IPO Watch Europe Q1 2016

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "IPO Watch Europe Q1 2016"

Transcription

1 IPO Watch Europe Q 0.bn IPO proceeds raised in Q 0 down % from the.bn raised in Q 0 0 IPOs in Q 0 across Europe, down from IPOs in Q 0 m average offering value in Q 0, a decrease of 0% compared to m in Q 0

2 IPO Watch Europe Q 0

3 Contents European IPO trends Market volatility Pricing and performance The sector story focus Overview Relative performance of IPOs 0 PE trends and the sector story Global perspective Appendix Contacts Stay tuned This quarter has proven to be challenging for IPO activity but that s not to say we don t see a diverse pipeline for the end of 0 and early 0. We expect that candidates in the financial sector, mainland European privatisations and strategic demergers will contribute their fair share to overall annual proceeds. But with the EU referendum looming, uncertainties still remain, and we do not expect to reach the 0bn mark before the summer break and this reflects a return to the levels seen in the first half of 0, before the recent boom of the last two years. Mark Hughes Partner, UK Capital Markets Leader at PwC IPO Watch Europe Q 0

4 European IPO trends remained the leading exchange in a quarter with incredibly subdued IPO activity across the whole of Europe Figure : Quarterly European IPO activity by value and volume Q 0 Q 0 Q 0 Q 0 Q 0 Less than $m raised 0 Greater than $m raised 0 Total number of listings 0 0,,,0,,0 Exercised greenshoe ( m),, Total money raised ( m),,,,, Total European listings comprise those with: Money raised excl. greenshoe ( m) Average offering value ( m)* * Average offering value has been calculated based on total money raised including greenshoe, excluding listings raising less than $m retained its leading position, but was not spared from the general IPO market maladies and experienced a 0% drop in activity, from already subdued levels last year. The exchange accounted for circa twothirds of total European proceeds and was the second largest exchange globally in terms of IPO proceeds. Figure : Top stock exchanges in Europe in Q 0 (by offering value) IPOs raised * OMX.bn IPOs raised * Average IPO proceeds ** 0.bn m Average IPO proceeds ** Largest IPO: m CYBG Largest IPO: m ( m excl. greenshoe) Scandinavian Tobacco 0m ( m excl. greenshoe) *Excludes greenshoe **Average proceeds has been calculated on total proceeds including greenshoe, excluding listings raising less than $m IPO Watch Europe Q 0 Deutsche Börse IPOs raised * 0.bn Average IPO proceeds ** m Largest IPO: Senvion m (no greenshoe)

5 European IPO trends IPO proceeds down by % compared to Q 0 and % compared to Q 0, after two consecutive years of buoyant IPO activity Figure : Q European IPO activity since 00* 0 Value of IPOs ( bn) Volume of IPOs Q 00 Q 00 Q 00 Q 00 Q 0 Q 0 Q 0 Q 0 Q 0 Q 0 Proceeds IPOs Figure : Quarterly European IPO activity since 0 0 Value of IPOs ( bn) Volume of IPOs Q Q Q Q Q Q Q Q Q Q Q Q Q 0 0 Value bn Greenshoe bn 0 0 IPOs *Excludes greenshoe. Note: Excludes IPOs on Borsa Istanbul, Zagreb Stock Exchange and Bucharest Stock Exchange pre 0 IPO Watch Europe Q 0

6 Market volatility 0 started with tumbling indices, bottoming oil prices and spiking volatility Figure : Volatility compared to IPO proceeds IPO of Deutsche Pfandbriefbank, Euskaltel and Flow Traders bn+ IPOs of Worldpay, Poste Italiane, Covestro and Scout bn+ IPOs of Amundi and ABN AMRO VSTOXX index Money raised bn bn+ IPOs of Sunrise, Aena and GrandVision 0 Falling oil prices, Chinese economy slowdown and threat of impending bear market China stock market turmoil Jan Feb Mar Apr Money raised bn May Jun Jul 0 Aug Sep Oct Nov Dec Jan Feb 0 Mar VSTOXX index Figure : Historical performance of major market indices since January 0 % change since Jan 0 0% 0% 0% 0% DAX 0 CAC 0 0% FTSE 00 0% 0% Jan Jan Feb FebMar Mar Apr Apr May MayJun Jun Jul Jul Aug Aug Sep Sep Oct Oct Nov Nov Dec Dec Jan Jan FebFeb Mar Mar 0 Source: Thomson Reuters as at Mar 0 IPO Watch Europe Q 0 0

7 Pricing and performance of top IPOs The top IPOs have priced towards the lower end or even below their initial price range, reflecting the tough market conditions Figure : Top IPOs in Q 0 CYBG Metro Bank * Scandinavian Tobacco Countryside Properties Ascential Exchange OMX IPO date February March 0 February February February 0 0 Price range.. Fixed price initially.00 DKR.00 DKR Offer price DKR Money raised ( m) incl. greenshoe The start to 0 was a little like a game of musical statues, as the IPO market opened in fits and starts. You needed to have nerves of steel to try and execute an IPO this quarter as market volatility hampered timetables and pricing expectations. Cash rich private equity houses and corporates continued to fuel record levels of M&A activity and we saw a number of IPO candidates chose the trade sale route rather than join the public markets. Even as markets anxiety recedes, I would expect the trend of companies progressing down a dual track process to continue as, while more onerous for companies, this increases the chance of a deal completing. Viv Maclachlan Director in the UK Capital Markets Group at PwC Figure : Offer price versus initial price range of top IPOs Figure : Performance of top IPOs 0%.%.0%.% 0%.% 0%.%.%.%.% Offer price 0% 0% 0.% 0%.0% 0% CYBG Metro Bank Scandinavian Tobacco Countryside Ascential Properties CYBG Metro Bank Scandinavian Countryside Tobacco Properties Ascential Share performance from IPO to Mar 0 (%) Offer price Price range Domestic index performance from IPO to Mar 0 (%) Note: Metro Bank private placement conditional upon listing IPO Watch Europe Q 0

8 The sector story continued to dominate in a subdued quarter where all sectors have been relatively depressed Figure 0: IPO value by sector* By offering value ( m) Q 0 Q 0 Q 0 Q 0 Q 0 Variance vs Q 0,0,, 0,0, (,0) Consumer Goods,, () Consumer Services,, 0 (,) () Industrials,,, (,) Health Care, 0 (,0) Technology, (), (0),, (,) Utilities Basic Materials Telecommunications Oil & Gas Total (),,,0,,0 (,) Consumer Goods Consumer services IPOs raised in Q 0 IPO raised in Q 0 IPOs raised in Q 0.bn * 0.bn * 0.bn * Average IPO proceeds ** Average IPO proceeds ** Average IPO proceeds ** m m m Largest IPO: Largest IPO: Largest IPO: CYBG Scandinavian Tobacco Ascential m ( m excl. greenshoe) 0m ( m excl. greenshoe) 0m ( m excl. greenshoe) *Excludes greenshoe ** Average proceeds has been calculated on total proceeds including greenshoe, excluding listings raising less than $m IPO Watch Europe Q 0

9 focus Overview Main Market IPO proceeds and numbers fell this quarter, but AIM remained the bright spot with activity and proceeds increasing Figure : IPO trends (by offering value) * 0 0.bn 0.bn Figure : IPO trends (by volume) Q Q.bn Volume of IPOs Value of IPOs ( bn) 0.bn Q Q Q Q Q Q Q Q Q Q Q Q Q Main and SFM AIM Q Q Q Q Q Q Q Q Q Q Q Q Q Main and SFM AIM Figure : Top UK IPOs in Q 0 Proceeds ( m) Issuer Metro Bank plc CYBG plc Countryside Properties plc Ascential plc CMC Markets plc Excl. greenshoe Incl. greenshoe Sector Consumer Goods Consumer Services Market Main Main Main Main Main PE backed Yes No Yes Yes No Note: Ranking in pounds is different from ranking in euros due to exchange rate Despite challenging market conditions, companies with strong equity stories and good management teams have successfully completed their IPOs. AIM has been a bright spot this quarter, with increased activity seen across a range of sectors, but as with the wider IPO market until there is more macroeconomic certainty and until we know the outcome of the EU referendum, it is difficult to predict when IPO activity levels will pick up again. The pipeline of companies preparing for IPOs towards the end of 0 and into 0 looks generally healthy, but as the IPO window begins to close as we get closer to the EU referendum and traditional summer hiatus, we expect that there will be increased volatility where people won't want to price IPOs. Lucy Tarleton Director in the UK Capital Markets Group at PwC *Excludes greenshoe Source: Stock Exchange IPO Watch Europe Q 0

10 focus Relative performance of IPOs Recent IPOs have had a mixed performance this quarter Figure : Share price performance of IPOs relative to the FTSE all share index, from IPO to March 0 (%) 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% Falcon Acquisitions Blue Prism Group Cerillion Technologies MaxCyte Yu Group Harwood Wealth Management Group Shield Therapeutics davictus CYBG 0 Ascential Watkin Jones Countryside Properties companies have outperformed the index companies have underperformed the index Circle Property RockRose Energy Metro Bank CMC Markets 0 Cogenpower Trendit 0% Main and SFM AIM Note: Relative performance based on the FTSE All Share Index for Main Market and SFM listed companies and FTSE AIM All Share index for AIM quoted companies Source: Dealogic and Thomson Reuters as of March 0 0 IPO Watch Europe Q 0

11 focus PE trends and the sector story PEbacked IPOs continued to represent more than 0% of UK IPO activity Figure : Value of PEbacked IPOs vs non PEbacked IPOs in * Figure : Volume of PEbacked IPOs vs non PEbacked IPOs in * 0 % % % % % % % % 00% % Volume of IPOs Value of IPOs ( bn) 0 % % 0% 0% % % % 0 % % % % % 0% 0% 00% 0% Q Q Q Q Q Q Q Q Q Q Q Q Q PEbacked Non PEbacked Q Q Q Q Q Q Q Q Q Q Q Q Q PEbacked Non PEbacked Figure : IPO value by sector * By offering value ( m) Consumer Goods Consumer Services Q 0 Q 0 Q 0,0, Q 0 Q 0 Variance vs. Q 0 () 0, 0 (,0), () Health Care 0 0 Technology Industrials Utilities Basic Materials Telecommunications Oil & Gas Total value ( m) (0),,,, (,) * UK IPOs raising over $0m, excludes closedend funds, SPACs, SPVs, Capital Pool companies, Investment Managers, REITs, Royalty Trusts Source: Dealogic, Bloomberg IPO Watch Europe Q 0

12 Global perspective This year has been the slowest start to the year since 00 with global IPO proceeds at.bn in Q 0 Figure : Global IPO activity* Volume of IPOs Value of IPOs ( bn) Q Q Q Q 0 Q Q Q Q Q Q 0 EMEA ( bn) Q Q 0 0 Americas ( bn) Asia Pacific ( bn) Q IPOs Figure : Top 0 global IPOs in Q 0 Issuer China Zheshang Bank Co m (incl. greenshoe) Exchange Sector Deal type, Hong Kong Bank of Tianjin Co 0 Hong Kong LaSalle Logiport REIT Tokyo CYBG Carveout Metro Bank PEbacked Scandinavian Tobacco Group 0 OMX Copenhagen Consumer Goods Silver Run Acquisition Nasdaq Countryside Properties Consumer Goods Middle East Healthcare Saudi Arabia Health Care Ascential 0 Consumer Services * Excludes greenshoe Source: Dealogic IPO Watch Europe Q 0 PEbacked PEbacked

13 Appendix IPOs by market Appendix : European IPOs by market Stock exchange TOTAL Stock Exchange NASDAQ OMX Deutsche Börse Borsa Italiana Warsaw Borsa Istanbul Euronext BME (Spanish Exchange) SIX Swiss Exchange Oslo Børs & Oslo Axess Irish Stock Exchange Zagreb Stock Exchange Sofia Prague Bucharest Wiener Börse Total EUREGULATED Main and SFM NASDAQ OMX (Main) Deutsche Börse (Prime and General Standard) Warsaw (Main) SIX Swiss Exchange Euronext Borsa Italiana (Main) Oslo Børs Sofia BME (Spanish Exchange) (Main) Prague Irish Stock Exchange (Main) Wiener Börse Zagreb Stock Exchange EUregulated subtotal EXCHANGEREGULATED AIM NASDAQ OMX (First North) Borsa Italiana (AIM) Borsa Istanbul BME (Spanish Exchange) (MAB) Euronext (Alternext) Warsaw (NewConnect) Deutsche Börse (Entry Standard) Bucharest (AeRO) Oslo Axess Exchangeregulated subtotal Europe total Q 0 Value IPOs ( m)* Q 0 Value IPOs ( m)* Q 0 Value IPOs ( m)* Q 0 Value IPOs ( m)* Q 0 Value IPOs ( m)*,, 0,,0, 0,,,,,,,,0 0,,,,0 0,0, 0, 0,0,,,,0,,,0,,,,,0 0, 0,0,,,0 0 0,,0,, 0, 0 0 0, 0,0 0 0, 0 0,0 * Excludes greenshoe IPO Watch Europe Q 0

14 Appendix Exchange activity by value Appendix : IPO offering value by stock exchange* Stock exchange offering value ( m) Stock Exchange NASDAQ OMX OMX Copenhagen OMX Stockholm OMX Helsinki OMX Vilnius OMX Iceland OMX Talinn Deutsche Börse Borsa Italiana Warsaw Borsa Istanbul Euronext Euronext Paris Euronext Amsterdam Euronext Brussels Euronext Lisbon BME (Spanish Exchange) SIX Swiss Exchange Oslo Børs & Oslo Axess Sofia Irish Stock Exchange Zagreb Stock Exchange Bucharest Stock Exchange Wiener Börse Prague Stock Exchange Total *Excludes greenshoe IPO Watch Europe Q 0 Q 0,,,00 0 0, 0,,0, 0, Q 0,,,,,,, Q 0 0,,0 Q 0,,,,,0 0,0,,, Q 0,,0

15 Appendix Exchange activity by volume Appendix : IPO volume by stock exchange Stock exchange offering volume Stock Exchange NASDAQ OMX OMX Copenhagen OMX Stockholm OMX Helsinki OMX Vilnius OMX Iceland OMX Talinn Deutsche Börse Borsa Italiana Warsaw Borsa Istanbul Euronext Euronext Paris Euronext Amsterdam Euronext Brussels Euronext Lisbon BME (Spanish Exchange) SIX Swiss Exchange Oslo Børs & Oslo Axess Sofia Irish Stock Exchange Zagreb Stock Exchange Bucharest Stock Exchange Wiener Börse Prague Stock Exchange Total Q 0 Q Q 0 Q 0 0 Q IPO Watch Europe Q 0

16 Contacts About IPO Watch Europe IPO Watch Europe surveys all new primary market equity IPOs on Europe s principal stock markets and market segments (including exchanges in Austria, Belgium, Croatia, Czech Republic, Denmark, France, Germany, Greece, the Netherlands, Ireland, Italy, Luxembourg, Norway, Poland, Portugal, Romania, Spain, Sweden, Switzerland, Turkey and the UK) on a quarterly basis. Movements between markets on the same exchange are excluded. This survey was conducted between January and March 0 and captures IPOs based on their first trading date. All market data is sourced from the stock markets themselves and has not been independently verified by PricewaterhouseCoopers LLP. Katherine Howbrook (Press office) + (0) 0 Mark Hughes + (0) 0 0 Vivienne Maclachlan + (0) Lucy Tarleton + (0) 0 This publication has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, PricewaterhouseCoopers LLP, its members, employees and agents do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. 0 PricewaterhouseCoopers LLP. All rights reserved. In this document, PwC refers to PricewaterhouseCoopers LLP which is a member firm of PricewaterhouseCoopers International Limited, each member firm of which is a separate legal entity. IPO Watch Europe Q 0

www.pwc.com IPO Watch Europe Survey Q2 2013

www.pwc.com IPO Watch Europe Survey Q2 2013 www.pwc.com IPO Watch Europe Survey Q2 2013 Contents Quarterly European IPO activity by value and volume 3 Market volatility index and stock market performance 4 IPO offering value 5 IPO volume 6 Top ten

More information

www.pwc.com IPO Watch Europe Survey Q2 2011

www.pwc.com IPO Watch Europe Survey Q2 2011 www.pwc.com IPO Watch Europe Survey Q2 2011 Table of contents Page European IPO activity by value and volume 3 IPO offering value 4 IPO volume and average offering value 5 by market 6 Top five 7 US and

More information

www.pwc.com IPO Watch Europe Survey Q1 2011

www.pwc.com IPO Watch Europe Survey Q1 2011 www.pwc.com IPO Watch Europe Survey Q1 2011 Table of contents Page European IPO activity by value and volume 3 IPO offering value 4 IPO volume 5 IPOs by market 6 Top five IPOs 7 US and Russia 8 Offering

More information

www.pwc.com IPO Watch Europe Survey Q1 2012

www.pwc.com IPO Watch Europe Survey Q1 2012 www.pwc.com IPO Watch Europe Survey Q1 2012 Contents European IPO activity by value and volume 3 IPO offering value 4 IPO volume 5 Top five 6 by sector and value 7 US activity 8 Offering value of by month

More information

www.pwc.com IPO Watch Europe Survey Q4 2011

www.pwc.com IPO Watch Europe Survey Q4 2011 www.pwc.com IPO Watch Europe Survey Q4 2011 Table of contents Page 2011 overview 3 2011 European IPO activity by value and volume 4 2011 volume and value by exchange 5 Q4 11 European IPO activity by value

More information

IPO Watch Europe Q3 2015

IPO Watch Europe Q3 2015 IPO Watch Europe Q3 2015 4.6bn IPO proceeds raised in Q3 2015 (excl. greenshoe) (Q3 14-6.6 bn) 35.7bn in YTD 2015 (YTD 14-40.3bn) 53 in Q3 2015 (Q3 14 76) 258 in YTD 2015 (YTD 14 290) 148m average offering

More information

www.pwc.com IPO Watch Europe Survey Q1 2013

www.pwc.com IPO Watch Europe Survey Q1 2013 www.pwc.com IPO Watch Europe Survey Q1 2013 Contents Quarterly European IPO activity by value and volume 3 Market volatility index and stock market performance 4 European post-ipo performance 5 IPO offering

More information

www.pwc.com IPO Watch Europe Survey Q2 2012

www.pwc.com IPO Watch Europe Survey Q2 2012 www.pwc.com IPO Watch Europe Survey Q2 2012 Contents European IPO activity by value and volume 3 Marker volatility index 4 IPO offering value 5 IPO volume 6 Top five IPOs 7 IPOs by sector and value 8 US

More information

www.pwc.com IPO Watch Europe Q3 2012

www.pwc.com IPO Watch Europe Q3 2012 www.pwc.com IPO Watch Europe Survey Q3 2012 Change image Contents European IPO activity by value and volume 3 Market volatility index and stock market performance 4 Post IPO performance 5 IPO offering

More information

Q1 14 Global IPO update. January March 2014

Q1 14 Global IPO update. January March 2014 Q1 14 Global IPO update January March 214 Table of contents Section Content Slides 1 214 January March* highlights 4 7 2 Global IPO activity trends Global analysis Regional analysis Industry analysis Stock

More information

IPO Watch Europe 2014

IPO Watch Europe 2014 IPO Watch Europe 2014 49.5bn European IPO proceeds raised in 2014 (excl. greenshoe), almost double the 26.5bn raised in 2013 375 IPOs Companies listed in 2014 in Europe, up 34% on the 279 IPOs in 2013

More information

ORDER EXECUTION POLICY

ORDER EXECUTION POLICY ORDER EXECUTION POLICY Introduction Under the EU Markets in Financial Instruments Directive (MiFID) and the rules of our regulator, the Financial Conduct Authority (FCA), Louis Capital Markets UK, LLP

More information

MANDATORY PROVIDENT FUND SCHEMES AUTHORITY

MANDATORY PROVIDENT FUND SCHEMES AUTHORITY Guidelines III.4 MANDATORY PROVIDENT FUND SCHEMES AUTHORITY III.4 Guidelines on Approved Exchanges INTRODUCTION Section 2 of the Mandatory Provident Fund Schemes (General) Regulation ( the Regulation )

More information

Stock Exchanges Holiday Schedule. Availability for Single Stock Futures Contracts for the remainder of 2014

Stock Exchanges Holiday Schedule. Availability for Single Stock Futures Contracts for the remainder of 2014 Stock Exchanges Holiday Schedule Availability for Single Stock Futures Contracts for the remainder of 2014 Single Stock Futures Contracts will not be available for trading on those days where the stock

More information

HSE HR Circular 005/2010 12 th February 2010.

HSE HR Circular 005/2010 12 th February 2010. Office of the National Director of Human Resources Health Service Executive Dr. Steevens Hospital Dublin 8 HSE HR Circular 005/2010 12 th February 2010. To: Each Member of Management Team, HSE; Each Regional

More information

BEST EXECUTION POLICY

BEST EXECUTION POLICY BEST EXECUTION POLICY In Prague on 9 th December 2015 TABLE OF CONTENT 1. Introductory provisions 2. Markets where the Company executes customer's instructions 3. Instructions 4. Strategy for executing

More information

Global IPO Market 1Q 2016 Quarterly Review

Global IPO Market 1Q 2016 Quarterly Review Proceeds (US$ billions) March 28, 2016 Not So Happy New Year: Global IPOs Slow to a Trickle Global IPO Market With investors continuing to be cautious, global IPO issuance slowed to a trickle in the first

More information

Trading in International Equities For Professional Advisers only - not to be relied upon by retail clients

Trading in International Equities For Professional Advisers only - not to be relied upon by retail clients Trading in International Equities For Professional Advisers only - not to be relied upon by retail clients 2 ALLIANCE TRUST SAVINGS About us We are part of the Alliance Trust group and have the backing

More information

European Portfolio Advisory Group Market update

European Portfolio Advisory Group Market update European Portfolio Advisory Group Market update October 2013 Click to launch 2 Publication Issue European NPL outlook and transactions in key markets Richard Thompson Chairman, European Portfolio Advisory

More information

Global AML Resource Map Over 2000 AML professionals

Global AML Resource Map Over 2000 AML professionals www.pwc.co.uk Global AML Resource Map Over 2000 AML professionals January 2016 Global AML Resources: Europe France Italy Jersey / Guernsey 8 Ireland 1 Portugal 7 Luxembourg 5 United Kingdom 1 50 11 Spain

More information

SAXO CAPITAL MARKETS UK LTD - EQUITY ACTIVE TRADER Rates and Conditions, valid from 1 July 2015

SAXO CAPITAL MARKETS UK LTD - EQUITY ACTIVE TRADER Rates and Conditions, valid from 1 July 2015 STOCKS & ETFs FLAT FEE THRESHOLD COMMISSION ABOVE MAIN MARKETS FLAT FEE (TRADE SIZE) THRESHOLD NASDAQ, NYSE & NYSE ARCA 1) Stocks 6,000 shares 0.7 cps/share London Stock Exchange 1) Stocks 5 GBP 30,000

More information

NASDAQ OMX MAXIMUM ACCESS AND VISIBILITY TOWARDS GLOBAL AND LOCAL INVESTORS

NASDAQ OMX MAXIMUM ACCESS AND VISIBILITY TOWARDS GLOBAL AND LOCAL INVESTORS MAXIMUM ACCESS AND VISIBILITY TOWARDS GLOBAL AND LOCAL INVESTORS JOIN THE WORLD S MOST RECOGNIZED BRANDS Listed Companies 2 OUR GLOBAL LISTINGS BUSINESS 8 LISTING OPPORTUNITIES U.S. NORDICS BALTICS LISTINGS

More information

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION

HOSPIRA (HSP US) HISTORICAL COMMON STOCK PRICE INFORMATION 30-Apr-2004 28.35 29.00 28.20 28.46 28.55 03-May-2004 28.50 28.70 26.80 27.04 27.21 04-May-2004 26.90 26.99 26.00 26.00 26.38 05-May-2004 26.05 26.69 26.00 26.35 26.34 06-May-2004 26.31 26.35 26.05 26.26

More information

NASDAQ Asia ex Japan Dividend Achievers TM Index Methodology

NASDAQ Asia ex Japan Dividend Achievers TM Index Methodology NASDAQ Asia ex Dividend Achievers TM Index Methodology Index Description The NASDAQ Asia ex Dividend Achievers Index is comprised of accepted securities with at least three consecutive years of increasing

More information

Alternative Markets/Segments in equity analysis. FESE Economics and Statistics Committee September 2008

Alternative Markets/Segments in equity analysis. FESE Economics and Statistics Committee September 2008 Alternative s/segments in equity analysis FESE Economics and Statistics Committee September 2008 Objective To clarify the scope of Table 6: Alternative markets/segments of FESE monthly statistics report.

More information

SAXO BANK - ACTIVE PRICING PLAN

SAXO BANK - ACTIVE PRICING PLAN STOCKS & ETFs USA PRODUCT TYPE FLAT RATE PRICING THRESHOLD (TRADE SIZE) COMMISSION ABOVE THRESHOLD NASDAQ, NYSE & NYSE ARCA 3) STOCKS 6 USD 1,000 shares 0.7 cents/share US OTC Exchanges 1) STOCKS 20 USD

More information

AA BOND CO LIMITED. (a public limited company incorporated in Jersey with registered no ) (the "Issuer")

AA BOND CO LIMITED. (a public limited company incorporated in Jersey with registered no ) (the Issuer) AA BOND CO LIMITED (a public limited company incorporated in Jersey with registered no. 112992) (the "Issuer") NOTE: THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE LEGAL AND BENEFICIAL

More information

Execution Venues Traiding places provided by UBS Switzerland AG

Execution Venues Traiding places provided by UBS Switzerland AG a b Execution Venues Traiding places provided by UBS AG Note that this list of Execution Venues is not exhaustive. This list will be kept under review and updated in accordance with UBS s Order execution

More information

Road deaths in capital cities per 100,000 resident capitals' population / Year. Capital city. Embargoed until Wed. 8 October, 00.

Road deaths in capital cities per 100,000 resident capitals' population / Year. Capital city. Embargoed until Wed. 8 October, 00. Embargoed until Wed. 8 October, 00.01am Table 1. Road deaths in capital cities per 100,000 resident capitals' population and their average yearly percentage change over the period 1997-2007 (PIN Flash

More information

International Women's Day PwC Women in Work Index

International Women's Day PwC Women in Work Index www.pwc.co.uk International Women's Day Women in Work Index Women in Work Index UK rises four places to 14 th position within the OECD, returning to its position in 2000. The third annual update of the

More information

Price list. Forex trading rates and conditions. Contract for Difference (CFD) trading rates and conditions. Index CFD trading rates and conditions

Price list. Forex trading rates and conditions. Contract for Difference (CFD) trading rates and conditions. Index CFD trading rates and conditions Price list Forex trading rates and conditions Contract for Difference (CFD) trading rates and conditions Index CFD trading rates and conditions Stock trading rates and conditions Net Free Equity margin

More information

Office Rents map EUROPE, MIDDLE EAST AND AFRICA. Accelerating success.

Office Rents map EUROPE, MIDDLE EAST AND AFRICA. Accelerating success. Office Rents map EUROPE, MIDDLE EAST AND AFRICA Accelerating success. FINLAND EMEA Office Rents H2 212 NORWAY Oslo 38.3 5.4% 7.% 295, SWEDEN Stockholm 44.7 4.5% 3.% 5, Tallinn 13.4 44,2 21. 5.25% 1.% 12,

More information

Long series on consumer prices data documentation

Long series on consumer prices data documentation Long series on consumer prices data documentation The BIS s data set for consumer prices contains long monthly and annual time series for 60 countries. The average length of the monthly series is close

More information

Median and Average Sales Prices of New Homes Sold in United States

Median and Average Sales Prices of New Homes Sold in United States Jan 1963 $17,200 (NA) Feb 1963 $17,700 (NA) Mar 1963 $18,200 (NA) Apr 1963 $18,200 (NA) May 1963 $17,500 (NA) Jun 1963 $18,000 (NA) Jul 1963 $18,400 (NA) Aug 1963 $17,800 (NA) Sep 1963 $17,900 (NA) Oct

More information

IFEU Fixed Income and Equity Contracts: Trading Days in 2015

IFEU Fixed Income and Equity Contracts: Trading Days in 2015 IFEU Fixed Income and Equity Contracts: Trading Days in 2015 ICE Futures Europe will be closed on the following days: (New Year s Day) (Good Friday) (Christmas Day) Fixed Income Contracts All Fixed Income

More information

Price list. Forex trading rates and conditions... 2. Contract for Difference (CFD) trading rates and conditions... 3

Price list. Forex trading rates and conditions... 2. Contract for Difference (CFD) trading rates and conditions... 3 Price list Forex trading rates and conditions... 2 Contract for Difference (CFD) trading rates and conditions... 3 Index CFD trading rates and conditions... 5 Stock trading rates and conditions... 7 Net

More information

PwC IPO Centre Q3 2014 Equity Capital Markets Briefing

PwC IPO Centre Q3 2014 Equity Capital Markets Briefing PwC IPO Centre Q3 214 Equity Capital Markets Briefing PwC provides independent guidance to companies in the process of going public and to already listed companies in assessing their position in the equity

More information

Retail investment drops to 10 billion in Q1 following five quarters of exceptional turnover

Retail investment drops to 10 billion in Q1 following five quarters of exceptional turnover 2008.1 2008.2 2008.3 2008.4 2009.1 2009.2 2009.3 2009.4 2010.1 2010.2 2010.3 2010.4 2011.1 2011.2 2011.3 2011.4 2012.1 2012.2 2012.3 2012.4 2013.1 2013.2 2013.3 2013.4 2014.1 2014.2 2014.3 2014.4 2015.1

More information

M&A February Predictor

M&A February Predictor Deal Advisory M&A February 2016 Predictor Global M&A levels expected to stay strong in 2016 After a strong year for M&A in key markets during 2015, analysts expect the world s largest corporates to maintain

More information

SURVEY AMONG DEPARTING PASSENGERS AT THE PRAGUE AIRPORT

SURVEY AMONG DEPARTING PASSENGERS AT THE PRAGUE AIRPORT SURVEY AMONG DEPARTING PASSENGERS AT THE PRAGUE AIRPORT STANDARD REPORT JANUARY 00 Number of passengers: 0/0 -, 0/0-6, 04/0-6, 05/0 -, 06/0 -, 0/0 -, 0/0-6, 0/0-5, 0/0 55, /0 0, /0, 0/0 64, 0/0 4, 0/0

More information

LuxeMbOurG Trading CenT re LisT Annex 1 to the special terms and conditions for securities transactions Valid as from 1 september 2011

LuxeMbOurG Trading CenT re LisT Annex 1 to the special terms and conditions for securities transactions Valid as from 1 september 2011 Luxembourg Annex 1 to the Special terms and conditions for securities transactions Valid as from 1 September 2011 In order to achieve the best possible result in executing security orders, the bank has

More information

Standard commissions. Index Tracker CFD spreads. Index-tracking CFD contract details (continuous)

Standard commissions. Index Tracker CFD spreads. Index-tracking CFD contract details (continuous) Standard commissions Index Tracker CFD spreads Indextracking CFD contract details (continuous) Index Tracker Spread 1) Margin required Value of one contract 2) Trading Hours 3) US Tech 100 NAS 1.0 2% USD

More information

THE UNIVERSITY OF BOLTON

THE UNIVERSITY OF BOLTON JANUARY Jan 1 6.44 8.24 12.23 2.17 4.06 5.46 Jan 2 6.44 8.24 12.24 2.20 4.07 5.47 Jan 3 6.44 8.24 12.24 2.21 4.08 5.48 Jan 4 6.44 8.24 12.25 2.22 4.09 5.49 Jan 5 6.43 8.23 12.25 2.24 4.10 5.50 Jan 6 6.43

More information

Double tax considerations on certain personal retirement scheme benefits

Double tax considerations on certain personal retirement scheme benefits www.pwc.com/mt The elimination of double taxation on benefits paid out of certain Maltese personal retirement schemes May 2013 Double tax considerations on certain personal retirement scheme benefits A

More information

Direct and Indirect Investment for International Diversification. Matthew Ryall Zurich - 24 th March 2006

Direct and Indirect Investment for International Diversification. Matthew Ryall Zurich - 24 th March 2006 Direct and Indirect Investment for International Diversification Matthew Ryall Zurich - 24 th March 2006 Agenda The need for cross border diversification The diversification challenge How to diversify

More information

Are you prepared to make the decisions that matter most? Decision making in the energy industry

Are you prepared to make the decisions that matter most? Decision making in the energy industry www.pwc.com/bigdecisions Are you prepared to make the decisions that matter most? Decision making in the energy industry Results from PwC s Global Data & Analytics Survey 2014 energy Global LNG demand.

More information

EURid s. Quarterly update 2015 Q3 PROGRESS REPORT

EURid s. Quarterly update 2015 Q3 PROGRESS REPORT EURid s Quarterly update 2015 PROGRESS REPORT Table of contents At a glance... 3 Highlights... 4 EURid.eu... 5 The.eu domain... 6 The registrants... 9 The registrars...12 AT A GLANCE EURid s Progress report

More information

2013 WFE Market Highlights

2013 WFE Market Highlights 28 January 214 213 WFE Market Highlights For the second consecutive year, equity markets experienced a relatively good performance in 213. Indeed, the global market capitalization of WFE members increased

More information

PwC Capital Markets Group Bi-Monthly Equity Capital Markets Briefing

PwC Capital Markets Group Bi-Monthly Equity Capital Markets Briefing PwC Capital Markets Group Bi-Monthly Equity Capital Markets Briefing The PwC Capital Markets Group gives independent guidance to companies in the process of going public and to already listed companies

More information

Energy Efficiency Directive Article 8

Energy Efficiency Directive Article 8 Fourth Project Workshop Monitoring of energy efficiency in the EU ODYSSEE-MURE 21-22 May 2015, Den Haag, The Netherlands Energy Efficiency Directive Article 8 Energy audits and energy management systems

More information

SURVEY AMONG DEPARTING PASSENGERS AT THE PRAGUE AIRPORT

SURVEY AMONG DEPARTING PASSENGERS AT THE PRAGUE AIRPORT SURVEY AMONG DEPARTING PASSENGERS AT THE PRAGUE AIRPORT STANDARD REPORT: APRIL Number of passengers: / -, / -, / -, / -, / -, / -, / -, / -, / -, / -, / - / Total - / -, / -, / -, / -, / -, / -, / -, /

More information

SunGard Best Practice Guide

SunGard Best Practice Guide SunGard Best Practice Guide What Number Should I Use? www.intercalleurope.com Information Hotline 0871 7000 170 +44 (0)1452 546742 conferencing@intercalleurope.com Reservations 0870 043 4167 +44 (0)1452

More information

LuxeMbOurG Trading CenTre LisT Annex 1 to the s pecial terms and conditions for securities transactions Valid as from 1 January 2011

LuxeMbOurG Trading CenTre LisT Annex 1 to the s pecial terms and conditions for securities transactions Valid as from 1 January 2011 Luxembourg Annex 1 to the Special terms and conditions for securities transactions Valid as from 1 January 2011 In order to achieve the best possible result in executing security orders, the bank has selected

More information

The shift in equity shares trading pattern in terms of Number of Trades and Turnover

The shift in equity shares trading pattern in terms of Number of Trades and Turnover The shift in equity shares trading pattern in terms of Number of Trades and Turnover Rashedul Hoque Robin 1 Degree Thesis Degree Programme in International Business 2012 DEGREE THESIS Arcada Degree Programme:

More information

France A.T. Kearney Foreign Direct Investment Confidence Index (FDICI)

France A.T. Kearney Foreign Direct Investment Confidence Index (FDICI) France 20 A.T. Kearney Foreign Direct Investment Confidence Index (FDICI) 20 A.T. Kearney FDI Confidence Index 20 2 6 4 0 20 Rankings 20 2 4 0 6 20 24 20 2 4 6 0 20 24 2 US China Canada Germany UK Japan

More information

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015

AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 AT&T Global Network Client for Windows Product Support Matrix January 29, 2015 Product Support Matrix Following is the Product Support Matrix for the AT&T Global Network Client. See the AT&T Global Network

More information

FURTHER CONTRACTION IN PRIME YIELDS ACROSS ALL SECTORS

FURTHER CONTRACTION IN PRIME YIELDS ACROSS ALL SECTORS EMEA Rents and Yields MarketView, Q4 2014 FURTHER CONTRACTION IN PRIME YIELDS ACROSS ALL SECTORS Rents Risers 23 Yields Fallers 59 Figure 1: CBRE EMEA YieldIndex Annual Change (BPS) 200.0 150.0 Retail

More information

45 th IAFEI World Congress

45 th IAFEI World Congress 45 th IAFEI World Congress Raffaele Jerusalmi CEO Borsa Italiana Director Capital Markets LSEG Milan, 15 October 2015 # of Companies* By # of Companies LONDON STOCK EXCHANGE HUB OF INTERNATIONAL BUSINESSES

More information

A March 2016 The Economic Pulse

A March 2016 The Economic Pulse Global @dvisor The Economic Pulse of the World Citizens in 25 Countries Assess the Current State of their Country s Economy for a Total Global Perspective The Economic Pulse These are the findings of the

More information

T R A V E L A N D A C C O M M O D A T I O N E X P E N S E S 2 0 1 4

T R A V E L A N D A C C O M M O D A T I O N E X P E N S E S 2 0 1 4 13/01/2015 www.bdo.lu T R A V E L A N D A C C O M M O D A T I O N E X P E N S E S 2 0 1 4 In Luxembourg the travel expenses for business trips are reimbursed either based on actual expenses or based on

More information

skills mismatches & finding the right talent incl. quarterly mobility, confidence & job satisfaction

skills mismatches & finding the right talent incl. quarterly mobility, confidence & job satisfaction skills mismatches & finding the right talent incl. quarterly mobility, confidence & job satisfaction Randstad Workmonitor Global Press Report wave 3-2012 Randstad Holding nv September 2012 content Chapter

More information

Database Grundtvig courses. January 2011 December 2012

Database Grundtvig courses. January 2011 December 2012 Database Grundtvig courses January 2011 December 2012 1. Totals courses Courses aimed at participants receiving: 10 1057 A grant for either Comenius or Grundtvig target groups (COM+GRU) 28% 299 A Grundtvig

More information

Why Invest in International Now?

Why Invest in International Now? July 2015 As of the end of June 2015 over 62% of the weight of the world stock market capitalization consisted of non-u.s. companies. The largest companies in many industries are in fact internationally

More information

Securities services fees and commissions

Securities services fees and commissions Securities services fees and commissions EQUITIES TRADING LITHUANIA, LATVIA, ESTONIA, trading shares on-line AB Nasdaq OMX Vilnius, AB Nasdaq OMX Riga, AB Nasdaq OMX Tallinn stock exchanges http://www.omxgroup.com

More information

March 2015 Debt Investor Update

March 2015 Debt Investor Update March 2015 Debt Investor Update E u r o p e s O n l y U l t r a L o w C o s t C a r r i e r Proven, resilient business model Europe s lowest fares/lowest unit costs Europe s No 1, Traffic Europe s No 1,

More information

Dividends Tax: Summary of withholding tax rates per South African Double Taxation Agreements currently in force Version: 2 Updated: 2012-05-22

Dividends Tax: Summary of withholding tax rates per South African Double Taxation Agreements currently in force Version: 2 Updated: 2012-05-22 Dividends Tax: Summary of withholding tax rates per South African Double Taxation Agreements currently in force Version: 2 Updated: 2012-05-22 Note: A summary of the rates and the relevant provisions relating

More information

EAEVE Establishments Status

EAEVE Establishments Status EAEVE Establishments Status This table is listing the outcome status of the Veterinary Universities and Faculties, members of EAEVE, after following the European System of Evaluation of Veterinary Training

More information

www.pwc.com/mn/capital-markets

www.pwc.com/mn/capital-markets www.pwc.com/mn/capital-markets Listing in London A guide to premium and standard listings of equity and flotation on AIM Capital Markets About this brochure This brochure summarises the different London

More information

APPENDIX C: BENEFICIAL OWNERSHIP

APPENDIX C: BENEFICIAL OWNERSHIP APPENDIX C: BENEFICIAL OWNERSHIP Refer to Completion Guide (Pages 8-10) or contact your Account Manager if clarification required. Section A: Classification of Ownership RBC is required to collect beneficial

More information

TRADE AND INVESTMENT NOTE UNDERSTANDING MANAGED FUNDS DATA JANUARY 2016

TRADE AND INVESTMENT NOTE UNDERSTANDING MANAGED FUNDS DATA JANUARY 2016 TRADE AND INVESTMENT NOTE UNDERSTANDING MANAGED FUNDS DATA JANUARY 2016 EXECUTIVE SUMMARY Australia s asset pool of managed funds (MFs) is the seventh largest in the world and the largest in Asia with

More information

UK Consumer Price Inflation

UK Consumer Price Inflation UK Consumer Price Inflation November 2013 Update Issued 20 th November 2013 Richard Ramsey Chief Economist Northern Ireland richard.ramsey@ulsterbankcm.com Twitter @UB_Economics UK Inflation Summary The

More information

Global Equity Trading Volumes Surge 36% in 1 st half 2015 driven by Mainland China

Global Equity Trading Volumes Surge 36% in 1 st half 2015 driven by Mainland China Global Equity Trading Volumes Surge 36% in 1 st half 215 driven by Mainland China Global Equity Trading Volumes Ex Mainland China Up 5% Mainland China Share Trading Vols Rise 166% in H1 215 vs H2 214 The

More information

Turkish Arab Economic Forum June 29, 2012. Mehmet Şimşek. Minister of Finance

Turkish Arab Economic Forum June 29, 2012. Mehmet Şimşek. Minister of Finance Turkish Arab Economic Forum June 29, 2012 Mehmet Şimşek Minister of Finance 1 Outline Turkey: Short Term Outlook Managing a Soft Landing Fallout from the Euro Crisis Turkey & MENA REBALANCING Growing ON

More information

London Stock Exchange Derivatives Market Contract Specifications

London Stock Exchange Derivatives Market Contract Specifications London Stock Exchange Derivatives Market Contract Specifications This document is for information only. London Stock Exchange Group has made reasonable efforts to ensure that the information contained

More information

Trends in the European Investment Fund Industry. in the First Quarter of 2016

Trends in the European Investment Fund Industry. in the First Quarter of 2016 Quarterly Statistical Release May 2016, N 65 This release and other statistical releases are available on Efama s website (www.efama.org) Trends in the European Investment Fund Industry in the First Quarter

More information

Guide. Axis Webinar User Guide

Guide. Axis Webinar User Guide Guide Axis Webinar User Guide Introduction Joining an Axis Webinar is a quick and easy way to gain additional knowledge about more than just new products, and technology. These webinars allow attendees

More information

Working Holiday Maker visa programme report. 31 December 2014

Working Holiday Maker visa programme report. 31 December 2014 Working Holiday Maker visa programme report 31 December 2014 Contents Page About this report 1 Enquiries 1 Definition of terms 2 Background to the Working Holiday Maker programme 3 Recent developments

More information

Property investment in an international perspective

Property investment in an international perspective Property investment in an international perspective Presentation to Asset Allocation Netværket, Den Danske Finansanalytikerforening 10 June 2013 Tonny Nielsen, Head of Investment Management Nordic & Eastern

More information

Extractive Sector Companies Listed on Global Stock Exchanges Revisited

Extractive Sector Companies Listed on Global Stock Exchanges Revisited Briefing Company Listings Sector Listed on Global Stock Exchanges Revisited Danee Voorhees October 2011 Summary As countries develop laws and regulations requiring oil, gas and mining companies to disclose

More information

Working Holiday Maker visa programme report

Working Holiday Maker visa programme report Working Holiday Maker visa programme report 30 June 2015 This page is left blank intentionally. Table of Contents About this report 1 Enquiries 1 Definition of terms 2 Background to the Working Holiday

More information

The World Federation of Exchanges is an international association comprised of the world s leading bourses. Its membership includes:

The World Federation of Exchanges is an international association comprised of the world s leading bourses. Its membership includes: Member Exchanges The World Federation of Exchanges is an international association comprised of the world s leading bourses. Its membership includes: American Stock Exchange Athens Exchange Australian

More information

Vontobel Trading Venues

Vontobel Trading Venues Bank Vontobel AG Vontobel Trading Venues The enclosed list shows the most important trading venues that are taken into consideration in order to achieve the best possible execution for the client. The

More information

www.pwc.com/bigdecisions Are you prepared to make the decisions that matter most? Decision making in healthcare

www.pwc.com/bigdecisions Are you prepared to make the decisions that matter most? Decision making in healthcare www.pwc.com/bigdecisions Are you prepared to make the decisions that matter most? Decision making in healthcare Results from PwC s Global Data & Analytics Survey 2014 healthcare Patient data. Precision

More information

Monthly Gas Statistics

Monthly Gas Statistics 42491 With data up to: May 2016 Monthly Gas Statistics Next Release: 13 September 2016 Next Release: 13 September 2016 Date of publication: 11 August 2016 TABLE OF CONTENTS Charts 1 Gross consumption of

More information

June 2011 Including Quarterly Analysis

June 2011 Including Quarterly Analysis June 2011 Including Quarterly Analysis The FTSE Mondo Visione Exchanges Index is a comprehensive measure of all publicly traded stock exchanges and trading floors: Australian Securities Exchange Ltd BM&F

More information

Vontobel Trading Venues

Vontobel Trading Venues Bank Vontobel AG Vontobel Trading Venues The enclosed list shows the most important trading venues that are taken into consideration in order to achieve the best possible execution for the client. The

More information

EXECUTION POLICY FOR ORDERS IN RESPECT OF FINANCIAL INSTRUMENTS

EXECUTION POLICY FOR ORDERS IN RESPECT OF FINANCIAL INSTRUMENTS EXECUTION POLICY FOR ORDERS IN RESPECT OF FINANCIAL INSTRUMENTS The present document sets out to communicate to you, in accordance with the Directive, information on Bank Degroof's execution policy for

More information

www.pwc.co.uk/economics Global wage projections to 2030 September 2013

www.pwc.co.uk/economics Global wage projections to 2030 September 2013 www.pwc.co.uk/economics Global wage projections to 2030 Summary: Wage gap between emerging and advanced economies will shrink significantly by 2030 By 2030, our projections in this report suggest that

More information

The Logistics Market in Italy H1 2012

The Logistics Market in Italy H1 2012 The Logistics Market in Italy H1 2012 2012 emerging as the most difficult year for the Italian economy since the beginning of the crisis, with a severe contraction of both consumption and industrial production

More information

Sailing Option 1. Day Trip Timetable: Poole to Guernsey. Colour Key Time XX:XX = Fast Ferry. Time XX:XX = Commodore Clipper.

Sailing Option 1. Day Trip Timetable: Poole to Guernsey. Colour Key Time XX:XX = Fast Ferry. Time XX:XX = Commodore Clipper. Day Trip Timetable: Poole to Guernsey Sailing Option 1 Departure Return Sailing Date Depart Arrive Depart Arrive December 2016 Mon 19-Dec 08:00 11:00 15:10 18:10 20-Dec Wed 21-Dec 09:15 12:15 16:25 19:25

More information

A June 2015 The Economic Pulse

A June 2015 The Economic Pulse Global @dvisor The Economic Pulse of the World Citizens in 24 Countries Assess the Current State of their Country s Economy for a Total Global Perspective The Economic Pulse These are the findings of the

More information

www.pwc.com/bigdecisions Are you prepared to make the decisions that matter most? Decision making in retail

www.pwc.com/bigdecisions Are you prepared to make the decisions that matter most? Decision making in retail www.pwc.com/bigdecisions Are you prepared to make the decisions that matter most? Decision making in retail Results from PwC s Global Data & Analytics Survey 2014 retail Showrooming and mobile search.

More information

Morningstar Open Indexes Project Correlation

Morningstar Open Indexes Project Correlation Learn More indexes.morningstar.com Contact Us indexes@morningstar.com Americas +1 312 384-3735 Europe/Middle East/Africa +44 20 3194 1082 Asia Pacific +61 2 9276 446 Morningstar Open Indexes Project capture

More information

Second Quarter and First Half 2015 Trading Update

Second Quarter and First Half 2015 Trading Update Second Quarter and First Half 2015 Trading Update Trading Performance Year-on-Year Gross Profit Reported ( m) Constant 2015 2014 % % Q2 145.3 137.1 +6.0% +10.6% H1 281.0 263.7 +6.6% +10.8% Q2 Gross Profit

More information

Global Network Access International Access Rates

Global Network Access International Access Rates Global Network Access International Access Rates We know that you need to communicate with your partners, colleagues and customers around the world. We make every effort to understand the difficulties

More information

Prospects for the Construction Industry. Oebele Vries

Prospects for the Construction Industry. Oebele Vries Prospects for the Construction Industry Oebele Vries Economic framework Credit crisis: deep global recession Strongly decreasing investment demand Lack of commercial credit possiblities Bottom has been

More information

FLOW OF FUNDS REPORT IV TUYID Q1

FLOW OF FUNDS REPORT IV TUYID Q1 FLOW OF FUNDS REPORT IV TUYID Q1 2014 January, 2014 Dear Readers, This volume of the Flow of Funds Report, which provides important insight about the inflow and outflow of funds, as well as investment

More information

An international exchange

An international exchange 1 # Why 1 in Seafood Why Oslo? should this be your choice An international exchange International rules and regulations based on EU standards. Same trading platform as the London Stock Exchange. Many international

More information

Volume XV: January December 2015

Volume XV: January December 2015 BIST TRENDS REPORT By TUYID TURKISH INVESTOR RELATIONS SOCIETY & MKK CENTRAL REGISTRY AGENCY Volume XV: January December 2015 January 15, 2016 1 / 22 January 15, 2016 Dear Readers, We proudly present Volume

More information

DTZ Foresight Europe Fair Value Q1 2012 Germany and UK holding firm

DTZ Foresight Europe Fair Value Q1 2012 Germany and UK holding firm Germany and UK holding firm 29 May 2012 Contents Fair value highlights 2 Economic context 3 Market classifications 4 Office market forecasts 5 Retail market forecasts 6 Industrial market forecasts 7 Authors

More information