Auctions. Opening: 08:55-09:00 Closing: 17:30-17:34 (A) 17: (TAL) 17:35-17:40. Opening: 08:45-09:00 Closing: 16:55-17:00

Transcription

1 Europe Exchanges in Europe Custody Market Rules Austria Belgium Denmark Finland France Germany Greece Ireland Italy Luxembourg Netherlands...44 Norway Portugal Spain Sweden Switzerland United Kingdom

2 Exchanges in Europe Country Exchange Continuous Trading Auctions Conditional Orders DVP Settlement Settlement Austria Wiener Börse 09:00 17:30 Opening: 08:55-09:00 Closing: 17:30-17:34 Belgium NYSE Euronext 09:00 17:35 (A) 17: (TAL) 17:35-17:40 Denmark NASDAQ OMX Nordic Exchange 09:00 16:55 Opening: 08:45-09:00 Closing: 16:55-17:00 DKK Finland NASDAQ OMX Nordic Exchange 09:00 17:30 Opening: 08:45-09:00 Closing: 17:25-17:30 France NYSE Euronext 09:00 17:30 (A) 17: (TAL) 17:35-17:40 Germany Deutsche Börse AG 09:00 17:30 Opening: 08:50-09:00 Closing: 17:30-17:35 T+2 Germany Deutsche Börse AG Floor Markets 08:00 20:00 T+2 Greece Athens Stock Exchange 09:30 16:00 Opening: 09:15-29 Closing:16:00 16:09 (CMA) 16:10 16:20 Ireland Irish Stock Exchange 09:00 17:28 Closing: 17:28-17:30 Italy Borsa Italiana 09:00 17:25 Opening: 08:00-09:00 Closing: 17:25-17:30 Luxembourg Societe de la Bourse de Luxembourg SA 09:00 17:30 (A) 17: (TAL) 17:35-17:40 Netherlands NYSE Euronext 09:00 17:35 (A) 17: (TAL) 17:35 17:40 Norway Oslo Bors 09:00 16:20 Closing call: 16:25 NOK Portugal NYSE Euronext 09:00 17:35 (A) 17: (TAL) 17:35 17:40 Spain Bolsa de Madrid 09:00 17:30 Opening: 08:00-09:00 Closing 17:30 17:35 Sweden NASDAQ OMX Nordic Exchange 09:00 17:30 Closing 17:25 17:30 SEK Switzerland SIX Swiss Exchange 09:00 17:20 (A) 17:20 17:30 Switzerland BX Berne Exchange 09:00 16:30 CHF CHF United Kingdom London Stock Exchange 09:00 17:30 Opening: 08:50-09:00 Closing: 17:30-17:35 GBP United Kingdom London Stock Exchange International Order Book 09: (A) 16: GBP 32

3 Europe Custody Market Rules Country Warehouse B4B Clients with: Direct Clients Restrictions / Comments Austria No specific investment requirements Belgium Restrictions for debt securities (Bonds) only Denmark No specific investment requirements Finland Non-National end investors: negative declaration National end investors: sign a disclosure declaration open a segregated custody account per end investor at UBS' local custodian Finnish nationals must: sign a disclosure declaration, open a segregated custody account at UBS' local custodian France No specific investment requirements Germany No specific investment requirements Greece Restrictions for debt securities (Bonds) only Ireland No specific investment requirements Italy Non Italian resident end investors must: sign a negative declaration (non Italian residents) Italian resident end investor must: sign a disclosure declaration open a segregated custody account per end investor at UBS' local custodian Italian residents must: sign a disclosure declaration open a segregated custody account at UBS' local custodian Luxembourg No specific investment requirements Netherlands No specific investment requirements Norway Non Norwegian resident/ national end investors must: sign a negative and disclosure declaration (non resident / non national) Norwegian resident and/or national end investors must: sign a disclosure declaration open a segregated account per end investor at UBS' lcl custodian Non-Norwegians must: sign a disclosure declaration Norwegian resident and/or nationals: segregated account at custodian & disclosure declaration Transaction based waiver Portugal Non Portuguese end investors investing in Portugal must: sign a negative declaration B4B clients with Portuguese resident end investors must: sign a disclosure declaration open a segregated custody account per end investor at UBS' local custodian Portuguese residents investing in Portugal must: sign a disclosure declaration open a segregated custody account at UBS' local custodian Portuguese resident investors are not allowed to hold Portuguese securities (PT-ISIN) with Clearstream Tax haven resident investors are not allowed to hold Portuguese debt securities (PT-ISIN) with Clearstream Spain Restrictions for Domestic Bonds only. Sweden No specific investment requirements Switzerland No specific investment requirements United Kingdom No specific investment requirements 33

4 Austria Euro Wiener Borse AG Telephone Fax wienerborse.at Open Convention 08:55 09:00 / Intraday auction: 12:00 12:04 CET Close Convention 17: CET None Price Steps 0.00 through through through and more %-4% (exact formula is not released by the Exchange) for 5 minutes depending on volatility. / / Settlement Cycle ATX: capitalisation-weighted Index of most liquid stocks in consecutive trading on the Vienna Stock Exchange. The Index has a base value of as of 2 January Constituents 19 Ric Austrian stocks.vi Bloomberg Austrian stocks AV Midday Auction Certain stocks are traded only in an auction, usually at 13:30 CET. Please put in the orders as soon as possible (first in first serve) and latest before 13:30 because there is no way to put in or modify orders as long as the fixing is ongoing. ABACUS CODES A/00 VIE/ 34

5 Belgium Euro NYSE Euronext Brussels Telephone Fax euronext.com Open Convention 07:15 09:00 CET Close Convention Closing Auction: 17:30 17:35 CET Trading at Last (TAL): 17:35 17:40 CET None Price Steps 0.00 through through through and more % up/down from previous night s close. Dynamic 2% rule 4 minute suspension / / / Iceberg / Hidden Settlement Cycle BEL20: capitalisation-weighted Index of the 20 most liquid and capitalised stocks that are traded on the Brussels Stock Exchange. The Index was developed with a base value of as of 1 January Constituents 20 Ric Belgian stocks.br Bloomberg Belgian stocks BB ABACUS CODES B/00 NTS/ Disclosure and/or Segregation Requirements B4B clients with non-resident or non-national resident endinvestors investing in Belgian debt securities must: B4B clients with resident natural end-investors investing in Belgian debt securities must: Sign a negative declaration Sign a declaration (Belgian residents) and keep the securities in a separate omnibus account. Restrictions for all clients Belgian residents (natural persons) are not allowed to hold Belgian debt securities with Clearstream Luxembourg. Belgian residents (natural persons) are not allowed to invest in/hold certain Belgian debt securities. Belgian residents (natural persons) are currently not allowed to hold Belgian debt securities in a currency other than 35

6 Denmark Danish Krone DKK 09:00 16:55 CET NASDAQ OMX Nordic Exchange, Copenhagen Telephone Fax nasdaqomxnordic.com 09: CET Open Convention 08:45 09:00 CET Close Convention 16:55 16:00 CET Closing Preopening 16:59 17:00 CET Closing Match Auction None Price Steps Equities most traded = = = = = , = , , = >= 20, = Equities other and Equity rights = = = = , = , , = >= 20, = None however the Exchange can suspend stocks at their own discretion - Settlement Cycle OMX C20: capitalisation-weighted Index of the 20 largest and most actively traded stocks on the Copenhagen Stock Exchange. The Index was developed with a base value of 100 as of 3 July Constituents 20 Ric Danish stocks.co Bloomberg Danish stocks DC ABACUS CODES DK/00 CPH/DKK 36

7 Finland Euro 10: GMT +2hr 09:00 17:25 CET NASDAQ OMX Nordic Exchange, Helsinki Telephone Fax nasdaqomxnordic.com 09:00 17:25 CET Open Convention 08:45 09:00 CET Close Convention 17:25 17:29 CET Closing Preopening :30 CET Closing Match Auction 1 Price Steps % Settlement Cycle OMX H25: capitalisation-weighted Index of the 25 most actively traded stocks on the Helsinki Stock Exchange. The Index calculation includes free float factors and each company in the Index is limited to a maximum weight of 10%. Constituents 25 Ric Finnish stocks.he Bloomberg Finnish stocks FH ABACUS CODES FIN/00 HEL/ Disclosure and/or Segregation Requirements B4B clients with non-national end-investors must B4B clients with national endinvestors (Finnish nationals) must Direct Clients sign a negative declaration (non-finnish nationals) sign a disclosure declaration open a segregated custody account per end-investor at UBS' local custodian Finnish nationals must: sign a disclosure declaration open a segregated custody account at UBS' local custodian 37

8 France Euro 09: CET NYSE EuroNext Paris Telephone Fax euronext.com Open Convention 07:15 09:00 CET Close Convention Closing Auction: 17:30 17:35 CET Trading at Last (TAL): 17:35 17:40 CET None Price Steps % up/down from previous night s close. Dynamic 2% rule 4 minute suspension. / / Settlement Cycle CAC40: capitalisation-weighted Index of 40 stocks listed on the Paris Bourse. The Index was developed with a base of 1,000 as of 31 December As of 1 December 2003, the Index became a free float weighted Index. Constituents 40 Ric French stocks.pa Bloomberg French stocks FP ABACUS CODES F/00 PAR/ 38

9 Germany Euro Deutsche Boerse AG XETRA & Frankfurt Secondary Exchanges Berlin, Dusseldorf, Hamburg, Hannover, Munich and Stuttgart Telephone Fax deutsche-boerse.com XETRA Stuttgart 08:00 22:00 CET for Equities, ETP s and Genusschsine Other Floor Markets 08: CET (Floor Markets: Frankfurt, Dusseldorf, Munich, Hamburg, Berlin-Bremen, Hannover) Open Convention 08:50 09:00 CET / Intraday Auction 13:00-13:17 Close Convention 17: CET None Price Steps 0.00 through through through and more 0.05 Floor -5% up/down Xetra the percentage are not published by the Exchange but depends on volatility / / Please be aware that the order possibilities can be different between each German exchange. Settlement Cycle T+2 DAX: The DAX Index is the most widely observed index in the German securities market. market. It is comprised of 30 German blue chips. These stocks are selected according to turnover and market capitalization. Constituents 30 Ric German stocks.de Bloomberg German stocks GR (GY for xetra listed shares) Xetra Floor trading This electronic trading system de-couples location from participation in the market. Complete market transparency is achieved through a central order book to which all participants have access. Orders are brought to the floor of the Exchange by bank and financial services firms. All order are entered in the order ledgers of the official brokers (Skontroführer). The Xontro system an Exchange order-routing system and computer-supported trading and decisionmaking system ensures that orders from banks are directly transmitted in electronic form into brokers books and accounts, where they are collected. ABACUS CODES Frankfurt D/00 XETRA D/02 Munich D/03 Stuttgart D/04 Berlin-Bremen D/05 Hannover D/07 Hamburg D/08 EUWAX D/11 Dusseldorf D/09 ETR (XETRA) / FRA, HAM, DUS, HAJ, STR, MUC 39

10 Greece Euro 10:30-17:00 GMT +2hr 09:30 16:00 CET Athens Stock Exchange (ASE) Telephone Fax ase.gr 09:30 16:00 CET Continuous Trading Period Open Convention 09:15 09:29 CET Opening Match Auction Close Convention 16:00 16:09 CET Closing Preopening 16:10 16:20 CET Closing Match Auction Price Steps through through and more 0.05 For all equities on FTSE/ASE 20 Index: 10% up/down for 15 minutes and no limit thereafter. For all other equities: limit 10% up/down for 15 minutes and 20% up/down thereafter. / / Settlement Cycle FTSE/ASE20 Index: consists of 20 of the largest and most liquid stocks that trade on the Athens Stock Exchange. It was developed in September 1997 out of a partnership between the Athens Stock Exchange and FTSE International. Constituents 20 Ric Greek stocks.at Bloomberg Greek stocks GA ABACUS CODES GR/00 ATH/ Disclosure and/or Segregation Requirements (Needs documentary for Bonds only) B4B clients with non-resident end-investors investing in Greek debt securities must B4B clients with Greek resident end-investors investing in Greek debt securities must: Direct Clients sign a negative declaration (non-residents) sign a disclosure declaration open a segregated custody account per end-investor at UBS' local custodian Greek residents investing in Greek debt securities must: sign a disclosure declaration open a segregated custody account at UBS' local custodian Restrictions GR-ISIN debt securities traded and/or safe kept in CBL cannot be accepted for GR residents 40

11 Ireland Euro 08:00-16:28 GMT +0hr 09: CET Irish Stock Exchange Telephone +353 (1) Fax +353 (1) ise.ie 09: CET Open Convention 07:30 08:50 CET Preopening 08:50 09:00 CET Opening Match Auction Close Convention 17:28 17:30 CET Closing Match Auction Price Steps If the price movements for individual shares exceed certain volatility limits during any given day or any period during the day the system will intervene to cease continuous trading in that share and change to an auction phase for that particular share for a short period. / / Settlement Cycle ISEQ: capitalisation-weighted Index of all stocks on the official list but excludes UK registered companies. The Index has a base value of as of 4 January Constituents 51 Ric Irish stocks.i Bloomberg Irish stocks ID ABACUS CODES IRL/00 ISE/ 41

12 Italy Euro 09:00 17:25 CET Borsa Italiana S.p.A. Telephone Fax borsaitaliana.it 09: CET Open Convention 08:00 09:00 CET Opening Match Auction Close Convention 17:25 17:30 CET Closing Match Auction Price Steps - 10% up/down versus the opening price. The period of suspension is at the Borse s discretion.,, Settlement Cycle S&P/MIB: capitalisation-weighted Index developed by S&P and Borsa Italiana. The Index measures the performance of the broad Italian equity market. The equities use free float shares in the Index calculation. The Index was developed with a base value of as of December Constituents 40 Ric Italian stocks.mi Bloomberg Italian stocks IM ABACUS CODES I/00 MCI/ Disclosure and/or Segregation Requirements B4B clients with non-italian resident end-investors must: B4B clients with Italian resident end-investor must: Direct Clients sign a negative declaration (non-italian residents) sign a disclosure declaration choose account set-up for Italian resident end-investors ( i.e. segregated per endinvestor, omnibus in B4B client`s name or omnibus with individual transaction reporting) Italian residents must: sign a disclosure declaration open a segregated custody account at UBS' local custodian 42

13 Luxembourg Euro Societe de la Bourse de Luxembourg SA (Luxembourg Stock Exchange) Telephone Fax bourse.lu 09: CET (Varies by security) Open Convention 07:15 09:00 CET (Varies by security) Close Convention Closing Auction: 17:30 17:35 CET Trading at Last (TAL): 17:35 17:40 CET Price Steps - During auctions: 5% difference from the reference price (generally the previous day s close or the last indicative price) During continuous trading: 5% difference from the reference price (re-adjusted during trading after an order has been matched) Trading resumes after a 90-second halt. / /, only for continuous traded stocks Settlement Cycle LUXXX:The Luxembourg LuxX Index is a weighted index of the most capitalized (by freefloat) and liquid Luxembourg stocks. The index was developed with a base value of 1,000 as of January 4, Constituents 10 Ric Luxembourg stocks.lu Bloomberg Luxembourg stocks LX ABACUS CODES L/00 LUX/ 43

14 Netherlands Euro NYSE Euronext Amsterdam Telephone Fax euronext.com 09: CET Open Convention 07:15 09:00 CET Close Convention Closing Auction: 17:30 17:35 CET Trading at Last (TAL): 17:35 17:40 CET Price Steps % up/down from previous night s close. Dynamic 2% rule 4 minute suspension / / / Iceberg / Hidden Settlement Cycle AEX: capitalisation-weighted Index of the most actively traded Dutch stocks traded on the Amsterdam Stock Exchange. The Index was adjusted to the Dutch Guilder fixing rate. The old value as of 31 December 1998 was and the new value as of 4 January 1999 was due to the Euro conversion. Constituents 25 Ric Dutch stocks.as Bloomberg Dutch stocks NA ABACUS CODES NL/00 AMS/ 44

15 Norway Norwegian Krone NOK 09:00 16:20 CET The Oslo Stock Exchange (Oslo Bors) Telephone Fax oslobors.no 09: CET Open Convention 08:15 09:00 CET Preopening Close Convention 16:20 16:25 CET Closing Match Auction Price Steps 0.00 through through through through through and more Settlement Cycle Oslo Bors shall not be responsible for any transactions carried out in EMP that take place from the time the circuit breaker takes effect until TRADING in the UNDERLYING INSTRUMENT is restarted. OBX: capitalization-weighted Index of the 25 most traded stocks on the Oslo Stock Exchange. The Index was developed with a base value of 200 as of 1 January Constituents 25 Ric Norwegian stocks.ol Bloomberg Norwegian stocks NO ABACUS CODES N/00 OSL/NOK Disclosure and/or Segregation Requirements B4B clients with non-norwegian resident/national end-investors must: B4B clients with Norwegian resident and/or national endinvestors must: Direct Clients Sign a negative and disclosure declaration (non-resident / non-national) Sign a disclosure declaration open a segregated account per end-investor at UBS' local custodian Non-Norwegians must: Sign a disclosure declaration Norwegian residents and/or nationals must: sign a disclosure declaration open a segregated custody account at UBS' local custodian 45

16 Portugal Euro NYSE Euronext Lisbon Telephone Fax euronext.com 09: CET Open Convention 07:15 09:00 CET Close Convention Closing Auction: 17:30 17:35 CET Trading at Last (TAL): 17:35 17:40 CET None Price Steps % up/down from previous night s close. Dynamic 2% rule 4 minute suspension / / / Iceberg / Hidden Settlement Cycle PSI20: capitalisation-weighted Index of the 20 larest and most liquid stocks listed on the Lisbon Stock Exchange. The Index was developed with a base value of as of 31 December 1992 Constituents 20 Ric Portuguese stocks.ls Bloomberg Portuguese stocks PL ABACUS CODES P/00 LIS/ Disclosure and/or Segregation Requirements B4B clients with non- Portuguese/Non-Tax haven resident end-investors investing in debt securities must: B4B clients with Portuguese/Tax haven resident end-investors investing in debt sign a negative declaration sign a disclosure declaration open a segregated custody account per end-investor at UBS' local custodian securities must: Restricted investors Portuguese/Tax haven resident investors are not allowed to hold Portugese debt securities (PT-ISIN) with Clearstream Direct Clients Portuguese residents investing in Portuguese debt securities must: sign a disclosure declaration open a segregated custody account at UBS' local custodian 46

17 Spain Euro Bolsa de Madrid (The Madrid Stock Exchange) Telephone Fax bolsamadrid.es 09: CET Open Convention 08:30 09:00 CET Close Convention Closing auction starting at 17:30 for 5 minutes with a 30 second random close. The Exchange has the right to alter the official closing price at their discretion or to extend the auction by 2 minutes if a volatility auction is triggered by the indicated price. None Price Steps Minimum price variations are 0.1, 0.5, 0.01, 0.05, 0.001, 0.005, and Tick sizes for each stock determined according to market price and liquidity. There are no market wide circuit breakers in place, however, each stock is subject to a static and dynamic range. The static range is defined as a percentage of the price from the last auction whereas the dynamic range is defined as a percentage from the last trade. Whenever the static or dynamic ranges are breached, a five minute auction takes place. None Settlement Cycle IBEX 35: capitalisation-weighted Index of the 35 most liquid stocks traded on the continous Markets (SIBE). The Index was developed with a base level of as of 29 December Constituents 35 Ric Spanish stocks.mc Bloomberg Spanish stocks SM ABACUS CODES E/00 MCE/ 47

18 Sweden Swedish Krona SEK 09:00 17:25 CET NASDAQ OMX Nordic Exchange, Stockholm Telephone Fax nasdaqomxnordic.com 09: CET Open Convention 08:00 08:45 CET Preopening 08:45 09:00 CET Opening Match Auction Close Convention 17:25 17:29 CET Closing Preopening 17:29 17:30 CET Closing Match Auction Price Steps Equities most liquid = = = = = 0.50 >= 5, = 1.00 None Settlement Cycle Equities - others, Equity rights, Equity Warrants and Warrants = = = ,75 = = , = 1.00 >= 5, = 5.00 OMXS30: capitalization-weighted Index of the 30 most actively traded stocks on the Stockholm Stock Exchange. The index was developed with a base level of 125 as of 30 September 1996 (27 April 1998, there was a 4:1 split of the Index value). Constituents 30 Ric Swedish stocks. ST Bloomberg Swedish stocks SS ABACUS CODES S/00 STO/SEK 48

19 Switzerland Swiss Francs CHF Secondary Exchange Telephone Fax SIX Swiss Exchange BX Berne exchange +41(0) (SIX) +41(0) (SIX).six-swiss-exchange.com /.bernerboerse.ch SIX Exchange: BX Berne exchange 09: CET Open Convention Volume maximising price auction Close Convention 17: CET Price Steps through through through through through through through through through through and more 10 Interruption of 5 mins., if potential follow up price deviates by 1.50% or more from the reference price. Settlement Cycle SMI: The main indices for the Swiss market are the Swiss Market Index (SMI) and the Swiss Performance Index (SPI). The SMI index was introduced on June 30,1988. It is comprised of the most important and liquid securities traded on the Exchange. The SPI Index was introduced in All securities quoted on the Exchange are included in the SPI Index. Constituents 20 Ric Swiss stocks.s /.VX Bloomberg Swiss stocks SW / VX Swiss Blue Chip Segment Please note that above information are for the Swiss bluechip Segment only. For more general information call your sales trading desk or visit the webpage of the Swiss stock exchange. ABACUS Codes Zurich CH/00 Berne CH/04 SIX CH/20 Scoach CH/40 SWX/VTX/CHF 49

20 United Kingdom British Pound GBP 08:00 16:30 GMT +0hr LSE: 09: CET / IOB: 09:15 16:30 London Stock Exchange Telephone Fax londonstockexchange.com 09: CET (FTSE100, 250, UK FTSE Eurotop 300 stocks and AIM listings) CET (IOB International Order Book) Open Convention Volume maximizing price auction. Close Convention Closing auction: 17:30 17:35 (FTSE100, 250, UK FTSE Eurotop 300 stocks and AIM listings) Closing auction: 16: (IOB International Order Book) None / In some segments a minimum size is indispensable. Price Steps - 5% from the last traded price. Trading session resumes after 5 minutes. / / Settlement Cycle FTSE 100: capitalization-weighted Index of the 100 most capitalized companies traded on the London Stock Exchange. The Index was developed with a base level of as of 3 January Constituents 102 Ric British stocks.l Bloomberg British stocks LN / LI ABACUS CODES London IOB International Order Book GB/00 LON/GBP The IOB offers direct access to securities from 37 countries through one central order book. This gives traders a simple, reliable and cost-efficient way to invest in economies such as Central and Eastern Europe, Asia and the Middle East. On the IOB, international securities are traded in the form of Depositary Receipts (DRs). Over 260 securities are traded on the IOB all are DRs issued by a depositary bank and denominated in US dollars. Irish stocks, which are listed on the LSE are traded in Euro. 50