italiana has set itself some ambitious goals: to ensure the development of the markets, to maximise trading opportunities at the best conditions of liquidity, transparency and com- petitiveness, to create a gateway to enter international financial markets, to develop services for the financial community with high added value and pursue the highest degree of manage- ment efficiency and a return on shareholders’ capital. For these goals to be achieved it is essential to interpret the needs of market participants and to carry out strategies that can take advantage of development trends in a scenario of internationalisation, adopting a new dy- namic and entrepreneurial logic as regards the decisional processes and relevant methods of implementation. During the first months of activity, the strategies of Borsa Italiana were directed towards con- solidating the high level of liquidity of its markets and expanding the number of companies listed, which reached an all time peak in the summer of 1999 with an average daily turnover in equities amounting to 2 billion euro, and over 240 companies listed on the Stock Exchange. At the same time, Borsa Italiana launched an internal re-organisation of its markets, looking to increase the segmentation of customer needs (issuers, intermediaries, investors), define a strat- egy of international alliances and improve the range of services offered to market participants. introduction Borsa Italiana intends to be a reliable reference point for the whole Italian financial system, a value that it is important to convey to the general public of investors and to all market stakeholders. This is the Borsa Italiana’s current project, which it has undertaken to carry through with determination and success. Massimo Capuano President and Chief Executive Officer Borsa Italiana Spa Contents The Stock Exchange during the two year period 1997-98 Page 7 Privatisation of the Stock Exchange and the new regulatory framework 11 The transition to the euro 17 The innovations of the markets managed by Borsa Italiana 21 How listing is developing: companies and securities listed 29 Market performance 33 Raising of capital and public take-over bids 39 IDEM: the Italian derivatives market 43 Privatisations and the stock market 47 MOT: the electronic bond and government securities market 51 The intermediation of financial instruments 55 Market statistics 59 Methodological notes 105 List of intermediaries 109 The Stock Exchange during the two year period 1997-98 The Stock Exchange during the two year period 1997-98 n 1997 and 1998 the economies of the main European countries went back to showing a moderate growth, inverting the trend of the previous two years. In this scenario, Italy’s Igrowth rate was below that of its main partners, with GDP up in real terms by less than 1.5% for both years compared to an av- Italy’s inclusion in the first erage of more than 2.5% for the G7 and European Union countries. group of Euroland countries Alongside this situation, however, there was a net improvement in clearly demonstrates the the international placing of the Italian economic system, shown by macroeconomic recovery the fact that in May 1998 Italy was included in the eleven coun- that commenced during the tries which, from 1st January 1999, were to join the third phase of second half of the 1990’s the Economic and Monetary Union (first joiners). This result, important for Italy and far from being a certainty until at least the beginning of 1998, was aided by sharp reductions in the rate of inflation (which settled at around 2% during 1997-98), the public deficit (down from 6.6% of GDP in 1996 to 2.7% for the following two years) and long-term interest rates, which in just two years were halved, taking the spread against the reference rates of the other euro-zone countries from 320 to 31 basis points. The convergence process of the Italian economy was based on a careful use of the levers provided by monetary and fiscal policy: during the two years 1997-98 the Bank of Italy in fact cut the official discount rate from 7.5% to 3.0% in seven subsequent stages, whilst the primary balance of the public sector net of interest charges rose in 1997 and 1998 respec- tively to 6.4% and 4.8% of GDP. In a scenario of sharp expansion as regards the During the period in question, the main international Exchanges continued the growth trend underway during the previous period: all international stock markets, the main markets repeatedly exceeded the all time highs as regards the Italian Exchange has the most significant performance indicators (indices, capitalisation distinguished itself as one of and volumes). Although, from the summer of 1998, growing con- the most dynamic markets, cerns regarding the financial recessions in South-East Asia and Russia sparked off a period of substantial decline in share prices on with a growth in the all Exchanges, the OECD countries saw almost everywhere shares general index of more than indices returning to pre-crisis levels in just a few months. 120% during the 1997-98 two-year period On the drive of the macroeconomic convergence process, the Italian Exchange proved to be one of the most active markets, with increases in the MIB Storico index of 58.2% in 1997 and 41.0% in 1998. In July 1997, the positive trend in share prices caused the general index to exceed the all time high that went back over a decade (20th 7 The Stock Exchange during the two year period 1997-98 May 1986) and to continue increasing until the following April. Once participation in the group of first joiners in Euroland had become official, after July there was an inevitable drop in share prices, causing the index to return more or less to end-1997 values. At the beginning of October 1998 there was then a decided recovery, which continued up to the end of the year. ● Capitalisation of the listed companies, driven by the growth in prices and the expansion of listed stocks, increased with a series of all time peaks. At the end of 1998 the total value of companies listed on the Stock Exchange amounted to 481 billion euro, equal to 46% of GDP (compared to 31% at the end of 1997 and 21% at the end of 1996). The situation as regards the breakdown by sector (Financial, Services and Industrial), which had been basically balanced at the end of The Italian Exchange has 1996, changed in favour of the Financial sector, which at the repeatedly exceeded the end of 1998 represented 45% of the total market, compared to previous all time peaks as 30% for Services and 25% for the Industrial sector. ● The entire two-year period saw a sharp increase in the volume regards capitalisation and of shares traded: having exceeded the all time highs of 1994, turnover in equities, whilst the average daily trading value gradually went up from 320 mil- the derivatives market lion euro in 1996 to 695 in 1997 and 1,670 in 1998, touching (IDEM) has established on peaks of 2.5 billion euro during the boom periods in March- April 1998 (see Table 1). Trading of fixed-income securities also itself as the second most exceeded the all time highs, although they showed a more con- important European market tained growth (almost double for bonds and close to 15% for for equity derivatives Government securities). On the other hand, growth rates in line with the underlying securities were recorded as regards the equity derivatives traded on IDEM, which in 1998 - with a daily average trading value equal to over 5 billion euro - was the second most important European market. TABLE 1 - PERFORMANCE OF THE EQUITY MARKET Turnover (euro millions) Mib Storico index 60 000 25 000 54 000 22 500 48 000 20 000 42 000 17 500 36 000 15 000 30 000 12 500 24 000 10 000 18 000 7 500 12 000 5 000 6 000 2 500 0 0 91 92 93 94 95 96 97 98 8 ● All through 1997 and 1998 a high number of new companies entered the market, second only to that recorded during the boom period of 1986-87.
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