Ministry of the Economy and Finance Department of the Treasury - Directorate II

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Ministry of the Economy and Finance Department of the Treasury - Directorate II"

Transcription

1 Annex to the Public Debt Director Decree N of June the 7 th 2004 Ministry of the Economy and Finance Department of the Treasury - Directorate II SPECIALISTS IN GOVERNMENT BONDS 1 January December 2005 Updated to June 2004 Specialists in Government Bonds are Primary Dealers on Government Bond Wholesale Regulated Markets who undertake, jointly with the Department of the Treasury - Directorate II, to guarantee a high level of efficiency and transparency on the Italian Government Bonds market. 1. Requirements In order to meet the specific needs of Public Debt management, the Ministry of the Economy and Finance draws up a specific list, called "Elenco degli Specialisti in titoli di Stato" (List of Specialists in Government Bonds), of the Primary Dealers on the Wholesale Regulated Secondary Markets who apply for a listing 1. To obtain the "Specialist" status, a number of market activity and structural requirements must be met and maintained. The market requirements are: a) a market share of at least 3% of the total Government bonds issued on an annual basis on the primary market (paragraph 2.1); 1 Article 3 of the Regulations concerning Government Bond Wholesale Markets - Decree 219 of 13 May

2 b) efficient participation in the secondary market (paragraph 2.2); The structural requirements are: c) a net regulated capital of at least euro 38,734,267 (paragraph a); d) being qualified as a Primary Dealer on the Italian Government Bond Wholesale Regulated Market (paragraph b); e) an appropriate organisational structure able to guarantee Government bond placement (see paragraph 2.4.2). 2. Evaluation of Specialists The activity of the Specialists is monitored by the Ministry of the Economy and Finance, according to the criteria set out in the following paragraphs. In particular, the Ministry deems Specialists to be satisfactory if: 1. they take part in every placement auction and achieve their annual quota with market shares that are not concentrated on a small number of auctions and/or instruments; 2. they do not determine any distortion to auction prices; 3. they contribute to the efficiency of the secondary market and do not interfere with orderly trading; 4. they make useful proposals for taking decisions regarding Public Debt issues and management; 5. they comply with the confidentiality obligation on the information to which Specialists are entitled to have access to. 2.1 The Primary Market Attaining the minimum annual primary market share of 3% of the bonds issued by the Ministry of the Economy and Finance on the primary market is a necessary condition for retaining the status of Specialist. The market share is calculated taking into account the financial features of the bonds, i.e. by weighing the nominal amount allotted in each auction with a given weight (see table 1). The date used for calculation of the market share is the auction settlement date. 2

3 TYPE Table 1: Weighting factor to calculate volume of winning bids on the Government Bond Primary Market BOT 3 months BOT 6 months BOT 12 months CTZ 24 months 3 years 5 years 10 years 15 years 30 years WEIGHTING CCT Each Specialist scores points in proportion to the market share, which can never exceed 3 points. More specifically, the points awarded equal the quota subscribed minus the annual minimum quota (3%), by applying the following formula: where P o = Q o - 3 P o is the score, up to 3, awarded to the Specialist; and Q o is the primary market quota of the dealer whose performance is being assessed. For example: a. a dealer who subscribes a primary market quota of 4.49% scores the following points: = 1.49 b. a dealer who subscribes a quota equal to or above 6% scores 3 points. 2.2 The Secondary Market With regard to the activity on the Secondary Market, the following parameters are used: 1. number of quoted bonds - (for a minimum of 6 hours); 2. bid-ask spread - (standardised for each bond); 3. volumes traded on the cash market; 4. volumes traded on the repo market; 5. contribution to overall market efficiency. 3

4 Points are awarded as follows: Parameter 1 and 2: 1 point shall be awarded to the Specialist who ranks first while the others receive a score proportional to the performance of the best performing dealer. Parameter 3: 0.5 points (0 point) are awarded to the Specialist whose average daily performance is above (below) the average daily performance of the non-specialist Primary dealers and Candidate Specialist dealers; Parameter 4: 0.5 points to the Specialist who ranks first, while the others score proportionally to the performance of the best performing Dealer. Parameter 5: 0.25 points to the Specialist who ranks first, while the others receive a proportional score based on the analysis conducted by the Bank of Italy - Ufficio Supervisione sui Mercati (Market Supervision Office) - of the contribution they have made to the overall efficiency of the Government Bond Market. These points are awarded at the end of each year. 2.3 Exchange Operations 0.75 points are awarded to the Specialist subscribing the highest quota issued annually by the Treasury, while the others will be awarded points proportional to the performance of the best dealer. The Treasury shall not take account of the quota awarded to any dealer who fails to deliver the bonds in time for settlement. Such failure may even determine the removal of the dealer from the List of Government Bond Specialists. 2.4 Organisational Structure Minimum general requirements a. Possession of a net regulated capital of at least euro 38,734,267. The net regulated capital shall be determined according to the prudential requirements set by the competent supervision authority. The declaration must be made in accordance with Annex A of this document. If the regulated capital falls below the aforementioned minimum, the dealer shall be removed from the List of Specialists. b. Primary Dealer status on regulated Italian Government Bond Markets. Loss of Primary Dealer status automatically entails removal from the List of Specialists. 4

5 2.4.2 The possession of an appropriate organisational structure for placing government bonds shall be evaluated on the basis of the following: Distribution operations: this is evaluated up to a maximum score of 0.5 points, of which 0.25 are awarded on the basis of the volumes traded on the OTC market and 0.25 on the basis of the volumes trading on the regulated Government Bond market dedicated to final investors. Operations on the OTC market will be evaluated on the basis of the screen-based system figures that will make it possible to validate the contracts negotiated. Until the OTC operations are available on a screen-based format which certifies their validity, volumes traded must be communicated by in Excel format defined jointly by the Treasury and the Bank of Italy. It should be noted that in this case account is taken of the figures provided on condition that a statement attesting their truthfulness is issued, which may also take the form of selfcertification (Annex B). Specialist Dealers that do not distribute off the regulated markets shall score 0 points. Specialist Dealers that fail to submit the documentation required to support the evaluation of off-regulated market distribution score points. 2.5 Scoring points For the two-year period the Ministry of the Economy and Finance shall award points to each Specialist using the system indicated below (table 2). Table 2 - Evaluation of the Specialists Parameters Points Primary Market Annual quota >= 3% Quota awarded -3 (max 3) Secondary market Quoted Bonds Bid-ask spread Overall volumes traded on the MTS Repo Contribution to the overall efficiency of the market 1 point max. 1 point max. 0/0.5 points proportional to the Primary Dealers' average performance 0.5 points max points max. Exchange Operations Annual quotas awarded 0.75 points max. Organisational Structure Distribution activity 0.5 points max. 5

6 On the basis of its overall evaluation, at the end of each year, the Ministry will draw up the final ranking of Specialists, and publish the top five positions on the Ministry's Internet site. Furthermore, also the ranking based on the two-year period will be drawn up. The Ministry reserves the right, when deemed necessary, to change the evaluation criteria described in the present document. In that case, the final ranking shall be drawn up by taking into account the points awarded to each Dealer in each observation period. 2.6 Reasons for exclusion Every two years the Ministry ensures that the eligibility requirements to retain Specialist status set out in the foregoing paragraphs are still being met. Before the end of the biennium, exclusion from the List is automatic if any of the eligibility requirements referred to in paragraph 1, subparagraphs a, c and d are no longer met. Exclusion may also occur when a Specialist Dealer acts in a way that jeopardises the efficiency of the secondary market and orderly trading, also on the basis of the analyses of the Bank of Italy-Market Supervision Office (Banca d'italia - Ufficio Supervisione sui Mercati). Exclusion may be decided for serious reasons, such as: - participating in auctions in a way which interferes with a normal and orderly outcome, which may also be due to errors resulting from technological shortcomings, such as inputting prices that trigger the automatic protection mechanism. Specialist Dealers shall be objectively monitored using an indicator drawn up by the Treasury on the basis of the bids made at auctions; - trading on Government Bond Wholesale Regulated Markets without financial significance and not intended as genuine market trading; - trading on Government Bond Wholesale Regulated Markets on behalf of third parties; - failing to pay or deliver securities on the settlement date in transactions in which the Ministry is the counterparty, and whenever such failure is significant in respect of securities traded on the Government Bond Wholesale Regulated Markets. - execution of financial operations for local authorities that do not respond to the Law in force. The Ministry will notify the dealer of any conduct deemed prejudicial to orderly trading; if such conduct persists, the dealer shall be removed from the List. 6

7 Specialists removed from the List can not apply to be enrolled for one year from the date of exclusion. 3. Privileges for Specialists Specialists enjoy the following privileges: 1. Exclusive access to the reopening option following medium-long term Bond and 6-month BOT auctions for an amount normally equal to 10% (25% in case of the first tranche of medium and long-term Bonds) of the amount offered in the auction exclusive right to participate in buy-back auctions (using the Fondo Ammortamento ); 3. exclusive right to be considered for selection as: a. lead managers for syndicated euro issues; b. dealers for the United States dollar-denominated benchmark programme; c. dealers for buy-back operations using the Fondo Ammortamento ; It is an essential condition for the Specialist to perform constantly in a satisfactory manner, but in itself this is not sufficient to qualify for the award of the operations referred to in point 3 above. The Ministry shall also take account of the Specialist's capacity to make proposals and conduct analyses, and possession of an appropriate organisational and distribution structure, in order to guarantee the successful outcome of syndicated transactions. Candidate Specialists may also be invited to take part in these activities if they have promoted the operations in question, are in possession of an appropriate organisational structure, are able to significantly improve the outcome of placements and their performance is considered satisfactory. 4. preference for participation in other currency issues and derivative operations. 2 Each Specialist has the right to buy bonds at the marginal price (or at the weighted average price in the case of BOTs). The maximum amount available to each Specialist is proportional to the overall market share obtained in the last three auctions (including the one to which the reopening refers) by each Specialist with respect to the amount subscribed by Specialists only. Currently, such an option expires at 12:00 AM of the first business day after the auction. If one or more Specialist do not exercise their options, the residual amount shall be available to the others and distributed proportionally following the same criteria. However, bonds assigned in such additional placements will not be taken into account for the determination of the primary market requirements. 7

8 4. How to qualify as a Specialist Primary Dealers operating on Government Bond Regulated Wholesale Markets for at least four months, and who have demonstrated their total compliance with the obligations relating to the maintenance of that status, may submit applications (see Annex C ) from January to October each year. The start of the 12- month observation period will be communicated by Direzione II - Ufficio II, within 60 days, after investigations have been conducted to ascertain that the eligibility requirements are met. During the observation period, the Candidate Specialists must: subscribe to a 3% primary market share, on an annual basys (paragraph 2.1) by regularly participating in the placement auctions in a manner that does not interfere with regular trading; have a satisfactory performance on the secondary market (paragraph 2.2); demonstrate continuity of performance both on the primary and secondary market. The observation period may be extended if any operational difficulty arises during the course of it. 5. Switching specialist status In response to an acceptable request, the Ministry may authorise the transfer of Specialist status from one dealer to another, provided that they both belong to the same group. This request shall be accepted upon production, by the transferee, of the following: 1. Evidence that it belongs to the same group as the transferor; 2. A minuted copy of the resolution authorising the transfer of Specialist status and any other document highlighting the reasons for the transfer request; 3. Evidence that it has a net regulatory capital of at least euro 38,734,267 (see Annex A); 4. Authorisation to deal on Government Bond Regulated Markets as a Primary Dealer; 5. Evidence that it has successfully passed the Bank of Italy tests for the operation of the Screenbased Auction system and that it has signed the auction convention for the placement of the securities with the Bank of Italy (Servizio di Politica Monetaria e del Cambio - Via Nazionale Roma - Italia); The incoming Specialist dealer will be given the same position in the Ministry of the Economy and Finance ranking previous held by the outgoing dealer. As for the reopening options of medium- and long-term bonds and 6 month BOTs, the entitlement quota shall be zero if the outgoing operator's ABI code changes in the transfer process. 8

9 Upon receiving and checking the aforementioned documentation, the Ministry of the Economy and Finance notifies the applicant of its decision as soon as possible, and at all events within a maximum of sixty days. 9

Ministry of Economy and Finance Treasury Department Directorate II

Ministry of Economy and Finance Treasury Department Directorate II Ministry of Economy and Finance Treasury Department Directorate II Decree no. 993039 of November the 11 th,2011 Selection and Evaluation of Specialists in Government Bonds (Specialists Decree) CONSIDERED

More information

Guidelines for public debt management

Guidelines for public debt management 2016 Guidelines for public debt management 2016 Public Debt Management Guidelines Contents FOREWORD... 3 2016 ISSUANCE PROGRAMME AND DEBT MANAGEMENT... 4 Preliminary considerations... 4 ISSUANCE PROGRAMME

More information

TREASURY BONDS LINKED TO EURO-ZONE INFLATION (BTP is)

TREASURY BONDS LINKED TO EURO-ZONE INFLATION (BTP is) TREASURY BONDS LINKED TO EURO-ZONE INFLATION (BTP is) Treasury Bonds linked to Euro-zone inflation are securities that provide investors with protection against price increases. Both the principal to be

More information

Netherlands Annex Effective as of 4 th January 2016. MTS Netherlands is a Multilateral Trading Facility operated by EuroMTS Limited

Netherlands Annex Effective as of 4 th January 2016. MTS Netherlands is a Multilateral Trading Facility operated by EuroMTS Limited Effective as of 4 th January 2016 MTS Netherlands is a Multilateral Trading Facility operated by EuroMTS Limited Contents MTS Netherlands Annex 1.0 General Provisions 4 5.0 Clearing and settlement of

More information

Italian Public Debt Management: The secondary market

Italian Public Debt Management: The secondary market Italian Public Debt Management: The secondary market Rome May 31, 2007 Mr. Alessandro Cascino and Mr. Roberto Di Veglia Treasury Department - Public Debt Directorate Italian Ministry of the Economy and

More information

PRIMARY DEALER AGREEMENT REGARDING SWEDISH GOVERNMENT BONDS

PRIMARY DEALER AGREEMENT REGARDING SWEDISH GOVERNMENT BONDS PRIMARY DEALER AGREEMENT REGARDING SWEDISH GOVERNMENT BONDS 29 November 2013 [THE PRIMARY DEALER] and THE KINGDOM OF SWEDEN REPRESENTED BY RIKSGÄLDSKONTORET NOTICE: This is an unofficial translation of

More information

Twenty-First OECD Global Forum On Public Debt Management Paris, 19-20 January 2012

Twenty-First OECD Global Forum On Public Debt Management Paris, 19-20 January 2012 Twenty-First OECD Global Forum On Public Debt Management Paris, 19-20 January 2012 Session 2: Bond exchanges (switches) and buyback operations Italian contribution (background document) Exchange and Buy-back

More information

REPORT TO THE PARLIAMENT ON THE MANAGEMENT OF THE GOVERNMENT BOND SINKING FUND IN COMPLIANCE WITH ART. 2, SUB-SECTION 3, OF LAW NO.

REPORT TO THE PARLIAMENT ON THE MANAGEMENT OF THE GOVERNMENT BOND SINKING FUND IN COMPLIANCE WITH ART. 2, SUB-SECTION 3, OF LAW NO. REPORT TO THE PARLIAMENT ON THE MANAGEMENT OF THE GOVERNMENT BOND SINKING FUND IN COMPLIANCE WITH ART. 2, SUB-SECTION 3, OF LAW NO. 432 OF OCTOBER 27, 1993 The adaptation of Bond Sinking Fund administrative

More information

Seventh Issuance Term Sheet

Seventh Issuance Term Sheet BTP Italia Seventh Issuance Term Sheet Issuer Issuer ratings Issuance announcement Guaranteed minimum annual (real) coupon rate Republic of Italy Baa2 / BBB / BBB+ / A- (Moody s / S&P s / Fitch / DBRS)

More information

CENTRAL BANK OF THE GAMBIA

CENTRAL BANK OF THE GAMBIA CENTRAL BANK OF THE GAMBIA GUIDELINES FOR THE ISSUANCE OF GAMBIA GOVERNMENT BONDS JANUARY 2010 CONTENTS - 1 - PAGE 1.0 INTRODUCTION 3 2.0 GENERAL 3 3.0 METHOD OF APPLICATIONFOR BONDS 4 4.0 NOTIFICATION

More information

Agreement between the Ministry of Finance and Central Bank of Iceland on Treasury debt management

Agreement between the Ministry of Finance and Central Bank of Iceland on Treasury debt management Agreement between the Ministry of Finance and Central Bank of Iceland on Treasury debt management 1. Foundation of the Agreement Under Article 1 of Act No. 43/1990 on the National Debt Management Agency,

More information

National Debt Management Agency

National Debt Management Agency National Debt Management Agency AGREEMENT REGARDING ISSUANCE AND MARKET MAKING IN GOVERNMENT SECURITIES This is an English version of the original agreement regarding issuance and market making in Government

More information

Annex Hungary Effective as of 4 th January 2016. MTS Hungary is a Multilateral Trading Facility operated by EuroMTS Limited

Annex Hungary Effective as of 4 th January 2016. MTS Hungary is a Multilateral Trading Facility operated by EuroMTS Limited Annex Hungary Effective as of 4 th January 2016 MTS Hungary is a Multilateral Trading Facility operated by EuroMTS Limited Contents MTS Hungary Annex 1.0 General Provisions 4 5.0 Clearing and settlement

More information

AGREEMENT. between the Ministry of Finance and Central Bank Iceland on Treasury debt management

AGREEMENT. between the Ministry of Finance and Central Bank Iceland on Treasury debt management AGREEMENT between the Ministry of Finance and Central Bank Iceland on Treasury debt management 1. Foundation of the Agreement Pursuant to Article 1 of the Act on the Government Debt Management, no. 43/1990,

More information

MINISTRY OF ECONOMY AND FINANCE DEPARTMENT OF THE TREASURY PUBLIC DEBT

MINISTRY OF ECONOMY AND FINANCE DEPARTMENT OF THE TREASURY PUBLIC DEBT P.A.Forum - Rome,, 8 May 2003 Dr. Maria Cannata - Director of Public Debt MINISTRY OF ECONOMY AND FINANCE DEPARTMENT OF THE TREASURY PUBLIC DEBT Why should one buy Government bonds? Bonds represent the

More information

ORDER TRANSMISSION AND EXECUTION POLICY FOR PROFESSIONAL CLIENTS

ORDER TRANSMISSION AND EXECUTION POLICY FOR PROFESSIONAL CLIENTS ORDER TRANSMISSION AND EXECUTION POLICY FOR PROFESSIONAL CLIENTS 1. DEFINITIONS Execution Policy or simply the Policy or the Strategy: measures, mechanisms and procedures adopted by MPS CAPITAL SERVICES

More information

The Housing Financing Fund AGREEMENT ON A PRIMARY DEALERSHIP SYSTEM FOR HFF BOND AUCTIONS AND MARKET MAKING OF HFF BONDS IN THE SECONDARY MARKET

The Housing Financing Fund AGREEMENT ON A PRIMARY DEALERSHIP SYSTEM FOR HFF BOND AUCTIONS AND MARKET MAKING OF HFF BONDS IN THE SECONDARY MARKET The Housing Financing Fund AGREEMENT ON A PRIMARY DEALERSHIP SYSTEM FOR HFF BOND AUCTIONS AND MARKET MAKING OF HFF BONDS IN THE SECONDARY MARKET Agreement on a primary dealership system for HFF bond auctions

More information

PART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act

PART I GENERAL. Chapter 1. General provisions. Section 1. General scope of application of the Act 1(49) Unofficial translation Amendments up to 258/2013 included 746/2012 Issued in Helsinki on 14 December 2012 Securities Markets Act Pursuant to the decision of Parliament, the following is enacted:

More information

MTS DENMARK SPECIFIC MARKET RULES

MTS DENMARK SPECIFIC MARKET RULES MTS DENMARK SPECIFIC MARKET RULES Effective as of 2 nd June 2014 1 These Specific Market Rules together with the MTSAM Common Market Rules collectively constitute the rulebook for MTS Denmark and should

More information

Primary Dealer in Danish Government Bonds. Contract

Primary Dealer in Danish Government Bonds. Contract Primary Dealer in Danish Government Bonds Contract The Danish Government Debt Management at Danmarks Nationalbank, agent of the Ministry of Finance, herein subsequently referred to as Government Debt Management,

More information

Rules and Regulations Governing the Activities of the Treasury Securities Dealer as of 27 August 2009. I. General provisions

Rules and Regulations Governing the Activities of the Treasury Securities Dealer as of 27 August 2009. I. General provisions Rules and Regulations Governing the Activities of the Treasury Securities Dealer as of 27 August 2009 I. General provisions 1. These Rules and Regulations determine the principles governing the activities

More information

Internal Code of Conduct on Matters Relating to the Stock Market and Policy on the Use of Relevant Information

Internal Code of Conduct on Matters Relating to the Stock Market and Policy on the Use of Relevant Information Internal Code of Conduct on Matters Relating to the Stock Market and Policy on the Use of Relevant Information 1. Objective This "Internal Code of Conduct on Matters Relating to the Stock Market and Policy

More information

1 October 2015. Statement of Policy Governing the Acquisition and Management of Financial Assets for the Bank of Canada s Balance Sheet

1 October 2015. Statement of Policy Governing the Acquisition and Management of Financial Assets for the Bank of Canada s Balance Sheet 1 October 2015 Statement of Policy Governing the Acquisition and Management of Financial Assets for the Bank of Canada s Balance Sheet Table of Contents 1. Purpose of Policy 2. Objectives of Holding Financial

More information

Guidelines for public debt management

Guidelines for public debt management 2015 Guidelines for public debt management 2015 Public Debt Management Guidelines Contents FOREWORD... 3 THE 2015 ISSUANCE PROGRAMME... 4 Introduction... 4 a) 2014... 4 b) 2015... 6 ISSUANCE PROGRAMME

More information

Primary Dealer Agreement for Norwegian government bonds for calendar year 2016

Primary Dealer Agreement for Norwegian government bonds for calendar year 2016 GOVERNMENT DEBT MANAGEMENT 15.12.2015 Primary Dealer Agreement for Norwegian government bonds for calendar year 2016 Norges Bank and (Primary Dealer) with organisation number, hereinafter referred to as

More information

AGREEMENT AUTHORISED DEALER OF SWEDISH GOVERNMENT BONDS. Our ref. /01. with

AGREEMENT AUTHORISED DEALER OF SWEDISH GOVERNMENT BONDS. Our ref. /01. with Our ref. /01 The following is a translation of the Agreement with Authorised Dealer of Swedish Government Bonds in the Swedish language. In the case of any inconsistency between the following English translation

More information

THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS

THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS THE COMMITTEE OF EUROPEAN SECURITIES REGULATORS Before printing this document, please be aware of its size! Regarding the provisions quoted in the response below, as far as possible, hyperlinks to these

More information

Rules and Regulations Governing the Activities of the Treasury Securities Dealer as of 3rd September I. General provisions

Rules and Regulations Governing the Activities of the Treasury Securities Dealer as of 3rd September I. General provisions Rules and Regulations Governing the Activities of the Treasury Securities Dealer as of 3rd September 2012 I. General provisions 1. These Rules and Regulations determine the principles governing the activities

More information

Pirelli & C. S.p.A. Reports to the Shareholders Meeting. Purchase and disposal of treasury shares. Related and consequent resolutions.

Pirelli & C. S.p.A. Reports to the Shareholders Meeting. Purchase and disposal of treasury shares. Related and consequent resolutions. Pirelli & C. S.p.A. Reports to the Shareholders Meeting Purchase and disposal of treasury shares. Related and consequent resolutions. (Approved by the Board of Directors on March 31, 2015) Dear Shareholders,

More information

REGULATIONS GOVERNING THE SENAF MULTILATERAL TRADING FACILITY

REGULATIONS GOVERNING THE SENAF MULTILATERAL TRADING FACILITY REGULATIONS GOVERNING THE SENAF MULTILATERAL TRADING FACILITY 1 SENAF REGULATIONS TITLE I - GENERAL PROVISIONS Article 1. Object Article 2. Scope of application Article 3. Governing bodies Article 4. Applicable

More information

INSTRUCTIONS TO THE BONDVISION MTF MARKET RULES INSTRUCTIONS TO TITLE I OF THE RULES (GENERAL INSTRUCTIONS)

INSTRUCTIONS TO THE BONDVISION MTF MARKET RULES INSTRUCTIONS TO TITLE I OF THE RULES (GENERAL INSTRUCTIONS) INSTRUCTIONS TO THE BONDVISION MTF MARKET RULES INSTRUCTIONS TO TITLE I OF THE RULES (GENERAL INSTRUCTIONS) Article 1 - Definitions (Article 2 of the Rules) 1. The definitions contained in Article 2 of

More information

4 Further details of the responses received are presented below.

4 Further details of the responses received are presented below. REPORT ON BOND EXCHANGES AND DEBT BUY-BACKS A SURVEY OF PRACTICE BY EC DEBT MANAGERS In June 2001 a questionnaire covering the practices followed by debt managers implementing bond exchange or buy-back

More information

SeDeX. The Certificates and Covered Warrants market: innovation and diversification

SeDeX. The Certificates and Covered Warrants market: innovation and diversification SeDeX The Certificates and Covered Warrants market: innovation and diversification SeDeX This regulated electronic market allows investors to trade efficiently thousands of listed instruments in real time.

More information

SIX Corporate Bonds AG. Directive 3: Trading. of 23/04/2015 Effective from: 08/05/2015

SIX Corporate Bonds AG. Directive 3: Trading. of 23/04/2015 Effective from: 08/05/2015 SIX Corporate Bonds AG Directive : Trading of /0/05 Effective from: 08/05/05 Directive : Trading 08/05/05 Content. Purpose and principle.... General.... Trading day and trading period.... Clearing day....

More information

Best Execution Policy

Best Execution Policy Black Pearl Securities Limited "the Firm" Best Execution Policy This Best Execution Policy is applicable to Matched Principle Broker (MPB) services provided to you by the Firm and it should be read in

More information

ORDER EXECUTION POLICY. Article 1

ORDER EXECUTION POLICY. Article 1 APPENDIX 3 ORDER EXECUTION POLICY I INTRODUCTORY PROVISIONS Article 1 Order Execution Policy (hereinafter: Policy ) is the mechanism for ensuring taking of any reasonable steps with the aim of achieving

More information

GUIDELINES FOR PRIMARY DEALERSHIP IN MONEY MARKET INSTRUMENTS

GUIDELINES FOR PRIMARY DEALERSHIP IN MONEY MARKET INSTRUMENTS MM 0005 (December 2005) CENTRAL BANK OF THE GAMBIA GUIDELINES FOR PRIMARY DEALERSHIP IN MONEY MARKET INSTRUMENTS NOVEMBER 2005 Page 1 of 21 TABLE OF CONTENTS (1.0) Introduction------------------------------------------------------------------------Page

More information

UNOFFICIAL TRANSLATION. Explanatory Memorandum

UNOFFICIAL TRANSLATION. Explanatory Memorandum UNOFFICIAL TRANSLATION Explanatory Memorandum Article 1, paragraphs 491 to 500, of Law No 228 of 24 December 2012, hereinafter referred to the Law, has introduced a tax on financial transactions applying

More information

Italian Equity Markets

Italian Equity Markets Italian Equity Markets Liquidity, transparency, efficiency Borsa Italiana s Equity Markets MTA is the leading Italian Equity Market dedicated to mid and large size companies which meet the highest international

More information

Act on Investment Firms 26.7.1996/579

Act on Investment Firms 26.7.1996/579 Please note: This is an unofficial translation. Amendments up to 135/2007 included, May 2007. Act on Investment Firms 26.7.1996/579 CHAPTER 1 General provisions Section 1 Scope of application This Act

More information

GAIN Capital FOREX.com Australia Pty Limited EXECUTION POLICY for the Dealbook Suite of Platforms

GAIN Capital FOREX.com Australia Pty Limited EXECUTION POLICY for the Dealbook Suite of Platforms GAIN Capital FOREX.com Australia Pty Limited EXECUTION POLICY for the Dealbook Suite of Platforms 1) Introduction The Execution Policy should be read in conjunction with our Account Agreement or General

More information

The duration of the doctoral courses is three years, commencing on 1 st ending on 31 st October 2017.

The duration of the doctoral courses is three years, commencing on 1 st ending on 31 st October 2017. SERVIZIO FORMAZIONE ALLA RICERCA ANNOUNCEMENT OF 15 PHD GRANTS FOR FOREIGN STUDENTS FOR THE ADMISSION TO THE DOCTORAL COURSES (30 th series): CALL FOR APPLICATIONS DEADLINE: 9 th JUNE 2014 Art. 1 PURPOSE

More information

STRATEGY Rīgā. Central Government Debt Management Strategy

STRATEGY Rīgā. Central Government Debt Management Strategy Treasury of the Republic of Latvia Smilšu iela 1, Rīga, LV-1919, Latvia, phone +371 67094222, fax +371 67094220, e-mail kase@kase.gov.lv, www.kase.gov.lv STRATEGY Rīgā APPROVED BY Minister of Finance J.Reirs

More information

Trading Rules of the Georgian Stock Exchange

Trading Rules of the Georgian Stock Exchange A p p r o v e d : by the General Meeting of JSC Georgian Stock Exchange Minutes # 4, September 26, 1999 Changes and amendments are made: by the Supervisory Board of JSC Georgian Stock Exchange Minutes

More information

INFORMATION TO CLIENTS REGARDING THE CHARACTERISTICS OF, AND RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS (SHARES, SHARE-RELATED INSTRUMENTS AND BONDS)

INFORMATION TO CLIENTS REGARDING THE CHARACTERISTICS OF, AND RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS (SHARES, SHARE-RELATED INSTRUMENTS AND BONDS) INFORMATION TO CLIENTS REGARDING THE CHARACTERISTICS OF, AND RISKS ASSOCIATED WITH FINANCIAL INSTRUMENTS (SHARES, SHARE-RELATED INSTRUMENTS AND BONDS) The client fully understands: that investments are

More information

WSE DETAILED EXCHANGE TRADING RULES IN UTP SYSTEM

WSE DETAILED EXCHANGE TRADING RULES IN UTP SYSTEM WSE DETAILED EXCHANGE TRADING RULES IN UTP SYSTEM (consolidated text dated 14 September 2015 )* * WSE Detailed Exchange Trading Rules in UTP system adopted by Resolution No. 1038/2012 of the WSE Management

More information

User Manual Internet Access. for the public key. certification service

User Manual Internet Access. for the public key. certification service User Manual Internet Access for the public key certification service Version 1.2 / October 2014 1 Content TABLE OF CONTENTS 1 GENERAL INFORMATION... 3 1.1 INTRODUCTION... 3 2 IDENTIFICATION DATA... 3 2.1

More information

MOT and ExtraMOT The MOT and ExtraMOT bond markets: transparency and efficiency

MOT and ExtraMOT The MOT and ExtraMOT bond markets: transparency and efficiency MOT and ExtraMOT The MOT and ExtraMOT bond markets: transparency and efficiency MOT and ExtraMOT: the fixed income markets for retail and professional investors. MOT and ExtraMOT European leaders in terms

More information

Trading in Treasury Bond Futures Contracts and Bonds in Australia

Trading in Treasury Bond Futures Contracts and Bonds in Australia Trading in Treasury Bond Futures Contracts and Bonds in Australia Belinda Cheung* Treasury bond futures are a key financial product in Australia, with turnover in Treasury bond futures contracts significantly

More information

IRISH TAKEOVER PANEL CONSULTATION PAPER DISCLOSURE OF DEALINGS AND INTERESTS IN DERIVATIVES AND OPTIONS PROPOSALS TO AMEND THE TAKEOVER RULES

IRISH TAKEOVER PANEL CONSULTATION PAPER DISCLOSURE OF DEALINGS AND INTERESTS IN DERIVATIVES AND OPTIONS PROPOSALS TO AMEND THE TAKEOVER RULES IRISH TAKEOVER PANEL CONSULTATION PAPER DISCLOSURE OF DEALINGS AND INTERESTS IN DERIVATIVES AND OPTIONS PROPOSALS TO AMEND THE TAKEOVER RULES 30 July 2008 Contents Page A. Introduction 4 B. Amendments

More information

Trenitalia S.p.A. REGULATIONS FOR ACCESSING THE PURCHASING PORTAL OF TRENITALIA

Trenitalia S.p.A. REGULATIONS FOR ACCESSING THE PURCHASING PORTAL OF TRENITALIA Trenitalia S.p.A. REGULATIONS FOR ACCESSING THE PURCHASING PORTAL OF TRENITALIA Piazza della Croce Rossa, 1-00161 Roma Trenitalia S.p.A. - Gruppo Ferrovie dello Stato Italiane Società con socio unico soggetta

More information

Guidelines on business continuity for market infrastructures

Guidelines on business continuity for market infrastructures 1. Introduction Guidelines on business continuity for market infrastructures In July 2013 the Banca d Italia issued a set of requirements for business continuity for banks (Annex A). The increasing complexity

More information

BBVA GROUP POLICY ON CONDUCT IN THE SECURITIES MARKETS

BBVA GROUP POLICY ON CONDUCT IN THE SECURITIES MARKETS BBVA GROUP POLICY ON CONDUCT IN THE SECURITIES MARKETS CONTENTS PART I INTRODUCTION 1. INTRODUCTION... 3 2. SCOPE OF APPLICATION... 5 PART II PREVENTION OF MARKET ABUSE 3. PRIVILEGED INFORMATION I. Definition

More information

` Ç áàxüé wxääë\áàüâé ÉÇx? wxääëhç äxüá àõ x wxäät e vxüvt

` Ç áàxüé wxääë\áàüâé ÉÇx? wxääëhç äxüá àõ x wxäät e vxüvt Min. Dec. 48 THE MINISTER IN VIEW OF law No. 115 of 3 rd August 2009 concerning Granting of legal entity status to the Parma School for Europe, published in the Official Gazette No. 187 of 13 th August

More information

Instruction. N Title. 1.3 In this Instruction: LCH.Clearnet SA IV.5-4. Article 1 - Scope and interpretation

Instruction. N Title. 1.3 In this Instruction: LCH.Clearnet SA IV.5-4. Article 1 - Scope and interpretation N Title LCH.Clearnet SA Instruction IV.5-4 THE FIXED INCOME DEFAULT MANAGEMENT PROCESS FOR TRANSACTIONS EXECUTED ON TRADING & MATCHING PLATFORMS AND THE MTS ITALY REGULATED MARKET Pursuant to Section 4.5.2.

More information

ANNOUNCEMENT OF 15 PHD GRANTS FOR FOREIGN STUDENTS FOR THE ADMISSION TO THE DOCTORAL COURSES

ANNOUNCEMENT OF 15 PHD GRANTS FOR FOREIGN STUDENTS FOR THE ADMISSION TO THE DOCTORAL COURSES SERVIZIO FORMAZIONE ALLA RICERCA ANNOUNCEMENT OF 15 PHD GRANTS FOR FOREIGN STUDENTS FOR THE ADMISSION TO THE DOCTORAL COURSES (29 th series): CALL FOR APPLICATIONS DEADLINE: 19 th SEPTEMBER 2013 Art. 1

More information

CREDITEX BROKERAGE LLP BEST EXECUTION POLICY

CREDITEX BROKERAGE LLP BEST EXECUTION POLICY CREDITEX BROKERAGE LLP BEST EXECUTION POLICY Version 1.1 The Execution Policy is applicable to broker services provided by Creditex Brokerage LLP ( CBL ). Introduction When providing brokerage services

More information

Chapter 3. How Securities are Traded

Chapter 3. How Securities are Traded Chapter 3 How Securities are Traded Primary vs. Secondary Security Sales Primary: When firms need to raise capital, they may choose to sell (or float) new securities. These new issues typically are marketed

More information

GUIDELINES FOR PARTICIPATION IN PRIMARY AND SECONDARY MARKETS FOR TREASURY BONDS

GUIDELINES FOR PARTICIPATION IN PRIMARY AND SECONDARY MARKETS FOR TREASURY BONDS GUIDELINES FOR PARTICIPATION IN PRIMARY AND SECONDARY MARKETS FOR TREASURY BONDS GUIDELINES FOR PARTICIPATION IN PRIMARY AND SECONDARY MARKETS FOR TREASURY BONDS TREASURY BONDS MARKET IN TANZANIA 1.0

More information

Client classification, disclosure requirement and obligation to obtain information

Client classification, disclosure requirement and obligation to obtain information Client classification, disclosure requirement and obligation to obtain information According to the Finnish Securities Markets Act, securities dealers are required to inform their clients about the clients

More information

ACT on Payment Services 1 ) 2 ) of 19 August 2011. Part 1 General Provisions

ACT on Payment Services 1 ) 2 ) of 19 August 2011. Part 1 General Provisions ACT on Payment Services 1 ) 2 ) of 19 August 2011 Part 1 General Provisions Article 1. This Act sets out rules for the provision of payment services, including: 1) the conditions for provision of payment

More information

950,000,000 n/a n/a 0 per cent. 2 Any and all. Interpolated Mid-Swap Rate 0 bps n/a

950,000,000 n/a n/a 0 per cent. 2 Any and all. Interpolated Mid-Swap Rate 0 bps n/a PROXIMUS, SA de droit public/nv van publiek recht (formerly Belgacom, S.A. de droit public) announces Tender Offer for certain of its Debt Securities NOT FOR DISTRIBUTION IN OR INTO OR TO ANY PERSON LOCATED

More information

Final Terms dated 20th October 2010. DEXIA CREDIOP S.p.A. ISSUE OF EUR 250,000,000 SERIE SPECIALE N. 2 TASSO FISSO 4,25% TRASFORMABILE 2010-2018

Final Terms dated 20th October 2010. DEXIA CREDIOP S.p.A. ISSUE OF EUR 250,000,000 SERIE SPECIALE N. 2 TASSO FISSO 4,25% TRASFORMABILE 2010-2018 Final Terms dated 20th October 2010 DEXIA CREDIOP S.p.A. ISSUE OF EUR 250,000,000 SERIE SPECIALE N. 2 TASSO FISSO 4,25% TRASFORMABILE 2010-2018 UNDER THE 8,000,000,000 EURO MEDIUM TERM NOTE PROGRAMME PART

More information

GROUP POLICY TO COMBAT MONEY LAUNDERING AND TERRORIST FINANCING. Anti-Money Laundering Policy

GROUP POLICY TO COMBAT MONEY LAUNDERING AND TERRORIST FINANCING. Anti-Money Laundering Policy PAG. 1 DI 37 GROUP POLICY TO COMBAT MONEY LAUNDERING AND TERRORIST FINANCING Anti-Money Laundering Policy MACROPROCESS PROCESS TITLE DATE OF UPDATE PROTOCOL NO. 6 INTERNAL AND DEVELOPMENT PROCESSES 6.02

More information

957.1. Federal Act. Intermediated securities. (Federal Intermediated Securities Act, FISA) Chapter 1: Purpose, Scope and Definitions

957.1. Federal Act. Intermediated securities. (Federal Intermediated Securities Act, FISA) Chapter 1: Purpose, Scope and Definitions English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force. Federal Act on Intermediated Securities (Federal Intermediated

More information

Article 1 PLACES AVAILABLE

Article 1 PLACES AVAILABLE ADMISSION TO THE TWO-YEAR MASTER S DEGREE COURSE IN ENGLISH IN ARCHITECTURE- INTERIOR DESIGN AND FOR AUTONOMY AT THE DEPARTMENT OF ARCHITECTURE AND INDUSTRIAL DESIGN OF THE SECOND UNIVERSITY OF NAPLES,

More information

Appendix 5. Admission to Trading Rules. Contents. Introduction 2. Part 1 Admission to the Main Securities Market 3. 1 General 3

Appendix 5. Admission to Trading Rules. Contents. Introduction 2. Part 1 Admission to the Main Securities Market 3. 1 General 3 Appendix 5 Admission to Trading Rules Contents Introduction 2 Part 1 Admission to the Main Securities Market 3 1 General 3 2 Conditions for Admission 3 3 Application Process 5 4 Continuing Obligations

More information

THE RECTOR. HAVING REGARD TO the Statute of the University of Padova, issued with Rector s Decree no. 3276/2011 dated 16 December 2011;

THE RECTOR. HAVING REGARD TO the Statute of the University of Padova, issued with Rector s Decree no. 3276/2011 dated 16 December 2011; SERVIZIO RICERCA Selection Announcement for Young Scholars to award a Senior Research Grants and to support innovative, excellent research put forward by young people not employed in the University of

More information

Chapter 8 Clearing House and Performance Bonds

Chapter 8 Clearing House and Performance Bonds 800. CLEARING HOUSE Chapter 8 Clearing House and Performance Bonds The Exchange shall utilize the services of the CME Clearing House in order to protect market participants and to maintain the integrity

More information

BANCA IMI S.p.A. (incorporated with limited liability in the Republic of Italy) Structured Note Programme

BANCA IMI S.p.A. (incorporated with limited liability in the Republic of Italy) Structured Note Programme BANCA IMI S.p.A. (incorporated with limited liability in the Republic of Italy) Structured Note Programme Under this Structured Note Programme (the Programme) Banca IMI S.p.A. (the Issuer) may from time

More information

Neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances.

Neither the Issuer nor any Dealer has authorised, nor do they authorise, the making of any offer of Notes in any other circumstances. Final Terms dated 20 May 2011 ING Bank N.V. Issue of a minimum of EUR 25,000,000 5 Year Floored Floater Notes due June 2016 issued pursuant to a 50,000,000,000 Global Issuance Programme The Base Prospectus

More information

Liquidity and Transparency in the Danish Government Bond Market

Liquidity and Transparency in the Danish Government Bond Market 101 Liquidity and Transparency in the Danish Government Bond Market Jens Verner Andersen, Financial Markets, and Per Plougmand Bærtelsen, Market Operations SUMMARY During the autumn of 2003 a number of

More information

ICAP Execution Policy

ICAP Execution Policy ICAP Execution Policy August 2013 This Execution Policy is applicable to broker services provided to you by ICAP Group and/or any of its relevant group companies, as notified to you from time to time (

More information

PVM Execution Policy. A tullett prebon company. PVM Oil Associates Ltd. PVM Oil Futures Ltd. London

PVM Execution Policy. A tullett prebon company. PVM Oil Associates Ltd. PVM Oil Futures Ltd. London PVM Execution Policy This document details how we handle orders for our customers and strive to obtain the best possible outcome each time we deal on their behalf., NJ and PVM Oil Associates Ltd & PVM

More information

FX & MIFID ECB FX Contact Group

FX & MIFID ECB FX Contact Group FX & MIFID ECB FX Contact Group Richard Haynes Fixed Income Sales & Trading Compliance Department Citigroup 21 November 2007 FX & MIFID Introduction MiFID Overview What FX instruments are within scope

More information

VPO NOK Rules. Rules for the Central Securities Settlement. in Norwegian Kroner

VPO NOK Rules. Rules for the Central Securities Settlement. in Norwegian Kroner Entry into force: 29. April 2015 Version: 1.1 Published 27. April 2015 VPO NOK Rules Rules for the Central Securities Settlement in Norwegian Kroner This document is a translation from the original Norwegian

More information

REPORT OF THE BOARD OF DIRECTORS TO THE EXTRAORDINARY GENERAL MEETING OF APRIL 23, 2013:

REPORT OF THE BOARD OF DIRECTORS TO THE EXTRAORDINARY GENERAL MEETING OF APRIL 23, 2013: REPORT OF THE BOARD OF DIRECTORS TO THE EXTRAORDINARY GENERAL MEETING OF APRIL 23, 2013: Amendments to articles 9, 10, 11 and 12 (General Meetings), 17 and 23 (Board of Directors), and 27 (Board of Statutory

More information

GENERAL TERMS OF ORDERS AND DEFINITIONS FOR A PROFESSIONAL INVESTOR. April 2007

GENERAL TERMS OF ORDERS AND DEFINITIONS FOR A PROFESSIONAL INVESTOR. April 2007 1 I. SCOPE OF APPLICATION OF THE GENERAL TERMS OF ORDERS AND DEFINITIONS 1 Purpose and scope of application of the Terms of Orders These Terms of Orders shall be applied to the Order Relationship on the

More information

Trading Rules for the Automated Trading System XETRA (Exchange Electronic Trading)

Trading Rules for the Automated Trading System XETRA (Exchange Electronic Trading) Trading Rules for the Automated Trading System XETRA (Exchange Electronic Trading) 2.1 Trading Rules for the Automated Trading System, XETRA 22 May 2015 Page 1 of 19 I. General 1 Scope of Application (1)

More information

ANZ Online Multi-Currency Account Application

ANZ Online Multi-Currency Account Application Please use this application form to apply for an Online Multi Currency Account. This account is issued by ANZ Bank New Zealand Limited ( Bank ), and managed by ANZ New Zealand Securities Limited ( ANZ

More information

2013-03-01. Participation in Euroclear Sweden AB

2013-03-01. Participation in Euroclear Sweden AB 2013-03-01 Participation in Euroclear Sweden AB TABLE OF CONTENTS 1 INTRODUCTION... 3 2 CLEARING AND SETTLEMENT... 3 AM SUB-MARKET... 3 PM SUB-MARKET... 3 3 SAFEKEEPING... 3 OWNER- REGISTERED ACCOUNT...

More information

RESEARCH DOCTORAL PROGRAM REGULATIONS

RESEARCH DOCTORAL PROGRAM REGULATIONS POLITECNICO DI TORINO LEVEL III TEACHING UNIT RESEARCH DOCTORAL PROGRAM REGULATIONS Issued with Rector s Decree no. 253 of 20 July 2006 in effect since 1 August 2006 Art. 1 (Scope) These regulations govern

More information

Chapter 21 INVESTMENT VEHICLES INVESTMENT COMPANIES. General

Chapter 21 INVESTMENT VEHICLES INVESTMENT COMPANIES. General Chapter 21 INVESTMENT VEHICLES CHAPTER 21 INVESTMENT COMPANIES General 21.01 The Exchange Listing Rules apply as much to issues of equity securities or debt securities by investment companies as they do

More information

Online Multi-Currency Account Application

Online Multi-Currency Account Application Online Multi-Currency Account Application Please use this application form to apply for an Online Multi-Currency Account. This account is issued by ANZ Bank New Zealand Limited ( Bank ), and managed by

More information

BONDVISION INSTRUCTIONS INSTRUCTIONS FOR THE IMPLEMENTATION OF TITLE I OF THE RULES (GENERAL PROVISIONS)

BONDVISION INSTRUCTIONS INSTRUCTIONS FOR THE IMPLEMENTATION OF TITLE I OF THE RULES (GENERAL PROVISIONS) BONDVISION INSTRUCTIONS INSTRUCTIONS FOR THE IMPLEMENTATION OF TITLE I OF THE RULES (GENERAL PROVISIONS) Article 1. Definitions (Article 1 of the Regulations) 1. The definitions contained in Article 1

More information

Paragraph 11 Elections and Variables 1

Paragraph 11 Elections and Variables 1 Paragraph 11 Elections and Variables 1 (a) Base Currency and Eligible Currency Base Currency means euro. Eligible Currency means the Base Currency. (b) Credit Support Obligations Delivery Amount, Return

More information

TISCALI S.p.A. Registered office: Sa Illetta, S.S. 195 km. 2.300, Cagliari, Italy. Paid-in share capital EUR 169,076,822.67

TISCALI S.p.A. Registered office: Sa Illetta, S.S. 195 km. 2.300, Cagliari, Italy. Paid-in share capital EUR 169,076,822.67 TISCALI S.p.A. Registered office: Sa Illetta, S.S. 195 km. 2.300, Cagliari, Italy. Paid-in share capital EUR 169,076,822.67 Tax code, VAT Number and enrolment number in the Cagliari Companies Register

More information

TREETOP ASSET MANAGEMENT S.A. REGULATORY INFORMATION

TREETOP ASSET MANAGEMENT S.A. REGULATORY INFORMATION TREETOP ASSET MANAGEMENT S.A. REGULATORY INFORMATION THE COMPANY TREETOP ASSET MANAGEMENT S.A. LEGAL FORM TreeTop Asset Management S.A. is a limited company under Luxembourg Law with its registered office

More information

FINAL TERMS DATED 20 April 2015. BNP Paribas Arbitrage Issuance B.V. (incorporated in The Netherlands) (as Issuer) BNP Paribas

FINAL TERMS DATED 20 April 2015. BNP Paribas Arbitrage Issuance B.V. (incorporated in The Netherlands) (as Issuer) BNP Paribas FINAL TERMS DATED 20 April 2015 BNP Paribas Arbitrage Issuance B.V. (incorporated in The Netherlands) (as Issuer) BNP Paribas (incorporated in France) (as Guarantor) (Note, Warrant and Certificate Programme)

More information

MTS INDICES. Transparent, tradable, real-time, independent the benchmark for European fixed income.

MTS INDICES. Transparent, tradable, real-time, independent the benchmark for European fixed income. MTS INDICES Transparent, tradable, real-time, independent the benchmark for European fixed income. Transparent, tradable, real-time, independent MTS Indices MTS Indices (EuroMTS) are the first independent

More information

Federal Act on Collective Investment Schemes

Federal Act on Collective Investment Schemes English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force. Federal Act on Collective Investment Schemes (Collective

More information

Debt Markets Syndication Practices

Debt Markets Syndication Practices Debt Markets Syndication Practices August 2014 Table of Contents 1. Forward... 1 2. Part I: Provincial Government Finance... 2 2.1. Provincial Government Debt Offerings... 2 2.1.1. Appointment of the Syndicate...

More information

Complex Products. Non-Complex Products. General risks of trading

Complex Products. Non-Complex Products. General risks of trading We offer a wide range of investments, each with their own risks and rewards. The following information provides you with a general description of the nature and risks of the investments that you can trade

More information

Open Invitation to Tender

Open Invitation to Tender NAFTA a. s., Votrubova 1, 820 09 Bratislava Open Invitation to Tender (Bidding Terms and Conditions) This invitation to tender is being published under Section 281 et seq. of Act No 513/1991, the Commercial

More information

BANCA IMI S.p.A. CERTIFICATES PROGRAMME

BANCA IMI S.p.A. CERTIFICATES PROGRAMME FIRST SUPPLEMENT DATED 19 OCTOBER 2015 TO THE BASE PROSPECTUS DATED 21 JULY 2015 BANCA IMI S.p.A. (incorporated with limited liability in the Republic of Italy) CERTIFICATES PROGRAMME This first supplement

More information

FOTEGAL, August 21st 2014

FOTEGAL, August 21st 2014 The French government agency for debt and cash management FOTEGAL, August 21st 2014 1 1 AFT organization 2 Key facts Tasked with managing the government debt and cash positions under the most secure conditions

More information

186 ACT. of 24 April 2009

186 ACT. of 24 April 2009 186 ACT of 24 April 2009 on Financial Intermediation and Financial Counselling and on amendments and supplements to certain laws The National Council of the Slovak Republic has adopted the following Act:

More information

INVESTMENT MANAGEMENT ASSOCIATION PENSION FUND DISCLOSURE CODE

INVESTMENT MANAGEMENT ASSOCIATION PENSION FUND DISCLOSURE CODE INVESTMENT MANAGEMENT ASSOCIATION PENSION FUND DISCLOSURE CODE September 2007 INVESTMENT MANAGEMENT ASSOCIATION PENSION FUND DISCLOSURE CODE September 2007 CONTENTS THE CODE 1 Introduction 2 Scope 3 Disclosure

More information

MTS BondsPro Trading Rules

MTS BondsPro Trading Rules MTS BondsPro Trading Rules Effective as of August 3 rd, 2015 Background MTS BondsPro is an Alternative Trading System ( ATS ) owned and operated by MTS Markets International, Inc. ( MMI ), a broker dealer

More information

Financial Services and Markets - Regulation No 397/2000 on electronic registration of securities in a central securities depository.

Financial Services and Markets - Regulation No 397/2000 on electronic registration of securities in a central securities depository. This is an English translation. The original Icelandic text, as published in the Law Gazette (Stjórnartíðindi), is the authoritative text. Should there be discrepancy between this translation and the authoritative

More information