Tunis Stock Exchange Recent Development & outlooks
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1 Tunis Stock Exchange Recent Development & outlooks Khaled ZRIBI Chairman TSE UK-Tunisia Trade and Investment Forum October 20, 2015, London
2 Some history 1969: Created as a public entity. 1988: First set of reforms on investor protection, public offerings : Overall reorganisation of the financial market
3 1994 Law: the keys Distinct entities for distinct activities: Market regulation and supervision Market operations Post Market operations Compliance to other international standards Information disclosure Regulated market operations Investor protection
4 Market institutions Stock Exchange (BVMT) Management of securities market Capital Market Board (CMF) Market supervision and regulation. Central Securities Depository (Tunisie Clearing) Delivery and settlement
5 Tunis Stock Exchange Capital: USD 5.2 million Operating under private law. Supervised by the market regulator Surveillance by a Government Commissioner Egalitarian and exclusive ownership by Brokers Board comprised of 12 brokers
6 Brokers 23 licensed brokerage firms. 13 out of 23 are bank subsidiaries Agreed by market regulator Brokers are exclusive market members Minimum capital requirement
7 Brokers capital requirement Depends on authorized activity: Order execution, portfolio management... USD 0,52 million Market making, bought deals... USD 1,6 million
8 Market principles Cash market Order driven market Anonymous orders Irrevocable transactions
9 Market structure Official list Principal (equities) market (blue chips...) Alternative (equities) market (SME...) Bond market Special Purpose Vehicles Parallel market For not listed but publicly traded companies
10 Technical infrastructure Electronic trading : Developed by Euronext technology NSC V900 platform Market access platform Developed by Sungard Automated order entry (FIX protocol) High availability platform
11 Market Guarantee Fund To cover counterparty risk arising from a defaulting broker Set up by brokers Administered by the Stock exchange Initial, regular (daily) a exceptional margin calls paid up by the brokers
12 Client Guarantee Fund To address non commercial risks: broker bankruptcy, fraud... Administered by the Stock exchange Contributors: Market institutions and brokers Compensation: 90% of portfolio with USD ceiling
13 Foreign investment Bonds: authorized up to 20% of debt issuances Equities (General rules) Up to 66% Without prior authorization (since october 2014) Direct investment: 100% free
14 Fiscal incentives New listed companies offering 30% capital share to the public: 5-year reduction of tax on profit to 20% from 25% Deduction, from the taxable income base, of savings plans on listed stocks Dividends are tax exempted (except for individuals :Tax = 5% with a reduction of TND) Capital gains exempted after a minimum detention period
15 Main highlights of the market Historical records of new listings in : 23 new companies (2 in 2012, 12 in 2013, 6 in 2014 and 2 in 2015 to bring the total number of listings to 79) The Tunisian government launched in June 2014 a national bonds and collected 900 million of TDN more than initially planned (500 million of TDN) Recapitalisation of state and private banks through financial market to comply with prudential ratios : raising an amount of 0,8 billion of $ from 2012 to 2015
16 Main highlights of the market Great efforts of recapitalisation for bank sector to strenghen shareholder equity through financial market and comply with prudential ratios : an amount of 0,8 billion USD risen from 2012 to 2015 Strong growth of foreign investment portfolio in listed companies : in 2015, net balance of foreign invesment increases more than two times and foreign capitalisation gains 2.4 pourcentage points (from 24.1% to 26.5%)
17 Achievments of TSE TSE launched in 2012 the first education program in Africa to spread and promote stock market culture with the support of IFC -Investment Climate Facility for Africa: Two editions of stock market and financial services exhibition «INVESTIA» (2012 & 2014), Two edition of the Chalenge «Myinvestia» (on line game) InvestiaAcademy on line education platform
18 Achievments of TSE Partnerships with peer exchanges and organisations: Casablanca, Algeria, Douala, BRVM, Istanbul, Paris Europlace
19 Main market indicators Indicators th September 2015 Listed companies Market capitalisation (M$) Foreign capitalisation 21,9% 20,2% 20,2% 20,5% 22,3% 24,1% 26,3% Tunindex 48,4% 19,1% -7,7% -3% -2% 16,2% 5,1% Total trading value (M$) Daily trading value(m$) ,5 7,4 4,5 5,5 3,4 4,2 4,7
20 Development and outlooks TSE adopt a new strategy for the period to become the major participant in the financing of the economy Main axes : Expand market financing of SME through appropriate approach: specific support program, improve the financial ecosystem Develop of new services: index policy, ETF, Islamic products, market feed,...
21 Development and outlooks Promote financial literacy and market culture of various targets (managers, employees, journalists, majority shareholders, small shareholders, students...) Upgrade the trading platform to cope with current and future needs (derivatives...) : Migration to the latest version (Universal Trading Platform during 2017) Strengthen governance and disclosure practises of listed companies
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