Q1 14 Global IPO update. January March 2014

Size: px
Start display at page:

Download "Q1 14 Global IPO update. January March 2014"

Transcription

1 Q1 14 Global IPO update January March 214

2 Table of contents Section Content Slides January March* highlights Global IPO activity trends Global analysis Regional analysis Industry analysis Stock exchange analysis Pricing range 3 IPO activity by hotbeds Asia-Pacific EMEIA US Central and South America Emerging markets PE-backed IPO activity Follow-on activity 36 6 Withdrawals and postponements 37 7 Appendices *214 January March is based on priced IPOs as of 18 March and expected IPOs by end of March. Data up to 18 March 214, 5AM UK time Source: Dealogic, EY Page 2

3 Section Content January March* highlights 2 Global IPO activity trends Global analysis Regional analysis Industry analysis Stock exchange analysis Pricing range 3 IPO activity by hotbeds Asia-Pacific EMEIA US Central and South America Emerging markets 4 PE-backed IPO activity 5 Follow-on activity 6 Withdrawals and postponements 7 Appendices *214 January March is based on priced IPOs as of 18 March and expected IPOs by end of March. Data up to 18 March 214, 5AM UK time Source: Dealogic, EY Page 3

4 Q1 14* saw an 74.7% increase in proceeds and a 39.9% increase in the number of IPOs, compared to Q1 13 IPO activity summary Global IPO activity Q1 14* Q1 13 % change (Y-o-Y) Number of deals % Capital raised US$42.6b US$24.4b 74.7% Top 2 IPOs accounted for 55.6% of the global capital raised in Q1 14*, compared to 66.3% in Q1 13 There were seven deals with capital raised above US$1b in Q1 14* Top five IPO deals (by capital raised) in Q1 14* Issuer name Domicile Country Specific Industry Exchange Proceeds (US$m) % of global capital raised in Q1 14* HK Electric Investments Ltd Hong Kong Power Hong Kong (HKEx) 3, % Japan Display Inc Japan Electronics Tokyo (TSE) 3, % Santander Consumer USA Holdings Inc United States Credit institution New York (NYSE) 2, % Altice SA France Cable Euronext (Amsterdam) 2, % ISS A/S Denmark Professional services Copenhagen 1, % *Q1 14 is based on priced IPOs as of 26 March Source: Dealogic, EY Page 4

5 PE- and VC-backed IPOs increased in number and proceeds raised compared with Q1 13 PE- and VC-backed IPO activity summary Global PE- and VC-backed IPOs 1 Q1 14* Q1 13 % change (Y-o-Y) Number of deals 68 (29.8% of global total) 38 (23.3% of global total) 78.9% Capital raised US$16.9b (39.7%) US$8.4b (34.7%) 1.% Top three PE-backed IPOs (by capital raised) during Q1 14* Issuer name Domicile Country Specific Industry Exchange Proceeds (US$m) Santander Consumer USA Holdings Inc United States Credit Institution New York (NYSE) 2, % ISS A/S Denmark Professional Services Copenhagen 1, % Rice Energy Inc United States Oil & Gas New York (NYSE) 1,5. 2.5% % of global capital raised in Q1 14* Top three VC-backed IPOs (by capital raised) during Q1 14* Issuer name Domicile Country Specific Industry Exchange Proceeds (US$ m) % of global capital raised in Q1 14* King Digital Entertainment plc Ireland Software New York (NYSE) % Circassia Ltd United Kingdom Biotechnology London (LSE) % Castlight Health Inc United States Software New York (NYSE) % *Q1 14 is based on priced IPOs as of 26 March. Source: Dealogic, EY Throughout the slide deck, the term financial sponsor-backed IPOs and PE- and VC-backed IPOs are used interchangeably. Page 5

6 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14* Jan'12 Feb'12 Mar'12 April'12 May'12 June'12 July'12 Aug'12 Sep'12 Oct'12 Nov'12 Dec'12 Jan'13 Feb'13 Mar'13 Apr'13 May'13 Jun'13 Jul'13 Aug'13 Sep'13 Oct'13 Nov'13 Dec'13 Jan'14 Feb'14 Mar'14* Number of IPOs Number of IPOs Number of IPOs Global IPO activity trends IPO activity saw an increase in Q1 14*, both in terms of deal numbers and capital raised compared with Q1 13 Global IPO activity (25-Q1 14*) $ 3 $ 39 $ 48 $ 45 $ 53 $ 47 $ 1 $ 18 $ 24 $ Q1'14* For Q1 14*, the number of IPOs increased by 39.9% and the proceeds raised increased by 74.7%, compared with Q1 13. While Q1 13 saw six mega deals (IPOs raising more than US$1b), there were seven mega deals in Q1 14*. This quarter also saw significantly larger deals, with average deal size of US$186.7m, compared with US$149.5m in Q1 13. HK Electric Investments Ltd, which raised US$3.1b, was the largest deal in Q1 14*. Q1 14* was the best performing opening quarter since Q1 11 in terms of both proceeds raised and number of IPOs. January saw 11 listings which raised US$18.5b, this is the highest activity levels for the first month of the year in a decade. Capital raised during Q1 (US$b) Number of IPOs during the year Capital raised during Q2-Q4 (US$b) Number of IPOs during Q1 Quarterly IPO activity (212-Q1 14*) Monthly IPO activity (212-Q1 14*) $18 $44 $3 $37 $24 $46 $26 $75 $ Number of deals *Q1 14 is based on priced IPOs as of 26 March. Source: Dealogic, EY Number of deals Page 6

7 % Equity market returns year-to-date S&P 5 Index VIX Global IPO activity trends Investor confidence in many markets remained strong as the equity markets have recovered from substantial loss in January. Volatility declined rapidly from its recent high. Year-to-date equity market returns Major indices 2% 18 MSCI World Index Market Performance vs VIX Index 6 15% % % 1 % 8 3-5% 6 2-1% -15% 4 2 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan YTD 214YTD MSCI World Index VIX *Source: S&P Capital IQ. Year to date returns data as at 18 th March *Source: S&P Capital IQ. Data as at 18 th March Page 7

8 Median deal size US$m Median deal size US$m Global IPO activity trends on main markets Median values on main markets show increasing trend in Asia-Pacific and EMEIA between 211 and 214* Annual median deal size by region, US$m Quarterly median deal size by region, US$m YTD* Americas EMEIA Asia-Pacific Americas EMEIA Asia-Pacific All Median deal values have increased for EMEIA and Asia- Pacific between 211 and 214YTD* but trended lower for Americas. This is due to the higher number of smaller IPO listings on US exchanges from health care companies. Q1 14 saw 169 IPOs on main markets globally which raised US$39.7b altogether, whereas Q1 13 saw 111 IPOs which raised US$23.8b. Median deal values increased for EMEIA and Asia-Pacific in Q1 14* compared to Q1 13 but trended lower for the Americas. Median value for EMEIA is highest in Q1 14* among all quarters between 211 and 214*. *Q1 14 and 214 is based on priced IPOs as of 18 March and expected IPOs by end of March. Data up to 18 March 214, 5AM UK time Source: Dealogic, EY Please see the Appendix for the definition of main markets and junior markets Page 8

9 Median deal size US$m Median deal size US$m Global IPO activity trends on junior markets In Q1 14, the median values on junior markets rose sharply for the Asia- Pacific region due to reopening of the Shenzhen ChiNext in January Annual median deal size by region, US$m Quarterly median deal size by region, US$m YTD* Americas EMEIA Asia-Pacifc Americas EMEIA Asia-Pacific All Median deal values on junior markets rose sharply for Asia- Pacific in 214*. Americas and EMEIA also saw an increase in media deal values as compared to previous years. Q1 14 saw 7 IPO listings on junior markets globally which raised US$4.6b altogether, whereas Q1 13 had 52 IPOs which raised US$53. Median deal values for Asia- Pacific rose sharply in Q1 14* compared to all quarters of Q1 12 due to the reopening of China s Shenzhen ChiNext Board in January. *Q1 14 and 214 is based on priced IPOs as of 18 March and expected IPOs by end of March. Data up to 18 March 214, 5AM UK time Source: Dealogic, EY Please see the Appendix for the definition of main markets and junior markets Page 9

10 Proceeds (US$b) Number of IPOs Regional analysis Asia-Pacific issuers dominated global IPO activity in Q1 14*, in terms of both numbers and proceeds raised Regional share by capital raised (US$b) Regional share by number of IPOs ,7 58,2 37,9,1,1 1,4 1,4 6,3 15,4 2,9 15,4 9,1 18,4 6,8 18,4 5, * Q1'13 Q1'14* * Q1'13 Q1'14* Asia-Pacific EMEIA North America Central and South America Asia-Pacific EMEIA North America Central and South America In Q1 14*, Asia-Pacific exchanges continued to lead in terms of the number of IPOs and total proceeds raised, accounting for 47.3% of the global total deal numbers and 41.5% of global proceeds. EMEIA exchanges ranked second by capital raised (accounting for 34.8% of global proceeds). North America ranked second by global deal numbers (accounting for 26.4% of global total). Overall, IPO activity picked up in Q1 14* compared with Q1 13. All the regions witnessed an increase in both the number of deals and proceeds, except Central and South America where both declined. *Q1 14 is based on priced IPOs as of 18 March and expected IPOs by end of March. Data up to 18 March 214, 5AM UK time Source: Dealogic, EY Based on the listed company domicile. Page 1

11 Proceeds (US$b) Number of IPOs Regional analysis Asia-Pacific issuers dominated global IPO activity in Q1 14*, in terms of both numbers and proceeds raised Regional share by capital raised (US$b) Regional share by number of IPOs ,7 58,2 37,9,1,1 9, 9, 6,3 14,9 2,9 14,9 9,1 18,5 6,8 18,5 5, * Q1'13 Q1'14* * Q1'13 Q1'14* Asia-Pacific EMEIA North America Central and South America Asia-Pacific EMEIA North America Central and South America In Q1 14*, Asia-Pacific region continued to lead in terms of the number of IPOs and total proceeds raised, accounting for 49.1% of the global total deal numbers and 43.4% of global proceeds. EMEIA region ranked second by capital raised (accounting for 35.1% of global proceeds) and number of deals (accounting for 26.8% of global deals). Overall, IPO activity picked up in Q1 14* compared with Q1 13. All the regions witnessed an increase in both the number of deals and proceeds, except Central and South America where both declined. *Q1 14 is based on priced IPOs as of 26 March Based on the listed company domicile. Source: Dealogic, EY Page 11

12 Industry analysis The energy sector raised 17.7% of global proceeds in Q1 14*; the health care sector accounted for 2.2% of deals in Q1 14* Number of IPOs Q1'14* Q1'13 Q1'14* Q1'13 Energy 2, 7,5 Healthcare Technology 1, 5,9 Industrials Retail,9 4,6 Technology Real Estate 4,5 8, Materials Financials 2,5 3,5 Real estate Industrials 2,1 3,4 Energy Media and Entertainment,3 3,3 Consumer products and services Healthcare 3,3 3,1 Retail 7 14 Consumer Products and Services,8 3, Media and entertainment 4 11 Materials 1,9 1,5 Consumer staples Consumer Staples 1,4,8 Financials 1 17 Telecommunications,4 1,7 Telecommunications 4 6 *Q1 14 is based on priced IPOs as of 26 March. Source: Dealogic, EY Page 12

13 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14* Number of IPOs Number of IPOs EMEIA IPO activity trends IPO activity in the region rose by 11.6% in Q1 14*, in terms of capital raised compared with Q1 13 EMEIA IPO activity (25-Q1 14*) Quarterly EMEIA IPO activity (212-Q1 14*) $ 18 $ 13 $ $ $ $ 3 $ $ 1 $ 14 $ 18 $ 1 $ 8 $ 3 3 $ 7 $ 14 $ $ 14 $ Q1'14* $3 $2 $1 $1 $7 $5 $4 $19 $ Capital raised during Q1 (US$b) Capital raised during Q2-Q4 (US$b) Number of deals Number of IPOs during the year Number of IPOs during Q1 Key insights European equity indices are trending up, taking PE, corporate and investor confidence with them. Building on the strong IPO momentum from 213, market sentiment in MENA is also positive. Many PE and VC investors, keen to capitalize on improving market sentiment in EMEIA, are actively pushing out companies in 214 to take advantage of the wide-open IPO window. London Main Market led EMEIA IPO activity in Q1 14. Q2 14 is expected to be one of the strongest quarters for the UK since 27. In a historically and persistently low interest rate environment, investors are willing to take greater risk and are turning to equities and IPOs in the search for above-inflation investments. In 214, industry performance will be broadly positive across sectors. Outlook for Q2 14: IPO markets in EMEIA are back, and risk appetite is rising following improving performance across all industry sectors. Many PE funds are pushing to exit while the IPO window remains open, suggesting Q2 14 will see even stronger IPO performance. Dr Martin Steinbach, EMEIA IPO Leader, EY *Q1 14 is based on priced IPOs as of 26 March Source: Dealogic, EY 1 Based in IPO activity on EMEIA stock exchanges. Page 13

14 Q1'14* Number of IPOs EMEIA 1 IPO activity trends Performance of PE-backed IPOs exceeded those of non PE-backed IPOs Q1 14* EMEIA IPOs by sector Sectors Number of deals Proceeds US$m Consumer products and services Consumer staples Energy Financials 1.5 Health care Technology Industrials Materials Media and entertainment Real estate Retail Telecommunications TOTAL 57 14,8.3 EMEIA Financial sponsor-backed IPO activity (25 Q1 14*) EMEIA exchanges saw an increase of 11.6% and 7.5% in terms of proceeds raised and number of deals respectively (57 IPOs raising US$14.b in Q1 14* as compared with 53 IPOs raising US$ 7.b in Q1 13). The average deal size in the region was US$245.8m which is 31.6% more than the global average of US$186.7m. Financial sponsor-backed activity in Q1 14 (14 deals raising US$7.b) saw a huge jump in the region with an increase of 1.% and 94.% in the number of deals and proceeds raised, as compared with Q1 13 (seven deals raising US$ 3.4b). The UK main market saw 7 IPOs which raised US$4.2b, while the junior market, AIM had 16 IPOs which raised US$2.b together they account for 4.4% of EMEIA s deal number and 44.3% by capital raised. While the first day average returns for Q1 14 IPOs was 1.2% for financial sponsor-backed IPOs, they were x% for non-financial sponsor backed IPOs**. IPO pricing and performance: Q1 14* vs Q1 13 Measures 2 Q114 IPOs $17 $22 $22 $3 $2 $11 $4 $3 $17 $ EMEIA Main market IPOs - First day average return 6.7% EMEIA Main market IPO - % change of offer price vs. 24 th March 1.2% EMEIA Main market IPO - Median post-ipo market cap US$548m FTSE 1 214YTD returns -3.4% DAX 214YTD returns -3.8% CAC 214YTD returns -.5% Number of deals *Q1 14 is based on priced IPOs as of 26 March. Source: Dealogic, EY 1 Based in IPO activity on EMEIA stock exchanges. 2 We calculated the pricing and first day average returns and 214YTD returns for non financial sponsor backed IPOs that were listed on Main Markets only. 2 Pricing and returns are based on 23 IPOs on EMEIA main markets that have been priced by 24 March. Data as of 24 March Page 14

15 Stock exchange analysis: summary Asia-Pacific exchanges dominated the global IPO market, both by deals and capital raised Americas exchanges 29.7% of number of deals and 26.4% of capital raised Asia-Pacific exchanges 46.% of number of deals and 4.9% of capital raised EMEIA exchanges 24.3% of number of deals and 32.7% of capital raised Key regions/exchanges during the year US: accounted for 26.4% of global proceeds and 28.9% by global deal number Major US exchanges (NYSE and NASDAQ) raised US$11.6b in 68 deals altogether. In 214* so far, 72.5% of deals and 86.% of proceeds raised in the US were backed by PE and/or VC firms. With US$8.6b raised in 25 deals, the New York Stock Exchange (NYSE) led globally by capital raised. By proceeds, energy (US$2.5b) was the most active sector while health care (35 deals) was the most active sector by number of deals. Canada: only 1 IPO on the Toronto Venture Exchange which raised US$1.3m Central and South America: only 1 listing on Jamaica exchange, raising US$2.1m Greater China 1 : majority of listings on Mainland Chinese Exchanges Shenzhen (Main Board and Chinext combined) accounted for 38 deals raising US$3.4b while Shanghai raised US$2.b through six deals. With US$ 5.b Hong Kong Stock Exchange (HKEx) raised through 15 deals, HKEx grossed second highest proceeds globally this quarter. Japan: remained a key exchange this quarter Witnessed 15 deals that raised US$4.9b Accounted for 27.2% of proceeds raised in Asia-Pacific in Q1 14* as compared with 37.1% in Q1 13. Globally, Tokyo (TSE) ranked fourth highest by proceeds this quarter (US$ 4.6b) Australia and New Zealand: stronger activity q-o-q in terms of capital raised The region witnessed seven deals that raised US$1.2b via 7 deals in Q1 14 compared with US$176m via 1 deals in Q1 13 Europe: led by the UK (14.7% of global total), raised 3.2% of global proceeds: Saw 42 IPOs raising US$13.4b in Q1 14* (17.6% of global number of deals); an increase of 5.% in deal count and an increase of 162.5% in capital raised compared to Q1 13. London Stock Exchange had the highest proceeds raised across European exchanges with US$4.6b raised in eight IPOs. London Alternative Investment Market (AIM) had the highest number of IPOs across European exchanges; ranked fourth globally by number of deals (16) raising US$2.b. Middle East and Africa: five deals raised US$1.b Middle East exchanges raised US$1.b through two IPOs in Q1 14* compared with US$1.6b in three IPOs in Q1 13. African exchanges raised US$91.6m through three IPOs this year compared with US$6.7m through three IPOs in Q1 13. Data based on domicile of the exchange, regardless of the listed company domicile. 1 Greater China includes Mainland China, Hong Kong, Macau and Taiwan *Q1 14 and 214 is based on priced IPOs as of 18 March and expected IPOs by end of March. Data up to 18 March 214, 5AM UK time Source: Dealogic, EY Page 15

16 Stock exchange analysis New York Stock Exchange led in terms of capital raised while NASDAQ led in terms of number of deals in Q1 14* Q1 14* Q1 13 New York (NYSE) 8,6 New York (NYSE) 6,5 Hong Kong (HKEx) 5, Mexican (BMV) 2,5 Tokyo (TSE) 4,6 London (LSE) 2,3 London (LSE) 4,6 NASDAQ 2,1 Shenzhen 3,4 Tokyo (TSE) 1,8 Euronext 3,1 Deutsche Borse 1,6 NASDAQ 3,1 Singapore (SGX) 1,4 NASDAQ OMX 2,2 Iraq Stock Exchange 1,3 All other exchanges 9,8 All other exchanges 4,9 NASDAQ Shenzhen New York (NYSE) London (AIM) Hong Kong (HKEx) London (LSE) Indonesia (IDX) Bombay SME Shanghai (SSE) Australia (ASX) Tokyo (TSE) Euronext All other exchanges No. of IPOs New York (NYSE) NASDAQ Bombay SME Australia (ASX) Hong Kong (HKEx) Warsaw NewConnect KOSDAQ Indonesia (IDX) Tokyo (TSE) Tokyo MOTHERS London (AIM) All other exchanges Data based on domicile of the exchange, regardless of the listed company domicile. Euronext includes Euronext (Amsterdam), Euronext (Paris) and Lisbon, NASDAQ OMX includes Copenhagen and Stockholm, Shenzhen includes Shenzhen (SZSE) and Shenzhen (Chinext). *Data up to 18 March 214. Source: Dealogic, EY Page 16

17 Q1'8 Q2'8 Q3'8 Q4'8 Q1'9 Q2'9 Q3'9 Q4'9 Q1'1 Q2'1 Q3'1 Q4'1 Q1'11 Q2'11 Q3'11 Q4'11 Q1'12 Q2'12 Q3'12 Q4'12 Q1'13 Q2'13 Q3'13 Q4'13 Q1'14* Number of deals Pricing range 91% of global IPOs were priced within or above the initial filing range in Q1 14* compared with 94% in Q % of global IPOs in 214* so far were priced within their initial filing range, 5% were priced above their initial filing range, and 9% of IPOs were priced below their initial filing range. Total number of IPOs % 82% 12% 11% 1% 1% 14% 16% 9% 7% 2% 3% 2% 11% 1% 1% 3% 5% 2% 7% 7% 6% 6% 5% 3% 3% 6% 5% 4% 9% 7% 12% 6% 8% 5% 11% 4% 7% 6% 3% 9% 12% 9% 1% 9% 5% 11% 8% 5% 72% 62% 52% 42% 32% 87% 88% 86% 84% 91% 73% 95% 86% 85% 88% 9% 9% 88% 89% 92% 84% 82% 87% 85% 9% 85% 83% 8% 83% 86% 22% 12% 2% In range Above Below 1 Chart shows the number of open-price IPOs with deal value above US$5m that is priced above, below or within their initial filing range. For 3% of IPOs, this range is not applicable. *Q1 14 and 214 is based on priced IPOs as of 18 March and expected IPOs by end of March. Data up to 18 March 214, 5AM UK time Source: Dealogic, EY Page 17

18 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more of the member firms of EY Global Limited, each of which is a separate legal entity. EY Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit About EY s IPO services EY is a leader in helping to take companies public worldwide. With decades of experience our global network is dedicated to serving market leaders and helping businesses evaluate the pros and cons of an IPO. We demystify the process by offering IPO readiness assessments, IPO preparation, project management and execution services, all of which help prepare you for life in the public spotlight. Our Global IPO Center of Excellence is a virtual hub which provides access to our IPO knowledge, tools, thought leadership and contacts from around the world in one easy-to-use source EYGM Limited. All Rights Reserved. EYG no. CY742 ED None This material has been prepared for general information purposes only and is not intended to be relied upon as accounting, tax or other professional advice. Please refer to your advisors for specific advice.

2013 Global IPO update. January December 2013

2013 Global IPO update. January December 2013 January December 213 Table of contents Section Content 1 213 January December* highlights 2 Global IPO activity trends 3 Regional analysis 4 Industry analysis 5 Stock exchange analysis 6 Pricing range

More information

EY Global IPO Trends

EY Global IPO Trends EY Global IPO Trends 2014 Q3 Financial sponsor-backed IPOs drive activity close to 2010 levels 2014 is on track for the best year for IPOs since 2010. With 851 listings raising US$186.6b globally in the

More information

Global Equity Trading Volumes Surge 36% in 1 st half 2015 driven by Mainland China

Global Equity Trading Volumes Surge 36% in 1 st half 2015 driven by Mainland China Global Equity Trading Volumes Surge 36% in 1 st half 215 driven by Mainland China Global Equity Trading Volumes Ex Mainland China Up 5% Mainland China Share Trading Vols Rise 166% in H1 215 vs H2 214 The

More information

Research & Policy RETAIL INVESTOR SURVEY 2014

Research & Policy RETAIL INVESTOR SURVEY 2014 Research & Policy RETAIL INVESTOR SURVEY 2014 March 2015 CONTENTS Page 1. Executive summary... 1 2. Introduction... 4 3. Retail participation... 5 3.1 Types of investor... 5 3.2 Types of stock investor

More information

June 2011 Including Quarterly Analysis

June 2011 Including Quarterly Analysis June 2011 Including Quarterly Analysis The FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and trading floors: Australian Securities Exchange Ltd BM&F

More information

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION 30-Apr-2004 28.35 29.00 28.20 28.46 28.55 03-May-2004 28.50 28.70 26.80 27.04 27.21 04-May-2004 26.90 26.99 26.00 26.00 26.38 05-May-2004 26.05 26.69 26.00 26.35 26.34 06-May-2004 26.31 26.35 26.05 26.26

More information

www.pwc.com IPO Watch Europe Q3 2012

www.pwc.com IPO Watch Europe Q3 2012 www.pwc.com IPO Watch Europe Survey Q3 2012 Change image Contents European IPO activity by value and volume 3 Market volatility index and stock market performance 4 Post IPO performance 5 IPO offering

More information

亞 洲 資 本 市 場 的 合 作 契 機 與 挑 戰 Capital Market Cooperation in Asia: To Do, or Not to Do

亞 洲 資 本 市 場 的 合 作 契 機 與 挑 戰 Capital Market Cooperation in Asia: To Do, or Not to Do 亞 洲 資 本 市 場 的 合 作 契 機 與 挑 戰 Capital Market Cooperation in Asia: To Do, or Not to Do 薛 琦 Dr. Chi Schive The 28 th Asian Securities Forum, Taipei 2013.10.25 Agenda 0. Prelude: How Capital Markets Cooperate?

More information

2013 WFE Market Highlights

2013 WFE Market Highlights 28 January 214 213 WFE Market Highlights For the second consecutive year, equity markets experienced a relatively good performance in 213. Indeed, the global market capitalization of WFE members increased

More information

PwC IPO Centre Q3 2014 Equity Capital Markets Briefing

PwC IPO Centre Q3 2014 Equity Capital Markets Briefing PwC IPO Centre Q3 214 Equity Capital Markets Briefing PwC provides independent guidance to companies in the process of going public and to already listed companies in assessing their position in the equity

More information

Hong Kong. abc. *Employed by a non-us affiliate of HSBC Securities (USA) Inc, and is not registered/qualified pursuant to FINRA regulations

Hong Kong. abc. *Employed by a non-us affiliate of HSBC Securities (USA) Inc, and is not registered/qualified pursuant to FINRA regulations July 212 Steven Sun* Equity Strategist The Hongkong and Shanghai Banking Corporation Limited +852 2822 4298 stevensun@hsbc.com.hk Roger Xie* Equity Strategist The Hongkong and Shanghai Banking Corporation

More information

Update on HKEx Equity Derivatives Market. Derivatives Trading Global Markets Division 24 April 2015

Update on HKEx Equity Derivatives Market. Derivatives Trading Global Markets Division 24 April 2015 Update on HKEx Equity Derivatives Market Derivatives Trading Global Markets Division 24 April 215 Exchange Participants Global Distribution Distribution of the Origins of HKFE Exchange Participants America

More information

Overview of Major World Exchanges Trading Hours

Overview of Major World Exchanges Trading Hours Overview of Major World Exchanges Trading Hours By Research & Corporate Development Department Major exchanges in Europe and the Americas have continuous trading sessions during the day while some Asia-Pacific

More information

Median and Average Sales Prices of New Homes Sold in United States

Median and Average Sales Prices of New Homes Sold in United States Jan 1963 $17,200 (NA) Feb 1963 $17,700 (NA) Mar 1963 $18,200 (NA) Apr 1963 $18,200 (NA) May 1963 $17,500 (NA) Jun 1963 $18,000 (NA) Jul 1963 $18,400 (NA) Aug 1963 $17,800 (NA) Sep 1963 $17,900 (NA) Oct

More information

London Stock Exchange

London Stock Exchange London Stock Exchange Jane Zhu, Head of Asia Pacific December 2008 London is the most international financial centre in the world Over 700 overseas companies quoted on the London Stock Exchange s s markets

More information

INDUSTRY OVERVIEW HISTORY OF THE HONG KONG STOCK MARKET. Development of the stock market

INDUSTRY OVERVIEW HISTORY OF THE HONG KONG STOCK MARKET. Development of the stock market This section contains certain information which has been directly or indirectly derived, in part, from various governmental, official, publicly available documents, the internet or other sources, which

More information

THE UNIVERSITY OF BOLTON

THE UNIVERSITY OF BOLTON JANUARY Jan 1 6.44 8.24 12.23 2.17 4.06 5.46 Jan 2 6.44 8.24 12.24 2.20 4.07 5.47 Jan 3 6.44 8.24 12.24 2.21 4.08 5.48 Jan 4 6.44 8.24 12.25 2.22 4.09 5.49 Jan 5 6.43 8.23 12.25 2.24 4.10 5.50 Jan 6 6.43

More information

www.pwc.com IPO Watch Europe Survey Q2 2011

www.pwc.com IPO Watch Europe Survey Q2 2011 www.pwc.com IPO Watch Europe Survey Q2 2011 Table of contents Page European IPO activity by value and volume 3 IPO offering value 4 IPO volume and average offering value 5 by market 6 Top five 7 US and

More information

www.pwc.com IPO Watch Europe Survey Q2 2013

www.pwc.com IPO Watch Europe Survey Q2 2013 www.pwc.com IPO Watch Europe Survey Q2 2013 Contents Quarterly European IPO activity by value and volume 3 Market volatility index and stock market performance 4 IPO offering value 5 IPO volume 6 Top ten

More information

Chinese University of Hong Kong Conference on HKEx and the Market Structure Revolution

Chinese University of Hong Kong Conference on HKEx and the Market Structure Revolution Chinese University of Hong Kong Conference on HKEx and the Market Structure Revolution The Impact of Market Structure Changes on Securities Exchanges Regulation 31 March 2012 Keith Lui Executive Director,

More information

NASDAQ OMX MAXIMUM ACCESS AND VISIBILITY TOWARDS GLOBAL AND LOCAL INVESTORS

NASDAQ OMX MAXIMUM ACCESS AND VISIBILITY TOWARDS GLOBAL AND LOCAL INVESTORS MAXIMUM ACCESS AND VISIBILITY TOWARDS GLOBAL AND LOCAL INVESTORS JOIN THE WORLD S MOST RECOGNIZED BRANDS Listed Companies 2 OUR GLOBAL LISTINGS BUSINESS 8 LISTING OPPORTUNITIES U.S. NORDICS BALTICS LISTINGS

More information

WORLD WARRANT MARKETS

WORLD WARRANT MARKETS WORLD WARRANT MARKETS Warrant trading is concentrated in a handful of exchanges around the world. The top six exchanges represent 90% of the aggregate warrant turnover of the 18 exchanges that provide

More information

Stock Exchanges Holiday Schedule. Availability for Single Stock Futures Contracts for the remainder of 2014

Stock Exchanges Holiday Schedule. Availability for Single Stock Futures Contracts for the remainder of 2014 Stock Exchanges Holiday Schedule Availability for Single Stock Futures Contracts for the remainder of 2014 Single Stock Futures Contracts will not be available for trading on those days where the stock

More information

HKEx Strategy in Enhancing Global Competitiveness

HKEx Strategy in Enhancing Global Competitiveness HKEx Strategy in Enhancing Global Competitiveness Charles Li Chief Executive, HKEx Presentation to Citi Securities Market Infrastructure Conference 9 November 2010 HKEx is the World s Largest Listed Exchange

More information

S&P Year Rolling Period Total Returns

S&P Year Rolling Period Total Returns S&P 500 10 Year Rolling Period Total Returns Summary: 1926 June 2013 700% 600% 500% 400% 300% 200% 100% 0% 100% Scatter chart of all 931 ten year periods. There were 931 ten year rolling periods from January

More information

France A.T. Kearney Foreign Direct Investment Confidence Index (FDICI)

France A.T. Kearney Foreign Direct Investment Confidence Index (FDICI) France 20 A.T. Kearney Foreign Direct Investment Confidence Index (FDICI) 20 A.T. Kearney FDI Confidence Index 20 2 6 4 0 20 Rankings 20 2 4 0 6 20 24 20 2 4 6 0 20 24 2 US China Canada Germany UK Japan

More information

Exchanges Index Monthly Analysis

Exchanges Index Monthly Analysis June 2016 FTSE Mondo Visione Exchanges Index Monthly Analysis The FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and trading floors: Australian Securities

More information

Total Value of Share Trading in 2007 (in millions of U.S.$) $1,298,315.0 $1,378,520.0 1,998 All Ordinary Price BME Spanish

Total Value of Share Trading in 2007 (in millions of U.S.$) $1,298,315.0 $1,378,520.0 1,998 All Ordinary Price BME Spanish CHAPTER 18 APPENDIX B MAJOR NON U.S. STOCK EXCHANGES In this appendix, we summarize the current state of many of the major non U.S. exchanges by the major regions of the world: Europe, Asia, and the Americas

More information

www.pwc.com IPO Watch Europe Survey Q1 2013

www.pwc.com IPO Watch Europe Survey Q1 2013 www.pwc.com IPO Watch Europe Survey Q1 2013 Contents Quarterly European IPO activity by value and volume 3 Market volatility index and stock market performance 4 European post-ipo performance 5 IPO offering

More information

45 th IAFEI World Congress

45 th IAFEI World Congress 45 th IAFEI World Congress Raffaele Jerusalmi CEO Borsa Italiana Director Capital Markets LSEG Milan, 15 October 2015 # of Companies* By # of Companies LONDON STOCK EXCHANGE HUB OF INTERNATIONAL BUSINESSES

More information

Summary. Research Paper No. 27

Summary. Research Paper No. 27 Alternative Measures of the Size of the Stock Market Joseph Lee and Joanna Poon, Research Department of the Supervision of Markets Division 1 November 2005 Summary The Hong Kong stock market was the 8

More information

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network

More information

Group Companies and Network

Group Companies and Network Annual Report 2009 By business segment as of March 31, 2009 Operations in Japan Corporate Financial Services Domestic Sales Administrative Headquarters Lending, Leasing, Other Financial Services Apr. 1964

More information

Strategy Insights. Moving toward an all-market approach to investing in China

Strategy Insights. Moving toward an all-market approach to investing in China Strategy Insights Moving toward an all-market approach to investing in China As China transitions from an economy that is driven by manufacturing to one led by its consumers, we are seeing the Chinese

More information

IPO Watch Europe Q1 2016

IPO Watch Europe Q1 2016 IPO Watch Europe Q 0.bn IPO proceeds raised in Q 0 down % from the.bn raised in Q 0 0 IPOs in Q 0 across Europe, down from IPOs in Q 0 m average offering value in Q 0, a decrease of 0% compared to m in

More information

Global IPO Market 1Q 2016 Quarterly Review

Global IPO Market 1Q 2016 Quarterly Review Proceeds (US$ billions) March 28, 2016 Not So Happy New Year: Global IPOs Slow to a Trickle Global IPO Market With investors continuing to be cautious, global IPO issuance slowed to a trickle in the first

More information

Heart of the world s financial markets NOVEMBER 2012

Heart of the world s financial markets NOVEMBER 2012 Heart of the world s financial markets NOVEMBER 2012 Our infrastructure and experience makes us the world s premier listing choice London Stock Exchange provides global profile through wide dissemination

More information

Standard commissions. Index Tracker CFD spreads. Index-tracking CFD contract details (continuous)

Standard commissions. Index Tracker CFD spreads. Index-tracking CFD contract details (continuous) Standard commissions Index Tracker CFD spreads Indextracking CFD contract details (continuous) Index Tracker Spread 1) Margin required Value of one contract 2) Trading Hours 3) US Tech 100 NAS 1.0 2% USD

More information

Overview. carried interest. Copyright 2014 by Cambridge Associates LLC. All rights reserved.

Overview. carried interest. Copyright 2014 by Cambridge Associates LLC. All rights reserved. Overview Cambridge Associates LLC Global ex U.S. Developed and Emerging Markets Private Equity and Venture Capital Benchmark Commentary Quarter Ending September 30, 2013 During the third quarter, in U.S.

More information

Asian Stock Markets in 2015:

Asian Stock Markets in 2015: Asian Stock Markets in 2015: Expected trends and the role of Asian Funds Passports Dr. Andrew Freris CEO, Ecognosis Advisory Ltd March 2015 1 Summary, Part I The Asian markets which outperformed in 2014,

More information

www.pwc.com IPO Watch Europe Survey Q4 2011

www.pwc.com IPO Watch Europe Survey Q4 2011 www.pwc.com IPO Watch Europe Survey Q4 2011 Table of contents Page 2011 overview 3 2011 European IPO activity by value and volume 4 2011 volume and value by exchange 5 Q4 11 European IPO activity by value

More information

An Overview of Offshore RMB Market. Nov 2013

An Overview of Offshore RMB Market. Nov 2013 An Overview of Offshore RMB Market Nov 2013 Contents 1. Outlook of RMB Internationalisation 2. Implications for Offshore RMB Bonds 2 Section 1 Outlook of RMB Internationalisation 3 RMB The next international

More information

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF)

NAV HISTORY OF DBH FIRST MUTUAL FUND (DBH1STMF) NAV HISTORY OF DBH FIRST MUTUAL FUND () Date NAV 11-Aug-16 10.68 8.66 0.38% -0.07% 0.45% 3.81% 04-Aug-16 10.64 8.66-0.19% 0.87% -1.05% 3.76% 28-Jul-16 10.66 8.59 0.00% -0.34% 0.34% 3.89% 21-Jul-16 10.66

More information

MANDATORY PROVIDENT FUND SCHEMES AUTHORITY

MANDATORY PROVIDENT FUND SCHEMES AUTHORITY Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Approved Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation ( the Regulation )

More information

www.pwc.com IPO Watch Europe Survey Q2 2012

www.pwc.com IPO Watch Europe Survey Q2 2012 www.pwc.com IPO Watch Europe Survey Q2 2012 Contents European IPO activity by value and volume 3 Marker volatility index 4 IPO offering value 5 IPO volume 6 Top five IPOs 7 IPOs by sector and value 8 US

More information

Quest for Growth Results for Q3, January-March 2003

Quest for Growth Results for Q3, January-March 2003 Quest for Growth Results for Q3, January-March 2003 1 Jan Keuppens joins Quest Management Investment Manager Quoted Portfolio of Quest for Growth Former technology analyst with AXA Investment Managers,

More information

TÍTULOS REPRESENTATIVOS DE ÍNDICES ACCIONARIOS APROBADOS EXCHANGE TRADED FUNDS REPRESENTATIVE OF EQUITY INDEXES APPROVED

TÍTULOS REPRESENTATIVOS DE ÍNDICES ACCIONARIOS APROBADOS EXCHANGE TRADED FUNDS REPRESENTATIVE OF EQUITY INDEXES APPROVED TÍTULOS REPRESENTATIVOS DE ÍNDICES ACCIONARIOS APROBADOS EXCHANGE TRADED FUNDS REPRESENTATIVE OF EQUITY INDEXES APPROVED AL 30 DE JULIO DE 2016 (AS OF JULY 30, 2016) Total Aprobados (Total approved) :

More information

Фокус на Азию: ожидания инвесторов, сопровождение и механизмы защиты инвестиций

Фокус на Азию: ожидания инвесторов, сопровождение и механизмы защиты инвестиций Фокус на Азию: ожидания инвесторов, сопровождение и механизмы защиты инвестиций Asia Focus: Investors' Expectations, Protection and Investment Support Listing on the Hong Kong Stock Exchange Hong Kong

More information

A March 2016 The Economic Pulse

A March 2016 The Economic Pulse Global @dvisor The Economic Pulse of the World Citizens in 25 Countries Assess the Current State of their Country s Economy for a Total Global Perspective The Economic Pulse These are the findings of the

More information

RealTick Data. International Securities Exchange BVSP Level 1. NASDAQ OMX UTP Regional TSX Level 1

RealTick Data. International Securities Exchange BVSP Level 1. NASDAQ OMX UTP Regional TSX Level 1 RealTick Data Americas Sources (One Region) Please choose from the following Sources. Fees May Apply: Brazil UnitedStates (cont.) Bolsa de Valores de São Paulo S.A. International Securities Exchange BVSP

More information

GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT

GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT 09 January 2015 GLOBAL TRENDS IN CLEAN ENERGY INVESTMENT Rebound in clean energy investment in 2014 beats expectations Luke Mills CONTENTS 1. Annual clean energy investment overview 2. Quarterly trends

More information

Economic indicators dashboard

Economic indicators dashboard AS OF NOVEMBER 17, 2015 Economic indicators dashboard Vist www.blog.helpingadvisors.com for the full commentary of the Economic Indicators Dashboard. MOST RECENT 3-MO. trend TYPICAL range EXTREME range

More information

Markets on which securities would not meet the HMRC definition of 'listed' for the purposes of HMRC legislation

Markets on which securities would not meet the HMRC definition of 'listed' for the purposes of HMRC legislation Table 1: Stock Exchanges designated as "recognised stock exchanges" by Order Recognised Stock Exchanges (RSE) The Athens Stock Exchange 14-Jun-93 Securities Market The Alternative Market (EN.A) Derivatives

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS*

COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) CHARTERED BANK ADMINISTERED INTEREST RATES - PRIME BUSINESS* COMPARISON OF FIXED & VARIABLE RATES (25 YEARS) 2 Fixed Rates Variable Rates FIXED RATES OF THE PAST 25 YEARS AVERAGE RESIDENTIAL MORTGAGE LENDING RATE - 5 YEAR* (Per cent) Year Jan Feb Mar Apr May Jun

More information

Deutsche Global Infrastructure Fund (TOLLX)

Deutsche Global Infrastructure Fund (TOLLX) Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests

More information

A Guide to the Insider Buying Investment Strategy

A Guide to the Insider Buying Investment Strategy Mar-03 Aug-03 Jan-04 Jun-04 Nov-04 Apr-05 Sep-05 Feb-06 Jul-06 Dec-06 May-07 Oct-07 Mar-08 Aug-08 Jan-09 Jun-09 Nov-09 Apr-10 Sep-10 Mar-03 Jul-03 Nov-03 Mar-04 Jul-04 Nov-04 Mar-05 Jul-05 Nov-05 Mar-06

More information

www.pwc.com IPO Watch Europe Survey Q1 2012

www.pwc.com IPO Watch Europe Survey Q1 2012 www.pwc.com IPO Watch Europe Survey Q1 2012 Contents European IPO activity by value and volume 3 IPO offering value 4 IPO volume 5 Top five 6 by sector and value 7 US activity 8 Offering value of by month

More information

The FCO Cockpit Global Bubble Status Report. Peter Cauwels & Didier Sornette Chair of Entrepreneurial Risk. September 1st, 2015

The FCO Cockpit Global Bubble Status Report. Peter Cauwels & Didier Sornette Chair of Entrepreneurial Risk. September 1st, 2015 Global Bubble Status Report Peter Cauwels & Didier Sornette Chair of Entrepreneurial Risk September 1st, 2015 Main conclusion of this report: So far, 2015 has shown a notable synchronicity in financial

More information

Which market? An overview of London, New York, Hong Kong and Singapore stock exchanges

Which market? An overview of London, New York, Hong Kong and Singapore stock exchanges www.pwc.com Which market? An overview of London, New York, Hong Kong and Singapore stock exchanges September 2013 A PwC IPO Centre publication, assessing the listing choices for global companies. 2 Which

More information

Trading in International Equities For Professional Advisers only - not to be relied upon by retail clients

Trading in International Equities For Professional Advisers only - not to be relied upon by retail clients Trading in International Equities For Professional Advisers only - not to be relied upon by retail clients 2 ALLIANCE TRUST SAVINGS About us We are part of the Alliance Trust group and have the backing

More information

A June 2015 The Economic Pulse

A June 2015 The Economic Pulse Global @dvisor The Economic Pulse of the World Citizens in 24 Countries Assess the Current State of their Country s Economy for a Total Global Perspective The Economic Pulse These are the findings of the

More information

Volume 10: January September 2014

Volume 10: January September 2014 BIST TRENDS REPORT by TUYID TURKISH INVESTOR RELATIONS SOCIETY & MKK CENTRAL REGISTRY AGENCY Volume 10: January September 2014 October 13, 2014 1 / 17 October 13, 2014 Dear Readers, We proudly present

More information

Private Equity in Asia

Private Equity in Asia Private Equity in Asia October 21 Asia private equity, in particular China, has increasingly attracted attention from institutional investors due to the region s faster economic recovery, greater growth

More information

HKEx Asia s Global Market

HKEx Asia s Global Market HKEx Asia s Global Market Lawrence Fok Chief Marketing Officer Hong Kong Exchanges and Clearing Ltd 30 September, 2011 Benefits of Listing in Hong Kong The World s Leading Fund Raising Venue Hong Kong

More information

Macau Hotel Guest Rooms available (YOY comparsion)

Macau Hotel Guest Rooms available (YOY comparsion) Hotel Indicators June 212 Hotel establishment and room capacities There were a total of 66 hotels (excluding guesthouses) operating in Macau as at the end of June 212, providing a total of 23,635 hotel

More information

European Equities benefit while Japanese Equities saw redemptions

European Equities benefit while Japanese Equities saw redemptions Deutsche Bank Markets Research Europe Synthetic Equity & Index Strategy European Monthly ETF Market Review Date 12 October 2015 European Equities benefit while Japanese Equities saw redemptions Data in

More information

MANDATORY PROVIDENT FUND SCHEMES AUTHORITY. Guidelines on Index-Tracking Collective Investment Schemes

MANDATORY PROVIDENT FUND SCHEMES AUTHORITY. Guidelines on Index-Tracking Collective Investment Schemes MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.10 Guidelines on Index-Tracking Collective Investment Schemes INTRODUCTION Section 1(1) of Schedule 1 to the Mandatory Provident Fund Schemes (General) Regulation

More information

A January 2011 Economic Pulse

A January 2011 Economic Pulse The of the World Citizens in 24 Countries Assess the Current State of their Country s Economy for a Total Global Perspective Methodology These are the findings of the Wave 16 (G@16), an Ipsos survey conducted

More information

US companies leading surge in M&A

US companies leading surge in M&A The Deloitte M&A Index Q3 215 US companies leading surge in M&A Key points The first half of 215 has emerged as one of the strongest for M&A, with more than $1.8 trillion worth of deals announced globally,

More information

Foreign Direct Investment in the United States. Organization for International Investment

Foreign Direct Investment in the United States. Organization for International Investment Foreign Direct Investment in the United States Organization for International Investment March 18, 2009 Key Findings FOREIGN DIRECT INVESTMENT IN THE UNITED STATES Foreign Direct Investment in the United

More information

Dow Jones Titans Indices Methodology

Dow Jones Titans Indices Methodology Dow Jones Titans Indices Methodology March 2014 S&P Dow Jones Indices: Index Methodology Table of Contents Introduction 4 Highlights and Index Family 4 Eligibility Criteria and Index Construction 7 Dow

More information

China Market Outlook

China Market Outlook China Market Outlook - 2015 2014 OVERVIEW: CHINA MARKET OUTLOOK 2015 The Hang Sheng market delivered -1.20% returns YTD whereas the Shanghai Composite Index delivered around 40% returns YTD. The factors

More information

NASDAQ Asia ex Japan Dividend Achievers TM Index Methodology

NASDAQ Asia ex Japan Dividend Achievers TM Index Methodology NASDAQ Asia ex Dividend Achievers TM Index Methodology Index Description The NASDAQ Asia ex Dividend Achievers Index is comprised of accepted securities with at least three consecutive years of increasing

More information

Index CFDs. Index CFDs are traded without order fee on index level with the following spreads:

Index CFDs. Index CFDs are traded without order fee on index level with the following spreads: Index CFDs Index CFDs are "Over-the-Counter" (OTC) products the prices of which are laid down by the issuer. Index CFDs are based upon the price of the basic value in order to thus achieve a "Fair Value"

More information

T&E. Where Business Travelers Spend Money

T&E. Where Business Travelers Spend Money T&E Where Business Travelers Spend Money Contents Introduction 3 Key Findings 4 Top Expensive Cities for Business Travel 5 International 5 U.S. 5 Top 10 Spend Categories 6 International 6 U.S. 7 Most Visited

More information

LuxeMbOurG Trading CenT re LisT Annex 1 to the special terms and conditions for securities transactions Valid as from 1 september 2011

LuxeMbOurG Trading CenT re LisT Annex 1 to the special terms and conditions for securities transactions Valid as from 1 september 2011 Luxembourg Annex 1 to the Special terms and conditions for securities transactions Valid as from 1 September 2011 In order to achieve the best possible result in executing security orders, the bank has

More information

Half Year Financial Results

Half Year Financial Results 16 August 2012 Manager ASX Market Announcements Australian Securities Exchange Level 4, 20 Bridge Street Sydney NSW 2000 Manager Market Information Services Section New Zealand Stock Exchange Level 24,

More information

FTSE Global Small Cap Index

FTSE Global Small Cap Index FTSE FACTSHEET FTSE Global Small Cap Index bmktitle1 The FTSE Global Small Cap Index is derived from FTSE's flagship Global Equity Series universe, which comprises around 7,000 securities worldwide, giving

More information

October 2013 - Bottled Water Exports and Imports continue to grow!

October 2013 - Bottled Water Exports and Imports continue to grow! October 13 - Bottled Water Exports and Imports continue to grow! Annualised exports for the year to October 13 continue an upwards climb following their break through NZD1m last month. Leading markets

More information

Capital Market Integration and Stock Exchange Consolidation in the Asia-Pacific

Capital Market Integration and Stock Exchange Consolidation in the Asia-Pacific Joint Statement Asian Shadow Financial Regulatory Committee and Australia-New Zealand Shadow Financial Regulatory Committee Queenstown, New Zealand 6 April, 2011 * Capital Market Integration and Stock

More information

Understanding ETF Liquidity and Trading

Understanding ETF Liquidity and Trading Understanding ETF Liquidity and Trading Paul Amery, Moderator Editor www.indexuniverse.eu Lisa Dallmer, Panelist Executive Vice President Global Index and ETPs, NYSE Euronext Keshava Shastry, Panelist

More information

RealTick Data. International Securities Exchange BVSP Level 1. NASDAQ OMX UTP Regional TSX Level 1

RealTick Data. International Securities Exchange BVSP Level 1. NASDAQ OMX UTP Regional TSX Level 1 RealTick Data Americas Sources (One Region) Please choose from the following Sources. Fees May Apply: Brazil UnitedStates (cont.) Bolsa de Valores de São Paulo S.A. International Securities Exchange BVSP

More information

FLOW OF FUNDS REPORT IV TUYID Q1

FLOW OF FUNDS REPORT IV TUYID Q1 FLOW OF FUNDS REPORT IV TUYID Q1 2014 January, 2014 Dear Readers, This volume of the Flow of Funds Report, which provides important insight about the inflow and outflow of funds, as well as investment

More information

Room XXVI Palais des Nations Geneva, Switzerland. Oil Market Outlook. Eissa B. Alzerma Oil Price Analyst Petroleum Studies Department, OPEC

Room XXVI Palais des Nations Geneva, Switzerland. Oil Market Outlook. Eissa B. Alzerma Oil Price Analyst Petroleum Studies Department, OPEC UNCTAD Multi-Year Expert Meeting on Commodities and Development 2013 Recent developments and new challenges in commodity markets, and policy options for commodity-based inclusive growth and sustainable

More information

MSCI CHINA AND USA INTERNET TOP 50 EQUAL WEIGHTED INDEX

MSCI CHINA AND USA INTERNET TOP 50 EQUAL WEIGHTED INDEX INDEX METHODOLOGY MSCI CHINA AND USA INTERNET TOP 50 EQUAL WEIGHTED INDEX September 2014 SEPTEMBER 2014 CONTENTS 1 Introduction... 3 2 Constructing the MSCI China and USA Internet Top 50 Equal Weighted

More information

Retail Online Trading for Derivatives Continues to Grow

Retail Online Trading for Derivatives Continues to Grow Retail Online Trading for Derivatives Continues to Grow By Research & Corporate Development Department The HKEx Derivatives Market Transaction Survey 2009/10 found that retail investors online trading

More information

DO WE NEED MORE STORAGE IN EUROPE?

DO WE NEED MORE STORAGE IN EUROPE? DO WE NEED MORE STORAGE IN EUROPE? 25-26 April 212 Dr Thierry Bros Phone: 33 ()1 58 98 11 7 Important Notice: The circumstances in which this publication has been produced are such that it is not appropriate

More information

MetaSock Xenith Exchange Realtime Price

MetaSock Xenith Exchange Realtime Price MetaSock Xenith Exchange Realtime Price MetaStock XENITH North/South American Data TWD* Bourse de Montreal Level 1 240 Bogota Stock Exchange 220 Brazilian Commodities and Futures Exchange 2,180 Buenos

More information

Extractive Sector Companies Listed on Global Stock Exchanges Revisited

Extractive Sector Companies Listed on Global Stock Exchanges Revisited Briefing Company Listings Sector Listed on Global Stock Exchanges Revisited Danee Voorhees October 2011 Summary As countries develop laws and regulations requiring oil, gas and mining companies to disclose

More information

The Rapid Growth of the Stock Options Market in Hong Kong Research Department, Supervision of Markets Division 1 November 2007

The Rapid Growth of the Stock Options Market in Hong Kong Research Department, Supervision of Markets Division 1 November 2007 The Rapid Growth of the Stock Options Market in Hong Kong Research Department, Supervision of Markets Division 1 November 2007 Summary 1. The stock options market in Hong Kong has grown significantly in

More information

Eleventh Monex Global Retail Investor Survey Individual investors find Equity an attractive investment for 2014

Eleventh Monex Global Retail Investor Survey Individual investors find Equity an attractive investment for 2014 Eleventh Monex Global Retail Investor Survey Individual investors find Equity an attractive investment for 2014 Tokyo, Florida and Hong Kong, December 20, 2013 Monex, Inc. ( Monex ), TradeStation Securities,

More information

Foreign Listings on Global Exchanges

Foreign Listings on Global Exchanges Foreign Listings on Global s By Research & Corporate Development Department Most exchanges mainly list and trade their domestic companies. London and New York, the two leading international financial centres,

More information

Global Energy Markets Overview. Jason Feer Argus Media Ltd Pacific Economic Cooperation Council 17 May 2006

Global Energy Markets Overview. Jason Feer Argus Media Ltd Pacific Economic Cooperation Council 17 May 2006 Global Energy Markets Overview Jason Feer Argus Media Ltd Pacific Economic Cooperation Council 17 May 2006 Introduction Argus, who we are & what we do Today s energy markets Why are prices high? What does

More information

Monthly Exchange Fees US Dollar

Monthly Exchange Fees US Dollar October 2015 North and South American Exchanges BM&F Brazil Brazilian Futures Professional Level 1 Brazil 44 18 Brazilian Futures Professional Level 1 Non-Brazil 78 18 Brazilian Futures Non-Professional

More information

www.pwc.com IPO Watch Europe Survey Q1 2011

www.pwc.com IPO Watch Europe Survey Q1 2011 www.pwc.com IPO Watch Europe Survey Q1 2011 Table of contents Page European IPO activity by value and volume 3 IPO offering value 4 IPO volume 5 IPOs by market 6 Top five IPOs 7 US and Russia 8 Offering

More information

The FTSE China Onshore Bond Index Series

The FTSE China Onshore Bond Index Series Research The FTSE China Onshore Bond Index Series ftserussell.com May 2015 China is now the world s largest economy (when measured by purchasing power parity (PPP) 1 ) and the largest trading nation 2.

More information

Xinhua Finance Credit Rating Division upgrades the issuer rating of Daye Special Steel Co Ltd to BBB- (pi)

Xinhua Finance Credit Rating Division upgrades the issuer rating of Daye Special Steel Co Ltd to BBB- (pi) [For Immediate Release] Xinhua Finance Credit Rating Division upgrades the issuer rating of Daye Special Steel Co Ltd to BBB- (pi) HONG KONG, January 11, 2005 Xinhua Far East China Ratings, part of Xinhua

More information

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update

IOOF QuantPlus. International Equities Portfolio NZD. Quarterly update IOOF QuantPlus NZD Quarterly update For the period ended 31 March 2016 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure

More information