Euronext 2.0 In the center of financing the real economy
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1 Euronext 2.0 In the center of financing the real economy Vincent Van Dessel CEO Euronext Brussels
2 EURONEXT: LISTED SINCE 20 JUNE 2014 Reference shareholders % of capital S u p e r v i s o r y b o a r d Euroclear SA 8% BNP Paribas SA & BNPPFortis 5,5%+1,5% SFPI 4,5% Société Générale 3% Caisse des Dépots et consignations 3% BPI France participations 3% ABN 1,64% ASR verzekeringen 0,83% Banco Espirito Santo 1,25% BPI Portugal 1,14% 33,36% Rijnhard Van Tets (chairman) Dominique Aubernon Arnoud de Pret Koenraad Dom Ramon Fernandez Manuel Ferreira da Silva Jim Gollan Jan-Michiel Hessels Lieve Mostrey 2
3
4 3 STEPS PROCESS Trading Détermination du prix Clearing Compensation et garantie de contrepartie Settlement Dépositaire des titres 4
5 DIFFERENT PLAYERS MAKE THE ELECTRONIC MARKET Issuers Exchange Members Investors Broker = intermediary Retail Active Long term Convertibles Classic e-broker Algorithmic Trader = Proprietary trading Institutional Pension fund Mutual fund Insurance Cies Asset manager Holding Hedge fund,... Options, futures Indices Market maker Liquidity provider High frequency trader The Exchange is the place where issuers meet investors via the members (brokers or traders) 5
6 AMBITION IS KEY 6
7 LISTING PUTS AN ISSUER IN A NEW DIVISION Listing gives visibility (and credibility) and facilitates funding Gives liquidity and market valuation for existing shareholders, including families, private equity, venture capitalists, banks The issuer is forced to adopt good corporate governance principles and becomes more professional Creates own takeover money as well as rewarding schemes for staff 7
8 LISTING IS SOCIALLY RESPONSIBLE Listing allows to grow without giving up control Listing allows to keep decision center in Belgium Listed companies are by far the ones creating the biggest employment growth Listing ensures continuity on the long term 8
9 3000 EQUITY CORPORATES H1 BRUSSELS 2500 WAREHOUSES DE PAUW TESSENDERLO 2000 WAREHOUSES DE PAUW TESSENDERLO RETAIL ESTATES QRF OTHERS MDXHEALTH MONTEA RHJ INTERNATIONAL RETAIL ESTATES ONTEX THROMBOGENICS ROULARTA OTHERS MONTEA LOTUS BAKERIES ELIA WAREHOUSES DE PAUW OTHERS WERELDHAVE BELGIUM WAREHOUSES DE PAUW THROMBOGENICS PINGUINLUTOSA OTHERS MONTEA KBC GIMV GALAPAGOS EURONAV ECONOCOM CARDIO3 COFINIMMO BIOSCIENCES COLRUYT NYRSTAR CFE COFINIMMO CARDIO3 BEFIMMO BIOSCIENCES CARDIO3 CARE PROPERTY CARE PROPERTY BONE THERAPEUTICS BIOSCIENCES COFINIMMO ASCENSIO BIOCARTIS ASCENSIO BEFIMMO ASCENSIO COFINIMMO BEFIMMO AEDIFICA AEDIFICA ABO AEDIFICA GROUP AEDIFICA BEFIMMO 4ENERGY AEDIFICA INVEST H1 KBC BPOST NYRSTAR MDXHEALTH MONTEA INTERVEST FNG FOUNTAIN GIMV IBA GROUP EURONAV DECEUNINCK COFINIMMO CFE WERELDHAVE BELGIUM WAREHOUSES DE PAUW TINC TEXAF RETAIL ESTATES RECTICEL MONTEA MITHRA INTERVEST GREENYARD FOODS FNG FAGRON GROUP EURONAV COFINIMMO 9
10 BONDS CORPORATES H1 BRUSSELS WDP Montea WDP Vrancken Pommery VGP KBC Groep UCB Remy Cointreau Pinguinlutosa Lorraine Montea Bakeries Roularta Leasinvest Intégrale Kinepolis Ghelamco Solvay Fluxys KBC Groep Fluxys Immobel Vandemoortele Fluxys Etexco Elia UCB Cofinimmo Elia Kinepolis Bekaert Eandis Eandis Aquafin Immobel KBC Groep Delhaize Delhaize Eandis Eandis Intervest Off. AB InBev Cofinimmo Conv. CFE Econocom GBL Eandis Eandis Cofinimmo Befimmo Deme Arseus 231 Christian Dior Banimmo Banimmo Bekaert Banimmo Befimmo H1 H Excluding bonds issued by Financial Institutions and pure Public sector 10
11 NUMBER OF NEW LISTINGS IN BRUSSELS Free Market 15 Alternext Euro-NM Second Mkt First Mkt 1H,
12 IPO 10 Delisting
13 Billions BRUSSELS MARKET CAPITALISATION: RECORD HIGH!
14 MARKET SHARE NUMBER OF ISSUERS 17% Nb of domestic issuers: Brussels vs Euronext 16,5% 16% 15,8% 15% 15,4% 14% 13% 13,6% 12,9% 12,9% 13,0% 13,1% 13,2% 12% 11% 12,0% 11,8% 11,5% 11,3%
15 BEL 20 IN : TOP PERFORMANCE IN EU BEL20 CAC-40 AEX PSI October 1,
16 BEL FAMILY EVOLUTION 9 YEARS BEL20 BEL MID BEL SMALL
17 2000 EVOLUTION OF THE INDICES BEL20 CLOSE closing 9 YEARS BEL MID INDEX closing BEL SMALL INDEX closing CAC40 closing AEX closing PSI-20 closing October 1,
18 EQUITY MARKET DAILY VOLUMES IN M 700 Cash market - average daily volumes (m ) October 1,
19 DAILY NUMBER OF TRADES IN BRUSSELS Cash market - average daily number of trades October 1,
20 MARKET SHARE BRUSSELS VS EURONEXT 7% Cash market - Brussels market share vs Euronext 6% 5,82% 6,14% 6,06% 6% 5,28% 5,56% 5% 5% 4,68% 4,59% 4,65% 4,86% 4,58% 4,52% 4% 4% 3,35% 3% October 1,
21 MARKET SHARE EQUITY OPTIONS VS EURONEXT 1,80% 1,60% 1,40% 1,20% 1,00% Equity options - Brussels market share vs Euronext 1,07% 1,05% 1,53% 1,54% 1,36% 0,80% 0,60% 0,73% 0,85% 0,40% 0,40% 0,20% 0,00% October 1,
22 BEL 20 MARKET SHARE IN VOLUMES (BEFORE THE LIQUIDITY TAX) 14,00% % non BEL 20 13,00% 12,00% 11,00% 10,00% 9,00% 8,00% 7,00% 6,00%
23 ANGLO-SAXON BROKERS DOMINATE THE MARKETS 100% 2,9 3,2 4,5 5,4 7,4 6,3 5,1 3,5 3,2 3,7 3,7 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 28,1 33,2 43,7 9, ,3 9,1 26,3 14,1 9,5 10,6 32,1 27,3 28,6 20,6 53,9 51,7 54,6 60, ,1 76,4 15,5 11,7 11,8 9,9 6,9 10,7 14,9 18, ,4 5,9 4,3 11, ,1 11,6 9,9 7,4 4,5 4,8 3, other UK NL FR BEL Belgian brokers represent less than 5 % of the volumes traded in Brussels 23
24 2015/16 CHALLENGES Make proposals to enhance Brussels as financial place Technical enhancement of regulation Fiscal incentives for family business Multiple voting rights to increase free float Educate on positive consequences of traders in the market Fiscal and regulatory review Ensure level playing field for Belgian companies, intermediaries and investors FTT and beurstaks or taxe sur les opérations de bourse speculation (liquidity) tax Prospectus obligation above compared to 5 million in EU Language decrees 24
25 2015/16 CHALLENGES Regional workshops with ambitious companies Together with local bank representatives Revisit offer of markets Alternext Benelux for educated investors family business (less constraints, especially hard law of corporate governance) Fast access and time-to-market (private placements) Free market for regional initiatives?
26 2016 CHALLENGES Promote EXPERT market Family business, Crowdfunding, Private mini-bonds Enlarge scope to international players Adapt market model if needed Standardize post trade Use of digital world average monthly volume on Expert market
27 SELECTION OF EVENTS YTD 2015 EUROPABIO at the EP CFO OF THE YEAR FLANDERSBIO TECH 40 LABEL 27
28 SELECTION OF EVENTS YTD Y BEL MID & BELL SMALL DELOITTE TECH FAST 50 BELFIUS BOND CONF INAUGURATION 28
29 WE MOVED! 23 MAY 2015 Marquis building
30 Vincent Van Dessel Member of the Managing Board Euronext October 3 1,
Non-matured securities (03/11/2015)
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3. EMISSIONS PUBLIQUES NON CONTINUES DE TITRES DE DETTE EN BELGIQUE 11.085.823 3.1 10.870.112 3.1.1 5.608.274 3.1.2 5.261.838 3.2 215.711 3.2.1 7.
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