Company Presentation 2015 FY Hi-MTF Sim S.p.A. P.IVA All Rights Reserved

Transcription

1 Company Presentation 2015 FY 2016 Hi-MTF Sim S.p.A. P.IVA All Rights Reserved

2 Agenda About Hi-MTF How it works Participants Statistics 2

3 About Hi-MTF General overview and shareholders Hi-MTF is a Multilateral Trading Facility (MTF) a MiFID compliant type of trading venue oriented to retail clients Overview Hi-MTF provides investors with the opportunity to trade a wide range of bonds: government, corporate, banking, structured and others Hi-MTF s Mission: efficiency and effectiveness in managing a trading platform oriented to non professional investors and centered on liquidity and transparency Current shareholders, each holding 25% of capital, are: 3

4 About Hi-MTF Key milestones A summary of Hi-MTF s corporate history: Quote-Driven segment start-up Order-Driven segment start-up Central Counterparty (CCP) project start-up with CC&G, regarding clearing and settlement related to bonds settled in ICSD s Fineco Bank becomes Participant Akros Bank becomes Participant and Market Maker IW Bank becomes Partcipant Invest Banca and Banca Intermobiliare become Participant Technological Platform upgrading in line with growing trading volumes Banca IMI and MPS become Participant 4

5 Agenda About Hi-MTF How it works Participants Statistics 5

6 How it works Market microstructure: description QUOTE-DRIVEN SEGMENT ORDER-DRIVEN SEGMENT The segment hosts Fixed-Income securities: Government Bonds (Italian and foreign), Supranational Bonds, Corporate Bonds, Banking Bonds, Emerging Markets and Structured Bonds A Market Maker (MM) exhibits continuously compulsory bid-ask quotes Apart from compulsory quotes, the MM can insert up to two voluntary bid and two voluntary ask quotes to support liquidity (Multiquote) Several MM contribute to most part of bonds quotes, so as to assure «book depth» (Multi-contribution) Specialized Operators exhibit bid-ask quotes on a subset of bonds offering specialized liquidity The segment is divided into two subsegments: Fixed-Income Equity Trades take place as a consequence of the Participants orders intersection Liquidity can be sustained by Specialists exhibiting bid-ask quotes on a predefined assets basket 6

7 How it works Market microstructure: scheme Quote- Driven Segment Bank 1 Bank 2 Bank n Orders collection Participant 1 Participant 2 Participant n Orders Hi-Mtf QD Bid-Ask quotes Market Maker 1 Market Maker 2 Market Maker n Bid-Ask Prop Orders Specialist 1 Specialist 2 Order- Driven Segment Bank 1 Bank 2 Bank n Orders collection Participant 1 Participant 2 Participant n Orders Hi-Mtf OD Specialist n Participant 1 Bid-Ask Third-party Orders Participant 2 Participant n Legend: Compulsory 7

8 How it works Focus on the Quote-Driven segment Type Number % Asset Class (Dec-2015) Italian Government Bonds Foreign Government Bonds Supranational Bonds Corporate Bonds Banking Bonds Emerging Markets Bonds Structured Bonds % 16% 13% 27,7% 25% 6% 0,3% Credit Rating for all bonds 974 bond MM and Participants can access the market MM insert quotes and Participants place orders Market Phases Initialization Prenegotiation Negotiation Closing Mon-Fri 7:30 8:40 9:00 17:30 MM can insert quotes 8

9 How it works Focus on the Bond Order-Driven segment Type Number % Asset Class (Dec-2015) BCC and Regional Banks Bonds Italian and Foreign Large Banks % 1% bond Specialists and Participants can access the market Specialist and Participants insert orders Participants place orders Market Phases Initialization Negotiation Prenegotiation Preauction Auction Closing Mon-Fri 7:30 8:40 9:00 17:00 17:05 17:20 17:30 Specialists can insert orders Technical negotiation stop preceding the auction phase Last update: 18/02/2016 9

10 How it works Focus on the Equity Order-Driven Asset Class (Dec-2015) Introduced in 2008, the segment provides small and medium Italian banks with a convenient and flexible solution to comply with CONSOB regulations on illiquid securities held by retail investors It is possible to list on this segment shares, convertible bonds and rights Participants can access the market Participants insert orders Monday to Thursday Initialization Orders collection Closing Market Phases Friday 7:30 9:00 17:30 Initialization Orders collection Auction Closing 7:30 9:00 11:45 12:00 Electronic orders matching at the Theoretical Auction Price 10

11 How it works Transparency and liquidity Transparency Info Sheet Hi-MTF provides investors with an Info Sheet for each financial instrument listed on the market, for free Hi-MTF s aim is promoting awareness on investment choices Real-time book Hi-MTF provides investors with a real-time 5-level-deep trading book, for free Market Makers Compulsory presence of a Market Maker for each security listed on the Quote-Driven segment of the market Liquidity Check and monitoring systems Market Makers are required to quote both pre-defined minimum sizes and competitive prices (price limits, as defined by the Market Regulations, are in place) Hi-MTF assures Market Makers duties are met, via continuous monitoring 11

12 How it works Transparency and liquidity: examples Real-time book and Info Sheet Example of Real-time trading book including: Price and quantities expressed by Market Makers Pricing and summary stats General securities information Info Sheet 12

13 Agenda About Hi-MTF How it works Participants Statistics 13

14 ORDER-DRIVEN QUOTE-DRIVEN Participants Brokers and Market Makers BROKERS MARKET MAKERS / SPECIALIZED OPERATORS Specialist on a subset of bonds 14

15 Agenda About Hi-MTF How it works Participants Statistics 15

16 Statistics Breakdown of total turnover volume 2015 FY Total Turnover Volume (TTV) on Hi-MTF (2015, from Brokers, mln) Corporate, Banking, Emerging, Other ( mln) TTV increase on Corporate and Banking bonds Number of listed bonds increase Italian Govies ( mln) Participants (Market Makers / Brokers) number increase Hi-MTF confirms its role as «liquidity pool» for retail investors 2015 Source: ASSOSIM 2015; Hi-MTF 16

17 Statistics Most traded bonds on the Quote-Driven segment 2015 FY 1 Italian Govies (2015 FY) 2 Emerging markets (2015 FY) ISIN DESCRIPTION CONTRACTS TTV ( mln) ISIN DESCRIPTION CONTRACTS TTV ( mln) IT BTP 1 DC 24 2,50% IT BTP 1 GN 25 1,50% IT BTP 1 FB 37 4% IT BTP 15 AP 22 1,35% IT BTP 1 AG 21 3,75% IT BTP 1 MZ 32 1,65% IT BTP 1 ST 46 3,25% IT BTP 1 MZ 24 4,50% XS GAZPROM 4,364% US731011AT95 POLAND 3,00% 23 USD XS GAZPROM 3,389% XS ARGENTINA GDP TV XS GAZPROM 6,605% XS ARGENTINA DISC 7,82% XS GAZPROM 5,44% US900123AL40 TURCHIA 11,875% 30 USD Banking (2015 FY) 4 Corporate (2015 FY) ISIN DESCRIPTION CONTRACTS TTV ( mln) ISIN DESCRIPTION CONTRACTS TTV ( mln) IT CASSA DDPP TM XS UGF ASS. TM SUB CALL XS RAIFFEISEN SUB 6,625% IT ICCREA BANCA TF/TV IT ICCREA BCA 4,75%SUB XS BCA CARIGE TV SUB IT BPER 4,75% SUB XS UNIPOL 3% 18/3/ FR PEUGEOT 6% 19/09/ IT ENEL 4,875% XS FIAT 4,75% XS FIAT 4,75% XS FIAT 6,75% IT AUTOSTRADE 1,625% XS FIAT FINANCE 5,625% XS TELECOM ITALIA 7,75% Source: Hi-MTF 17

18 Statistics Most traded bonds on the Order-Driven segment 2015 FY 1 Big Italian and foreign banks FY ISIN DESCRIPTION CONTRACTS TTV ( mln) Monolisted IT UNICREDIT TM CAP XS MEDIOBANCA FIX FLOA BAR XS BANCA IMI TASSO MISTO IT UNICREDIT ZC 31/10/ IT ICCREA BANCA TM IT SOCGEN FIX-FLOAT BARR XS RBS FIXED FLOATER XS RBS FIXED FLOATER XS RBS FIXED FLOATER GB00B BARCLAYS FIX FLOAT BARR Italian regional banks (BCC, CR and Popolari) FY ISIN DESCRIPTION CONTRACTS TTV ( mln) Monolisted IT CRED.VALT. 5,25% 17 SUB 1a IT CRED.VALT. 3,75% 18 SUB 2a IT CRED.ARTIG. 4,25% 16 SUB 3a IT BCA P. SONDRIO 2,50% 22SUB IT CRED.VALT. 2,65% a IT BCO DI LUCCA 2,75% 21 SUB 25 6 IT CRED.VALT. 2,25% a IT CRED.VALT. 2,85% a IT BCC CREDIFRIULI TV a IT CRED.VALT. 4,25% 16 SUB 3a 76 4 The Bond Order-Driven segment hosts: 17 securities issued by big Italian and foreign banks securities issued by Italian regional banks On the big / medium banks bonds, a Specialist supports liquidity The most part of Order-Driven securities is monolisted on Hi-MTF (*) The tables list the 10 most traded bonds for the two presented categories Source: Hi-MTF Note (*): for the big banks bonds MOT, Euro-TLX and Hi-MTF have been analyzed, while for the Italian regional banks bonds all possible markets, domestic and foreign, have been analyzed. 18

19 Contacts Website: Head of Market Supervision Andrea Braga Tel Business Development Federico Siano Tel

20 February 2016 Hi-Mtf SIM S.p.A. This document is the exclusive property of Hi-MTF SIM S.p.A. This document does not constitute any investment proposal by Hi-Mtf SIM S.p.A. The document is intended for descriptive and promotional purposes only and cannot be said to be exhaustive. This document contains opinions. Data presented can be used for personal uses only. Hi-Mtf SIM S.p.A. cannot be deemed as responsible for any damage even deriving from any vagueness or mistake related to the interpretation of the content included in this presentation. The information presented is based upon sources considered credible but no independent verification on data sources was made. Reference to past performance cannot be interpreted as an indication of results promised for the future since the investment in financial instruments is affected by multiple factors.