The Warsaw Stock Exchange - product offer for investors. February

Transcription

1 The Warsaw Stock Exchange - product offer for investors February

2 STRUCTURE OF THE POLISH CAPITAL MARKET National Depository for Securities (KDPW) Polish Financial Supervision Authority (KNF) KDPW_clearpool Warsaw Stock Exchange Clearing Bank (NBP) BondSpot S.A. Exchange Members NDS Participants Domestic Members 28 Remote Members 23 2

3 WSE - MARKET STRUCTURE Warsaw Stock Exchange Main Market Shares, Regulated Main Market Derivatives, Regulated NewConnect Shares, Alternative Trading System Catalyst Municipal & Corporate Bonds Regulated + Alternative Trading System 3

4 WSE WIDE PALLETTE OF LISTED INSTRUMENTS Shares Shares of 401 companies, including 27 foreign, on WSE Main List, (regulated market) Options Futures Structured Products Investment Certificates Debt Instruments ETF Shares of 184 companies, including 3 foreign, on NewConnect (WSE alternative market) Derivatives: futures contracts on various underlyings (i.e. indices, shares and currencies) and options on WIG20 index ETP segment (including structured certificates and bonds, ETF) Debt instruments (including treasury bonds, corporate, municipal bonds, mortgage backed bonds) Data: as of the end of

5 WSE MAIN MARKET -SHARES Number of companies: 401 including 27 foreign. Company Share in Capitalization Free index (%) (EUR mil.) Float(%) 1 KGHM ,2 2 PKOBP ,8 3 PEKAO ,8 4 PZU ,8 5 PKNORLEN ,5 6 PGE ,7 7 TPSA ,1 8 PGNIG ,5 9 TAURONPE BZWBK ,6 Index Company Share in Capitalization Free index (%) (EUR mil.) Float(%) 11 GETIN BRE ,3 13 ASSECOPOL ,6 14 CEZ ,2 15 GTC ,9 16 LOTOS ,8 17 TVN ,8 18 PBG ,9 19 POLIMEXMS CYFRPLSAT ,8 AVERAGE DAILY TRADING FIGURES - EQUITY MARKET Orders Trades Average daily equity turnover (EUR m) Data: as of the end of

6 LARGEST IPOs AND SPOs IN RECENT YEARS Initial Public Offering Stock exchange Energy company Insurance company Energy company November 2010 EUR 308 mn June 2010 EUR 1.02 bn May 2010 Top Europe s IPO since 07 Largest Polish IPO EUR 2 bn November 2009 Europe s top IPO in 2009 EUR 1.4 bn Secondary Public Offering Bogdanka Coal mine Energy company Energy company Bank June 2009 EUR 118 mn November 2008 EUR 546 mn May 2008 EUR 1.36 bn Euro November rd Largest Polish SPO EUR 1.2 bn 6

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8 INTERNATIONAL MARKET FOREIGN COMPANIES LISTED ON WSE No. Company Country of origin Sector Primary exchange Dual listing 1 ATLASEST (2004) Channel Islands/UK developers London SE 2 BMPAG (2004) Germany other financial Deutsche Börse 3 CEDC (2006) USA wholesale NASDAQ 4 CEZ (2006) Czech Republic energy production Prague SE 5 MOL (2004) Hungary chemical Budapest SE 6 NEWWORLDR (2008) Czech Rep./Netherlands mining company London SE 7 OLYMPIC (2007) Estonia casino operator NASDAQ OMX TALLINN 8 ORCOGROUP (2007) Luxembourg construction NYSE EURONEXT PARIS 9 PEGAS (2006) Czech Republic chemical Prague SE 10 PLAZACNTR (2007) Netherlands developers London SE 11 SILVANO (2007) Estonia light industry NASDAQ OMX TALLINN 12 BELVEDERE (2008) France food NYSE EURONEXT PARIS 13 UNICREDIT (2007) Italy banking Borsa Italiana 14 WARIMPEX (2007) Austria construction Wiener Borse 15 ICPD (2010)* Bulgaria developer Bulgarian SE 16 FORTUNA (2010) Czech Republic other services Prague SE Single listing 17 ACE (2007) Spain/Luxembourg metal WSE 18 ASBIS (2007) Cyprus IT WSE 19 ASSECOSLO (2006) Slovakia IT WSE 20 ASTARTA (2006) Ukraine/Netherlands agriculture/food WSE 21 CINEMA CITY (2006) Netherlands media WSE 22 KERNEL (2007) Ukraine/Netherlands food WSE 23 KULCZYK OIL INV. (2010) Canada fuels WSE 24 REINHOLD (2007) Sweden developers WSE 25 RONSON (2007) Israel/Netherlands developers WSE 26 AGROTON (2010) Ukraine/Cyprus food WSE 27 BGSENERGY (2009) Czech Republic technology NewConnect 28 PHOTON (2008) Czech Republic technology NewConnect 29 SADOVAYA GROUP (2010) Ukraine/Luxembourg mining company WSE 30 Milkiland (2010) Ukraine/Netherlands food WSE * Listed on NewConnect Source: WSE, As of the end of

9 WSE EQUITY MARKET STRUCTURE WSE MAIN LIST SECTORS AND THEIR SHARE IN MARKET CAP Number of companies Share in market value(%) Source: WSE, data as of February

10 EXCHANGE TRADED PRODUCTS SEGMENT ON WSE Structured products 146 structured products, including 124 certificates and 22 bonds. The value of trading was EUR 71.4 million, up by 82% year on year (EUR 40 million in 2009). 7 issuers (Barclays Bank PLC, BNP Paribas, Deutsche Bank AG London, ERSTE Bank, Raiffeisen Centrobank AG, UniCredit Bank AG, SecurAsset S.A.) Gold, silver, oil and wheat are the underlyings of the most popular structured products on the WSE. ETF The first ETF was introduced to trading on the WSE in September The product issued by Lyxor Asset Management is based on the WIG20 index as the underlying. The volume of trading was thousand and the value of trading EUR 17.7 million in Number of structured products listed on the WSE (Dec 2006 Dec 2010) Data: as of the end of

11 WSE DERIVATIVES MARKET Traded derivatives underlyings: Annual volume of trading in all derivative instruments listed on the WSE (million instruments). Futures Options WIG20 index options (european call & put) indices (WIG20, mwig40) single stocks (10 underlyings (Asseco Poland, AGO, PGE, PGNIG, PKN, TPS, KGH, PEO, PKO, PZU) currencies (USD/PLN, EUR/PLN, CHF/PLN) IPUs- MiniWIG20 Total number of open interest in all derivative instruments listed on the WSE at year-end (thousand instruments). 11

12 Derivatives.driven by strong index futures and options trading Index futures contracts volumes on European exchanges (2010). Turnover volumes of options on particular European indices (2010) was the best in terms of the trading volume and NOI (number of open interest) in the history of listing derivative instruments on the WSE, Trading in WIG20 options grew dynamically in 2010, up by more than 60% year to year, supported by growing number of market makers The WSE on a high fourth place in Europe regarding index futures contracts volumes, WIG20 options are ranked 11th in terms of turnover volume among European index options. 12

13 Aug-07 Oct-07 Dec-07 Feb-08 Apr-08 Jun-08 Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09 Aug-09 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Number of new listings Number of companies NEWCONNECT AS A HIGH-GROWTH EQUITY PLATFORM NewConnect in figures* Growing number of companies and new listings Market s founding date Initial offerings value Secondary offerings value Market capitalization Number of companies Number of foreign companies Number of new listings in 2010 Number of Authorized Advisors Number of foreign Authorized Advisors 30th August 2007 EUR 150 mln EUR 50 mln EUR 1,2 bln Number of Animators * as of the end of 2010 NewConnect LEAD leaders among NewConnect issuers The main purpose of launching the NC Lead segment was to indicate the biggest issuers and their most liquid shares, which are most likely to fulfill the WSE Main Market criteria Other 67 Breakdown by industry IT 16 Technologies 18 WSE launched new index, which brings together companies in the sector of medicine and biotechnology, whose activity and development take place with the participation of high intellectual capital and advanced technologies. Till today there are following issuers: Euroimplant, Read Gene, Mabion, Biomaxima and Pharmena. Investments 19 Media 17 Finance 15 Trade 31 Construction 18 Sources: NewConnect Almanach 13

14 CATALYST WSE BOND MARKET Main Instruments: Number of series: Number of issuers for all fixed income instruments: 52 Retail trading Municipal bonds Investors Catalyst s participants Banks Wholesale trading Municipal bonds Corporate bonds RM+ ATS Brokerage houses Investors Corporate bonds RM + ATS 14

15 POLISH BOND MARKET POTENTIAL Corporate and financial institutions' domestic debt securities to GDP 160% 140% 120% 100% 80% Poland : ca. 3% total 60% 40% 20% 0% Financial institutions debt securities Corporate debt securities Source: BIS (June 2010 data) Fitch (in case of Poland only, Dec long term debt ) Eurostat (2010 GDP forecast) 15

16 WSE LIQUIDITY Number of Market Makers 21 Number of supported instruments 291 Number of Issuer s Market Makers 20 Number of supported instruments 280 New rules of cooperation with TOP7 shares market makers Liquidity support programme In particular, the key support instrument for companies facing low liquidity; Aimed at improving liquidity and IR standards; Support of foreign companies liquidity Velocity ratio (%, 2010) WSE 42% CEE standard 30-48% Liquidity leaders > 90% Velocity ratio = Order Book turnover (2010)/ Average Market Capitalisation. 16

17 NEW FRAMEWORK OF SHORT SELLING (SINCE JULY 1, 2010) Short selling in the WSE view is a valuable complement to conventional financial market instruments, Expected benefits: more efficient price discovery, greater liquidity, better risk management and hedging for investors, Short selling in Poland is available for securities which fulfill strictly defined criteria - currently 74 securities: 37 stocks and 37 Treasury bonds, Longer list of securities is available for market makers - currently 177 securities: 140 stocks and 37 Treasury bonds, Optimal regulations and good mechanisms to manage a number of potential risks associated with short selling. 17

18 INVESTOR STRUCTURE - TRADING 18

19 CAPITAL MARKET INVESTOR BASE Investor base: Diverse & balanced allocation ca. 40% foreign, 60% domestic significant retail investors share Growing institutional base Pension Funds Mutual Funds Assets under management of Polish pension funds (PLN bn) Assets under management of Polish investment funds (PLN bn) 61,0 97,8 136,2 73,9 93,0 115, Pension funds have allocated an average of 36% of assets under management in domestic equities (as of the end of 2010) Investment funds & mixed funds have allocated 61% of assets under management in domestic equities (as of the end of 2010) Sources: PFSA, IZFA, Analizy online 19

20 WIDE BASE OF INTERNATIONAL BUSINESS PARTNERS 23 WSE REMOTE MEMBERS from 11 countries 28 WSE IPO PARTNERS from 13 countries Remote member Country of origin WSE IPO PARTNER Country of origin Raiffeisen Centrobank AG Austria Intercapital Securities Croatia IP Intercapital Markets AD Renaissance Securities Dragon Capital Bulgaria Cyprus Wood &Company Cyrrus Swedbank Czech Republic Estonia Wood & Company Financial Services Cyrrus Swedbank AS Societe Generale SA Dekabank Deutsche Girozentrale UniCredit Bank AG Concorde Securities Ltd Equilor Investment FIO o.c.p. Neonet Securities AB Credit Suisse Securities (Europe) Ltd JP Morgan Securities Ltd Goldman Sachs International HSBC BANK Merrill Lynch International Liquidnet Europe UBS Ltd Nomura International Plc Morgan Stanley & Co International Plc Czech Republic Estonia France Germany Hungary Slovakia Sweden United Kingdom Renaissance Securities Sillicon Hill Ventures Wedbush Morgan Securities Silkroutefinancial Belarusbank, Uniter, Priorbank, Belinvestbank Altera Finance, Sokrat Capital, Pro-Consulting, Millenium Capital, Concorde Capital, BG Capital, Aval-Brok Limited, Avantazh Capital, Art-Capital, ICU, Alfa Capital Guardian Trust INFIN Financial Services Glenic-M Beiten Burkhardt AB Finasta Corporate Finance Cyprus USA United Kingdom Belarus Ukraine Greece Turkey Russia Germany Lithuania 20

21 LEGAL DISCLAIMER This presentation and its contents are confidential and must not be distributed, published or reproduced (in whole or in part) by any medium or in any form, or disclosed or made available by recipients to any other person. By attending this meeting where this presentation is made, you confirm that you are a qualified institutional buyer as defined in Rule 144A under the United States Securities Act of 1933 (the Securities Act), and you agree to be bound by the following terms, conditions and limitations. This presentation does not constitute or form part of and should not be construed as, an offer to sell, or the solicitation or invitation of any offer to buy or subscribe for or underwrite or otherwise acquire, securities of Giełda Papierów Wartościowych w Warszawie S.A. (the Company) or any of its subsidiaries in any jurisdiction, nor an inducement to enter into any investment activity. In particular, this presentation does not constitute an offer of securities for sale into the United States. The Shares have not been and will not be registered under the Securities Act, or with any securities regulatory authority of any State or other jurisdiction in the United States, and, subject to certain exemptions, may not be offered or sold within the United States, absent registration or an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state laws. No part of this presentation should form the basis of, or be relied on in connection with, any contract or commitment or investments decision whatsoever. This presentation does not constitute a recommendation regarding any securities of the Company or any other person. The information contained in the presentation has not been independently verified. No representation, warranty or undertaking, expressed or implied, is made by any person as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to change without notice. Neither the Company nor any of its respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss however arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. This presentation includes forward-looking statements. These statements contain the words anticipate, believe, intend, estimate, expect and words of similar meaning. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Company s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to the Company's products and services) are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. These forward-looking statements speak only as at the date of this presentation. The Company expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless otherwise required by the applicable provisions of law. The Company cautions you that forward-looking statements are not guarantees of future performance and that its actual financial position, business strategy, plans and objectives of management for future operations may differ materially from those made in or suggested by the forward-looking statements contained in this presentation. In addition, even if the Company's financial position, business strategy, plans and objectives of management for future operations are consistent with the forward-looking statements contained in this presentation, those results or developments may not be indicative of results or developments in future periods. The Company does not undertake any obligation to review or confirm or to release publicly or otherwise to research analysts or any other person any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation. 21

22 Izabela Olszewska Director, Market Development Department Warsaw Stock Exchange 4 Ksiazeca Str Warsaw, Poland tel , fax