Bucharest Stock Exchange Presentation

Transcription

1 Bucharest Presentation

2 ROMANIA ROMANIA is located in southeast Europe, is the ninth largest country in European Union by area - total area: 91,699 sq mi (237,500 sq km) - and has the seventh largest population of the EU - 20,000,000 (est.). President: Traian Basescu Prime Minister: Victor Ponta Capital and largest city Bucharest, 2,200,000 (metro area) is the tenth largest city in the EU Other large cities: Cluj-Napoca, 309,136; Timisoara, 303,708; Iasi, 263,410; Constanta, 254,693; Craiova, 243,765; Galati, 231,204; Brasov, 227,961 Monetary unit: Lei (1 USD = Lei) With a GDP of around $267 billion and a GDP per capita (PPP) of $12,476 for the year 2011, Romania is an upper-middle income country economy and has been part of the European Union since 1 January Page 2

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4 Synopsis - BVB Group companies Operator of the leading Romanian cash, derivatives & structured products markets. Integrated Group: Trading, Clearing, Settlement and Registry Systems BVB Shareholder Structure as of December 31, 2011 Bucharest Cash & Derivatives Trading Shareholder type Romanian institutional shareholders Number of shares % of share capital 5,547, ,0 % 52,5 % 62,3 % 100 % International Institutional shareholders Romanian private individuals 1,084, ,028, International private 13, individuals Total 7,674, According to the current law provisions no shareholder of the BVB can directly or indirectly own more than 5% of the total voting rights. Page 4 Central Depository Cash Market Clearing Settlement& Registration Bucharest Clearing House Derivatives Market Clearing Investors Compensation Fund Corporate Governance Institute

5 New Board of Governors A new BoG was elected through the cumulative voting method on January 9, The new BoG was approved by CNVM on January 30, 2012 and has the following structure: Lucian Anghel (BCR) President Adrian Lupsan (SSIF Intercapital Invest) - Vice-President Dan Paul (Brokers Association) Vice-President Robert Pana (SSIF Swiss Capital) Secretary General Valerian Ionescu (BCR) - Member Matjaz Schroll (Franklin Templeton) - Member Narcisa Oprea (Schoenherr & Associates )- Member Stere Farmache (Alpha Bank) - Member Octavian Molnar (SSIF IFB Finwest) - Member Page 5

6 BVB Strategic Priorities 1. Support the successful closing of the state companies public offers 2. List new companies on Bucharest and increase number of active investors 3. Develop capabilities, products and services offered by Bucharest Group 4. Improve the corporate governance and functioning of the Bucharest as a Group 5. Simplify and improve the regulations, reduce bureaucracy and apply international best practices 6. Increase Bucharest and issuers visibility together with increasing awareness of the important role that the Romanian capital market is playing 7. Develop dialog between Bucharest and relevant institutions/authorities 8. Increase Bucharest educational role Page 6

7 BVB in the region Ljubljana Bulgarian Domestic Market Cap (EUR bn) - Main Market Bulgarian Ljubljana Bucharest Main Market equities turnover in 2012 (EUR m/day) Bucharest Budapest Prague Athens Budapest Prague Bulgarian Athens 69.9 Vienna Number of total listed companies-main Market Prague Budapest Ljubljana Bucharest Vienna 270 Athens 73.9 Vienna Warsaw 369 Warsaw Warsaw Bucharest Warsaw Budapest % Change in Market Cap in 2011 on prev. year end in EURO % Change in Market Cap YTD 2012 on prev. year end in EURO 10.7% 6.8% -24.5% 9.1% -29.1% 7.7% Vienna -30.1% 6.4% Prague -8.5% 8.0% Athens -48.4% -3.5% Ljubljana Bulgarian -30.7% -15.6% 15.6% -17.6% Source: BVB, Companies, FESE Aug Data Page 7

8 BVB Market Data Main Market Average Daily Turnover (EUR m) Market Cap to GDP(%) % 62% 56% 44% 7% 11% 11% 10% UE (27 countries) Romania Source: BVB, Eurostat YTD Shares/Fund Units Bonds Structured products Page 8 Most traded companies in 9M.2012 Symbol Company % of turnover FP Fondul Proprietatea 46% BRD BRD Gr.Soc-Gen 8% SIF3 SIF Transilvania 7% SIF5 SIF Oltenia 7% SNP OMV Petrom 6% SIF2 SIF Moldova 5% SIF1 SIF Banat Crisana 4% EBS Erste Group Bank 4% SIF4 SIF Muntenia 4% TLV Banca Transilvania 2% With the listing of Fondul Proprietatea, BVB achieved in 2011 one of the highest main market ADT growth rate in Europe. Structured products segment recorded the highest growth rate in the region, tripling in 2011 its value of trading and almost doubling it again in 2012.

9 BVB Market Data 120, ,000 87,664 Investors accounts 101,254 92,865 94,545 86,453 88,143 80,000 65,304 60,000 40,000 20, Fully compensated investors Excluded investors Ceiling compensated investors Total investors Source: Investors Compensation Fund Reporting 2011 compensation ceiling is EUR 20,000, and EUR 15,000 for 2010 figures Over 80% of investors accounts have portfolios bellow EUR 20,000 and are fully compensated The number of investors acccounts includes total number of accounts on the Romanian capital market, no matter if an investor has accounts at several brokers Page 9

10 BVB share data BVB BVB vs. BET and S&P500 - YTD BVB since listing (RON) 50.0 BET S&P Dec Jan Feb Mar Jun Oct Feb Jun Oct Feb Source: BVB, Reuters; 18-apr-2012 Listed on BVB in June 2010 Share price at the listing RON 24.5 Current share price (19 Apr) RON 32.9 Outstanding shares 7,674,198 Market Cap (19 Apr) EUR 57.8 m Free float 100% Included in FTSE Mondo Visione s Index - 9 th of November 2010 Included in BET Index - 21 st of March 2011 Included in Dow Jones Global s Index - 17 th of June 2011 Turnover Velocity: 2010: 154% (value traded average market cap) 2011: 46% Liquidity 2010: 104% (shares traded shares outstanding) 2011: 44% Page 10

11 Traded Index Movements 2012 Page 9 Index Value at Month End % Change YTD Istanbul ISE 30 82, NASDAQ OMX Nordic - OMX Copenhagen 20 Copenhagen (OMXC20) Deutsche Börse DAX - Performance Index 6, NASDAQ OMX Nordic OMX Nordic 40 (OMXN40) 1, Oslo Børs OBX NYSE Euronext Brussels BEL 20 2, Bucharest BET Index 4, NYSE Euronext Euronext Irish ISEQ 20 Index NYSE Euronext Paris CAC40 3, SIX Swiss SMI 6, Vienna Austrian Traded Index (ATX) 2, NASDAQ OMX Nordic - holm OMX holm 30 (OMXS30) 1, NYSE Euronext Amsterdam AEX Warsaw WIG20 Index 2, Prague PX Luxembourg Lux X Price Index 1, Budapest BUX Index 17, NASDAQ OMX Nordic - OMX Helsinki 25 Helsinki (OMXH25) 1, NYSE Euronext Lisbon PSI 20 4, Athens FTSE/ATHEX BME (Spanish s) IBEX , Slovene Blue-chip Index - Ljubljana SBI Top Cyprus FTSE/CySE Source: EU Fed. of s Aug 2012

12 BVB Trading System Arena System electronic platform developed in-house provides a unique access point for a market participant in order to trade various financial instruments on Bucharest as well as to view the corresponding post-trading information. is administered distinctly by three institutions of BVB Group, as follows BVB (for trading operations), Romanian Central Depository (for clearing-settlement and registry operations corresponding to the instruments traded on spot market), Bucharest Clearing House (for clearingsettlement operations corresponding to the instruments traded on derivatives market). BVB also offers to the market participants trading solution / front end Page 12 Main features of Arena configurable and flexible open portable modular reliable and secure high level of confidentiality customized and intuitive user friendly various interfaces to the system data dissemination open architecture, defined by performance and flexibility (dynamic and specific configuration, high level of parameterization, parameters validation), system audit. A real-time configuration at different levels (markets, symbols, symbol-market, participants, and users) as well as an efficient handling of different entities, based on a large number of parameters. open architecture that allows a facile inter-connection with other systems. No time restrictions set up regarding the system access done efficiently based on the hardware platforms, system operators and database used multi-module platform; the system modules can function independently or can be integrated based on high performance of technical infrastructure different levels to access the information the users can set local alerts (pre-trading and posttrading) in order to monitor the market. Also, they can use the system s options for handling the data available. facilities for participants to carry out properly the operations with regard to orders, deals, quotes and for handling a large spectrum of inquiries and reports Arena Terminal, Arena Gateway, Arena Fix accommodate gateway in real time with data vendors, download of trading data.

13 BVB Trading System Trading methods implemented in the system are: auction method for an order-driven market, for calculation of the opening / closing price; order-driven mechanisms: regular (based on lot size), odd-lot, buy-in, sell-out, public offer; displaying priority equal to fill priority (price, time); dealing - bilateral negotiation quote driven hybrid market mechanisms: quote-deal, etc. The system can accommodate the implementation of specific hybrid trading methods. Negotiation can be conducted on the ARENA, based on: price (absolute value), for shares, rights, structured products and futures; price (%) - percentage of the principal (clean / dirty price), for fixed-income instruments. A financial instrument can be traded simultaneously within multiple markets, having one market as main market (used for reference price); Orders: various order types available (limit, market, un-priced, hidden, contingent); detailed information with regard to orders attributes as well as order audit; Transactions: are concluded based on different trading methods (automatic matching of orders, dealing, etc.). Facilities for Market Makers & Liquidity Providers to administrate the quotes, short selling options. Trading of the financial instruments can be done by using one of two models, based on: Aggregated (Global) Accounts trading for a financial instrument is performed based on an aggregated account, opened by a participant; the pre-validation mechanism is not applied. Starting 1 st of February 2012, all financial instruments on the spot regulated market are to be traded exclusively based on Global Accounts with no pre-validation. Page 13

14 Getting listed on BVB Equities Sector Listing on the Bucharest Shares Tier I Tier II Tier III free float > 25% > 25% > 25% free float held by at least 2000 owners - - estimated market capitalization > 30 mil EUR > 2 mil EUR > 1 mil EUR net profit have a business plan Rights at least one class of shares listed to the correspondent tier for the last 2 years at least for the next 3 years Tier I Tier II Tier III Yes Yes Yes Page 14

15 Romanian Capital Market Overview Listing / Trading Bucharest Clearing, Settlement and Registry Central Depository Investors Protection Scheme Investors Compensation Fund Professional association of intermediaries Brokers Association / Supervision National Securities Commission Page 15

16 Contact Info Symbol: BVB ISIN: ROBVBAACNOR0 Reuters: ROBVB.BX Bloomberg: BVB:RO Bloomberg BBGID: BBG000BBWMN3 Bursa de Valori Bucuresti S.A Carol I Boulevard, 14th Floor, Bucharest, sector 2, ROMANIA Tel: (+40)(21) Fax: (+40)(21) [email protected] Disclaimer THIS PRESENTATION WAS PREPARED BY BURSA DE VALORI BUCURESTI. THE INFORMATION CONTAINED IN THIS DOCUMENT HAS NOT BEEN INDEPENDENTLY VERIFIED AND NO REPRESENTATION OR WARRANTY EXPRESSED OR IMPLIED IS MADE AS TO, AND NO RELIANCE SHOULD BE PLACED ON THE FAIRNESS, ACCURACY, COMPLETENESS OR CORRECTNESS OF THIS INFORMATION. PAST PERFORMANCE IS NO GUARANTEE OF FUTURES RESULTS. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO PURCHASE ANY SHARES. CERTAIN STATEMENTS CONTAINED IN THIS DOCUMENT MAY BE STATEMENTS OF FUTURE EXPECTATIONS AND OTHER FORWARD-LOOKING STATEMENTS THAT ARE BASED ON MANAGEMENT S CURRENT VIEWS AND ASSUMPTIONS AND INVOLVE KNOWN AND UNKNOWN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR EVENTS TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED IN SUCH STATEMENTS Page 16