The Brazilian Capital Market: BM&FBOVESPA s role August/2012
|
|
- Norah McKinney
- 8 years ago
- Views:
Transcription
1 The Brazilian Capital Market: BM&FBOVESPA s role August/2012 1
2 Relevant international position Largest Stock and Derivatives Exchange in Latin America 3rd Largest Listed Exchange Group in the World VIBRANT CAPITAL MARKETS Largest Equity Options Market in the World (2011) 8th Largest Capital Raising Market in the World (2011) Among the Top 6 Derivatives Market in the World (2011) Listed Compaies Number of listed companies: 457 (July/12) Market capitalization of the listed companies: USD 1,15 trilllion (July/12) Source: WFE, FIA and IOMA 2
3 Ranked Among the Top 4 Exchanges in the World Market Capitalization BVMF03 (US$ billion) Market cap Brazil USD 1.12trillion ( June/12) Turnover velocity 61% 62% 62% 58% 74% 65% 67% 77% 17,8 14,8 11,5 9,8 9,6 1,3 1,5 1,5 1,5 1,4 1,3 1,4 1,2 6,1 5,9 5,8 4,2 3,8 3,7 2,5 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 Mkt Average Cap Medio mkt cap (US$ (US$tri) Velocidad Turnover velocity de Turnover Emerging Economies Dividend Yield (Average end of 2012 estimated* ) 3.3% 3.6% 3.9% Diversified and integrated Derivatives Diversified but not integrated 0.9% 1.4% 1.5% 1.6% 2% 2.5% Updated until: August, 10th 2012 Hong Mexico India Thailand Russia Turkey Korea Brazil Kong *Agora Corretora -Valor Economico China Source:BM&FBOVESPA 3
4 Strong Buy Side and Sell Side Participating in BVMF Markets Investors Breakdown on Equity Trading (based on July/12 ADTV) Companies 2% Financial Institutions 7% Investments by Region- Equities % of International Flow -July/12 Retail Investors 20% North America 41% Latin America 13% Foreign Investors 40% Mutual Funds 31% Africa 1% Diverse Range of Sectors on the Market Cap (based on July/12 market cap) Financial 27% Public Utilities 11% Telecom 6% IT 0.4% Consumer Cyclical 5% Oil, Gas and Biofuels 12% Consumer Non Cyclical 18% Basic Materials 13% Capital Goods and Services 2% Construction and Transportation 5% Asia and Pacific 2% Europe 43% Source: BM&FBOVESPA Jun/12; WFE 4
5 Agenda Special Listing Segments 5
6 Brazilian Capital Markets Goal: reduce the distance between the regulation and the necessity to protect investors Main requirements of Novo Mercado: Requirements of Corporate Governance: shareholders rights, transparency and supply of mandatory information Adhesion to Market Arbitration Chamber to solve corporate conflicts Requirement to listing maintenance Novo Mercado is a private initiative, based on the selfregulation power of the Exchange, in order to improve the quality of public companies and the credibility of capital market It creates a receptive environment for public offerings Evolution of Brazilian IPOs (1995 July/2012)
7 Corporate Governance Corporate governance listing segments IPOs by Segment Comply with the regulation + better disclosure and free float + shareholder rights + only voting shares gradual strategy of market access Nível 2 13% Nível 1 6% BDR 6% Bovespa Mais 1% Standard 25% Free Float 25% Free Float until 7th year after listing Corporate Governance Indexes versus IBOVESPA Novo Mercado 74% IGNM IGC 400 IBOV IBRX50-1/1/2009 1/1/2010 1/1/2011 1/1/2012 Source:BM&FBOVESPA (Base /09/ /07/2012) 7
8 Funding for Brazilian companies Initial Public Offerings & Follow-ons (BRL billion) IPO: 11 Follow on: ,2 IPO: 7 Follow on: 8 IPO: 9 Follow on: 10 13,9 8,8 5,4 4,5 4,3 8,5 IPO: 26 Follow on: 16 30,4 15,4 IPO: 64 Follow on: 12 70,1 55,6 15,1 14,5 IPO: 4 Follow on: 8 34,3 7,5 26,8 IPO: 6 Follow on: 18 45,9 23,7 22,2 74,81 11,2 63,2 IPO: 11 Follow on: 11 18,0 7,2 10,8 IPO: 3 Follow on: jul/12 9,5 3,9 5,6 Follow-On IPO Parcel Related to the onerous cession - Petrobras offer Source:BM&FBOVESPA 8
9 Investors Breakdown Access to national and international investors 100% 90% 80% 70% 60% 2% 10% 18% 13% 7% 18% 3% 3% 7% 8% 17% 16% 18% 8% 8% 2% 8% 12% 9% 8% 3% 12% 14% 20% International Investor s Average IPO 50% 40% 30% 70% 62% 73% 72% 66% 72% 70% 69% (from 2004 to 20) IPOs : 69% 20% 10% Follow-ons: 59%* FOLLOW ON 0% % 90% 80% 70% 60% 50% 40% 30% 20% 10% 5% 1% 4% 6% 7% 13% 13% 13% 14% 20% 9% 20% 38% 7% 8% 18% 20% 21% 58% 28% 6% 15% 69% 74% 4% 59% 65% 58% 14% 50% 41% 24% 0% * The onerous cession of Pebrobrás Offer is not included in International Institutional Retail Others 9
10 Average Ticket of Public Offerings in Main Markets The average ticket of IPOs in most mature markets shows a trend of offerings of lesser value Volume of Capital raised in IPOs (USD billions) The average ticket of IPOs in emergent markets also reduces when it increases the number of New company Listed new listed companies Average Ticket (USD Millions) Hong Kong Ex Shenzhen SE NYSE Euronext (US) Australian SE Shanghai SE NASDAQ OMX Singapore Exchange Bursa Malaysia BM&FBOVESPA Korea Exchange Warsaw SE National SE India Indonesia SE 4,9 4,6 3,9 3,4 2,5 2,2 7,6 11,0 16,2 15,7 23,8 27,9 33,3 Hong Kong Ex Shenzhen SE NYSE Euronext (US) Australian SE Shanghai SE NASDAQ OMX Singapore Exchange Bursa Malaysia BM&FBOVESPA Korea Exchange Warsaw SE National SE India Indonesia SE Hong Kong Ex 411,0 Shenzhen SE 115,0 NYSE Euronext (US) 345,2 Australian SE 151,5 Shanghai SE 413,7 NASDAQ OMX 150,1 Singapore Exchange 346,8 Bursa Malaysia 174,5 BM&FBOVESPA 414,4 Korea Exchange 53,1 Warsaw SE 16,6 National SE India 77,0 Indonesia SE 88, Source: WFE World Federation of Exchanges December
11 3 Listed companies in BOVESPA MAIS NUTRIPLANT: micronutrients producer DESENVIX: renewable energy October Capital Raised: R$ 20,7 MM (100% Primary offering) Free Float: 40,00% Nº. de Investdors: 8 Costs: R$ 1,46 MM (7,07%) Net Resources: R$ 19,2 MM Destination: 60% investment and 40% working capital Market cap: R$ 51,9 MM Net Revenue (12m ): R$ 35,1 MM Source: Prospecto Definitivos e Anúncio de Encerramento. February Nº. Of shares: 12 Price per share: R$ 10 Capital Raised: listing without public offering Free Float: 0% Net Revenues (2010): R$ 112,1 MM (jun/11): R$ 55,2 MM Senior Solution: IT May Capital Raised: listing without public offering Free Float: 0% Net Revenues (2011): R$ 38,75 MM 11
12 Agenda Listing a Foreign Company at BM&FBOVESPA 12
13 Listing a foreign company in Brazil Foreign company has two alternatives to listing in Brazil Through a subsidiary, as a Brazilian company (the trading of securities in the regulated markets depends on prior registration of the issuer with the CVM CVM Instruction 480/2009) Through Brazilian Depositary Receipts (BDRs) representing securities issued and with custody outside Brazil (CVM Instruction 332and 480) BDRs can be non-sponsored (only for Level I) and sponsored (Level I, II or III) Non-sponsored refers to a program organized by a depositary institution issuing certificates without an agreement with the company that issued the securities underlying the depositary certificate Sponsored refers to a program organized by a single depositary bank (BDR issuer) hired by the foreign company that issued the BDRs' underlying securities 13
14 Programs per Depositary Institution 70 U.S. companies available for trading Deutsche Bank Citibank Itaú Unibanco Bradesco Citibank Deutsche Bank Bradesco Apple Alcoa Amazon American Express Amgen 3M Dow Chemical Arcelor Mittal Cisco Caterpillar AT&T Comcast Abbott Fedex Avon Citigroup Chevron Boeing Dell ConocoPhillips H. J. Heinz Bank of America Freeport-McMoRan Coca-Cola Bristol-Myers Ford Motor DuPont Honeywell Exxon Mobil General Electric Colgate-Palmolive IBM Halliburton ebay HP Goldman Sachs Intel Mastercard Johnson&Johnson LinkedIn Eli Lilly Lockheed Google Merck Monsanto Kraft Foods Netflix Home Depot Morgan Stanley McDonald s Microsoft Nike Pepsico Philip Morris JP Morgan Chase Starbucks Pfizer Procter & Gamble Oracle VISA Qualcomm UPS Time Warner Wal Mart Wells Fargo Schlumberger Walt Disney Verizon US Steel Xerox Launch date: Oct 05, 2010 Launch date: Nov 29, 2010 Launch date: Jul 25, 2011 Launch date: Oct 18, 2011 Launch date: Feb 07, 2012 Launch date: Mar 04, 2012 Launch date: Apr 04,
15 Manager of Products and Services for Issuers Adriana Sanches 15
Providing Trading Opportunities in a Sound Marketplace
Providing Trading Opportunities in a Sound Marketplace Dec/2013 Classification of the Information Public USD Billion Million Active Market with Liquid Products Equities Market Market Cap of USD 1 trillion
More informationOffice of Communications for Enrollment Management
Office of Communications for Enrollment Management WHO WE ARE & WHAT WE DO We call ourselves OCEM for short. OFFICE OF COMMUNICATIONS FOR ENROLLMENT MANAGEMENT UNIVERSITY OF ILLINOIS WE SUPPORT... Admissions
More informationEXAMINING THE CRACKS IN THE CEILING: A Survey of Corporate Diversity Practices of the S&P 100. March 2015 Supplement
EXAMINING THE CRACKS IN THE CEILING: A Survey of Corporate Diversity Practices of the S&P March 21 Supplement EXAMINING THE CRACKS IN THE CEILING: A Survey of Corporate Diversity Practices of the S&P We
More informationGlobal Top 100 Companies by market capitalisation
www.pwc.co.uk Companies by market capitalisation 31 March 2014 update IPO Centre An IPO Centre publication Market Cap ($) No. of companies Market Cap ($) Introduction In this brief report we have ranked
More informationMETHODOLOGIE REPORT OF REPORTS. Review of 2012 Fortune 100 Corporate Reports
METHODOLOGIE REPORT OF REPORTS Review of 212 Fortune 1 Corporate Reports About the report Methodologie annually looks at the reporting trends among the Fortune 1 companies by reviewing annual reports and
More informationGlobal Top 100 Companies by market capitalisation
www.pwc.co.uk Companies by market capitalisation 31 March 2015 update An IPO Centre publication Contents Section 1 Highlights and trends 3 Section 2 Year-on-year comparison: 2015 vs. 2014 10 Section 3
More informationINVESTMENT CHOICES. Dr. Suzanne B. Badenhop Professor/Extension Specialist
INVESTMENT CHOICES Dr. Suzanne B. Badenhop Professor/Extension Specialist INVESTING 101 What is your investment objective? What is your age? What is your time horizon What is your risk comfort level? What
More informationExchangeable Derivatives Market in Brazil
Exchangeable Derivatives Market in Brazil 2012 Exchangeable Derivatives Market in Brazil How Itaú BBA is structured 2 Itaú BBA Exchangeable Derivatives in Brazil 2012 Public Information Itaú Unibanco Group
More information2013 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 informationStrategy Insights. Moving toward an all-market approach to investing in China
Strategy Insights Moving toward an all-market approach to investing in China As China transitions from an economy that is driven by manufacturing to one led by its consumers, we are seeing the Chinese
More informationJune 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 informationBM&F BOVESPA S.A. Demutualization and International Trends. Nora Rachman
BM&F BOVESPA S.A. Demutualization and International Trends Nora Rachman June/2008 SUMMARY Trends since the 90 s and their Consequences An Overview of the Capital Market in the World The Demutualization
More informationBuying and Selling Stocks
SECTION 3 Buying and Selling Stocks OBJECTIVES KEY TERMS TAKING NOTES In Section 3, you will discuss why people buy stocks describe how stocks are traded explain how the performance of stocks is measured
More informationGlobal 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 informationBDR. Unsponsored Level I. International investment made as easy as trading in Brazil
Unsponsored Level I International investment made as easy as trading in Brazil Unsponsored Level I Invest overseas without leaving Brazil. Diversify your investment portfolio. Agility. Flexibility. All
More informationBrazilian market: Discount brokers versus Full service providers and the potential growth of quantitative and neutral long short funds
Brazilian market: Discount brokers versus Full service providers and the potential growth of quantitative and neutral long short funds Alexandre Póvoa Modal Asset June 8th, 2011 1 The Brokerage Market
More informationRegional Grocer Wegmans Unseats Amazon To Claim Top Corporate Reputation Ranking
Press Contact: Corporate Communications The Harris Poll 212-539-9600 Press.TheHarrisPoll@Nielsen.com Regional Grocer Wegmans Unseats Amazon To Claim Top Corporate Reputation Ranking Wegmans Food Markets,
More informationIOOF QuantPlus. International Equities Portfolio NZD. Quarterly update
IOOF QuantPlus NZD Quarterly update For the period ended 31 March 2016 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure
More informationNew Fee Structure. July/2011
New Fee Structure July/2011 1 BM&FBOVESPA New Fee Structure Bovespa Segment Aligning with the pricing practices in major international markets and showing that BVMF fees are already pretty competitive
More informationPRESS RELEASE. S&P 500 Stock Buybacks Up 19% in 2013. Fourth quarter up 1% over the third quarter
S&P 500 Stock Buybacks Up 19% in 2013 Fourth quarter up 1% over the third quarter New York, March 26, 2014 announced today that preliminary results show that S&P 500 stock buybacks, or share repurchases,
More informationHow To Manage Reputation
2013 Global CSR RepTrak 100 Top Line Report The Best CSR in the World Reputation study with Consumers in 15 Countries RepTrak is a registered trademark of Reputation Institute. Copyright 2013 Reputation
More informationNew Fee Structure. Aug/2011
New Fee Structure Aug/2011 1 BM&FBOVESPA New Fee Structure Bovespa Segment New fee structure reflects better the Company s cost Increases the alignment with international markets New fee structure for
More informationGlobal Reputation Pulse 2010. U.S. Top-Line Summary
Global Reputation Pulse 2010 U.S. Top-Line Summary Reputations of the Largest Companies in the U.S. Copyright 2010 Reputation Institute. All rights reserved. 2 How are Corporate Reputations Measured? Reputation
More informationUnit 3: Saving & Investing. Investing All About Stocks
Unit 3: Saving & Investing Investing All About Stocks What is Stock? Stock is ownership in a company Think about this Wal-Mart began as a single-store business in Arkansas Dell began when it s founder,
More information88% Top 50 Fortune 500 Companies
Brad Sears Nan D. Hunter Christy Mallory APRIL 2013 Sexual Orientation and Gender Identity Non-Discrimination Policies of the Top 50 Federal Contractors and the Top 50 Fortune 500 companies, 2011 As of
More informationSermaye Piyasalarının Ekonomideki Yeri ve Borsa İstanbul. Dr. M. İbrahim Turhan Borsa İstanbul Başkanı 15 Mart 2013
Sermaye Piyasalarının Ekonomideki Yeri ve Borsa İstanbul Dr. M. İbrahim Turhan Borsa İstanbul Başkanı 15 Mart 2013 Turkish Financial System Capital Markets have promising potential for development Breakdown
More informationQ1 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 informationRetirement. on the Brain. Basics Of The Financial Markets. Standard Retirement Services, Inc.
Retirement on the Brain Basics Of The Financial Markets Standard Retirement Services, Inc. Basics Of The Financial Markets What are the markets? Why does everyone follow the Dow? How do mutual funds work?
More informationMember s Profile. Stock Exchange. July 27, 2014 1. Name of Stock Exchange BM&FBOVESPA S.A. Country/Region Brazil South America
Member s Profile Name of Stock Exchange BM&FBOVESPA S.A. Country/Region Brazil South America Name of CEO Mr. Edemir Pinto Market Capitalization (US$) 21,898,800,000.00 (as of December 30th,2013) Number
More informationThe FCO Cockpit Global Bubble Status Report. Peter Cauwels & Didier Sornette Chair of Entrepreneurial Risk. September 1st, 2015
Global Bubble Status Report Peter Cauwels & Didier Sornette Chair of Entrepreneurial Risk September 1st, 2015 Main conclusion of this report: So far, 2015 has shown a notable synchronicity in financial
More informationChinese University of Hong Kong Conference on HKEx and the Market Structure Revolution
Chinese University of Hong Kong Conference on HKEx and the Market Structure Revolution The Impact of Market Structure Changes on Securities Exchanges Regulation 31 March 2012 Keith Lui Executive Director,
More informationMeasuring the Transparency of Environmental Sustainability Reporting Through Websites of Fortune 50 Corporations
Measuring the Transparency of Sustainability Reporting Through Websites of Fortune 50 Corporations Brad Rawlins, Brigham Young University Katie Paine, KDPaine & Partners Peter Kowalski, KDPaine & Partners
More information27 ($7.6 billion in small business contracts )
Fiscal Year 2012 Top 100 Federal Small Business Contractors: We looked at the federal government s FY 2012 procurement data and found that, of the top 100 companies receiving the highest dollar amount
More informationFact Sheet. Dow Jones Sustainability TM World Enlarged Index ex Alcohol, Tobacco, Gambling, Armaments & Firearms and Adult Entertainment
Dow Jones Sustainability TM World Enlarged Index ex Alcohol, Tobacco, Gambling, Armaments & Firearms and Adult Stated Objective The Dow Jones Sustainability TM World Enlarged Index ex Alcohol, Tobacco,
More informationPRESS RELEASE. S&P 500 Stock Buybacks Jump 59%; $30 billion First Quarter Increase Pushes Cash Holdings Down
S&P 500 Stock Buybacks Jump 59%; $30 billion First Quarter Increase Pushes Cash Holdings Down New York, June 18, 2014 announced today that preliminary results show that S&P 500 stock buybacks, or share
More informationAN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS REPLACED
AN INTRODUCTION TO ishares EXCHANGE TRADED FUNDS IMAGE TO BE REPLACED What are ishares ETFs? ishares IS THE WORLD LEADER IN EXCHANGE TRADED FUNDS ishares exchange traded funds (ETFs) blend the benefits
More informationAn attractive multi-asset class capital-raising and trading platform for African products in Mauritius
The Stock Exchange of Mauritius An attractive multi-asset class capital-raising and trading platform for African products in Mauritius Presented by: Sunil Benimadhu Chief Executive Private Equity Mauritius
More information45 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 informationLondon Stock Exchange
London Stock Exchange Jane Zhu, Head of Asia Pacific December 2008 London is the most international financial centre in the world Over 700 overseas companies quoted on the London Stock Exchange s s markets
More informationCompensation-Related Risk and Compensation Consultants
Director Notes The 2010 Proxy Season Enhanced Disclosure in the Dow 30 and Select Financial Companies Compensation-Related Risk and Compensation Consultants by Edmond T. FitzGerald, Bernice A. Grant, Jennifer
More informationFTSE All-World ex Fossil Fuels Index Series
FTSE FACTSHEET FTSE All-World ex Fossil Fuels Index Series Data as at: 31 August 2015 bmktitle1 Market participants are increasingly looking to manage carbon exposure in their investments, and reduce write-off
More informationPresentation to the City of Los Angeles Investment Advisory Committee
CHANDLER ASSET MANAGEMENT Presentation to the City of Los Angeles Investment Advisory Committee For the Month of March 2008 Economic Outlook 2 Impact on LA Bond yields were lower in March. The market s
More informationSummary. Research Paper No. 27
Alternative Measures of the Size of the Stock Market Joseph Lee and Joanna Poon, Research Department of the Supervision of Markets Division 1 November 2005 Summary The Hong Kong stock market was the 8
More informationStock Market Development: Role of Securities Firms and New Products
Stock Market Development: Role of Securities Firms and New Products Professor Reena Aggarwal McDonough School of Business Georgetown University Washington, D.C. 20057 Tel. (202) 687-3784 Fax (202) 687-4031
More informationTHIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION. IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE.
Fidelity Funds Société d Investissement à Capital Variable 2a, Rue Albert Borschette B.P. 2174 L-1021 Luxembourg R.C.S. B34036 Tél: +352 250 404 (1) Fax: +352 26 38 39 38 THIS DOCUMENT IS IMPORTANT AND
More informationSPONSORSHIP OPPORTUNITIES
SPONSORSHIP OPPORTUNITIES The BRITE Conference is hosted by Columbia Business School s Center on Global Brand Leadership. BRITE is a global series of conferences that focus on emerging trends in branding,
More informationCalculating Sustainable Cash Flow
800 West Peachtree Street NW Atlanta, GA 30332-0520 404-894-4395 http://www.mgt.gatech.edu/finlab Dr. Charles W. Mulford, Director Invesco Chair and Professor of Accounting charles.mulford@mgt.gatech.edu
More information- BOVESPA segment registers record number of trades, average daily trading volume, and average daily financial volume
July 04, 2013 BM&FBOVESPA publishes June market performance - BOVESPA segment registers record number of trades, average daily trading volume, and average daily financial volume - ETFs register record
More informationTRANSPARENCY IN CORPORATE REPORTING
TRANSPARENCY IN CORPORATE REPORTING Assessing the World s Largest Companies Transparency International is a global movement with one vision: a world in which government, business, civil society and the
More informationReadiness Activity. (An activity to be done before viewing the program)
Knowledge Unlimited NEWS Matters The Stock Market: What Goes Up...? Vol. 3 No. 2 About NewsMatters The Stock Market: What Goes Up...? is one in a series of NewsMatters programs. Each 15-20 minute program
More informationDeutsche Bank Global Transaction Banking. Securities Services. Overview
Deutsche Bank Global Transaction Banking Direct Securities Services Securities Services Overview Finding the right custodian with a long-term commitment to supporting its clients business is critical for
More informationWhy Choose Dundas Dashboard
Why Choose Dundas Dashboard Dundas Data Visualization, Inc. 250 Ferrand Drive, Suite 500 Toronto, ON Canada M3C 3G8 1.800.463.1492 1.416.467.9100 sales@dundas.com www.dundas.com Table of Contents 1.0 Introduction
More informationNASDAQ 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 informationDisclosure of 1Q15 Results
Disclosure of 1Q15 Results Investor Relations Presentation: José Rubens de la Rosa CEO José Antonio Valiati CFO & Investor Relations Officer Thiago Deiro Finance & Investor Relations Manager Caxias do
More informationSustainable Stock Exchanges: improving ESG standards among listed companies
Sustainable Stock Exchanges: improving ESG standards among listed companies Introduction This briefing reviews the increasing role that stock exchanges play in enhancing corporate transparency and performance
More informationVolumes and Trades Equities, Equities Derivatives and Fixed Income
BM&FBOVESPA announces November 2009 market performance Bovespa segment sets three trading records via Home Broker. BM&F segment sets Direct Market Access trading records via Provider and Colocation São
More informationÖversikt Bull & Bear-certifikat
Underliggande Bull-certifikat Bear-certifikat Europeiska Index 3x 5x 8x 10x 12x 15x 18x -3x -5x -8x -10x -12x -15x -18x OMX Stockholm 30 Index DE000VS0AAN5 DE000VS0AAQ8 DE000VS0AAS4 DE000VS0AAU0 DE000VS0AAW6
More informationSmith Barney Portfolio Manager Institute Conference
Smith Barney Portfolio Manager Institute Conference Richard E. Cripps, CFA Portfolio Strategy Group March 2006 The EquityCompass is an investment process focused on selecting stocks and managing portfolios
More informationSantander Asset Management Focus on LATAM. Sao Paulo, May 2011
Santander Asset Management Focus on LATAM Sao Paulo, May 2011 2 Santander Asset Management advise that this presentation contains representations regarding forecasts and estimates. Said forecasts and estimates
More informationS&P Indices: S&P 500 Stock Buybacks Decrease For First Time Since Q2 2009
Press Release S&P Indices: S&P 500 Stock Buybacks Decrease For First Time Since Q2 2009 Third Quarter Success May Have Led to Fourth Quarter Pull Back New York, March 28, 2012 S&P Indices announced today
More informationDow Jones Industrial Average Historical Components
The, comprised of 12 smokestack companies, made its debut May 26, 1896. Twelve years earlier, Mr. Dow s initial stock average, containing 11 stocks (nine of which were railroad issues) appeared in Customer
More informationCONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES
THE APERIO DIFFERENCE. Authors Michael Branch, CFA Ran Leshem CONSIDERATIONS WHEN CONSTRUCTING A FOREIGN PORTFOLIO: AN ANALYSIS OF ADRs VS ORDINARIES U.S. investors can capture international equity exposure
More informationGlobal Consumer Bank. Manuel Medina-Mora CEO, Global Consumer Banking
Global Consumer Bank Manuel Medina-Mora CEO, Global Consumer Banking Bank of America Merrill Lynch Banking and Financial Services Conference November 16, 2011 Agenda Our Business & Results Investing in
More informationIRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH
IRISH STOCK EXCHANGE LOCAL SUPPORT GLOBAL REACH FACTS & STATISTICS ON THE IRISH STOCK EXCHANGE, ITS LISTED COMPANIES AND THE ISE-RELATED SECURITIES INDUSTRY OCTOBER 2014 BENEFITS OF HAVING A LOCAL OUR
More informationLecture Notes on MONEY, BANKING, AND FINANCIAL MARKETS. Peter N. Ireland Department of Economics Boston College. irelandp@bc.edu
Lecture Notes on MONEY, BANKING, AND FINANCIAL MARKETS Peter N. Ireland Department of Economics Boston College irelandp@bc.edu http://www2.bc.edu/~irelandp/ec261.html Chapter 7: A Model of Stock Prices
More informationCONFERENCE March 4-5, 2013
Center on Global Brand Leadership CONFERENCE March 4-5, 2013 SPONSORSHIP OPPORTUNITIES The BRITE Conference is hosted by Columbia Business School s Center on Global Brand Leadership. BRITE is a global
More informationEXAMINING THE CRACKS IN THE CEILING: A Survey of Corporate Diversity Practices of the S&P 100
EXAMINING THE CRACKS IN THE CEILING: A Survey of Corporate Diversity Practices of the S&P 100 March 2013 Table of Contents FOREWORD... 1 EXECUTIVE SUMMARY... 2 EXAMINING THE 10 KEY INDICATORS... 7 1. Equal
More information2010 Expatriate, Returnee and China Hired Foreigner, Compensation and Benefits Survey
2010 Expatriate, Returnee and China Hired Foreigner, Compensation and Benefits Survey Result Sharing Presentation The American Chamber of Commerce in Shanghai Agenda Study Background Growth Expatriates
More informationDeutsche Global Infrastructure Fund (TOLLX)
Global Infrastructure Fund (TOLLX) A step beyond MLPs Important risk information Any fund that concentrates in a particular segment of the market will generally be more volatile than a fund that invests
More informationInternational Investing get the facts
International Investing get the facts How You Can Learn More About Foreign Companies and Markets PRESENTED BY: United States Securities and Exchange Commission Division of Corporation Finance mutual funds
More informationLesson 5 Save and Invest: Stocks Owning Part of a Company
Lesson 5 Save and Invest: Stocks Owning Part of a Company Lesson Description This lesson introduces students to information and basic concepts about the stock market. In a bingo game, students become aware
More information2015 Global CSR RepTrak 100
REPUTATION LEADERS NETWORK 2015 Global CSR RepTrak 100 The Global CSR Reputation Ranking of the 100 Most Reputable Firms by the General Public across 15 Countries REPUTATION LEADERS NETWORK Agenda About
More informationSeeking a More Efficient Fixed Income Portfolio with Asia Bonds
Seeking a More Efficient Fixed Income Portfolio with Asia s Seeking a More Efficient Fixed Income Portfolio with Asia s Drawing upon different drivers for performance, Asia fixed income may improve risk-return
More informationStock Exchanges - situations and future, specialized on the Budapest Stock Exchange Trading System Future
Stock Exchanges - situations and future, specialized on the Budapest Stock Exchange Trading System Future Richard Szabó Óbuda University, Galamb József Special College The Role of Stock Exchanges The traditional
More informationAFTER-MARKET trading activity outside the regular Session (after hours).
4 / 106 DEFINITIONS AFTER-MARKET trading activity outside the regular Session (after hours). APPEAL appeal filed by a party against a decision delivered by an agency or individual as regards a body or
More informationInvestment Type Security Name Legal Maturity Date Coupon/Discount Rate Par Value Original Cost
Asset Backed ALLY AUTO RECEIVABLES TRUST 1/16/2018 0.85 9,413,849 9,408,657 Asset Backed AMERICAN EXPRESS CREDIT ACCOUN 5/15/2019 0.98 25,720,000 25,762,046 Asset Backed AMERICAN EXPRESS CREDIT ACCOUN
More informationETF Exchange Traded Fund
ETF Exchange Traded Fund BM&FBOVESPA INVESTMENT FUND Eficiência. Efficiency. Transparência. Transparency. Flexibilidade. Flexibility. Em um In a único single investimento. investment. What is an Exchange
More information2010 2011 Reputation Winners and Losers
0 0 Reputation Winners and Losers Ethics and Openness Overtake Viability in Shaping Public Perceptions What a difference a year makes. With oil spills, product recalls, and mortgage fraud dominating headlines
More informationAustralia Hong Kong Japan Mainland Singapore United Kingdom London Stock Exchange. Shenzhen and Shanghai Stock Exchanges
COMPARISON OF THE QUANTITATIVE IPO REQUIREMENTS OF THE MAIN BOARDS OF MAJOR FINANCIAL MARKETS - A57 - Net asset/capital requirement Stock Tokyo Stock London Stock of Hong Kong Australian Stock Domestic
More informationThe Advantages of International Equity Portfolio Management
L1 A smarter approach to international equity investing Before the era of globalization, the rationale for investing in international stocks was pretty simple. The U.S. was the major world market, but
More informationChanges to the Operating & Administration Expenses in JPMorgan Funds & JPMorgan Investment Funds
Changes to the Operating & Administration Expenses in JPMorgan s & JPMorgan Investment s June 2015 The Management Company wishes to inform shareholders of changes that have been made to the Operating &
More informationNovember 30, 2014 SEMI-ANNUAL REPORT
SEMI-ANNUAL REPORT SEI Institutional Investments Trust Large Cap Fund Large Cap Diversified Alpha Fund Large Cap Disciplined Equity Fund Large Cap Index Fund S&P 500 Index Fund Extended Market Index Fund
More informationHighlights of 1H FY2015 Results. November 18, 2015
Highlights of 1H FY2015 Results November 18, 2015 Table of Contents 1. Trend of business results 3. Domestic life insurance Summary of 1H FY2015 results 3 Overview of 1H FY2015 results Himawari Life 27
More informationDeutsche X-trackers Comprehensive Factor ETFs
Exchange-Traded Funds Deutsche X-trackers Comprehensive ETFs Enhance the core with multi-factor exposure What are factors? Think of factors as the nutritional make-up of a stock, characteristics that describe
More informationBusiness Financing and Capital Market Reforms
PECC-SINCPEC International Conference Competitiveness Enhancement: Business Financing and Capital Market Reforms in China STUART H. LECKIE, O.B.E., J.P., F.I.A., F.S.A. CHAIRMAN, STIRLING FINANCE LIMITED
More informationMAGNETAR ACADEMY STOCK UNIVERSE
MAGNETAR ACADEMY STOCK UNIVERSE Exchange Symbol Name Google Finance Sector My Lookup List NYSE APD Air Products & Chemicals Inc Basic Materials NYSE AA Alcoa Inc Basic Materials NYSE CF CF Industries Holdings
More informationDisclosure of 1Q13 Results
Disclosure of 1Q13 Results José Rubens de la Rosa CEO Presentation: Carlos Zignani Investor Relations Director José Antonio Valiati Controller and Chief Financial Director Thiago A. Deiro Investor Relations
More informationUNIT TRUST Risk Rating
1 * LYXOR ASSET MANAGEMENT ADEQUITY TRUST- LYXOR CHINA A FUND Medium-to-high 2 * LYXOR ASSET MANAGEMENT ADEQUITY TRUST- LYXOR DYNAMIC WATER FUND Medium-to-high 3 * LYXOR ASSET MANAGEMENT ADEQUITY TRUST-
More informationVanguard Emerging Markets Stock Index Fund
Vanguard Emerging Markets Stock Index Fund Supplement to the Prospectus and Summary Prospectus Dated February 26, 2015 New Target Index Effective as of the start of business on November 2, 2015, Vanguard
More informationLazard EMERGING MARKETS EQUITY
FEATURING Lazard EMERGING MARKETS EQUITY Currently, emerging-markets equities (as measured by the MSCI Emerging Markets Index) have generated higher financial productivity and carry an almost 20 percent
More informationFund commentary. John Hancock Multifactor ETFs Q1 2016
Fund commentary John Hancock Multifactor ETFs Seek: To pursue results that closely correspond, before fees and expenses, with the indexes Use for: Core or targeted equity exposure MANAGED BY Lukas J. Smart,
More informationThe Future Growth of Stocks and Investments in Thailand
35 th Bangkok International Motor Show 2014 The Future Growth of Stocks and Investments in Thailand Mr. Charamporn Jotikasthira President The Stock Exchange of Thailand March 2014 I. SET: Overview The
More informationPrivate Equity in Asia
Private Equity in Asia October 21 Asia private equity, in particular China, has increasingly attracted attention from institutional investors due to the region s faster economic recovery, greater growth
More informationA cooperation of Dow Jones Indexes and SAM
A cooperation of Dow Jones Indexes and SAM Content Key Facts Assessment 2010 Dow Jones Sustainability World Index Dow Jones Sustainability Europe Index Dow Jones Sustainability Asia Pacific Index Dow Jones
More informationQuarterly Share Repurchases ($M) and No. of Companies Repurchasing Shares
BUYBACK QUARTERLY Key Metrics: Andrew Birstingl, Research Analyst abirstingl@factset.com Media Questions/Requests media_request@factset.com S&P 500 September 21, 2015 + Quarterly Buybacks Decline in Q2:
More informationHow To Understand How A Chinese Social Network Works
Sharing Economies Prof. Bettina Catler-Pelz Network: Electricity Network: Internet Employees * last year's P/e ratio Dividend yield (%) FT Global 500 2014 Market values and prices at 31 March 2014
More informationResearch & Policy RETAIL INVESTOR SURVEY 2014
Research & Policy RETAIL INVESTOR SURVEY 2014 March 2015 CONTENTS Page 1. Executive summary... 1 2. Introduction... 4 3. Retail participation... 5 3.1 Types of investor... 5 3.2 Types of stock investor
More informationwww.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 informationINDUSTRY OVERVIEW THE HONG KONG SECURITIES MARKET. History
Certain information provided in this section is derived from various public official or government sources. The Company and the Sponsor have exercised reasonable care in reproducing such information from
More information